'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/076/722/original/2019-01-26_16-21-53.png?1548487323" class="editor-image img-responsive" data-smartkarma-image-id="76722"></figure>

Source: Japan Analytics
</div>
CONSISTENCY PAYS - In troubled markets, investors often seek out companies with greater earnings stability and a history of consistent stock outperformance. Conversely, companies that offer investors more of a rollercoaster ride (<a href="https://www.smartkarma.com/entities/6232" target="_blank" data-smartkarma-citation="entities:6232:1">Chiyoda Corp (6366 JP)</a> being an excellent recent example) are less rewarding, especially when adjusted for volatility. In an attempt to sort the 'Steady Eddies' from the Rollercoaster Rides', we have created a Consistency Score - a composite based on our Results Score, Forecast/Revision Score, Relative Price Score and Volume Score - which measures the variability, consistency, correlation, and range of each of these scores for every company.  Cap-weighted aggregate Consistency Scores are then derived for 321 Peer Groups and 29 Sectors - REITs are excluded from this analysis. Over 3 million data points have been reviewed in creating this analysis. As the old slogan goes - "we do the work, so you don't have to'.
'CARP = CONSISTENCY-AT-A-REASONABLE-PRICE' - Our findings will not surprise long-term investors in Japanese equities; the simple asset allocation decision to prefer domestic growth over global value has determined the quartile-ranking of many strategies in recent years. Although many of these Sectors, Peer Groups and stocks are now overvalued, we do not expect the underlying business dynamics to change in the years ahead and many excellent investment opportunities remain, especially down the cap-scale. Periodic and often substantial mean reversions in the more cyclical sectors, such as the one that has occurred in the last two days, will offer attractive trading opportunities for more-nimble portfolio managers. Longer-term orientated investors are better-advised to continue to favour 'consistency-at-a-reasonable-price'.  Some of our 'findings', as explained in more DETAIL below, are as follows: - 
<ul class="">
<li>
SECTORS - The better investors in Japan over the last two decades have eschewed traditional manufacturing in favour of Services, IT/Internet, Retail, Restaurants and 'FB&amp;T'. Only Machinery and Electrical Equipment outperformed the market's 4% compound annual growth rate (CAGR) over the period.</li>
<li>
PEER GROUPS- The most-consistent Peer Groups are found in industries associated with food, drugs, welfare, shelter and amusement. Only five of the top-forty Peer Groups - Online Payment Services, E-Commerce, IT System Services, Telecom Distribution Services and Internet Software &amp; Services belong to the 'new age'. There are no manufacturing Peer Groups in the top-forty. The best performing Peer Group is Securities Services, and the worst-performing is Investment Management &amp; Advice. Although both have similar levels of consistency, the stock exchange has beaten its fund managers by 28% annually since 2005.</li>
<li>
COMPANIES - The simple average fourteen-year compound annual share price appreciation for all listed large-cap companies is +5.1%. For all listed companies the average falls to just +0.5%, highlighting the perils of investing in Japan's small caps. The average share price CAGR for our hindsight-selected top-forty is +18.7%. In contrast, only one of our forty least-consistent companies outperformed the market and the average for the least-consistent forty companies was a negative -3.2%.   Unsurprisingly, there are eight banks and six steel companies on the list, along with two glass companies and two shipping lines.</li>
<li>
CONSISTENCY HALL OF FAME/SHAME AWARDS - We have selected one company from each of the most and least consistent lists as the winner of a 'Consistency Award'. Both are highlighted in the chart above. One of them will be as surprising to many readers as it was to us.  </li>
</ul>




