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

On the 20th Mercari announced a series of initiatives for its domestic flea market business. Market reaction was positive with the stock up as much as 6.4% at one point before it eventually closed up 2.2%. We believe the moves are positive, but in particular, we believe they should have a disproportionately large impact in the long-term as we believe they could materially strengthen Mercari’s ecosystem and moat. We discuss the details below.

On the 20th Mercari announced a series of initiatives for its domestic flea market business. Market reaction was positive with the stock up as much as 6.4% at one point before it eventually closed up 2.2%. We believe the moves are positive, but in particular, we believe they should have a disproportionately large impact in the long-term as we believe they could materially strengthen Mercari’s ecosystem and moat. We discuss the details below.

Mercari – Physical Stores and Data Partnerships Strengthen Ecosystem Further

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> reports on Thursday August 17th, and even though consensus is already very bullish (1Q FY17 OP of RMB14.2bil (+61% YoY) on revenues of RMB47.9bil (+49% YoY)), analysts continue to up their forecasts. Two of the three most recently published forecasts have OP above RMB15bil, and one forecast issued in the last week has OP up at RMB19.5bil. However, with the shares up 75% year-to-date, there’s beginning to be a bit of a question forming over whether forecasts…

Alibaba Group Holding Ltd (BABA US) reports on Thursday August 17th, and even though consensus is already very bullish (1Q FY17 OP of RMB14.2bil (+61% YoY) on revenues of RMB47.9bil (+49% YoY)), analysts continue to up their forecasts. Two of the three most recently published forecasts have OP above RMB15bil, and one forecast issued in the last week has OP up at RMB19.5bil. However, with the shares up 75% year-to-date, there’s beginning to be a bit of a question forming over whether forecasts…

Alibaba (BABA US) - 1Q FY17 Expectations Soaring, Mixed Implications for SoftBank (9984)

Japan

Istyle Inc. is an E-Commerce company specialised in cosmetic products. The company's business line includes Internet advertising, EC business, and managing retail stores.

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Istyle Inc (3660 JP)

Mercari – Physical Stores and Data Partnerships Strengthen Ecosystem Further

On the 20th Mercari announced a series of initiatives for its domestic flea market business. Market reaction was positive with the stock up as much...

Mio Kato

Alibaba (BABA US) - 1Q FY17 Expectations Soaring, Mixed Implications for SoftBank (9984)

Alibaba Group Holding Ltd (BABA US) reports on Thursday August 17th, and even though consensus is already very bullish (1Q FY17 OP of RMB14.2bil...

Pelham Smithers Associates

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