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 (6502 JP): Sanctions on YMTC Help Kioxia

Toshiba – Realistic Valuation Disappoints Markets

A Bull Investment Case for TSMC (Summary Version)

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>Toshiba’s 2Q results were not pretty with OP of just ¥7.5bn despite strong revenues of ¥855bn, weak orders and a downward revision to guidance as we predicted. </li>
<li>While we expected weakness, every downside risk we flagged came through and in greater force than we had predicted. </li>
<li>It is <em>almost</em> as if some divine force <em>completely</em> unrelated to management is hinting that you should go for the JIP bid if and when it comes through.</li>
</ul>


Toshiba’s 2Q results were not pretty with OP of just ¥7.5bn despite strong revenues of ¥855bn, weak orders and a downward revision to guidance as we predicted. 
While we expected weakness, every downside risk we flagged came through and in greater force than we had predicted. 
It is almost as if some divine force completely unrelated to management is hinting that you should go for the JIP bid if and when it comes through.


Toshiba Corp

Toshiba – Worse Than Even We Thought