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 - The Great Unwinding Has Shifted from the Discount to Underlying Value

Softbank Group - DT Call Option Adjustment Includes Strategic Partnership but Less Cash

Softbank – Still No Buyback Means Still Little Reason to Buy

Softbank Group - Q1 21 Results Reaction: A Slow Shift in Focus

Softbank Group - China Has Just Blown a Hole in Vision Fund’s Rapid Listing Theme

Softbank Group - ARM Optionality and Exposure Are on the Rise

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

<p>Softbank results looked reasonably positive on the surface with NP generation of ¥762bn and gains across the board from its Vision Funds and direct investments. These will be overshadowed, however, by the losses on public equities in the quarter to date, trouble in China and a continuing disconnect in shareholders "vision" for how to maximise value and that of Masayoshi Son.</p>

Softbank results looked reasonably positive on the surface with NP generation of ¥762bn and gains across the board from its Vision Funds and direct investments. These will be overshadowed, however, by the losses on public equities in the quarter to date, trouble in China and a continuing disconnect in shareholders "vision" for how to maximise value and that of Masayoshi Son.

Softbank - No Buyback Means Little Reason to Buy