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 Recruits Retailers and Brands to Exploit Data & Expand Markets

Some Resistance to Cashless Payments in Japan

Z Holdings: FY19 Results Slightly Ahead of Guidance Range as Ad Revenue Growth Hits Three-Year High

2020 High Conviction - A Mercarific Holiday Season to All

Japan Payment Wars: NTT Docomo and Merpay/Origami to Attempt Catch up with PayPay and Rakuten

Mercari – Merpay Acquisition of Origami Pay Continues Cashless Consolidation

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>On the 20<sup>th</sup> Mercari announced a series of initiatives for its domestic flea market business. Market reaction was positive with the stock up as much as 6.4% at one point before it eventually closed up 2.2%. We believe the moves are positive, but in particular, we believe they should have a disproportionately large impact in the long-term as we believe they could materially strengthen Mercari’s ecosystem and moat. We discuss the details below.</p>

On the 20th Mercari announced a series of initiatives for its domestic flea market business. Market reaction was positive with the stock up as much as 6.4% at one point before it eventually closed up 2.2%. We believe the moves are positive, but in particular, we believe they should have a disproportionately large impact in the long-term as we believe they could materially strengthen Mercari’s ecosystem and moat. We discuss the details below.

Mercari – Physical Stores and Data Partnerships Strengthen Ecosystem Further