'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/000/146/891/original/2020-07-20_11-11-13.png?1595211104" class="editor-image img-responsive" data-smartkarma-image-id="146891"></figure><div class="content-caption">Source • Japan Analytics</div>THE 'HUNDRED DAYS WAR' - It is almost one hundred days since the equity markets began to discount the onset of COVID-19. Since the TOPIX closing low of 1,236.34 on 16th March, the index has recovered by 27%. However, it has only been in the last ten trading days that the number of new two-year share price highs and lows has consistently been in double-digits.  This month has seen 136 new two-year lows and 214 new two-year highs. Whatever the impact of COVID-19 on earnings, the market is very clearly signalling its preferences for COVID 'Heroes &amp; Villains'. In the DETAIL section below, we shall look at the leading large caps in both categories and suggest opportunities in each.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/894/original/2020-07-20_11-42-42.png?1595213322" class="editor-image img-responsive" data-smartkarma-image-id="146894"></figure><div class="content-caption">Source • Japan Analytics</div>RELATIVE PRICE - We shall also conduct the same analysis using our Relative Price Score methodology. The July numbers are 469 Relative Price Score new lows and 229 new highs suggesting a high degree of market polarity as confirmed by the percentages of market value in Overbought and Oversold Stocks - which are both at twenty-year highs.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/895/original/2020-07-20_11-58-18.png?1595214235" class="editor-image img-responsive" data-smartkarma-image-id="146895"></figure><div class="content-caption">Source • Japan Analytics</div>RESULTS DRIVER - We expect the number of absolute 'heroes and villains' to increase in the next two months as the COVID fallout on earnings is revealed, and will provide further updates as we progress.

Source • Japan AnalyticsTHE 'HUNDRED DAYS WAR' - It is almost one hundred days since the equity markets began to discount the onset of COVID-19. Since the TOPIX closing low of 1,236.34 on 16th March, the index has recovered by 27%. However, it has only been in the last ten trading days that the number of new two-year share price highs and lows has consistently been in double-digits.  This month has seen 136 new two-year lows and 214 new two-year highs. Whatever the impact of COVID-19 on earnings, the market is very clearly signalling its preferences for COVID 'Heroes &amp; Villains'. In the DETAIL section below, we shall look at the leading large caps in both categories and suggest opportunities in each.Source • Japan AnalyticsRELATIVE PRICE - We shall also conduct the same analysis using our Relative Price Score methodology. The July numbers are 469 Relative Price Score new lows and 229 new highs suggesting a high degree of market polarity as confirmed by the percentages of market value in Overbought and Oversold Stocks - which are both at twenty-year highs.Source • Japan AnalyticsRESULTS DRIVER - We expect the number of absolute 'heroes and villains' to increase in the next two months as the COVID fallout on earnings is revealed, and will provide further updates as we progress. 

🇯🇵 JAPAN • The Hundred Days War - COVID Heroes & Villains

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/lion-corp" target="_blank" data-smartkarma-citation="entities:16576:1" rel="noopener">Lion Corp (4912 JP) '</a>s range of leading personal and home hygiene brands - including popular Kirei Kirei hand wash, Systema oral care products, and Lion dish-wash detergent - will continue to be in demand as health and hygiene remain top consumer priorities under the new normal. We expect consumers to prioritize spending on hygiene, health, and wellness products over cosmetics, apparel, and footwear as they spend more time at home given work-from-home options and restrictions on socializing. Although many Asian countries have got the COVID situation under control, fears of a second wave is rife after recent news of several cases of infection in Beijing. Lion Corp's many leading brands are sold in markets outside Japan - China, South Korea, and Southeast Asia, as well. The company has been expanding its presence in specialized high-value-add consumer goods as well as OTC pharma products in a bid to grow long term revenues and improve margins.In the detailed note below we discuss why we like <a href="https://www.smartkarma.com/entities/lion-corp" target="_blank" data-smartkarma-citation="entities:16576:1" rel="noopener">Lion Corp (4912 JP)</a> - its near and long term revenue and earnings drivers, key concerns, financials, and valuation.Refer to our recent report <a href="https://www.smartkarma.com/insights/shrinking-shifting-personal-consmpn-wfh-here-to-stay-sg-hk-retail-analysis" target="_blank" data-smartkarma-citation="insights:40105" rel="noopener">Shrinking &amp; Shifting Personal Consmpn. WFH - Here to Stay? SG/HK Retail Analysis</a> where we discuss how some segments of consumer goods will fare better in terms of demand as lifestyles are reset post-COVID.  <a href="https://www.smartkarma.com/entities/lion-corp" target="_blank" data-smartkarma-citation="entities:16576:1" rel="noopener">Lion Corp (4912 JP)</a> was identified as one of the companies that would gain from change in consumer buying behavior under new normal.

