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

The Zozo Revival: A New Private Brand of Many Names, Category Expansion, Merchants Return

🇯🇵 JAPAN • Results & Revisions 30th July - Anritsu, ZOZO, M&As, O-Land, MELCO, Advantest

🇯🇵 JAPAN • Results & Revisions 31st July - Takeda, Yamato/SG, Seria, FP, Keyence, Dai-Ichi Sankyo

Zozo – Growth Cancellation Follows Dear Moon Cancellation

Zozo – 6% Revenue Growth Does Not Justify 15x EV/OP

Zozo Spreads Its Wings at Home and Overseas

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 reported strong results with revenue up 19.4% to ¥33.7bn (consensus ¥32.1bn) and OP of ¥10.4bn (consensus ¥8.4bn). While results were strong, much of the OP beat was a result of restrained promotional spending and our analysis of the nature of growth suggests this is just the ecommerce bump from COVID and there is little evidence that the company has solved its saturation issue. Quite the opposite in fact as its new initiatives all appear to be mediocre or failing.</p>

Zozo reported strong results with revenue up 19.4% to ¥33.7bn (consensus ¥32.1bn) and OP of ¥10.4bn (consensus ¥8.4bn). While results were strong, much of the OP beat was a result of restrained promotional spending and our analysis of the nature of growth suggests this is just the ecommerce bump from COVID and there is little evidence that the company has solved its saturation issue. Quite the opposite in fact as its new initiatives all appear to be mediocre or failing.

Zozo – Nice Results but It’s Just a COVID Bump

ZOZO Inc

Zozo – Nice Results but It’s Just a COVID Bump