'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)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/034/original/2018-08-16_19-07-34.png?1534672507" class="editor-image img-responsive" data-smartkarma-image-id="61034"></figure><div class="content-caption">Source: Japan Analytics</div>A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our '<a href="https://www.smartkarma.com/insights/japan-most-overbought-most-oversold-the-relative-price-score" target="_blank" data-smartkarma-citation="insights:21149">Nifty 50</a>' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.<div class="content-highlight">MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.</div>SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post [6178 JP</a>]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.<div class="content-highlight">
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
</div>SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.<div class="content-highlight">
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
</div>TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/038/original/2018-08-19_19-33-03.png?1534674804" class="editor-image img-responsive" data-smartkarma-image-id="61038"></figure>

Source: Japan AnalyticsA GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our 'Nifty 50' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is Japan Post [6178 JP]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

INTERNET, TELECOMS &amp; HEALTHCARE ▲ RETAIL, RESTAURANTS &amp; RAILWAYS▼- Domestic non-financial sectors continue to shine in Japan. However, in the last two weeks, there has been a marked shift away from lower-margin domestic sectors that are now seeing rising fixed and variable costs (Restaurants, Transportation, Media, Retail and Food) towards higher-margin sectors such as Telecommunications, Internet, Healthcare and Information Technology.  The weaker Yen has helped reduce the negative momentum in…

INTERNET, TELECOMS &amp; HEALTHCARE ▲ RETAIL, RESTAURANTS &amp; RAILWAYS▼- Domestic non-financial sectors continue to shine in Japan. However, in the last two weeks, there has been a marked shift away from lower-margin domestic sectors that are now seeing rising fixed and variable costs (Restaurants, Transportation, Media, Retail and Food) towards higher-margin sectors such as Telecommunications, Internet, Healthcare and Information Technology.  The weaker Yen has helped reduce the negative momentum in…

Japan: Sector Weight 3 Month Change - Bi-Polar With A Twist

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

To match service levels offered by <a href="https://www.smartkarma.com/entities/446" target="_blank" data-smartkarma-citation="entities:446:1">JD.com Inc (ADR) (JD US)</a> and leading express carrier <a href="https://www.smartkarma.com/entities/4128" target="_blank" data-smartkarma-citation="entities:4128:1">S.F. Holding Co Ltd (002352 CH)</a>, <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> and its logistics partners are making a belated push to invest in first- and last-mile parcel delivery capacity. BABA and its partners have so far avoided making the large investments needed to control 100% of their parcel delivery networks. Instead of direct ownership of first- and last-mile assets, BABA has tried to rely upon the 'transparency' provided by its technologically sophisticated logistics subsidiary, CaiNiao Network (CN). But five years after BABA set up CN, JD.com's continued lead in logistics quality and logistics speed -- confirmed in private surveys of Chinese consumers -- seems to have convinced BABA and its partners that they must finally take the plunge.Battle lines in this coming logistics war have been drawn over the past year or so. JD.com established JD Logistics in April 2017, and the private company recently raised US$2.5 bn at a valuation of US$13.4 bn. SF Express -- China's largest express carrier by revenue -- already offers first- and last-mile delivery, and has shown a willingness to butt heads with BABA. The five smaller express companies aligned with BABA have recently announced moves that will bring them even closer to the e-commerce giant; there are also indications these express companies are stepping up their own first- and last-mile investments at the behest of BABA.For the five carriers aligned with BABA, a belated push into ownership of first- and last-mile service will require an enormous increase in capital expenditures. The five carriers had combined capex of about 8.3 bn RMB in 2017; we estimate the push to acquire control of first- and last-mile capacity could require additional annual capex of 25 bn RMB or more over the next few years (BABA itself had CapEx of 29.8 bn RMB in its latest fiscal year). Such a dramatic increase in capital spending -- assuming it is mainly shouldered by the express companies -- will require significant, dilutive fundraising by these five express carriers over the next few years; we also anticipate initial returns on these investments will be very low.Alternatively, if it is BABA's private logistics subsidiary CN that does the heavy lifting, this would likely bring forward the timing of that company's IPO (it was valued at US$20 bn in a September 2017 funding round). We do not believe the expansion of first- and last-mile capacity is part of CN's projected total CapEx of 100 bn RMB between 2017-2021. The ultimate beneficiary of this costly expansion of express networks? Alibaba, of course. As a result of the expected push into first- and last-mile delivery, the e-commerce giant will likely end up with deeper reach and faster, more reliable delivery service. These improvements should allow it to retain its position as China's pre-eminent e-commerce company. The apparent asymmetry of expected capex and expected benefits from first- and last-mile investments -- express companies invest, BABA reaps the benefits -- suggests a pair trade: Long BABA against Short positions in China's express companies.

