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

Ichigo Hotel Reit Investment / Equity Bottom-Up

With Japan's "Minpaku" law set to become effective on 15 Jun there has been much turmoil with <a href="https://asia.nikkei.com/Spotlight/Sharing-Economy/Japan-s-Airbnb-refugees-are-desperate-for-alternatives" target="_blank">Airbnb reportedly cancelling 80% of its 62,000 Japanese listings</a> following instructions from the Japan Tourism Agency to ensure that listings were in compliance with the new law. Airbnb previously operated in a legal grey zone within Japan and in order to clarify the legality of its position, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) drew up regulations to legalise home sharing…

With Japan's "Minpaku" law set to become effective on 15 Jun there has been much turmoil with Airbnb reportedly cancelling 80% of its 62,000 Japanese listings following instructions from the Japan Tourism Agency to ensure that listings were in compliance with the new law. Airbnb previously operated in a legal grey zone within Japan and in order to clarify the legality of its position, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) drew up regulations to legalise home sharing…

80% of Japanese AirBnB Listings Just Got Cancelled - Who Benefits?

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

There are issues here, which is why the shares have presumably been weak but the weakness has been overdone.Firstly it is getting harder for the company to find property to buy and add value to given the fact that it remains a seller’s market. That said, even though cap rates for mid-sized office blocks have fallen to the 4-4.5% level in Tokyo, they are still finding some property (they will spend another Y70-Y80bn this year, as they did last) but now have to focus more on hotels to meet their…

There are issues here, which is why the shares have presumably been weak but the weakness has been overdone.Firstly it is getting harder for the company to find property to buy and add value to given the fact that it remains a seller’s market. That said, even though cap rates for mid-sized office blocks have fallen to the 4-4.5% level in Tokyo, they are still finding some property (they will spend another Y70-Y80bn this year, as they did last) but now have to focus more on hotels to meet their…

Ichigo (2337) Happy to Buy This Real Estate Here

Japan

Ichigo Inc. is a value-add real estate company. The Company's three key businesses are Value-Add, in which Ichigo acquires and improves mid-sized, prime location real estate, Asset Management including the Ichigo Office REIT (8975), and Clean Energy, in which Ichigo builds and operates solar power plants  on disused land nationwide.

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Ichigo Inc (2337 JP)

80% of Japanese AirBnB Listings Just Got Cancelled - Who Benefits?

With Japan's "Minpaku" law set to become effective on 15 Jun there has been much turmoil with Airbnb reportedly cancelling 80% of its 62,000...

Mio Kato

Ichigo (2337) Happy to Buy This Real Estate Here

There are issues here, which is why the shares have presumably been weak but the weakness has been overdone.Firstly it is getting harder for the...

Pearl Hill Advisors

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