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

JDI – Is Hakusan Sale to Apple and Sharp a Renewal of Hon Hai’s Display Offensive?

Apple Supplier Foxconn to Make Electric Cars Jointly with Fiat Chrysler

Hon Hai: Depressed Valuation Offers Good Entry; New Verticals to Support LT Growth

JDI - LG Display to Benefit from Apple's Mini-LED Adoption but Buy JDI Instead

Japan Display - ¥90bn Size of Ichigo Investment a Positive Surprise

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.

Event-Driven

<p>After Market Close JDI released more details on the new rescue structure:</p><ul>
<li>Ichigo Asset Management would invest ¥80-90bn in the event the Suwa consortium did not complete their investment by 31 Dec 2019, with an agreement by mid Jan 2020 and financing to be completed in Feb or Mar.</li>
<li>Of this amount, ¥20bn is apparently going to be in an escrow account until negotiations are completed.</li>
<li>The INCJ will not change its plans and provide additional financing as already agreed and will extend its ¥40bn bridge loan facility if necessary to complete Ichigo’s financing.</li>
<li>Its key customer (aka Apple) would loosen payment terms and potentially invest in production assets at Hakusan with the USD200m amount previously touted not changing.</li>
<li>Another company that JDI does business with (Wistron) would also provide support as previously noted easing payment terms and potentially investing directly in JDI to the tune of USD50m (no change).</li>
</ul>

After Market Close JDI released more details on the new rescue structure:
Ichigo Asset Management would invest ¥80-90bn in the event the Suwa consortium did not complete their investment by 31 Dec 2019, with an agreement by mid Jan 2020 and financing to be completed in Feb or Mar.
Of this amount, ¥20bn is apparently going to be in an escrow account until negotiations are completed.
The INCJ will not change its plans and provide additional financing as already agreed and will extend its ¥40bn bridge loan facility if necessary to complete Ichigo’s financing.
Its key customer (aka Apple) would loosen payment terms and potentially invest in production assets at Hakusan with the USD200m amount previously touted not changing.
Another company that JDI does business with (Wistron) would also provide support as previously noted easing payment terms and potentially investing directly in JDI to the tune of USD50m (no change).


ジャパンディスプレイ – 資金調達構造は、これまでよりも大きな計画を示唆している