'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><p style="text-align: center;"><strong>•BEST &amp; WORST 4th AUGUST •</strong></p></div><div>
<p>The 'best' and 'worst' from yesterday's large-cap announcements came from <a href="https://www.smartkarma.com/entities/itochu-techno-solutions-corp" target="_blank" data-smartkarma-citation="entities:2431:1" rel="noopener">Itochu Techno Solutions (4739 JP)</a> and <a href="https://www.smartkarma.com/entities/nok-corp" target="_blank" data-smartkarma-citation="entities:2980:1" rel="noopener">NOK Corp (7240 JP)</a>, respectively - both mostly driven by forecasts.  More extensive coverage follows in the DETAIL section below.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/150/543/original/2020-08-05_06-36-25.png?1596577023" class="editor-image img-responsive" data-smartkarma-image-id="150543"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/150/530/original/2020-08-05_05-52-12.png?1596574370" class="editor-image img-responsive" data-smartkarma-image-id="150530"></figure><div class="content-caption">Source • Japan Analytics</div>
<hr>
</div><div>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
<hr>
</div><div><p><strong>PERCENTAGES</strong> - 74% of quarterly results,  80% of annual forecasts/revisions and 73% of interim forecasts have negative Scores and 33% of companies reporting lost money for the quarter.</p></div><hr><div><p style="text-align: center;"><strong>127 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 24% Positive / 2% Neutral / 74% Negative</li>
<li>
<strong>Average Results Score Change: </strong>-4.5 points</li>
<li>
<strong>Average % Change in Revenue: </strong>-13.4% Quarter YoY / -3.9% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -1.8 ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 33%</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>59 Annual • 33 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 17% Positive / 3% Neutral / 80% Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 24% Positive / 3% Neutral / 73% Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -9.7 points</li>
</ul></div>

•BEST &amp; WORST 4th AUGUST •
The 'best' and 'worst' from yesterday's large-cap announcements came from Itochu Techno Solutions (4739 JP) and NOK Corp (7240 JP), respectively - both mostly driven by forecasts.  More extensive coverage follows in the DETAIL section below.
Source • Japan Analytics


DAILY STATS

PERCENTAGES - 74% of quarterly results,  80% of annual forecasts/revisions and 73% of interim forecasts have negative Scores and 33% of companies reporting lost money for the quarter.127 Quarterly Results

Results Score: 24% Positive / 2% Neutral / 74% Negative

Average Results Score Change: -4.5 points

Average % Change in Revenue: -13.4% Quarter YoY / -3.9% Rolling TTM YoY 

Average Operating Profit Margin Change: -1.8 ppt

Percentage Making Quarterly Losses: 33%
 59 Annual • 33 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 17% Positive / 3% Neutral / 80% Negative

Interim Forecast/Revision Score Change: 24% Positive / 3% Neutral / 73% Negative

Average Forecast/Revision Score Change: -9.7 points


🇯🇵 JAPAN • Results & Revisions 4th August - Sony, CTC, Kakaku.com, Daikin, Yamaha, Tokai Carbon

