Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

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

<h2><strong>Company Background</strong></h2>
<p><a href="https://www.smartkarma.com/entities/4586" target="_blank" data-smartkarma-citation="entities:4586:1">Zensho Holdings Co Ltd (7550 JP)</a> is the largest restaurant chain company in Japan with 19 brands spread across 5,000 locations. Zensho’s flagship chain Sukiya, which is also Japan’s leading gyudon (beef rice bowl) chain, operates 24hrs a day, 365 days a year. Aside from gyudons, the company’s other brands serve up udon, hamburger steaks, yakiniku and sushi, to name a few.</p>
<div class="content-caption"><strong>Sales Composition in Percentage</strong></div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/056/794/original/z1.png?1530670125" class="editor-image img-responsive" data-smartkarma-image-id="56794"></figure>
<div class="content-caption">Source: Company</div>
<p>Zensho was incorporated in June 1982 and opened its first…</p>

Company Background
Zensho Holdings Co Ltd (7550 JP) is the largest restaurant chain company in Japan with 19 brands spread across 5,000 locations. Zensho’s flagship chain Sukiya, which is also Japan’s leading gyudon (beef rice bowl) chain, operates 24hrs a day, 365 days a year. Aside from gyudons, the company’s other brands serve up udon, hamburger steaks, yakiniku and sushi, to name a few.
Sales Composition in Percentage

Source: Company
Zensho was incorporated in June 1982 and opened its first…

In the Land of Japanese Beef Bowls Zensho Could Be "Don"

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)

<p>High Beta names do not do well in August in Japan. In fact, August is the worst month out of the year for high Beta names. On the other side, names with a high Retail Investor presence and Quality names do well in August. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/030/331/original/1.png?1500926681" class="editor-image img-responsive" data-smartkarma-image-id="30331"></figure><div class="content-caption">Source: Custom Products</div><p>While historically high dividend yield names have done well in August, last year was an exception. Dividend yield names really did not do well in August last year. Aside from Quality and Retail Investor names, short-term momentum is the only other factor…</p>

High Beta names do not do well in August in Japan. In fact, August is the worst month out of the year for high Beta names. On the other side, names with a high Retail Investor presence and Quality names do well in August. Source: Custom ProductsWhile historically high dividend yield names have done well in August, last year was an exception. Dividend yield names really did not do well in August last year. Aside from Quality and Retail Investor names, short-term momentum is the only other factor…

August Is All About Quality and Momentum and Definitely Not About Beta....

Japan

SAIZERIYA CO., LTD. operates an Italian restaurant chain based in the Tokyo metropolitan area.  The Company's menu includes pizza, pasta, seafood, and meat entrees.

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Saizeriya (7581 JP)

In the Land of Japanese Beef Bowls Zensho Could Be "Don"

Company Background Zensho Holdings Co Ltd (7550 JP) is the largest restaurant chain company in Japan with 19 brands spread across 5,000 locations....

Chacko Jacob

August Is All About Quality and Momentum and Definitely Not About Beta....

High Beta names do not do well in August in Japan. In fact, August is the worst month out of the year for high Beta names. On the other side, names...

Custom Products Group

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52-week Range

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