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

Colowide Partial Tender for Ootoya Is a Sell

Ootoya – Oisix Ra Daichi Tie-Up Could Sway Some Votes But Unlikely to Solve LT Issues

Ootoya – Colowide Extends Drama and TOB Deadline With an Eye on Low Shareholder Turnout

Colowide – Swimming Naked into the Covid Sea

Background to The Sushiro-Genki Sushi Merger and Japan's Conveyor Sushi Consolidation Path

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.

Event-Driven

<p>Colowide, a company whose heavily leveraged nature we discussed earlier, has made a TOB for Ootoya, a traditional Japanese restaurant for those looking for reasonably priced, but freshly made food. It is hostile. The crux of the disagreement being Colowide’s desire to integrate Ootoya into its centralised kitchen network vs. Ootoya’s insistence on preparing food on-site as its founder intended. The initial salvo in this battle was Colowide moving to try and replace Ootoya’s management with the 19.16% stake it acquired from founding family members and built further in the market. This move which was roundly rejected by the retailer-heavily shareholder base of Ootoya. With that move unsuccessful, Colowide has moved forward with a tender offer at ¥3,081 (46% above the undisturbed Wednesday close and still 18% above today’s limit-up close). We examine Ootoya’s business and valuation below.</p>

Colowide, a company whose heavily leveraged nature we discussed earlier, has made a TOB for Ootoya, a traditional Japanese restaurant for those looking for reasonably priced, but freshly made food. It is hostile. The crux of the disagreement being Colowide’s desire to integrate Ootoya into its centralised kitchen network vs. Ootoya’s insistence on preparing food on-site as its founder intended. The initial salvo in this battle was Colowide moving to try and replace Ootoya’s management with the 19.16% stake it acquired from founding family members and built further in the market. This move which was roundly rejected by the retailer-heavily shareholder base of Ootoya. With that move unsuccessful, Colowide has moved forward with a tender offer at ¥3,081 (46% above the undisturbed Wednesday close and still 18% above today’s limit-up close). We examine Ootoya’s business and valuation below.

Ootoya – The Order May Be Delivered but It Could Leave a Bad Taste in Colowide’s Mouth

OOTOYA Holdings

Ootoya – The Order May Be Delivered but It Could Leave a Bad Taste in Colowide’s Mouth