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

Koei Tecmo – Beats Consensus but Is That Enough?

Koei Tecmo (3635 JP) - Complex But Lower Impact Move To Stay in TSE Prime (Buyback+CB Issuance)

Smartkarma Webinar | Koei Tecmo - Capcom: Warriors and Monster Hunters on the Rise

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

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

Gravity Works As WeWork Doesn't; Now Plan B

Unlisted Gaming Companies in Asia – The Acquisition Landscape Heats Up

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 generated ¥24.4bn in OP beating guidance of ¥22bn but coming in a touch below consensus of ¥25.0bn. Despite the slight miss and weak guidance of ¥24.5bn in OP vs. consensus ¥28.0bn for consensus we believe that consensus is too conservative, and OP will clear ¥30bn next year and potentially ¥45bn the year after. Despite THAT, however, we believe it may be time to step off this ride.</p>

Koei Tecmo generated ¥24.4bn in OP beating guidance of ¥22bn but coming in a touch below consensus of ¥25.0bn. Despite the slight miss and weak guidance of ¥24.5bn in OP vs. consensus ¥28.0bn for consensus we believe that consensus is too conservative, and OP will clear ¥30bn next year and potentially ¥45bn the year after. Despite THAT, however, we believe it may be time to step off this ride.

Koei Tecmo Holdings

Koei Tecmo – Turning Cautious