Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The short notional in the market for the week ended 15 November is US$25.82bn (down by US$480m) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>. </p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a>, <a href="https://www.smartkarma.com/entities/medpeer-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:4090:1">Medpeer Inc (6095 JP)</a>,  <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a> and <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a>, <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP)</a> and <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1">Dcm Holdings (3050 JP)</a>.  <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1"></a></p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a>, <a href="https://www.smartkarma.com/entities/alps-alpine-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:12001:1">Alps Alpine (6770 JP)</a>, <a href="https://www.smartkarma.com/entities/chiba-bank-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:1048:1">Chiba Bank (8331 JP)</a> and <a href="https://www.smartkarma.com/entities/fukuoka-financial-group-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:3712:1">Fukuoka Financial Group (8354 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15359:1">Ricoh Co Ltd (7752 JP)</a>, <a href="https://www.smartkarma.com/entities/zenkoku-hosho-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:5537:1">Zenkoku Hosho (7164 JP)</a>, <a href="https://www.smartkarma.com/entities/monotaro-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15441:1">Monotaro Co Ltd (3064 JP)</a> and <a href="https://www.smartkarma.com/entities/marui-group-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13604:1">Marui Group (8252 JP)</a>.  <a href="https://www.smartkarma.com/entities/miramar-hotel-investment" target="_blank" rel="noopener" data-smartkarma-citation="entities:15014:1"></a></p></div><div><p>Sectorally, shorts were covered in Consumer Staples (US$188m) and Industrials ($139m) while shorts were increased in Consumer Discretionary (US$62m) and Materials (US$34m).</p></div>

The short notional in the market for the week ended 15 November is US$25.82bn (down by US$480m) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and Sumitomo Mitsui Financial (8316 JP). Most shorted stocks as a percentage of free float are ZOZO Inc (3092 JP), Medpeer Inc (6095 JP),  Leopalace21 Corp (8848 JP), Taiyo Yuden (6976 JP) and Tokai Carbon (5301 JP) while the stocks with the highest days to cover are Katakura Industries (3001 JP), Vital Ksk Holdings (3151 JP), J Trust Co Ltd (8508 JP) and Dcm Holdings (3050 JP).  The largest increases in short notional over the week were ZOZO Inc (3092 JP), Alps Alpine (6770 JP), Chiba Bank (8331 JP) and Fukuoka Financial Group (8354 JP) while shorts were covered in Ricoh Co Ltd (7752 JP), Zenkoku Hosho (7164 JP), Monotaro Co Ltd (3064 JP) and Marui Group (8252 JP).  Sectorally, shorts were covered in Consumer Staples (US$188m) and Industrials ($139m) while shorts were increased in Consumer Discretionary (US$62m) and Materials (US$34m).

<div><p>The short notional in the market for the week ended 8 November is US$26.30bn (down by US$340m) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>. </p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> and <a href="https://www.smartkarma.com/entities/japan-display-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:8280:1">Japan Display (6740 JP)</a> <a href="https://www.smartkarma.com/entities/nippon-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:3348:1"></a>while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP),</a><a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a> and <a href="https://www.smartkarma.com/entities/mirait-holdings-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:7034:1">Mirait Holdings (1417 JP)</a>. </p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:72:1">Nissan Motor (7201 JP)</a>, <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-kasei-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:19771:1">Asahi Kasei (3407 JP)</a> and <a href="https://www.smartkarma.com/entities/odakyu-electric-railway-co" target="_blank" rel="noopener" data-smartkarma-citation="entities:5405:1">Odakyu Electric Railway Co (9007 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:379:1">Sumco Corp (3436 JP)</a>, <a href="https://www.smartkarma.com/entities/marui-group-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13604:1">Marui Group (8252 JP)</a>, <a href="https://www.smartkarma.com/entities/park24-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:5622:1">Park24 Co Ltd (4666 JP)</a> and <a href="https://www.smartkarma.com/entities/glp-j-reit" target="_blank" rel="noopener" data-smartkarma-citation="entities:11009:1">GLP J-REIT (3281 JP)</a>.   <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1"></a></p></div><div><p>Sectorally, shorts were covered in Information Technology ($99m), Consumer Staples (US$73m) and Real Estate ($53m) while shorts were increased in Industrials (US$112m).</p></div>

