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

Fujitsu - Quick Thoughts on Scenarios for Listed Subsidiaries

Fujitsu Frontech – Company Call Confirms Importance of Fujitsu Relationship

Toshiba – Wading Through All the Historical Segment Changes to Assess Underlying Profitability

Toshiba Restructuring Coming - Toshiba Tec Is STILL the Right Horse.

Toshiba Buyback Ending: The Next Catalyst Is Restructuring

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>Left out of parent Toshiba’s full consolidation plans, Toshiba Tec has stagnated slightly relative to its siblings. With 19% of its market cap in net cash, OP that has not yet exceeded its FY07 high watermark and an OPM that has only crossed above 5% once in the last 30ish years it may be easy to look at this as an unexciting, ex-growth cash cow. However, after speaking to the company we believe there are reasons to like the name and several initiatives that could generate significant value for a smart strategic buyer or savvy PE fund. We discuss the details below.</p>

Left out of parent Toshiba’s full consolidation plans, Toshiba Tec has stagnated slightly relative to its siblings. With 19% of its market cap in net cash, OP that has not yet exceeded its FY07 high watermark and an OPM that has only crossed above 5% once in the last 30ish years it may be easy to look at this as an unexciting, ex-growth cash cow. However, after speaking to the company we believe there are reasons to like the name and several initiatives that could generate significant value for a smart strategic buyer or savvy PE fund. We discuss the details below.

Toshiba Tec – Will Someone Recognise the Value in This Little Gem?