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

Zozo Gets Physical: Launches OMO Platform, Opens First Pop-Up Store

Japanese Department Stores: Going After the Newly Wealthy

Baycrews Grows Online Sales to 50% of Turnover

Conviction Call Zozo – Spend Per Member Refuses to Drop but Hurdles Get Steeper Going Forward

Conviction Call Zozo – 1Q GMV Trends Are a Risk

Oh No ZoZo! An Overly Complicated Buyback+Issuance To Stay Prime

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>Zozo had a mildly weak quarter but is being heavily punished for not revising up with the stock down 13.6%. today. Valuations remain stretched and we believe that any deceleration on reopening would further punish the stock as the operating leverage enjoyed under lockdown is underappreciated.</p>

Zozo had a mildly weak quarter but is being heavily punished for not revising up with the stock down 13.6%. today. Valuations remain stretched and we believe that any deceleration on reopening would further punish the stock as the operating leverage enjoyed under lockdown is underappreciated.

ZOZO Inc

Zozo – Cautious Before the Reopening