'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 style="text-align: center;"><strong>• NET GAIN • </strong></div><div><div class="content-caption">
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/590/original/2021-02-19_07-20-52.png?1613686864" class="editor-image img-responsive" data-smartkarma-image-id="189590"></figure><p></p></section> Source for all charts &amp; tables: Japan Analytics</div></div><div>
<p><strong>NET GAIN</strong> - Forecast Aggregate Net Income for the universe of  Japanese listed companies ended the quarter 23.8%  higher than three months ago - an increase of  ¥5.2 trillion. As a result, the market's forward earnings multiple has declined to 28 times following a 10% increase in total market value (ex REITs). The increase in forecast operating income is a more modest 10.2% reflecting the degree of previously-projected COVID-related extraordinary losses.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/591/original/2021-02-19_07-29-59.png?1613687413" class="editor-image img-responsive" data-smartkarma-image-id="189591"></figure></section><p><strong>TRAILING TWELVE MONTHS (TTM)</strong> - Trailing revenues and operating profits are still falling by 9.9% and 26.3%, respectively; however, operating income rose by 4.1% quarter-on-quarter as margins improved by 30 basis points. Despite a reasonable effort at cost-cutting, aggregate operating margins are still  228 bps below their mid-2018 peak, and it will take at least another eight quarters for that gap to be closed.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/595/original/2021-02-19_07-38-34.png?1613687927" class="editor-image img-responsive" data-smartkarma-image-id="189595"></figure></section><p><strong>FORECASTS</strong> - The majority of companies are forecasting for the year ending next month. Despite no change in the aggregate revenue forecast, the outlook for operating income increased by ¥3.7 trillion during the quarter resulting in a 50 bps operating margin uplift. </p>
</div><section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/596/original/2021-02-19_07-40-09.png?1613688021" class="editor-image img-responsive" data-smartkarma-image-id="189596"></figure><hr></section><p><strong>POSITIVE MOMENTUM</strong> - Both our forward-looking Results Score and Results &amp; Revision Score have returned to the positive after less than one year. Whether this merits a new thirty-year high in TOPIX is, however, a moot point. We would note that the Cabinet Office Leading Indicator of Business Conditions for December turned down for the first time since April 2020.   </p></section><div></div><div>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/597/original/2021-02-19_08-02-24.png?1613689355" class="editor-image img-responsive" data-smartkarma-image-id="189597"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/694/original/2021-02-19_16-02-06.png?1613718138" class="editor-image img-responsive" data-smartkarma-image-id="189694"></figure><hr></section><p><strong>SECTOR BREAKDOWN</strong> - The leading sectors in terms of one-month change in Results &amp; Revision Score are <strong>Other Commercial Products</strong>, <strong>Autos</strong>,<strong> Other Consumer Products</strong>, <strong>Metals</strong>, and <strong>Building Materials.</strong> The RRS 'losers' are <strong>Utilities</strong>, <strong>Internet Content &amp; Services</strong>, <strong>Food, Beverages &amp; Tobacco,</strong><strong>Retail</strong>, and <strong>Healthcare</strong>.  </p>
</div><div>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/700/original/2021-02-19_16-05-32.png?1613718344" class="editor-image img-responsive" data-smartkarma-image-id="189700"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/701/original/2021-02-19_16-06-12.png?1613718383" class="editor-image img-responsive" data-smartkarma-image-id="189701"></figure></section><hr>
</div><section></section><div><div>
<p>In the <strong>DETAIL</strong> section below, we shall review the actual results and initial and revised forecasts by Sector and highlight the best and worst-performing companies by one-quarter revenue and margin changes.</p>
<hr>
<p></p>
</div></div>

• NET GAIN • 
 Source for all charts &amp; tables: Japan Analytics
NET GAIN - Forecast Aggregate Net Income for the universe of  Japanese listed companies ended the quarter 23.8%  higher than three months ago - an increase of  ¥5.2 trillion. As a result, the market's forward earnings multiple has declined to 28 times following a 10% increase in total market value (ex REITs). The increase in forecast operating income is a more modest 10.2% reflecting the degree of previously-projected COVID-related extraordinary losses.
TRAILING TWELVE MONTHS (TTM) - Trailing revenues and operating profits are still falling by 9.9% and 26.3%, respectively; however, operating income rose by 4.1% quarter-on-quarter as margins improved by 30 basis points. Despite a reasonable effort at cost-cutting, aggregate operating margins are still  228 bps below their mid-2018 peak, and it will take at least another eight quarters for that gap to be closed.
FORECASTS - The majority of companies are forecasting for the year ending next month. Despite no change in the aggregate revenue forecast, the outlook for operating income increased by ¥3.7 trillion during the quarter resulting in a 50 bps operating margin uplift. 
POSITIVE MOMENTUM - Both our forward-looking Results Score and Results &amp; Revision Score have returned to the positive after less than one year. Whether this merits a new thirty-year high in TOPIX is, however, a moot point. We would note that the Cabinet Office Leading Indicator of Business Conditions for December turned down for the first time since April 2020.   
SECTOR BREAKDOWN - The leading sectors in terms of one-month change in Results &amp; Revision Score are Other Commercial Products, Autos, Other Consumer Products, Metals, and Building Materials. The RRS 'losers' are Utilities, Internet Content &amp; Services, Food, Beverages &amp; Tobacco,Retail, and Healthcare.  



