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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

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

Zoomlion Heavy Industry S A / Equity Bottom-Up

<p>Some of China’s A-share construction machinery names had a very good 2019 as Sany rose 112%, XMCG rose 69% and Zoomlion rose 88% during the year. Given that performance has been exceptionally strong, but that the outlook for Chinese infrastructure spending also remains strong, we believe a shift toward later-cycle plays such as Zoomlion offers the best risk-reward.</p>

Some of China’s A-share construction machinery names had a very good 2019 as Sany rose 112%, XMCG rose 69% and Zoomlion rose 88% during the year. Given that performance has been exceptionally strong, but that the outlook for Chinese infrastructure spending also remains strong, we believe a shift toward later-cycle plays such as Zoomlion offers the best risk-reward.

Zoomlion – Consensus Appears to Be Underestimating the Operating Leverage of This Late-Cycle Play