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

Kioxia – Is There Value at the New Pricing Range?

Smartkarma Flash Webinar | Kioxia IPO: How Solid Is It?

Toshiba – A ¥3.5trn Kioxia Valuation Looks Like a Stretch

Toshiba – Our Concerns For This Crowded Theatre With One Exit

Gravity Works As WeWork Doesn't; Now Plan B

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 Capital Markets

Kioxia Holdings  / Equity Capital Markets

<p>The long anticipated Kioxia IPO is finally here, potentially to provide some relief to Toshiba activists. We have long been sceptical of premium pricing for Kioxia, even from when it was first purchased, as we viewed bumper margins as being unsustainable. Kioxia’s collapse in profitability lends some credence to our initial view and while conditions have stabilised somewhat, there are risks going forward which Kioxia’s prospectus ignores.</p>

The long anticipated Kioxia IPO is finally here, potentially to provide some relief to Toshiba activists. We have long been sceptical of premium pricing for Kioxia, even from when it was first purchased, as we viewed bumper margins as being unsustainable. Kioxia’s collapse in profitability lends some credence to our initial view and while conditions have stabilised somewhat, there are risks going forward which Kioxia’s prospectus ignores.

Kioxia IPO – Overoptimistic NAND Market Projections and Concentration Risk