'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>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/359/original/2020-07-16_06-39-04.png?1594849241" class="editor-image img-responsive" data-smartkarma-image-id="146359"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/360/original/2020-07-16_06-42-12.png?1594849361" class="editor-image img-responsive" data-smartkarma-image-id="146360"></figure><div class="content-caption">Source • Japan Analytics</div>
<p><strong><a href="https://www.smartkarma.com/entities/money-forward-inc" target="_blank" data-smartkarma-citation="entities:25919:1" rel="noopener">Money Forward (3994 JP)</a></strong>- Money Forward's impressive revenue growth continued unabated in the second quarter. However necessary the ¥611 million (22% of sales) quarterly advertising budget is to sustain such revenue momentum, the lack of 'margin' improvement has shaved two points from our Results Score. The shares are close to a new Relative Price Score high and to being Overbought. We would trim into any announcement bounce above ¥8,000.</p>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><p style="text-align: center;"><strong>66 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 10 Positive / 9 Neutral / 47 Negative</li>
<li>
<strong>Average Results Score Change:</strong> -5.4</li>
<li>
<strong>Average % Change in Revenue:</strong> -14.7% Quarter YoY / +1.3% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -3.2ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 42%</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>24 Annual • 9 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 7 Positive / 4 Neutral / 13 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 1 Positive / 0 Neutral / 8 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -9.3</li>
</ul></div>


Source • Japan Analytics
Money Forward (3994 JP)- Money Forward's impressive revenue growth continued unabated in the second quarter. However necessary the ¥611 million (22% of sales) quarterly advertising budget is to sustain such revenue momentum, the lack of 'margin' improvement has shaved two points from our Results Score. The shares are close to a new Relative Price Score high and to being Overbought. We would trim into any announcement bounce above ¥8,000.
DAILY STATS
66 Quarterly Results

Results Score: 10 Positive / 9 Neutral / 47 Negative

Average Results Score Change: -5.4

Average % Change in Revenue: -14.7% Quarter YoY / +1.3% Rolling TTM YoY

Average Operating Profit Margin Change: -3.2ppt

Percentage Making Quarterly Losses: 42%
 24 Annual • 9 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 7 Positive / 4 Neutral / 13 Negative

Interim Forecast/Revision Score Change: 1 Positive / 0 Neutral / 8 Negative

Average Forecast/Revision Score Change: -9.3


🇯🇵 JAPAN • Results & Revisions 15th July - Money Forward, TKP, Nachi-Fujikoshi, Tokyo Steel