Source: Japan Analytics

CONSISTENCY PAYS - In troubled markets, investors often seek out companies with greater earnings stability and a history of consistent stock outperformance. Conversely, companies that offer investors more of a rollercoaster ride (Chiyoda Corp (6366 JP) being an excellent recent example) are less rewarding, especially when adjusted for volatility. In an attempt to sort the 'Steady Eddies' from the Rollercoaster Rides', we have created a Consistency Score - a composite based on our Results Score, Forecast/Revision Score, Relative Price Score and Volume Score - which measures the variability, consistency, correlation, and range of each of these scores for every company.  Cap-weighted aggregate Consistency Scores are then derived for 321 Peer Groups and 29 Sectors - REITs are excluded from this analysis. Over 3 million data points have been reviewed in creating this analysis. As the old slogan goes - "we do the work, so you don't have to'.
'CARP = CONSISTENCY-AT-A-REASONABLE-PRICE' - Our findings will not surprise long-term investors in Japanese equities; the simple asset allocation decision to prefer domestic growth over global value has determined the quartile-ranking of many strategies in recent years. Although many of these Sectors, Peer Groups and stocks are now overvalued, we do not expect the underlying business dynamics to change in the years ahead and many excellent investment opportunities remain, especially down the cap-scale. Periodic and often substantial mean reversions in the more cyclical sectors, such as the one that has occurred in the last two days, will offer attractive trading opportunities for more-nimble portfolio managers. Longer-term orientated investors are better-advised to continue to favour 'consistency-at-a-reasonable-price'.  Some of our 'findings', as explained in more DETAIL below, are as follows: - 


SECTORS - The better investors in Japan over the last two decades have eschewed traditional manufacturing in favour of Services, IT/Internet, Retail, Restaurants and 'FB&amp;T'. Only Machinery and Electrical Equipment outperformed the market's 4% compound annual growth rate (CAGR) over the period.

PEER GROUPS- The most-consistent Peer Groups are found in industries associated with food, drugs, welfare, shelter and amusement. Only five of the top-forty Peer Groups - Online Payment Services, E-Commerce, IT System Services, Telecom Distribution Services and Internet Software &amp; Services belong to the 'new age'. There are no manufacturing Peer Groups in the top-forty. The best performing Peer Group is Securities Services, and the worst-performing is Investment Management &amp; Advice. Although both have similar levels of consistency, the stock exchange has beaten its fund managers by 28% annually since 2005.

COMPANIES - The simple average fourteen-year compound annual share price appreciation for all listed large-cap companies is +5.1%. For all listed companies the average falls to just +0.5%, highlighting the perils of investing in Japan's small caps. The average share price CAGR for our hindsight-selected top-forty is +18.7%. In contrast, only one of our forty least-consistent companies outperformed the market and the average for the least-consistent forty companies was a negative -3.2%.   Unsurprisingly, there are eight banks and six steel companies on the list, along with two glass companies and two shipping lines.

CONSISTENCY HALL OF FAME/SHAME AWARDS - We have selected one company from each of the most and least consistent lists as the winner of a 'Consistency Award'. Both are highlighted in the chart above. One of them will be as surprising to many readers as it was to us.  


Japan: Consistency Scores - Steady Eddies V. Rollercoaster Rides

Global energy equity and oil & gas macro analyst

Anish Kapadia

Akap Energy

Thematic (Sector/Industry)

