'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. 

Quantitative Analysis

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Source: Japan Analytics
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LARGE CAP RESULTS &amp; REVISION SCORES - The final instalment of our series of reviews of Japan's most recent earnings and revisions announcements covers the Results &amp; Revision Scores for Japan's 785 larger capitalisation companies with a market capitalisation of over ¥100b.
In the DETAIL section below we look at:- 
<ul>
<li>The 30 top and bottom-ranked companies by Results &amp; Revision Score as well as the top and bottom thirty ranked by change in score over the last quarter and provide brief comments on companies and topics of note.</li>
<li>By comparing Results Scores and Forecast/Revision Scores, we sort companies into'Optimists', 'Pessimists', 'Increasingly Optimistic' and 'Increasingly Pessimistic' categories.</li>
<li>As shown above, the relationship between the Results &amp; Revision Score (RRS) and our Relative Price Score (RPS) for each company and divide the large-cap universe into four 'quadrants' - 'Contrarian Buy' (Low RRS &amp; Low RPS) , 'Contrarian Sell' (High RRS &amp; High RPS), 'Peak Growth' (High RRS &amp; Low RPS) and 'Ex-Growth/Turnaround'  (Low RRS &amp; High RPS), highlighting the outliers in each quadrant.
<ul>
<li>In the two 'Contrarian' quadrants, the market is aligned with the current earnings momentum of the companies suggesting opportunities exist only for those willing or brave enough to take a contrarian view. </li>
<li>For 'Peak Growth', the market is calling for a downturn in momentum that has yet to be reflected in quarterly earnings. Where the cycle is more prolonged than expected, there are often opportunities for short-term rebounds in what are normally relatively-inexpensive companies.</li>
<li>The 'Ex-Growth' quadrant often consists of former 'Contrarian Sell's where the market is reluctant to acknowledge that the cycle has turned. This quadrant can also contain 'Turnarounds' - formerly 'Contrarian Buys' where the market is correctly anticipating a change in fortunes.   </li>
</ul>
</li>
<li>Finally, we provide tables of the top and bottom five ranked companies in each of our 30 Sectors.</li>
</ul>



Source: Japan Analytics

LARGE CAP RESULTS &amp; REVISION SCORES - The final instalment of our series of reviews of Japan's most recent earnings and revisions announcements covers the Results &amp; Revision Scores for Japan's 785 larger capitalisation companies with a market capitalisation of over ¥100b.
In the DETAIL section below we look at:- 

The 30 top and bottom-ranked companies by Results &amp; Revision Score as well as the top and bottom thirty ranked by change in score over the last quarter and provide brief comments on companies and topics of note.
By comparing Results Scores and Forecast/Revision Scores, we sort companies into'Optimists', 'Pessimists', 'Increasingly Optimistic' and 'Increasingly Pessimistic' categories.
As shown above, the relationship between the Results &amp; Revision Score (RRS) and our Relative Price Score (RPS) for each company and divide the large-cap universe into four 'quadrants' - 'Contrarian Buy' (Low RRS &amp; Low RPS) , 'Contrarian Sell' (High RRS &amp; High RPS), 'Peak Growth' (High RRS &amp; Low RPS) and 'Ex-Growth/Turnaround'  (Low RRS &amp; High RPS), highlighting the outliers in each quadrant.

In the two 'Contrarian' quadrants, the market is aligned with the current earnings momentum of the companies suggesting opportunities exist only for those willing or brave enough to take a contrarian view. 
For 'Peak Growth', the market is calling for a downturn in momentum that has yet to be reflected in quarterly earnings. Where the cycle is more prolonged than expected, there are often opportunities for short-term rebounds in what are normally relatively-inexpensive companies.
The 'Ex-Growth' quadrant often consists of former 'Contrarian Sell's where the market is reluctant to acknowledge that the cycle has turned. This quadrant can also contain 'Turnarounds' - formerly 'Contrarian Buys' where the market is correctly anticipating a change in fortunes.   


Finally, we provide tables of the top and bottom five ranked companies in each of our 30 Sectors.


🇯🇵 Japan • Winter Large Cap Results & Revision Scores - Contrarian Buys & Sells/​Peak & Ex-Growth

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

Universal Entertainment / Equity Bottom-Up

<ul>
<li>Its realignment of UE's casino interests into a new entity will be a catalyst for a strong upside ahead.</li>
<li>The move will further solidify the separation of UE's casino business from its founder and insulate it from future regulatory woes rooted in the Okada era.</li>
<li>The settlement of its lawsuit against Wynn pours US$2.4b onto its balance sheet to boost its flexibility to act on new initiatives.</li>
<li>Japan's lower house has approved the long-delayed IR bill; a passage in the Senate expected within weeks. UE…</li>
</ul>


Its realignment of UE's casino interests into a new entity will be a catalyst for a strong upside ahead.
The move will further solidify the separation of UE's casino business from its founder and insulate it from future regulatory woes rooted in the Okada era.
The settlement of its lawsuit against Wynn pours US$2.4b onto its balance sheet to boost its flexibility to act on new initiatives.
Japan's lower house has approved the long-delayed IR bill; a passage in the Senate expected within weeks. UE…


Universal Entertainment: New Move to Cut Okada past Sets Stage for Global Reach

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

According to Kyodo News, the LDP and Komeito parties are finalizing an agreement to allow three integrated casino resorts to be built in Japan, which should be inked this week. The news follows a report on Friday that the following had and hadn’t been agreed:<ul>
<li>Casino facilities limited to 3% of area of integrated resort (but there would be no upper limit on size).</li>
<li>Tax on gross gaming revenue to be flat 30%</li>
<li>Whether entrance fee to be charged for Japanese residents is still being discussed</li>
</ul>The aim is…

