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’s Relentless Innovation Opens Closets

Mercari – Expecting an Acceleration in US GMV Growth

Mercari – Additional US Disclosure Is a Positive

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

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

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>Mercari reported ¥26bn in revenue for 2Q coming in a touch above consensus at ¥25.3bn and also beat at the OP level, generating ¥1.0bn despite significantly boosting promotional spending in Japan. Consensus was at ¥0.87bn. These are positive results but we feel momentum should accelerate throughout the year.</p>

Mercari reported ¥26bn in revenue for 2Q coming in a touch above consensus at ¥25.3bn and also beat at the OP level, generating ¥1.0bn despite significantly boosting promotional spending in Japan. Consensus was at ¥0.87bn. These are positive results but we feel momentum should accelerate throughout the year.

Mercari – Small Beat and Good Underlying Trends