'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/000/136/350/original/2020-05-28_06-43-04.png?1590615802" class="editor-image img-responsive" data-smartkarma-image-id="136350"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>ALL GOOD</strong> - Japan has had a 'good' COVID-19 relative to many countries. With a little help from the Bank of Japan, Japanese equities are only 11% below the December peak, despite a ten-year low in corporate earnings and the prospect of much worse in that regard in the coming months. Companies have retained staff, and consumer confidence has fallen less than in other developed economies. Production lines were not shut down, resulting in a GFC-like spike in the inventory ratio. The stable Yen will make it harder for exporters to the developing world to clear the stockpiles. Accordingly, the alphabetic 'shape' of Japan's post-COVID recovery will between "V" and "L" and will be more prolonged.</p><p><strong>SLIM TAILS</strong> - We are now in the slim tail of the earnings 'season' with only seven larger caps reporting yesterday of which just two made forecasts for the current year.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/136/353/original/2020-05-28_07-10-35.png?1590617452" class="editor-image img-responsive" data-smartkarma-image-id="136353"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>INTERNAL DEFICIENCIES -</strong> Another 42 companies will announce results today. The largest of these by market cap will be <a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka (4578 JP)</a>, <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> (finally), and <a href="https://www.smartkarma.com/entities/toray-industries-inc" target="_blank" data-smartkarma-citation="entities:625:1" rel="noopener">Toray (3402 JP)</a>.  Of the companies with a market capitalisation of over ¥1 trillion, only <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus (7733 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>, and <a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi (6501 JP)</a> remain after which this series of Insights will be brought to close. That these three companies required an extra month to prepare their accounts suggests severe deficiencies in the internal reporting structures of these companies.</p>

Source • Japan AnalyticsALL GOOD - Japan has had a 'good' COVID-19 relative to many countries. With a little help from the Bank of Japan, Japanese equities are only 11% below the December peak, despite a ten-year low in corporate earnings and the prospect of much worse in that regard in the coming months. Companies have retained staff, and consumer confidence has fallen less than in other developed economies. Production lines were not shut down, resulting in a GFC-like spike in the inventory ratio. The stable Yen will make it harder for exporters to the developing world to clear the stockpiles. Accordingly, the alphabetic 'shape' of Japan's post-COVID recovery will between "V" and "L" and will be more prolonged.SLIM TAILS - We are now in the slim tail of the earnings 'season' with only seven larger caps reporting yesterday of which just two made forecasts for the current year.Source • Japan AnalyticsINTERNAL DEFICIENCIES - Another 42 companies will announce results today. The largest of these by market cap will be Otsuka (4578 JP), Nissan (7201 JP) (finally), and Toray (3402 JP).  Of the companies with a market capitalisation of over ¥1 trillion, only Olympus (7733 JP), Toshiba (6502 JP), and Hitachi (6501 JP) remain after which this series of Insights will be brought to close. That these three companies required an extra month to prepare their accounts suggests severe deficiencies in the internal reporting structures of these companies.

