'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>• LARGE CAP RESULTS - 5th APRIL •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/987/original/image_46394735821617656683433.png?1617656684" class="editor-image img-responsive" data-smartkarma-image-id="198987"></figure><div class="content-caption"> Source for all charts &amp; tables: Japan Analytics</div><p><strong>RESULTS</strong> - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, <a href="https://www.smartkarma.com/entities/shimamura-co-ltd" target="_blank" data-smartkarma-citation="entities:15213:1" rel="noopener">Shimamura (8227 JP)</a> had a third-successive positive quarter, while <a href="https://www.smartkarma.com/entities/kewpie-corp" target="_blank" data-smartkarma-citation="entities:10681:1" rel="noopener">Kewpie (2809 JP)</a> and <a href="https://www.smartkarma.com/entities/adastria-co-ltd" target="_blank" data-smartkarma-citation="entities:11895:1" rel="noopener">Adastria (2685 JP)</a> had double-digit year-on-year sales declines, and drugstore <a href="https://www.smartkarma.com/entities/create-sd-holdings-co" target="_blank" data-smartkarma-citation="entities:12945:1" rel="noopener">Create SD (3148 JP)</a> saw profits decline.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/989/original/image_51513331531617657092402.png?1617657093" class="editor-image img-responsive" data-smartkarma-image-id="198989"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/990/original/image_56921939741617657150504.png?1617657151" class="editor-image img-responsive" data-smartkarma-image-id="198990"></figure><p style="text-align: center;"><strong>• LARGER CAP FORECASTS/REVISIONS - 5th APRIL • </strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/991/original/image_89489650351617657220460.png?1617657221" class="editor-image img-responsive" data-smartkarma-image-id="198991"></figure><p><strong>FORECASTS/REVISIONS</strong> - Adastria offset its weak results with a bullish FY22 forecast, as did restaurant chain <a href="https://www.smartkarma.com/entities/ichibanya-co-ltd" target="_blank" data-smartkarma-citation="entities:2914:1" rel="noopener">Ichibanya (7630 JP)</a>. Shimamura's interim forecast was much more bullish than for the full year. <a href="https://www.smartkarma.com/entities/kobe-steel-ltd" target="_blank" data-smartkarma-citation="entities:209:1" rel="noopener">Kobe Steel (5406 JP)</a> revised up further into the black, while <a href="https://www.smartkarma.com/entities/jins-holdings-inc" target="_blank" data-smartkarma-citation="entities:12002:1" rel="noopener">JINS (3046 JP)</a> revised its interim and full-year sales and operating income slightly lower.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/992/original/image_65197346461617657668077.png?1617657668" class="editor-image img-responsive" data-smartkarma-image-id="198992"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/993/original/image_33740867171617657704461.png?1617657705" class="editor-image img-responsive" data-smartkarma-image-id="198993"></figure>

• LARGE CAP RESULTS - 5th APRIL • Source for all charts &amp; tables: Japan AnalyticsRESULTS - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, Shimamura (8227 JP) had a third-successive positive quarter, while Kewpie (2809 JP) and Adastria (2685 JP) had double-digit year-on-year sales declines, and drugstore Create SD (3148 JP) saw profits decline.• LARGER CAP FORECASTS/REVISIONS - 5th APRIL • FORECASTS/REVISIONS - Adastria offset its weak results with a bullish FY22 forecast, as did restaurant chain Ichibanya (7630 JP). Shimamura's interim forecast was much more bullish than for the full year. Kobe Steel (5406 JP) revised up further into the black, while JINS (3046 JP) revised its interim and full-year sales and operating income slightly lower.

