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

Nintendo – ValueAct Won’t Change Much but You Should Pay Attention to Animal Crossing’s Strength

Nintendo – Deftly Animal Crossing Over the COVID Trap

Gaming Drags Down Sony’s FY03/20 Results; PS5 Is on Track for Launch in 2020

Nintendo – “Switching” to an IP-Focused Business Model

Nintendo – A Visit to the Nintendo Tokyo Store in Shibuya

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>Nintendo reported an underwhelming 3Q with revenue down 5% YoY to ¥578.7bn (2.3% below consensus) and OP up just 6% YoY to ¥168.7bn (3.8% below consensus). The -4% stock move seems somewhat reasonable given these numbers, but we delve deeper into the profitability trends to try and ascertain how Nintendo’s profit structure is evolving.</p>

Nintendo reported an underwhelming 3Q with revenue down 5% YoY to ¥578.7bn (2.3% below consensus) and OP up just 6% YoY to ¥168.7bn (3.8% below consensus). The -4% stock move seems somewhat reasonable given these numbers, but we delve deeper into the profitability trends to try and ascertain how Nintendo’s profit structure is evolving.

Nintendo – Micro Quantamental Analysis Following 3Q