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

A Look at Nio’s Operations: BaaS Is the Recent Addition

NIO – An Offering Not Lacking in Audacity

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 Capital Markets

<p>EV stocks have been on a tear, not just in terms of rising share prices but also absorption of capital as Nio has conducted two secondary offerings and Xpeng and Li Auto have conducted IPOs, while WM Motor is also reportedly aiming to IPO and Canoo took the SPAC route. While the narrative seems to be that EVs are the next disruptive force, results continue to underwhelm and a closer look at Nio suggests to us that the share price is not grounded in fundamental reality.</p>

EV stocks have been on a tear, not just in terms of rising share prices but also absorption of capital as Nio has conducted two secondary offerings and Xpeng and Li Auto have conducted IPOs, while WM Motor is also reportedly aiming to IPO and Canoo took the SPAC route. While the narrative seems to be that EVs are the next disruptive force, results continue to underwhelm and a closer look at Nio suggests to us that the share price is not grounded in fundamental reality.

NIO

Nio – From Overvalued to Absurd