'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)

DOMESTIC  DEFENSIVE SECTORS ▲ GLOBAL CYCLICAL SECTORS ▼ -  The Q1 trend shift away from global cyclical sectors accelerated in the second quarter and all of these sectors saw declines in weight over the last three months.SECTOR RECOMMENDATIONS - Our most preferred sectors are currently Healthcare, Energy, Other Commercial Products, Utilities and Information Technology and least preferred sectors are Multi-Industry, Metals, Chemicals, Autos, Machinery, Banks and Consumer Services.MARKET OUTLOOK MIXED - With manufacturing sectors comprising 60% of the market and with many domestic sectors now fully-valued, it is hard to see the market making much headway over the rest of the summer.

DOMESTIC  DEFENSIVE SECTORS ▲ GLOBAL CYCLICAL SECTORS ▼ -  The Q1 trend shift away from global cyclical sectors accelerated in the second quarter and all of these sectors saw declines in weight over the last three months.SECTOR RECOMMENDATIONS - Our most preferred sectors are currently Healthcare, Energy, Other Commercial Products, Utilities and Information Technology and least preferred sectors are Multi-Industry, Metals, Chemicals, Autos, Machinery, Banks and Consumer Services.MARKET OUTLOOK MIXED - With manufacturing sectors comprising 60% of the market and with many domestic sectors now fully-valued, it is hard to see the market making much headway over the rest of the summer.

Japan : Q2 Sector & Company Performance Review

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

We screened for names in Japan with a low PBR relative to its own history and also low relative to other names in the Sector. Large-cap names that made the list are  <a href="https://www.smartkarma.com/entities/154" target="_blank" data-smartkarma-citation="entities:154:1">Honda Motor Co Ltd (7267 JP)</a> with a 0.7x PBR, <a href="https://www.smartkarma.com/entities/961" target="_blank" data-smartkarma-citation="entities:961:1">Nippon Steel &amp; Sumitomo Metal Corp (5401 JP)</a> with a 0.6x PBR and <a href="https://www.smartkarma.com/entities/13613" target="_blank" data-smartkarma-citation="entities:13613:1">Mitsubishi Heavy Industries (7011 JP)</a> with a 0.7x PBR.<h2>Screen Criteria</h2><ol>
<li>Absolute PBR is less than 1.1x</li>
<li>Current PBR is currently 20% or more below the 5-year median PBR</li>
<li>Current PBR is 20% or more below the Sector Median</li>
</ol><h2>Screen</h2>…

We screened for names in Japan with a low PBR relative to its own history and also low relative to other names in the Sector. Large-cap names that made the list are  Honda Motor Co Ltd (7267 JP) with a 0.7x PBR, Nippon Steel &amp; Sumitomo Metal Corp (5401 JP) with a 0.6x PBR and Mitsubishi Heavy Industries (7011 JP) with a 0.7x PBR.Screen Criteria
Absolute PBR is less than 1.1x
Current PBR is currently 20% or more below the 5-year median PBR
Current PBR is 20% or more below the Sector Median
Screen…

Names with Low PBR Relative to History and Sector....

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

Trump is a bit of a conundrum. With his propensity to take to twitter to respond to minor slights it might be tempting to consider him a person who is concerned with appearances but almost everything he says invites criticism. What seems to get lost in the muddle and what people seem reluctant to give him credit for is something very simple. He makes things happen. And that is often better than stagnation in an undesirable, though tolerable state. The North Korea situation is an example and…

Trump is a bit of a conundrum. With his propensity to take to twitter to respond to minor slights it might be tempting to consider him a person who is concerned with appearances but almost everything he says invites criticism. What seems to get lost in the muddle and what people seem reluctant to give him credit for is something very simple. He makes things happen. And that is often better than stagnation in an undesirable, though tolerable state. The North Korea situation is an example and…

What the Market May Be Missing About Trump's Trade "Strategy" With China

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

The wait for Essar Steel’s lenders only got longer as the Consortium of Creditors that replaced its board rejected bids from Numetal and <a href="https://www.smartkarma.com/entities/21125" target="_blank" data-smartkarma-citation="entities:21125:1">ArcelorMittal (MT NA)</a> after finding them ineligible under revised bankruptcy laws. Essar Steel owes over INR 450bn to its lenders comprising about 22 banks. We take a quick look at the Company and the potential bidders in round two.<h2>The Background</h2>Essar Steel is an integrated steel producer with an annual capacity of 10MT that was established by the Ruia family…

The wait for Essar Steel’s lenders only got longer as the Consortium of Creditors that replaced its board rejected bids from Numetal and ArcelorMittal (MT NA) after finding them ineligible under revised bankruptcy laws. Essar Steel owes over INR 450bn to its lenders comprising about 22 banks. We take a quick look at the Company and the potential bidders in round two.The BackgroundEssar Steel is an integrated steel producer with an annual capacity of 10MT that was established by the Ruia family…

Essar Steel: Liquidation Looms Large as Bidding Forced into Round Two

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel tariff next week. It is unclear, however, if this approach will be applied in a blanket fashion to all countries or only to a targeted list of countries. In its Feb. 16 Section 232 report, the blanket tariffs proposed by the U.S. Department of Commerce were 24% for all steel imports, which is less severe than the figures indicated by Trump on March…

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel tariff next week. It is unclear, however, if this approach will be applied in a blanket fashion to all countries or only to a targeted list of countries. In its Feb. 16 Section 232 report, the blanket tariffs proposed by the U.S. Department of Commerce were 24% for all steel imports, which is less severe than the figures indicated by Trump on March…

Minimal Impact on Our Asian Steel Coverage Following U.S.Steel Import Tariffs; FVEs Unchanged

Japan

Nippon Steel Corp is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide.  Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

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Nippon Steel Corporation (5401 JP)

Japan : Q2 Sector & Company Performance Review

DOMESTIC DEFENSIVE SECTORS ▲ GLOBAL CYCLICAL SECTORS ▼ - The Q1 trend shift away from global cyclical sectors accelerated in the second quarter...

Campbell Gunn

Names with Low PBR Relative to History and Sector....

We screened for names in Japan with a low PBR relative to its own history and also low relative to other names in the Sector. Large-cap names that...

Custom Products Group

What the Market May Be Missing About Trump's Trade "Strategy" With China

Trump is a bit of a conundrum. With his propensity to take to twitter to respond to minor slights it might be tempting to consider him a person who...

Mio Kato

Essar Steel: Liquidation Looms Large as Bidding Forced into Round Two

The wait for Essar Steel’s lenders only got longer as the Consortium of Creditors that replaced its board rejected bids from Numetal and...

Chacko Jacob

Minimal Impact on Our Asian Steel Coverage Following U.S.Steel Import Tariffs; FVEs Unchanged

After meeting with steel and aluminum executives at the White House on March 1, President Donald Trump announced that he'll be enacting a 25% steel...

Morningstar, Inc.

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