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

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

<div class="content-caption">Basic Information</div><table class="table table-striped"><tbody><tr><td>Company Name</td><td>QB NET HOLDIINGS</td></tr><tr><td>Company Ticker</td><td>6571</td></tr><tr><td>Stock Exchange</td><td>TSE 1st Section</td></tr><tr><td>Business Description</td><td>Holding company for specialist discount haircut chain "QB House"</td></tr><tr><td>Unit Size</td><td>100</td></tr><tr><td>New Shares Offered</td><td>0</td></tr><tr><td>Existing Shares Offered</td><td>9,785,900</td></tr><tr><td>Overallotment (Existing Shares)</td><td>1,467,800</td></tr><tr><td>Total Shares Offered</td><td>11,253,700</td></tr><tr><td>Tentative Pricing Date</td><td>5th Mar</td></tr><tr><td>Tentative Price</td><td>2,250</td></tr><tr><td>Estimated Capital to be Raised (JPY)</td><td>3,302,550,000</td></tr><tr><td>Pricing Date</td><td>14th Mar</td></tr><tr><td>Price</td><td>Undecided</td></tr><tr><td>Bookbuilding</td><td>7th Mar -  13th Mar</td></tr><tr><td>Application Dates</td><td>15th Mar - 20th Mar</td></tr><tr><td>Listing Date</td><td>23th Mar</td></tr><tr><td>Shares Outstanding at Listing</td><td>12,000,000</td></tr><tr><td>Estimated Market Capitalisation (JPY)</td><td>27,000,000,000</td></tr></tbody></table><div style="text-align: left;" class="content-caption">Source: Company Disclosures, LightStream Research</div><div class="content-caption">Underwriters</div><table class="table table-striped"><tbody><tr><td>　</td><td>Broker</td></tr><tr><td rowspan="2">Lead Underwriters</td><td>Daiwa Securities</td></tr><tr><td>MUFG Morgan Stanley Securities</td></tr><tr><td rowspan="7">Underwriters</td><td>Mizuho Securities</td></tr><tr><td>SMBC Nikko Securities</td></tr><tr><td>Tokai Tokyo Securities</td></tr><tr><td>Okasan Securities</td></tr><tr><td>Iwai Cosmo Securities</td></tr><tr><td>Monex Securities</td></tr><tr><td>SBI Securities</td></tr></tbody></table><div style="text-align: left;" class="content-caption">Source: Company Disclosures, LightStream Research</div>

Basic InformationCompany NameQB NET HOLDIINGSCompany Ticker6571Stock ExchangeTSE 1st SectionBusiness DescriptionHolding company for specialist discount haircut chain "QB House"Unit Size100New Shares Offered0Existing Shares Offered9,785,900Overallotment (Existing Shares)1,467,800Total Shares Offered11,253,700Tentative Pricing Date5th MarTentative Price2,250Estimated Capital to be Raised (JPY)3,302,550,000Pricing Date14th MarPriceUndecidedBookbuilding7th Mar -  13th MarApplication Dates15th Mar - 20th MarListing Date23th MarShares Outstanding at Listing12,000,000Estimated Market Capitalisation (JPY)27,000,000,000Source: Company Disclosures, LightStream ResearchUnderwriters　BrokerLead UnderwritersDaiwa SecuritiesMUFG Morgan Stanley SecuritiesUnderwritersMizuho SecuritiesSMBC Nikko SecuritiesTokai Tokyo SecuritiesOkasan SecuritiesIwai Cosmo SecuritiesMonex SecuritiesSBI SecuritiesSource: Company Disclosures, LightStream Research

Qb Net Holdings

QB Net IPO: Bad Hair Day