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

Sony Bull Bet off Trendline Nearing First Resistance

Conviction Call Sony – Integrating ESports and Betting Into the Gaming Ecosystem

Sony – 2021 High Conviction Call Posts a Blowout

Sony – Time to Add to Our 2021 Conviction Call as They Acquire Fighting Game Tournament Evo

Sony - 2021 High Conviction Call Estimates for Wed Results and Next FY

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>Sony posted OP of ¥972bn coming in just a touch above consensus and significantly below our own estimates of ¥1.12trn. Guidance for next year is overdoing conservatism predicting a 3.3% drop in OP despite a robust 7.8% projected growth in the top line. Our analysis suggests that Sony has joined its gaming brethren in hiding profit in its booming gaming segment and OP should be up very significantly next year.</p>

Sony posted OP of ¥972bn coming in just a touch above consensus and significantly below our own estimates of ¥1.12trn. Guidance for next year is overdoing conservatism predicting a 3.3% drop in OP despite a robust 7.8% projected growth in the top line. Our analysis suggests that Sony has joined its gaming brethren in hiding profit in its booming gaming segment and OP should be up very significantly next year.

Sony – 2021 Conviction Call Hiding Profits

Sony Corp

Sony – 2021 Conviction Call Hiding Profits