'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/​​​​​​13 - Pasona (Grata) & J Front Retailing

🇯🇵 JAPAN • Results & Revisions 04/​​​​​​​14 - Finding Value in ABC-MART & Doutor Nichires

🇯🇵 JAPAN • Results & Revisions 04/​​​​​​​​15 - Daiwa House & Nihon Kohden

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

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

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 Industrials / Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• LARGE CAP RESULTS - 9th APRIL •</strong></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/934/original/2021-04-11_07-45-16.png?1618170004" class="editor-image img-responsive" data-smartkarma-image-id="199934"></figure></section><p><strong>RESULTS </strong>- Again, less than half of the 60 results announcements from Friday scored positively. Of the largest-cap stocks reporting, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a> is still mired in net losses and is underperforming most of its listed subsidiaries. <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a> saw its first quarterly year-on-year sales gain since Y19-Q1 and is forecasting (see below) a return to near-double-digit operating margins this year. For more, see <a href="https://www.smartkarma.com/profiles/mio-kato" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio's </a><a href="https://www.smartkarma.com/insights/yaskawa-is-sigma-x-going-to-drive-large-margin-gains" target="_blank" data-smartkarma-citation="insights:50190" rel="noopener">Yaskawa – Is Sigma-X Going to Drive Large Margin Gains?</a>.  Amongst mid-cap construction machinery companies, the divergence between <a href="https://www.smartkarma.com/entities/takeuchi-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:15344:1" rel="noopener">Takeuchi Mfg (6432 JP)</a> and <a href="https://www.smartkarma.com/entities/giken-ltd" target="_blank" data-smartkarma-citation="entities:8955:1" rel="noopener">Giken (6289 JP)</a> is notable.     </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/937/original/image_41476225521618176041754.png?1618176043" class="editor-image img-responsive" data-smartkarma-image-id="199937"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/938/original/image_43430948031618176155426.png?1618176156" class="editor-image img-responsive" data-smartkarma-image-id="199938"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/939/original/image_15842165641618176543024.png?1618176544" class="editor-image img-responsive" data-smartkarma-image-id="199939"></figure><p></p><p style="text-align: center;"><strong>• LARGE CAP FORECASTS/REVISIONS - 9th APRIL •</strong></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/199/936/original/2021-04-11_07-45-32.png?1618170242" class="editor-image img-responsive" data-smartkarma-image-id="199936"></figure></section><p><strong>FORECASTS/REVISIONS</strong> - Just 65% of the annual revisions announced were positive, with Yasukawa the leading large-cap. In contrast to its results, Aeon is expecting to beat its listed grocery chain subsidiaries - all of whom are forecasting declines in profits. </p>

• LARGE CAP RESULTS - 9th APRIL •RESULTS - Again, less than half of the 60 results announcements from Friday scored positively. Of the largest-cap stocks reporting, Aeon (8267 JP) is still mired in net losses and is underperforming most of its listed subsidiaries. Yaskawa Electric (6506 JP) saw its first quarterly year-on-year sales gain since Y19-Q1 and is forecasting (see below) a return to near-double-digit operating margins this year. For more, see Mio's Yaskawa – Is Sigma-X Going to Drive Large Margin Gains?.  Amongst mid-cap construction machinery companies, the divergence between Takeuchi Mfg (6432 JP) and Giken (6289 JP) is notable.     • LARGE CAP FORECASTS/REVISIONS - 9th APRIL •FORECASTS/REVISIONS - Just 65% of the annual revisions announced were positive, with Yasukawa the leading large-cap. In contrast to its results, Aeon is expecting to beat its listed grocery chain subsidiaries - all of whom are forecasting declines in profits. 

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

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

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