'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

Japanese Banks:  These Lifeless Things (The Ozymandias Syndrome)

Japan: The Long and the Short of It - Recommended Portfolios

Japan: 2018 Market Review - Bear Market Rally Ahead

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

Sumitomo Mitsui Financial Group (8316 JP)

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Source: Japan Analytics
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DOWN, DOWN, DEEPER &amp; DOWN - Japanese equities were as unfashionable as the venerable 'Quo' in 2018, although all of the year's decline occurred in the fourth quarter. Our All-Market-Composite fell by 16.1%, only three sectors - REITs, Utilities and Telecoms - rose and four sectors - Metals, Building Materials, Technology Hardware and Machinery - fell by more than 30%. All of the sixteen outperforming sectors are domestically-orientated, and only two - Other Commercial Products and Other Consumer Products are manufacturing sectors. With no end in sight to the Bank of Japan's accommodation, interest rates remained at historically-depressed levels and provided no respite to financial sectors. Construction and Building Materials declined as the pre-Olympic construction order cycle peaked out, although Real Estate outperformed as office vacancy rates and rents reached three-decade new lows and new highs, respectively. The largest fourth-quarter declines were in the Energy, Internet, Information Technology and Commercial Services sectors and now offer some attractive stock-specific opportunities.




Source: Japan Analytics

DOWN, DOWN, DEEPER &amp; DOWN - Japanese equities were as unfashionable as the venerable 'Quo' in 2018, although all of the year's decline occurred in the fourth quarter. Our All-Market-Composite fell by 16.1%, only three sectors - REITs, Utilities and Telecoms - rose and four sectors - Metals, Building Materials, Technology Hardware and Machinery - fell by more than 30%. All of the sixteen outperforming sectors are domestically-orientated, and only two - Other Commercial Products and Other Consumer Products are manufacturing sectors. With no end in sight to the Bank of Japan's accommodation, interest rates remained at historically-depressed levels and provided no respite to financial sectors. Construction and Building Materials declined as the pre-Olympic construction order cycle peaked out, although Real Estate outperformed as office vacancy rates and rents reached three-decade new lows and new highs, respectively. The largest fourth-quarter declines were in the Energy, Internet, Information Technology and Commercial Services sectors and now offer some attractive stock-specific opportunities.

NTT (Nippon Telegraph & Telephone) (9432 JP)

Japan: 2018 Sector Review - Down, Down, Deeper & Down