'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)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/854/original/2020-09-09_04-55-21.png?1599594979" class="editor-image img-responsive" data-smartkarma-image-id="157854"></figure><div class="content-caption">Source for all charts: Japan Analytics</div><p><strong><a href="https://www.smartkarma.com/entities/stream-co-ltd" target="_blank" data-smartkarma-citation="entities:10256:1" rel="noopener">Stream (3071 JP)</a></strong>- Micro-cap internet mail-order platform Stream produced the best of Tuesday's results. Quarterly sales rose by 36% year-on-year, taking quarterly margins to a record-high 3.4% and making the 180-day old full-year forecasts obsolete. If sustained for the second half, EV/OP falls to an attractive 4.8 times. Given the low liquidity, the shares should enjoy a nice 'pop'.   </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/157/855/original/2020-09-09_05-01-17.png?1599595294" class="editor-image img-responsive" data-smartkarma-image-id="157855"></figure><div>
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<p style="text-align: center;"><strong>DAILY STATS</strong></p>
</div><hr><div><p><strong>NET POSITIVE</strong> - Mostly due to the mix of businesses, Tuesday's results were net-positive and, for the first time in many months, none of the companies reporting saw a quarterly loss. Of the two forecasts, the net score was also positive. </p></div><hr><div><p style="text-align: center;"><strong>10 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li>
<strong>Results Score:</strong> 50% Positive / 10% Neutral / 40% Negative</li>
<li>
<strong>Average Results Score Change:</strong> 1.8 points</li>
<li>
<strong>Average % Change in Revenue</strong>: 7.7% Quarter YoY / 3.2% Rolling TTM YoY </li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -0.2 ppt</li>
<li>
<strong>Percentage Making Quarterly Losses:</strong> 0%</li>
</ul></div><div>
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Source for all charts: Japan AnalyticsStream (3071 JP)- Micro-cap internet mail-order platform Stream produced the best of Tuesday's results. Quarterly sales rose by 36% year-on-year, taking quarterly margins to a record-high 3.4% and making the 180-day old full-year forecasts obsolete. If sustained for the second half, EV/OP falls to an attractive 4.8 times. Given the low liquidity, the shares should enjoy a nice 'pop'.   

DAILY STATS
NET POSITIVE - Mostly due to the mix of businesses, Tuesday's results were net-positive and, for the first time in many months, none of the companies reporting saw a quarterly loss. Of the two forecasts, the net score was also positive. 10 Quarterly Results

Results Score: 50% Positive / 10% Neutral / 40% Negative

Average Results Score Change: 1.8 points

Average % Change in Revenue: 7.7% Quarter YoY / 3.2% Rolling TTM YoY 

Average Operating Profit Margin Change: -0.2 ppt

Percentage Making Quarterly Losses: 0%





🇯🇵 JAPAN • Results & Revisions 09/​​​​08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<h2>Japan:</h2><ul class="ember-tether-target ember-tether-enabled ember-tether-element-attached-top ember-tether-element-attached-left ember-tether-target-attached-top ember-tether-target-attached-right"><li>
<strong><a href="https://www.smartkarma.com/profiles/286" target="_blank" data-smartkarma-citation="accounts:286">New Street Research</a></strong> wrote some great research on <strong><a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group Corp (9984 JP)</a></strong> called <strong><a href="https://www.smartkarma.com/insights/softbank-2-0-is-coming-but-for-now-upside-is-driven-by-sprint-alibaba" target="_blank" data-smartkarma-citation="insights:9559">Softbank 2.0 Is Coming But, for Now, Upside Is Driven by Sprint/Alibaba.</a></strong> We recommend that you take a look at this report. Softbank’s $100bn Vision Fund is expected to close within the next few weeks. Softbank has said there will be management fees and its <strong><a href="https://www.smartkarma.com/entities/24000" target="_blank" data-smartkarma-citation="entities:24000:1">Fortress (FIG US)</a></strong> acquisition sets a $3bn valuation benchmark based on the underlying financial contribution from management fees with material upside…</li></ul>

Japan:
New Street Research wrote some great research on Softbank Group Corp (9984 JP) called Softbank 2.0 Is Coming But, for Now, Upside Is Driven by Sprint/Alibaba. We recommend that you take a look at this report. Softbank’s $100bn Vision Fund is expected to close within the next few weeks. Softbank has said there will be management fees and its Fortress (FIG US) acquisition sets a $3bn valuation benchmark based on the underlying financial contribution from management fees with material upside…

The Week That Was in NorthAsia@Smartkarma - Pearls, Galaxy S8, and Okinawa

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>Today after the close, small cap company <a href="https://www.smartkarma.com/entities/17235" target="_blank" data-smartkarma-citation="entities:17235:1">OSG Corp (6757 JP)</a>, a JASDAQ-listed company which makes electrolysis ionized water purification systems for home and businesses, <a href="https://www.release.tdnet.info/inbs/140120170327428329.pdf" target="_blank">announced</a> that it is doing a <em>Tachiaigai Bunbai </em>the morning of March 28th for 200,000 shares at a 2.55% discount to today's close.</p><p>There's a reason for this.</p><p><strong>This piece is meant as a primer to illustrate how a small cap company would think about a process to move from JASDAQ to TSE1 whereupon it gets to play with the big boys in</strong>…</p>

Today after the close, small cap company OSG Corp (6757 JP), a JASDAQ-listed company which makes electrolysis ionized water purification systems for home and businesses, announced that it is doing a Tachiaigai Bunbai the morning of March 28th for 200,000 shares at a 2.55% discount to today's close.There's a reason for this.This piece is meant as a primer to illustrate how a small cap company would think about a process to move from JASDAQ to TSE1 whereupon it gets to play with the big boys in…

OSG Corp - An Example of Corporate Process of Listing Management In Action?

Japan

OSG CORPORATION CO., LTD. develops, manufactures, and provides maintenance for drinking water purifying devices used in households, restaurants, and hospitals. The Company's products include electrolysis ionized water systems, electrolysis soft oxidized water systems, and electrolysis soft sterilizing water systems.

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OSG Corp Co Ltd (6757 JP)

🇯🇵 JAPAN • Results & Revisions 09/08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Source for all charts: Japan Analytics

Campbell Gunn

The Week That Was in NorthAsia@Smartkarma - Pearls, Galaxy S8, and Okinawa

Japan: New Street Research wrote some great research on Softbank Group Corp (9984 JP) called Softbank 2.0 Is Coming But, for Now, Upside Is Driven...

Douglas Kim

OSG Corp - An Example of Corporate Process of Listing Management In Action?

Today after the close, small cap company OSG Corp (6757 JP), a JASDAQ-listed company which makes electrolysis ionized water purification systems...

Travis Lundy

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🇯🇵 JAPAN • Results & Revisions 09/​​​​08 - Net Positive, Stream, OSG, Subaru Ent., Beenos

Source for all charts: Japan Analytics

Campbell Gunn

The Week That Was in NorthAsia@Smartkarma - Pearls, Galaxy S8, and Okinawa

Japan: New Street Research wrote some great research on Softbank Group Corp (9984 JP) called Softbank 2.0 Is Coming But, for Now, Upside Is Driven...

Douglas Kim

OSG Corp - An Example of Corporate Process of Listing Management In Action?

Today after the close, small cap company OSG Corp (6757 JP), a JASDAQ-listed company which makes electrolysis ionized water purification systems...

Travis Lundy

🇯🇵 JAPAN • Results & Revisions 09/08 - Net Positive, Stream, OSG, Subaru Ent., Beenos