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/030/original/2020-04-15_06-24-46.png?1586899501" class="editor-image img-responsive" data-smartkarma-image-id="128030"></figure><div class="content-caption">Source • Arbor Data Science</div><p><strong>PEAK ANXIETY</strong> - As Japan's COVID-19 case-count (8,006) and fatalities (151) continue to rise, public anxiety, as exemplified by symptom search on Google, is rising as is online criticism of the government's measured approach.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/036/original/File%202020-04-15%203%2004%2046.jpeg?1586899729" class="editor-image img-responsive" data-smartkarma-image-id="128036"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/037/original/File%202020-04-15%203%2006%2028.jpeg?1586899741" class="editor-image img-responsive" data-smartkarma-image-id="128037"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/039/original/File%202020-04-15%203%2005%2041.jpeg?1586899760" class="editor-image img-responsive" data-smartkarma-image-id="128039"></figure><div class="content-caption">Source • Apple</div><p><strong>MOBILITY TRENDS</strong> - Apple is now using direction requests in Apple Maps to <a href="https://www.apple.com/covid19/mobility" target="_blank" rel="noopener">chart</a> 'mobility trends' around the world. Transit mobility is Tokyo is 51% below the level of three months ago and is 42% lower across Japan. The data for other countries illustrates the more limited impact of Japan's containment measures and in our view is a reasonable measure of the relative effect on GDP and supports our bullish view on 'domestic' Japan.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/042/original/2020-04-15_06-39-49.png?1586900420" class="editor-image img-responsive" data-smartkarma-image-id="128042"></figure><div class="content-caption">Source • Our World in Data</div><p><strong>OUR WORLD IN DATA</strong> - We have long been a fan of our alma mater Oxford University's Global Change Data Lab. Their COVID-19 slide deck was released yesterday and is well worth your time. We have selected a few slides below that are relevant to Japan.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/043/original/File%202020-04-14%2018%2032%2003.jpeg?1586900548" class="editor-image img-responsive" data-smartkarma-image-id="128043"></figure><ul><li>Japan's fatalities are doubling every ten days - one of the lowest rates globally.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/044/original/File%202020-04-14%2018%2039%2010.jpeg?1586900641" class="editor-image img-responsive" data-smartkarma-image-id="128044"></figure><ul><li>Japan's Case Fatality Rate (CFR) of 1.8% is within the lower bound and does not suggest an under-reporting of cases.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/045/original/File%202020-04-14%2018%2040%2043.jpeg?1586900773" class="editor-image img-responsive" data-smartkarma-image-id="128045"></figure><ul><li>Japan's CFR has been steadily declining and is now below that od Taiwan and South Korea.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/046/original/File%202020-04-14%2018%2033%2050.jpeg?1586900867" class="editor-image img-responsive" data-smartkarma-image-id="128046"></figure><ul><li>Lastly, Japan's death per million population is the lowest in the developed world.</li></ul><p></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/052/original/2020-04-15_06-53-50.png?1586901264" class="editor-image img-responsive" data-smartkarma-image-id="128052"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>THE OTHER ZOOM</strong> - On a lighter note, ZOOM (6694 JP) is a Japanese niche audio recording equipment specialist. The recent 75% 'pop' in the share price may be a case of mistaken identity ;).</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/055/original/2020-04-15_07-06-30.png?1586902007" class="editor-image img-responsive" data-smartkarma-image-id="128055"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>IN OTHER NEWS</strong> - We have always found the case for <a href="https://www.smartkarma.com/entities/japan-display-inc" target="_blank" data-smartkarma-citation="entities:8280:1" rel="noopener">Japan Display (6740 JP)</a> as limited at best and were surprised to see Ichigo Asset Management, and less so INCJ, inject new capital into the business which had a negative net worth of ¥108b in December. After an investigation which delayed the reporting of their third-quarter results, it now appears that the company has been engaging in improper accounting practices. An overvaluation of inventories has inflated consolidated operating income by ¥7.7 billion. The amounts are a small drop in the ocean of red ink displayed above. OF greater interest is who, if anyone, will 'take responsibility'. We do not consider the shares 'investment-grade'.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/022/original/2020-04-15_04-21-02.png?1586892129" class="editor-image img-responsive" data-smartkarma-image-id="128022"></figure><div style="text-align: center;" class="content-caption">Source • Japan Analytics</div><p><strong>MID AND SMALL</strong> - Lastly in this section, we would note that TOPIX Small is lagging TOPIX in this 'FOMO rally'. Smaller stocks are more domestically-orientated and for those without liquidity or sizing constraints trade at significantly more attractive valuations.</p><p>In the <strong>DETAIL </strong>below, we shall review the large-cap results, revisions and initial forecast announcements made yesterday. The positive/neutral/negative balance for all 96 results was 39:15:42; for the 39 revisions/forecasts, the split was 18:4:17. We are now 'winding down' for the results for February/May/August/November companies. There were no large-cap revisions yesterday and only six large-cap results. Of the 59 companies that reported full-year results yesterday, only 30 made initial forecasts for the current year and none of the five large-caps did so. As with the delay in annual reports discussed in our previous Insight, investors will have to learn to 'make do' with much less information this year.</p><p>By popular request, we shall keep providing this series of Insights to reflect the evolving response of Japan's corporates to the pandemic.  </p>

