'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)

<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p>Our best and worst pairing from Monday's announcements is <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a> and <a href="https://www.smartkarma.com/entities/koei-tecmo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20277:1" rel="noopener">Koei Tecmo (3635 JP)</a>. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/689/original/2020-10-27_05-41-07.png?1603744887" class="editor-image img-responsive" data-smartkarma-image-id="167689"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/690/original/2020-10-27_05-42-32.png?1603744992" class="editor-image img-responsive" data-smartkarma-image-id="167690"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></section><hr><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p style="text-align: center;"><strong>232Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 31% Positive / 9% Neutral / 59% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> -1.9 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -10.0% Quarter YoY / -4.8% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -0.8ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 6%</p></li>
</ul></div><hr><div><p style="text-align: center;"><strong>33 Annual • 29 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 39% Positive / 12% Neutral / 49% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 59% Positive / 0% Neutral / 41% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> +1.1 points</p></li>
</ul></div>

• BEST &amp; WORST •Our best and worst pairing from Monday's announcements is Nidec (6594 JP) and Koei Tecmo (3635 JP). Source for all charts &amp; tables: Japan AnalyticsDAILY STATS232Quarterly Results
Results Score: 31% Positive / 9% Neutral / 59% Negative
Average Results Score Change: -1.9 points
Average % Change in Revenue: -10.0% Quarter YoY / -4.8% Rolling TTM YoY 
Average Operating Profit Margin Change: -0.8ppt
Percentage Making Quarterly Losses: 6%
33 Annual • 29 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 39% Positive / 12% Neutral / 49% Negative
Interim Forecast/Revision Score Change: 59% Positive / 0% Neutral / 41% Negative
Average Forecast/Revision Score Change: +1.1 points


🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​​​​​​26 Nidec, Canon, OBIC, Koei Tecmo, Nitto Denko

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>
<p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> and <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> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>, <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/xinyi-solar-holdings-ltd" target="_blank" data-smartkarma-citation="entities:318:1" rel="noopener">Xinyi Solar Holdings (968 HK)</a> and <a href="https://www.smartkarma.com/entities/evergrande-real-estate-group-limited" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande Real Estate Group (3333 HK)</a>. Shorts increased in Financials stocks and decreased in Health Care, Information Technology and Real Estate names.</p>
</div><div><p>In Japan, stocks that saw the most shorts covered were <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 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/taiyo-yuden-co-ltd" target="_blank" data-smartkarma-citation="entities:9924:1" rel="noopener">Taiyo Yuden (6976 JP)</a> and <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a>, while shorts increased on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a> and <a href="https://www.smartkarma.com/entities/terrasky-co-ltd" target="_blank" data-smartkarma-citation="entities:27747:1" rel="noopener">TerraSky Co Ltd (3915 JP)</a>. Sectorally, shorts increased on Industrials, Real Estate and Consumer Staples, while shorts were covered on Consumer Discretionary and Information Technology names.</p></div><div><p>Shorts threw in the towel in Korea with a large drop in short interest due to short covering. Largest shorts were covered in <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/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <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>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> and <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a> while shorts were covered on <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/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 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/wiwynn-corp" target="_blank" data-smartkarma-citation="entities:27838:1" rel="noopener">Wiwynn Corp (6669 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 CSPC Pharmaceutical Group (1093 HK), Xiaomi Corp (1810 HK), HSBC Holdings (5 HK) and Ping An Insurance (H) (2318 HK) while there was short covering on Ping An Healthcare and Technology Company Limited (1833 HK), Alibaba Group (9988 HK), Xinyi Solar Holdings (968 HK) and Evergrande Real Estate Group (3333 HK). Shorts increased in Financials stocks and decreased in Health Care, Information Technology and Real Estate names.
In Japan, stocks that saw the most shorts covered were Fast Retailing (9983 JP), Canon Inc (7751 JP), Taiyo Yuden (6976 JP) and Yaskawa Electric (6506 JP), while shorts increased on Toshiba Corp (6502 JP), Asahi Group Holdings (2502 JP), Nippon Building Fund (8951 JP) and TerraSky Co Ltd (3915 JP). Sectorally, shorts increased on Industrials, Real Estate and Consumer Staples, while shorts were covered on Consumer Discretionary and Information Technology names.Shorts threw in the towel in Korea with a large drop in short interest due to short covering. Largest shorts were covered in Samsung Electronics (005930 KS), NCSOFT Corp (036570 KS), SK Hynix (000660 KS) and Netmarble Corporation (251270 KS). Stocks in Taiwan that saw the highest increase in shorts were TSMC (2330 TT), Acer Inc (2353 TT), Unimicron Technology (3037 TT) and Asustek Computer (2357 TT) while shorts were covered on Yageo Corporation (2327 TT), Walsin Technology (2492 TT), Largan Precision (3008 TT) and Wiwynn Corp (6669 TT). 

