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 – Narrowing Down Potential PS5 and Xbox Series X/S Prices

The Xbox Series S – Minimalism Done Wrong

Sony to Buy Out Remaining Sony Financial Stake

Sony – Expect the PS5 to Keep or Increase Market Share

Sony – Epic Games Stake Purchase Is Small but VERY Interesting and Positive for Leyou

Leyou – Is Sony Targeting Splash Damage as Microsoft Targets Warner Brothers Interactive

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 reported strong 1Q numbers yesterday with OP of ¥228.4bn exceeding consensus’ ¥140.2bn estimate as revenue of ¥1,969bn also beat consensus by 19%. The Game &amp; Network Services segment was the key driver of performance as OP of ¥124bn was the highest quarterly number since at least 2015. Most other segments held up relatively well except for Imaging &amp; Sensing Solutions which is suffering from a mix shift to cheaper smartphones and Electronics Products &amp; Solutions which has been hurt by weak digital camera sales. Details below.</p>

Sony reported strong 1Q numbers yesterday with OP of ¥228.4bn exceeding consensus’ ¥140.2bn estimate as revenue of ¥1,969bn also beat consensus by 19%. The Game &amp; Network Services segment was the key driver of performance as OP of ¥124bn was the highest quarterly number since at least 2015. Most other segments held up relatively well except for Imaging &amp; Sensing Solutions which is suffering from a mix shift to cheaper smartphones and Electronics Products &amp; Solutions which has been hurt by weak digital camera sales. Details below.

Sony – Will Gaming Strength Overcome Image Sensor Jitters?

Sony Corp

Sony – Will Gaming Strength Overcome Image Sensor Jitters?