Lion Corp (4912 JP) 's range of leading personal and home hygiene brands - including popular Kirei Kirei hand wash, Systema oral care products, and Lion dish-wash detergent - will continue to be in demand as health and hygiene remain top consumer priorities under the new normal. We expect consumers to prioritize spending on hygiene, health, and wellness products over cosmetics, apparel, and footwear as they spend more time at home given work-from-home options and restrictions on socializing. Although many Asian countries have got the COVID situation under control, fears of a second wave is rife after recent news of several cases of infection in Beijing. Lion Corp's many leading brands are sold in markets outside Japan - China, South Korea, and Southeast Asia, as well. The company has been expanding its presence in specialized high-value-add consumer goods as well as OTC pharma products in a bid to grow long term revenues and improve margins.In the detailed note below we discuss why we like Lion Corp (4912 JP) - its near and long term revenue and earnings drivers, key concerns, financials, and valuation.Refer to our recent report Shrinking &amp; Shifting Personal Consmpn. WFH - Here to Stay? SG/HK Retail Analysis where we discuss how some segments of consumer goods will fare better in terms of demand as lifestyles are reset post-COVID.  Lion Corp (4912 JP) was identified as one of the companies that would gain from change in consumer buying behavior under new normal.

Lion Corp (4912 JP): Clean Care for Consumers, Safe Play for Investors

With Work-from-Home now gaining wider acceptance and could possibly be part of new normal (post-COVID life), we believe there will be lesser need and demand for several categories of personal consumption products - ranging from work-wear to cosmetics. Expect consumers to choose to spend on essentials/necessities/health&amp;wellness vs. optional/superfluous/conspicuous products. Our analysis of retail data for Singapore and HK for April gives an insight into how personal consumption patterns could shift drastically when consumers spend most of their time at home.  We believe WFH could be part of the new normal for now and could become the norm for part of the workforce going forward. This will cause a shift in lifestyle for families - and can change their personal needs, priorities, and hence personal consumption for good.How is our view different vs. market? We don't expect a V-shaped recovery for several consumer goods where customer needs have changed and may stay that way. Consumer stocks currently price in a scenario of a gradual recovery in demand with street estimates projecting a steep recovery in revenues in 2021 after a weak 2020. We expect a shift in buyer behavior under a new normal where work-from-home and limited socializing may prevail for longer. It is not going to be back-to-business-as-earlier, at least not in the next 12 months; by then, new normal could be the norm for many! We expect WFH to become the norm for a part of the workforce, for good - even after COVID-concerns are over. Expect consumer demand patterns to change in line with the change in consumer needs as their lifestyle changes. As for select consumer stocks, both earnings projections and pricey earnings multiples need to moderate.SG April 2020 -Retail industry's darkest days turned out to be the Online trades' brightest. Online sales (monthly, reported by Department of Statistics Singapore) doubled in April 2020 versus a year ago with grocery retail clocking in near 70% growth YoY. Online sales of Computer &amp; Telecom equipment, as well as Furniture &amp; household equipment, were up 200+% YoY as shoppers scrambled to set up Work-from-Home (WFH) and Home-based-Learning (HBL) facility. What was bought &amp; What was not? The mostly home-bound lifestyle with limited shopping options seems to have led consumers to focus on essentials vs. optional, with grocery &amp; personal hygiene products (supermarkets and convenience stores) registering maximum demand. Supermarket sales were up 75% YoY though it was helped partly by panic buying and over-stocking by anxious customers. In the detailed note below we compare personal spending under the two scenarios - office-based work-life vs remote working to analyze the likely impact on demand for various personal product segments. We, then discuss the sector and stock impact of likely shift and shrink in consumer spending under the likely 'New-Normal' - the likely gainers and losers as WFH becomes widely accepted. We share April retail sales data analysis for Singapore and HK as well. Although April was an exceptional period in terms of social/personal/work life given COVID-led restrictions, we expect some of the sales trends/changes in consumer preference to continue as part of the 'new normal'. Also, refer our latest report based on insights from this retail sales analysis, <a href="https://www.smartkarma.com/insights/asean-consumer-staples-sheng-siong-ssg-sp-dairy-farm-dfi-sp-pair-trade" target="_blank" data-smartkarma-citation="insights:40217" rel="noopener">ASEAN Consumer Staples: Sheng Siong (SSG SP)/Dairy Farm (DFI SP) Pair Trade</a>

