'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.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/854/original/2020-09-09_04-55-21.png?1599594979" class="editor-image img-responsive" data-smartkarma-image-id="157854"></figure><div class="content-caption">Source for all charts: Japan Analytics</div><a href="https://www.smartkarma.com/entities/stream-co-ltd" target="_blank" data-smartkarma-citation="entities:10256:1" rel="noopener">Stream (3071 JP)</a>- Micro-cap internet mail-order platform Stream produced the best of Tuesday's results. Quarterly sales rose by 36% year-on-year, taking quarterly margins to a record-high 3.4% and making the 180-day old full-year forecasts obsolete. If sustained for the second half, EV/OP falls to an attractive 4.8 times. Given the low liquidity, the shares should enjoy a nice 'pop'.   <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/855/original/2020-09-09_05-01-17.png?1599595294" class="editor-image img-responsive" data-smartkarma-image-id="157855"></figure><div>
<hr>
DAILY STATS
</div><hr><div>NET POSITIVE - Mostly due to the mix of businesses, Tuesday's results were net-positive and, for the first time in many months, none of the companies reporting saw a quarterly loss. Of the two forecasts, the net score was also positive. </div><hr><div>10 Quarterly Results</div><div><ul style="list-style-type: disc;">
<li>
Results Score: 50% Positive / 10% Neutral / 40% Negative</li>
<li>
Average Results Score Change: 1.8 points</li>
<li>
Average % Change in Revenue: 7.7% Quarter YoY / 3.2% Rolling TTM YoY </li>
<li>
Average Operating Profit Margin Change: -0.2 ppt</li>
<li>
Percentage Making Quarterly Losses: 0%</li>
</ul></div><div>
<hr>

</div>

Source for all charts: Japan AnalyticsStream (3071 JP)- Micro-cap internet mail-order platform Stream produced the best of Tuesday's results. Quarterly sales rose by 36% year-on-year, taking quarterly margins to a record-high 3.4% and making the 180-day old full-year forecasts obsolete. If sustained for the second half, EV/OP falls to an attractive 4.8 times. Given the low liquidity, the shares should enjoy a nice 'pop'.   

DAILY STATS
NET POSITIVE - Mostly due to the mix of businesses, Tuesday's results were net-positive and, for the first time in many months, none of the companies reporting saw a quarterly loss. Of the two forecasts, the net score was also positive. 10 Quarterly Results

Results Score: 50% Positive / 10% Neutral / 40% Negative

Average Results Score Change: 1.8 points

Average % Change in Revenue: 7.7% Quarter YoY / 3.2% Rolling TTM YoY 

Average Operating Profit Margin Change: -0.2 ppt

Percentage Making Quarterly Losses: 0%





🇯🇵 JAPAN • Results & Revisions 09/​​​​08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In Japan, currently four pair trade opportunities persist across two sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In Japan, currently four pair trade opportunities persist across two sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Japan: Relative Value Opportunities and Pair Trades (22 June 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently 18 pair trade opportunities persist across six markets and nine sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently 18 pair trade opportunities persist across six markets and nine sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 June 2026)

Commonwealth Bank of Australia / Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently 22 pair trade opportunities persist across six markets and nine sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently 22 pair trade opportunities persist across six markets and nine sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In Japan, currently five pair trade opportunities persist across two sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In Japan, currently five pair trade opportunities persist across two sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Japan (15 June 2026)

Japan

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Subaru Corp (7270 JP)

🇯🇵 JAPAN • Results & Revisions 09/08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Source for all charts: Japan Analytics

Campbell Gunn

Japan: Relative Value Opportunities and Pair Trades (22 June 2026)

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 June 2026)

Discover 18 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Japan (15 June 2026)

Discover five pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

🇯🇵 JAPAN • Results & Revisions 09/​​​​08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Source for all charts: Japan Analytics

Campbell Gunn

Japan: Relative Value Opportunities and Pair Trades (22 June 2026)

​Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 June 2026)

​Discover 18 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (15 June 2026)

​Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Relative Value Opportunities in Japan (15 June 2026)

​Discover five pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

🇯🇵 JAPAN • Results & Revisions 09/08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Discover 18 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Discover 22 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Discover five pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.