Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> reported 1QFY09/2026 results on Friday. Both revenue and OP for 1Q beat consensus estimate by a huge margin.</li>
<li>The gaming business which previously was struggling to release new hit titles, has continued to report another set of strong results driven by newly released titles and global expansion.</li>
<li>CA’s share price went up by about 9% today, however, shares are still trading at a discount to historical trading multiples suggesting there is strong upside.</li>
</ul>



CyberAgent Inc (4751 JP) reported 1QFY09/2026 results on Friday. Both revenue and OP for 1Q beat consensus estimate by a huge margin.
The gaming business which previously was struggling to release new hit titles, has continued to report another set of strong results driven by newly released titles and global expansion.
CA’s share price went up by about 9% today, however, shares are still trading at a discount to historical trading multiples suggesting there is strong upside.


CyberAgent 1Q: Gaming Recovery Continues While AbemaTV Turns Profitable for the First Time

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> reported 4QFY09/2025 results last week. Full-year and 4QFY09/2025 revenue and OP beat consensus as well as guidance by a huge margin.</li>
<li>Despite reporting a set of strong results, CA’s share price has been down 15% which we think was driven by the company’s cautious guidance for FY09/2026.</li>
<li>With a strong pipeline of gaming titles coupled with global expansion of English versions of newly released titles, we think CA’s FY09/2026 guidance is overly conservative.</li>
</ul>



CyberAgent Inc (4751 JP) reported 4QFY09/2025 results last week. Full-year and 4QFY09/2025 revenue and OP beat consensus as well as guidance by a huge margin.
Despite reporting a set of strong results, CA’s share price has been down 15% which we think was driven by the company’s cautious guidance for FY09/2026.
With a strong pipeline of gaming titles coupled with global expansion of English versions of newly released titles, we think CA’s FY09/2026 guidance is overly conservative.


CyberAgent: Overblown Market Response to Overly Conservative Guidance

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.</li>
<li>Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next</li>
</ul>


We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next


Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

<ul>
<li>We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.</li>
<li>We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.</li>
<li>We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.</li>
</ul>


We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.
We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.
We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.


MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>SOX rallied +4% off its lows with a host of positive earnings including Qorvo, Western Digital and Seagate.</li>
<li>Bigger than expected capex plans for Meta positive for Japan SPE to start.</li>
<li>Tokyo Electron numbers yesterday were inline but show less reliance on China sales.</li>
</ul>


SOX rallied +4% off its lows with a host of positive earnings including Qorvo, Western Digital and Seagate.
Bigger than expected capex plans for Meta positive for Japan SPE to start.
Tokyo Electron numbers yesterday were inline but show less reliance on China sales.


Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness

Japan

CyberAgent, Inc. operates blog media website, Ameba.  The Company also operates internet advertising agency, foreign exchange trading website, and creates PC and mobile contents such as advertisements and games. CyberAgent invests in companies with internet related business.

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CyberAgent Inc (4751 JP)

CyberAgent 1Q: Gaming Recovery Continues While AbemaTV Turns Profitable for the First Time

CyberAgent's 1Q results beat estimates driven by strong recovery in gaming business. AbemaTV turned profitable for the first time and there is...

Shifara Samsudeen, FCMA, CGMA

CyberAgent: Overblown Market Response to Overly Conservative Guidance

Despite reporting a strong set of results that beat consensus and guidance, CyberAgent's share price is down 15% as market reacted to its...

Shifara Samsudeen, FCMA, CGMA

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness

SOX rallied with positive earnings from Qorvo, Western Digital, and Seagate. Japan SPE benefits from Meta's capex plans. Tokyo Electron shows less...

Andrew Jackson

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52-week Range

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CyberAgent 1Q: Gaming Recovery Continues While AbemaTV Turns Profitable for the First Time

​CyberAgent's 1Q results beat estimates driven by strong recovery in gaming business. AbemaTV turned profitable for the first time and there is...

Shifara Samsudeen, FCMA, CGMA

CyberAgent: Overblown Market Response to Overly Conservative Guidance

Despite reporting a strong set of results that beat consensus and guidance, CyberAgent's share price is down 15% as market reacted to its...

Shifara Samsudeen, FCMA, CGMA

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Japan Morning Connection: US Markets Go Risk-On Shrugging off Earlier SMCI Weakness

SOX rallied with positive earnings from Qorvo, Western Digital, and Seagate. Japan SPE benefits from Meta's capex plans. Tokyo Electron shows less...

Andrew Jackson

CyberAgent's 1Q results beat estimates driven by strong recovery in gaming business. AbemaTV turned profitable for the first time and there is...