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/414/original/2020-04-24_05-17-46.png?1587673330" class="editor-image img-responsive" data-smartkarma-image-id="129414"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/415/original/2020-04-24_05-22-47.png?1587673388" class="editor-image img-responsive" data-smartkarma-image-id="129415"></figure><div class="content-caption">Source • IHS Markit/au Jibun Bank, Cabinet Office</div><p><strong>"GETTING WORSE RAPIDLY"</strong> - According to Japan's Cabinet Office in language that has not been used since May 2009, "the Japanese economy is getting worse rapidly in an extremely severe situation" and has dropped the word "recovering" for the first time in the Abenomics era. The IHS Markit Composite PMI data (sponsored by au Jibun Bank) shown above is already below the trough of 2009 and expectations suggest that the manufacturing output indicator will follow Services into the "20s" next month. The Bank of Japan is reported to be discussing 'unlimited' purchases of fixed income securities.  </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/417/original/IMG_1497.jpg?1587675446" class="editor-image img-responsive" data-smartkarma-image-id="129417"></figure><div class="content-caption">Source • NHK</div><p><strong>SIGNALLING</strong> - COVID-19 daily case counts remain above 300 and 100, respectively, although these are lagging indicators given that it takes up to one week to get a test result due to a lack of personnel and excessively fax-centric bureaucratic processes.  The central and local governments are stepping up their rhetoric to encourage more social distancing, especially over the upcoming Golden Week national holidays. They have asked companies to 'cease operations' from tomorrow until 6th May. Parking lots at tourist attractions are being closed, and flower buds are being culled in parks and nature reserves. The closure of national highway routes is also being discussed. Many pachinko parlours are defying the government's request to cease operations. They may now be subjected to 'naming and shaming' - a tactic complicated by the over-representation of Korean ethnic minorities in the industry.<strong> Japan's current strategy risks falling between its twin objectives of limiting the damage to the economy while avoiding 'overshoot' in the medical system. We continue to expect the 'states of emergency' to be extended beyond 6th May.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/129/418/original/2020-04-23_07-03-24.png?1587676688" class="editor-image img-responsive" data-smartkarma-image-id="129418"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>INTERIM FORECASTS</strong> - Many companies issue forecasts for the interim as well as the annual period ahead. The former forecasts are often prepared and reviewed at a lower 'level' in the company than the latter, which are seen as 'targets' set by the CEO. As a result and as seen last year, the interim forecasts provide better forward guidance, a pattern that is beginning to repeat this year as seen in our scoring above. </p><p>In the <strong>DETAIL</strong> below, we shall review the results, revisions and initial forecast announcements made yesterday.  The positive/neutral/negative balance for the 16 results was 9:0:7; and for the 17 revisions/forecasts, the split was 12:0:5, with three of the twelve 'positives' being in the Information Technology Sector. Of the eleven companies reporting annual results, only five made a forecast for the current year. <strong><a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon (7751 JP)</a></strong>became the largest company so far by market cap to withdraw its year-end forecasts. One company withdrew its dividend forecast; two increased their payouts, while <a href="https://www.smartkarma.com/entities/nok-corp" target="_blank" data-smartkarma-citation="entities:2980:1" rel="noopener">NOK (7240 JP)</a> reduced.</p>

Source • IHS Markit/au Jibun Bank, Cabinet Office"GETTING WORSE RAPIDLY" - According to Japan's Cabinet Office in language that has not been used since May 2009, "the Japanese economy is getting worse rapidly in an extremely severe situation" and has dropped the word "recovering" for the first time in the Abenomics era. The IHS Markit Composite PMI data (sponsored by au Jibun Bank) shown above is already below the trough of 2009 and expectations suggest that the manufacturing output indicator will follow Services into the "20s" next month. The Bank of Japan is reported to be discussing 'unlimited' purchases of fixed income securities.  Source • NHKSIGNALLING - COVID-19 daily case counts remain above 300 and 100, respectively, although these are lagging indicators given that it takes up to one week to get a test result due to a lack of personnel and excessively fax-centric bureaucratic processes.  The central and local governments are stepping up their rhetoric to encourage more social distancing, especially over the upcoming Golden Week national holidays. They have asked companies to 'cease operations' from tomorrow until 6th May. Parking lots at tourist attractions are being closed, and flower buds are being culled in parks and nature reserves. The closure of national highway routes is also being discussed. Many pachinko parlours are defying the government's request to cease operations. They may now be subjected to 'naming and shaming' - a tactic complicated by the over-representation of Korean ethnic minorities in the industry. Japan's current strategy risks falling between its twin objectives of limiting the damage to the economy while avoiding 'overshoot' in the medical system. We continue to expect the 'states of emergency' to be extended beyond 6th May.Source • Japan AnalyticsINTERIM FORECASTS - Many companies issue forecasts for the interim as well as the annual period ahead. The former forecasts are often prepared and reviewed at a lower 'level' in the company than the latter, which are seen as 'targets' set by the CEO. As a result and as seen last year, the interim forecasts provide better forward guidance, a pattern that is beginning to repeat this year as seen in our scoring above. In the DETAIL below, we shall review the results, revisions and initial forecast announcements made yesterday.  The positive/neutral/negative balance for the 16 results was 9:0:7; and for the 17 revisions/forecasts, the split was 12:0:5, with three of the twelve 'positives' being in the Information Technology Sector. Of the eleven companies reporting annual results, only five made a forecast for the current year. Canon (7751 JP)became the largest company so far by market cap to withdraw its year-end forecasts. One company withdrew its dividend forecast; two increased their payouts, while NOK (7240 JP) reduced.