According to Kyodo News, the LDP and Komeito parties are finalizing an agreement to allow three integrated casino resorts to be built in Japan, which should be inked this week. The news follows a report on Friday that the following had and hadn’t been agreed:
Casino facilities limited to 3% of area of integrated resort (but there would be no upper limit on size).
Tax on gross gaming revenue to be flat 30%
Whether entrance fee to be charged for Japanese residents is still being discussed
The aim is…

Japan Government to Offer Out 3 Casino Licenses - Kyodo

<a href="https://www.smartkarma.com/entities/13915" target="_blank" data-smartkarma-citation="entities:13915:1">Universal Entertainment (6425 JP)</a> may not have got as much out of <a href="https://www.smartkarma.com/entities/606" target="_blank" data-smartkarma-citation="entities:606:1">Wynn Resorts Ltd (WYNN US)</a> as it (and its investors) hoped from the recent court settlement, but it does look as if it may get another, just as significant prize, which is a casino in Hokkaido. As we wrote in <a href="https://www.smartkarma.com/insights/konami-9766-readthrough-from-its-casino-interview" target="_blank" data-smartkarma-citation="insights:9864">Konami (9766): Readthrough from Its Casino Interview</a>, Universal appeared to be completely uninterested in getting involved in casinos in Japan unless it was in Hokkaido, which at the time wasn't even in the running. There…

Universal Entertainment (6425 JP) may not have got as much out of Wynn Resorts Ltd (WYNN US) as it (and its investors) hoped from the recent court settlement, but it does look as if it may get another, just as significant prize, which is a casino in Hokkaido. As we wrote in Konami (9766): Readthrough from Its Casino Interview, Universal appeared to be completely uninterested in getting involved in casinos in Japan unless it was in Hokkaido, which at the time wasn't even in the running. There…

Universal Entertainment (6425) - Casino in Hokkaido?

Thematic (Sector/Industry)

The presence of <a href="https://www.smartkarma.com/entities/16227" target="_blank" data-smartkarma-citation="entities:16227:1">MGM Resorts International (MGM US)</a> CEO, James Murren, in Tokyo earlier this month, is a timely reminder to everyone that the re-election of Shinzo Abe’s government last year means that the Casino Bill is still in the works, even if it is stuck behind the Gambling Addiction bill. Indeed, it is probably the case that Murren is over to emphasize the point that firms like his are willing to invest heavily in Japan provided the limitations brought about by the Gambling Addiction bill…

The presence of MGM Resorts International (MGM US) CEO, James Murren, in Tokyo earlier this month, is a timely reminder to everyone that the re-election of Shinzo Abe’s government last year means that the Casino Bill is still in the works, even if it is stuck behind the Gambling Addiction bill. Indeed, it is probably the case that Murren is over to emphasize the point that firms like his are willing to invest heavily in Japan provided the limitations brought about by the Gambling Addiction bill…

Japan

Universal Entertainment Corporation develops, manufactures, and sells pachinko, pachinko slot machines, amusement equipments & casino equipments designed for overseas use.  The Company also engages in casino hotel management.

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Universal Entertainment (6425 JP)

🇯🇵 Japan • Winter Large Cap Results & Revision Scores - Contrarian Buys & Sells/Peak & Ex-Growth

LARGE CAP RESULTS & REVISION SCORES - The final instalment of our series of reviews of Japan's most recent earnings and revisions...

Campbell Gunn

Universal Entertainment: New Move to Cut Okada past Sets Stage for Global Reach

Its realignment of UE's casino interests into a new entity will be a catalyst for a strong upside ahead. The move will further solidify the...

Howard J Klein

Japan Government to Offer Out 3 Casino Licenses - Kyodo

According to Kyodo News, the LDP and Komeito parties are finalizing an agreement to allow three integrated casino resorts to be built in Japan,...

Pelham Smithers Associates

Universal Entertainment (6425) - Casino in Hokkaido?

Universal Entertainment (6425 JP) may not have got as much out of Wynn Resorts Ltd (WYNN US) as it (and its investors) hoped from the recent court...

Pelham Smithers Associates

Japan Casino Bill Back in the Headlines

The presence of MGM Resorts International (MGM US) CEO, James Murren, in Tokyo earlier this month, is a timely reminder to everyone that the...

Pelham Smithers Associates

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

🇯🇵 Japan • Winter Large Cap Results & Revision Scores - Contrarian Buys & Sells/​Peak & Ex-Growth

LARGE CAP RESULTS & REVISION SCORES - The final instalment of our series of reviews of Japan's most recent earnings and revisions...

Campbell Gunn

Universal Entertainment: New Move to Cut Okada past Sets Stage for Global Reach

Its realignment of UE's casino interests into a new entity will be a catalyst for a strong upside ahead. The move will further solidify the...

Howard J Klein

Japan Government to Offer Out 3 Casino Licenses - Kyodo

According to Kyodo News, the LDP and Komeito parties are finalizing an agreement to allow three integrated casino resorts to be built in Japan,...

Pelham Smithers Associates

Universal Entertainment (6425) - Casino in Hokkaido?

Universal Entertainment (6425 JP) may not have got as much out of Wynn Resorts Ltd (WYNN US) as it (and its investors) hoped from the recent court...

Pelham Smithers Associates

Japan Casino Bill Back in the Headlines

The presence of MGM Resorts International (MGM US) CEO, James Murren, in Tokyo earlier this month, is a timely reminder to everyone that the...

Pelham Smithers Associates

🇯🇵 Japan • Winter Large Cap Results & Revision Scores - Contrarian Buys & Sells/Peak & Ex-Growth