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

This Is Why You Should Own Start Today at Earnings and Especially This FY

Start Today: We Were Wrong, Earnings Were Weak, Stock Down 9%, What Now?

Start Today Buys Call Options in Wearables Co. StretchSense, Bounces 14.4%

Japan Small Cap Tour: Start Today a Promising Contender Among Expensive Growth Stocks

Start Today: Maezawa-San's EDINET Filing Marginally Positive?

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

<p>We fine tune our earnings estimates in anticipation of 1Q earnings and find that even with conservative assumptions FY earnings are likely to beat company guidance and consensus by 12% and 10% respectively. Our base case estimate is FY OP of JPY40bn, 25% above company guidance. Gross margins and certain aspects of SG&amp;A have displayed consistent trends over the company's history. Thus, variance in the OP trend has tended to be a result of fluctuations in revenue or transaction value growth rates and promotional expenses.</p><div class="content-caption"><strong>Our Fitted Gross Profit Model Performs Well</strong></div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/030/596/original/Modeled%20Fit.png?1501211183" class="editor-image img-responsive" data-smartkarma-image-id="30596"></figure><div style="text-align: left;" class="content-caption">Source: Company Disclosures, Author Estimates</div>

We fine tune our earnings estimates in anticipation of 1Q earnings and find that even with conservative assumptions FY earnings are likely to beat company guidance and consensus by 12% and 10% respectively. Our base case estimate is FY OP of JPY40bn, 25% above company guidance. Gross margins and certain aspects of SG&amp;A have displayed consistent trends over the company's history. Thus, variance in the OP trend has tended to be a result of fluctuations in revenue or transaction value growth rates and promotional expenses.Our Fitted Gross Profit Model Performs WellSource: Company Disclosures, Author Estimates

오늘 시작하세요: 이번 회계연도에 전년 대비 50%의 영업이익 성장을 기대합니다. 1년 후에는 상당한 감소가 예상됩니다.

ZOZO Inc

오늘 시작하세요: 이번 회계연도에 전년 대비 50%의 영업이익 성장을 기대합니다. 1년 후에는 상당한 감소가 예상됩니다.