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

Renesas (6723 JP) - Salutary Q1, Strong Q2 Forecast, and a BIG Buyback

Epson (6724) - A Big Buyback Amid Benign Backdrop

Nikkei 225 Methodology Change. Again. This Time Better But Still Not Good Enough

Renesas – Synergies Outperform and Some Potentially Bad News for Arm

Renesas (6723 JP) - On Top of Peer-Beating Growth, and Valuation... Watch for Buybacks

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

<ul>
<li>Renesas’ 1Q numbers blew away guidance and consensus as revenue beat by 3.4% and adjusted OP beat by 16%. </li>
<li>Revenue growth was strong for both Auto and Industrial with Industrial margins also improving noticeably vs. last Q. </li>
<li>Renesas also announced a rather large buyback which is effectively a repurchase of the INCJ’s stake.</li>
</ul>


Renesas’ 1Q numbers blew away guidance and consensus as revenue beat by 3.4% and adjusted OP beat by 16%. 
Revenue growth was strong for both Auto and Industrial with Industrial margins also improving noticeably vs. last Q. 
Renesas also announced a rather large buyback which is effectively a repurchase of the INCJ’s stake.


Renesas Electronics

Renesas – Like We Said… Accelerating