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

FTSE GEIS Index Rebalance Preview September 2020 - Australia

FTSE GEIS Index Rebalance Sep 2020 - Australia

Saracen Mineral Holdings – Doubling Production Into a Surging Gold Price Is Not a Bad Combination

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

Saracen Mineral Holdings / Equity Bottom-Up

<p>In February we highlighted Australian gold miners as being in an interesting position due to rising gold prices and flagged Saracen as being particularly interesting due to its prospects for volume growth. The timing of that call collided with the outbreak of COVID but even so, Saracen is up 39% since we made our call thanks to continued strength in gold prices as central banks flood markets with liquidity. We believe the theme retains significant merit and below we examine updated valuations for both Saracen and our preferred hedge, Newcrest.</p>

In February we highlighted Australian gold miners as being in an interesting position due to rising gold prices and flagged Saracen as being particularly interesting due to its prospects for volume growth. The timing of that call collided with the outbreak of COVID but even so, Saracen is up 39% since we made our call thanks to continued strength in gold prices as central banks flood markets with liquidity. We believe the theme retains significant merit and below we examine updated valuations for both Saracen and our preferred hedge, Newcrest.

Saracen Mineral Holdings – Valuation Update for This Gold Play