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>Sony and Honda announced today they would form a strategic alliance in the mobility field. </li>
<li>Honda will be responsible for manufacturing and after sales while Sony will handle imaging, sensing, telecommunication, network and entertainment technologies. </li>
<li>This helps Sony maintain its asset light model and is also positive for Honda but we do feel that it makes Honda look a little lost in the changing world.</li>
</ul>


Sony and Honda announced today they would form a strategic alliance in the mobility field. 
Honda will be responsible for manufacturing and after sales while Sony will handle imaging, sensing, telecommunication, network and entertainment technologies. 
This helps Sony maintain its asset light model and is also positive for Honda but we do feel that it makes Honda look a little lost in the changing world.


Sony – EV Partnership Is Excellent for Sony but Highlights Honda’s Struggles

Event-Driven

<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

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

<ul>
<li>Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.</li>
<li>While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. </li>
<li>We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.</li>
</ul>


Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.
While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. 
We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.


MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> goal to be the #1 semi player in the world in danger</li>
<li>An internal business audit being performed which is an indication of what to do with strategy</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a> has always been the benchmark; does the focus change ?</li>
</ul>



Samsung Electronics (005930 KS) goal to be the #1 semi player in the world in danger
An internal business audit being performed which is an indication of what to do with strategy

TSMC (2330 TT) has always been the benchmark; does the focus change ?


The Conundrum for Samsung - What to Do Foundry?

<ul>
<li>Sony had a busy 18th Feb as both the Uncharted movie and Horizon Forbidden West launched. </li>
<li>Uncharted has done reasonably well though not to the extent we believed likely while the Horizon franchise could be on the way to truly elite status. </li>
<li>We look for both releases to contribute to a strong 4Q along with Gran Turismo 7.</li>
</ul>


Sony had a busy 18th Feb as both the Uncharted movie and Horizon Forbidden West launched. 
Uncharted has done reasonably well though not to the extent we believed likely while the Horizon franchise could be on the way to truly elite status. 
We look for both releases to contribute to a strong 4Q along with Gran Turismo 7.


Sony – Uncharted and Horizon Forbidden West Start Well

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

Sony – EV Partnership Is Excellent for Sony but Highlights Honda’s Struggles

Sony and Honda announced today they would form a strategic alliance in the mobility field. We feel this is positive for both though it makes Honda...

Mio Kato

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

MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

Why we think that the prospect of earning double-digits annualized returns from this transaction within the next 18 months might not be such a gamble

Robert Sassoon

The Conundrum for Samsung - What to Do Foundry?

Samsung Electronics' believes that foundry will be a key point of future diversification and growth but it seems they have run into a problem. ...

Ken S. Kim

Sony – Uncharted and Horizon Forbidden West Start Well

Sony had a busy 18th Feb as both the Uncharted movie and Horizon Forbidden West launched. We look for both releases to contribute to a strong 4Q...

Mio Kato

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