'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/000/135/795/original/2020-05-26_06-26-15.png?1590441998" class="editor-image img-responsive" data-smartkarma-image-id="135795"></figure><div class="content-caption">Source • Japan Analytics</div><div><p>In the <strong>DETAIL</strong> section below, we shall review Monday's announcements:-</p></div><div><ul>
<li>The balance between positive/neutral/negative of the 59 results announcements was 24:5:30. The average change in Results Score was -1.4.</li>
<li>For the 37 revisions/initial forecasts, the split was 4:3:20, and the average Forecast/Revision Score was -7.9. Only 38% of companies reporting full-year results chose to make current year forecasts. </li>
<li>45 companies will announce results on Monday. The largest of these by market cap will be <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki (7269 JP)</a>, <a href="https://www.smartkarma.com/entities/yamaha-corp" target="_blank" data-smartkarma-citation="entities:17841:1" rel="noopener">Yamaha (7951 JP)</a>, and <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu (7202 JP)</a>. </li>
</ul></div>

Source • Japan AnalyticsIn the DETAIL section below, we shall review Monday's announcements:-
The balance between positive/neutral/negative of the 59 results announcements was 24:5:30. The average change in Results Score was -1.4.
For the 37 revisions/initial forecasts, the split was 4:3:20, and the average Forecast/Revision Score was -7.9. Only 38% of companies reporting full-year results chose to make current year forecasts. 
45 companies will announce results on Monday. The largest of these by market cap will be Suzuki (7269 JP), Yamaha (7951 JP), and Isuzu (7202 JP). 


🇯🇵 JAPAN • Results & Revisions 25th May - Ajinomoto, Oji, THK, Fujikura

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<h2>IDR history</h2><p>There were two weak business practices of Indonesian companies that made them very susceptible for IDR weakening against USD prior to Asia Financial Crisis in 1997; having debt denominated in USD and too much reliance on the domestic economy. Post-AFC, corporates have learned to be much more prudent in its borrowing policy; a practice that has made Indonesian corporates with one of the more modest borrowing practice in the world. Many listed corporates still focus on the domestic…</p>

IDR historyThere were two weak business practices of Indonesian companies that made them very susceptible for IDR weakening against USD prior to Asia Financial Crisis in 1997; having debt denominated in USD and too much reliance on the domestic economy. Post-AFC, corporates have learned to be much more prudent in its borrowing policy; a practice that has made Indonesian corporates with one of the more modest borrowing practice in the world. Many listed corporates still focus on the domestic…

SMSM, SRIL, and WOOD: The Beneficiaries of Weakening IDR

Analyst - Japan Autos, Hirakata Office

Noriaki Hirakata, CFA

Analyst - Japan Autos

Hirakata Office

<div class="content-highlight"><p>Some media outlets reported that the White House considers introducing a 25% tariff on vehicles imported to the US. The sudden appearance of a Damocles sword hanging over their heads hit the Japanese automotive names hard today.<br><br>We were worried about a “rearrangement” of the competitive landscape in what such a tariff would likely result when we published the insight <a href="https://www.smartkarma.com/insights/does-the-japanese-auto-industry-has-a-home-market-or-is-it-homeless" target="_blank">Does the Japanese Auto Industry Have a Home Market or Is It Homeless?</a></p></div><p>Albeit being a substantive threat to margins and profitability…</p>

Some media outlets reported that the White House considers introducing a 25% tariff on vehicles imported to the US. The sudden appearance of a Damocles sword hanging over their heads hit the Japanese automotive names hard today.  We were worried about a “rearrangement” of the competitive landscape in what such a tariff would likely result when we published the insight Does the Japanese Auto Industry Have a Home Market or Is It Homeless?Albeit being a substantive threat to margins and profitability…

Handicap Japan: The Cost of Being the Road Team

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>It has always fascinated me that in Japan price performance can be so seasonal. Take <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor Corp (7203 JP)</a> for instance, over the last 30 years on average Toyota is up 5% in December and down 3% in August. In no other month does average performance exceed 2%. Toyota is not even close to the worst. <a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan Corp (4689 JP)</a> is the worst. On average, Yahoo is up 10% in February and in May it is down on average 7%. </p><p>Below we screened for names with the highest volatility in monthly…</p>

It has always fascinated me that in Japan price performance can be so seasonal. Take Toyota Motor Corp (7203 JP) for instance, over the last 30 years on average Toyota is up 5% in December and down 3% in August. In no other month does average performance exceed 2%. Toyota is not even close to the worst. Yahoo Japan Corp (4689 JP) is the worst. On average, Yahoo is up 10% in February and in May it is down on average 7%. Below we screened for names with the highest volatility in monthly…

Most Seasonally Volatile Names and What to Expect in April.....

<h2>Japanese automotive industry is unique in various ways</h2><p>The Japanese domestic "home" market amounts to less than 6% of global automotive sales with sales being concentrated in mini vehicles, minivans and hybrid vehicles, of which the former two have almost zero sales potential ex-Japan.</p><div class="content-highlight"><p>When Japanese automotive industry ventured into the overseas market, they were growing strongly for quite some time with exceptional growth in the US market.<br><br>Is this still the case? </p><p>We will try to answer this question with this insight.</p></div>

Japanese automotive industry is unique in various waysThe Japanese domestic "home" market amounts to less than 6% of global automotive sales with sales being concentrated in mini vehicles, minivans and hybrid vehicles, of which the former two have almost zero sales potential ex-Japan.When Japanese automotive industry ventured into the overseas market, they were growing strongly for quite some time with exceptional growth in the US market.  Is this still the case? We will try to answer this question with this insight.

Does the Japanese Auto Industry Have a Home Market or Is It Homeless?

Japan

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

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Isuzu Motors (7202 JP)

🇯🇵 JAPAN • Results & Revisions 25th May - Ajinomoto, Oji, THK, Fujikura

In the DETAIL section below, we shall review Monday's announcements:- The balance between positive/neutral/negative of the 59 results announcements...

Campbell Gunn

SMSM, SRIL, and WOOD: The Beneficiaries of Weakening IDR

IDR historyThere were two weak business practices of Indonesian companies that made them very susceptible for IDR weakening against USD prior...

Henry Soediarko

Handicap Japan: The Cost of Being the Road Team

Some media outlets reported that the White House considers introducing a 25% tariff on vehicles imported to the US. The sudden appearance of a...

Noriaki Hirakata, CFA

Most Seasonally Volatile Names and What to Expect in April.....

It has always fascinated me that in Japan price performance can be so seasonal. Take Toyota Motor Corp (7203 JP) for instance, over the last 30...

Custom Products Group

Does the Japanese Auto Industry Have a Home Market or Is It Homeless?

Japanese automotive industry is unique in various waysThe Japanese domestic "home" market amounts to less than 6% of global automotive sales...

Noriaki Hirakata, CFA

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