In the DETAIL section below, we shall review the actual results and initial and revised forecasts by Sector and highlight the best and worst-performing companies by one-quarter revenue and margin changes.




🇯🇵 JAPAN • IT’S A WRAP - Winter 2020 Results & Revisions Review

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. 

<p>Like most lifestyle segments, the outdoor apparel &amp; equipment market contracted in 2020 but this is a blip in an otherwise sustained multi-year expansion. Long-term growth is being driven by both expanded supply and demand as consumers of all ages embrace the great outdoors for the first time in generations and suppliers rush to equip them.</p><p>This has benefited retailers such as <a href="https://www.smartkarma.com/entities/workman-co-ltd" target="_blank" data-smartkarma-citation="entities:8467:1" rel="noopener">Workman Co Ltd (7564 JP)</a>, <a href="https://www.smartkarma.com/entities/goldwin-inc" target="_blank" data-smartkarma-citation="entities:410:1" rel="noopener">Goldwin Inc (8111 JP)</a> and <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> but it also means that a number of other retailers have entered the market, creating new competition, including <a href="https://www.smartkarma.com/entities/bic-camera-inc" target="_blank" data-smartkarma-citation="entities:11328:1" rel="noopener">Bic Camera Inc (3048 JP) </a>and <a href="https://www.smartkarma.com/entities/kohnan-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:5662:1" rel="noopener">Kohnan Shoji (7516 JP).</a></p>

Like most lifestyle segments, the outdoor apparel &amp; equipment market contracted in 2020 but this is a blip in an otherwise sustained multi-year expansion. Long-term growth is being driven by both expanded supply and demand as consumers of all ages embrace the great outdoors for the first time in generations and suppliers rush to equip them.This has benefited retailers such as Workman Co Ltd (7564 JP), Goldwin Inc (8111 JP) and Snow Peak Inc (7816 JP) but it also means that a number of other retailers have entered the market, creating new competition, including Bic Camera Inc (3048 JP) and Kohnan Shoji (7516 JP).

Japan's Outdoor Market Expands 3.2% in 2019 but Contraction in 2020

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/yihai-int-l-holding-ltd" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai Int’L Holding (1579 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a> and <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>. Shorts increased in Industrials, Consumer Discretionary and Real Estate stocks and decreased in Financial names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15003:1" rel="noopener">Square Enix Holdings (9684 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> and <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a>, <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a> and <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a>. Sectorally, shorts increased on Communication Services, Health Care and Information Technology, while shorts were covered on Consumer Discretionary and Financials.</p></div><div><p>In Korea, the biggest increase in shorts was on <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a>, while shorts were covered on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> and <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>. News <a href="https://www.businesskorea.co.kr/news/articleView.html?idxno=54911" target="_blank" rel="noopener">reports</a> have indicated that the FSC will lift the temporary short sell ban on 15 March 2021 and will apply to all stocks irrespective of market cap. Earlier reports had indicated that the short sell ban would stay in place for small cap stocks.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">Au Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>  while shorts were covered on <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> and <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Alibaba Group (9988 HK), Yihai Int’L Holding (1579 HK), Haier Electronics Group Co (1169 HK) and HKEX (388 HK) while there was short covering on Tencent Holdings (700 HK), Ping An Insurance (H) (2318 HK), Meituan (3690 HK) and NetEase (9999 HK). Shorts increased in Industrials, Consumer Discretionary and Real Estate stocks and decreased in Financial names.In Japan, stocks that saw the most shorts were Square Enix Holdings (9684 JP), Anritsu Corp (6754 JP), Casio Computer (6952 JP) and Tsuruha Holdings (3391 JP) while shorts decreased on M3 Inc (2413 JP), Canon Inc (7751 JP), Rakuten Inc (4755 JP) and Ana Holdings (9202 JP). Sectorally, shorts increased on Communication Services, Health Care and Information Technology, while shorts were covered on Consumer Discretionary and Financials.In Korea, the biggest increase in shorts was on Netmarble Corporation (251270 KS), while shorts were covered on Samsung Electronics (005930 KS), SK Innovation (096770 KS), Hyundai Motor Co (005380 KS) and Celltrion Inc (068270 KS). News reports have indicated that the FSC will lift the temporary short sell ban on 15 March 2021 and will apply to all stocks irrespective of market cap. Earlier reports had indicated that the short sell ban would stay in place for small cap stocks.Stocks in Taiwan that saw the highest increase in shorts were Au Optronics (2409 TT), Innolux Corp (3481 TT), Acer Inc (2353 TT) and TSMC (2330 TT)  while shorts were covered on Novatek Microelectronics Corp (3034 TT), Yageo Corporation (2327 TT), Largan Precision (3008 TT) and Walsin Technology (2492 TT).