With Work-from-Home now gaining wider acceptance and could possibly be part of new normal (post-COVID life), we believe there will be lesser need and demand for several categories of personal consumption products - ranging from work-wear to cosmetics. Expect consumers to choose to spend on essentials/necessities/health&amp;wellness vs. optional/superfluous/conspicuous products. Our analysis of retail data for Singapore and HK for April gives an insight into how personal consumption patterns could shift drastically when consumers spend most of their time at home.  We believe WFH could be part of the new normal for now and could become the norm for part of the workforce going forward. This will cause a shift in lifestyle for families - and can change their personal needs, priorities, and hence personal consumption for good.How is our view different vs. market? We don't expect a V-shaped recovery for several consumer goods where customer needs have changed and may stay that way. Consumer stocks currently price in a scenario of a gradual recovery in demand with street estimates projecting a steep recovery in revenues in 2021 after a weak 2020. We expect a shift in buyer behavior under a new normal where work-from-home and limited socializing may prevail for longer. It is not going to be back-to-business-as-earlier, at least not in the next 12 months; by then, new normal could be the norm for many! We expect WFH to become the norm for a part of the workforce, for good - even after COVID-concerns are over. Expect consumer demand patterns to change in line with the change in consumer needs as their lifestyle changes. As for select consumer stocks, both earnings projections and pricey earnings multiples need to moderate.SG April 2020 -Retail industry's darkest days turned out to be the Online trades' brightest. Online sales (monthly, reported by Department of Statistics Singapore) doubled in April 2020 versus a year ago with grocery retail clocking in near 70% growth YoY. Online sales of Computer &amp; Telecom equipment, as well as Furniture &amp; household equipment, were up 200+% YoY as shoppers scrambled to set up Work-from-Home (WFH) and Home-based-Learning (HBL) facility. What was bought &amp; What was not? The mostly home-bound lifestyle with limited shopping options seems to have led consumers to focus on essentials vs. optional, with grocery &amp; personal hygiene products (supermarkets and convenience stores) registering maximum demand. Supermarket sales were up 75% YoY though it was helped partly by panic buying and over-stocking by anxious customers. In the detailed note below we compare personal spending under the two scenarios - office-based work-life vs remote working to analyze the likely impact on demand for various personal product segments. We, then discuss the sector and stock impact of likely shift and shrink in consumer spending under the likely 'New-Normal' - the likely gainers and losers as WFH becomes widely accepted. We share April retail sales data analysis for Singapore and HK as well. Although April was an exceptional period in terms of social/personal/work life given COVID-led restrictions, we expect some of the sales trends/changes in consumer preference to continue as part of the 'new normal'. Also, refer our latest report based on insights from this retail sales analysis, ASEAN Consumer Staples: Sheng Siong (SSG SP)/Dairy Farm (DFI SP) Pair Trade 