🇯🇵 JAPAN • Revisions & Results 23rd April - "Getting Worse Rapidly" + OBICs, TGas, Canon, Omron

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. 

Quantitative Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/347/original/2019-04-20_09-59-40.png?1555722056" class="editor-image img-responsive" data-smartkarma-image-id="85347"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>UnCh</strong> - Japanese equities are unchanged in US dollar terms over both three and six months. The Bank of Japan has intervened on 42 of the 121 trading days since October 22nd or an average of 1.6 times a week as foreigners remain underweight. As corporate results and macro data continue to disappoint, the outlook for the market is muted ahead of the upcoming ten-day holiday which combines the traditional Golden Week holidays with the accession of the new Emperor and the beginning of the Reiwa era (令和時代).  </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/405/original/2019-04-21_07-28-03.png?1555799330" class="editor-image img-responsive" data-smartkarma-image-id="85405"></figure><div class="content-caption">Source: Investing.com</div><p><strong>CURRENCY RISK?</strong> - "UnCh" also applies to <a href="https://www.smartkarma.com/entities/22826" target="_blank" data-smartkarma-citation="entities:22826:1">JPY (USDJPY CURNCY)</a>  Implied volatility for 9-month USDJPY options reached a new 25-year low last week of 6.11. The previous two lows were in 2006 and 2015 and were followed by periods of sustained Yen strength. The equity market currently appears to be discounting precisely the opposite.   </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/350/original/2019-04-20_10-21-58.png?1555723331" class="editor-image img-responsive" data-smartkarma-image-id="85350"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>VTR</strong> - The ratio of the value of stocks traded to the total market value continues to decline. The average for 2019 is 11% below that for the same period last year and is unchanged at 39bps in each month year-to-date.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/381/original/2019-04-20_14-34-11.png?1555738458" class="editor-image img-responsive" data-smartkarma-image-id="85381"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>VOLUME SCORE TIMELINE</strong> - Volumes have been highest in the <strong>Internet</strong>, <strong>Retail</strong>, and<strong> Telecoms</strong> sectors, while the <strong>Materials</strong>,<strong> Transportation</strong>, <strong>Utilities</strong> and<strong> Real Estate</strong> Sectors have seen the lowest.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/352/original/2019-04-20_10-29-59.png?1555723806" class="editor-image img-responsive" data-smartkarma-image-id="85352"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>LOWS &gt; HIGHS</strong> - With a deficit of positive news at the individual company level, the number of new 52-week highs has exceeded the number of new 52-week lows on only one-third of the last 31 trading days. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/363/original/2019-04-20_12-34-06.png?1555731278" class="editor-image img-responsive" data-smartkarma-image-id="85363"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>DRIFTING LOWER</strong> - TTM and Forecasts Aggregate Operating and Net Income continue to drift lower ahead of the full-year results for March year-end companies which are due in a more-concentrated-than-usual period either side of the long break.   </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/384/original/2019-04-20_17-30-47.png?1555749055" class="editor-image img-responsive" data-smartkarma-image-id="85384"></figure><div class="content-caption">Source: Japan Analytics <p></p>
</div><p><strong>MIND THE GAP</strong> - Based on our Scoring methodology for aggregate Results &amp; Revisions, the 'gap' between total market value and earnings momentum is now as wide as at the two previous 'peaks' in January 2018 and September 2018.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/435/original/File%202019-04-21%2015%2055%2018.jpeg?1555829876" class="editor-image img-responsive" data-smartkarma-image-id="85435"></figure><div class="content-caption">Source: Bank of America Merrill Lynch</div><p><strong>GLOBAL WAVE</strong> - The market is implying that the earnings cycle is close to a bottom which is in accord with BAML's Global Earnings Revision Ratio having ticked up last month for the first time in 14 months. BAML has yet to call a Trough in their Global Wave and, were they to do so, such a Trough would be the first above '50' since 2006.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/378/original/2019-04-20_14-00-43.png?1555736454" class="editor-image img-responsive" data-smartkarma-image-id="85378"></figure><p><strong>FORECASTS LEADING EARNINGS LOWER</strong> - Separating our the Results Score and the Forecast &amp; Revision Score, the latter is continuing to lead the former to the downside, although both Scores are in aggregate still positive. Reported earnings and forecasts are still growing year-on-year; however, the momentum is slowing rapidly.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/379/original/2019-04-20_14-04-23.png?1555736670" class="editor-image img-responsive" data-smartkarma-image-id="85379"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>INTERIM LEADING ANNUAL LOWER</strong> -  Between February and September in each year, there is a statistically significant number of Interim Forecasts that they can be compared to the Annual Forecasts with which they are combined to derive the score in the previous chart. Interim Forecasts are often prepared by the divisional heads are not accorded the same 'reverence' as the Annual Forecasts. As a result, the Interim numbers offer a good leading indicator of short-term trends. In recent weeks, the aggregate Interim Forecast/Revision Score has turned sharply lower and is now at the lowest point in almost two years.   </p><p>In the <strong>DETAIL</strong> section below, we will review Sector performance, company results, revisions and stock performance over the previous two weeks, as well as adding some brief comments on <a href="https://www.smartkarma.com/entities/14191" target="_blank" data-smartkarma-citation="entities:14191:1">Koshidaka (2157 JP)</a>, <a href="https://www.smartkarma.com/entities/2765" target="_blank" data-smartkarma-citation="entities:2765:1">Ryohin Keikaku (7453 JP)</a>, <strong>Drugstores</strong>, <a href="https://www.smartkarma.com/entities/237" target="_blank" data-smartkarma-citation="entities:237:1">Daiwa House (1925 JP)</a>, <strong>Toyota Parts companies</strong>, and <a href="https://www.smartkarma.com/entities/2" target="_blank" data-smartkarma-citation="entities:2:1">Yamato Holdings (9064 JP)</a>.</p>

