'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

Former Japan Equity PM with over 30 of experience now providing database-driven analysis of the market, sectors, peer groups and stocks for LightStream Research.

Leveraging data and graphic analysis provided by Japan Analytics, and the related Japan Analytics iPad App, we provide insights on companies are often ignored by the sell-side as well as challenging conventional wisdom on the market overall.

'Quantamental' Japan Specialist

🇯🇵 Japan • Spring Results & Revisions Flash - Early Days

🇯🇵 Japan • Spring Results & Revisions & Market Update - Slip-Slidin' Away

🇯🇵 JAPAN • Spring Results & Revision Scores - Peer Groups

Fanuc: Profitability Deterioration and Share Price Rebound Open Up Significant Downside

Fanuc Bullish Trade Points off of Base Line Support

Robotics Earnings: Nabtesco and HDS Results Strong; Still No Reason to Own Fanuc

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. 

Equity Bottom-Up

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/085/828/original/2019-04-25_12-26-58.png?1556162828" class="editor-image img-responsive" data-smartkarma-image-id="85828"></figure>Source: Japan Analytics
</div><a href="https://www.smartkarma.com/entities/752" target="_blank" data-smartkarma-citation="entities:752:1">FANUC (6954 JP)</a>'s FY2019 results were released on 25th April, and the detail and the downside risk has been well-covered by Lightstream's <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato</a> in <a href="https://www.smartkarma.com/insights/fanuc-profitability-deterioration-and-share-price-rebound-open-up-significant-downside" target="_blank" data-smartkarma-citation="insights:29386">Fanuc: Profitability Deterioration and Share Price Rebound Open Up Significant Downside</a>. This Insight will look instead at the company's earnings cycle and its relationship with Fanuc's Relative Price Score. In the DETAIL section below, we shall also look at the company's forecast history, Comprehensive Income, cash flows, shareholder returns and historical valuation trends. Although we share some of Mio's concerns, we do not share his view that "the stock can trade down towards 1.0-1.5x PB - it does not strike us as impossible for the stock to halve". Although the upside may be constrained, we believe the 25th December 2018 low of ¥15,760 will be the current cycle low point.


Source: Japan Analytics
FANUC (6954 JP)'s FY2019 results were released on 25th April, and the detail and the downside risk has been well-covered by Lightstream's Mio Kato in Fanuc: Profitability Deterioration and Share Price Rebound Open Up Significant Downside. This Insight will look instead at the company's earnings cycle and its relationship with Fanuc's Relative Price Score. In the DETAIL section below, we shall also look at the company's forecast history, Comprehensive Income, cash flows, shareholder returns and historical valuation trends. Although we share some of Mio's concerns, we do not share his view that "the stock can trade down towards 1.0-1.5x PB - it does not strike us as impossible for the stock to halve". Although the upside may be constrained, we believe the 25th December 2018 low of ¥15,760 will be the current cycle low point.

Fanuc Corp

6954 🇯🇵 Fanuc • Timing the Cycle