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

Softbank Group: Selling More TMUS than BABA Fits Strategically Plus Tax Bill Should Be Lower

Softbank Break Through 4,900 Needed to Carry Rise

Softbank Starts on Its ¥4.5trln Capital Plan - A Model for Bullishness

Softbank Group Q4: Details of Asset Restructuring Are Becoming Clear as Vision Fund Losses Mount

Softbank – Ma Follows Yanai and Schwartz Out the Door as PIF Looks to Collateralise Vision Fund

Gravity Works As WeWork Doesn't; Now Plan B

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>Softbank did not disappoint the more cynical amongst us with an array of sombre presentation slides that lacked only for some b-movie horror flick's soundtrack and perhaps a few vampires and zombies thrown in for their ability to inspire comical terror. These were then followed by colourful results slides including Son’s favourite NAV discount and LTV slides and topped off by what we hope was someone’s sarcastic unicorn drawings. Ultimately though, what really matters for the company is how you choose to attach value to its Alibaba stake and whether you care about the rather telling behaviour by the company and its affiliates when it comes to all things cash.</p>

Softbank did not disappoint the more cynical amongst us with an array of sombre presentation slides that lacked only for some b-movie horror flick's soundtrack and perhaps a few vampires and zombies thrown in for their ability to inspire comical terror. These were then followed by colourful results slides including Son’s favourite NAV discount and LTV slides and topped off by what we hope was someone’s sarcastic unicorn drawings. Ultimately though, what really matters for the company is how you choose to attach value to its Alibaba stake and whether you care about the rather telling behaviour by the company and its affiliates when it comes to all things cash.

Softbank – Cash and Cash Flow Matters More than LTV and Pega-Unicorn Drawings