'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 • Results & Revisions 04/​​​​08 - 7&I Fast Re and Hisamitsu Dreams

🇯🇵 JAPAN • Results & Revisions 04/​​​​​09 - Aeon, Giken & Takeuchi

🇯🇵 JAPAN • Results & Revisions 04/​​​​​​13 - Pasona (Grata) & J Front Retailing

🇯🇵 JAPAN • Results & Revisions 04/02 - ​​​​​​​​Heiwado, Nachi-Fujikoshi, S-Pool

🇯🇵 JAPAN • Results & Revisions 04/​​06  -Sugi, San-A & Lawson

🇯🇵 JAPAN • Results & Revisions 04/​05 - Shimamura & JINS

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

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)

Japan Consumer discretionary / Thematic (Sector/Industry)

• RESULTS - 7th APRIL •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/374/original/image_44350750721617829220885.png?1617829221" class="editor-image img-responsive" data-smartkarma-image-id="199374"></figure>RESULTS - All of the larger caps reporting on Wednesday scored negatively, with <a href="https://www.smartkarma.com/entities/bell-system24-holdings-inc" target="_blank" data-smartkarma-citation="entities:27224:1" rel="noopener">Bellsystem24 (6183 JP)</a> faring the worst - the company is also forecasting only single-digit growth in FY22. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/375/original/image_88110638531617829511197.png?1617829511" class="editor-image img-responsive" data-smartkarma-image-id="199375"></figure>• FORECASTS/REVISIONS - 7th APRIL •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/376/original/image_19503684441617829618279.png?1617829618" class="editor-image img-responsive" data-smartkarma-image-id="199376"></figure>FORECASTS/REVISIONS - Welcia's FY22 projection of a decline in net income confirms the market's pessimism towards drugstores. <a href="https://www.smartkarma.com/entities/dip-corp" target="_blank" data-smartkarma-citation="entities:6209:1" rel="noopener">DIP (2379 JP)</a> compensated for poor fourth-quarter results and a weak interim forecast with a full-year forecast of record sales and a return to 30% operating margins in the second half.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/377/original/image_45189507451617831214172.png?1617831214" class="editor-image img-responsive" data-smartkarma-image-id="199377"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/378/original/image_70346033161617831341739.png?1617831342" class="editor-image img-responsive" data-smartkarma-image-id="199378"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/379/original/image_97042980771617831451634.png?1617831452" class="editor-image img-responsive" data-smartkarma-image-id="199379"></figure>

• RESULTS - 7th APRIL •RESULTS - All of the larger caps reporting on Wednesday scored negatively, with Bellsystem24 (6183 JP) faring the worst - the company is also forecasting only single-digit growth in FY22. • FORECASTS/REVISIONS - 7th APRIL •FORECASTS/REVISIONS - Welcia's FY22 projection of a decline in net income confirms the market's pessimism towards drugstores. DIP (2379 JP) compensated for poor fourth-quarter results and a weak interim forecast with a full-year forecast of record sales and a return to 30% operating margins in the second half.

🇯🇵 JAPAN • Results & Revisions 04/​​​07 - Bellsystem24, Welcia & DIP

🇯🇵 JAPAN • Results & Revisions 04/​​​07 - Bellsystem24, Welcia & DIP

🇯🇵 JAPAN • Results & Revisions 04/07 - Bellsystem24, Welcia & DIP