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>As widely expected From Software’s Elden Ring title has proved a smash success selling 12m units within its first 17 days. </li>
<li>That puts the game in rare territory and establishes the Kadokawa subsidiary as one of the premier global developers. </li>
<li>There is also some potential for live services here which could add to the appeal for Sony.</li>
</ul>


As widely expected From Software’s Elden Ring title has proved a smash success selling 12m units within its first 17 days. 
That puts the game in rare territory and establishes the Kadokawa subsidiary as one of the premier global developers. 
There is also some potential for live services here which could add to the appeal for Sony.


Kadokawa – 12m Unit Sales and the Prospect of Live Service

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Major global indices have relegated Russia to the "standalone" and "unclassified" market status. Talk of significant flows into major non-Russia EM markets such as China, Taiwan, Korea, etc is misguided. </li>
<li>Even if OLX and VK Group are written down to zero, the fall in <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a>'s implied stub has overshot the mark</li>
<li>The founder and former chairman and CEO of <a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a> has passed away. The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.</li>
</ul>


Major global indices have relegated Russia to the "standalone" and "unclassified" market status. Talk of significant flows into major non-Russia EM markets such as China, Taiwan, Korea, etc is misguided. 
Even if OLX and VK Group are written down to zero, the fall in Prosus (PRX NA)'s implied stub has overshot the mark
The founder and former chairman and CEO of Nexon (3659 JP) has passed away. The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.


Last Week in Event SPACE: Russia/Indices, Prosus, Virtus, Crown, Nexon, Hitachi Metals

<ul>
<li>Over the past few quarters Square Enix has repeatedly been the subject of M&amp;A speculation related to both Microsoft and Sony.</li>
<li>We consider such speculation to be nonsense and have repeatedly said so. </li>
<li>However, there is a far more intriguing M&amp;A prospect in Kadokawa and it has not gotten much press…</li>
</ul>


Over the past few quarters Square Enix has repeatedly been the subject of M&amp;A speculation related to both Microsoft and Sony.
We consider such speculation to be nonsense and have repeatedly said so. 
However, there is a far more intriguing M&amp;A prospect in Kadokawa and it has not gotten much press…


Kadokawa – Rather Than Waste Time Considering a Sony Buyout of Square Enix Look at This Instead

Japan

Kadokawa Corporation operates as a publishing company. The Company provides books publication, magazines publication, and other services. Kadokawa also operates video making, network entertainment designing, and other businesses.

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Kadokawa (9468 JP)

Kadokawa – 12m Unit Sales and the Prospect of Live Service

As widely expected From Software’s Elden Ring title has proved a smash success establishing the Kadokawa subsidiary as one of the premier global...

Mio Kato

Last Week in Event SPACE: Russia/Indices, Prosus, Virtus, Crown, Nexon, Hitachi Metals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Kadokawa – Rather Than Waste Time Considering a Sony Buyout of Square Enix Look at This Instead

We consider speculation about a Sony purchase of Square Enix to be nonsense. However, there is a far more intriguing M&A prospect in Kadokawa and...

Mio Kato

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