'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

Former Japan Equity PM with over 30 of experience now providing database-driven analysis of the market, sectors, peer groups and stocks for LightStream Research.

Leveraging data and graphic analysis provided by Japan Analytics, and the related Japan Analytics iPad App, we provide insights on companies are often ignored by the sell-side as well as challenging conventional wisdom on the market overall.

'Quantamental' Japan Specialist

🇯🇵 JAPAN • Results & Revisions 31st July - Takeda, Yamato/SG, Seria, FP, Keyence, Dai-Ichi Sankyo

🇯🇵 JAPAN • Results & Revisions 3rd August - Capcom, K's, Kikkoman, USS, Eisai

🇯🇵 JAPAN • Stress Tests Part 6: Currency Risk

🇯🇵 JAPAN MARKET UPDATE • Relative Value: Short-Term Buy On Japanese Equities

🇯🇵 JAPAN • Stress Tests Part 5: Net Working Capital Outliers

🇯🇵 JAPAN - Stress Tests Part 4 - From Free Cash Flow to Change in Cash

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)

Japan Industrials / Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/147/988/original/2020-07-27_06-33-42.png?1595799273" class="editor-image img-responsive" data-smartkarma-image-id="147988"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>TIRED</strong> - Since our <a href="https://www.smartkarma.com/insights/japan-market-update-relative-value-short-term-buy-on-japanese-equities" target="_blank" data-smartkarma-citation="insights:37480" rel="noopener">Short-Term Buy</a> on 16th March, the TOPIX index has risen by 25%, or by 27% in US$ terms helped in no small part by 'support' from the Bank of Japan and the US Federal Reserve. The BoJ's cumulative ETF purchases equal 4.8% of current Total Market Value, having peaked at 5.4% at the March low. As a percentage of TOPIX Value Traded, the BoJ's interventions peaked at 6.3% on 30th March; however last Wednesday's purchase was the third-highest on record for this metric - mostly as a result of a decline in overall trading activity, particularly in larger capitalisation stocks. In the <strong>DETAIL</strong> section below, we shall review current market conditions ahead of a likely torrid results 'season'.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/147/990/original/2020-07-27_06-45-57.png?1595799968" class="editor-image img-responsive" data-smartkarma-image-id="147990"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/147/992/original/2020-07-27_06-47-23.png?1595800059" class="editor-image img-responsive" data-smartkarma-image-id="147992"></figure><div class="content-caption">Source • Japan Analytics</div>

Source • Japan AnalyticsTIRED - Since our Short-Term Buy on 16th March, the TOPIX index has risen by 25%, or by 27% in US$ terms helped in no small part by 'support' from the Bank of Japan and the US Federal Reserve. The BoJ's cumulative ETF purchases equal 4.8% of current Total Market Value, having peaked at 5.4% at the March low. As a percentage of TOPIX Value Traded, the BoJ's interventions peaked at 6.3% on 30th March; however last Wednesday's purchase was the third-highest on record for this metric - mostly as a result of a decline in overall trading activity, particularly in larger capitalisation stocks. In the DETAIL section below, we shall review current market conditions ahead of a likely torrid results 'season'.Source • Japan Analytics

🇯🇵 JAPAN MARKET UPDATE - Tired