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

Shimamura Hoping for Profit Revival but Don't Hold Your Breath

Zozo: Yahoo Japan Tenders, Maezawa Is Out, Will GMO PG Be Squeezed Out?

Zozo: The Underlying Operating Metrics Worry Us

ZOZO's Competitors: A Review of Japanese Online Malls Selling Fashion

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><a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a> is down just 1.9% despite the rather surprising announcement that discount apparel retailer <a href="https://www.smartkarma.com/entities/shimamura-co-ltd" target="_blank" data-smartkarma-citation="entities:15213:1">Shimamura (8227 JP)</a> would be leaving the Zozotown mall. Granted, this fall in the price is against the backdrop of a strong market but we feel this is an under-reaction to the company continuing to bleed merchants even after backtracking on its unpopular Zozoarigatou service.</p>

ZOZO Inc (3092 JP) is down just 1.9% despite the rather surprising announcement that discount apparel retailer Shimamura (8227 JP) would be leaving the Zozotown mall. Granted, this fall in the price is against the backdrop of a strong market but we feel this is an under-reaction to the company continuing to bleed merchants even after backtracking on its unpopular Zozoarigatou service.

ZOZO Inc

Zozo: Shimamura's Out, Who's Next?