Asia Short Interest Weekly: Shorts Continue to Rise in HK, Japan & Taiwan; Korea Ban to Be Lifted

<p style="text-align: center;"><strong>•BEST &amp; WORST 13th AUGUST •</strong></p><p>The 'best' of yesterday's large-cap announcements came from <a href="https://www.smartkarma.com/entities/rakus-co-ltd" target="_blank" data-smartkarma-citation="entities:29200:1" rel="noopener">Rakus (3923 JP)</a>, the 'worst' from <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>.  More extensive coverage follows in the<strong> DETAIL</strong> section below.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/152/408/original/2020-08-14_05-05-16.png?1597349134" class="editor-image img-responsive" data-smartkarma-image-id="152408"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/152/409/original/2020-08-14_05-05-59.png?1597349190" class="editor-image img-responsive" data-smartkarma-image-id="152409"></figure><div class="content-caption">Source • Japan Analytics</div><hr><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p><strong>PERCENTAGES</strong> - <strong>58%</strong> of quarterly results, <strong>48%</strong> of annual forecasts/revisions and <strong>61%</strong> of interim forecasts have negative Scores and <strong>30%</strong> of companies reporting lost money for the quarter.</p></div><hr><div><p style="text-align: center;"><strong>170 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 29% Positive / 12% Neutral / 58% Negative</li>
<li>
<strong>Average Results Score Change: -</strong>2.7 points</li>
<li>
<strong>Average % Change in Revenue:</strong> -10.8% Quarter YoY / +5.0% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -1.3 ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 30%</li>
</ul></div><hr><div><p style="text-align: center;"><strong>56 Annual • 23 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>Annual Forecast/Revision Score: 38% Positive / 14% Neutral / 48% Negative</li>
<li>Interim Forecast/Revision Score Change: 26% Positive / 13% Neutral / 61% Negative</li>
<li>Average Forecast/Revision Score Change: -2.2 points</li>
</ul></div>

•BEST &amp; WORST 13th AUGUST •The 'best' of yesterday's large-cap announcements came from Rakus (3923 JP), the 'worst' from ASICS Corp (7936 JP).  More extensive coverage follows in the DETAIL section below.Source • Japan AnalyticsDAILY STATSPERCENTAGES - 58% of quarterly results, 48% of annual forecasts/revisions and 61% of interim forecasts have negative Scores and 30% of companies reporting lost money for the quarter.170 Quarterly Results

Results Score: 29% Positive / 12% Neutral / 58% Negative

Average Results Score Change: -2.7 points

Average % Change in Revenue: -10.8% Quarter YoY / +5.0% Rolling TTM YoY 

Average Operating Profit Margin Change: -1.3 ppt

Percentage Making Quarterly Losses: 30%
56 Annual • 23 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 38% Positive / 14% Neutral / 48% Negative
Interim Forecast/Revision Score Change: 26% Positive / 13% Neutral / 61% Negative
Average Forecast/Revision Score Change: -2.2 points


🇯🇵 JAPAN • Results & Revisions 13th August - Asics, FUJIFILM, Dentsu, Mitsubishi Shoji