The short notional in the market for the week ended 8 November is US$26.30bn (down by US$340m) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and Sumitomo Mitsui Financial (8316 JP). Most shorted stocks as a percentage of free float are Leopalace21 Corp (8848 JP), Taiyo Yuden (6976 JP), Tokai Carbon (5301 JP) and Japan Display (6740 JP) while the stocks with the highest days to cover are Katakura Industries (3001 JP), J Trust Co Ltd (8508 JP),Vital Ksk Holdings (3151 JP) and Mirait Holdings (1417 JP). The largest increases in short notional over the week were Nissan Motor (7201 JP), Itochu Corp (8001 JP), Asahi Kasei (3407 JP) and Odakyu Electric Railway Co (9007 JP) while shorts were covered in Sumco Corp (3436 JP), Marui Group (8252 JP), Park24 Co Ltd (4666 JP) and GLP J-REIT (3281 JP).   Sectorally, shorts were covered in Information Technology ($99m), Consumer Staples (US$73m) and Real Estate ($53m) while shorts were increased in Industrials (US$112m).

Japan Shorts - Nissan Motor, Itochu, Asahi Kasei Most Shorted

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<p><em><strong>The following is an in-depth review of the retail sector results for 2018-19 giving investors a quick overview of the strengths and weaknesses in the sector as well as highlighting key winners and losers by sales growth and profit. <a href="https://www.smartkarma.com/insights/japan-retail-highlights-2018-19-sector-by-sector-and-winners-in-each-sector" target="_blank" rel="noopener">In an accompanying Insight, we provide snapshot reviews of each sector to give investors quick guides to seach retail sector's strengths and weaknesses.</a></strong></em></p>
<p>Leading retailers grew sales and share last year and made more money too. Although savings rates rose to their highest level ever in 2018, this also meant that a lot of households had money stored up, providing better retailers and brands with an opportunity to convince them to spend some of it.</p>
<p>Many formats and sectors had a good year including convenience stores, discount chains, drugstores, speciality chains such as in fashion and even consumer electronics (at least for now), but some also contracted, notably GMS chains and department stores.</p>
<p>Retailing also became more profitable last year, up 6% on average for the top 250 retailers, and is expected to grow profits further on the back of new technologies wrought by the pressures of the labour shortage. However, profit growth is slowing as competition increases across different formats.</p>

The following is an in-depth review of the retail sector results for 2018-19 giving investors a quick overview of the strengths and weaknesses in the sector as well as highlighting key winners and losers by sales growth and profit. In an accompanying Insight, we provide snapshot reviews of each sector to give investors quick guides to seach retail sector's strengths and weaknesses.
Leading retailers grew sales and share last year and made more money too. Although savings rates rose to their highest level ever in 2018, this also meant that a lot of households had money stored up, providing better retailers and brands with an opportunity to convince them to spend some of it.
Many formats and sectors had a good year including convenience stores, discount chains, drugstores, speciality chains such as in fashion and even consumer electronics (at least for now), but some also contracted, notably GMS chains and department stores.
Retailing also became more profitable last year, up 6% on average for the top 250 retailers, and is expected to grow profits further on the back of new technologies wrought by the pressures of the labour shortage. However, profit growth is slowing as competition increases across different formats.

Japan Retail Review and Ranking 2018-19: Profit Growth Slowing as Competition Increases

<p>The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners and losers. <a href="https://www.smartkarma.com/insights/japan-retail-review-and-ranking-2018-19-profit-growth-slowing-as-competition-increases" target="_blank" rel="noopener">In an accompanying Insight, we provide an overview of retail performance for the entire sector in 2018-19 by sales, profits and margins.</a></p>

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners and losers. In an accompanying Insight, we provide an overview of retail performance for the entire sector in 2018-19 by sales, profits and margins.

Japan Retail Highlights 2018-19: Sector by Sector and Winners in Each Sector

'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. 

