'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/000/157/299/original/2020-09-06_14-17-48.png?1599369500" class="editor-image img-responsive" data-smartkarma-image-id="157299"></figure>
<div class="content-caption">Source for all charts: Japan Analytics</div>
<p><strong>(It's a) </strong><a href="https://www.smartkarma.com/entities/tea-life-co-ltd" target="_blank" data-smartkarma-citation="entities:6199:1" rel="noopener"><strong>Tea Life  (3172 JP)</strong></a> - Micro-cap Tea Life combines two of the hottest market themes - online retailing and health food and has seen its shares rise 62% over the last month. Fourth-quarter operating margins fell year-on-year, and the initial forecasts for the current year are cautious. The market-implied growth rate of zero is too low; however, the company has yet to see any significant incremental returns for the debt-funded 160% increase in Net Operating Assets over the last four years. </p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/301/original/2020-09-06_14-22-10.png?1599369747" class="editor-image img-responsive" data-smartkarma-image-id="157301"></figure>
<hr>
<div>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div>
<hr>
<div>
<p><strong>PERCENTAGES </strong>-<strong> 65%</strong> of quarterly results,<strong> 71%</strong> of annual forecasts/revisions and<strong> 57%</strong> of interim forecasts have negative Scores. <strong>43%</strong> of companies reporting lost money for the quarter.</p>
</div>
<hr>
<div>
<p style="text-align: center;"><strong>23 Quarterly Results</strong></p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>
<strong>Results Score:</strong> 30% Positive / 4% Neutral / 65% Negative</li>
<li>
<strong>Average Results Score Change:</strong> -2.7 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -15.7% Quarter YoY / -6.8% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -1.9 ppt <strong><em>(ex tella)</em></strong>
</li>
<li>
<strong>Percentage Making Quarterly Losse</strong>s: 43%</li>
</ul>
</div>
<hr>
<div>
<p style="text-align: center;"><strong>17 Annual • 7 Interim Forecasts/Revisions</strong></p>
</div>
<div>
<ul style="list-style-type: disc;">
<li>
<strong>Annual Forecast/Revision Score:</strong> 29% Positive / 0% Neutral / 71% Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 43% Positive / 0% Neutral / 57% Negative</li>
<li>
<strong>Average Forecast/Revision Score Change: </strong>-6.3 points</li>
</ul>
</div>


Source for all charts: Japan Analytics
(It's a) Tea Life  (3172 JP) - Micro-cap Tea Life combines two of the hottest market themes - online retailing and health food and has seen its shares rise 62% over the last month. Fourth-quarter operating margins fell year-on-year, and the initial forecasts for the current year are cautious. The market-implied growth rate of zero is too low; however, the company has yet to see any significant incremental returns for the debt-funded 160% increase in Net Operating Assets over the last four years. 



DAILY STATS



PERCENTAGES - 65% of quarterly results, 71% of annual forecasts/revisions and 57% of interim forecasts have negative Scores. 43% of companies reporting lost money for the quarter.



23 Quarterly Results




Results Score: 30% Positive / 4% Neutral / 65% Negative

Average Results Score Change: -2.7 points

Average % Change in Revenue: -15.7% Quarter YoY / -6.8% Rolling TTM YoY 

Average Operating Profit Margin Change: -1.9 ppt (ex tella)


Percentage Making Quarterly Losses: 43%




17 Annual • 7 Interim Forecasts/Revisions




Annual Forecast/Revision Score: 29% Positive / 0% Neutral / 71% Negative

Interim Forecast/Revision Score Change: 43% Positive / 0% Neutral / 57% Negative

Average Forecast/Revision Score Change: -6.3 points



🇯🇵 JAPAN • Results & Revisions 09/​​04 - (It's A) Tea Life, Kanamoto(& Nagawa), HI-LEX, SoftServ

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Japanese online grocery delivery service provider <a href="https://www.smartkarma.com/entities/oisix-ra-daichi-inc" target="_blank" data-smartkarma-citation="entities:10145:1" rel="noopener">Oisix Ra Daichi (3182 JP)</a>  <a href="https://www2.tse.or.jp/disc/31820/140120200409491444.pdf" target="_blank" rel="noopener">confirmed on 30th March</a> that it had received approval to move from the Mothers market to the First Section of the Tokyo Stock Exchange as of 9th April. </p><div>
<p>TSE1 reassignment triggers inclusion into the TOPIX Index and we expect that the inclusion event will be at the close of trading 28th May 2020.</p>
<p>With Japan going into lock down, online grocery delivery services are experiencing a spike in demand and understandably, such e-commerce businesses have outperformed the broader market in recent weeks. </p>
<p>In this insight, we take a look at the parameters of the TOPIX Inclusion event and the fundamentals of the company to evaluate if there is potential for further upside to this stock.</p>
</div>

Japanese online grocery delivery service provider Oisix Ra Daichi (3182 JP)  confirmed on 30th March that it had received approval to move from the Mothers market to the First Section of the Tokyo Stock Exchange as of 9th April. 
TSE1 reassignment triggers inclusion into the TOPIX Index and we expect that the inclusion event will be at the close of trading 28th May 2020.
With Japan going into lock down, online grocery delivery services are experiencing a spike in demand and understandably, such e-commerce businesses have outperformed the broader market in recent weeks. 
In this insight, we take a look at the parameters of the TOPIX Inclusion event and the fundamentals of the company to evaluate if there is potential for further upside to this stock.


TOPIX Inclusion: Oisix Ra Daichi (3182 JP)

Japan

Tea Life Co., Ltd. operates mail-order health food and cosmetic business.

Tea Life Co Ltd (3172 JP)

🇯🇵 JAPAN • Results & Revisions 09/04 - (It's A) Tea Life, Kanamoto(& Nagawa), HI-LEX, SoftServ

(It's a) Tea Life (3172 JP) - Micro-cap Tea Life combines two of the hottest market themes - online retailing and health food and has seen its...

Campbell Gunn

TOPIX Inclusion: Oisix Ra Daichi (3182 JP)

Japanese online grocery delivery service provider Oisix Ra Daichi (3182 JP) confirmed on 30th March that it had received approval to move from the...

Janaghan Jeyakumar, CFA

🇯🇵 JAPAN • Results & Revisions 09/​​04 - (It's A) Tea Life, Kanamoto(& Nagawa), HI-LEX, SoftServ

(It's a) Tea Life (3172 JP) - Micro-cap Tea Life combines two of the hottest market themes - online retailing and health food and has seen its...

Campbell Gunn

TOPIX Inclusion: Oisix Ra Daichi (3182 JP)

Japanese online grocery delivery service provider Oisix Ra Daichi (3182 JP) confirmed on 30th March that it had received approval to move from the...

Janaghan Jeyakumar, CFA

🇯🇵 JAPAN • Results & Revisions 09/04 - (It's A) Tea Life, Kanamoto(& Nagawa), HI-LEX, SoftServ