Shrinking & Shifting Personal Consmpn. WFH - Here to Stay? SG/HK Retail Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/350/original/2020-05-10_07-41-07.png?1589064097" class="editor-image img-responsive" data-smartkarma-image-id="132350"></figure><div class="content-caption">Source • Japan Analytics</div>HERD IMMUNITY - The market 'herd' continues to be immune to the siren song of earnings announcements. In last week's two reporting days, aggregate trailing operating income declined by ¥400 billion, while the current year forecast was trimmed by ¥800 billion. The respective numbers for net income were ¥600 billion and ¥200 billion - the latter being flattering in its 'deception' as the figure includes three net-income 'heavy' sogo-shosha. We expect a PER 'breakout' to above 18x in the coming week.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/351/original/2020-05-10_08-08-43.png?1589065754" class="editor-image img-responsive" data-smartkarma-image-id="132351"></figure><div class="content-caption">Source • Japan Analytics</div>INTERIM LEADING THE WAY - Our Results and Revisions scoring methodology tracks both Interim and Annual forecasts with the former signalling the direction of the latter. For some companies such as <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/jcu-corp" target="_blank" data-smartkarma-citation="entities:16229:1" rel="noopener">JCU (4975 JP)</a> and <a href="https://www.smartkarma.com/entities/zenkoku-hosho-co-ltd" target="_blank" data-smartkarma-citation="entities:5537:1" rel="noopener">Zenkoku Hosho (7164 JP)</a>, the Interim forecast is sufficiently pessimistic as to taint the reliability of the annual forecast. Our Interim Score will reach a new ten-year low this week; the Annual Score did so last month. We do not expect the COVID-19 earnings cycle to bottom until the January/February's mostly third-quarter results announcements.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/366/original/2020-05-10_09-01-50.png?1589068924" class="editor-image img-responsive" data-smartkarma-image-id="132366"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/132/367/original/2020-05-10_09-00-50.png?1589068939" class="editor-image img-responsive" data-smartkarma-image-id="132367"></figure><div class="content-caption">Source • Japan Analytics</div><div class="content-caption"></div>In the DETAIL below, we shall review the results, revisions and initial forecast announcements made by larger-cap (¥75b+) companies on Friday. The balance between positive/neutral/negative of the 211 results announcements was 90:27:107. The average change in Score was -1. For the 131 revisions/initial forecasts, the split was 43:4:84  and the average Score was -5. Of the 155 companies declaring full-year results, 49% made interim and annual forecasts for the current year. Two hundred thirty-three companies will announce on Monday, the largest of which by market capitalisation will be <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a>, and <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" data-smartkarma-citation="entities:8914:1" rel="noopener">Bridgestone (5108 JP)</a>. Friday's 'best' and worst scoring results were from <a href="https://www.smartkarma.com/entities/chiyoda-corp" target="_blank" data-smartkarma-citation="entities:6232:1" rel="noopener">Chiyoda (6366 JP)</a> and <a href="https://www.smartkarma.com/entities/keihan-electric-railway-co" target="_blank" data-smartkarma-citation="entities:6120:1" rel="noopener">Keihan Electric Railway (9045 JP)</a>, although the former is below our cap cut-off for our tables below. For more, see <a href="https://www.smartkarma.com/profiles/mio-kato-cfa" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio Kato</a>'s results update <a href="https://www.smartkarma.com/insights/chiyoda-gross-margin-disappoints-but-sg-a-control-continues" target="_blank" data-smartkarma-citation="insights:39166" rel="noopener">Chiyoda – Gross Margin Disappoints but SG&amp;A Control Continues</a>.

Source • Japan AnalyticsHERD IMMUNITY - The market 'herd' continues to be immune to the siren song of earnings announcements. In last week's two reporting days, aggregate trailing operating income declined by ¥400 billion, while the current year forecast was trimmed by ¥800 billion. The respective numbers for net income were ¥600 billion and ¥200 billion - the latter being flattering in its 'deception' as the figure includes three net-income 'heavy' sogo-shosha. We expect a PER 'breakout' to above 18x in the coming week.Source • Japan AnalyticsINTERIM LEADING THE WAY - Our Results and Revisions scoring methodology tracks both Interim and Annual forecasts with the former signalling the direction of the latter. For some companies such as Fancl (4921 JP), JCU (4975 JP) and Zenkoku Hosho (7164 JP), the Interim forecast is sufficiently pessimistic as to taint the reliability of the annual forecast. Our Interim Score will reach a new ten-year low this week; the Annual Score did so last month. We do not expect the COVID-19 earnings cycle to bottom until the January/February's mostly third-quarter results announcements.Source • Japan AnalyticsIn the DETAIL below, we shall review the results, revisions and initial forecast announcements made by larger-cap (¥75b+) companies on Friday. The balance between positive/neutral/negative of the 211 results announcements was 90:27:107. The average change in Score was -1. For the 131 revisions/initial forecasts, the split was 43:4:84  and the average Score was -5. Of the 155 companies declaring full-year results, 49% made interim and annual forecasts for the current year. Two hundred thirty-three companies will announce on Monday, the largest of which by market capitalisation will be Softbank Corp (9434 JP), Mitsubishi Electric (6503 JP), and Bridgestone (5108 JP). Friday's 'best' and worst scoring results were from Chiyoda (6366 JP) and Keihan Electric Railway (9045 JP), although the former is below our cap cut-off for our tables below. For more, see Mio Kato's results update Chiyoda – Gross Margin Disappoints but SG&amp;A Control Continues. 

🇯🇵 JAPAN • Results & Revisions Update 8th May - Lion, PPI, Hoya, Sogo Shosha, NEC

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. 

