Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Cybozu is a dominant player in the Japanese groupware market, capitalizing on the nationwide push for digital transformation (DX). Its flagship no-code/low-code platform, Kintone, is a key growth driver, empowering businesses to create custom applications and streamline workflows.</li>
  <li>The company exhibits a strong financial track record, characterized by consistent double-digit revenue growth and improving profitability. The shift to a cloud-first, SaaS-based model has resulted in high gross margins and recurring revenue streams.</li>
  <li>Strategic focus is on expanding Kintone's adoption within large enterprises and accelerating international growth, particularly in Southeast Asia. Investments in a partner ecosystem and new technologies like generative AI are expected to support long-term expansion, though they may impact short-term margins.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Cybozu is a dominant player in the Japanese groupware market, capitalizing on the nationwide push for digital transformation (DX). Its flagship no-code/low-code platform, Kintone, is a key growth driver, empowering businesses to create custom applications and streamline workflows.
  The company exhibits a strong financial track record, characterized by consistent double-digit revenue growth and improving profitability. The shift to a cloud-first, SaaS-based model has resulted in high gross margins and recurring revenue streams.
  Strategic focus is on expanding Kintone's adoption within large enterprises and accelerating international growth, particularly in Southeast Asia. Investments in a partner ecosystem and new technologies like generative AI are expected to support long-term expansion, though they may impact short-term margins.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul>
<li>Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha or Twitter (I found one writeup on Substack).</li>
<li>The company is 3 months away from breaking up into two separate companies which both look attractive. It is currently classified as a Specialty Retail company but will spin off a high growth, high margin, SaaS company in November that I estimate is worth more than the entire company’s market cap today.</li>
<li>The stock looks compelling on an absolute basis (5.1x NTM EBITDA) and SOTP basis. I see 31% to 117% upside over the next 6 months as the break up is completed.</li>
</ul>


Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha or Twitter (I found one writeup on Substack).
The company is 3 months away from breaking up into two separate companies which both look attractive. It is currently classified as a Specialty Retail company but will spin off a high growth, high margin, SaaS company in November that I estimate is worth more than the entire company’s market cap today.
The stock looks compelling on an absolute basis (5.1x NTM EBITDA) and SOTP basis. I see 31% to 117% upside over the next 6 months as the break up is completed.


Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
<strong>OVERSEAS</strong>:  SPX +0.1%, eakes out gains; BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication); TSLA at 2 year low-we are focused on deliveries</li>
<li>
<strong>JAPAN</strong>:  NKY Futs vs Cash -0.9% - mainly due to yen strengthening; BOJ's change reverberates across markets;  Positive 3Q Takashimaya preview positive read for Inbound; Courts support Nuke restarts</li>
<li>
<strong>DAILY NUGGETS</strong>: The BOJ has started on the path towards policy normalisation, SIX MONTHS EARLY. No issues with the move - the shift was poorly communicated, or rather, NOT COMMUNICATED.  </li>
</ul>



OVERSEAS:  SPX +0.1%, eakes out gains; BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication); TSLA at 2 year low-we are focused on deliveries

JAPAN:  NKY Futs vs Cash -0.9% - mainly due to yen strengthening; BOJ's change reverberates across markets;  Positive 3Q Takashimaya preview positive read for Inbound; Courts support Nuke restarts

DAILY NUGGETS: The BOJ has started on the path towards policy normalisation, SIX MONTHS EARLY. No issues with the move - the shift was poorly communicated, or rather, NOT COMMUNICATED.  


Good Morning Japan |Shock and Awe - BOJ Sends Ripple Though Markets in Kuroda's Parting Shot

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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.

