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

Dowa Holdings: Fallow Year to Be Supported by Environmental Business, Strong Rebound Next Year

Dowa: Near Infrared LEDs to Address USD10bn Non-Invasive Blood Glucose Testing Market for Diabetics

Dowa: Zinc TCs and Drop-Out of One-Offs Should Support Strong Growth This FY as the Bottom Is In

SMM: Disordered Structures for Li-Ion Increase Risk of Cobalt and Nickel Substitution with Manganese

Dowa Holdings: 2Q Results In-Line but Silver Powder Recovery, Zinc and Indium Prices Are Positive

Dowa: Metal Processing, Zinc and Heat Treatment Power This Sub-10x Stock

SMM: Forecast 25% Below Consensus Is Not THAT Conservative

Yasunaga/Hirata/SMM: Up 14, 10 and 7%% - EV Battery Names Surging for Various Reasons

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>We have been incorrectly positive on Dowa holdings for some time and in particular, the stock is down 29% this year, underperforming TPNMET (which has itself underperformed) by 11%. Part of this is the result of the 6.6% fall in the stock yesterday following 1Q earnings which showed CP down 5.3% vs. FY guidance for a 4.5% increase.</p><h2>Silver Powder and Especially Zinc are the Downside Risks</h2><p>To some extent the reaction is understandable as zinc prices have declined to about USD2,600/ton (vs. the…</p>

We have been incorrectly positive on Dowa holdings for some time and in particular, the stock is down 29% this year, underperforming TPNMET (which has itself underperformed) by 11%. Part of this is the result of the 6.6% fall in the stock yesterday following 1Q earnings which showed CP down 5.3% vs. FY guidance for a 4.5% increase.Silver Powder and Especially Zinc are the Downside RisksTo some extent the reaction is understandable as zinc prices have declined to about USD2,600/ton (vs. the…

Dowa Holdings: Silver Powder/Zinc Weakness May Cause 4% FY Undershoot but 8.0x PE Too Cheap