Source • Arbor Data SciencePEAK ANXIETY - As Japan's COVID-19 case-count (8,006) and fatalities (151) continue to rise, public anxiety, as exemplified by symptom search on Google, is rising as is online criticism of the government's measured approach.Source • AppleMOBILITY TRENDS - Apple is now using direction requests in Apple Maps to chart 'mobility trends' around the world. Transit mobility is Tokyo is 51% below the level of three months ago and is 42% lower across Japan. The data for other countries illustrates the more limited impact of Japan's containment measures and in our view is a reasonable measure of the relative effect on GDP and supports our bullish view on 'domestic' Japan.Source • Our World in DataOUR WORLD IN DATA - We have long been a fan of our alma mater Oxford University's Global Change Data Lab. Their COVID-19 slide deck was released yesterday and is well worth your time. We have selected a few slides below that are relevant to Japan.Japan's fatalities are doubling every ten days - one of the lowest rates globally.Japan's Case Fatality Rate (CFR) of 1.8% is within the lower bound and does not suggest an under-reporting of cases.Japan's CFR has been steadily declining and is now below that od Taiwan and South Korea.Lastly, Japan's death per million population is the lowest in the developed world.Source • Japan AnalyticsTHE OTHER ZOOM - On a lighter note, ZOOM (6694 JP) is a Japanese niche audio recording equipment specialist. The recent 75% 'pop' in the share price may be a case of mistaken identity ;).Source • Japan AnalyticsIN OTHER NEWS - We have always found the case for Japan Display (6740 JP) as limited at best and were surprised to see Ichigo Asset Management, and less so INCJ, inject new capital into the business which had a negative net worth of ¥108b in December. After an investigation which delayed the reporting of their third-quarter results, it now appears that the company has been engaging in improper accounting practices. An overvaluation of inventories has inflated consolidated operating income by ¥7.7 billion. The amounts are a small drop in the ocean of red ink displayed above. OF greater interest is who, if anyone, will 'take responsibility'. We do not consider the shares 'investment-grade'.Source • Japan AnalyticsMID AND SMALL - Lastly in this section, we would note that TOPIX Small is lagging TOPIX in this 'FOMO rally'. Smaller stocks are more domestically-orientated and for those without liquidity or sizing constraints trade at significantly more attractive valuations.In the DETAIL below, we shall review the large-cap results, revisions and initial forecast announcements made yesterday. The positive/neutral/negative balance for all 96 results was 39:15:42; for the 39 revisions/forecasts, the split was 18:4:17. We are now 'winding down' for the results for February/May/August/November companies. There were no large-cap revisions yesterday and only six large-cap results. Of the 59 companies that reported full-year results yesterday, only 30 made initial forecasts for the current year and none of the five large-caps did so. As with the delay in annual reports discussed in our previous Insight, investors will have to learn to 'make do' with much less information this year.By popular request, we shall keep providing this series of Insights to reflect the evolving response of Japan's corporates to the pandemic.  

🇯🇵 JAPAN • Revisions & Results 14th April - Peak Anxiety

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. 

Cross Asset Strategy

TW3 NORTH ASIA 22-27 JUNESmartkarma's North Asian Insight providers produced 28 new Insights this week, mostly focused on a deluge of 'events' and the start of the, mostly first quarter, earnings announcements. The tone was overwhelmingly 'bullish' with only six 'bearish' notes, despite the weaker trends in earnings and the simmering trade and reparation disputes between the two nations.EVENT - DRIVEN

Sanghyun Park provides summaries of the rumour mills surrounding Naver Corp (035420 KS), the Naver Financial offering, Jieum and the possible diminution of LINE (3938 JP)'s role in the evolution of the group as well as the potential for  SK Telecom (017670 KS) to acquire the Asiana group companies and the resulting conversion of SKT into a holding company.

Travis Lundy and LightStream Research noted the 'short squeeze' taking place following Chiyoda Corp (6366 JP)'s removal from the Nikkei 225 (NKY INDEX) - the shares rose by 8.7% over the week.
Travis also covered three highly-unusual contested and hostile 'J-on-J" corporate actions currently unfolding. One 'white knight' has already emerged, while another two could be appearing over the horizon - a busy time for Japan's IBs:- 

Askul/Yahoo Japan -  Askul has accused YJ of lying as to its intentions surrounding the future of their JV company LOHACO and their move to have Askul's CEO dismissed - Askul has requested a dissolution of their tie-up and could be seeking a white knight

UNIZO/HIS - UNIZO has, so far, been unable to respond in writing to HIS's Tender Offer of 11th July and requires 'more information' from the Offeror. UNIZO in buying some more time is likely to be preparing a revised RNAV and probably also seeking a white knight given HIS's lack of real estate chops.

Star Asia/Sakura Sogo REIT/Mirai - This J-REIT 'event' is already a 'threesome' however the lack of any merger terms, the nonsense of the potential for abuse in the 'Deemed Approval' of non-voting shareholders and the blatant self-interest of the Sakura Soo sponsors are further glaring lacunae in Japanese corporate governance (sic)


The Asahi Group (2502 JP) acquisition of ABInBev's Australian operation CUB was deemed positive and value accretive by LightStream Research but Arun George points out that the price already factors in ambitious targets for further share gains.
Lastly, Travis Lundy recommends buying the Sanyo Chemical (4471 JP)  / Nippon Shokubai (4114 JP) 'ratio' with upsides ranging from 7% to 34%, while LightStream Research continue to applaud Denso Corp (6902 JP) further moves into autonomous driving after establishing a chip JV with Toyota Motor (7203 JP).
EQUITY BOTTOM-UP    

Douglas Kim explores the three catalysts driving Hite Jinro (000080 KS) at present - a beneficiary of the South Korean boycott of all things Japanese and then correlates Samsung Electronics (SMSD LI) with trends in US bond markets and reaches a bearish conclusion

LightStream Research thinks Money Forward (3994 JP)'s new pricing plan will result in 45% three-year annual compound revenue growth which would take the company to breakeven but would wait before investing.

