'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)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/134/299/original/2020-05-19_06-46-49.png?1589838438" class="editor-image img-responsive" data-smartkarma-image-id="134299"></figure><div class="content-caption">Source • Japan Analytics</div><div>As this quarter's results and revisions announcements wind down, in the DETAIL below, we shall review Monday's updates:-</div><div><ul>
<li>The balance between positive/neutral/negative of the 50 results announcements was 23:2:25. </li>
<li>For the 24 revisions/initial forecasts, the split was 6:0:18, and the average Revision Score was -6.1. </li>
</ul></div>

Source • Japan AnalyticsAs this quarter's results and revisions announcements wind down, in the DETAIL below, we shall review Monday's updates:-
The balance between positive/neutral/negative of the 50 results announcements was 23:2:25. 
For the 24 revisions/initial forecasts, the split was 6:0:18, and the average Revision Score was -6.1. 


🇯🇵 JAPAN • Results & Revisions 18th May - Panasonic, Komatsu, Terumo, Sundrug & The Corona Valley

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes ended up breaking down. Additionally, the aforementioned indexes and major indexes in Europe, Japan, and Hong Kong have been unable to break above longer-term resistance. While we believe global equities remain vulnerable to a pullback, some near-term consolidation is another possibility. For now we believe some consolidation makes sense as we remain in a sort of wait-and-see period as it relates to what will happen as countries and states aim to re-open.

The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes ended up breaking down. Additionally, the aforementioned indexes and major indexes in Europe, Japan, and Hong Kong have been unable to break above longer-term resistance. While we believe global equities remain vulnerable to a pullback, some near-term consolidation is another possibility. For now we believe some consolidation makes sense as we remain in a sort of wait-and-see period as it relates to what will happen as countries and states aim to re-open.

Global Equity Rally Losing Upside Momentum

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. 

The following is an in-depth review of the drugstore sector and the impact of the Cocokara Fine and Matsukiyo merger on other key drugstore stocks, highlighting the likely winners and losers in the next 3-5 years.
The drugstore sector is about to consolidate more rapidly than at any time in its history, with big implications for the cosmetics, medicines, food and toiletries industries and, among retailers, worries for supermarkets and convenience stores.
The imminent merger of <a href="https://www.smartkarma.com/entities/matsumotokiyoshi-holdings-co" target="_blank" data-smartkarma-citation="entities:2259:1" rel="noopener">Matsumotokiyoshi Holdings Co (3088 JP)</a> and <a href="https://www.smartkarma.com/entities/cocokara-fine-inc" target="_blank" data-smartkarma-citation="entities:15447:1" rel="noopener">Cocokara Fine (3098 JP)</a> will trigger a wave of other mergers among competitors big and small, creating a modernised sector with huge buying power across many product categories.
In food, in particular, this buying power is already causing headaches for retailers in regions like Kyushu where drugstore discounters are strong and this trend will play out across Japan over the next few years.  While the drugstore market may not grow, its leaders will.

The following is an in-depth review of the drugstore sector and the impact of the Cocokara Fine and Matsukiyo merger on other key drugstore stocks, highlighting the likely winners and losers in the next 3-5 years.
The drugstore sector is about to consolidate more rapidly than at any time in its history, with big implications for the cosmetics, medicines, food and toiletries industries and, among retailers, worries for supermarkets and convenience stores.
The imminent merger of Matsumotokiyoshi Holdings Co (3088 JP) and Cocokara Fine (3098 JP) will trigger a wave of other mergers among competitors big and small, creating a modernised sector with huge buying power across many product categories.
In food, in particular, this buying power is already causing headaches for retailers in regions like Kyushu where drugstore discounters are strong and this trend will play out across Japan over the next few years.  While the drugstore market may not grow, its leaders will.

Japanese Drugstores: With Maturity Comes Marriage

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. 

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/227/original/2020-02-11_05-05-13.png?1581376613" class="editor-image img-responsive" data-smartkarma-image-id="117227"></figure><div class="content-caption">Source • Japan Analytics</div>10TH FEBRUARY ROUNDUP - 189 results and 93 revision announcements had little impact on our aggregate Scores, although decliners still outweighed improvers by a factor of two times. Amongst larger caps, <a href="https://www.smartkarma.com/entities/mitsubishi-estate-co-ltd" target="_blank" data-smartkarma-citation="entities:566:1" rel="noopener">Mitsubishi Estate (8802 JP)</a> produced the best quarter-on-quarter change in Score, with <a href="https://www.smartkarma.com/entities/sundrug-co-ltd" target="_blank" data-smartkarma-citation="entities:12615:1" rel="noopener">Sundrug (9989 JP)</a> being one of the worst. Today is a public holiday (kenkoku kinen no hi), and so the next roundup will appear on Wednesday morning. <hr>• SECTOR TIMELINE •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/228/original/2020-02-11_05-08-14.png?1581377317" class="editor-image img-responsive" data-smartkarma-image-id="117228"></figure><div class="content-caption">Source • Japan Analytics</div>SECTOR TIMELINE - Monday's main moves were upwards for Real Estate and Media (<a href="https://www.smartkarma.com/entities/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo DY (2433 JP)</a>) and downwards (again) for Other Commercial Products (<a href="https://www.smartkarma.com/entities/hamamatsu-photonics-kk" target="_blank" data-smartkarma-citation="entities:14074:1" rel="noopener">Hamamatsu Photonics (6965 JP)</a>) and Building Materials (<a href="https://www.smartkarma.com/entities/nichias-corp" target="_blank" data-smartkarma-citation="entities:14674:1" rel="noopener">Nichias (5393 JP)</a>).

Source • Japan Analytics10TH FEBRUARY ROUNDUP - 189 results and 93 revision announcements had little impact on our aggregate Scores, although decliners still outweighed improvers by a factor of two times. Amongst larger caps, Mitsubishi Estate (8802 JP) produced the best quarter-on-quarter change in Score, with Sundrug (9989 JP) being one of the worst. Today is a public holiday (kenkoku kinen no hi), and so the next roundup will appear on Wednesday morning. • SECTOR TIMELINE •Source • Japan AnalyticsSECTOR TIMELINE - Monday's main moves were upwards for Real Estate and Media (Hakuhodo DY (2433 JP)) and downwards (again) for Other Commercial Products (Hamamatsu Photonics (6965 JP)) and Building Materials (Nichias (5393 JP)). 

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 10th February ▲7003 8802 2433 ▼6965 9989 6324

Japan

SUNDRUG CO., LTD. operates an outlet drug store chain primarily in the Tokyo area.  The Company sells mainly medicines, cosmetics, baby care products, and household utensils.  Sundrug supplies merchandise to franchise stores.  The Company also operates a real estate business.

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

Sundrug Co Ltd (9989 JP)

🇯🇵 JAPAN • Results & Revisions 18th May - Panasonic, Komatsu, Terumo, Sundrug & The Corona Valley

As this quarter's results and revisions announcements wind down, in the DETAIL below, we shall review Monday's updates:- The balance between...

Campbell Gunn

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI...

Vermilion Research

Global Equity Rally Losing Upside Momentum

The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and...

Vermilion Research

Japanese Drugstores: With Maturity Comes Marriage

The following is an in-depth review of the drugstore sector and the impact of the Cocokara Fine and Matsukiyo merger on other key drugstore stocks,...

Michael Causton

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 10th February ▲7003 8802 2433 ▼6965 9989 6324

10TH FEBRUARY ROUNDUP - 189 results and 93 revision announcements had little impact on our aggregate Scores, although decliners still outweighed...

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)