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

Conviction Call Zozo – Spend Per Member Refuses to Drop but Hurdles Get Steeper Going Forward

Zozo Gets Physical: Launches OMO Platform, Opens First Pop-Up Store

Oh No ZoZo! An Overly Complicated Buyback+Issuance To Stay Prime

Zozo – 2021 Conviction Call Short Unlikely to Hit Its GMV Targets

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>Zozo stock has remained stubbornly strong this year despite increasing signs of deceleration for apparel EC and in stark contrast to parent Z Holdings which at one point was 44% below its Nov 2020 high. We believe that web traffic and apparel retailer data points to disappointing top line growth numbers for 1Q.</p>

Zozo stock has remained stubbornly strong this year despite increasing signs of deceleration for apparel EC and in stark contrast to parent Z Holdings which at one point was 44% below its Nov 2020 high. We believe that web traffic and apparel retailer data points to disappointing top line growth numbers for 1Q.

Conviction Call Zozo – 1Q GMV Trends Are a Risk

ZOZO Inc

Conviction Call Zozo – 1Q GMV Trends Are a Risk