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Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> reported weak 1Q FY03/21 results last week. While this was mostly due to the impact of COVID-19, the recovery seems to be slow. However, we continue to like Kakaku for its longer-term prospects, especially that of Tabelog’s, which has been growing in popularity as a restaurant booking platform over its competitors like Hot Pepper Gourmet (operated by <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a>) and <a href="https://www.smartkarma.com/entities/gurunavi-inc" target="_blank" data-smartkarma-citation="entities:13127:1" rel="noopener">Gurunavi Inc (2440 JP).</a> Nevertheless, Kakaku still looks expensive, and we believe it would be worthwhile to wait for further pullback to enter.<strong> </strong></p>

Kakaku.com Inc (2371 JP) reported weak 1Q FY03/21 results last week. While this was mostly due to the impact of COVID-19, the recovery seems to be slow. However, we continue to like Kakaku for its longer-term prospects, especially that of Tabelog’s, which has been growing in popularity as a restaurant booking platform over its competitors like Hot Pepper Gourmet (operated by Recruit Holdings (6098 JP)) and Gurunavi Inc (2440 JP). Nevertheless, Kakaku still looks expensive, and we believe it would be worthwhile to wait for further pullback to enter. 

Kakaku.com: Weak 1Q Due to COVID-19; Recovery Has Been Slow