'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)

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/848/original/2020-04-21_07-03-22.png?1587420235" class="editor-image img-responsive" data-smartkarma-image-id="128848"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/851/original/2020-04-21_07-07-10.png?1587420481" class="editor-image img-responsive" data-smartkarma-image-id="128851"></figure><div class="content-caption">Source • Japan Analytics</div>
</div><p><strong>LATE ORDERS</strong> - All three of yesterday's results announcements were from <strong>Restaurants</strong> with February year-ends. These 'tail-enders' all swung into losses for the fourth quarter and did not make forecasts for the current year, which is becoming more the norm. The Sector as a whole still has a positive Results &amp; Revision Score supported by the <strong>Chinese</strong> and<strong> Take Out &amp; Delivery</strong> Peer Groups.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/853/original/2020-04-21_07-18-49.png?1587421152" class="editor-image img-responsive" data-smartkarma-image-id="128853"></figure><div class="content-caption">Source • Japan Analytics</div><p>In the <strong>DETAIL </strong>below, we shall briefly review Monday's ten revisions announcements.  The positive/neutral/negative balance was 3:1:6. Coating Machinery specialist <a href="https://www.smartkarma.com/entities/hirano-tecseed-co-kinzoku" target="_blank" data-smartkarma-citation="entities:11356:1" rel="noopener">Hirano Tecseed (6245 JP)</a> raised its dividend and now yields 4.2% while sporting a negative Enterprise Value (EV) of ¥-2.2b. </p>


Source • Japan Analytics
LATE ORDERS - All three of yesterday's results announcements were from Restaurants with February year-ends. These 'tail-enders' all swung into losses for the fourth quarter and did not make forecasts for the current year, which is becoming more the norm. The Sector as a whole still has a positive Results &amp; Revision Score supported by the Chinese and Take Out &amp; Delivery Peer Groups.Source • Japan AnalyticsIn the DETAIL below, we shall briefly review Monday's ten revisions announcements.  The positive/neutral/negative balance was 3:1:6. Coating Machinery specialist Hirano Tecseed (6245 JP) raised its dividend and now yields 4.2% while sporting a negative Enterprise Value (EV) of ¥-2.2b. 

🇯🇵 JAPAN • Revisions & Results 20th April - Take Aways and LI(Not)FULL

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 12th. The aggregated net margin trading position is USD29,582m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Disco, Advantest, Lasertec, Skylark, Murata Manufacturing, Iida, JX Advanced Metals, Hitachi, McDonald's.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 12th. The aggregated net margin trading position is USD29,582m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Disco, Advantest, Lasertec, Skylark, Murata Manufacturing, Iida, JX Advanced Metals, Hitachi, McDonald's.


JPX Margin Trading Weekly (Jun 12th): Kioxia, Disco, Advantest, Lasertec, Skylark, Iida, Hitachi

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 5th. The aggregated net margin trading position is USD32,394m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial, Fast Retailing, Lasertec, Mitsui Mining &amp; Smelting, Sumitomo Mitsui Financial, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 5th. The aggregated net margin trading position is USD32,394m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial, Fast Retailing, Lasertec, Mitsui Mining &amp; Smelting, Sumitomo Mitsui Financial, Toyota Motor.


JPX Margin Trading Weekly (Jun 5th): Kioxia, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial

Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

Equity Bottom-Up

HIRANO TECSEED Co (Kinzoku) / Equity Bottom-Up

<ul><li>Hirano Tecseed (hereinafter HT) reported FY25 Q1 OP of ¥821mil (+181.1-% YoY) on sales of ¥10,719mil (-11.4% YoY), which resulted in an OPM of 7.7%, a significant improvement from FY24 Q1’s OPM of 2.4%.</li><li>Sales were largely in line with expectation on the back of progress in working through order backlogs, especially in C&LM for secondary LiB.</li><li>Given successful passing through of cost increases to customers in the C&LM segment, FY25 1H guidance was revised from OP of ¥750mil (-26.8% YoY) on sales of ¥16,750mil (-31.3% YoY) to OP of ¥1,000mil (-2.4% YoY) on unchanged sales.</li></ul>

Hirano Tecseed (hereinafter HT) reported FY25 Q1 OP of ¥821mil (+181.1-% YoY) on sales of ¥10,719mil (-11.4% YoY), which resulted in an OPM of 7.7%, a significant improvement from FY24 Q1’s OPM of 2.4%.Sales were largely in line with expectation on the back of progress in working through order backlogs, especially in C&LM for secondary LiB.Given successful passing through of cost increases to customers in the C&LM segment, FY25 1H guidance was revised from OP of ¥750mil (-26.8% YoY) on sales of ¥16,750mil (-31.3% YoY) to OP of ¥1,000mil (-2.4% YoY) on unchanged sales.

Hirano Tecseed (6245 JP): Research Update

<ul><li>HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY).</li><li>Management commits to pay out the higher of a DOE of 3.5% or a dividend pay-out ratio of 60% during the current medium-term plan (FY24~FY27).</li><li>HT has not changed the view on the medium to long-term growth potential in the EV market, however, for the time being, it remains cautious.</li></ul>

HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY).Management commits to pay out the higher of a DOE of 3.5% or a dividend pay-out ratio of 60% during the current medium-term plan (FY24~FY27).HT has not changed the view on the medium to long-term growth potential in the EV market, however, for the time being, it remains cautious.

Hirano Tecseed Co., Ltd. (6245 JP): Research Update

Japan

HIRANO TECSEED Co., Ltd. manufactures chemical engineering and textile machinery.  The Company's products include adhesive tape-making machines, magnetic tape laminators, floating dryers, carbon fiber manufacturing machines, and coating machines for textile, paper, and film manufacturers.

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HIRANO TECSEED Co (Kinzoku) (6245 JP)

🇯🇵 JAPAN • Revisions & Results 20th April - Take Aways and LI(Not)FULL

LATE ORDERS - All three of yesterday's results announcements were from Restaurants with February year-ends. These 'tail-enders' all swung into...

Campbell Gunn

JPX Margin Trading Weekly (Jun 12th): Kioxia, Disco, Advantest, Lasertec, Skylark, Iida, Hitachi

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia, Disco, Advantest, Lasertec, Skylark, Murata...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 5th): Kioxia, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Disco (6146 JP), Ibiden...

Ke Yan, CFA, FRM

Hirano Tecseed (6245 JP): Research Update

Hirano Tecseed (hereinafter HT) reported FY25 Q1 OP of ¥821mil (+181.1-% YoY) on sales of ¥10,719mil (-11.4% YoY), which resulted in an OPM of...

Nippon Investment Bespoke Research UK

Hirano Tecseed Co., Ltd. (6245 JP): Research Update

HT has maintained its FY24 guidance of OP of ¥2,900mil (-10.4% YoY) on sales of ¥44,000mil (-6.3% YoY). Management commits to pay out the higher...

Nippon Investment Bespoke Research UK

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