🇯🇵 JAPAN • Results & Revisions 04/​05 - Shimamura & JINS

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/162/974/original/File%202020-10-01%2015%2010%2035.jpeg?1601583635" class="editor-image img-responsive" data-smartkarma-image-id="162974"></figure><div class="content-caption">Source: NHK</div><p><strong>FAILOVER</strong><strong>FAILURE</strong> - The failure of the Fail Over system in <a href="https://www.smartkarma.com/entities/japan-exchange-group-inc" target="_blank" data-smartkarma-citation="entities:11266:1" rel="noopener">Japan Exchange (8697 JP)</a> / <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu (6702 JP)</a> 'arrowhead' trading system on Thursday morning resulted in an unprecedented full-day market suspension. The details and implication will be covered in a separate Insight; however, the embarrassment to Japan's financial system is extreme. The Chief Cabinet Secretary was particularly blunt:-</p><blockquote>
<p> Currently, the Financial Services Agency is instructing the Japan Exchange Group and the Tokyo Stock Exchange to investigate the cause and take measures for recovery, and we are working diligently to recover. I know that the inability to trade on the exchange, which is an important infrastructure of the market, limits the opportunities for trading for investors, and I think it is very regrettable.   </p>
<h3>Katō Katsunobu, Naikaku-kanbō-chōkan</h3>
<p><strong>October 1st, 2020</strong></p>
</blockquote><hr><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p style="text-align: left;">The release of earnings announcements, forecasts and revisions was unaffected, and our best and worst pair is medical wear manufacturer <a href="https://www.smartkarma.com/entities/nagaileben-co-ltd" target="_blank" data-smartkarma-citation="entities:3165:1" rel="noopener">Nagaileben (7447 JP)</a> and waste management company <a href="https://www.smartkarma.com/entities/daiseki-co-ltd" target="_blank" data-smartkarma-citation="entities:2330:1" rel="noopener">Daiseki (9793 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/162/977/original/2020-10-02_06-08-02.png?1601586653" class="editor-image img-responsive" data-smartkarma-image-id="162977"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/162/976/original/2020-10-02_06-10-05.png?1601586638" class="editor-image img-responsive" data-smartkarma-image-id="162976"></figure><div class="content-caption">Source for all charts &amp; tables unless otherwise stated: Japan Analytics</div><p></p><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p style="text-align: center;"><strong>12 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 67% Positive / 10% Neutral / 33% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> +3.1 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> 3.0% Quarter YoY / +1.9% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> 0.5ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 0%</p></li>
</ul></div><hr><div><p style="text-align: center;"><strong>7 Annual • 5 Interim Forecasts/Revisions</strong></p></div><ul style="list-style-type: disc;">
<li><p>Annual Forecast/Revision Score: 57% Positive / 0% Neutral / 43% Negative</p></li>
<li><p>Interim Forecast/Revision Score Change: 60% Positive / 20% Neutral / 20% Negative</p></li>
<li><p>Average Forecast/Revision Score Change: +4.0 points</p></li>
</ul><div class="content-highlight"><p><strong>Although the sample size is small the 'stats' above are the best since we started this daily series. </strong></p></div>

Source: NHKFAILOVERFAILURE - The failure of the Fail Over system in Japan Exchange (8697 JP) / Fujitsu (6702 JP) 'arrowhead' trading system on Thursday morning resulted in an unprecedented full-day market suspension. The details and implication will be covered in a separate Insight; however, the embarrassment to Japan's financial system is extreme. The Chief Cabinet Secretary was particularly blunt:-
 Currently, the Financial Services Agency is instructing the Japan Exchange Group and the Tokyo Stock Exchange to investigate the cause and take measures for recovery, and we are working diligently to recover. I know that the inability to trade on the exchange, which is an important infrastructure of the market, limits the opportunities for trading for investors, and I think it is very regrettable.   
Katō Katsunobu, Naikaku-kanbō-chōkan
October 1st, 2020
• BEST &amp; WORST •The release of earnings announcements, forecasts and revisions was unaffected, and our best and worst pair is medical wear manufacturer Nagaileben (7447 JP) and waste management company Daiseki (9793 JP).Source for all charts &amp; tables unless otherwise stated: Japan AnalyticsDAILY STATS12 Quarterly Results
Results Score: 67% Positive / 10% Neutral / 33% Negative
Average Results Score Change: +3.1 points
Average % Change in Revenue: 3.0% Quarter YoY / +1.9% Rolling TTM YoY 
Average Operating Profit Margin Change: 0.5ppt
Percentage Making Quarterly Losses: 0%
7 Annual • 5 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 57% Positive / 0% Neutral / 43% Negative
Interim Forecast/Revision Score Change: 60% Positive / 20% Neutral / 20% Negative
Average Forecast/Revision Score Change: +4.0 points
Although the sample size is small the 'stats' above are the best since we started this daily series. 