To match service levels offered by JD.com Inc (ADR) (JD US) and leading express carrier S.F. Holding Co Ltd (002352 CH), Alibaba Group Holding Ltd (BABA US) and its logistics partners are making a belated push to invest in first- and last-mile parcel delivery capacity. BABA and its partners have so far avoided making the large investments needed to control 100% of their parcel delivery networks. Instead of direct ownership of first- and last-mile assets, BABA has tried to rely upon the 'transparency' provided by its technologically sophisticated logistics subsidiary, CaiNiao Network (CN). But five years after BABA set up CN, JD.com's continued lead in logistics quality and logistics speed -- confirmed in private surveys of Chinese consumers -- seems to have convinced BABA and its partners that they must finally take the plunge.Battle lines in this coming logistics war have been drawn over the past year or so. JD.com established JD Logistics in April 2017, and the private company recently raised US$2.5 bn at a valuation of US$13.4 bn. SF Express -- China's largest express carrier by revenue -- already offers first- and last-mile delivery, and has shown a willingness to butt heads with BABA. The five smaller express companies aligned with BABA have recently announced moves that will bring them even closer to the e-commerce giant; there are also indications these express companies are stepping up their own first- and last-mile investments at the behest of BABA.For the five carriers aligned with BABA, a belated push into ownership of first- and last-mile service will require an enormous increase in capital expenditures. The five carriers had combined capex of about 8.3 bn RMB in 2017; we estimate the push to acquire control of first- and last-mile capacity could require additional annual capex of 25 bn RMB or more over the next few years (BABA itself had CapEx of 29.8 bn RMB in its latest fiscal year). Such a dramatic increase in capital spending -- assuming it is mainly shouldered by the express companies -- will require significant, dilutive fundraising by these five express carriers over the next few years; we also anticipate initial returns on these investments will be very low.Alternatively, if it is BABA's private logistics subsidiary CN that does the heavy lifting, this would likely bring forward the timing of that company's IPO (it was valued at US$20 bn in a September 2017 funding round). We do not believe the expansion of first- and last-mile capacity is part of CN's projected total CapEx of 100 bn RMB between 2017-2021. The ultimate beneficiary of this costly expansion of express networks? Alibaba, of course. As a result of the expected push into first- and last-mile delivery, the e-commerce giant will likely end up with deeper reach and faster, more reliable delivery service. These improvements should allow it to retain its position as China's pre-eminent e-commerce company. The apparent asymmetry of expected capex and expected benefits from first- and last-mile investments -- express companies invest, BABA reaps the benefits -- suggests a pair trade: Long BABA against Short positions in China's express companies.

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

Raksul (ラクスル) can be read in Japanese as "to make easy", and within the printing and delivery markets, that is precisely what the company aims to do. Raksul's main business is an EC site that connects small lot printing customers with SME print shops. In addition, as the company's customers include a large number of SMEs, additional marketing services such as advertising through the distribution of flyers are offered. Finally, the company also offers an EC service for package delivery, once again targeting SMEs owning less than twenty trucks, as suppliers.<div class="content-caption">Basic Information</div><table class="table table-striped"><tbody><tr><td>Company Name</td><td>Raksul Inc.</td></tr><tr><td>Company Ticker</td><td>4382</td></tr><tr><td>Stock Exchange</td><td>TSE Mothers Section</td></tr><tr><td>Business Description</td><td>Discount net printing and delivery</td></tr><tr><td>Unit Size</td><td>100</td></tr><tr><td>New Shares Offered</td><td>2,500,000</td></tr><tr><td>Existing Shares Offered</td><td>8,449,900</td></tr><tr><td>Overallotment (Existing Shares)</td><td>1,642,100</td></tr><tr><td>Total Shares Offered</td><td>12,592,000</td></tr><tr><td>Tentative Price</td><td>1,300-1,500</td></tr><tr><td>Estimated Capital to be Raised (JPY)</td><td>3,500,000,000</td></tr><tr><td>Pricing Date</td><td>23rd May</td></tr><tr><td>Bookbuilding</td><td>16th May -  22nd May</td></tr><tr><td>Application Dates</td><td>24th May - 29th May</td></tr><tr><td>Listing Date</td><td>31st May</td></tr><tr><td>Shares Outstanding at Listing</td><td>29,349,800</td></tr><tr><td>Estimated Market Capitalisation (JPY)</td><td>41,089,000,000</td></tr></tbody></table><div style="text-align: left;" class="content-caption">Source: Company Disclosures, LightStream Research</div><div class="content-caption">Underwriters</div><table class="table table-striped"><tbody><tr><td>　</td><td>Broker</td></tr><tr><td rowspan="3">Lead Underwriters</td><td>Daiwa Securities</td></tr><tr><td>MUFG Morgan Stanley  Securities</td></tr><tr><td>Mizuho Securities</td></tr><tr><td rowspan="4">Underwriters</td><td>SBI Securities</td></tr><tr><td>SMBC Nikko Securities</td></tr><tr><td>Monex Securities</td></tr><tr><td>Kabu.com Securities</td></tr></tbody></table><div style="text-align: left;" class="content-caption">Source: Company Disclosures, LightStream Research</div>

