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

<ul>
<li>Early last year we very wrongly called Capcom as our top short-term pick as we expected an earnings blowout in 1QFY22. </li>
<li>The blowout duly came with OP 37% above clueless sell side expectations and… the stock tanked. </li>
<li>Almost a year later the stock languishes 28% lower just as the PC version of Monster Hunter Rise launches.</li>
</ul>


Early last year we very wrongly called Capcom as our top short-term pick as we expected an earnings blowout in 1QFY22. 
The blowout duly came with OP 37% above clueless sell side expectations and… the stock tanked. 
Almost a year later the stock languishes 28% lower just as the PC version of Monster Hunter Rise launches.


Capcom – Monster Hunter Rise PC Launches Even as Stock Hits 12 Month Low

<ul>
<li>Spider-Man: No Way Home appears set to more or less match the opening weekend of Avengers: Infinity War. </li>
<li>This is extremely strong performance especially given lingering pandemic impacts. </li>
<li>It also suggests that our call that the Spider-Man IP would step into the MCU void following Avengers: Endgame is likely correct.</li>
</ul>


Spider-Man: No Way Home appears set to more or less match the opening weekend of Avengers: Infinity War. 
This is extremely strong performance especially given lingering pandemic impacts. 
It also suggests that our call that the Spider-Man IP would step into the MCU void following Avengers: Endgame is likely correct.


Capcom continues to do all it can to restrain profit from exploding to levels high enough that maintaining its double-digit annual OP growth target would become a challenge. 2Q featured another several billion yen in what we regard as entirely discretionary costs being booked to stop profit from running out of control – a good problem to have.

Capcom continues to do all it can to restrain profit from exploding to levels high enough that maintaining its double-digit annual OP growth target would become a challenge. 2Q featured another several billion yen in what we regard as entirely discretionary costs being booked to stop profit from running out of control – a good problem to have.

Capcom – The Monsters Are Running Around Hiding All the Profit

The demo for Monster Hunter Rise’s PC version has dropped and early indications are extremely positive. We were initially treating the PC version as an add-on to “core” Switch sales but even though it is a port we are starting to think volumes could be quite significant.

The demo for Monster Hunter Rise’s PC version has dropped and early indications are extremely positive. We were initially treating the PC version as an add-on to “core” Switch sales but even though it is a port we are starting to think volumes could be quite significant.

Capcom – Monster Hunter Rise for PC Could Be a Pretty Big Deal

In the middle of July we noted that Square Enix was benefitting from increased streamer interest in FFXIV at the expense of World of Warcraft. This has continued and stands to benefit Square Enix significantly but this impact does not appear to be priced in yet.

In the middle of July we noted that Square Enix was benefitting from increased streamer interest in FFXIV at the expense of World of Warcraft. This has continued and stands to benefit Square Enix significantly but this impact does not appear to be priced in yet.

Square Enix – The Market STILL Has Not Priced in the FFXIV Boom

Japan

CAPCOM CO., LTD. develops consumer video game software.  The Company also develops, manufactures, markets, and leases arcade game machines.  Capcom also operates amusement facilities.

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Capcom Co Ltd (9697 JP)

Capcom – Monster Hunter Rise PC Launches Even as Stock Hits 12 Month Low

Early last year we very wrongly called Capcom as our top short-term pick. Almost a year later the stock languishes 28% lower just as the PC version...

Mio Kato

Sony – Spider-Man Is the Holiday Hero

Spider-Man: No Way Home is set to match the opening weekend of Avengers: Infinity War supporting our call that the Spider-Man IP would step into...

Mio Kato

Capcom – The Monsters Are Running Around Hiding All the Profit

Capcom continues to do all it can to restrain profit from exploding to levels high enough that maintaining its double-digit annual OP growth target...

Mio Kato

Capcom – Monster Hunter Rise for PC Could Be a Pretty Big Deal

The demo for Monster Hunter Rise’s PC version has dropped and early indications are extremely positive so we are starting to think volumes could be...

Mio Kato

Square Enix – The Market STILL Has Not Priced in the FFXIV Boom

In the middle of July we noted that Square Enix was benefitting from increased streamer interest in FFXIV at the expense of World of Warcraft. This...

Mio Kato

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