Asia Short Interest Weekly: Xiaomi, Evergrande, Toshiba, Asahi, NBF, Samsung, Hynix, TSMC, Acer

<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/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (HK) (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/idreamsky-technology-holdings" target="_blank" data-smartkarma-citation="entities:5570:1" rel="noopener">iDreamsky Technology Limited (1119 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a> while there was short covering 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/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> and <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a> . Shorts increased in Real Estate, Energy and Consumer Staples and decreased in Financials, Consumer Discretionary, Health Care and Communication Services.</p></div><div>
<p>There was a lot of short covering in Japan during the week. Stocks that saw the most shorts covered were <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> and <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" data-smartkarma-citation="entities:9924:1" rel="noopener">Taiyo Yuden (6976 JP)</a>, while shorts increased on <a href="https://www.smartkarma.com/entities/nihon-m-a-center-inc" target="_blank" data-smartkarma-citation="entities:17616:1" rel="noopener">Nihon M&amp;A Center (2127 JP)</a>, <a href="https://www.smartkarma.com/entities/yamato-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2:1" rel="noopener">Yamato Holdings (9064 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> and <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>. Sectorally, the most shorts were covered in Consumer Staples, Information Technology, Consumer Discretionary and Financials.</p>
<p>Stocks in Korea that saw an increase in shorts were <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 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> while stocks that saw the most short covering were <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a>, <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-household-health-care" target="_blank" data-smartkarma-citation="entities:6501:1" rel="noopener">LG Household &amp; Health Care (051900 KS)</a>.</p>
</div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <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>, <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>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> while shorts were covered on <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/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/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:27270:1" rel="noopener">ASE Technology Holding Co Ltd (3711 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 JD.com (HK) (9618 HK), Xiaomi Corp (1810 HK), iDreamsky Technology Limited (1119 HK) and Galaxy Entertainment Group (27 HK) while there was short covering on Alibaba Group (9988 HK), Tencent Holdings (700 HK), Ping An Insurance (H) (2318 HK) and Ping An Healthcare and Technology Company Limited (1833 HK) . Shorts increased in Real Estate, Energy and Consumer Staples and decreased in Financials, Consumer Discretionary, Health Care and Communication Services.
There was a lot of short covering in Japan during the week. Stocks that saw the most shorts covered were Fast Retailing (9983 JP), Asahi Group Holdings (2502 JP), Toshiba Corp (6502 JP) and Taiyo Yuden (6976 JP), while shorts increased on Nihon M&amp;A Center (2127 JP), Yamato Holdings (9064 JP), Canon Inc (7751 JP) and Mitsubishi UFJ Financial (MUFG) (8306 JP). Sectorally, the most shorts were covered in Consumer Staples, Information Technology, Consumer Discretionary and Financials.
Stocks in Korea that saw an increase in shorts were Kakao Corp (035720 KS) and Celltrion Inc (068270 KS) while stocks that saw the most short covering were Doosan Infracore (042670 KS), LG Display (034220 KS), Netmarble Corporation (251270 KS) and LG Household &amp; Health Care (051900 KS).
Stocks in Taiwan that saw the highest increase in shorts were Largan Precision (3008 TT), TSMC (2330 TT), Genius Electronic Optical (3406 TT) and Hon Hai Precision Industry (2317 TT) while shorts were covered on Yageo Corporation (2327 TT), Novatek Microelectronics Corp (3034 TT), United Microelectronics Corp (2303 TT) and ASE Technology Holding Co Ltd (3711 TT). 

Asia Short Interest Weekly: JD, Xiaomi, Nihon M&A, Asahi, Toshiba, Kakao, Netmarble, Largan, Novatek

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Evergrande, Link Admin, NTT Docomo, Melifecare, Wipro, Wilmar, Huya/DouYu

Travis Lundy

Equity Bottom-Up

<p>On 19 April I wrote about Ricoh's big buyback potential, saying the timing was right in <a href="https://www.smartkarma.com/insights/ricoh-s-big-buyback-potential-the-timing-is-right" target="_blank" data-smartkarma-citation="insights:38518" rel="noopener">Ricoh's BIG Buyback Potential - The Timing Is Right</a>. I followed up three weeks later with <a href="https://www.smartkarma.com/insights/ricoh-redux-get-long-vs-comps" target="_blank" data-smartkarma-citation="insights:39155" rel="noopener">Ricoh Redux:  Get Long Vs Comps</a> just before the earnings announcement which I expected would deliver on the share buyback. </p><p>We didn't get it. No buyback. And there was no earnings forecast for the year to March 2021. Talk in the meeting and presentation about how orders were OK but deliveries in Europe weren't because of the lockdown rules so who knew when things would come back to normal. The "new normal" of WFH had not made the outlook better. </p><p>The stock itself rose sharply despite the lack of guidance, but has since fallen back to below March 2020 "covid-crash" lows. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/165/504/original/Screenshot%202020-10-16%20at%2010.19.40%20AM.png?1602814817" class="editor-image img-responsive" data-smartkarma-image-id="165504"></figure></section><p>Since April 17 and May 8, TOPIX is up 13% and 12%, TOPIX Electrical Appliances is up 22.5% and 18.3%, and TOPIX Precision Instruments is up 16.1% and 19.0%. </p><p>Ricoh, on the other hand, is -9.4% and -12.8% now. </p><p>But the trade was to buy <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> against a basket of <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/konica-minolta-inc" target="_blank" data-smartkarma-citation="entities:17287:1" rel="noopener">Konica Minolta (4902 JP)</a>. That trade has done well at +26.2% and +19.6% in 23 weeks and 21 weeks respectively.  </p><p>The question is what does one do now.</p>

