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 – Watch Monster Hunter Rise for Improved Multiplayer

Nintendo – DLSS Developments Have Implications for Switch “Pro”

Nintendo – Direct Points to Improving Third Party Support and Holiday Launch for New Switch

Tokyo Game Show – Capcom and Koei-Tecmo Presentations Look Good for Themselves and for Nintendo

Nintendo – Will All-Time High Earnings Lead to an All-Time High Share Price?

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>In our previous insight we noted that 3Q could see about 12.2m units of Switch, 70m software units, revenue of ¥650bn and OP of ¥208bn. Results were 11.6m units of Switch, 75.85m software units, revenue of ¥635bn and OP of ¥230bn. Hardware looks to have been slightly production constrained depressing revenue and strong software sales helped margins… but another round of Opex bloat did not…</p>

In our previous insight we noted that 3Q could see about 12.2m units of Switch, 70m software units, revenue of ¥650bn and OP of ¥208bn. Results were 11.6m units of Switch, 75.85m software units, revenue of ¥635bn and OP of ¥230bn. Hardware looks to have been slightly production constrained depressing revenue and strong software sales helped margins… but another round of Opex bloat did not…

Nintendo – Super Duper Mario 3! Now With Cost Pull-Forward!