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

Initial Thoughts on WeWork's IPO Filing Aren't Supportive of a Higher Valuation

WeWork Pre-IPO - Problems with the Company's Profitability Metrics and Evasive Profits

WeWork: Even $20bn Is a Stretch Valuation - A Deep Dive and Closer Look at Investment Issues

WeWork IPO Preview: “Growth at Any Cost” and Some Really Bad Unit Economics

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

<p>We commented recently that <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber (UBER US)</a> and <a href="https://www.smartkarma.com/entities/lyft-inc" target="_blank" data-smartkarma-citation="entities:24423:1" rel="noopener">Lyft Inc (LYFT US)</a>'s results show no signs of any operating leverage or path to profitability. While we are very comfortable with that assessment, we would admit that if an analyst were to be as generous as possible they could arguably sketch out a path to profitability while stretching credulity so far.</p><p>This is not so for <a href="https://www.smartkarma.com/entities/wework-cos-inc" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">WeWork Cos Inc (0134620D US).</a> We cannot even fathom the contortions that would be necessary to articulate a path to profitability here.</p>

We commented recently that Uber (UBER US) and Lyft Inc (LYFT US)'s results show no signs of any operating leverage or path to profitability. While we are very comfortable with that assessment, we would admit that if an analyst were to be as generous as possible they could arguably sketch out a path to profitability while stretching credulity so far.This is not so for WeWork Cos Inc (0134620D US). We cannot even fathom the contortions that would be necessary to articulate a path to profitability here.

WeWork IPO: 양적 분석, 일명 &#39;이봐 우버, 내 맥주 좀 빼줘!&#39;

WeWork

WeWork IPO: 양적 분석, 일명 &#39;이봐 우버, 내 맥주 좀 빼줘!&#39;

WeWork IPO: 양적 분석, 일명 '이봐 우버, 내 맥주 좀 빼줘!'