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

Meituan Dianping – Great Seasonal Quarter Boosts Expectations Into Unrealistic Territory

2020 High Conviction: Overweight Tongcheng-Elong (780:HK) A Prime Acquisition Target for Trip.com

TCEL: China’s New Virus Is Scary, But One Chart Shows How You Can Profit

Meituan Dianping: Quantamentals Shine a Ray of Hope on the Treacherous Path to Profitability

Meituan (3690 HK): Gets Caught Stealing Alibaba’s Data in An Anti-Trust Investigation

Last Week in Event SPACE: Toshiba, Meituan/Xiaomi, Harbin Electric, Asia Sat, Jardines, Caesars

Last Week in Event SPACE: Chiyoda, Japan Post, BTS, JDI, Renault/Nissan, Nexon, Metro, Merlin, Melco

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

<a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan Dianping (3690 HK)</a> released excellent results on Friday as the company generated a quarterly profit, surprising the market.Revenue grew 50.6% YoY and 18.4% QoQ while the company generated an OP of CNY1,113m vs. a loss of -CNY1,304 in 1Q19 and -CNY2,851m in 2Q18. Consensus OP forecasts ranged between -CNY762m and -CNY1,808m with a -CNY1,154m average. Revenue was also 3.6% above the consensus mean and 1.8% above the consensus high. All-in-all results were extremely strong, but how sustainable are they?We examine this below.

Meituan Dianping (3690 HK) released excellent results on Friday as the company generated a quarterly profit, surprising the market.Revenue grew 50.6% YoY and 18.4% QoQ while the company generated an OP of CNY1,113m vs. a loss of -CNY1,304 in 1Q19 and -CNY2,851m in 2Q18. Consensus OP forecasts ranged between -CNY762m and -CNY1,808m with a -CNY1,154m average. Revenue was also 3.6% above the consensus mean and 1.8% above the consensus high. All-in-all results were extremely strong, but how sustainable are they?We examine this below.

Meituan Dianping Quantamental: Are 2Q's Excellent Results Sustainable?