'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

INTRODUCTION - The second, and final part of our Results and Forecast/Revision Scores review for Summer 2018 will look at the leading and lagging performers and forecasters among larger and middle capitalisation companies in Japan based on their most recent quarterly results and forecasts. The data series covers over 160,000 quarterly results and 120,000 initial forecasts or forecasts revisions. The scores are calculated using the most recent eight quarters of data for revenues, operating income and operating margin and measure for each metric the rate, degree and consistency of change. Each score ranges from a maximum of +30 to a minimum of -30 for each period.SUMMARY TABLES - The tables below give the top and bottom ten companies by Results Score and the ten 'Most Optimistic' and ten 'Most Pessimistic companies based on the difference between their Results Scores and Revision Scores. RESULTS SCORE TOP 10<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/232/original/2018-08-21_11-07-40.png?1534817272" class="editor-image img-responsive" data-smartkarma-image-id="61232"></figure>RESULTS SCORE BOTTOM 10<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/247/original/2018-08-21_11-48-00.png?1534819694" class="editor-image img-responsive" data-smartkarma-image-id="61247"></figure>MOST OPTIMISTIC <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/341/original/2018-08-22_10-41-33.png?1534902426" class="editor-image img-responsive" data-smartkarma-image-id="61341"></figure>MOST PESSIMISTIC<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/342/original/2018-08-22_10-44-42.png?1534902469" class="editor-image img-responsive" data-smartkarma-image-id="61342"></figure><div class="content-caption">All tables &gt; Source: Japan Analytics</div><div style="text-align: left;" class="content-caption">
Legend: ▲ and ▼ arrows indicate Score changes in the top and bottom ten per cent, respectively. The Relative Price Score measures the difference between the current relative price and the mean absolute deviation of relative prices since listing which allows for a comparison of all companies on the same absolute scale. We consider differences in the top or bottom percentiles of historical observations to be 'Overbought' and 'Oversold' and these states mark them "•" and "+", respectively.  Valuation 'QUADrants' group companies into the top and bottom 20% of TTM PER and PBR ranges and categorise companies that are outliers in both into four quadrants: "FP" = Fully Priced, "SP" = Speculative, "MT" = Mature and "DV" = Deep Value. 'NE' represents negative TTM Net Income. Forecasts older than 180 days are excluded. The Forecast Accuracy Score ('FAS') is a measure of a company’s forecast accuracy-very time and is derived from the cumulative deviations of the Revenue and Operating Income forecasts from the year-end results. 100 is a perfect score; there is no minimum score. The fewer and the more accurate the forecasts, the higher the score.  A score of over 70 indicates that the current forecast is likely to be achieved. Where there is insufficient data, or if the company has not made any forecasts in the last five years, the column entry will be blank. We would be cautious reading too much into the forecasts of the companies with low Forecast Accuracy.</div>LONG AND SHORT PORTFOLIOS - Also, we provide below long and shorts portfolios of companies where we see a significant divergence between the business performance and current share prices.

INTRODUCTION - The second, and final part of our Results and Forecast/Revision Scores review for Summer 2018 will look at the leading and lagging performers and forecasters among larger and middle capitalisation companies in Japan based on their most recent quarterly results and forecasts. The data series covers over 160,000 quarterly results and 120,000 initial forecasts or forecasts revisions. The scores are calculated using the most recent eight quarters of data for revenues, operating income and operating margin and measure for each metric the rate, degree and consistency of change. Each score ranges from a maximum of +30 to a minimum of -30 for each period.SUMMARY TABLES - The tables below give the top and bottom ten companies by Results Score and the ten 'Most Optimistic' and ten 'Most Pessimistic companies based on the difference between their Results Scores and Revision Scores. RESULTS SCORE TOP 10RESULTS SCORE BOTTOM 10MOST OPTIMISTIC MOST PESSIMISTICAll tables &gt; Source: Japan Analytics
Legend: ▲ and ▼ arrows indicate Score changes in the top and bottom ten per cent, respectively. The Relative Price Score measures the difference between the current relative price and the mean absolute deviation of relative prices since listing which allows for a comparison of all companies on the same absolute scale. We consider differences in the top or bottom percentiles of historical observations to be 'Overbought' and 'Oversold' and these states mark them "•" and "+", respectively.  Valuation 'QUADrants' group companies into the top and bottom 20% of TTM PER and PBR ranges and categorise companies that are outliers in both into four quadrants: "FP" = Fully Priced, "SP" = Speculative, "MT" = Mature and "DV" = Deep Value. 'NE' represents negative TTM Net Income. Forecasts older than 180 days are excluded. The Forecast Accuracy Score ('FAS') is a measure of a company’s forecast accuracy-very time and is derived from the cumulative deviations of the Revenue and Operating Income forecasts from the year-end results. 100 is a perfect score; there is no minimum score. The fewer and the more accurate the forecasts, the higher the score.  A score of over 70 indicates that the current forecast is likely to be achieved. Where there is insufficient data, or if the company has not made any forecasts in the last five years, the column entry will be blank. We would be cautious reading too much into the forecasts of the companies with low Forecast Accuracy.LONG AND SHORT PORTFOLIOS - Also, we provide below long and shorts portfolios of companies where we see a significant divergence between the business performance and current share prices.

Japan: Scoring Results & Revisions Summer 2018 - Top and Bottom Companies + Long & Short Portfolios

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies operating in BtoC areas, particularly via sharing economy and personalisation. For the first article, please click <a href="https://www.smartkarma.com/insights/can-tech-save-the-declining-japanese-apparel-industry-fashiontech-series-1-3" target="_blank">here</a>.

In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies operating in BtoC areas, particularly via sharing economy and personalisation. For the first article, please click here.

Can Tech Save The Declining Japanese Apparel Industry? Fashion-Tech Series (2/3)

Japan

TOKYO SEIMITSU CO., LTD. manufactures and sells semiconductor manufacturing equipment and measuring instruments.  The Company produces wafer probing machines, wafer dicing machines, electron beam lithography systems, wafer inspection systems, and chemical mechanical planarizers (CMP) systems.

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Tokyo Seimitsu (7729 JP)

Japan: Scoring Results & Revisions Summer 2018 - Top and Bottom Companies + Long & Short Portfolios

INTRODUCTION - The second, and final part of our Results and Forecast/Revision Scores review for Summer 2018 will look at the leading and lagging...

Campbell Gunn

Can Tech Save The Declining Japanese Apparel Industry? Fashion-Tech Series (2/3)

In this second of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at Japanese FashionTech companies...

Euromonitor International Ltd.

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