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 (6502) - Funding Deadline Risk Was Known 6+ Weeks Ago

Toshiba – How Much Risk Is There On A Deal Break?

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.

Event-Driven

<ul>
<li>The Nikkei reported on Monday that JIP’s bid values Toshiba at roughly ¥2.2trn. </li>
<li>The stock has dropped to a level just below this valuation suggesting some anticipation of a Bain/JIC bid above that valuation. </li>
<li>While that is plausible, the cautiousness of JIP’s bid highlights the fundamental downside risk here in our view.</li>
</ul>


The Nikkei reported on Monday that JIP’s bid values Toshiba at roughly ¥2.2trn. 
The stock has dropped to a level just below this valuation suggesting some anticipation of a Bain/JIC bid above that valuation. 
While that is plausible, the cautiousness of JIP’s bid highlights the fundamental downside risk here in our view.


Toshiba – Realistic Valuation Disappoints Markets

Toshiba Corp

Toshiba – Realistic Valuation Disappoints Markets