'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 09/​​​​10 - Sekisui House, Kobe Bussan, Japan Display, Kamakura Sh.

🇯🇵 JAPAN • Results & Revisions 09/​​​​​11 - CRE, Ya-Man, JM, Halows, Tanseisha

🇯🇵 JAPAN • Results & Revisions 09/​​​​​​14 - Tsuruha, Kura Sushi, Arcland Sakamoto, JSR

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

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

🇯🇵 JAPAN • Results & Revisions 09/​​​07 - A Tale of 'Two Foods' & Funeral Photos

Gravity Works As WeWork Doesn't; Now Plan B

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/000/158/089/original/2020-09-10_06-00-13.png?1599685244" class="editor-image img-responsive" data-smartkarma-image-id="158089"></figure><div class="content-caption">Source for all charts: Japan Analytics</div><p>Virtual desktop infrastructure provider<strong> Ascentech (3565 JP</strong>) is our pick of yesterday's results, although the company had 'flagged' the upturn in an upward revision sixteen days ago. WFH is a clear tailwind for the business, and the shares have lived up the company's name and now have a 'growth-at-any-price' valuation of 46x EV/OP+1. We would take profits into any results-induced rally into Overbought territory.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/092/original/2020-09-10_06-06-47.png?1599685617" class="editor-image img-responsive" data-smartkarma-image-id="158092"></figure><hr><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p style="text-align: center;"><strong>11 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Results Score:</strong> 45% Positive / 18% Neutral / 36% Negative</li>
<li>
<strong>Average Results Score Change:</strong> 0.0 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -2.3% Quarter YoY / -2.1% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -3.0 ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 18%</li>
</ul></div><hr><div></div><div><p style="text-align: center;"><strong>Of the six revisions, only two scored positively, and the average score change was -9.5. </strong></p></div>

Source for all charts: Japan AnalyticsVirtual desktop infrastructure provider Ascentech (3565 JP) is our pick of yesterday's results, although the company had 'flagged' the upturn in an upward revision sixteen days ago. WFH is a clear tailwind for the business, and the shares have lived up the company's name and now have a 'growth-at-any-price' valuation of 46x EV/OP+1. We would take profits into any results-induced rally into Overbought territory.DAILY STATS11 Quarterly Results

Results Score: 45% Positive / 18% Neutral / 36% Negative

Average Results Score Change: 0.0 points

Average % Change in Revenue: -2.3% Quarter YoY / -2.1% Rolling TTM YoY 

Average Operating Profit Margin Change: -3.0 ppt

Percentage Making Quarterly Losses: 18%
Of the six revisions, only two scored positively, and the average score change was -9.5. 

🇯🇵 JAPAN • Results & Revisions 09/​​​​​09 - Ascentech, Tobila Systems, Beauty Garage, Azearth

🇯🇵 JAPAN • Results & Revisions 09/​​​​​09 - Ascentech, Tobila Systems, Beauty Garage, Azearth

🇯🇵 JAPAN • Results & Revisions 09/09 - Ascentech, Tobila Systems, Beauty Garage, Azearth