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

JDI Visit: Tough FY18 but Company Confident. We Feel Some Apple Business Will Remain in FY19

JDI: Upturn in Estimates and Share Price Confirm Our Impression That This Spring Is Now Fully Coiled

IPhone 8--Possible Inventory Adjustments; IPhone X--Continued Production Problems

JDI to Announce Large Restructuring Plan, 1bn Credit Lines and Tianma May Invest

Japan Display and Sharp OLED Cooperation Is Speculated in Press Reports

JDI: What Is a Restructuring Likely to Look Like?

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

<p>JDI's 1Q results had sales coming in 4.8% above its forecast while OP was -JPY14.4bn, slightly better than the projected -JPY15.0bn. This was significantly lower than the previous 1Q's -JPY3.4bn, largely due to JPY14.2bn in increased fixed costs from the ramp up of its Hakusan factory and increased R&amp;D spending for the transition to OLED.</p><h2>Restructuring Costs Could Actually End up Closer to the Initial JPY150bn Reports</h2><p>The JPY170bn restructuring plan looks comprehensive and mostly in-line with the…</p>

JDI's 1Q results had sales coming in 4.8% above its forecast while OP was -JPY14.4bn, slightly better than the projected -JPY15.0bn. This was significantly lower than the previous 1Q's -JPY3.4bn, largely due to JPY14.2bn in increased fixed costs from the ramp up of its Hakusan factory and increased R&amp;D spending for the transition to OLED.Restructuring Costs Could Actually End up Closer to the Initial JPY150bn ReportsThe JPY170bn restructuring plan looks comprehensive and mostly in-line with the…

JDI Announces JPY170bn Restructuring Cost, Can Dec Q Apple Sales Drop Be Derived From Disclosures?