'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/115/943/original/2020-02-01_07-00-20.png?1580599138" class="editor-image img-responsive" data-smartkarma-image-id="115943"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/115/944/original/2020-02-02_08-38-57.png?1580600364" class="editor-image img-responsive" data-smartkarma-image-id="115944"></figure><div class="content-caption">Source • Japan Analytics</div>30TH JANUARY ROUNDUP - The downward trends in both our Results Score and Forecast/Revision Scores that have been building all week are now more apparent last Friday. On the second-busiest day of this quarter's 'calendar', there were 407 results and 114 forecasts or revisions announcements. The Results Score declined by nine basis points to 0.68, the lowest since April 2017 while the Forecast/Revision Score fell by 15bps and was last this low in December 2016. The 'upside gap' between the market and both Scores is still larger than at any time since our data series commenced and needs to close further. The Bank of Japan bought ETFs on three days last week and will be back in action on Monday.<hr>• SECTOR TIMELINE •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/115/946/original/2020-02-02_09-01-27.png?1580601710" class="editor-image img-responsive" data-smartkarma-image-id="115946"></figure><div class="content-caption">Source • Japan Analytics</div>SECTOR TIMELINE - This quarter's Sector winners and losers are now emerging.  The former are lead by Banks, Non-Bank Finance, Machinery, Technology Hardware, and Electrical Equipment, with the losers being Transportation, Consumer Services, Healthcare, Utilities and Building Materials.  Of the top ten positive changes in all-cap Results Score on Friday, eight were in the financial sectors. A shift in earnings momentum leadership from consumer to finance and technology-related Sectors is in train.

Source • Japan Analytics30TH JANUARY ROUNDUP - The downward trends in both our Results Score and Forecast/Revision Scores that have been building all week are now more apparent last Friday. On the second-busiest day of this quarter's 'calendar', there were 407 results and 114 forecasts or revisions announcements. The Results Score declined by nine basis points to 0.68, the lowest since April 2017 while the Forecast/Revision Score fell by 15bps and was last this low in December 2016. The 'upside gap' between the market and both Scores is still larger than at any time since our data series commenced and needs to close further. The Bank of Japan bought ETFs on three days last week and will be back in action on Monday.• SECTOR TIMELINE •Source • Japan AnalyticsSECTOR TIMELINE - This quarter's Sector winners and losers are now emerging.  The former are lead by Banks, Non-Bank Finance, Machinery, Technology Hardware, and Electrical Equipment, with the losers being Transportation, Consumer Services, Healthcare, Utilities and Building Materials.  Of the top ten positive changes in all-cap Results Score on Friday, eight were in the financial sectors. A shift in earnings momentum leadership from consumer to finance and technology-related Sectors is in train.

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 31st January ►6861 ▲9433 8473 ▼3099 9062 4922

Telco/Internet specialist

Kirk Boodry

Redex Research

As part of its recently held <a href="http://docomo-openhouse.jp/2020/en/index.html" target="_blank" rel="noopener">open house on network R&amp;D</a>, <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> has released a white paper on 5G evolution and 6G.  The key takeaways from DoCoMo’s report are teething issues with 5G as network launches start plus a rough sketch of what mobile networks will look like beyond 2030.  That NTT DoCoMo issued this report is interesting because it highlights its position as the mobile operator with by far the most robust R&amp;D capability globally and a key partner for equipment vendors in determining mobile technology evolution. Unfortunately, the benefits of leadership are hard to quantify. On one hand, DoCoMo will be the first to 5G in Japan but even new entrant Rakuten with no existing network today will have 5G capability in the next few years.

As part of its recently held open house on network R&amp;D, NTT Docomo Inc (9437 JP) has released a white paper on 5G evolution and 6G.  The key takeaways from DoCoMo’s report are teething issues with 5G as network launches start plus a rough sketch of what mobile networks will look like beyond 2030.  That NTT DoCoMo issued this report is interesting because it highlights its position as the mobile operator with by far the most robust R&amp;D capability globally and a key partner for equipment vendors in determining mobile technology evolution. Unfortunately, the benefits of leadership are hard to quantify. On one hand, DoCoMo will be the first to 5G in Japan but even new entrant Rakuten with no existing network today will have 5G capability in the next few years. 

NTT DoCoMo Flags up Its 6G Vision. Yes, that Is a Six!

The Ministry of Industry Affairs and Communications (MIC, the regulator) will submit changes to the Radio Law next year that allow the use of shared spectrum for 5G. By the mid-2020s, the MIC hopes to have 10 GHz of spectrum deployed, which would increase the amount of spectrum available for the industry by more than 3x whilst use cases like tele-medicine and autonomous driving have been cited as key applications requiring a wider spectrum deployment.  Specific bands have not yet been identified but shared spectrum is a component of global 5G standards and in that sense this is not a surprising development. Spectrum awards should be considered positive for the industry and proposed rule changes from the MIC are a step in that direction.