<p style="text-align: center;"><strong>• RELATIVE PRICE SCORE</strong> • </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/226/original/2019-06-13_16-47-07.png?1560412038" class="editor-image img-responsive" data-smartkarma-image-id="90226"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>INTRODUCTION </strong>- The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at<strong> +4</strong> &amp; <strong>-2</strong> and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. RPS outliers with a Score of greater than 10.0 are rare outside of the 2000 tech 'bubble'. <a href="https://www.smartkarma.com/entities/goldwin-inc" target="_blank" data-smartkarma-citation="entities:410:1">Goldwin (8111 JP)</a> has the distinction of being one of only two large-cap RPS 'ten-baggers' since that time.</p><p><strong>This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/196/original/2019-06-13_11-15-27.png?1560392157" class="editor-image img-responsive" data-smartkarma-image-id="90196"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>STATISTICS</strong> - Currently, of the 3,832 listed companies for which daily RPS data is available, 94 companies are 'Overbought', and 131 are 'Oversold' - 2.5% and 3.4%, respectively of the total. For the 758 companies with a market capitalisation of over ¥100b, there are 50 'Overbought' and 18 'Oversold' companies, 6.6% and 5.0%, respectively. As noted the companion Insight, <a href="https://www.smartkarma.com/insights/japan-june-relative-price-scores-market-sectors-peer-groups-more-of-the-same" target="_blank" data-smartkarma-citation="insights:30323">🇯🇵 Japan • June Relative Price Scores: Market, Sectors &amp; Peer Groups - More of The Same</a>, these numbers and percentages are unusual and were last seen in the Japanese market in 2000. </p><hr><p style="text-align: center;"><strong>• RELATIVE PRICE SCORE TOPS •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/202/original/2019-06-13_13-06-49.png?1560398835" class="editor-image img-responsive" data-smartkarma-image-id="90202"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>RPS 'TOPS'</strong> - In the last two years, 444 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 43 days. 1.4% of the total of 1.29 million traded stock days were by companies with an RPS of over 4. For companies with a market capitalisation higher than ¥100b, the numbers are 96 companies and 75 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1">Descente (8114 JP)</a>, <a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1">Alfresa (2784 JP)</a>, <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">FamilyMart Uny (8028 JP)</a>, <a href="https://www.smartkarma.com/entities/kikkoman-corp" target="_blank" data-smartkarma-citation="entities:11720:1">Kikkoman (2801 JP)</a>, <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1">Kobayashi Pharmaceutical (4967 JP)</a>, and <a href="https://www.smartkarma.com/entities/eiken-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12675:1">Eiken Chemical (4549 JP)</a>.  </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/201/original/2019-06-13_13-04-38.png?1560398780" class="editor-image img-responsive" data-smartkarma-image-id="90201"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/203/original/2019-06-13_13-08-46.png?1560398945" class="editor-image img-responsive" data-smartkarma-image-id="90203"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/204/original/2019-06-13_13-09-37.png?1560399049" class="editor-image img-responsive" data-smartkarma-image-id="90204"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/205/original/2019-06-13_13-12-01.png?1560399142" class="editor-image img-responsive" data-smartkarma-image-id="90205"></figure><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/316/original/2019-06-15_19-45-47.png?1560595558" class="editor-image img-responsive" data-smartkarma-image-id="90316"></figure><p>Source: Japan Analytics</p>
</div><p><strong>RPS 'BOTTOMS'</strong> - 372 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 61 days. 1.5% of the total of 1.29 million traded stock days were by companies with an RPS of less than -2.  For larger capitalisation companies, the numbers are 85 companies and 89 days. A recent example of positive RPS mean reversion is <a href="https://www.smartkarma.com/entities/k-o-energy-group-inc" target="_blank" data-smartkarma-citation="entities:17701:1">K&amp;O Energy (1663 JP)</a>.</p><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/090/207/original/2019-06-13_13-14-03.png?1560399270" class="editor-image img-responsive" data-smartkarma-image-id="90207"></figure><p>Source: Japan Analytics</p>
</div><div class="content-highlight"><p>In the <strong>DETAIL </strong>section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.</p></div>

