Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Behind DoCoMo's major headlines from the FY18 results on Friday, there were a few more items to be gleaned from the analyst meeting. Importantly, the company says that the 18% drop in operating income for FY19 should be the bottom and we run through some of these numbers they gave out in the insight below.  </p>

Behind DoCoMo's major headlines from the FY18 results on Friday, there were a few more items to be gleaned from the analyst meeting. Importantly, the company says that the 18% drop in operating income for FY19 should be the bottom and we run through some of these numbers they gave out in the insight below.  

DoCoMo: Key Takeaways from the Analyst Meeting

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. 

<p><a href="https://www.smartkarma.com/insights/japan-fashion-e-commerce-review-more-competition-coming-for-zozo-and-rakuten" target="_blank">As reported in a separate Insight</a> today, fashion is already the largest single category online, but it also a sector that is developing rapidly.</p><p>Around 55% of this nearly ¥2 trillion market is controlled by online malls rather than fashion retailers.</p><p>As well as <a href="https://www.smartkarma.com/entities/409" target="_blank" data-smartkarma-citation="entities:409:1">Amazon.com Inc (AMZN US)</a>, <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten (4755 JP)</a>, and <a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan (4689 JP)</a> the key specialist online malls are <a href="https://www.smartkarma.com/entities/18379" target="_blank" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a>, Magaseek (<a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a>) , Shop-List (<a href="https://www.smartkarma.com/entities/7790" target="_blank" data-smartkarma-citation="entities:7790:1">Crooz Inc (2138 JP)</a>), <a href="https://www.smartkarma.com/entities/26993" target="_blank" data-smartkarma-citation="entities:26993:1">Locondo (3558 JP)</a>, Fashionwalker, Buyma (<a href="https://www.smartkarma.com/entities/7036" target="_blank" data-smartkarma-citation="entities:7036:1">Enigmo Inc (3665 JP)</a>), and Qoo10 (<a href="https://www.smartkarma.com/entities/1291" target="_blank" data-smartkarma-citation="entities:1291:1">Ebay Inc (EBAY US)</a>).</p><p>Until around 2012, Zozo largely had the market to itself but the last few years have seen significant strides by both the biggest malls like Rakuten and Amazon and the smaller firms to improve their service, marketing and range to attract more of Zozo's customers – they also offer a more cooperative working relationship with their merchants.</p><p><strong>Some, such as Ebay's Japanese subsidiary and KDDI's Wowma!, have also slashed take-rates for merchants to as little as 4-6%, putting significant pressure on Zozo's main source of profits.</strong></p>

As reported in a separate Insight today, fashion is already the largest single category online, but it also a sector that is developing rapidly.Around 55% of this nearly ¥2 trillion market is controlled by online malls rather than fashion retailers.As well as Amazon.com Inc (AMZN US), Rakuten (4755 JP), and Yahoo Japan (4689 JP) the key specialist online malls are ZOZO Inc (3092 JP), Magaseek (NTT Docomo Inc (9437 JP)) , Shop-List (Crooz Inc (2138 JP)), Locondo (3558 JP), Fashionwalker, Buyma (Enigmo Inc (3665 JP)), and Qoo10 (Ebay Inc (EBAY US)).Until around 2012, Zozo largely had the market to itself but the last few years have seen significant strides by both the biggest malls like Rakuten and Amazon and the smaller firms to improve their service, marketing and range to attract more of Zozo's customers – they also offer a more cooperative working relationship with their merchants.Some, such as Ebay's Japanese subsidiary and KDDI's Wowma!, have also slashed take-rates for merchants to as little as 4-6%, putting significant pressure on Zozo's main source of profits.