Kirk Boodry looks at Softbank Group (9984 JP)'s Vision Fund II, while Michael Causton surveys the task ahead for Fast Retailing (9983 JP)'s new and first female CEO and new stores opening in Shibuya and Shinsaibashi for J Front Retailing (3086 JP)

 Lastly, J. Brian Waterhouse looks at the beleaguered Fukushima Bank (8562 JP) whose largest shareholder is another listed company - Prospect Co Ltd (3528 JP) - although they are classified as a 'foreign' shareholder as the shares were originally held in the Prospect Japan Fund which has now been acquired by Prospect
 RESULTS COMMENTARY

LightStream Research maintains their bullish recommendations on both Shin Etsu Chemical (4063 JP) and Nidec (6594 JP), despite the latter's 'underwhelming' results, while also 'staying loyal to Nissan Motor (7201 JP) as they steer well clear of a Renault SA (RNO FP)-led future. They consider Toyota Motor (7203 JP) as they clear leader in the global auto industry.

Douglas Kim updated us on Naver Corp (035420 KS)'s second quarter and reviewed the Naver Financial spin-off and concludes that 'things are looking up' for the company and the CEO, Han Seong-Sook.
Bearish notes appeared from Kirk Boodry on NTT Docomo Inc (9437 JP) (although he views Docomo's woes as good news for rivals KDDI Corp (9433 JP) and Softbank Group (9984 JP), while Scott Foster highlights the potential 20% downside risk in Keyence (6861 JP) whose first-quarter results sale the first downturn in sales and profits since 2010.
THEMATIC &amp; STRATEGYA somewhat prolific week for Douglas Kim saw him round off with two strategy notes, the first a bullish Insight on Korean telecom companies in light of the rollout of 5G and a reminder that the likely date for the announcement of Sout Korea's exclusion from Japan's 'whitelist' of preferred trading counterparties will be between August 2nd and August 9th. He remains pessimistic on the outlook for the Korean market.      EVENT DRIVEN: BULLISHSanyo Chem - Nippon Shokubai Merger Ratio Is a BUY ASKUL vs Yahoo Japan - Receipts Provided LINE, Naver &amp; LHJ's Jieum: Local Speculations SKT's Asiana Takeover &amp; Intermediate Holdco Conversion Timeframe Chiyoda: Squeeze Coming Through Chiyoda in Full Squeeze - For Now Another Move by Denso to Accelerate Its ADAS Game Asahi to Acquire Carlton &amp; United Breweries: Positive for Asahi Not so for AB InBev UNIZO Board Statement on HIS Tender - No Opinion Yet Naver Financial ECO: Meaning for LINE EVENT DRIVEN: BEARISHAsahi Group: The Acquisition and the Hangover Sakura Sogo/Mirai: White Knight Guess The Ratio Isn't Easy PickingsEQUITY BOTTOM-UP: BULLISHHiteJinro: 3 Catalysts - Japanese Beer Boycott, Soju Price Increase, &amp; "Tesla" The Drink Money Forward’s New Pricing Plan Could Be Its First Step in the Path to Profitability Softbank Group: Another Step Closer to Vision Fund 2 Uniqlo’s First Female CEO Gets the Job of Managing the Cull of Stores at Home J Front Retailing Aims High with New Builds in Shibuya and Shinsaibashi EQUITY BOTTOM-UP: BEARISHKOSPI Vs. Samsung Electronics at Different Stages of the Bond Yield Differentials Fukushima Bank (8562 JP) - Living on the EdgeRESULTS COMMENTARY:  BULLISHNidec: Underwhelming 1Q But OP Recovery in PlaceNaver - The Spin-Off of Naver Financial Business &amp; Major Highlights of 2Q19 Results Shin-Etsu: Solid Growth in Semiconductor Silicon Despite Declining Memory Market Nissan: Nissan Taking Its Medicine Is Making Toyota Healthier MonotaRO (3064 JP): 1H Results on Track, but Margins Declining RESULTS COMMENTARY:  BEARISHDoCoMo Q1 19 - New Tariffs Impact Profit/User Interest Low/Good for KDDI &amp; Softbank Keyence (6861 JP): Downturn Confirmed THEMATIC &amp; STRATEGY: BULLISHThe 5G Service Rollout Update &amp; Earnings Preview of Korean Telcos in 2Q19 THEMATIC &amp; STRATEGY: BEARISHExclusion of South Korea from Japan's "Whitelist" Of Countries: D-Day - August 2nd? 