<div class="content-highlight">
<h2>We run through our views on the main themes that will impact the oil and gas market in 2019 and the stocks to play these through. We outline the 10 key themes including oil demand, US oil supply growth, OPEC+ policy, base production decline rates, exploration potential and the outlook for new project final investment decisions. We also look at the refining market, LNG supply and demand, the M&amp;A prospects and the impact of the energy transition. We outline 12 stocks (7 bullish and 5 bearish calls) that we think you can play the themes through.</h2>
</div>
We examine some of the key drivers of the oil price and on the whole we are relatively bullish as although we see some risk to demand growth forecasts in 2019, in the absence of a recession we think that supply has more room to surprise to the downside. Geopolitics and financial markets will play a huge role in prices. We think that US oil supply growth will be lower y/y in 2019, OPEC+ compliance with cuts will be high and maybe helped by unplanned disruptions and base production will decline more rapidly than forecast. Companies will accelerate the sanctioning of new projects in 2019 and also will increase exploration spending, despite a number of years of poor success rates - overall the trend should be positive for the offshore oil service companies. We expect strong LNG supply growth in 2019 to hit spot pricing but still expect a large number of projects to be sanctioned helping the LNG engineering and construction companies. It will be a very interesting year for the refining industry as new regulations limiting shipping sulphur emissions should lead to a spike in diesel and to some extent gasoline margins towards the end of the year, helping complex refiners. Major oil companies will continue to embrace renewables as investors continue to push for companies to plan for the energy transition.
The main stocks that we come out positive on are <a href="https://www.smartkarma.com/entities/12835" target="_blank" data-smartkarma-citation="entities:12835:1">Hess Corp (HES US)</a>, <a href="https://www.smartkarma.com/entities/12530" target="_blank" data-smartkarma-citation="entities:12530:1">Valero Energy (VLO US)</a>, <a href="https://www.smartkarma.com/entities/27505" target="_blank" data-smartkarma-citation="entities:27505:1">TechnipFMC PLC (FTI FP)</a>, <a href="https://www.smartkarma.com/entities/5780" target="_blank" data-smartkarma-citation="entities:5780:1">Kosmos Energy (KOS US)</a>, <a href="https://www.smartkarma.com/entities/9675" target="_blank" data-smartkarma-citation="entities:9675:1">Transocean Ltd (RIG US)</a>, <a href="https://www.smartkarma.com/entities/4324" target="_blank" data-smartkarma-citation="entities:4324:1">Golar Lng Ltd (GLNG US)</a> and <a href="https://www.smartkarma.com/entities/21364" target="_blank" data-smartkarma-citation="entities:21364:1">Galp Energia Sgps Sa (GALP PL)</a>.
We are more negative on <a href="https://www.smartkarma.com/entities/24253" target="_blank" data-smartkarma-citation="entities:24253:1">Cenovus Energy Inc (CVE CN)</a> , <a href="https://www.smartkarma.com/entities/22108" target="_blank" data-smartkarma-citation="entities:22108:1">Royal Dutch Shell (RDSA LN)</a> , <a href="https://www.smartkarma.com/entities/16683" target="_blank" data-smartkarma-citation="entities:16683:1">Cheniere Energy (LNG US)</a>; <a href="https://www.smartkarma.com/entities/11153" target="_blank" data-smartkarma-citation="entities:11153:1">Eog Resources (EOG US)</a> and <a href="https://www.smartkarma.com/entities/27640" target="_blank" data-smartkarma-citation="entities:27640:1">Ecopetrol SA (ECOPETL CB)</a> .


We run through our views on the main themes that will impact the oil and gas market in 2019 and the stocks to play these through. We outline the 10 key themes including oil demand, US oil supply growth, OPEC+ policy, base production decline rates, exploration potential and the outlook for new project final investment decisions. We also look at the refining market, LNG supply and demand, the M&amp;A prospects and the impact of the energy transition. We outline 12 stocks (7 bullish and 5 bearish calls) that we think you can play the themes through.

We examine some of the key drivers of the oil price and on the whole we are relatively bullish as although we see some risk to demand growth forecasts in 2019, in the absence of a recession we think that supply has more room to surprise to the downside. Geopolitics and financial markets will play a huge role in prices. We think that US oil supply growth will be lower y/y in 2019, OPEC+ compliance with cuts will be high and maybe helped by unplanned disruptions and base production will decline more rapidly than forecast. Companies will accelerate the sanctioning of new projects in 2019 and also will increase exploration spending, despite a number of years of poor success rates - overall the trend should be positive for the offshore oil service companies. We expect strong LNG supply growth in 2019 to hit spot pricing but still expect a large number of projects to be sanctioned helping the LNG engineering and construction companies. It will be a very interesting year for the refining industry as new regulations limiting shipping sulphur emissions should lead to a spike in diesel and to some extent gasoline margins towards the end of the year, helping complex refiners. Major oil companies will continue to embrace renewables as investors continue to push for companies to plan for the energy transition.
The main stocks that we come out positive on are Hess Corp (HES US), Valero Energy (VLO US), TechnipFMC PLC (FTI FP), Kosmos Energy (KOS US), Transocean Ltd (RIG US), Golar Lng Ltd (GLNG US) and Galp Energia Sgps Sa (GALP PL).
We are more negative on Cenovus Energy Inc (CVE CN) , Royal Dutch Shell (RDSA LN) , Cheniere Energy (LNG US); Eog Resources (EOG US) and Ecopetrol SA (ECOPETL CB) . 

