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

SMM – Important Breakthrough for Li-Ion Battery Recycling

SMM – Bump to Guidance Supports Recent Share Price Rise

SMM: Forecast 25% Below Consensus Is Not THAT Conservative

SMM: 2Q Results Look Weak Due to Various One-Offs, Underlying Trend Positive, Still Expensive Though

SMM: Disordered Structures for Li-Ion Increase Risk of Cobalt and Nickel Substitution with Manganese

Yasunaga/Hirata/SMM: Up 14, 10 and 7%% - EV Battery Names Surging for Various Reasons

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>SMM revised up guidance significantly yesterday but most of this was driven by the sale of its Sierra Gorda project. The mine had been consistently generating large losses for SMM and its decisiveness in selling when prices turned up is a positive in our view. Assumptions for the rest of the year are conservative and the market is pricing in an overly negative scenario on copper and nickel prices in our view.</p>

SMM revised up guidance significantly yesterday but most of this was driven by the sale of its Sierra Gorda project. The mine had been consistently generating large losses for SMM and its decisiveness in selling when prices turned up is a positive in our view. Assumptions for the rest of the year are conservative and the market is pricing in an overly negative scenario on copper and nickel prices in our view.

SMM – Market Underpricing Inflation Risk

Sumitomo Metal Mining

SMM – Market Underpricing Inflation Risk