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

TOPIX-Nikkei Skew Trade Starting to Work Nicely

Sony – Uncharted and Horizon Forbidden West Start Well

Kadokawa – Rather Than Waste Time Considering a Sony Buyout of Square Enix Look at This Instead

Sony Tactical Long with Sell Overhang to Re Set at High Conviction Support

Sony – 2021 Conviction Call Hiding Profits

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

<ul>
<li>Sony posted a strong quarter on the back of resilient margins in gaming and stellar performance in the pictures segment. </li>
<li>Guidance was raised to ¥1.2trn above the top of consensus at ¥1.185trn but results will likely be around ¥1.3trn, a little below the ¥1.37trn we called in early 2021. </li>
<li>Next year should see further growth and we expect firm performance going forward.</li>
</ul>


Sony posted a strong quarter on the back of resilient margins in gaming and stellar performance in the pictures segment. 
Guidance was raised to ¥1.2trn above the top of consensus at ¥1.185trn but results will likely be around ¥1.3trn, a little below the ¥1.37trn we called in early 2021. 
Next year should see further growth and we expect firm performance going forward.


Sony Corp

Sony – Guidance Upgrade