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 - Q4 21 Results Reaction: Mixed but Underlying Consumer Growth Remains Solid

Zozo – Operating Leverage Apparently Less Fun On The Downside

Zozo: Social Fashion Commerce, Omnichannel and New Ventures

Platforms Add Merchant Support as Japan's Online Fashion Wars Move Offline

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

Qoo10 Japan to Launch ¥10 Billion Fashion Mall Rival to Zozo

Baycrews Grows Online Sales to 50% of Turnover

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

<ul>
<li>Zozo results were in line to slightly strong with revenue beating consensus by 3.3% and OP 1.3% higher. </li>
<li>That slight beat was driven by very aggressive advertising spend however and we expect the recent correction for the stock to continue. </li>
<li>The question in our mind is whether this will eventually head under ¥1,000 as we previously predicted.</li>
</ul>


Zozo results were in line to slightly strong with revenue beating consensus by 3.3% and OP 1.3% higher. 
That slight beat was driven by very aggressive advertising spend however and we expect the recent correction for the stock to continue. 
The question in our mind is whether this will eventually head under ¥1,000 as we previously predicted.


ZOZO Inc

Zozo – In Line as Reopening Looms