2019 Energy Market Themes & Stocks with Exposure: Focus on Oil, Refining, LNG, M&A & Renewables

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

Equity Bottom-Up

After <a href="https://www.smartkarma.com/entities/17524" target="_blank" data-smartkarma-citation="entities:17524:1">Mcdermott Intl (MDR US)</a> announced further write-downs related to the Cameron and Freeport LNG projects at its 3Q earnings, <a href="https://www.smartkarma.com/entities/6232" target="_blank" data-smartkarma-citation="entities:6232:1">Chiyoda Corp (6366 JP)</a>'s stock price entered free fall as the company came out with a ¥98bn downward revision, announcing losses that would severely weaken its balance sheet. The majority of this was driven by a ¥85bn write-down for Cameron but adjustments were also made to their Freeport and Tangguh projects.The expected ¥105bn net loss will be the worst in the company's history and the cumulative losses over the last three years (¥125.0bn) would now exceed the overall loss accumulated in the three years between 1997-1999 (¥116.7bn) when the company flirted with bankruptcy and became a sub ¥100 stock. Chiyoda now forms a triumvirate with <a href="https://www.smartkarma.com/entities/637" target="_blank" data-smartkarma-citation="entities:637:1">Toshiba Corp (6502 JP)</a>/Westinghouse and Mcdermott as companies announcing huge write-downs with the common thread being CB&amp;I. Toshiba's net losses before minority interests were ¥1,160bn while Mcdermott has avoided losses but been forced to write-down a total of $909m (¥103bn) since its acquisition of CB&amp;I.We examine the history of CB&amp;I and try to shed some light on the issues facing EPC companies in the US, potential root causes of these write-downs and an evaluation of Chiyoda's risk management below.

After Mcdermott Intl (MDR US) announced further write-downs related to the Cameron and Freeport LNG projects at its 3Q earnings, Chiyoda Corp (6366 JP)'s stock price entered free fall as the company came out with a ¥98bn downward revision, announcing losses that would severely weaken its balance sheet. The majority of this was driven by a ¥85bn write-down for Cameron but adjustments were also made to their Freeport and Tangguh projects.The expected ¥105bn net loss will be the worst in the company's history and the cumulative losses over the last three years (¥125.0bn) would now exceed the overall loss accumulated in the three years between 1997-1999 (¥116.7bn) when the company flirted with bankruptcy and became a sub ¥100 stock. Chiyoda now forms a triumvirate with Toshiba Corp (6502 JP)/Westinghouse and Mcdermott as companies announcing huge write-downs with the common thread being CB&amp;I. Toshiba's net losses before minority interests were ¥1,160bn while Mcdermott has avoided losses but been forced to write-down a total of $909m (¥103bn) since its acquisition of CB&amp;I.We examine the history of CB&amp;I and try to shed some light on the issues facing EPC companies in the US, potential root causes of these write-downs and an evaluation of Chiyoda's risk management below.

