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 Capital Markets

Bloomberg reported today that Roblox had filed confidentially for a public offering targeting a valuation of $8bn, roughly double the reported $4bn valuation at which it raised $150m in a series G that involved Andreesen Horowitz and Tencent. Below, we examine the company’s product and business model.

Bloomberg reported today that Roblox had filed confidentially for a public offering targeting a valuation of $8bn, roughly double the reported $4bn valuation at which it raised $150m in a series G that involved Andreesen Horowitz and Tencent. Below, we examine the company’s product and business model.

Roblox IPO Preview – Unique Positioning

Equity Bottom-Up

Sony posted a teardown of its upcoming PS5 console on the official Playstation Youtube account. The teardown revealed some interesting little details such as an extremely large heatsink, removable panels and liquid metal for the contact between the heatsink and the processor.

Sony posted a teardown of its upcoming PS5 console on the official Playstation Youtube account. The teardown revealed some interesting little details such as an extremely large heatsink, removable panels and liquid metal for the contact between the heatsink and the processor.

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

The World Semiconductor Trade Statistics for August have just been released, and revenues increased for the second sequential month, a positive sign in a puzzling year.  All in all, it appears that the semiconductor sector is faring well despite the pandemic.  It's far too soon to call this growth a trend, though, but it currently appears that the industry is poised to grow at its historical 3.9% annual average rate.

The World Semiconductor Trade Statistics for August have just been released, and revenues increased for the second sequential month, a positive sign in a puzzling year.  All in all, it appears that the semiconductor sector is faring well despite the pandemic.  It's far too soon to call this growth a trend, though, but it currently appears that the industry is poised to grow at its historical 3.9% annual average rate.

Our thesis on Sony and the PS5 has emphasised that their approach to next gen emphasising the SSD would address consumer pain points better than Microsoft’s strategy. New information regarding Sony’s licencing of compression technology called Oodle from RAD Game Tools suggests that even the Xbox Series X’s edge in TFLOPS could become irrelevant.

Our thesis on Sony and the PS5 has emphasised that their approach to next gen emphasising the SSD would address consumer pain points better than Microsoft’s strategy. New information regarding Sony’s licencing of compression technology called Oodle from RAD Game Tools suggests that even the Xbox Series X’s edge in TFLOPS could become irrelevant.

Sony – PS5’s SSD Is “Oodles” Faster and This Makes Series X’s Graphics Edge Irrelevant

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<a href="https://www.smartkarma.com/entities/sre-holdings-corp" target="_blank" data-smartkarma-citation="entities:29672:1" rel="noopener">SRE Holdings Corp (2980 JP)</a> announced (<a href="https://ssl4.eir-parts.net/doc/2980/tdnet/1884363/00.pdf" target="_blank" rel="noopener">J-only</a>) today after market close, they have applied to move from the Mothers Section to the First Section of the Tokyo Stock Exchange. This company was formerly known as Sony Real Estate Corporation and was a consolidated subsidiary of <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a>. The stock has been listed since December 2019 in the Mothers Section and at present, <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> and <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a> hold <a href="https://www2.tse.or.jp/disc/29800/140120200731471730.pdf" target="_blank" rel="noopener">42.8% and 24.3%</a> respectively.If the company qualifies for a TSE1 move that will trigger an Inclusion into the TOPIX Index. In this insight, we take a look at the indicative timeline of events and the trading opportunities between now and the potential Inclusion date.

SRE Holdings Corp (2980 JP) announced (J-only) today after market close, they have applied to move from the Mothers Section to the First Section of the Tokyo Stock Exchange. This company was formerly known as Sony Real Estate Corporation and was a consolidated subsidiary of Sony Corp (6758 JP). The stock has been listed since December 2019 in the Mothers Section and at present, Sony Corp (6758 JP) and Z Holdings (4689 JP) hold 42.8% and 24.3% respectively.If the company qualifies for a TSE1 move that will trigger an Inclusion into the TOPIX Index. In this insight, we take a look at the indicative timeline of events and the trading opportunities between now and the potential Inclusion date. 

TOPIX Inclusion Pre-Event Trade (2980 JP): SRE Holdings

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)

Roblox IPO Preview – Unique Positioning

We preview the upcoming listing of minigame sandbox Roblox whose closest peers Minecraft and Fortnite underline its potential, but it is Roblox's...

Mio Kato

Sony – PS5 Teardown

Sony posted a teardown of its upcoming PS5 console on the official Playstation Youtube account. The teardown revealed some interesting little...

Mio Kato

August Semiconductor Sales Increase

The World Semiconductor Trade Statistics for August have just been released, and revenue

Jim Handy

Sony – PS5’s SSD Is “Oodles” Faster and This Makes Series X’s Graphics Edge Irrelevant

Our thesis on Sony and the PS5 has emphasised that their approach to next gen emphasising the SSD would address consumer pain points better than...

Mio Kato

TOPIX Inclusion Pre-Event Trade (2980 JP): SRE Holdings

$2980

Janaghan Jeyakumar, CFA

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