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>Monex’s SPAC of its TradeStation business highlighted the hidden potential of its non-crypto assets.</li>
<li>While its domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing.</li>
<li>We examine the potential of the company’s regional bank tie-ups below.</li>
</ul>


Monex’s SPAC of its TradeStation business highlighted the hidden potential of its non-crypto assets.
While its domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing.
We examine the potential of the company’s regional bank tie-ups below.


Monex – Examining the Domestic Business

Equity Capital Markets

<ul>
<li>WealthNavi will be selling 2.98m shares to raise new capital and allow SBI Holdings to reduce its stake.</li>
<li>SBI will simultaneously sell its convertible bonds back to WealthNavi and these will be refinanced with a loan from MUFG.</li>
<li>The stock has done well since results and looks attractive in our view.</li>
</ul>


WealthNavi will be selling 2.98m shares to raise new capital and allow SBI Holdings to reduce its stake.
SBI will simultaneously sell its convertible bonds back to WealthNavi and these will be refinanced with a loan from MUFG.
The stock has done well since results and looks attractive in our view.


<p>We like WealthNavi’s business model and believe the company can grow steadily and achieve high profit margins over time. However, IPO valuations seem to imply the potential for very high sustained growth rates which makes us uncomfortable.</p>

We like WealthNavi’s business model and believe the company can grow steadily and achieve high profit margins over time. However, IPO valuations seem to imply the potential for very high sustained growth rates which makes us uncomfortable.

WealthNavi – Better for the Long-Term and a Bit Expensive Looking

<p>WealthNavi is a company that aims to make investing easy for Japan’s notoriously financially conservative public through its robo-advisor of the same name. With a variety of high-profile partners acting as distributors of its product and an aggressively expanding direct sales business, growth prospects look bright.</p>

WealthNavi is a company that aims to make investing easy for Japan’s notoriously financially conservative public through its robo-advisor of the same name. With a variety of high-profile partners acting as distributors of its product and an aggressively expanding direct sales business, growth prospects look bright.

WealthNavi – Simplifying Investment for Japan

Japan

WealthNavi Inc. operates wealth management platform "WealthNavi". The Company provides "long-term, funded, diversified" asset management services including goal setting, portfolio building, ordering, funding, reinvestment, rebalancing, and tax optimization, risk management, financial consulting, and other services. WealthNavi provides its services throughout Japan.

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WealthNavi (7342 JP)

Monex – Examining the Domestic Business

While Monex's domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing...

Mio Kato

WealthNavi – Good Timing

WealthNavi's offering is attractive in our view as operating performance is extremely strong and the stock has done well since results with a...

Mio Kato

WealthNavi – Better for the Long-Term and a Bit Expensive Looking

We like WealthNavi’s business model and believe the company can grow steadily and achieve high profit margins over time but valuations appear...

Mio Kato

WealthNavi – Simplifying Investment for Japan

WealthNavi aims to simplify investing for Japan's financially conservative public and is growing rapidly by leverage partnerships and investing in...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)