Chiyoda: Assessing Risk Management Amidst the Trail of Write-Downs in CB&I's Wake

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

A comment from a Smartkarma client prompted me to dig through this. It was an interesting comment suggesting the high weight Nikkei 225 names, or high weight-low float names were getting squeezed by BOJ buying or by a short squeeze on the short basket which had been proposed by a number of sellside brokers after the BOJ dropped its Nikkei 225 buying. The likelihood and nature of the change in Nikkei 225 buying by the BOJ was most recently discussed in the insights below:
<table class="table table-striped">
<tbody>
<tr>
<td colspan="3">
<h2>Insights This Past Summer on BOJ ETF Buying and Nikkei 225</h2>
</td>
</tr>
<tr>
<td>Date</td>
<td>Before/After BOJ</td>
<td>Title of Insight</td>
</tr>
<tr>
<td>19-Jul-2018</td>
<td>Before</td>
<td><a href="https://www.smartkarma.com/insights/japan-passive-boj-heading-for-trouble-with-nikkei-225" target="_blank" data-smartkarma-citation="insights:21980">JAPAN PASSIVE:  BOJ Heading For Trouble with Nikkei 225</a></td>
</tr>
<tr>
<td>23-Jul-2018</td>
<td>Before</td>
<td><a href="https://www.smartkarma.com/insights/japan-passive-the-nikkei-225-baskets-if-boj-changes" target="_blank" data-smartkarma-citation="insights:22367">JAPAN PASSIVE:  The Nikkei 225 Baskets if BOJ Changes</a></td>
</tr>
<tr>
<td>27-Jul-2018</td>
<td>Before</td>
<td><a href="https://www.smartkarma.com/insights/japan-passive-boj-to-buy-less-nikkei-225-highly-likely" target="_blank" data-smartkarma-citation="insights:22484">JAPAN PASSIVE - BOJ To Buy Less Nikkei 225? Highly Likely</a></td>
</tr>
<tr>
<td>31-Jul-2018</td>
<td>After</td>
<td><a href="https://www.smartkarma.com/insights/japan-passive-dovish-meeting-boj-to-buy-less-nikkei-225" target="_blank" data-smartkarma-citation="insights:22617">JAPAN PASSIVE - Dovish Meeting; BOJ to Buy Less Nikkei 225</a></td>
</tr>
</tbody>
</table>
However, the BOJ and Nikkei 225 story has been a deceased equine I have been belabouring for 2+ years.
Of course, the trigger for many people's suggestions of a trade was the decision by the BOJ on 31 July to lower its annual rate of purchases of ETFs in the grouping of the TOPIX, Nikkei 225, and JPX Nikkei 400 basket which was seeing total buys of ¥3.0trln a year (in addition to the ¥2.7trln on TOPIX alone) to ¥1.5trln, raising and lifting the portion of "only TOPIX" to ¥4.2trln. That meant the total to be bought in Nikkei would drop from about ¥1.3-1.4trln to about half that, and JPX Nikkei 400 saw its portion of BOJ ETF buys drop to very low single digit percentages, with TOPIX taking about 85% of total buys from there on.
As described in numerous insights on Smartkarma dating back a few years, it is to be noted that the "float" on several Japanese stocks in the Nikkei 225 is not really "float" and Real World Float is much smaller. In some cases single digit percentages of the shares outstanding.
Many of us have watched the 70+% performance since end-August for <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">Familymart Uny Holdings (8028 JP)</a> - one of my favored names to get heavily sold should the Nikkei 225 actually change its weighting methodology as I proposed earlier this year. It has been the avatar for high weight low-float names in the Nikkei 225.
So I tested the idea. The results were somewhat surprising.

A comment from a Smartkarma client prompted me to dig through this. It was an interesting comment suggesting the high weight Nikkei 225 names, or high weight-low float names were getting squeezed by BOJ buying or by a short squeeze on the short basket which had been proposed by a number of sellside brokers after the BOJ dropped its Nikkei 225 buying. The likelihood and nature of the change in Nikkei 225 buying by the BOJ was most recently discussed in the insights below:




