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

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 Capital Markets

VisasQ is a domestic Japanese expert network that seeks to list on the 10th of March with book building ending on the 27th of February. The company has demonstrated rapid growth but seeks a premium valuation at about 16.1-18.6x EV/Sales. We examine its prospects below.<table class="table table-striped"><tbody>
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<td style="width: 155.7pt;">VisasQ</td>
<td style="width: 4.0cm;"> </td>
</tr>
<tr>
<td style="width: 155.7pt;">Expected Listing Date</td>
<td style="width: 4.0cm;">10 March 2020</td>
</tr>
<tr>
<td style="width: 155.7pt;">Book Building Ends</td>
<td style="width: 4.0cm;">27 February 2020</td>
</tr>
<tr>
<td style="width: 155.7pt;"> </td>
<td style="width: 4.0cm;"> </td>
</tr>
<tr>
<td style="width: 155.7pt;">New Shares Offered</td>
<td style="width: 4.0cm;">500,000</td>
</tr>
<tr>
<td style="width: 155.7pt;">Existing Shares Offered</td>
<td style="width: 4.0cm;">1,721,000</td>
</tr>
<tr>
<td style="width: 155.7pt;">Overallotment</td>
<td style="width: 4.0cm;">333,333</td>
</tr>
<tr>
<td style="width: 155.7pt;"> </td>
<td style="width: 4.0cm;"> </td>
</tr>
<tr>
<td style="width: 155.7pt;">Expected Pricing</td>
<td style="width: 4.0cm;">¥1,300-1,500</td>
</tr>
<tr>
<td style="width: 155.7pt;"> </td>
<td style="width: 4.0cm;"> </td>
</tr>
<tr>
<td style="width: 155.7pt;">Implied Market Cap at Midpoint</td>
<td style="width: 4.0cm;">¥11,925m</td>
</tr>
</tbody></table>Source: Company disclosures, LSR

VisasQ is a domestic Japanese expert network that seeks to list on the 10th of March with book building ending on the 27th of February. The company has demonstrated rapid growth but seeks a premium valuation at about 16.1-18.6x EV/Sales. We examine its prospects below.

VisasQ
 


Expected Listing Date
10 March 2020


Book Building Ends
27 February 2020


 
 


New Shares Offered
500,000


Existing Shares Offered
1,721,000


Overallotment
333,333


 
 


Expected Pricing
¥1,300-1,500


 
 


Implied Market Cap at Midpoint
¥11,925m

Source: Company disclosures, LSR

VisasQ IPO – Nice Business but Too Much Growth Priced In