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

Tobacco: A Framework for Analyzing the Sin Sector from an ESG Perspective, with a Focus on ITC

Japan Tobacco: No Dire Consequences Despite Late Entry to Heated Tobacco

Japan Tobacco: Ploom Tech+ Fails to Impress; All Hopes Rest on Ploom S

Japan Tobacco Reports In-Line Results, but Improved PloomTech Sales and Disclosure a Positive

Launching Coverage of Japan Tobacco With Wide Moat and Negative Moat Trend Ratings; FVE of JPY 3,750

Japan Tobacco--The 5% Yield & Possibilities of Reclaiming Its 65% Market Share in Japan

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>Following the initial results of <a href="https://www.smartkarma.com/entities/13498" target="_blank" data-smartkarma-citation="entities:13498:1">Japan Tobacco Inc (2914 JP)</a>'s relaunch of  Ploom, Philip Morris announced that it would cut the price of its IQOS HNB tobacco units by about 30% to JPY7,980. Following the announcement, both JT and BAT announced retaliatory price cuts for Ploom and Glo respectively. IQOS as the market leader had been priced at a significant premium at about JPY11,000 prior to the price cut, while Glo was priced at JPY5,980 and Ploom at JPY4,000. As the price war intensifies, both…</p>

Following the initial results of Japan Tobacco Inc (2914 JP)'s relaunch of  Ploom, Philip Morris announced that it would cut the price of its IQOS HNB tobacco units by about 30% to JPY7,980. Following the announcement, both JT and BAT announced retaliatory price cuts for Ploom and Glo respectively. IQOS as the market leader had been priced at a significant premium at about JPY11,000 prior to the price cut, while Glo was priced at JPY5,980 and Ploom at JPY4,000. As the price war intensifies, both…

JT: Let's Analyse Alternative Data to See How the IQOS Counterattack on Ploom Is Going