'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>Our best and worst pairing from Friday's announcements is consumer loan leader <a href="https://www.smartkarma.com/entities/acom-co-ltd" target="_blank" data-smartkarma-citation="entities:8897:1" rel="noopener">Acom (8572 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-steel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:16195:1" rel="noopener">Tokyo Steel (5423 JP)</a>. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/047/original/2020-10-24_12-36-01.png?1603510588" class="editor-image img-responsive" data-smartkarma-image-id="167047"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/048/original/2020-10-24_12-37-30.png?1603510670" class="editor-image img-responsive" data-smartkarma-image-id="167048"></figure></section><div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></div>
<hr>
<div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div>
<hr>
<div><p style="text-align: center;"><strong>23 Quarterly Results</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 39% Positive / 9% Neutral / 52% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> -0.2 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -8.2% Quarter YoY / -5.8% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -0.4ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 22%</p></li>
</ul></div>
<hr>
<div><p style="text-align: center;"><strong>31 Annual • 23 Interim Forecasts/Revisions</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 29% Positive / 16% Neutral / 55% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 39% Positive / 17% Neutral / 43% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -3.9 points</p></li>
</ul></div>
</div>

• BEST &amp; WORST •
Our best and worst pairing from Friday's announcements is consumer loan leader Acom (8572 JP) and Tokyo Steel (5423 JP). 
Source for all charts &amp; tables: Japan Analytics

DAILY STATS

23 Quarterly Results

Results Score: 39% Positive / 9% Neutral / 52% Negative
Average Results Score Change: -0.2 points
Average % Change in Revenue: -8.2% Quarter YoY / -5.8% Rolling TTM YoY 
Average Operating Profit Margin Change: -0.4ppt
Percentage Making Quarterly Losses: 22%


31 Annual • 23 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 29% Positive / 16% Neutral / 55% Negative
Interim Forecast/Revision Score Change: 39% Positive / 17% Neutral / 43% Negative
Average Forecast/Revision Score Change: -3.9 points



🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​​​​​23 - Canon MJ, Cawachi, T Steel, Morning*J, Acom

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Jasdaq-listed online financial information provider <a href="https://www.smartkarma.com/entities/morningstar-japan-kk" target="_blank" data-smartkarma-citation="entities:10386:1" rel="noopener">Morningstar Japan Kk (4765 JP)</a> announced (<a href="https://www.morningstar.co.jp/company/release/pdf/prs200929_02.pdf" target="_blank" rel="noopener">J-only</a>) on 29th September they had received approval to move to the First Section of the Tokyo Stock Exchange as of 19th October 2020. </p><p>The TSE <a href="https://www.jpx.co.jp/english/listing/stocks/transfers/02.html" target="_blank" rel="noopener">Section Transfers page</a> says the market section is "<em>undecided</em>". However, the company's announcement says that they are expecting a move to the First Section. This might be because the TSE1 could be contingent on the success of the company's equity offerings that were launched in conjunction with the Section Transfer announcement. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/163/005/original/Section%20%28Undecided%29.png?1601599619" class="editor-image img-responsive" data-smartkarma-image-id="163005"></figure><p>TSE1 reassignment would trigger inclusion into the TOPIX Index and if they successfully move to TSE1 in October (as planned) the Inclusion Event can be expected to be at the close of trading 27th November 2020. </p><p>In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event. </p>

Jasdaq-listed online financial information provider Morningstar Japan Kk (4765 JP) announced (J-only) on 29th September they had received approval to move to the First Section of the Tokyo Stock Exchange as of 19th October 2020. The TSE Section Transfers page says the market section is "undecided". However, the company's announcement says that they are expecting a move to the First Section. This might be because the TSE1 could be contingent on the success of the company's equity offerings that were launched in conjunction with the Section Transfer announcement. TSE1 reassignment would trigger inclusion into the TOPIX Index and if they successfully move to TSE1 in October (as planned) the Inclusion Event can be expected to be at the close of trading 27th November 2020. In this insight, we take a look at the Index Inclusion Parameters and the Fundamentals of the company to evaluate the upside potential of the TOPIX Inclusion Event. 

TOPIX Inclusion (4765 JP): Morningstar Japan

Japan

Morningstar Japan KK provides domestic and foreign investment information through its website. The Company focuses on providing individual investors with e-finance strategies such as fund evaluation reports, analyst reports and the Morningstar index reference guide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Morningstar Japan KK (4765 JP)

🇯🇵 JAPAN • Results & Revisions 10/23 - Canon MJ, Cawachi, T Steel, Morning*J, Acom

• BEST & WORST • Our best and worst pairing from Friday's announcements is consumer loan leader Acom (8572 JP) and Tokyo Steel (5423 JP).

Campbell Gunn

TOPIX Inclusion (4765 JP): Morningstar Japan

Morningstar Japan Kk (4765 JP)

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​​​​​23 - Canon MJ, Cawachi, T Steel, Morning*J, Acom

• BEST & WORST • Our best and worst pairing from Friday's announcements is consumer loan leader Acom (8572 JP) and Tokyo Steel (5423 JP).

Campbell Gunn

TOPIX Inclusion (4765 JP): Morningstar Japan

Morningstar Japan Kk (4765 JP)

Janaghan Jeyakumar, CFA

🇯🇵 JAPAN • Results & Revisions 10/23 - Canon MJ, Cawachi, T Steel, Morning*J, Acom