🇯🇵 JAPAN • Results & Revisions 10/​​​​01 - Fail Over Fail, Nagaileben, Daiseki, Kewpie

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Event-Driven

<p>Last week, the Nihon Keizai Shimbun reported that the US private equity firm Carlyle Group intends to invest over ¥1.0 trillion in Japan over the next five years. <a href="https://www.smartkarma.com/profiles/mio-kato" target="_blank" rel="noopener">Mio Kato</a> has suggested three potential candidates based on Carlyle’s previous investments in Japan - <a href="https://www.smartkarma.com/entities/a-d-company-ltd" target="_blank" rel="noopener">A&amp;D (7745 JP)</a>, <a href="https://www.smartkarma.com/entities/fujio-food-system-co-ltd" target="_blank" data-smartkarma-citation="entities:12242:1" rel="noopener">Fujio Food System (2752 JP)</a>, and <a href="https://www.smartkarma.com/entities/fuji-oil-holdings-inc" target="_blank" data-smartkarma-citation="entities:4035:1" rel="noopener">Fuji Oil (2607 JP)</a>. In this Insight, we review Fuji Oil, a food materials company, in which <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu (8001 JP)</a> has a 38.5% stake (an increase from 33.2% in March 2020).</p>

Last week, the Nihon Keizai Shimbun reported that the US private equity firm Carlyle Group intends to invest over ¥1.0 trillion in Japan over the next five years. Mio Kato has suggested three potential candidates based on Carlyle’s previous investments in Japan - A&amp;D (7745 JP), Fujio Food System (2752 JP), and Fuji Oil (2607 JP). In this Insight, we review Fuji Oil, a food materials company, in which Itochu (8001 JP) has a 38.5% stake (an increase from 33.2% in March 2020).

Fuji Oil In Itochu's Industry Consolidation Plans?

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/891/original/2020-07-20_11-11-13.png?1595211104" class="editor-image img-responsive" data-smartkarma-image-id="146891"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>THE 'HUNDRED DAYS WAR'</strong> - It is almost one hundred days since the equity markets began to discount the onset of COVID-19. Since the TOPIX closing low of 1,236.34 on 16th March, the index has recovered by 27%. However, it has only been in the last ten trading days that the number of new two-year share price highs and lows has consistently been in double-digits.  This month has seen 136 new two-year lows and 214 new two-year highs. Whatever the impact of COVID-19 on earnings, the market is very clearly signalling its preferences for COVID 'Heroes &amp; Villains'. In the <strong>DETAIL</strong> section below, we shall look at the leading large caps in both categories and suggest opportunities in each.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/894/original/2020-07-20_11-42-42.png?1595213322" class="editor-image img-responsive" data-smartkarma-image-id="146894"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>RELATIVE PRICE</strong> - We shall also conduct the same analysis using our Relative Price Score methodology. The July numbers are 469 Relative Price Score new lows and 229 new highs suggesting a high degree of market polarity as confirmed by the percentages of market value in Overbought and Oversold Stocks - which are both at twenty-year highs.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/146/895/original/2020-07-20_11-58-18.png?1595214235" class="editor-image img-responsive" data-smartkarma-image-id="146895"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>RESULTS DRIVER</strong> - We expect the number of absolute 'heroes and villains' to increase in the next two months as the COVID fallout on earnings is revealed, and will provide further updates as we progress. </p>

