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

DoorDash IPO: First Take on Proposed IPO Price Range of US$75-85 Per Share

DoorDash Inc IPO Preview - A Big Winner in the U.S. Prepared Food Delivery Services Market

DoorDash IPO: Another Loss-Making Start-Up in a Highly Competitive Industry

DoorDash IPO Context: What It Is & How It Compares to Online Food Delivery Universe

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 Capital Markets

<p>DoorDash is joining the long list of unprofitable companies touting revenue growth and the now customary “contribution margin” improvement as reasons to favour their stock. The timing is opportune given a nice boost to demand from lockdowns and the punchy looking growth numbers that have been the result of this. However, there are some concerns as well. Below we examine the company’s business model and flag some interesting points in the S-1.</p>

DoorDash is joining the long list of unprofitable companies touting revenue growth and the now customary “contribution margin” improvement as reasons to favour their stock. The timing is opportune given a nice boost to demand from lockdowns and the punchy looking growth numbers that have been the result of this. However, there are some concerns as well. Below we examine the company’s business model and flag some interesting points in the S-1.

DoorDash IPO – Unprofitable Despite Pandemic Boost