ZOZO's Competitors: A Review of Japanese Online Malls Selling Fashion

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Nissan/Renault, NTT/Doco, Ayala, Yungtay, AHG, Kosaido, SK Hynix, Anadarko

Travis Lundy

NTT (Nippon Telegraph & Telephone) / Event-Driven

<p>Last November when the "Docomo Shock" of lower pricing come April 2019 was announced on 31 October, the surprising result was that <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> underperformed <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> the following day. The stub of NTT less its holdings in NTT Docomo and <a href="https://www.smartkarma.com/entities/11232" target="_blank" data-smartkarma-citation="entities:11232:1">NTT Data Corp (9613 JP)</a> was down below 12% of total NTT market cap vs 30+% a year before, and the stub price itself was near a four-year low and the NTT vs Subs Stock Price Ratio was near a 6yr low. </p><p>It was a great time to buy the stub or the NTT/Docomo ratio and I had recommended as much on 16 October 2018 in <a href="https://www.smartkarma.com/insights/ntt-stub-vs-mktcap-near-10yr-lows-stub-earnings-vs-total-near-10yr-high" target="_blank" data-smartkarma-citation="insights:25066">NTT Stub Vs MktCap Near 10yr Lows, Stub Earnings Vs Total Near 10yr High</a> (and follow-on insights) suggesting that the consensus into year-end for the NTT stub's contribution to OP into year-end and beyond was being undervalued. Indeed, the NTT/Docomo ratio troughed just below 1.70x in early October 2018 then again just below in early November 2019 after the shock, then the ratio jumped after NTT released Q2 earnings and the ratio hasn't looked back, outperforming by 15% through a week ago. The stub - if you measure it that way, doubled from less than ¥600/share to ¥1200/share as of today's close. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/530/original/Screenshot%202019-04-22%20at%208.49.44%20PM.png?1555937415" class="editor-image img-responsive" data-smartkarma-image-id="85530"></figure><div style="text-align: left;" class="content-caption">data sources: capitalIQ, company filings, Quiddity</div><p></p><p>Since then, NTT Docomo has executed a large buyback and NTT has executed a smaller buyback and the market expectation is for another NTT buyback from the government sometime after earnings.</p><p>This past several days have seen two new events for NTT Docomo.</p><ol>
<li>NTT Docomo released its new lower-priced and simpler pricing plans which start in June this year. The initial market reaction was quite positive. The stock ended up and competitors <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a> and <a href="https://www.smartkarma.com/entities/27445" target="_blank" data-smartkarma-citation="entities:27445:1">Softbank Corp (9434 JP)</a> saw even bigger jumps on the idea that they would not be obliged to match. </li>
<li>The Nikkei released an <a href="https://asia.nikkei.com/Business/Companies/NTT-Docomo-braces-for-20-profit-hit-from-June-fee-cuts" target="_blank">article</a> over the weekend saying that OP would fall 20% this year. This was a full 11.5% below the consensus forecast, but once again the stock ended up. This could have been due to short-covering in low liquidity over a holiday weekend for much of the rest of the world ahead of a very long Golden Week market holiday in Japan starting next week, but it shows that the company is taking seriously the idea of "Returns to Customers."</li>
</ol><p>That leaves NTT at a higher price vs Docomo than before but the ratio is almost 5% below recent highs despite worse than-expected forecasts for NTT Docomo OP and a promised four-year soft spot (Docomo has said it hopes to re-achieve FY18 OP levels by 2023. NTT has no such four-year "soft spot" in parent (i.e. non-Docomo non-Data) OP and indeed copper impairments are falling, and customer acquisition costs in its mature FTTH business are low and the NTT-only operations are forecast to be a larger portion of overall NTT consolidated OP and Docomo OP is scheduled to fall for the next few years. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/533/original/Screenshot%202019-04-23%20at%2012.51.32%20AM.png?1555951919" class="editor-image img-responsive" data-smartkarma-image-id="85533"></figure><div style="text-align: left;" class="content-caption">data sources: capitalIQ, broker consensus as per the day before the Docomo 2019 preview by the Nikkei, Quiddity</div><p></p><p>Given forecast rises in NTT parent profitability and contribution, and forecast weakness in the OP of its main holding, staying long NTT vs Docomo doesn't sound like a bad idea even though we are just off long-term highs in the NTT/Docomo ratio. There are, however, interesting dynamics at play, and it is worth thinking through them.</p>

