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

Pacific Metals: Boost from Indonesian Nickel Ore Export Resumption Could Put This on 7x PE

Dowa Holdings: Silver Powder/Zinc Weakness May Cause 4% FY Undershoot but 8.0x PE Too Cheap

Yasunaga/Hirata/SMM: Up 14, 10 and 7%% - EV Battery Names Surging for Various Reasons

SMM: Forecast 25% Below Consensus Is Not THAT Conservative

SMM: 2Q Results Look Weak Due to Various One-Offs, Underlying Trend Positive, Still Expensive Though

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>Cobalt, up 339% in about two years has been a significant driver of <a href="https://www.smartkarma.com/entities/9219" target="_blank" data-smartkarma-citation="entities:9219:1">Sumitomo Metal Mining Co Ltd (5713 JP)</a>'s profits, contributing JPY19.0bn of the JPY71.8bn YoY increase in current profit due to metal price changes for the FY03/18 period. Excluding the drop-out of impairment losses from Sierra Gorda, current profit increased by JPY46.4bn so this contribution is rather large at 41% of the increase in consolidated current profit. For this FY the company is forecasting a further JPY5.0bn gain from…</p>

Cobalt, up 339% in about two years has been a significant driver of Sumitomo Metal Mining Co Ltd (5713 JP)'s profits, contributing JPY19.0bn of the JPY71.8bn YoY increase in current profit due to metal price changes for the FY03/18 period. Excluding the drop-out of impairment losses from Sierra Gorda, current profit increased by JPY46.4bn so this contribution is rather large at 41% of the increase in consolidated current profit. For this FY the company is forecasting a further JPY5.0bn gain from…

SMM: Disordered Structures for Li-Ion Increase Risk of Cobalt and Nickel Substitution with Manganese