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Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

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

<h2><strong>Overview</strong></h2>
<p><a href="https://www.smartkarma.com/entities/18009" target="_blank" data-smartkarma-citation="entities:18009:1">Kose Corp (4922 JP)</a> is the third largest cosmetics company in Japan after <a href="https://www.smartkarma.com/entities/12933" target="_blank" data-smartkarma-citation="entities:12933:1">Kao Corp (4452 JP)</a> and <a href="https://www.smartkarma.com/entities/5718" target="_blank" data-smartkarma-citation="entities:5718:1">Shiseido Co Ltd (4911 JP)</a>. But unlike Shiseido, the company’s revenue growth is not driven by inbound tourists or travel retail but instead through strong branding and inorganic growth in regions like North America. Kose Corp’s stock price increased 1.8x in the last year alone and we think there could be further upside risk post the announcement of its 1Q results today. </p>
<p>Kose was founded in…</p>

Overview
Kose Corp (4922 JP) is the third largest cosmetics company in Japan after Kao Corp (4452 JP) and Shiseido Co Ltd (4911 JP). But unlike Shiseido, the company’s revenue growth is not driven by inbound tourists or travel retail but instead through strong branding and inorganic growth in regions like North America. Kose Corp’s stock price increased 1.8x in the last year alone and we think there could be further upside risk post the announcement of its 1Q results today. 
Kose was founded in…

コーセー（4922 JP）：海外事業と観光業への依存度の低減が着実な成長の基盤を築く