Japan/Asia Long-Short, LightStream Research

Mio Kato

Over 15 years analysing Japanese and Asian stocks from a long/short perspective

I focus on cyclically driven sectors such as Gaming, Factory Automation and Autos

An eclectic background as a long-short analyst, upper management at a financial data startup through its listing, and as the founder of a team analysing big/alternative data, all of which supports independent and differentiated views... we hope

An appreciation for Mathematics drives the development of a "Micro-Quantamental" process which can provide a data-driven, historically-informed and semi-automated foundation upon which to layer more qualitative and judgemental analysis, thus improving investment decision-making speed and accuracy

Japan/Asia Long-Short

East Japan Railway: Tailwinds From Non-Traditional Railway Services, Lifting FVE to JPY 11,800

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

<p>JR East is down 17.5% from its 2015 high as earnings fell 4.4% due to increasing expenses. Operating expenses at the parent entity grew JPY32.8bn YoY while revenue only grew JPY11.4bn, largely due to a JPY 31.6bn bump in maintenance expenses. This differential accounted for substantially all of the JPY22bn decrease in consolidated operating profit. Of this JPY31.6bn increase, JPY24bn is a "Provision for Large-Scale Renovation of Shinkansen Infrastructure" which will continue at that level for 15…</p>

JR East is down 17.5% from its 2015 high as earnings fell 4.4% due to increasing expenses. Operating expenses at the parent entity grew JPY32.8bn YoY while revenue only grew JPY11.4bn, largely due to a JPY 31.6bn bump in maintenance expenses. This differential accounted for substantially all of the JPY22bn decrease in consolidated operating profit. Of this JPY31.6bn increase, JPY24bn is a "Provision for Large-Scale Renovation of Shinkansen Infrastructure" which will continue at that level for 15…

JR East Slow, Unlike Their Trains, But Steady and Attractive

East Japan Railway Co

JR East Slow, Unlike Their Trains, But Steady and Attractive