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

Tencent 510 Rejection in Line with Call to Test 410 Macro Pivot

Tencent (700 HK): 3Q21, Negative Surprise on WeChat Ad, Reduce Upside to 25% from 36%

China Gaming Restrictions Are FAR More Severe Than the Market Is Assuming

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Epic Games’ Fortnite will be shutting down in China on the 15<sup>th</sup> of November after a two-year testing period. This is a good sign to us that China’s gaming sector is now a structural short. It also increases the probability of our call that Epic may not need Tencent as a shareholder anymore being realised in some form or the other.</p>

Epic Games’ Fortnite will be shutting down in China on the 15th of November after a two-year testing period. This is a good sign to us that China’s gaming sector is now a structural short. It also increases the probability of our call that Epic may not need Tencent as a shareholder anymore being realised in some form or the other.

Tencent – Fortnite Is Punching Out and You Should Too