Insights This Past Summer on BOJ ETF Buying and Nikkei 225



Date
Before/After BOJ
Title of Insight


19-Jul-2018
Before
JAPAN PASSIVE:  BOJ Heading For Trouble with Nikkei 225


23-Jul-2018
Before
JAPAN PASSIVE:  The Nikkei 225 Baskets if BOJ Changes


27-Jul-2018
Before
JAPAN PASSIVE - BOJ To Buy Less Nikkei 225? Highly Likely


31-Jul-2018
After
JAPAN PASSIVE - Dovish Meeting; BOJ to Buy Less Nikkei 225



However, the BOJ and Nikkei 225 story has been a deceased equine I have been belabouring for 2+ years.
Of course, the trigger for many people's suggestions of a trade was the decision by the BOJ on 31 July to lower its annual rate of purchases of ETFs in the grouping of the TOPIX, Nikkei 225, and JPX Nikkei 400 basket which was seeing total buys of ¥3.0trln a year (in addition to the ¥2.7trln on TOPIX alone) to ¥1.5trln, raising and lifting the portion of "only TOPIX" to ¥4.2trln. That meant the total to be bought in Nikkei would drop from about ¥1.3-1.4trln to about half that, and JPX Nikkei 400 saw its portion of BOJ ETF buys drop to very low single digit percentages, with TOPIX taking about 85% of total buys from there on.
As described in numerous insights on Smartkarma dating back a few years, it is to be noted that the "float" on several Japanese stocks in the Nikkei 225 is not really "float" and Real World Float is much smaller. In some cases single digit percentages of the shares outstanding.
Many of us have watched the 70+% performance since end-August for Familymart Uny Holdings (8028 JP) - one of my favored names to get heavily sold should the Nikkei 225 actually change its weighting methodology as I proposed earlier this year. It has been the avatar for high weight low-float names in the Nikkei 225.
So I tested the idea. The results were somewhat surprising.

Is It a Nikkei BOJ Squeeze on Nikkei 225 Low Float Names? Or Just FamilyMart Being FamilyMart?

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

At the beginning of the fiscal year, Japanese companies issue full-year guidance. Most of them will then revise those number when they announce 2Q results in the fall. Their hope is that they get close enough to the up and coming actual results so that they do not have to change anything again before the year closes. We have screened for companies that have significantly changed their full-year guidance.

At the beginning of the fiscal year, Japanese companies issue full-year guidance. Most of them will then revise those number when they announce 2Q results in the fall. Their hope is that they get close enough to the up and coming actual results so that they do not have to change anything again before the year closes. We have screened for companies that have significantly changed their full-year guidance. 

2Q Earnings Is the Time for Full-Year Guidance Revisions. See Who Changed Their Numbers the Most....

Japan

CHIYODA CORPORATION constructs, inspects, and maintains industrial plants around the world.  Those plants include oil refinery, petrochemical, food, and pharmaceutical plants.  The Company also provides comprehensive engineering services for such as energy saving, factory automation (FA), and environmental preservation for water treatment and soil purification.

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Chiyoda Corp (6366 JP)

Japan: Consistency Scores - Steady Eddies V. Rollercoaster Rides

CONSISTENCY PAYS - In troubled markets, investors often seek out companies with greater earnings stability and a history of consistent stock...

Campbell Gunn

2019 Energy Market Themes & Stocks with Exposure: Focus on Oil, Refining, LNG, M&A & Renewables

We run through our views on the main themes that will impact the oil and gas market in 2019 and the stocks to play these through. We outline the...

Anish Kapadia

Chiyoda: Assessing Risk Management Amidst the Trail of Write-Downs in CB&I's Wake

After Mcdermott Intl (MDR US) announced further write-downs related to the Cameron and Freeport LNG projects at its 3Q earnings, Chiyoda Corp (6366...

Mio Kato

Is It a Nikkei BOJ Squeeze on Nikkei 225 Low Float Names? Or Just FamilyMart Being FamilyMart?

A comment from a Smartkarma client prompted me to dig through this. It was an interesting comment suggesting the high weight Nikkei 225 names,...

Travis Lundy

2Q Earnings Is the Time for Full-Year Guidance Revisions. See Who Changed Their Numbers the Most....

At the beginning of the fiscal year, Japanese companies issue full-year guidance. Most of them will then revise those number when they announce 2Q...

Custom Products Group

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)