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

Nippon Paint – Announced Deal Does Not Justify Share Price Run Up

Nippon Paint (4612): From Japan to Asia to Indonesia

Kansai Paint: India Drives Growth But Kansai Nerolac's 50x PE Is Also a Risk

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>Following up on our previous insight, our discussion with the company lead us to remain positive on the stock despite some valuation concerns.</p><ul>
<li>Within an industry where pressure to consolidate appears to be growing, we find Kansai Paint's relatively restrained approach to be the least risky. Our view is that cost-synergies are likely to be limited outside of the decorative paints market and are unlikely to be exceedingly large even there.</li>
<li>Buying brands and scale is not in and of itself a negative…</li>
</ul>

Following up on our previous insight, our discussion with the company lead us to remain positive on the stock despite some valuation concerns.
Within an industry where pressure to consolidate appears to be growing, we find Kansai Paint's relatively restrained approach to be the least risky. Our view is that cost-synergies are likely to be limited outside of the decorative paints market and are unlikely to be exceedingly large even there.
Buying brands and scale is not in and of itself a negative…


Kansai Paint: Emerging Markets Exposure, M&A and Gearing to a South African Recovery