'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)

CYCLICAL SECTORS RALLY WITH THE MARKET - Japanese equities have rallied 3.6% over the last two weeks, and the market composite is now flat since the end of April. Mean reversion was widespread and the range from worst to best three-month change narrowed from 22.5% to 18.1%. Banks, Energy, Chemicals, and Metals led, while REITs, Media,Telcom and Retail lagged. Domestic growth sectors (Internet, Commercial Services, Information Technology and Healthcare) are still well ahead over three months…

CYCLICAL SECTORS RALLY WITH THE MARKET - Japanese equities have rallied 3.6% over the last two weeks, and the market composite is now flat since the end of April. Mean reversion was widespread and the range from worst to best three-month change narrowed from 22.5% to 18.1%. Banks, Energy, Chemicals, and Metals led, while REITs, Media,Telcom and Retail lagged. Domestic growth sectors (Internet, Commercial Services, Information Technology and Healthcare) are still well ahead over three months…

Japan Fortnightly Update: Banks to Neutral/Utilities to Negative - Results Momentum Still Slowing

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

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective in recent weeks despite relative strength weakness vs. MSCI ACWI.  In today’s report we scour the globe for attractive investments, ex-U.S., in an environment where selectivity is key.  

Global Equity Strategy: Where to Hide Outside the U.S.

Over the past several weeks we have outlined the case for our increasingly bullish outlook, noting that market internals remain favorable and S&amp;P 500 and MSCI ACWI price trends are showing evidence of early-stage uptrend formations. In today’s report we provide an overview of international markets and highlight our top recommendations.

Over the past several weeks we have outlined the case for our increasingly bullish outlook, noting that market internals remain favorable and S&amp;P 500 and MSCI ACWI price trends are showing evidence of early-stage uptrend formations. In today’s report we provide an overview of international markets and highlight our top recommendations.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sumitomo-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Pharma (4506 JP)</a> revenue was up 14% YoY to ¥453.3B in FY26 on the back of continued strong sales in North America (up 34% YoY to ¥337.9B).</li>
<li>Orgovyx (revenue jumped 87% YoY to ¥155B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 46% to ¥96B) improved market share.</li>
<li>Company expects the FY27 revenue to be ¥540B, up 19% YoY. Core operating profit has been guided to be at ¥91B (down 14% YoY).</li>
</ul>



Sumitomo Pharma (4506 JP) revenue was up 14% YoY to ¥453.3B in FY26 on the back of continued strong sales in North America (up 34% YoY to ¥337.9B).
Orgovyx (revenue jumped 87% YoY to ¥155B) witnessed solid patient growth in medicare patients while Gemtesa (revenue rose 46% to ¥96B) improved market share.
Company expects the FY27 revenue to be ¥540B, up 19% YoY. Core operating profit has been guided to be at ¥91B (down 14% YoY).


Sumitomo Pharma (4506 JP): America Drives FY26, To Be Continued in FY27, Enzomenib in Pivotal Phase

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> has announced mixed FY26 result, with revenue meeting and operating profit missing guidance due to higher SG&amp;A and R&amp;D expenses, and impairment loss.</li>
<li>Prescription drug portfolio of Torii, newly launched insomnia treatment Quviviq, Radicava business in the U.S., and royalty income from HIV franchise are the key growth drivers.</li>
<li>Shionogi expects FY27 revenue to grow 40% YoY to ¥700B. Due to surging opex, the company has guided for FY27 operating profit of ¥220B, up 32% YoY.</li>
</ul>



Shionogi &amp; Co (4507 JP) has announced mixed FY26 result, with revenue meeting and operating profit missing guidance due to higher SG&amp;A and R&amp;D expenses, and impairment loss.
Prescription drug portfolio of Torii, newly launched insomnia treatment Quviviq, Radicava business in the U.S., and royalty income from HIV franchise are the key growth drivers.
Shionogi expects FY27 revenue to grow 40% YoY to ¥700B. Due to surging opex, the company has guided for FY27 operating profit of ¥220B, up 32% YoY.


Shionogi & Co (4507 JP): FY26 Result Falls Short of Expectation; Mixed Guidance for FY27

Japan

Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic fields of urology, immunology including transplantation and infectious diseases, oncology, euroscience and DM complications and metabolic diseases. The Company researches, develops, manufactures, and promotes its prescription drugs through subsidiaries in the US, Europe, and Asia.

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Astellas Pharma (4503 JT)

Japan Fortnightly Update: Banks to Neutral/Utilities to Negative - Results Momentum Still Slowing

CYCLICAL SECTORS RALLY WITH THE MARKET - Japanese equities have rallied 3.6% over the last two weeks, and the market composite is now flat since...

Campbell Gunn

Global Equity Strategy: Where to Hide Outside the U.S.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI...

Vermilion Research

Global Equity Markets Overview

Over the past several weeks we have outlined the case for our increasingly bullish outlook, noting that market internals remain favorable and...

Vermilion Research

Sumitomo Pharma (4506 JP): America Drives FY26, To Be Continued in FY27, Enzomenib in Pivotal Phase

Sumitomo Pharma sees strong revenue growth in FY26 driven by North America. Momentum to continue in FY27. Profits to see some downside on R&D cost...

Tina Banerjee

Shionogi & Co (4507 JP): FY26 Result Falls Short of Expectation; Mixed Guidance for FY27

Shionogi announces FY26 results, with revenue meeting but operating profit missing guidance due to higher expenses. The company expects 32%...

Tina Banerjee

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Japan Fortnightly Update: Banks to Neutral/Utilities to Negative - Results Momentum Still Slowing

CYCLICAL SECTORS RALLY WITH THE MARKET - Japanese equities have rallied 3.6% over the last two weeks, and the market composite is now flat since...

Campbell Gunn

Global Equity Strategy: Where to Hide Outside the U.S.

The U.S. has continued to separate itself from broad emerging market and developed international indexes. One positive is that MSCI EM and MSCI...

Vermilion Research

Global Equity Markets Overview

Over the past several weeks we have outlined the case for our increasingly bullish outlook, noting that market internals remain favorable and...

Vermilion Research

Sumitomo Pharma (4506 JP): America Drives FY26, To Be Continued in FY27, Enzomenib in Pivotal Phase

​Sumitomo Pharma sees strong revenue growth in FY26 driven by North America. Momentum to continue in FY27. Profits to see some downside on R&D cost...

Tina Banerjee

Shionogi & Co (4507 JP): FY26 Result Falls Short of Expectation; Mixed Guidance for FY27

​Shionogi announces FY26 results, with revenue meeting but operating profit missing guidance due to higher expenses. The company expects 32%...

Tina Banerjee

Sumitomo Pharma sees strong revenue growth in FY26 driven by North America. Momentum to continue in FY27. Profits to see some downside on R&D cost...

Shionogi announces FY26 results, with revenue meeting but operating profit missing guidance due to higher expenses. The company expects 32%...