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Equity Bottom-Up

<p>Japanese sporting goods company <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>’s share price and consensus FY+2 EV/OP has declined by 2.8% and 8.4% respectively, since our previous insight on 12<sup>th</sup> June 2020: <a href="https://www.smartkarma.com/insights/asics-at-a-20-year-forward-ev-op-peak" target="_blank" rel="noopener">ASICS: At a 20-Year Forward EV/​OP Peak</a>. However, the company is still trading at <a target="_blank">23.9x </a>FY+2 EV/OP, 28% higher than the 52-week average.</p><p>The company posts sales trends for its direct retail outlets in chart format every two weeks and according to the latest charts, sales trends in Japan, Europe, and the U.S have materially weakened over the last 3-4 weeks. However, the consensus FY+2 OP estimate was increased 6% during that time, possibly due to the positive news flows about the progress of the COVID-19 vaccine trials and the postponement of the Tokyo Olympics till July 2021.</p><p>The economic impact of COVID-19 is expected to outlast the health impact, and we believe the recent upward revision of the consensus FY+2 OP is untimely, especially given the weakening own store retail sales trend.</p>

Japanese sporting goods company ASICS Corp (7936 JP)’s share price and consensus FY+2 EV/OP has declined by 2.8% and 8.4% respectively, since our previous insight on 12th June 2020: ASICS: At a 20-Year Forward EV/​OP Peak. However, the company is still trading at 23.9x FY+2 EV/OP, 28% higher than the 52-week average.The company posts sales trends for its direct retail outlets in chart format every two weeks and according to the latest charts, sales trends in Japan, Europe, and the U.S have materially weakened over the last 3-4 weeks. However, the consensus FY+2 OP estimate was increased 6% during that time, possibly due to the positive news flows about the progress of the COVID-19 vaccine trials and the postponement of the Tokyo Olympics till July 2021.The economic impact of COVID-19 is expected to outlast the health impact, and we believe the recent upward revision of the consensus FY+2 OP is untimely, especially given the weakening own store retail sales trend.

ASICS: Near 20-Year Forward EV/​OP Peak

Japan

ASICS CORPORATION manufactures general sporting goods and equipment.  The Company's products, such as athletic shoes and sportswear, are distributed in the United States, Europe, Australia, and Asia.

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ASICS Corp (7936 JP)

🇯🇵 JAPAN • IT’S A WRAP - Winter 2020 Results & Revisions Review

NET GAIN - Forecast Aggregate Net Income for the universe of Japanese listed companies ended the quarter 23.8% higher than three months ago - an...

Campbell Gunn

Japan's Outdoor Market Expands 3.2% in 2019 but Contraction in 2020

Japan's outdoor market is one of few segments to see solid growth in recent years and while the market will dip in 2020, will grow well in the next...

Michael Causton

Asia Short Interest Weekly: Shorts Continue to Rise in HK, Japan & Taiwan; Korea Ban to Be Lifted

Short interest continued to increase in HK, Japan and Taiwan, while the FSC has announced that the short sell ban in Korea will be lifted on 15...

Brian Freitas

🇯🇵 JAPAN • Results & Revisions 13th August - Asics, FUJIFILM, Dentsu, Mitsubishi Shoji

•BEST & WORST 13th AUGUST •The 'best' of yesterday's large-cap announcements came from Rakus (3923 JP), the 'worst' from ASICS Corp (7936 JP). ...

Campbell Gunn

ASICS: Near 20-Year Forward EV/OP Peak

Japanese sporting goods company ASICS Corp (7936 JP)’s share price and consensus FY+2 EV/OP has declined by 2.8% and 8.4% respectively, since our...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

🇯🇵 JAPAN • IT’S A WRAP - Winter 2020 Results & Revisions Review

NET GAIN - Forecast Aggregate Net Income for the universe of Japanese listed companies ended the quarter 23.8% higher than three months ago - an...

Campbell Gunn

Japan's Outdoor Market Expands 3.2% in 2019 but Contraction in 2020

Japan's outdoor market is one of few segments to see solid growth in recent years and while the market will dip in 2020, will grow well in the next...

Michael Causton

Asia Short Interest Weekly: Shorts Continue to Rise in HK, Japan & Taiwan; Korea Ban to Be Lifted

Short interest continued to increase in HK, Japan and Taiwan, while the FSC has announced that the short sell ban in Korea will be lifted on 15...

Brian Freitas

🇯🇵 JAPAN • Results & Revisions 13th August - Asics, FUJIFILM, Dentsu, Mitsubishi Shoji

•BEST & WORST 13th AUGUST •The 'best' of yesterday's large-cap announcements came from Rakus (3923 JP), the 'worst' from ASICS Corp (7936 JP). ...

Campbell Gunn

ASICS: Near 20-Year Forward EV/​OP Peak

Japanese sporting goods company ASICS Corp (7936 JP)’s share price and consensus FY+2 EV/OP has declined by 2.8% and 8.4% respectively, since our...

Oshadhi Kumarasiri

ASICS: Near 20-Year Forward EV/OP Peak