Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

While the battle for payment systems between Epic and Apple will continue with Epic filing an appeal, the rather mild ruling against Apple has some interesting implications, as do the responses of both companies to the ruling. In the context of regulatory upheaval in the key gaming space in China and a slew of regulatory moves in other Asian countries such as Japan and South Korea, there is plenty worth mulling as new winners and losers could emerge.

While the battle for payment systems between Epic and Apple will continue with Epic filing an appeal, the rather mild ruling against Apple has some interesting implications, as do the responses of both companies to the ruling. In the context of regulatory upheaval in the key gaming space in China and a slew of regulatory moves in other Asian countries such as Japan and South Korea, there is plenty worth mulling as new winners and losers could emerge.

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Apple's quasi loss in the Epic lawsuit regarding app store take rates makes us all the more bullish on one of our favorite longs...Match Group. And also more bullish on Roblox (another long recommendation) and ATVI (less a beneficiary, but still a good entry point. We think Spotify and Netflix's benefits are overstated. Spotify has run too much on the news, and we think its potentially another good short entry point.

Apple's quasi loss in the Epic lawsuit regarding app store take rates makes us all the more bullish on one of our favorite longs...Match Group. And also more bullish on Roblox (another long recommendation) and ATVI (less a beneficiary, but still a good entry point. We think Spotify and Netflix's benefits are overstated. Spotify has run too much on the news, and we think its potentially another good short entry point.

Apple's App Store Price Cut Beneficiaries

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments Coinbase (COIN) is under scrutiny from the SEC, receiving a subpoena from the regulator relating to its yield-generating product dubbed Lend (allowing users to earn double-digit yields on deposits of USDC on its platform).  According to a series of tweets from Coinbase CEO and co-founder Brian Armstrong (outlined below), he says that the SEC has refused to meet with the company, that they have complied with all requests and that the company’s door remains open for constructive discussions.

Headline Developments Coinbase (COIN) is under scrutiny from the SEC, receiving a subpoena from the regulator relating to its yield-generating product dubbed Lend (allowing users to earn double-digit yields on deposits of USDC on its platform).  According to a series of tweets from Coinbase CEO and co-founder Brian Armstrong (outlined below), he says that the SEC has refused to meet with the company, that they have complied with all requests and that the company’s door remains open for constructive discussions.

Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.

Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.

Equity Analyst, Investi Analyst

Investi Analyst

Equity Analyst

Investment Entrepreneur / Equity Analyst.

<ul><li>The story and thesis behind Affirm has drastically changed with the announcement of two new deals with the world's largest companies.</li><li>Amazon and Apple could easily have built an in-house BNPL; instead, they chose to partner with Affirm.</li><li>What is Affirm's Secret Sauce and Moat? This article will discuss their competitive advantage over Klarna and Afterpay.</li><li>This article surmises to answer the question behind why these Mega-Tech companies want Affirm as well as the key risks to monitor.</li><li>The math has completely changed for Affirm's future trajectory.</li></ul>

The story and thesis behind Affirm has drastically changed with the announcement of two new deals with the world's largest companies.Amazon and Apple could easily have built an in-house BNPL; instead, they chose to partner with Affirm.What is Affirm's Secret Sauce and Moat? This article will discuss their competitive advantage over Klarna and Afterpay.This article surmises to answer the question behind why these Mega-Tech companies want Affirm as well as the key risks to monitor.The math has completely changed for Affirm's future trajectory.

Affirm Holdings' Moat: Why World's Largest Retailers Want Affirm

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Not an Epic Ruling Against Apple

We examine developments in Epic's legal battle with Apple to identify potential long-term implications and winners and losers.

Mio Kato

Apple's App Store Price Cut Beneficiaries

Apple's quasi loss in the Epic lawsuit regarding app store take rates makes us all the more bullish on one of our favorite longs...Match Group.

Aaron Gabin

Weekly Innovation Review (WIRE) #48

Headline Developments Coinbase (COIN) is under scrutiny from the SEC, receiving a subpoena from the regulator relating to its yield-generating...

Granite Bay Capital

Weekly Innovation Review (WIRE) #47

Headline Developments: As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games. Under the...

Granite Bay Capital

Affirm Holdings' Moat: Why World's Largest Retailers Want Affirm

The story and thesis behind Affirm has drastically changed with the announcement of two new deals with the world's largest companies. Amazon and...

Investi Analyst

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