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

🇯🇵 JAPAN - Stress Tests Part 4 - From Free Cash Flow to Change in Cash

🇯🇵 JAPAN • Stress Tests Part 5: Net Working Capital Outliers

🇯🇵 JAPAN • Stress Tests Part 6: Currency Risk

Toshiba – A Look at Toshiba Valuations in Light of the New Inflated Sales Issue

An MBO for Toshiba? Not As Silly As It Sounds

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 Capital Markets

<p>In February, the Nikkei reported that Kioxia Holdings, the former Toshiba Memory Corporation, was aiming to go public by October to raise funds for capex. The valuation touted was ¥3.5trn, a very nice uplift from the ¥2trn which Bain paid to take the company off of Toshiba’s hands in Jun 2018. We already considered the ¥2trn valuation in 2018 to be extremely full and given developments since then, see no fundamental reason to revise that view. So is this ¥3.5trn figure realistic? We discuss this below.</p>

In February, the Nikkei reported that Kioxia Holdings, the former Toshiba Memory Corporation, was aiming to go public by October to raise funds for capex. The valuation touted was ¥3.5trn, a very nice uplift from the ¥2trn which Bain paid to take the company off of Toshiba’s hands in Jun 2018. We already considered the ¥2trn valuation in 2018 to be extremely full and given developments since then, see no fundamental reason to revise that view. So is this ¥3.5trn figure realistic? We discuss this below.

Toshiba – A ¥3.5trn Kioxia Valuation Looks Like a Stretch

Toshiba Corp

Toshiba – A ¥3.5trn Kioxia Valuation Looks Like a Stretch