• RELATIVE PRICE SCORE • Source: Japan AnalyticsINTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are thus on a comparable scale, 'Overbought' and 'Oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months. RPS outliers with a Score of greater than 10.0 are rare outside of the 2000 tech 'bubble'. Goldwin (8111 JP) has the distinction of being one of only two large-cap RPS 'ten-baggers' since that time.This insight updates our list of Overbought and Oversold companies, reviews the best and worst performing companies in terms of RPS over the last three months and adds some specific comments on stocks on each category.Source: Japan AnalyticsSTATISTICS - Currently, of the 3,832 listed companies for which daily RPS data is available, 94 companies are 'Overbought', and 131 are 'Oversold' - 2.5% and 3.4%, respectively of the total. For the 758 companies with a market capitalisation of over ¥100b, there are 50 'Overbought' and 18 'Oversold' companies, 6.6% and 5.0%, respectively. As noted the companion Insight, 🇯🇵 Japan • June Relative Price Scores: Market, Sectors &amp; Peer Groups - More of The Same, these numbers and percentages are unusual and were last seen in the Japanese market in 2000. • RELATIVE PRICE SCORE TOPS •Source: Japan AnalyticsRPS 'TOPS' - In the last two years, 444 companies have achieved an RPS of '4' or more and the average Overbought 'persistence' is 43 days. 1.4% of the total of 1.29 million traded stock days were by companies with an RPS of over 4. For companies with a market capitalisation higher than ¥100b, the numbers are 96 companies and 75 days - demonstrating the superior persistence of large capitalisation companies in this regard. Some examples of RPS mean reversion in the last three months have been Descente (8114 JP), Alfresa (2784 JP), FamilyMart Uny (8028 JP), Kikkoman (2801 JP), Kobayashi Pharmaceutical (4967 JP), and Eiken Chemical (4549 JP).  
Source: Japan Analytics
RPS 'BOTTOMS' - 372 companies have seen their RPS fall to '-2' or below in the last two years, and the average Oversold 'persistence' is 61 days. 1.5% of the total of 1.29 million traded stock days were by companies with an RPS of less than -2.  For larger capitalisation companies, the numbers are 85 companies and 89 days. A recent example of positive RPS mean reversion is K&amp;O Energy (1663 JP).
Source: Japan Analytics
In the DETAIL section below, we list the current very overbought (RPS&gt;5), too late to buy (RPS &gt;4&lt;5) and oversold (RPS &lt;-2) stocks as well as the most substantial three-month positive and negative changes in RPS.

🇯🇵 Japan • Relative Price Scores - Overbought & Oversold Companies - June 2019

Japan

MARUI GROUP CO., LTD. operates department stores which sell clothing, accessories, home appliances, and food stuffs.  The Company also provides consumer loan services.  Marui Group operates in the Tokyo area.

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Marui Group (8252 JP)

Japan - Big Shorts on Zozo (3092 JP)

The short notional in the market for the week ended 15 November is US$25.82bn (down by US$480m) with the largest short positions in Itochu Corp...

Brian Freitas

Japan Shorts - Nissan Motor, Itochu, Asahi Kasei Most Shorted

The short notional in the market for the week ended 8 November is US$26.30bn (down by US$340m) with the largest short positions in Itochu Corp...

Brian Freitas

Japan Retail Review and Ranking 2018-19: Profit Growth Slowing as Competition Increases

The following is an in-depth review of the retail sector results for 2018-19 giving investors a quick overview of the strengths and weaknesses in...

Michael Causton

Japan Retail Highlights 2018-19: Sector by Sector and Winners in Each Sector

The following provides a snapshot guide to the performance of all the main retail sectors in Japan in 2018-19 sector by sector including winners...

Michael Causton

🇯🇵 Japan • Relative Price Scores - Overbought & Oversold Companies - June 2019

• RELATIVE PRICE SCORE • INTRODUCTION - The Relative Price Score (RPS) is a measure of stock price performance relative to TOPIX calculated by...

Campbell Gunn

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