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.

Event-Driven

<ul>
<li>Last night the CMA chose to block the merger between Microsoft and Activision Blizzard in the UK on the grounds that it would harm competition in cloud gaming. </li>
<li>The merits of that position are highly debatable in our view but that does not mean that the decision is bad for consumers. </li>
<li>It also does not mean that the decision is bad for Microsoft in our view.</li>
</ul>


Last night the CMA chose to block the merger between Microsoft and Activision Blizzard in the UK on the grounds that it would harm competition in cloud gaming. 
The merits of that position are highly debatable in our view but that does not mean that the decision is bad for consumers. 
It also does not mean that the decision is bad for Microsoft in our view.


Activision Blizzard – An Unsightly Mess

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China boots record number of companies from its bourses</li><li>Covid deaths fall nearly 80% from January peak, China CDC says</li><li>China shivers through freezing Lunar New Year as temperature records tumble</li></ul>

In Depth: China boots record number of companies from its boursesCovid deaths fall nearly 80% from January peak, China CDC saysChina shivers through freezing Lunar New Year as temperature records tumble

CX Daily: China Boots Record Number of Companies From Its Bourses

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>The authorities approved three of Tencent’s games in January 2023 after five in December 2022.</li>
<li>Tencent closed its XR business and terminated a property rental contract.</li>
<li>NetEase refused to extend service for Activision Blizzard for additional six months.</li>
</ul>


The authorities approved three of Tencent’s games in January 2023 after five in December 2022.
Tencent closed its XR business and terminated a property rental contract.
NetEase refused to extend service for Activision Blizzard for additional six months.


China Internet Weekly (23Jan2023): Tencent, Meituan, NetEase, Activision Blizzard

<ul>
<li>Trip.com’s revenue increased by 29% YoY and adjusted EBITDA increased 164% YoY in 3Q22.</li>
<li>Kuaishou announced that the views of short play increased by 40% in 2022.</li>
<li>Activision Blizzard announced that they are looking for a new agency in China.</li>
</ul>


Trip.com’s revenue increased by 29% YoY and adjusted EBITDA increased 164% YoY in 3Q22.
Kuaishou announced that the views of short play increased by 40% in 2022.
Activision Blizzard announced that they are looking for a new agency in China.


China Internet Weekly (19Dec2022): Trip.com, Kuaishou, IQiyi, Activision Blizzard

Japan Specialist

Mark Chadwick

<ul>
<li>The next six months will be critical for the future of the global gaming industry as Regulators carry out further investigations into the Microsoft acquisition of Activision</li>
<li>This is particularly important for SONY, where games account for around one third of consolidated revenue and profits</li>
<li>This is a battle for the future of subscription services and cloud streaming - Call of Duty yields unprecedented power over the industry. Regulators need to do their Duty. </li>
</ul>


The next six months will be critical for the future of the global gaming industry as Regulators carry out further investigations into the Microsoft acquisition of Activision
This is particularly important for SONY, where games account for around one third of consolidated revenue and profits
This is a battle for the future of subscription services and cloud streaming - Call of Duty yields unprecedented power over the industry. Regulators need to do their Duty. 


United States

Activision Blizzard, Inc. publishes, develops, and distributes interactive entertainment software and peripheral products. The Company's products cover diverse game categories, including action/adventure, action sports, racing, role playing, simulation, first-person action, music-based gaming and strategy.

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Activision Blizzard (ATVI US)

Activision Blizzard – An Unsightly Mess

While the reasoning for the CMA blocking the MSFT-ATVI merger looks suspect we are not convinced that it is the wrong move... not even for Microsoft.

Mio Kato

CX Daily: China Boots Record Number of Companies From Its Bourses

In Depth: China boots record number of companies from its bourses. Covid deaths fall nearly 80% from January peak, China CDC says

Caixin Global

China Internet Weekly (23Jan2023): Tencent, Meituan, NetEase, Activision Blizzard

The authorities approved three of Tencent’s games in January 2023 after five in December 2022. Tencent closed its XR business. NetEase refused to...

Ming Lu

China Internet Weekly (19Dec2022): Trip.com, Kuaishou, IQiyi, Activision Blizzard

Trip.com revenue increased by 29% YoY and EBITDA increased 164% YoY in 3Q22. Kuaishou announced that the views of short play increased by 40% in...

Ming Lu

SONY (6758) | Regulators – Duty Calls

The next six months will be critical for the future of the global gaming industry as Regulators carry out further investigations into the Microsoft...

Mark Chadwick

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