🇯🇵 JAPAN • Results & Revisions 27th May - Recruit, DNP & Dentsu

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/133/748/original/2020-05-16_08-18-15.png?1589584720" class="editor-image img-responsive" data-smartkarma-image-id="133748"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>"WORSENING"</strong> - The Cabinet Office updated their Business Condition Leading Indicator for March this week, confirming the trend already apparent from our Results &amp; Revision Score data series. The correlation between the series is 0.80, with the only significant deviation occurring in 2016, Coincident conditions are assessed as "worsening" wording that is unchanged since August 2019. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/133/788/original/2020-05-16_12-10-50.png?1589598664" class="editor-image img-responsive" data-smartkarma-image-id="133788"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>DECOMPOSED</strong> - Our Score is decomposed into a Results Score, an Annual Forecast/Revision Score and an Interim Forecast Revision Score.  The last two are ten-year lows; the first should join them next week. A notable limiting factor is the shortage of forecasts being made. Without this reticence, both forecast Scores would be considerably lower.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/133/795/original/2020-05-16_12-47-02.png?1589600841" class="editor-image img-responsive" data-smartkarma-image-id="133795"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>RETICENCE</strong> - 77% by number and 81% by value of companies with year-ends in  March, June, September, or December have already reported. Of these 2,464 companies representing ¥438 trillion of market cap, just 1,119 have issued annual forecasts for the current year, and 583 have made interim forecasts. Of all listed companies, one-third by market value are currently unable to see ahead twelve months and only 16% by value and 23% by number are prepared to look forward four-and-a-half months. This unusual degree of reticence leaves the sell-side without their regular anchoring comfort blanket.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/133/802/original/2020-05-16_13-27-57.png?1589605282" class="editor-image img-responsive" data-smartkarma-image-id="133802"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>NOT CHEAP</strong> -  Even allowing for the lack of a full complement of forecasts, the market's forward multiple is at a five-year high with Net Income expected to reach levels first seen in 2015, 37% below the December 2018 peak. The ten-year peak trailing multiple was 29 on aggregate Net Income of  ¥14.6 trillion, which was ten times the 2009 trough.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/133/801/original/2020-05-16_14-00-16.png?1589605245" class="editor-image img-responsive" data-smartkarma-image-id="133801"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>FIDDLING ABOUT</strong> - The Bank of Japan has reduced the amount of its daily ETF program for a second time; however, intervened for the last three days of last week seemingly intent on keeping the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> above 20,000. The cumulative total of BoJ purchases represents over 5% of the Total Market Value.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/133/884/original/2020-05-17_12-54-22.png?1589687679" class="editor-image img-responsive" data-smartkarma-image-id="133884"></figure><div class="content-caption">Source • Japan Analytics</div><p>In the <strong>DETAIL</strong> below, we review some market data trends, look at the Results &amp; Revision Score trends by Sector (a 15-year timeline is shown above), apply some KPMG 'recovery analysis' to Japan and look at Friday's results and revisions.</p><div><ul>
<li>The balance between positive/neutral/negative of the <strong>490</strong> results announcements was <strong>206:45:239</strong>. The average change in Results Score was <strong>-0.2</strong>.</li>
<li>For the <strong>205</strong> revisions/initial forecasts, the split was <strong>49:10:146</strong>, and the average Revision Score was <strong>-7.5</strong>. Of the <strong>364</strong> companies declaring full-year results, <strong>47%</strong> made forecasts for the current year.</li>
<li>Fifty-one will announce today, the largest of which by market capitalisation will be <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>, <a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a>, and <a href="https://www.smartkarma.com/entities/komatsu-ltd" target="_blank" data-smartkarma-citation="entities:8416:1" rel="noopener">Komatsu (6301 JP).</a>
</li>
</ul></div>

Source • Japan Analytics"WORSENING" - The Cabinet Office updated their Business Condition Leading Indicator for March this week, confirming the trend already apparent from our Results &amp; Revision Score data series. The correlation between the series is 0.80, with the only significant deviation occurring in 2016, Coincident conditions are assessed as "worsening" wording that is unchanged since August 2019. Source • Japan AnalyticsDECOMPOSED - Our Score is decomposed into a Results Score, an Annual Forecast/Revision Score and an Interim Forecast Revision Score.  The last two are ten-year lows; the first should join them next week. A notable limiting factor is the shortage of forecasts being made. Without this reticence, both forecast Scores would be considerably lower.Source • Japan AnalyticsRETICENCE - 77% by number and 81% by value of companies with year-ends in  March, June, September, or December have already reported. Of these 2,464 companies representing ¥438 trillion of market cap, just 1,119 have issued annual forecasts for the current year, and 583 have made interim forecasts. Of all listed companies, one-third by market value are currently unable to see ahead twelve months and only 16% by value and 23% by number are prepared to look forward four-and-a-half months. This unusual degree of reticence leaves the sell-side without their regular anchoring comfort blanket.Source • Japan AnalyticsNOT CHEAP -  Even allowing for the lack of a full complement of forecasts, the market's forward multiple is at a five-year high with Net Income expected to reach levels first seen in 2015, 37% below the December 2018 peak. The ten-year peak trailing multiple was 29 on aggregate Net Income of  ¥14.6 trillion, which was ten times the 2009 trough.Source • Japan AnalyticsFIDDLING ABOUT - The Bank of Japan has reduced the amount of its daily ETF program for a second time; however, intervened for the last three days of last week seemingly intent on keeping the Nikkei 225 (NKY INDEX) above 20,000. The cumulative total of BoJ purchases represents over 5% of the Total Market Value.Source • Japan AnalyticsIn the DETAIL below, we review some market data trends, look at the Results &amp; Revision Score trends by Sector (a 15-year timeline is shown above), apply some KPMG 'recovery analysis' to Japan and look at Friday's results and revisions.
The balance between positive/neutral/negative of the 490 results announcements was 206:45:239. The average change in Results Score was -0.2.
For the 205 revisions/initial forecasts, the split was 49:10:146, and the average Revision Score was -7.5. Of the 364 companies declaring full-year results, 47% made forecasts for the current year.
Fifty-one will announce today, the largest of which by market capitalisation will be Softbank Group (9984 JP), Terumo Corp (4543 JP), and Komatsu (6301 JP).



