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

Kobe Steel Reaction Looking Overdone to Us Despite Significant Uncertainty

Kobe Steel: Quickly Sorting Through All the Noise

Nissan's Cheap Valuation Offset by Cyclical and Trump Tax Risks

Honda: Cheap Valuation but Muted Growth Prospects Make Us Favour Toyota

Are the Japanese Brands Still Competitive? (Quality Performance)

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>Nissan is extremely cheap, trading at 7.2x FY03/18 PE. Extremely cheap on an absolute basis and even compared to its average since 2010 which is 9.5x (though the multiple has been gradually derating over time). This is the main reason that we were mildly positive on the stock price when we first wrote on the company <a href="https://www.smartkarma.com/insights/nissan-s-cheap-valuation-offset-by-cyclical-and-trump-tax-risks" target="_blank" data-smartkarma-citation="insights:9841">Nissan’s Cheap Valuation Offset by Cyclical and Trump Tax Risks</a> , since which time the stock is up 7.3% despite the tough US outlook and recent announcement of quality inspection…</p>

Nissan is extremely cheap, trading at 7.2x FY03/18 PE. Extremely cheap on an absolute basis and even compared to its average since 2010 which is 9.5x (though the multiple has been gradually derating over time). This is the main reason that we were mildly positive on the stock price when we first wrote on the company Nissan’s Cheap Valuation Offset by Cyclical and Trump Tax Risks , since which time the stock is up 7.3% despite the tough US outlook and recent announcement of quality inspection…

Nissan: Downside Optionality of Potential Quality Control Scandal Creates Asymmetric Risk

Nissan Motor

Nissan: Downside Optionality of Potential Quality Control Scandal Creates Asymmetric Risk