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

Mercari – Up 10% on What Should Have Been an Unsurprising Upward Revision

Japan Fintech - Google Push into Mobile Payments Could Raise Competitive Intensity

Komehyo Combats Online Threat with More Stores

Mercari – Small Beat and Good Underlying Trends

Mercari’s Relentless Innovation Opens Closets

Mercari – Expecting an Acceleration in US GMV Growth

E-Commerce Wars in Japan: How Z Holdings Is Facing off Against Rakuten and Amazon

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>Mercari saw US GMV increase to $320m in 3Q right in line with our estimate. Mercari Japan also continued its steady path upwards and combined, the two businesses point to excellent growth prospects at high profit margins.</p>

Mercari saw US GMV increase to $320m in 3Q right in line with our estimate. Mercari Japan also continued its steady path upwards and combined, the two businesses point to excellent growth prospects at high profit margins.

Mercari – Additional US Disclosure Is a Positive