🇯🇵 JAPAN MARKET UPDATE 18th May - "Worsening"

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>On Friday 29 November 2019, <a href="https://www.smartkarma.com/entities/sanyo-chemical-industries" target="_blank" data-smartkarma-citation="entities:16624:1" rel="noopener">Sanyo Chemical Industries (4471 JP)</a> and <a href="https://www.smartkarma.com/entities/nippon-shokubai-co-ltd" target="_blank" data-smartkarma-citation="entities:19373:1" rel="noopener">Nippon Shokubai (4114 JP)</a> announced (<a href="https://www.sanyo-chemical.co.jp/wp/wp-content/uploads/2019/11/k191129a.pdf" target="_blank" rel="noopener">Japanese</a>, <a href="https://www.shokubai.co.jp/en/news/file.cgi?file=file1_0215.pdf" target="_blank" rel="noopener">English</a>) the result of their 6-month long deliberations towards agreeing a merger with the announcement of a <em>Final Agreement Concerning the Business Integration by Way of Joint Share Transfer</em> of the two companies.</p>
<p>The Final Agreement states the two will create a holding company called Synfomix Co., Ltd. which will entail a share transfer to a single listed company on 1 October 2020, with the intention to effect a merger of the units under the holdco no later than two years from that date. </p>
<p>General meetings to approve the deal on the part of the shareholders of both companies will take place in June 2020, with record date for the vote 31 March 2020. </p>
<p>The Share Exchange Ratio means 1 Sanyo Chemical share will get 1 Synfomix (Holdco) share and 1 share of Nippon Shokubai will get 1.225 Synfomix shares. That means an effective SanyoChem /Nippon Shokubai ratio of 0.8163265, just below the closing price ratio of 0.822747. </p>
<p>As I stated in the original piece <a href="https://www.smartkarma.com/insights/sanyo-chemical-nippon-shokubai-merger-another-guess-the-ratio-trade" target="_blank" data-smartkarma-citation="insights:30122" rel="noopener">Sanyo Chemical - Nippon Shokubai Merger - Another "Guess the Ratio" Trade</a> </p>
<blockquote>
<p>The fundamentals here are not terribly lopsided. Similar GPMs and OPMs over time and not too dissimilar Net Income growth over the past ten years. A difference in volatility and 2020 forecast growth may tip the scales (compared to current ratio) towards Sanyo Chemical.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/108/568/original/Screenshot%202019-11-30%20at%202.12.24%20PM.png?1575094360" class="editor-image img-responsive" data-smartkarma-image-id="108568"></figure>
</blockquote>
<p>In the end, the ratio here is probably not bad enough to get really upset, especially if you did not make noise to Sanyo Chem during the 6 months when you could have. It IS disappointing for Sanyo Chemical shareholders based on recent years' performance and even worse when taking into account the forecast for this year and beyond, and the recent deterioration of performance of Nippon Shokubai financial performance.  The ratio selected is even lower than the ratio of the day before the original announcement they were looking to merge, which itself was too low, even if the ratio had run up recently. Given developments since then, a bare minimum of a few percent higher would have been appropriate.</p>
<p>I would be reluctant to say that the penchant of Japanese management and directors to ignore things like assets and cashflow is one of the dangers one has when making decisions on fundamentals in Japan. But it is. That is one reason why I recommend relatively few "guess-the-ratio" trades. It is also one reason why I was somewhat comfortable recommending a trade in this case, recommending the dollar-neutral Long Sanyo-Short Shokubai trade as a Buy on 23 July (0.7433) and the next several days, again 16 August (0.7475), and again 4 November (0.7856).</p>
<p>Now we move on to what happens next...</p>

