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

Koei Tecmo – A Beat as Hyrule Warriors, Sangokushi Hadou and the Market Rally All Chip In

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​25 - Koei-Tecmo & Nidec

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​​26 Nitto Denko & Disco

Koei-Tecmo – Up 107% in a Year, Yet Not Too Late to Own

Koei Tecmo – Two New Sangokushi Games on Deck

Koei Tecmo – The Market Is Sleeping on the Zelda Musou Nintendo Tie-Up for Switch but Shouldn’t

Tokyo Game Show – Capcom and Koei-Tecmo Presentations Look Good for Themselves and for Nintendo

Monster Hunter – Catalyst for Capcom, Start of 3rd Party Wave for Nintendo

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>When Koei-Tecmo released earnings we said that analysts were wrong to focus excessively on the delay of KT’s 5m seller title because we felt Hyrule Warriors: Age of Calamity which released on the 20<sup>th</sup> would probably sell more than 5m units and that was why KT had delayed the other title… i.e. earnings management. Indeed, it appears Nintendo’s Switch magic is working for third party developers as well and Hyrule Warriors is probably going to sell 5m units, not in its lifetime but perhaps this quarter. As we said previously… <a href="https://www.smartkarma.com/insights/koei-tecmo-the-market-is-sleeping-on-the-zelda-musou-nintendo-tie-up-for-switch-but-shouldn-t" target="_blank" rel="noopener">The Market Is Sleeping on the Zelda Musou Nintendo Tie-Up for Switch but Shouldn’t</a></p>

When Koei-Tecmo released earnings we said that analysts were wrong to focus excessively on the delay of KT’s 5m seller title because we felt Hyrule Warriors: Age of Calamity which released on the 20th would probably sell more than 5m units and that was why KT had delayed the other title… i.e. earnings management. Indeed, it appears Nintendo’s Switch magic is working for third party developers as well and Hyrule Warriors is probably going to sell 5m units, not in its lifetime but perhaps this quarter. As we said previously… The Market Is Sleeping on the Zelda Musou Nintendo Tie-Up for Switch but Shouldn’t

Koei-Tecmo – Hyrule Warriors Clears 3m Units in 4 Days as Nintendo Switch Magic Continues

Koei Tecmo Holdings

Koei-Tecmo – Hyrule Warriors Clears 3m Units in 4 Days as Nintendo Switch Magic Continues