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

Kobe Steel is locked limit down (-22%) after announcing that it had supplied copper and aluminium products with falsified specifications to customers. The range of customers is extremely broad, comprising 200 companies in a variety of industries including automakers, shinkansen, Boeing parts suppliers and Mitsubishi Heavy's MRJ and rockets. The parts concerned do not violate any laws or regulations per se but do misrepresent the dimensions (we would assume this would be related dimensional…

Kobe Steel is locked limit down (-22%) after announcing that it had supplied copper and aluminium products with falsified specifications to customers. The range of customers is extremely broad, comprising 200 companies in a variety of industries including automakers, shinkansen, Boeing parts suppliers and Mitsubishi Heavy's MRJ and rockets. The parts concerned do not violate any laws or regulations per se but do misrepresent the dimensions (we would assume this would be related dimensional…

Kobe Steel Reaction Looking Overdone to Us Despite Significant Uncertainty

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.

Thematic (Sector/Industry)

We looked at what factors do the best in September in Japan and as you can see by the chart below found that longer-term price momentum  and positive earnings revision names tend to do the best. On the other side, Value (low PE and high dividend yield) names historically have not done well in September.  <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/032/345/original/1.png?1503958952" class="editor-image img-responsive" data-smartkarma-image-id="32345"></figure><div class="content-caption">Source: Custom Products </div>Note: The IC is a ranked information coefficient or basically the correlation between the factor and price performance.   <h2>On the Positive side....</h2>We screened for names…

We looked at what factors do the best in September in Japan and as you can see by the chart below found that longer-term price momentum  and positive earnings revision names tend to do the best. On the other side, Value (low PE and high dividend yield) names historically have not done well in September.  Source: Custom Products Note: The IC is a ranked information coefficient or basically the correlation between the factor and price performance.   On the Positive side....We screened for names…

Price Momentum and Earnings Revisions Do the Best in September / Value Does Not Do Well....

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

A wave of breakouts is visible throughout the global mining industry, where stocks are responding to long-term trend reversals in base metals, including aluminum, copper, and zinc. This is one of our favorite themes, one that we have highlighted extensively over the past several months, especially in our weekly International Compass But is it too late to add exposure? No. Most names, including Alcoa (AA), Freeport-McMoRan (FCX), Norsk Hydro (NHY-NO), are just beginning to break out this week.In today’s report we highlight a selection of actionable charts within this theme, sorted by market capitalization.

A wave of breakouts is visible throughout the global mining industry, where stocks are responding to long-term trend reversals in base metals, including aluminum, copper, and zinc. This is one of our favorite themes, one that we have highlighted extensively over the past several months, especially in our weekly International Compass  But is it too late to add exposure? No. Most names, including Alcoa (AA), Freeport-McMoRan (FCX), Norsk Hydro (NHY-NO), are just beginning to break out this week.In today’s report we highlight a selection of actionable charts within this theme, sorted by market capitalization.

<ul class=""><li>Global material stocks are strengthening led by a turnaround in the metals, the global materials sector displays a long-term, relative strength reversal. A variety of technical tailwinds make this an attractive theme. And in the latter part of this week’s Compass, we highlight actionable ideas in US-listed, foreign steel names: RIO, MT, PKX, TX, GGB, SID, and MTL.  Increase exposure.</li><li>The U.S. Health Care Sector has cooled off over the past month, with attractive Groups like biotechs and HMOs pulling back to support. This is a buying opportunity... see pages 8-10.</li></ul>

Global material stocks are strengthening led by a turnaround in the metals, the global materials sector displays a long-term, relative strength reversal. A variety of technical tailwinds make this an attractive theme. And in the latter part of this week’s Compass, we highlight actionable ideas in US-listed, foreign steel names: RIO, MT, PKX, TX, GGB, SID, and MTL.  Increase exposure.The U.S. Health Care Sector has cooled off over the past month, with attractive Groups like biotechs and HMOs pulling back to support. This is a buying opportunity... see pages 8-10.

Global Materials Sector, Led by Miners, Is Strengthening

MSCI Emerging Markets Index / Technical Analysis

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Japan

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

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Kobe Steel Ltd (5406 JP)

Kobe Steel Reaction Looking Overdone to Us Despite Significant Uncertainty

Kobe Steel is locked limit down (-22%) after announcing that it had supplied copper and aluminium products with falsified specifications to...

Mio Kato

Price Momentum and Earnings Revisions Do the Best in September / Value Does Not Do Well....

We looked at what factors do the best in September in Japan and as you can see by the chart below found that longer-term price momentum and...

Custom Products Group

Global Miners Are Breaking Out -- Buy

A wave of breakouts is visible throughout the global mining industry, where stocks are responding to long-term trend reversals in base metals,...

Vermilion Research

Global Materials Sector, Led by Miners, Is Strengthening

Global material stocks are strengthening led by a turnaround in the metals, the global materials sector displays a long-term, relative strength...

Vermilion Research

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe,...

Vermilion Research

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