On Friday 29 November 2019, Sanyo Chemical Industries (4471 JP) and Nippon Shokubai (4114 JP) announced (Japanese, English) the result of their 6-month long deliberations towards agreeing a merger with the announcement of a Final Agreement Concerning the Business Integration by Way of Joint Share Transfer of the two companies.
The Final Agreement states the two will create a holding company called Synfomix Co., Ltd. which will entail a share transfer to a single listed company on 1 October 2020, with the intention to effect a merger of the units under the holdco no later than two years from that date. 
General meetings to approve the deal on the part of the shareholders of both companies will take place in June 2020, with record date for the vote 31 March 2020. 
The Share Exchange Ratio means 1 Sanyo Chemical share will get 1 Synfomix (Holdco) share and 1 share of Nippon Shokubai will get 1.225 Synfomix shares. That means an effective SanyoChem /Nippon Shokubai ratio of 0.8163265, just below the closing price ratio of 0.822747. 
As I stated in the original piece Sanyo Chemical - Nippon Shokubai Merger - Another "Guess the Ratio" Trade 

The fundamentals here are not terribly lopsided. Similar GPMs and OPMs over time and not too dissimilar Net Income growth over the past ten years. A difference in volatility and 2020 forecast growth may tip the scales (compared to current ratio) towards Sanyo Chemical.


In the end, the ratio here is probably not bad enough to get really upset, especially if you did not make noise to Sanyo Chem during the 6 months when you could have. It IS disappointing for Sanyo Chemical shareholders based on recent years' performance and even worse when taking into account the forecast for this year and beyond, and the recent deterioration of performance of Nippon Shokubai financial performance.  The ratio selected is even lower than the ratio of the day before the original announcement they were looking to merge, which itself was too low, even if the ratio had run up recently. Given developments since then, a bare minimum of a few percent higher would have been appropriate.
I would be reluctant to say that the penchant of Japanese management and directors to ignore things like assets and cashflow is one of the dangers one has when making decisions on fundamentals in Japan. But it is. That is one reason why I recommend relatively few "guess-the-ratio" trades. It is also one reason why I was somewhat comfortable recommending a trade in this case, recommending the dollar-neutral Long Sanyo-Short Shokubai trade as a Buy on 23 July (0.7433) and the next several days, again 16 August (0.7475), and again 4 November (0.7856).
Now we move on to what happens next...

SanyoChem / NipponShokubai Merger Announced - OK-Not-Great Ratio but Synergies+Accretion

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<p><strong>The South Korean government announced today that it will officially exclude Japan from its "whitelist" of preferred trading countries with fast track status starting September.</strong> This report provides details of what this mean for Japan and South Korea. The exclusion of Japan from this whitelist means that some of the products that are exported from South Korea to Japan (especially related to weapons production and machine tools) will likely face a lot stricter permit review processes that could face some delays. </p><p>According to the Korean government, there are 1,735 strategic material items that are exported from South Korea to Japan, of which <a href="https://www.mk.co.kr/news/economy/view/2019/08/622290/" target="_blank" rel="noopener">1,138 items will be changed into an individual permit approval process. </a>Of the major exports to Japan from South Korea in 2018, the petroleum products were the highest amount ($5.1 billion), followed by steel ($4.0 billion), general machinery ($3.0 billion), petrochemicals ($2.1 billion), agriculture products/foods ($2.0 billion), and semiconductor products ($1.2 billion). </p><p>In this report, we also provided a list of 25 companies in the Japanese stock market that are negatively impacted by a prolonged trade war between Japan and South Korea. These 25 stocks, including <a href="https://www.smartkarma.com/entities/asahi-kasei-corp" target="_blank" data-smartkarma-citation="entities:19771:1" rel="noopener">Asahi Kasei (3407 JP)</a>, <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a>, and <a href="https://www.smartkarma.com/entities/toray-industries-inc" target="_blank" data-smartkarma-citation="entities:625:1" rel="noopener">Toray Industries (3402 JP)</a> are down on average 3.4% from end of June (day before Japanese initially announced economic restriction against South Korea) to August 12th, 2019.</p>

