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

SpiderPlus offers attractive exposure to labour-saving software focused on Japan’s construction industry which is facing a manpower shortage that should become increasingly chronic over time. However, we question whether this is all priced in given that our analysis suggests a relatively low ceiling for the company’s profit margins.

SpiderPlus offers attractive exposure to labour-saving software focused on Japan’s construction industry which is facing a manpower shortage that should become increasingly chronic over time. However, we question whether this is all priced in given that our analysis suggests a relatively low ceiling for the company’s profit margins.

SpiderPlus IPO – First Day Trading – A Little Upside Left?

With Coconala looking like it will open towards the high-end or above our “30-50% pop” guesstimate, we take another look into our crystal ball to check whether this is an issue that is worth hanging onto, or whether your capital might be better deployed elsewhere.

With Coconala looking like it will open towards the high-end or above our “30-50% pop” guesstimate, we take another look into our crystal ball to check whether this is an issue that is worth hanging onto, or whether your capital might be better deployed elsewhere.

Coconala IPO – First Day Trading – I See an Air Pocket in Your Future

SpiderPlus appears attractive to us given very healthy revenue growth and modest but nevertheless positive operating margins. The company is in an attractive space, and while the value investor in us would never describe 18.6x sales and 325x OP as cheap, the fact remains that compared to many peers, those multiples are actually on the low side, relative to top line growth.

SpiderPlus appears attractive to us given very healthy revenue growth and modest but nevertheless positive operating margins. The company is in an attractive space, and while the value investor in us would never describe 18.6x sales and 325x OP as cheap, the fact remains that compared to many peers, those multiples are actually on the low side, relative to top line growth.

SpiderPlus IPO – Valuation and Recent Similar IPO Comparison

SpiderPlus is one of the leading construction project management platform providers in Japan.  The company helps architects and construction workers make more efficient use of their time helping to alleviate increasingly severe manpower shortages within the industry.

SpiderPlus is one of the leading construction project management platform providers in Japan.  The company helps architects and construction workers make more efficient use of their time helping to alleviate increasingly severe manpower shortages within the industry.

SpiderPlus IPO - Addressing Labour Shortages in Japanese Construction

Japan

SpiderPlus & Co. develops and distributes construction project management platforms. The Company provides tablet drawing, inspection tools, work management functions, and others. SpiderPlus & also manufactures and distributes armaflex materials.

SpiderPlus & Co (4192 JP)

SpiderPlus IPO – First Day Trading – A Little Upside Left?

SpiderPlus offers attractive exposure to labour-saving software focused on Japan’s construction industry but is this all priced in?

Mio Kato

Coconala IPO – First Day Trading – I See an Air Pocket in Your Future

With Coconala looking to open strong we take a look into our crystal ball to check whether this is an issue that is worth hanging onto, or whether...

Mio Kato

SpiderPlus IPO – Valuation and Recent Similar IPO Comparison

SpiderPlus offers attractive top line growth and positive operating margin making it an interesting IPO. We examine the valuation implications below.

Mio Kato

SpiderPlus IPO - Addressing Labour Shortages in Japanese Construction

SpiderPlus' software addresses increasingly severe manpower shortages within the Japanese construction industry, making this an interesting IPO to...

Mio Kato