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

Toshiba – 16 Millionth New Plan Unlocks New Value! No Just Kidding It Didn’t

Toshiba – Underwhelming MTP With Execution Risk

Toshiba – Decent 3Q Means Downward Revision Was Probably Unnecessary

Toshiba – 3D’s Letter Suggests a Lack of Ideas

Gravity Works As WeWork Doesn't; Now Plan B

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

<ul>
<li>After a brief respite in their never-ending drama over the holiday period Toshiba is again in the news as 3D reiterates their demands for a “review of all options”. </li>
<li>We have lost count of the number of reviews which haven’t resulted in a PE sale.</li>
<li>The question is exactly why 3D appears to be so aggressive even relative to other less than bashful activists.</li>
</ul>


After a brief respite in their never-ending drama over the holiday period Toshiba is again in the news as 3D reiterates their demands for a “review of all options”. 
We have lost count of the number of reviews which haven’t resulted in a PE sale.
The question is exactly why 3D appears to be so aggressive even relative to other less than bashful activists.


Toshiba Corp

Toshiba – The 3D Dilemma