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

Alibaba-Backed Zomato Buys Ubers’ Eats Business in India

Uber and Lyft 1Q Analysis: Lyft Reports Better Results Without an Eats Business

Uber Hails Postmates to Strengthen Eats Business in the U.S.

Uber: Lyft 1Q Sheds No Positive Light on Upcoming IPO

Uber Q2 19 Results: Another Quarter of High Costs and Slowing Revenue Growth

Lyft: Path to Profitability Cut Off by Mudslide of Pre-IPO Investors Fleeing Lock-Up

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>Uber (-9.9%) and Lyft (-6.1%) both faced selling pressure on the day after releasing earnings that showed some marginal improvement in losses. Uber’s revenue of USD3.81bn beat consensus of USD3.39bn but EBITDA was -USD1.27bn vs. consensus at -USD0.81bn. In a post WeWork era, scrutiny of profitability is increasing and we examine how realistic a turn to profitability in two years is.</p>

Uber (-9.9%) and Lyft (-6.1%) both faced selling pressure on the day after releasing earnings that showed some marginal improvement in losses. Uber’s revenue of USD3.81bn beat consensus of USD3.39bn but EBITDA was -USD1.27bn vs. consensus at -USD0.81bn. In a post WeWork era, scrutiny of profitability is increasing and we examine how realistic a turn to profitability in two years is.

Uber - 2021 Profitability a Beautiful Dream For Locked-Up Investors

Uber Technologies

Uber - 2021 Profitability a Beautiful Dream For Locked-Up Investors