Source: Japan AnalyticsUnCh - Japanese equities are unchanged in US dollar terms over both three and six months. The Bank of Japan has intervened on 42 of the 121 trading days since October 22nd or an average of 1.6 times a week as foreigners remain underweight. As corporate results and macro data continue to disappoint, the outlook for the market is muted ahead of the upcoming ten-day holiday which combines the traditional Golden Week holidays with the accession of the new Emperor and the beginning of the Reiwa era (令和時代).  Source: Investing.comCURRENCY RISK? - "UnCh" also applies to JPY (USDJPY CURNCY)  Implied volatility for 9-month USDJPY options reached a new 25-year low last week of 6.11. The previous two lows were in 2006 and 2015 and were followed by periods of sustained Yen strength. The equity market currently appears to be discounting precisely the opposite.   Source: Japan AnalyticsVTR - The ratio of the value of stocks traded to the total market value continues to decline. The average for 2019 is 11% below that for the same period last year and is unchanged at 39bps in each month year-to-date.Source: Japan AnalyticsVOLUME SCORE TIMELINE - Volumes have been highest in the Internet, Retail, and Telecoms sectors, while the Materials, Transportation, Utilities and Real Estate Sectors have seen the lowest.Source: Japan AnalyticsLOWS &gt; HIGHS - With a deficit of positive news at the individual company level, the number of new 52-week highs has exceeded the number of new 52-week lows on only one-third of the last 31 trading days. Source: Japan AnalyticsDRIFTING LOWER - TTM and Forecasts Aggregate Operating and Net Income continue to drift lower ahead of the full-year results for March year-end companies which are due in a more-concentrated-than-usual period either side of the long break.   Source: Japan Analytics 
MIND THE GAP - Based on our Scoring methodology for aggregate Results &amp; Revisions, the 'gap' between total market value and earnings momentum is now as wide as at the two previous 'peaks' in January 2018 and September 2018.Source: Bank of America Merrill LynchGLOBAL WAVE - The market is implying that the earnings cycle is close to a bottom which is in accord with BAML's Global Earnings Revision Ratio having ticked up last month for the first time in 14 months. BAML has yet to call a Trough in their Global Wave and, were they to do so, such a Trough would be the first above '50' since 2006.FORECASTS LEADING EARNINGS LOWER - Separating our the Results Score and the Forecast &amp; Revision Score, the latter is continuing to lead the former to the downside, although both Scores are in aggregate still positive. Reported earnings and forecasts are still growing year-on-year; however, the momentum is slowing rapidly.Source: Japan AnalyticsINTERIM LEADING ANNUAL LOWER -  Between February and September in each year, there is a statistically significant number of Interim Forecasts that they can be compared to the Annual Forecasts with which they are combined to derive the score in the previous chart. Interim Forecasts are often prepared by the divisional heads are not accorded the same 'reverence' as the Annual Forecasts. As a result, the Interim numbers offer a good leading indicator of short-term trends. In recent weeks, the aggregate Interim Forecast/Revision Score has turned sharply lower and is now at the lowest point in almost two years.   In the DETAIL section below, we will review Sector performance, company results, revisions and stock performance over the previous two weeks, as well as adding some brief comments on Koshidaka (2157 JP), Ryohin Keikaku (7453 JP), Drugstores, Daiwa House (1925 JP), Toyota Parts companies, and Yamato Holdings (9064 JP).

