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

Vanguard (5347.TT): 8" Capacity Tightness with TSMC Standing Behind as Actionable

Vanguard (5347.TT): We Think Vanguard Can Easily Reach 1Q22 Guidance.

Novatek (3034.TT): The Growth Trend Seems Slowing Down Since 1Q22.

TSMC – Long TSMC Short Nvidia Looks Exceptionally Attractive

TSMC – 2022 Could Be Great but What After?

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.

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. </li>
<li>Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. </li>
<li>We still suspect however that momentum could actually accelerate through the year.</li>
</ul>


TSMC posted results at or above the top end of its guidance ranges for 4Q21 at the revenue, GPM and OPM levels. 
Guidance for 1Q22 was also punchy with the midpoint of revenue guidance 6.0% above consensus and mid to high 20s revenue growth guidance for the year. 
We still suspect however that momentum could actually accelerate through the year.


Taiwan Semiconductor (TSMC) - ADR (TSM US)

Taiwan Semiconductor (TSMC)

TSMC – Exceptional as Usual