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

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​25 - Koei-Tecmo & Nidec

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​​26 Nitto Denko & Disco

Nidec (6594 JP): Takeaways from 3Q Results and New Guidance

Koei-Tecmo – Up 107% in a Year, Yet Not Too Late to Own

Koei-Tecmo – Hyrule Warriors Clears 3m Units in 4 Days as Nintendo Switch Magic Continues

Koei Tecmo – The Market Is Sleeping on the Zelda Musou Nintendo Tie-Up for Switch but Shouldn’t

Tokyo Game Show – Capcom and Koei-Tecmo Presentations Look Good for Themselves and for Nintendo

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>Koei Tecmo revised up guidance to ¥56bn in revenue (consensus ¥55.0bn), ¥22bn in OP (consensus ¥23.3bn) and ¥25.0bn in NP (consensus ¥22.4bn). These revisions remain conservative as 4Q is typically seasonally strong (though it will be less so this year due to the timing of various releases) and Koei Tecmo has already generated ¥19.4bn in OP in the last three quarters.</p>

Koei Tecmo revised up guidance to ¥56bn in revenue (consensus ¥55.0bn), ¥22bn in OP (consensus ¥23.3bn) and ¥25.0bn in NP (consensus ¥22.4bn). These revisions remain conservative as 4Q is typically seasonally strong (though it will be less so this year due to the timing of various releases) and Koei Tecmo has already generated ¥19.4bn in OP in the last three quarters.

Koei Tecmo – A Beat as Hyrule Warriors, Sangokushi Hadou and the Market Rally All Chip In

Koei Tecmo Holdings

Koei Tecmo – A Beat as Hyrule Warriors, Sangokushi Hadou and the Market Rally All Chip In