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

Unity Technologies Pre-IPO – Unlikely to Dethrone Unreal Engine in AAA But Watch the M&A Strategy

Unity Software IPO - Even Better Than Snowflake IPO?

Unity IPO – Stunning Lack of Profitability

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 Capital Markets

<p>When we initially heard about Unity’s plans to IPO, we were quite excited and felt some anticipation. Given the positioning serving mobile game customers and emerging trends using game engines in movies and other 3D modelling software we felt that market prospects were good and on hearing that gross margins were about 80% we imagined that operating margins could be 40 or 50% and were starting to rub our hands in expectation. Thus, we were stunned to see that the company was loss-making and analysing its financials caused any optimism we had to evaporate. The company plays a nice role democratising game development but as an investment it totally underwhelms.</p>

When we initially heard about Unity’s plans to IPO, we were quite excited and felt some anticipation. Given the positioning serving mobile game customers and emerging trends using game engines in movies and other 3D modelling software we felt that market prospects were good and on hearing that gross margins were about 80% we imagined that operating margins could be 40 or 50% and were starting to rub our hands in expectation. Thus, we were stunned to see that the company was loss-making and analysing its financials caused any optimism we had to evaporate. The company plays a nice role democratising game development but as an investment it totally underwhelms.

Unity IPO Valuation – Disappointingly Un-Epic