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

Tokai Carbon Korea (TCK) - Priced for A "Near-Perfection"

Tokai Carbon: Volatility Is High but EAF Capacity Growth and UHP Tech Hurdles Suggest Upside

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>Tokai Carbon Korea has been on a very strong run, rising 126% from its Mar bottom as 1Q results were a record for revenue and the shift to advanced process nodes drives demand for its SiC Focus Rings where it enjoys a monopolistic position. We spoke to parent Tokai Carbon and feel confident that the company’s competitive position is defensible and that it should continue to see a strong rebound in revenue growth with improvements in profitability to boot.</p>

Tokai Carbon Korea has been on a very strong run, rising 126% from its Mar bottom as 1Q results were a record for revenue and the shift to advanced process nodes drives demand for its SiC Focus Rings where it enjoys a monopolistic position. We spoke to parent Tokai Carbon and feel confident that the company’s competitive position is defensible and that it should continue to see a strong rebound in revenue growth with improvements in profitability to boot.

Tokai Carbon Korea – Resist the Etch to Dismiss This Because of Valuation