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: Future Growth Path and Potential M&A Targets?

Mercari: 70% Rise Prices in a Lot of Growth

Mercari: So Popular Because It Makes CtoC Trading so Easy – and It Is Making It Even Easier

Mercari Inc: Flea-Market Apps Are the Future For The Second-Hand Goods Market in Japan - II

Mercari Inc: A Case For Directing Attention to the East – III

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 Capital Markets

<p>On Friday <a href="https://www.smartkarma.com/entities/27149" target="_blank" data-smartkarma-citation="entities:27149:1">Mercari Inc (4385 JP)</a> raised the price range for its IPO from JPY2,200-2,700 to JPY2,700-3,000, suggesting strong demand. This isn't terribly surprising given the strong recent performance of anything related to the internet platform/network effect theme, regardless of valuations which are starting to get a little uncomfortable from our perspective. Here, we update the valuations, treating the domestic business separately and also try to gauge what sort of multiples might be justified…</p>

On Friday Mercari Inc (4385 JP) raised the price range for its IPO from JPY2,200-2,700 to JPY2,700-3,000, suggesting strong demand. This isn't terribly surprising given the strong recent performance of anything related to the internet platform/network effect theme, regardless of valuations which are starting to get a little uncomfortable from our perspective. Here, we update the valuations, treating the domestic business separately and also try to gauge what sort of multiples might be justified…

Mercari: Valuation Update and Some Peer Charts for Context