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

Mercari – Small Beat and Good Underlying Trends

Mercari’s Relentless Innovation Opens Closets

Mercari – Expecting an Acceleration in US GMV Growth

Mercari – Conditions Remain Strong and Poshmark and ThredUP Listings Could Raise Multiples

Mercari – Our Ten Bagger Call Is Actually Starting to Look Somewhat Sane

Poshmark IPO – Not a Bargain but a Reasonable Price for Reasonable Quality

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>After a bit of a hibernation period, down 24% between 15 Oct and Christmas, Mercari has started to move again, up 25% in the 12 trading days since. We remain highly positive on our top conviction call from last year and believe strong recent momentum should continue as the Japanese business continues to grow and the US business starts to be valued increasingly highly, especially now that there are clearer benchmarks such as Poshmark.</p>

After a bit of a hibernation period, down 24% between 15 Oct and Christmas, Mercari has started to move again, up 25% in the 12 trading days since. We remain highly positive on our top conviction call from last year and believe strong recent momentum should continue as the Japanese business continues to grow and the US business starts to be valued increasingly highly, especially now that there are clearer benchmarks such as Poshmark.

Mercari – If Mercari Traded Up to Poshmark’s 30x EV/Sales You Would Make 184%