<p style="text-align: center;"><strong>• RELATIVE PRICE SCORE OUTLIERS •</strong></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/183/304/original/2021-01-18_07-21-17.png?1611015356" class="editor-image img-responsive" data-smartkarma-image-id="183304"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/183/305/original/2021-01-19_09-18-35.png?1611015525" class="editor-image img-responsive" data-smartkarma-image-id="183305"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></section><p><strong>POLES APART</strong><strong>&amp; ECHOES OF 2000</strong>- As the Japanese equity market continues to rise the 'spread' between the percentage of listed companies that are OverSold (Relative Price Score &lt;-2.0) and those that are OverBought (RPS &gt; 4.0) remains at extreme levels as does the spread in terms of market weight. 7.2% of listed companies are Oversold; while 2.2% are OverBought, but the latter account for 13.7% of market value; the former just 5.4%. The last time both pairs of metrics were at these levels was the 2000 technology bubble.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/183/321/original/2021-01-19_10-25-51.png?1611019564" class="editor-image img-responsive" data-smartkarma-image-id="183321"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/183/323/original/2021-01-19_10-27-10.png?1611019660" class="editor-image img-responsive" data-smartkarma-image-id="183323"></figure></section><p><strong>BLOW OUT</strong> - As was the case in 2000, the total number of Sectors either OverBought or Oversold is also at an extreme level having peaked at 13 in December. This number has been exceeded only twice in the last fifty years  - in December 1999 (16) and February 2000 (14).   </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/183/363/original/2021-01-19_12-45-46.png?1611027961" class="editor-image img-responsive" data-smartkarma-image-id="183363"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/183/367/original/2021-01-19_13-09-06.png?1611029374" class="editor-image img-responsive" data-smartkarma-image-id="183367"></figure></section><div><p>In the<strong> DETAIL</strong> section below, we provide an update on  Sector, Peer Group and individual company Relative Price Score trends and outliers and make some stock-specific recommendations.</p></div><div><div><div class="content-highlight"><p><strong>THE JAPAN ANALYTICS RELATIVE PRICE SCORE</strong> -  The Relative Price Score (RPS) is a measure of price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices over the last 28 years and 24 months, respectively. As all companies on a comparable scale, 'Overbought' and 'Oversold' outliers and short-term changes in scoring can offer some trading opportunities. The data for all 3,919 currently-listed Companies is cap-weight-aggregated into Relative Price Scores for our 328 Peer Groups and 30 Sectors. The Overbought and Oversold outlier 'thresholds are set' at +4 &amp; -2 for Companies, +3 &amp; -1.5 for Peer Groups and +2 and -1 for Sectors, respectively. These thresholds equate with the top and bottom percentiles of over 3.2 million observations.</p></div></div></div>

• RELATIVE PRICE SCORE OUTLIERS •Source for all charts &amp; tables: Japan AnalyticsPOLES APART&amp; ECHOES OF 2000- As the Japanese equity market continues to rise the 'spread' between the percentage of listed companies that are OverSold (Relative Price Score &lt;-2.0) and those that are OverBought (RPS &gt; 4.0) remains at extreme levels as does the spread in terms of market weight. 7.2% of listed companies are Oversold; while 2.2% are OverBought, but the latter account for 13.7% of market value; the former just 5.4%. The last time both pairs of metrics were at these levels was the 2000 technology bubble.BLOW OUT - As was the case in 2000, the total number of Sectors either OverBought or Oversold is also at an extreme level having peaked at 13 in December. This number has been exceeded only twice in the last fifty years  - in December 1999 (16) and February 2000 (14).   In the DETAIL section below, we provide an update on  Sector, Peer Group and individual company Relative Price Score trends and outliers and make some stock-specific recommendations.THE JAPAN ANALYTICS RELATIVE PRICE SCORE -  The Relative Price Score (RPS) is a measure of price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices over the last 28 years and 24 months, respectively. As all companies on a comparable scale, 'Overbought' and 'Oversold' outliers and short-term changes in scoring can offer some trading opportunities. The data for all 3,919 currently-listed Companies is cap-weight-aggregated into Relative Price Scores for our 328 Peer Groups and 30 Sectors. The Overbought and Oversold outlier 'thresholds are set' at +4 &amp; -2 for Companies, +3 &amp; -1.5 for Peer Groups and +2 and -1 for Sectors, respectively. These thresholds equate with the top and bottom percentiles of over 3.2 million observations.

🇯🇵 JAPAN • January Relative Price Scores -  Actionable Mean Reversion Trades

Japan

Cybozu, Inc. develops and markets Internet and Intranet application software for businesses.  The Company's main products include Cybozu Office, a web-based groupware, which is collaboration software for information sharing and communication among workgroups and companies.

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Cybozu Inc (4776 JP)

Primer: Cybozu Inc (4776 JP) - Nov 2025

Cybozu is a dominant player in the Japanese groupware market, capitalizing on the nationwide push for digital transformation (DX). Its flagship...

αSK

Buy Hamee Corp

Some of my favorite situations are international spin-offs because they fly under the radar. Hamee has not been written up on VIC, Seeking Alpha...

Richard Howe

Good Morning Japan |Shock and Awe - BOJ Sends Ripple Though Markets in Kuroda's Parting Shot

BOJ takes the spotlight as Kuroda delivers "SHOCK AND AWE" (or just bad communication). NKY Futs vs Cash -0.9% Positive 3Q Takashimaya preview...

Mark Chadwick

🇯🇵 JAPAN • January Relative Price Scores - Actionable Mean Reversion Trades

As the Japanese equity market continues to rise the 'spread' between the percentage of listed companies that are OverSold and those that are...

Campbell Gunn

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