'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 •</strong></p></div><div>
<p>There were no large-cap announcements yesterday, so our best and worst pairing are small-caps  - roadworks specialist <a href="https://www.smartkarma.com/entities/subaru-enterprise-co-ltd" target="_blank" data-smartkarma-citation="entities:3983:1" rel="noopener">Subaru Enterprise (9632 JP)</a> and independent auto-parts supplier <a href="https://www.smartkarma.com/entities/hi-lex-corp" target="_blank" data-smartkarma-citation="entities:3961:1" rel="noopener">Hi-Lex (7279 JP)</a>. Both have strong value 'favour'—for more see the <strong>DETAIL</strong> below.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/177/337/original/2020-12-09_07-05-32.png?1607465147" class="editor-image img-responsive" data-smartkarma-image-id="177337"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/177/338/original/2020-12-09_07-06-28.png?1607465200" class="editor-image img-responsive" data-smartkarma-image-id="177338"></figure></section>
</div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>

• BEST &amp; WORST •
There were no large-cap announcements yesterday, so our best and worst pairing are small-caps  - roadworks specialist Subaru Enterprise (9632 JP) and independent auto-parts supplier Hi-Lex (7279 JP). Both have strong value 'favour'—for more see the DETAIL below.

Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions 12/​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​08 - Subaru Ent & Hi-Lex for Sale?

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/854/original/2020-09-09_04-55-21.png?1599594979" class="editor-image img-responsive" data-smartkarma-image-id="157854"></figure><div class="content-caption">Source for all charts: Japan Analytics</div><p><strong><a href="https://www.smartkarma.com/entities/stream-co-ltd" target="_blank" data-smartkarma-citation="entities:10256:1" rel="noopener">Stream (3071 JP)</a></strong>- Micro-cap internet mail-order platform Stream produced the best of Tuesday's results. Quarterly sales rose by 36% year-on-year, taking quarterly margins to a record-high 3.4% and making the 180-day old full-year forecasts obsolete. If sustained for the second half, EV/OP falls to an attractive 4.8 times. Given the low liquidity, the shares should enjoy a nice 'pop'.   </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/855/original/2020-09-09_05-01-17.png?1599595294" class="editor-image img-responsive" data-smartkarma-image-id="157855"></figure><div>
<hr>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><p><strong>NET POSITIVE</strong> - Mostly due to the mix of businesses, Tuesday's results were net-positive and, for the first time in many months, none of the companies reporting saw a quarterly loss. Of the two forecasts, the net score was also positive. </p></div><hr><div><p style="text-align: center;"><strong>10 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Results Score:</strong> 50% Positive / 10% Neutral / 40% Negative</li>
<li>
<strong>Average Results Score Change:</strong> 1.8 points</li>
<li>
<strong>Average % Change in Revenue</strong>: 7.7% Quarter YoY / 3.2% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -0.2 ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 0%</li>
</ul></div><div>
<hr>
<p></p>
</div>

Source for all charts: Japan AnalyticsStream (3071 JP)- Micro-cap internet mail-order platform Stream produced the best of Tuesday's results. Quarterly sales rose by 36% year-on-year, taking quarterly margins to a record-high 3.4% and making the 180-day old full-year forecasts obsolete. If sustained for the second half, EV/OP falls to an attractive 4.8 times. Given the low liquidity, the shares should enjoy a nice 'pop'.   

DAILY STATS
NET POSITIVE - Mostly due to the mix of businesses, Tuesday's results were net-positive and, for the first time in many months, none of the companies reporting saw a quarterly loss. Of the two forecasts, the net score was also positive. 10 Quarterly Results

Results Score: 50% Positive / 10% Neutral / 40% Negative

Average Results Score Change: 1.8 points

Average % Change in Revenue: 7.7% Quarter YoY / 3.2% Rolling TTM YoY 

Average Operating Profit Margin Change: -0.2 ppt

Percentage Making Quarterly Losses: 0%





🇯🇵 JAPAN • Results & Revisions 09/​​​​08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Japan

Subaru Enterprise Co., Ltd. maintains, cleans, and repairs highways.  The Company also operates movies theaters, restaurants, and other real estate.

Price Gauge
52-week Range	0.00 - 0.00
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Subaru Enterprise (9632 JP)

🇯🇵 JAPAN • Results & Revisions 12/08 - Subaru Ent & Hi-Lex for Sale?

There were no large-cap announcements yesterday, so our best and worst pairing are small-caps - roadworks specialist Subaru Enterprise (9632 JP)...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Source for all charts: Japan Analytics

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

🇯🇵 JAPAN • Results & Revisions 12/​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​08 - Subaru Ent & Hi-Lex for Sale?

There were no large-cap announcements yesterday, so our best and worst pairing are small-caps - roadworks specialist Subaru Enterprise (9632 JP)...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 09/​​​​08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Source for all charts: Japan Analytics

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 12/08 - Subaru Ent & Hi-Lex for Sale?

🇯🇵 JAPAN • Results & Revisions 09/08 - Net Positive, Stream, OSG, Subaru Ent., Beenos