Raksul (ラクスル) can be read in Japanese as "to make easy", and within the printing and delivery markets, that is precisely what the company aims to do. Raksul's main business is an EC site that connects small lot printing customers with SME print shops. In addition, as the company's customers include a large number of SMEs, additional marketing services such as advertising through the distribution of flyers are offered. Finally, the company also offers an EC service for package delivery, once again targeting SMEs owning less than twenty trucks, as suppliers.Basic InformationCompany NameRaksul Inc.Company Ticker4382Stock ExchangeTSE Mothers SectionBusiness DescriptionDiscount net printing and deliveryUnit Size100New Shares Offered2,500,000Existing Shares Offered8,449,900Overallotment (Existing Shares)1,642,100Total Shares Offered12,592,000Tentative Price1,300-1,500Estimated Capital to be Raised (JPY)3,500,000,000Pricing Date23rd MayBookbuilding16th May -  22nd MayApplication Dates24th May - 29th MayListing Date31st MayShares Outstanding at Listing29,349,800Estimated Market Capitalisation (JPY)41,089,000,000Source: Company Disclosures, LightStream ResearchUnderwriters　BrokerLead UnderwritersDaiwa SecuritiesMUFG Morgan Stanley  SecuritiesMizuho SecuritiesUnderwritersSBI SecuritiesSMBC Nikko SecuritiesMonex SecuritiesKabu.com SecuritiesSource: Company Disclosures, LightStream Research

Raksul IPO: Under the Radar, Shouldn't Be, but Too Expensive to Get Excited Immediately

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

Amazon reported a robust set of 1Q earnings with beats across the board. The big surprise from Amazon was its decision to increase its annual US Prime membership to $119 a year from $99 a year. We believe Amazon has done so because a) its free cash flow inc. leases is down by 83% over the past 12 months and AMZN a slight net cash position now vs 13bn in cash a year ago (inc. acquisitions) and b) Price increases should be 'absorbed' by the US consumer a la Netflix despite a slowdown in pure…

Amazon reported a robust set of 1Q earnings with beats across the board. The big surprise from Amazon was its decision to increase its annual US Prime membership to $119 a year from $99 a year. We believe Amazon has done so because a) its free cash flow inc. leases is down by 83% over the past 12 months and AMZN a slight net cash position now vs 13bn in cash a year ago (inc. acquisitions) and b) Price increases should be 'absorbed' by the US consumer a la Netflix despite a slowdown in pure…

Amazon 1Q18 Review – More Price Increases on the Way?

Japan

Yamato Holdings Co., Ltd. mainly provides door-to-door parcel delivery services. The Company has developed a nationwide delivery system specializing in time-specified delivery. Yamato Holdings offers moving services and other comprehensive transportation services including logistics services for both domestic and overseas customers as well as financial and autoworks services.

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Yamato Holdings (9064 JP)

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in...

Campbell Gunn

Japan: Sector Weight 3 Month Change - Bi-Polar With A Twist

INTERNET, TELECOMS & HEALTHCARE ▲ RETAIL, RESTAURANTS & RAILWAYS▼- Domestic non-financial sectors continue to shine in Japan. However, in...

Campbell Gunn

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

To match service levels offered by JD.com Inc (ADR) (JD US) and leading express carrier S.F. Holding Co Ltd (002352 CH), Alibaba Group Holding Ltd...

Daniel Hellberg

Raksul IPO: Under the Radar, Shouldn't Be, but Too Expensive to Get Excited Immediately

Raksul (ラクスル) can be read in Japanese as "to make easy", and within the printing and delivery markets, that is precisely what the company aims to...

Mio Kato

Amazon 1Q18 Review – More Price Increases on the Way?

Amazon reported a robust set of 1Q earnings with beats across the board. The big surprise from Amazon was its decision to increase its annual US...

Rickin Thakrar

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