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

Denso Corp (6902 JP): Potential US$4.6bn Placement & Limited Passive Buying

Huge Denso (6902) Secondary Sale by Toyota Group - Admiral Ackbar Says "It's A Trap!"

Denso Offering, Buyback, and New Cross-Holding Reduction Policy - It WAS a Trap

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>The trend of governance reform in Japan continues with Toyota, Toyota Industries and Aisin selling shares of Denso. </li>
<li>Denso is buffering some of the flow impact by repurchasing roughly half of the shares to be sold. </li>
<li>While the size of these moves is relatively large we believe their impact could be disproportionately large for the market as a whole.</li>
</ul>


The trend of governance reform in Japan continues with Toyota, Toyota Industries and Aisin selling shares of Denso. 
Denso is buffering some of the flow impact by repurchasing roughly half of the shares to be sold. 
While the size of these moves is relatively large we believe their impact could be disproportionately large for the market as a whole.


Denso – Thoughts On The Cross-Holdings Sell-Down