The South Korean government announced today that it will officially exclude Japan from its "whitelist" of preferred trading countries with fast track status starting September. This report provides details of what this mean for Japan and South Korea. The exclusion of Japan from this whitelist means that some of the products that are exported from South Korea to Japan (especially related to weapons production and machine tools) will likely face a lot stricter permit review processes that could face some delays. According to the Korean government, there are 1,735 strategic material items that are exported from South Korea to Japan, of which 1,138 items will be changed into an individual permit approval process. Of the major exports to Japan from South Korea in 2018, the petroleum products were the highest amount ($5.1 billion), followed by steel ($4.0 billion), general machinery ($3.0 billion), petrochemicals ($2.1 billion), agriculture products/foods ($2.0 billion), and semiconductor products ($1.2 billion). In this report, we also provided a list of 25 companies in the Japanese stock market that are negatively impacted by a prolonged trade war between Japan and South Korea. These 25 stocks, including Asahi Kasei (3407 JP), Panasonic Corp (6752 JP), Japan Airport Terminal Co (9706 JP), and Toray Industries (3402 JP) are down on average 3.4% from end of June (day before Japanese initially announced economic restriction against South Korea) to August 12th, 2019.

South Korea Excludes Japan from Its Whitelist & A List of 25 Japanese Stocks Impacted by Conflict

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

<p>The whitelist lifting means that Japan is now able to export restrict about 1,200 materials/products to Korea. It is expected that Japan will unveil more details of the next measures on Aug 8. Until then, it's only a guessing game. Even after Aug 8, it is very possible that we won't have any clearer visual on the situation. Probably, this is what the Japanese government wants: creating uncertainties one after another. Nonetheless, we are not short of local speculations about which specific products or materials to be export restricted in the next round. Here are the 4 strong candidates being speculated by local media and industry experts.</p><ol>
<li>Silicon wafer</li>
<li>Shadow mask (FMM: fine metal mask)</li>
<li>Image sensor</li>
<li>Li-ion battery separator</li>
</ol>

The whitelist lifting means that Japan is now able to export restrict about 1,200 materials/products to Korea. It is expected that Japan will unveil more details of the next measures on Aug 8. Until then, it's only a guessing game. Even after Aug 8, it is very possible that we won't have any clearer visual on the situation. Probably, this is what the Japanese government wants: creating uncertainties one after another. Nonetheless, we are not short of local speculations about which specific products or materials to be export restricted in the next round. Here are the 4 strong candidates being speculated by local media and industry experts.
Silicon wafer
Shadow mask (FMM: fine metal mask)
Image sensor
Li-ion battery separator


Japan's Second Round of Export Restrictions Against Korea: 4 Candidate Products

Japan

TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made leather used as apparel and industrial materials.  The Company also makes chemical products such as polyester films, engineering plastics, and resin materials.  Toray develops information equipment such as electronic circuit and liquid crystal color filter.

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Toray Industries (3402 JP)

🇯🇵 JAPAN • Results & Revisions 27th May - Recruit, DNP & Dentsu

ALL GOOD - Japan has had a 'good' COVID-19 relative to many countries. With a little help from the Bank of Japan, Japanese equities are only 11%...

Campbell Gunn

🇯🇵 JAPAN MARKET UPDATE 18th May - "Worsening"

"WORSENING" - The Cabinet Office updated their Business Condition Leading Indicator for March this week, confirming the trend already apparent from...

Campbell Gunn

SanyoChem / NipponShokubai Merger Announced - OK-Not-Great Ratio but Synergies+Accretion

On Friday 29 November 2019, Sanyo Chemical Industries (4471 JP) and Nippon Shokubai (4114 JP) announced (Japanese, English) the result of their...

Travis Lundy

South Korea Excludes Japan from Its Whitelist & A List of 25 Japanese Stocks Impacted by Conflict

The South Korean government announced today that it will officially exclude Japan from its "whitelist" of preferred trading countries with fast...

Douglas Kim

Japan's Second Round of Export Restrictions Against Korea: 4 Candidate Products

The whitelist lifting means that Japan is now able to export restrict about 1,200 materials/products to Korea. It is expected that Japan will...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)