Japan/Asia Long-Short, LightStream Research

Mio Kato

Over 15 years analysing Japanese and Asian stocks from a long/short perspective

I focus on cyclically driven sectors such as Gaming, Factory Automation and Autos

An eclectic background as a long-short analyst, upper management at a financial data startup through its listing, and as the founder of a team analysing big/alternative data, all of which supports independent and differentiated views... we hope

An appreciation for Mathematics drives the development of a "Micro-Quantamental" process which can provide a data-driven, historically-informed and semi-automated foundation upon which to layer more qualitative and judgemental analysis, thus improving investment decision-making speed and accuracy

Japan/Asia Long-Short

Mercari – Merpay Acquisition of Origami Pay Continues Cashless Consolidation

Japan Payment Wars: NTT Docomo and Merpay/Origami to Attempt Catch up with PayPay and Rakuten

Mercari – Shift to Supply-Focused Promotions Slow GMV Growth

Mercari: Micro-Quantamental Support for LT 40% OPM and Signs of a US Turnaround Say Buy

Mercari – The US Push and the Merpay Strategy

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

<p>As we look out to the new year, we review and update one of our very highest conviction calls for the long-term: Mercari. Having followed the name since its listing, and with our own experience within a Japanese tech startup attempting to venture overseas we believe we have an edge in analysing the company and while the company still has a few things to prove, we believe their approach will lead to eventual success. Something which is clearly not priced in yet.</p>

As we look out to the new year, we review and update one of our very highest conviction calls for the long-term: Mercari. Having followed the name since its listing, and with our own experience within a Japanese tech startup attempting to venture overseas we believe we have an edge in analysing the company and while the company still has a few things to prove, we believe their approach will lead to eventual success. Something which is clearly not priced in yet.

2020 High Conviction - A Mercarific Holiday Season to All