The Ministry of Industry Affairs and Communications (MIC, the regulator) will submit changes to the Radio Law next year that allow the use of shared spectrum for 5G. By the mid-2020s, the MIC hopes to have 10 GHz of spectrum deployed, which would increase the amount of spectrum available for the industry by more than 3x whilst use cases like tele-medicine and autonomous driving have been cited as key applications requiring a wider spectrum deployment.  Specific bands have not yet been identified but shared spectrum is a component of global 5G standards and in that sense this is not a surprising development. Spectrum awards should be considered positive for the industry and proposed rule changes from the MIC are a step in that direction.

Japan Mobile: Rule Changes for 5G Spectrum Sharing Should Enable a Further 3x Increase in Bandwidth

Softbank Corp. will end two-year contracts for mobile customers later this month. This follows regulatory action that requires mobile operators to lower early contract termination charges from 9.500 yen to 1,000. This change should modestly add to the velocity of customer churn but the industry practice of selling handsets in installment plans is a mitigating factor whilst the efficacy of three-four years of increased service bundling, particular fixed-line broadband, will be put to the test. It is important to note that the regulator has already banned egregious handset subsidies, so chances of a smartphone giveaway free-for-all are low. The industry change will be modest but that still slightly favors new-entrant Rakuten over incumbent operators.

Softbank Corp. will end two-year contracts for mobile customers later this month. This follows regulatory action that requires mobile operators to lower early contract termination charges from 9.500 yen to 1,000. This change should modestly add to the velocity of customer churn but the industry practice of selling handsets in installment plans is a mitigating factor whilst the efficacy of three-four years of increased service bundling, particular fixed-line broadband, will be put to the test. It is important to note that the regulator has already banned egregious handset subsidies, so chances of a smartphone giveaway free-for-all are low. The industry change will be modest but that still slightly favors new-entrant Rakuten over incumbent operators. 

Japan Telcos: Softbank Ends the Contract Regime but Other Retention Factors Play a Role

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> and <a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises Ltd (1217834D IN)</a> are seeking to raise US$737 million and US$1.1 billion, respectively.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion Corp (2730 JP)</a>/ <a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Holdings (9831 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a>, <a href="https://www.smartkarma.com/entities/mgm-china-holdings-limited" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China (2282 HK)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: GO (581A JP) and Manipal Health Enterprises Ltd (1217834D IN) are seeking to raise US$737 million and US$1.1 billion, respectively.
Event-Driven developments: Kakaku.com Inc (2371 JP), Edion Corp (2730 JP)/ Yamada Holdings (9831 JP), Shinko Shoji (8141 JP), MGM China (2282 HK), Atlas Arteria (ALX AU), Cygnus Metals (CY5 AU). 



Weekly Deals Digest (07 Jun) - Kakaku, Edion/ Yamada, Shinko Shoji, MGM China, Atlas Arteria, Cygnus

Japan

KDDI CORPORATION provides mobile communication services and sells mobile devices.  The Company also is a broadband provider.

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KDDI Corp (9433 JP)

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 31st January ►6861 ▲9433 8473 ▼3099 9062 4922

30TH JANUARY ROUNDUP - The downward trends in both our Results Score and Forecast/Revision Scores that have been building all week are now more...

Campbell Gunn

NTT DoCoMo Flags up Its 6G Vision. Yes, that Is a Six!

As part of its recently held open house on network R&D, NTT Docomo Inc (9437 JP) has released a white paper on 5G evolution and 6G. The key...

Kirk Boodry

Japan Telcos: Softbank Ends the Contract Regime but Other Retention Factors Play a Role

Softbank Corp. will end two-year contracts for mobile customers later this month. This follows regulatory action that requires mobile operators to...

Kirk Boodry

Weekly Deals Digest (07 Jun) - Kakaku, Edion/ Yamada, Shinko Shoji, MGM China, Atlas Arteria, Cygnus

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

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🇯🇵 JAPAN • Results & Revisions Daily Roundup - 31st January ►6861 ▲9433 8473 ▼3099 9062 4922

30TH JANUARY ROUNDUP - The downward trends in both our Results Score and Forecast/Revision Scores that have been building all week are now more...

Campbell Gunn

NTT DoCoMo Flags up Its 6G Vision. Yes, that Is a Six!

As part of its recently held open house on network R&D, NTT Docomo Inc (9437 JP) has released a white paper on 5G evolution and 6G. The key...

Kirk Boodry

Japan Mobile: Rule Changes for 5G Spectrum Sharing Should Enable a Further 3x Increase in Bandwidth

The Ministry of Industry Affairs and Communications (MIC, the regulator) will submit changes to the Radio Law next year that allow the use of...

Kirk Boodry

Japan Telcos: Softbank Ends the Contract Regime but Other Retention Factors Play a Role

Softbank Corp. will end two-year contracts for mobile customers later this month. This follows regulatory action that requires mobile operators to...

Kirk Boodry

Weekly Deals Digest (07 Jun) - Kakaku, Edion/ Yamada, Shinko Shoji, MGM China, Atlas Arteria, Cygnus

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George