Last November when the "Docomo Shock" of lower pricing come April 2019 was announced on 31 October, the surprising result was that NTT (Nippon Telegraph &amp; Telephone) (9432 JP) underperformed NTT Docomo Inc (9437 JP) the following day. The stub of NTT less its holdings in NTT Docomo and NTT Data Corp (9613 JP) was down below 12% of total NTT market cap vs 30+% a year before, and the stub price itself was near a four-year low and the NTT vs Subs Stock Price Ratio was near a 6yr low. It was a great time to buy the stub or the NTT/Docomo ratio and I had recommended as much on 16 October 2018 in NTT Stub Vs MktCap Near 10yr Lows, Stub Earnings Vs Total Near 10yr High (and follow-on insights) suggesting that the consensus into year-end for the NTT stub's contribution to OP into year-end and beyond was being undervalued. Indeed, the NTT/Docomo ratio troughed just below 1.70x in early October 2018 then again just below in early November 2019 after the shock, then the ratio jumped after NTT released Q2 earnings and the ratio hasn't looked back, outperforming by 15% through a week ago. The stub - if you measure it that way, doubled from less than ¥600/share to ¥1200/share as of today's close. data sources: capitalIQ, company filings, QuidditySince then, NTT Docomo has executed a large buyback and NTT has executed a smaller buyback and the market expectation is for another NTT buyback from the government sometime after earnings.This past several days have seen two new events for NTT Docomo.
NTT Docomo released its new lower-priced and simpler pricing plans which start in June this year. The initial market reaction was quite positive. The stock ended up and competitors KDDI Corp (9433 JP) and Softbank Corp (9434 JP) saw even bigger jumps on the idea that they would not be obliged to match. 
The Nikkei released an article over the weekend saying that OP would fall 20% this year. This was a full 11.5% below the consensus forecast, but once again the stock ended up. This could have been due to short-covering in low liquidity over a holiday weekend for much of the rest of the world ahead of a very long Golden Week market holiday in Japan starting next week, but it shows that the company is taking seriously the idea of "Returns to Customers."
That leaves NTT at a higher price vs Docomo than before but the ratio is almost 5% below recent highs despite worse than-expected forecasts for NTT Docomo OP and a promised four-year soft spot (Docomo has said it hopes to re-achieve FY18 OP levels by 2023. NTT has no such four-year "soft spot" in parent (i.e. non-Docomo non-Data) OP and indeed copper impairments are falling, and customer acquisition costs in its mature FTTH business are low and the NTT-only operations are forecast to be a larger portion of overall NTT consolidated OP and Docomo OP is scheduled to fall for the next few years. data sources: capitalIQ, broker consensus as per the day before the Docomo 2019 preview by the Nikkei, QuiddityGiven forecast rises in NTT parent profitability and contribution, and forecast weakness in the OP of its main holding, staying long NTT vs Docomo doesn't sound like a bad idea even though we are just off long-term highs in the NTT/Docomo ratio. There are, however, interesting dynamics at play, and it is worth thinking through them.

'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. 

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"

Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

DoCoMo: Key Takeaways from the Analyst Meeting

Behind DoCoMo's major headlines from the FY18 results on Friday, there were a few more items to be gleaned from the analyst meeting. Importantly,...

Kirk Boodry

ZOZO's Competitors: A Review of Japanese Online Malls Selling Fashion

As reported in a separate Insight today, fashion is already the largest single category online, but it also a sector that is developing...

Michael Causton

Last Week in Event SPACE: Nissan/Renault, NTT/Doco, Ayala, Yungtay, AHG, Kosaido, SK Hynix, Anadarko

Last Week in Event SPACE ... Mangalores lurk as Renault SA (RNO FP)'s Senard bares his fangs and Nissan Motor (7201 JP)'s Saikawa said Nissan's...

David Blennerhassett

NTT Vs Docomo: Where To From Here?

Last November when the "Docomo Shock" of lower pricing come April 2019 was announced on 31 October, the surprising result was that NTT (Nippon...

Travis Lundy

🇯🇵 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

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