Source • Japan AnalyticsTHE 'HUNDRED DAYS WAR' - It is almost one hundred days since the equity markets began to discount the onset of COVID-19. Since the TOPIX closing low of 1,236.34 on 16th March, the index has recovered by 27%. However, it has only been in the last ten trading days that the number of new two-year share price highs and lows has consistently been in double-digits.  This month has seen 136 new two-year lows and 214 new two-year highs. Whatever the impact of COVID-19 on earnings, the market is very clearly signalling its preferences for COVID 'Heroes &amp; Villains'. In the DETAIL section below, we shall look at the leading large caps in both categories and suggest opportunities in each.Source • Japan AnalyticsRELATIVE PRICE - We shall also conduct the same analysis using our Relative Price Score methodology. The July numbers are 469 Relative Price Score new lows and 229 new highs suggesting a high degree of market polarity as confirmed by the percentages of market value in Overbought and Oversold Stocks - which are both at twenty-year highs.Source • Japan AnalyticsRESULTS DRIVER - We expect the number of absolute 'heroes and villains' to increase in the next two months as the COVID fallout on earnings is revealed, and will provide further updates as we progress. 

🇯🇵 JAPAN • The Hundred Days War - COVID Heroes & Villains

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/126/218/original/2020-04-03_05-20-38.png?1585862586" class="editor-image img-responsive" data-smartkarma-image-id="126218"></figure><div class="content-caption">Source • @punxjk</div><p><strong>ABE-NO-MASKS</strong> - Japan's 'softly-softly' approach to COVID-19 continues despite Tokyo recording its highest number of daily new cases to date. PM Abe's two-masks-per-household policy has been widely-derided as in the viral mashup above of the TV-anime Sazae-san's seven-member family plus pet cat. The Tokyo healthcare system is close to a tipping point or '<em>overshoot</em>' in '<em>gairaigo'</em>. The national government is caught between wanting to avoid the economic consequences of a proper lockdown and the difficulty of enforcing such a measure even under the new emergency powers. Local governments are limited to closing high schools and publically-owned facilities.</p><p><strong>SOCIAL PRESSURE</strong> - Two Osaka hostess bars have become centres of infection, but cannot be named as the owners have refused consent fearing a loss of business. Social pressure is, however,  resulting in voluntary closures of some restaurants as well as Maruhan's 16 Tokyo pachinko parlours. Other parlours have just turned down their garish lighting to 'attract fewer customers'.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/126/219/original/2020-04-03_06-44-57.png?1585863904" class="editor-image img-responsive" data-smartkarma-image-id="126219"></figure><div class="content-caption">Source • The Economist</div><p><strong>NECESSARY PRECAUTIONS</strong> -  A new <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3561560" target="_blank" rel="noopener">study </a>by economists at the Fed and MIT Sloan of US cities during and after the 1918 flu pandemic has found that <em>cities that intervened earlier and more aggressively did not perform worse and, if anything, grow faster after the pandemic is over. Our ﬁndings thus indicate that non-pharmaceutical interventions not only lower mortality; they also mitigate the adverse economic consequences of a pandemic</em>. While some of this effect may be due to shifts in population to the then less-populous West Coast, the difference between San Francisco and Omaha is stark. As was the case after the 1980s stock market bubble, the 2008 Financial Crisis and the events of 3/11, efforts to smooth the decline in the economy only serve to prolong the recovery.</p><p><strong>THURSDAY 2ND APRIL</strong> - A relatively quiet day saw nine quarterly results, with four of the nine companies also making revisions or initial forecasts. All but one of the results scored negatively, and none had a positive change. Of the eight forecasts, only two were positive.  </p>

