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

Kioxia IPO – Overoptimistic NAND Market Projections and Concentration Risk

Kioxia – Is There Value at the New Pricing Range?

Smartkarma Flash Webinar | Kioxia IPO: How Solid Is It?

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

Toshiba Vs. Effisimo - Much Ado About Nothing?

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.

Event-Driven

<p>Toshiba struck an upbeat tone for their 1Q results pointing to “Core operating income” of ¥37.9bn in the quarter vs. just ¥9.0bn for the previous year’s period. This result was driven by a ¥16.3bn reduction in fixed cost which was positive, but ultimately the “actual” results was a -¥12.6bn operating loss due to a ¥49.3bn “Impact of COVID-19”. The difficulty of course is in assessing whether the entirety of this large impact was indeed due to the virus or if profitability isn’t quite what it seems. We examine this below.</p>

Toshiba struck an upbeat tone for their 1Q results pointing to “Core operating income” of ¥37.9bn in the quarter vs. just ¥9.0bn for the previous year’s period. This result was driven by a ¥16.3bn reduction in fixed cost which was positive, but ultimately the “actual” results was a -¥12.6bn operating loss due to a ¥49.3bn “Impact of COVID-19”. The difficulty of course is in assessing whether the entirety of this large impact was indeed due to the virus or if profitability isn’t quite what it seems. We examine this below.

Toshiba – Our Concerns For This Crowded Theatre With One Exit

Toshiba Corp

Toshiba – Our Concerns For This Crowded Theatre With One Exit