Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
<strong>Context: </strong>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>
<strong>Highlights:</strong> In Japan, currently <strong>four pair trade opportunities</strong> persist across <strong>three sectors.</strong>
</li>
<li>
<strong>Why read:</strong> 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 three 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 (6 Jul 2026)

<ul>
<li>
<strong>Context: </strong>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>
<strong>Highlights:</strong> Currently <strong>13 pair trade opportunities</strong> persist <strong>across six markets</strong> and <strong>eight sectors.</strong>
</li>
<li>
<strong>Why read: </strong>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 13 pair trade opportunities persist across six markets and eight 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 (6 Jul 2026)

'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><p style="text-align: center;"><strong>• RESULTS &amp; REVISIONS SUMMARY - 9th FEBRUARY •</strong></p></div><div><p>Of yesterday's 246 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 7.3% on average and a 1.7 point decline in operating margins. 14% of companies were in the red for the quarter.  75% of the 119 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +5.0 points.</p></div><div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><p>Tuesday's 'best' larger-cap announcements came from <a href="https://www.smartkarma.com/entities/shimano-inc" target="_blank" data-smartkarma-citation="entities:3777:1" rel="noopener">Shimano (7309 JP)</a> and <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>; the 'worst' were from <a href="https://www.smartkarma.com/entities/japan-tobacco-inc" target="_blank" data-smartkarma-citation="entities:13498:1" rel="noopener">Japan Tobacco (2914 JP)</a> and <a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a>.  For more, see the<strong> DETAIL</strong> section below.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/187/836/original/2021-02-10_06-35-27.png?1612906548" class="editor-image img-responsive" data-smartkarma-image-id="187836"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/187/837/original/2021-02-10_06-37-11.png?1612906645" class="editor-image img-responsive" data-smartkarma-image-id="187837"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/187/838/original/2021-02-10_06-37-54.png?1612906686" class="editor-image img-responsive" data-smartkarma-image-id="187838"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/187/839/original/2021-02-10_06-38-45.png?1612906738" class="editor-image img-responsive" data-smartkarma-image-id="187839"></figure></section><div class="content-caption">   Source for all charts &amp; tables: Japan Analytics</div>

• RESULTS &amp; REVISIONS SUMMARY - 9th FEBRUARY •Of yesterday's 246 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 7.3% on average and a 1.7 point decline in operating margins. 14% of companies were in the red for the quarter.  75% of the 119 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +5.0 points.• BEST &amp; WORST •Tuesday's 'best' larger-cap announcements came from Shimano (7309 JP) and Honda Motor (7267 JP); the 'worst' were from Japan Tobacco (2914 JP) and Nexon (3659 JP).  For more, see the DETAIL section below.   Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions Update 02/09 - Shimano, Honda, Japan Tobacco

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “<em>lower for longer stance around interest rates</em>”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. </p>

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

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 26th. The aggregated net margin trading position is USD32,057m.</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, Tokyo Electron, Fujikura, McDonald's, Skylark, Disco, Taiyo Yuden, Lasertec, Japan Tobacco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 26th. The aggregated net margin trading position is USD32,057m.
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, Tokyo Electron, Fujikura, McDonald's, Skylark, Disco, Taiyo Yuden, Lasertec, Japan Tobacco.


JPX Margin Trading Weekly (Jun 26th): Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Disco

Japan

Japan Tobacco, Inc. operates as an tobacco product company. The Company manufactures, markets and sells cigarettes and other tobacco products internationally. Japan Tobacco is also engaged in pharmaceutical and food businesses.

Price Gauge
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Japan Tobacco (2914 JP)

Japan: Relative Value Opportunities and Pair Trades (6 Jul 2026)

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

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Jul 2026)

Discover 13 pair trade opportunities across six markets and eight sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

🇯🇵 JAPAN • Results & Revisions Update 02/09 - Shimano, Honda, Japan Tobacco

Of yesterday's 246 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 7.3% on average and a...

Campbell Gunn

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

JPX Margin Trading Weekly (Jun 26th): Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Skylark,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan: Relative Value Opportunities and Pair Trades (6 Jul 2026)

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

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Jul 2026)

​Discover 13 pair trade opportunities across six markets and eight sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

🇯🇵 JAPAN • Results & Revisions Update 02/09 - Shimano, Honda, Japan Tobacco

Of yesterday's 246 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 7.3% on average and a...

Campbell Gunn

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

JPX Margin Trading Weekly (Jun 26th): Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Skylark,...

Ke Yan, CFA, FRM

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

Discover 13 pair trade opportunities across six markets and eight sectors using statistical mean-reversion methodology for actionable insights.