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 Finally Gets Into TOPIX but Beware the Baku  (It's Complicated)

Toshiba – After Crunching the Numbers We Believe Guidance Could Be Punchy

Toshiba (6502 JP): New Role in Japan's Green Energy Plan. Oversold.

Toshiba – SK Hynix’s Acquisition of Intel’s NAND Operations Hurts Kioxia’s Value

Toshiba – On Track to Hit Imaginary “If Only COVID Hadn’t Happened” Guidance

Gravity Works As WeWork Doesn't; Now Plan B

🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​​11 - Mitsubishi Estate, Toshiba, GMOs

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

<p>With Toshiba CEO Kurumatani’s honeymoon period clearly at an end, the tussle between activist investors trying to extract a higher share price and Toshiba management trying to placate them long enough to deliver on that is starting to turn hostile. In December both <a href="https://www.toshiba.co.jp/about/ir/en/news/20201218_2.pdf" target="_blank" rel="noopener">Effissimo</a> and <a href="https://www.toshiba.co.jp/about/ir/en/news/20201225_1.pdf" target="_blank" rel="noopener">Farallon</a> (through Chinook) called for extraordinary general shareholder meetings to investigate Toshiba’s previous AGM where Kurumatani narrowly avoided replacement and to provide a clearer explanation of M&amp;A plans respectively. We do not think this bodes well for the stock.</p>

With Toshiba CEO Kurumatani’s honeymoon period clearly at an end, the tussle between activist investors trying to extract a higher share price and Toshiba management trying to placate them long enough to deliver on that is starting to turn hostile. In December both Effissimo and Farallon (through Chinook) called for extraordinary general shareholder meetings to investigate Toshiba’s previous AGM where Kurumatani narrowly avoided replacement and to provide a clearer explanation of M&amp;A plans respectively. We do not think this bodes well for the stock.

Toshiba Corp

Toshiba – The Drama Never Ends