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 – Is Son’s Next Robinhood Trade Going to Be Arm for Nvidia Shares?

Softbank – PM Masa Raising Cash From the Dusty Telco

Softbank Corp – A Simple Suga PM Telco Trade

Softbank – Doubling Down on Their Investment Acumen as Arm Falters

Uber and Lyft – So About That Wonderful New Path to Profitability

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.

Equity Bottom-Up

<p>As Uber and Lyft battle AB5 in California, Prop 22 which will have voters decide on the classification of their drivers as independent contractors or employees on November 3<sup>rd</sup>. New York is considering similar legislation, so this is a critical point for both companies. We have long argued that not only are the companies unlikely to be viable, that even their revenue growth is predicated on various forms of regulatory arbitrage. While the extent of this differs by region it applies to ride hailing companies in general and negative results here would likely threaten the valuation of companies such as Didi as well.</p>

As Uber and Lyft battle AB5 in California, Prop 22 which will have voters decide on the classification of their drivers as independent contractors or employees on November 3rd. New York is considering similar legislation, so this is a critical point for both companies. We have long argued that not only are the companies unlikely to be viable, that even their revenue growth is predicated on various forms of regulatory arbitrage. While the extent of this differs by region it applies to ride hailing companies in general and negative results here would likely threaten the valuation of companies such as Didi as well.

Softbank – The Uber Holding Should Be in the Spotlight Again

Softbank Group

Softbank – The Uber Holding Should Be in the Spotlight Again