Source • @punxjkABE-NO-MASKS - Japan's 'softly-softly' approach to COVID-19 continues despite Tokyo recording its highest number of daily new cases to date. PM Abe's two-masks-per-household policy has been widely-derided as in the viral mashup above of the TV-anime Sazae-san's seven-member family plus pet cat. The Tokyo healthcare system is close to a tipping point or 'overshoot' in 'gairaigo'. The national government is caught between wanting to avoid the economic consequences of a proper lockdown and the difficulty of enforcing such a measure even under the new emergency powers. Local governments are limited to closing high schools and publically-owned facilities.SOCIAL PRESSURE - Two Osaka hostess bars have become centres of infection, but cannot be named as the owners have refused consent fearing a loss of business. Social pressure is, however,  resulting in voluntary closures of some restaurants as well as Maruhan's 16 Tokyo pachinko parlours. Other parlours have just turned down their garish lighting to 'attract fewer customers'.Source • The EconomistNECESSARY PRECAUTIONS -  A new study by economists at the Fed and MIT Sloan of US cities during and after the 1918 flu pandemic has found that cities that intervened earlier and more aggressively did not perform worse and, if anything, grow faster after the pandemic is over. Our ﬁndings thus indicate that non-pharmaceutical interventions not only lower mortality; they also mitigate the adverse economic consequences of a pandemic. While some of this effect may be due to shifts in population to the then less-populous West Coast, the difference between San Francisco and Omaha is stark. As was the case after the 1980s stock market bubble, the 2008 Financial Crisis and the events of 3/11, efforts to smooth the decline in the economy only serve to prolong the recovery.THURSDAY 2ND APRIL - A relatively quiet day saw nine quarterly results, with four of the nine companies also making revisions or initial forecasts. All but one of the results scored negatively, and none had a positive change. Of the eight forecasts, only two were positive.  

🇯🇵 JAPAN • Revisions & Results Update 2nd April - Necessary Precautions

Japan

Nisshin Seifun Group Inc. produces and sells flour, fodder, processed foods, and medicines. The Company offers specialized pasta sauce, frozen foods, and gourmet soup. Nisshin Seifun Group also markets pet foods.

NICHIREI CORPORATION produces and distributes frozen food, ice, and meat products.  The Company also provides a variety of cold storage services, as well as manages leasing business for buildings and parking garages.

NH Foods Ltd. produces and sells ham, sausage, and processed meat products. The Company also breeds and raises cattle through its subsidiary. NH Foods owns a professional baseball team, the Nippon Ham Fighters.

CALBEE, Inc. manufactures a wide range of snack foods using potato, wheat, and corn as a main ingredient. The company also manufactures bakery products and cereals.

YAMAZAKI BAKING CO., LTD. produces baking foods including bread, pastry, and cake.  The Company operates nationwide sales network.  YAMAZAKI BAKING also operates franchised cafeterias and convenience stores.

EZAKI GLICO CO., LTD. produces and sells confections including chocolate snacks, candy bars, cookies, and chilled desserts.  The Company also produces prepared foods such as retort pouches and curry powders.

KAGOME CO., LTD. produces processed tomato foods including pasta sauces, pizza sauces, salsa sauces, steak sauces, soups, and hamburger sauces.  The Company also produces drinks including fruit juices, vegetable juices, and canned tea.

Kotobuki Spirits Co., Ltd. produces confections.  The Company's confections include cookies, rice cakes, steamed cakes, jellies, sweet bean jellies, chocolates, and other sweets.

Morinaga Milk Industry Co., Ltd. produces and sells milk and related dairy products such as ice cream and yogurt.  The Company also develops biochemical product and pharmaceutical.

Morinaga & Co., Ltd. produces confectionery products, canned soft drinks, and ice cream.  The Company also produces health foods and pharmaceutical products, and manages restaurant and real estate businesses.

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

Seaboard Corporation is a diversified international agribusiness and transportation company that primarily produces and processes domestic pork and ships cargo.  The Company also merchandises commodities, mills flour and feed, farms produce, produces sugar, and generates electric power overseas.

Hatsun Agro Products Limited manufactures skimmed milk powder, skimmed milk powd er blends, instant skimmed milk powder, whole milk powder, and full cream milk p owder.

Samyang Foods Co., Ltd. manufactures instant and processed food products, such as noodles, snacks, cooking oil, and feed.  The Company also produces dairy goods including milk, cheese, and ice cream.

Heilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean, wheat, corn, and other grain products.  The Company also produces fertilizers and sells paper products.

QL Resources Berhad is an investment holding company. Through its subsidiaries, the Company manufactures and sells fishmeal, surimi, and surimi based products, distributes animal feed raw materials, animal health products, and layer farming, and cultivates oil palm and crude palm oil milling.

MeiHua Holdings Group Co., Ltd. manufactures various pharmaceuticals. The Company manufactures monosodium glutamate, amino acids, L-Threonine L-Glutamine  L-Proline  and Natamycin.

Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell eggs.  The Company markets its products in various states in the Southwestern, Southeastern, Midwestern, and Mid-Atlantic regions of the United States.

Jiangxi Zhengbang Technology Co., Ltd. produces and markets forage and forage additive for livestock and poultry. The company also produces and markets livestock, poultry and aquatic products.

Uni-President China's products include beverages and food. 

The Group recorded a revenue of RMB22,761.8 million in 2020, representing an increase of 3.4% as compared with that of the corresponding period last year, and profits after tax of RMB1,625.7 million, representing an increase of 19.0% as compared with that of last year. 

We recorded a double-digit growth in the food business as the increasing brand value of daily-consumed noodles “Soup Daren（湯達人）” was highly recognized by consumers and the brand philosophy of the high-end Chinese cuisine “Kai Xiao Zao （開小灶）” was continuously promoted to create and extend the consumption scenarios, thereby contributing to such multifold growth in revenue. 

The beverages business was gradually recovering despite the impacts caused by the epidemic. “Uni Assam Milk Tea（統一阿薩姆奶茶）” was favoured by consumers as
usual with a unwavering leading position in the milk tea market and positive growth in revenue. Sugar-free tea “Chai Li Won（茶裏王）” aligned with consumers’ lifestyle concept of “sugar-free” to improve its brand recognition. On its road to value marketing, the Group remained steadfast in developing brands that are loved and trusted by consumers.

Kewpie Corporation mainly produces and sells mayonnaise, salad dressing, egg products, and health foods.  The Company also purchases and sells jam, sauce, canned and frozen foods.  Kewpie sells canned foods under Aohata brand.

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Kewpie Corp (2809 JP)

🇯🇵 JAPAN • Results & Revisions 04/05 - Shimamura & JINS

RESULTS - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, Shimamura (8227...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 10/01 - Fail Over Fail, Nagaileben, Daiseki, Kewpie

FAIL OVER -

Campbell Gunn

Fuji Oil In Itochu's Industry Consolidation Plans?

Last week, the Nihon Keizai Shimbun reported that the US private equity firm Carlyle Group intends to invest over ¥1.0 trillion in Japan over the...

Oshadhi Kumarasiri

🇯🇵 JAPAN • The Hundred Days War - COVID Heroes & Villains

THE 'HUNDRED DAYS WAR' - It is almost one hundred days since the equity markets began to discount the onset of COVID-19. Since the TOPIX closing...

Campbell Gunn

🇯🇵 JAPAN • Revisions & Results Update 2nd April - Necessary Precautions

ABE-NO-MASKS - Japan's 'softly-softly' approach to COVID-19 continues despite Tokyo recording its highest number of daily new cases to date. PM...

Campbell Gunn

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🇯🇵 JAPAN • Results & Revisions 04/​05 - Shimamura & JINS

RESULTS - Of Friday's 23 results, only 10 scored positively; however, 73% of annual revisions were positive. Of the larger caps, Shimamura (8227...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 10/​​​​01 - Fail Over Fail, Nagaileben, Daiseki, Kewpie

FAIL OVER -

Campbell Gunn

Fuji Oil In Itochu's Industry Consolidation Plans?

Last week, the Nihon Keizai Shimbun reported that the US private equity firm Carlyle Group intends to invest over ¥1.0 trillion in Japan over the...

Oshadhi Kumarasiri

🇯🇵 JAPAN • The Hundred Days War - COVID Heroes & Villains

THE 'HUNDRED DAYS WAR' - It is almost one hundred days since the equity markets began to discount the onset of COVID-19. Since the TOPIX closing...

Campbell Gunn

🇯🇵 JAPAN • Revisions & Results Update 2nd April - Necessary Precautions

ABE-NO-MASKS - Japan's 'softly-softly' approach to COVID-19 continues despite Tokyo recording its highest number of daily new cases to date. PM...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 04/05 - Shimamura & JINS

🇯🇵 JAPAN • Results & Revisions 10/01 - Fail Over Fail, Nagaileben, Daiseki, Kewpie