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

Tencent Buys a 5% Stake in Australia’s Afterpay to Accelerate Its Overseas Expansion into Payments

Tencent 1Q20: Mini-Programs & Enterprise Collaboration to Shine in 2020 as Firms Rush to Digitize

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>Following its strong earnings results, driven by lockdowns in China Tencent has been in the news several times lately as it has hired game development talent (Kenichiro Imaizumi from Kojima Productions and Scott Warner from Ubisoft), acquired the official System Shock 3 website and today announced that it would be taking a 20% stake in Marvelous Inc, one of Japan’s smaller game developers. As much as results look positive, these moves concern us. We explain why below.</p>

Following its strong earnings results, driven by lockdowns in China Tencent has been in the news several times lately as it has hired game development talent (Kenichiro Imaizumi from Kojima Productions and Scott Warner from Ubisoft), acquired the official System Shock 3 website and today announced that it would be taking a 20% stake in Marvelous Inc, one of Japan’s smaller game developers. As much as results look positive, these moves concern us. We explain why below.

Tencent – How Much Can You Read Into Aggressive M&A and a Haphazard Looking Approach to AAA Entry