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/756/original/2020-02-14_05-11-41.png?1581624901" class="editor-image img-responsive" data-smartkarma-image-id="117756"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/760/original/2020-02-14_05-38-10.png?1581626321" class="editor-image img-responsive" data-smartkarma-image-id="117760"></figure><div class="content-caption">Source • Japan Analytics</div>13TH FEBRUARY ROUNDUP - The penultimate day of this results 'season' saw 402 results and 224 forecast or revision announcements.  Our results Score lost another 7 basis points; however, positive initial annual forecasts from several December year-end companies including <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu  (4324 JP)</a>, <a href="https://www.smartkarma.com/entities/unicharm-corp" target="_blank" data-smartkarma-citation="entities:6246:1" rel="noopener">Unicharm (8113 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group (2502 JP)</a>, <a href="https://www.smartkarma.com/entities/coca-cola-bottlers-japan" target="_blank" data-smartkarma-citation="entities:20051:1" rel="noopener">Coca Cola Bottlers Japan (2579 JP)</a>, <a href="https://www.smartkarma.com/entities/suntory-beverage-food-ltd" target="_blank" data-smartkarma-citation="entities:8218:1" rel="noopener">Suntory Beverage &amp; Food (2587 JP)</a>, and <a href="https://www.smartkarma.com/entities/mcdonald-s-holdings-co-japan" target="_blank" data-smartkarma-citation="entities:985:1" rel="noopener">Mcdonald's Japan (2702 JP)</a> added 34 bps to the Forecast/Revision Score. The 'gap' between the two Scores is the largest since mid-2016, and a large gap is a precondition for setting a cycle low. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/757/original/2020-02-14_05-14-40.png?1581625349" class="editor-image img-responsive" data-smartkarma-image-id="117757"></figure><div class="content-caption">Source • Japan Analytics</div>SECTOR TIMELINE - These initial forecasts were the prime driver of the on-day changes in our Sector Timeline, which saw gains for Restaurants,Media, Food, Beverages &amp; Tobacco, and Other Consumer Products. Time will tell if this optimism is well-founded or not.

Source • Japan Analytics13TH FEBRUARY ROUNDUP - The penultimate day of this results 'season' saw 402 results and 224 forecast or revision announcements.  Our results Score lost another 7 basis points; however, positive initial annual forecasts from several December year-end companies including Dentsu  (4324 JP), Unicharm (8113 JP), Asahi Group (2502 JP), Coca Cola Bottlers Japan (2579 JP), Suntory Beverage &amp; Food (2587 JP), and Mcdonald's Japan (2702 JP) added 34 bps to the Forecast/Revision Score. The 'gap' between the two Scores is the largest since mid-2016, and a large gap is a precondition for setting a cycle low. Source • Japan AnalyticsSECTOR TIMELINE - These initial forecasts were the prime driver of the on-day changes in our Sector Timeline, which saw gains for Restaurants,Media, Food, Beverages &amp; Tobacco, and Other Consumer Products. Time will tell if this optimism is well-founded or not.

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 13th February ▲2587 4612 8113 ▼ 7201 4004 4912

Japan

Lion Corporation manufactures a variety of household products such as toothpaste and detergents. The Company also produces pharmaceuticals, chemical products, and seasonings.  Lion sells its products primarily in Asia.

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Lion Corp (4912 JP)

🇯🇵 JAPAN • The Hundred Days War - COVID Heroes & Villains

THE 'HUNDRED DAYS WAR' - It is almost one hundred days since the equity markets began to discount the onset of COVID-19. Since the TOPIX closing...

Campbell Gunn

Lion Corp (4912 JP): Clean Care for Consumers, Safe Play for Investors

Lion Corp (4912 JP) 's range of leading personal and home hygiene brands - including popular Kirei Kirei hand wash, Systema oral care products, and...

Devi Subhakesan

Shrinking & Shifting Personal Consmpn. WFH - Here to Stay? SG/HK Retail Analysis

With Work-from-Home now gaining wider acceptance and could possibly be part of new normal (post-COVID life), we believe there will be lesser need...

Devi Subhakesan

🇯🇵 JAPAN • Results & Revisions Update 8th May - Lion, PPI, Hoya, Sogo Shosha, NEC

HERD IMMUNITY - The market 'herd' continues to be immune to the siren song of earnings announcements. In last week's two reporting days, aggregate...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 13th February ▲2587 4612 8113 ▼ 7201 4004 4912

13TH FEBRUARY ROUNDUP - The penultimate day of this results 'season' saw 402 results and 224 forecast or revision announcements. Our results Score...

Campbell Gunn

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