🇯🇵 Japan • Fortnightly Update - "UnCh"

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.

<p>We looked back and identified which factors drove the Japanese market in 2018. We found that Value, which is historically strong in Japan, did poorly and really the only investment styles/factors that did well were large-cap and names with a high percent of retail investors.  </p>

We looked back and identified which factors drove the Japanese market in 2018. We found that Value, which is historically strong in Japan, did poorly and really the only investment styles/factors that did well were large-cap and names with a high percent of retail investors.  

2018 Was Not the Year for Value or Beta Names in Japan....

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<p>It is widely observed that the Japanese stock market performs poorly in calendar 1Q and seems to do okay for the rest of the year. With that in mind, and taking advantage of the fact that Japanese quiet season has become Trappist in the extreme, we undertook a three week 12-city marketing trip of the US and Canada, based around twelve large cap recommendations (split into quality and speculative), twelve small-cap recommendations and six negative ones. The recommendations were from across the…</p>

It is widely observed that the Japanese stock market performs poorly in calendar 1Q and seems to do okay for the rest of the year. With that in mind, and taking advantage of the fact that Japanese quiet season has become Trappist in the extreme, we undertook a three week 12-city marketing trip of the US and Canada, based around twelve large cap recommendations (split into quality and speculative), twelve small-cap recommendations and six negative ones. The recommendations were from across the…

Observations from Three Weeks Marketing Japanese Equities in the US

Japan

NOK CORPORATION manufactures oil seals and industrial rubber products for automobiles.  The Company also produces electronic equipment used for cellular phones and PCs.  NOK has production facilities in Taiwan and Thailand.

Price Gauge
52-week Range	0.00 - 0.00
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Nok Corp (7240 JP)

🇯🇵 JAPAN • Results & Revisions 4th August - Sony, CTC, Kakaku.com, Daikin, Yamaha, Tokai Carbon

•BEST & WORST 4th AUGUST • The 'best' and 'worst' from yesterday's large-cap announcements came from Itochu Techno Solutions (4739 JP) and NOK...

Campbell Gunn

🇯🇵 JAPAN • Revisions & Results 23rd April - "Getting Worse Rapidly" + OBICs, TGas, Canon, Omron

"GETTING WORSE RAPIDLY" - According to Japan's Cabinet Office in language that has not been used since May 2009, "the Japanese economy is getting...

Campbell Gunn

🇯🇵 Japan • Fortnightly Update - "UnCh"

UnCh - Japanese equities are unchanged in US dollar terms over both three and six months. The Bank of Japan has intervened on 42 of the 121 trading...

Campbell Gunn

2018 Was Not the Year for Value or Beta Names in Japan....

We looked back and identified which factors drove the Japanese market in 2018. We found that Value, which is historically strong in Japan, did...

Custom Products Group

Observations from Three Weeks Marketing Japanese Equities in the US

It is widely observed that the Japanese stock market performs poorly in calendar 1Q and seems to do okay for the rest of the year. With that in...

Pelham Smithers Associates

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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