'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/531/original/2020-02-06_03-39-10.png?1580933731" class="editor-image img-responsive" data-smartkarma-image-id="116531"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>5TH FEBRUARY ROUNDUP</strong> - Wednesday saw 171 Results and 65 Forecast/Revision announcements. The Results Score set another new three-year low losing 16bps to reach 0.35, while the Forecast/Revision Score shed 7bps to reach 0.08. The sogo shosha trading company results were weak, with the exception of <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu (8001 JP)</a>. Amongst large caps, <a href="https://www.smartkarma.com/entities/marubeni-corp" target="_blank" data-smartkarma-citation="entities:7463:1" rel="noopener">Marubeni (8002 JP)</a> and <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA(2432 JP)</a> had Operating Losses, while <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>, <a href="https://www.smartkarma.com/entities/fujikura-ltd" target="_blank" data-smartkarma-citation="entities:10768:1" rel="noopener">Fujikura (5803 JP)</a>, <a href="https://www.smartkarma.com/entities/daicel-corp" target="_blank" data-smartkarma-citation="entities:10533:1" rel="noopener">Daicel (4202 JP)</a>, and <a href="https://www.smartkarma.com/entities/furukawa-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:5193:1" rel="noopener">Furukawa Electric (5801 JP)</a> saw steep quarterly year-on-year OP declines. Amongst the 'winners' were <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15003:1" rel="noopener">Square Enix (9684 JP)</a>, and <a href="https://www.smartkarma.com/entities/rengo-co-ltd" target="_blank" data-smartkarma-citation="entities:20278:1" rel="noopener">Rengo (3941 JP)</a>.</p><hr><p style="text-align: center;"><strong>• SECTOR TIMELINE •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/532/original/2020-02-06_03-42-28.png?1580934310" class="editor-image img-responsive" data-smartkarma-image-id="116532"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>SECTOR TIMELINE</strong> - The <strong>Wholesale</strong> Sector was the largest loser yesterday with <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi (8058 JP)</a> and <a href="https://www.smartkarma.com/entities/kanematsu-corp" target="_blank" data-smartkarma-citation="entities:5810:1" rel="noopener">Kanematsu (8020 JP)</a> joining Marubeni in posting poor results. <a href="https://www.smartkarma.com/entities/taiyo-nippon-sanso-corp" target="_blank" data-smartkarma-citation="entities:15756:1" rel="noopener">Taiyo Nippon Sanso (4091 JP)</a> slowing momentum and downward revision saw the <strong>Chemical</strong> Sector move lower again. <a href="https://www.smartkarma.com/entities/agc-inc" target="_blank" data-smartkarma-citation="entities:2167:1" rel="noopener">AGC (5201 JP)</a> initial forecast for FY2020 helped the <strong>Other Materials</strong> Sector recover some ground. </p>

Source • Japan Analytics5TH FEBRUARY ROUNDUP - Wednesday saw 171 Results and 65 Forecast/Revision announcements. The Results Score set another new three-year low losing 16bps to reach 0.35, while the Forecast/Revision Score shed 7bps to reach 0.08. The sogo shosha trading company results were weak, with the exception of Itochu (8001 JP). Amongst large caps, Marubeni (8002 JP) and DeNA(2432 JP) had Operating Losses, while Mazda Motor (7261 JP), Fujikura (5803 JP), Daicel (4202 JP), and Furukawa Electric (5801 JP) saw steep quarterly year-on-year OP declines. Amongst the 'winners' were Square Enix (9684 JP), and Rengo (3941 JP).• SECTOR TIMELINE •Source • Japan AnalyticsSECTOR TIMELINE - The Wholesale Sector was the largest loser yesterday with Mitsubishi (8058 JP) and Kanematsu (8020 JP) joining Marubeni in posting poor results. Taiyo Nippon Sanso (4091 JP) slowing momentum and downward revision saw the Chemical Sector move lower again. AGC (5201 JP) initial forecast for FY2020 helped the Other Materials Sector recover some ground. 

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 5th February ▲5201 4202 6269 ▼4091 9987 6869

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 24 March, <a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a> outlined its restructuring plan to create a new NSG group. The minority cash-out price is JPY500. The AGM is on 26 June.</li>
<li>The gross spread has increased to 6.4% due to heightened vote risk from the significant re-rating of peers and the decent FY2026 results on 11 May.</li>
<li>However, the AGM vote remains low-risk as no activist has emerged, key shareholders are supportive, and the leverage remains precarious. </li>
</ul>


On 24 March, Nippon Sheet Glass (5202 JP) outlined its restructuring plan to create a new NSG group. The minority cash-out price is JPY500. The AGM is on 26 June.
The gross spread has increased to 6.4% due to heightened vote risk from the significant re-rating of peers and the decent FY2026 results on 11 May.
However, the AGM vote remains low-risk as no activist has emerged, key shareholders are supportive, and the leverage remains precarious. 


Nippon Sheet Glass (5202 JP): Widening Spread Ahead of the 26 June Vote

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

<p>We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.</p><h2>Positive Side</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/023/022/original/2.png?1490213989" class="editor-image img-responsive" data-smartkarma-image-id="23022"></figure><div class="content-caption">Source: Custom Products</div><p>As you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…</p>

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.Positive SideSource: Custom ProductsAs you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

<p>Aircraft manufacturers Airbus and Boeing are bullish about sales prospects in Asia, but is it a bit too early to write off China's aerospace industry, which, despite technical shortcomings, has received strong state backing?</p>

Aircraft manufacturers Airbus and Boeing are bullish about sales prospects in Asia, but is it a bit too early to write off China's aerospace industry, which, despite technical shortcomings, has received strong state backing?

Clouds Ahead for Foreign Aircraft Sales in China?

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<p>In this first of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at BtoB start-up companies operating in manufacturing and their impact on the Japanese apparel and footwear market. <strong>Japanese apparel and footwear market is set to shrink </strong></p>

In this first of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at BtoB start-up companies operating in manufacturing and their impact on the Japanese apparel and footwear market. Japanese apparel and footwear market is set to shrink 

Can Tech Save The Declining Japanese Apparel Industry? FashionTech Series (1/3)

Japan

AGC Inc manufactures and sells a variety of glass products. Main products include glass for construction, glass for liquid crystal display(LCD), and glass for automobiles.  The Company also produces electronic parts, fine chemicals, and new ceramics.

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AGC Inc (5201 JP)

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 5th February ▲5201 4202 6269 ▼4091 9987 6869

5TH FEBRUARY ROUNDUP - Wednesday saw 171 Results and 65 Forecast/Revision announcements. The Results Score set another new three-year low losing...

Campbell Gunn

Nippon Sheet Glass (5202 JP): Widening Spread Ahead of the 26 June Vote

The rising spread could reflect AGM vote risk due to several factors. However, the vote remains low-risk as no activist has emerged, key holders...

Arun George

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations...

Custom Products Group

Clouds Ahead for Foreign Aircraft Sales in China?

Aircraft manufacturers Airbus and Boeing are bullish about sales prospects in Asia, but is it a bit too early to write off China's aerospace...

Bixmoor

Can Tech Save The Declining Japanese Apparel Industry? FashionTech Series (1/3)

In this first of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at BtoB start-up companies...

Euromonitor International Ltd.

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