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

Toshiba – Why Renesas Might Be a Better Option for the Devices Business than an IPO

Rohm (6963 JP): Probably Won't Buy Toshiba's Electronic Devices Business

Toshiba – Privatisation Rebuttal and Then a Change in CEO…

Toshiba – Underwhelming MTP With Execution Risk

Toshiba – 16 Millionth New Plan Unlocks New Value! No Just Kidding It Didn’t

Gravity Works As WeWork Doesn't; Now Plan B

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

<ul>
<li>Toshiba’s 3Q results were relatively strong with revenue beating by 2.8% and OP beating by 18.3%. </li>
<li>Given typical profit patterns and Toshiba’s new 4Q revenue guidance, FY OP would likely be close to ¥190bn so the downward revision from ¥170bn to ¥155bn looks unnecessary.</li>
<li>Toshiba also set March 24th as the date for its EGM to vote on the two-way split, simultaneously recommending against 3D’s proposals.</li>
</ul>


Toshiba’s 3Q results were relatively strong with revenue beating by 2.8% and OP beating by 18.3%. 
Given typical profit patterns and Toshiba’s new 4Q revenue guidance, FY OP would likely be close to ¥190bn so the downward revision from ¥170bn to ¥155bn looks unnecessary.
Toshiba also set March 24th as the date for its EGM to vote on the two-way split, simultaneously recommending against 3D’s proposals.


Toshiba – Decent 3Q Means Downward Revision Was Probably Unnecessary

Toshiba Corp

Toshiba – Decent 3Q Means Downward Revision Was Probably Unnecessary