On 19 April I wrote about Ricoh's big buyback potential, saying the timing was right in Ricoh's BIG Buyback Potential - The Timing Is Right. I followed up three weeks later with Ricoh Redux:  Get Long Vs Comps just before the earnings announcement which I expected would deliver on the share buyback. We didn't get it. No buyback. And there was no earnings forecast for the year to March 2021. Talk in the meeting and presentation about how orders were OK but deliveries in Europe weren't because of the lockdown rules so who knew when things would come back to normal. The "new normal" of WFH had not made the outlook better. The stock itself rose sharply despite the lack of guidance, but has since fallen back to below March 2020 "covid-crash" lows. Since April 17 and May 8, TOPIX is up 13% and 12%, TOPIX Electrical Appliances is up 22.5% and 18.3%, and TOPIX Precision Instruments is up 16.1% and 19.0%. Ricoh, on the other hand, is -9.4% and -12.8% now. But the trade was to buy Ricoh Company Ltd (7752 JP) against a basket of Canon Inc (7751 JP) and Konica Minolta (4902 JP). That trade has done well at +26.2% and +19.6% in 23 weeks and 21 weeks respectively.  The question is what does one do now.

Ricoh (Reductively) - Reduced Bullishness So Take Off the Trade

Japan

Canon Inc. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

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Canon Inc (7751 JP)

🇯🇵 JAPAN • Results & Revisions 10/26 Nidec, Canon, OBIC, Koei Tecmo, Nitto Denko

• BEST & WORST • Our best and worst pairing from Monday's announcements is Nidec (6594 JP) and Koei Tecmo (3635...

Campbell Gunn

Asia Short Interest Weekly: Xiaomi, Evergrande, Toshiba, Asahi, NBF, Samsung, Hynix, TSMC, Acer

In Korea, shorts are throwing in the towel while short positions keep increasing in Taiwan. The report looks at stocks where there have been large...

Brian Freitas

Asia Short Interest Weekly: JD, Xiaomi, Nihon M&A, Asahi, Toshiba, Kakao, Netmarble, Largan, Novatek

Highlighting changes in short interest across stocks in HK, Japan, Korea and Taiwan to pinpoint stocks/sectors that are being shorted or covered...

Brian Freitas

Last Week in Event SPACE: Evergrande, Link Admin, NTT Docomo, Melifecare, Wipro, Wilmar, Huya/DouYu

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Ricoh (Reductively) - Reduced Bullishness So Take Off the Trade

Forward earnings forecasts are worsening by the day and the ratio of Ricoh vs Comp future EBIT took a sharp turn for the worse since early October....

Travis Lundy

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🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​​​​​​26 Nidec, Canon, OBIC, Koei Tecmo, Nitto Denko

• BEST & WORST • Our best and worst pairing from Monday's announcements is Nidec (6594 JP) and Koei Tecmo (3635...

Campbell Gunn

Asia Short Interest Weekly: Xiaomi, Evergrande, Toshiba, Asahi, NBF, Samsung, Hynix, TSMC, Acer

In Korea, shorts are throwing in the towel while short positions keep increasing in Taiwan. The report looks at stocks where there have been large...

Brian Freitas

Asia Short Interest Weekly: JD, Xiaomi, Nihon M&A, Asahi, Toshiba, Kakao, Netmarble, Largan, Novatek

Highlighting changes in short interest across stocks in HK, Japan, Korea and Taiwan to pinpoint stocks/sectors that are being shorted or covered...

Brian Freitas

Last Week in Event SPACE: Evergrande, Link Admin, NTT Docomo, Melifecare, Wipro, Wilmar, Huya/DouYu

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Ricoh (Reductively) - Reduced Bullishness So Take Off the Trade

Forward earnings forecasts are worsening by the day and the ratio of Ricoh vs Comp future EBIT took a sharp turn for the worse since early October....

Travis Lundy

🇯🇵 JAPAN • Results & Revisions 10/26 Nidec, Canon, OBIC, Koei Tecmo, Nitto Denko