🇰🇷🇯🇵 That Was The Week That Was • North Asia 22nd-27th July 2019 @Smartkarma

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 Mar 27th. The aggregated net margin trading position is USD17,856m.</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 Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Mar 27th. The aggregated net margin trading position is USD17,856m.
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 Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.


JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>From Tools to Talent: freee is aggressively pivoting from traditional "Done by You" SaaS to a "Done for You" model, targeting the JPY 33.5 trillion back-office personnel market.</li>
<li>System of Record Moat: The company leverages its position as an authoritative "source of truth" to provide the auditability and compliance generic AI agents lack.</li>
<li>Wartime Leadership: Appointing co-founder Ryu Yokoji as Chief AI Officer signals a commitment to accelerating AI-driven productivity over legacy seat-based models</li>
</ul>


From Tools to Talent: freee is aggressively pivoting from traditional "Done by You" SaaS to a "Done for You" model, targeting the JPY 33.5 trillion back-office personnel market.
System of Record Moat: The company leverages its position as an authoritative "source of truth" to provide the auditability and compliance generic AI agents lack.
Wartime Leadership: Appointing co-founder Ryu Yokoji as Chief AI Officer signals a commitment to accelerating AI-driven productivity over legacy seat-based models


Freee (4478) | The AI Ghost in the Machine

Japan

Money Forward, Inc. develops mobile application software. The Company produces automatic household account book softwares, household account book application softwares, and other products. Money Forward also provides personal financial management, cloud based accounting solutions, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Money Forward (3994 JP)

🇯🇵 JAPAN • Results & Revisions 15th July - Money Forward, TKP, Nachi-Fujikoshi, Tokyo Steel

Money Forward (3994 JP)- Money Forward's impressive revenue growth continued unabated in the second quarter. However necessary the ¥611 million...

Campbell Gunn

🇯🇵 JAPAN • Revisions & Results 14th April - Peak Anxiety

PEAK ANXIETY - As Japan's COVID-19 case-count (8,006) and fatalities (151) continue to rise, public anxiety, as exemplified by symptom search on...

Campbell Gunn

🇰🇷🇯🇵 That Was The Week That Was • North Asia 22nd-27th July 2019 @Smartkarma

TW3 NORTH ASIA 22-27 JUNESmartkarma's North Asian Insight providers produced 28 new Insights this week, mostly focused on a deluge of 'events' and...

Campbell Gunn

JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

We analyzed JPX margin trading positions report for the past week and highlighted Fujikura (5803 JP), SoftBank (9984 JP), Sanrio (8136 JP), West...

Ke Yan, CFA, FRM

Freee (4478) | The AI Ghost in the Machine

freee is shifting to a "Done for You" model, leveraging its System of Record Moat and appointing a Chief AI Officer to focus on AI-driven...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

🇯🇵 JAPAN • Results & Revisions 15th July - Money Forward, TKP, Nachi-Fujikoshi, Tokyo Steel

Money Forward (3994 JP)- Money Forward's impressive revenue growth continued unabated in the second quarter. However necessary the ¥611 million...

Campbell Gunn

🇯🇵 JAPAN • Revisions & Results 14th April - Peak Anxiety

PEAK ANXIETY - As Japan's COVID-19 case-count (8,006) and fatalities (151) continue to rise, public anxiety, as exemplified by symptom search on...

Campbell Gunn

🇰🇷🇯🇵 That Was The Week That Was • North Asia 22nd-27th July 2019 @Smartkarma

TW3 NORTH ASIA 22-27 JUNESmartkarma's North Asian Insight providers produced 28 new Insights this week, mostly focused on a deluge of 'events' and...

Campbell Gunn

JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

We analyzed JPX margin trading positions report for the past week and highlighted Fujikura (5803 JP), SoftBank (9984 JP), Sanrio (8136 JP), West...

Ke Yan, CFA, FRM

Freee (4478) | The AI Ghost in the Machine

​freee is shifting to a "Done for You" model, leveraging its System of Record Moat and appointing a Chief AI Officer to focus on AI-driven...

Mark Chadwick

freee is shifting to a "Done for You" model, leveraging its System of Record Moat and appointing a Chief AI Officer to focus on AI-driven...