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

Nintendo – Nintendo Targets AR as Sony Consolidates VR

Nintendo – Reviewing Prospects for a Peak in Light of Bloomberg’s Recent Coverage

Sony Corp:  Momentum Strong as Global Funds Continue to Add.

2021 High Conviction – Sony’s Year of the PS5

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 blew out 3Q numbers with ¥359bn in OP vs. consensus at ¥188bn and raised FY guidance to ¥940bn in OP, above consensus at ¥753bn, the consensus high at ¥805bn and even our ¥910bn estimate. It now looks to be on track to hit ¥1trn in OP with all segments firing.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/186/540/original/image_43457873421612345914296.png?1612345914" class="editor-image img-responsive" data-smartkarma-image-id="186540"></figure>

Sony blew out 3Q numbers with ¥359bn in OP vs. consensus at ¥188bn and raised FY guidance to ¥940bn in OP, above consensus at ¥753bn, the consensus high at ¥805bn and even our ¥910bn estimate. It now looks to be on track to hit ¥1trn in OP with all segments firing.

Sony – 2021 High Conviction Call Posts a Blowout