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 4Q20 Earnings: This Is a Business Worth $50B?

DoorDash 1Q21 Earnings: Reopening or Decelerating?

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

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 has raised its valuation by about 60% since its last private funding round six months ago. This was helped by stellar growth rates driven by COVID and for the moment the demand environment continues to be strong. However, we question whether current order levels can be sustained once conditions normalise and thus, while DoorDash would look somewhat cheap on EV/Sales when annualising 3Q’s revenue, the risk of that being a fleeting situation has us leery of viewing this as a long-term position.</p>

DoorDash has raised its valuation by about 60% since its last private funding round six months ago. This was helped by stellar growth rates driven by COVID and for the moment the demand environment continues to be strong. However, we question whether current order levels can be sustained once conditions normalise and thus, while DoorDash would look somewhat cheap on EV/Sales when annualising 3Q’s revenue, the risk of that being a fleeting situation has us leery of viewing this as a long-term position.

DoorDash – Primed for a Nice Open but the Peak of Good News Could Have Passed