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 – The Future of VR, Metaverse and the Conglomerate Premium

Sony – Epic Metaverse Possibilities with Kraken and Friends

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 a reasonable beat of consensus numbers with revenue a touch above consensus (+1.6%) and OP beating by 10.7% leading Sony to revise guidance for the FY in line with consensus. Both guidance and consensus remain too low, however, as the Electronics and Semiconductor businesses are likely to beat significantly, as could Gaming depending on PS5 manufacturing cost reductions.</p>

Sony posted a reasonable beat of consensus numbers with revenue a touch above consensus (+1.6%) and OP beating by 10.7% leading Sony to revise guidance for the FY in line with consensus. Both guidance and consensus remain too low, however, as the Electronics and Semiconductor businesses are likely to beat significantly, as could Gaming depending on PS5 manufacturing cost reductions.

Sony Corp

Sony – The Upgrades Should Keep Coming