'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 11/​​​​​​​​​​​​​​​​​​​​​​​​​​​12 McDonald's, Nissan, Hikari, H'hodo

Nissan – Finance Segment Supportive but Underperforming Peers

🇯🇵 JAPAN • Market Update & Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​13 - Euphoria!

🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​10 - Shiseido, FUJIFILM, Otsuka, Persol

GMO Internet (9447 JP) - Grossly or Modestly Overrated?

Toshiba – On Track to Hit Imaginary “If Only COVID Hadn’t Happened” Guidance

Gravity Works As WeWork Doesn't; Now Plan B

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)

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p style="text-align: left;">Wednesday's best and worst pairing is from the same corporate grouping - <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway (3769 JP)</a> and <a href="https://www.smartkarma.com/entities/gmo-internet-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet (9449 JP)</a> and highlights the risks of investing in the latter to 'access' growth in the former.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/170/925/original/2020-11-12_06-02-15.png?1605128549" class="editor-image img-responsive" data-smartkarma-image-id="170925"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/170/926/original/2020-11-12_06-02-54.png?1605128586" class="editor-image img-responsive" data-smartkarma-image-id="170926"></figure></section><div style="text-align: center;"><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></div>
<hr>
<div style="text-align: center;"><p><strong>DAILY STATS</strong></p></div>
<hr>
<div style="text-align: center;"><p><strong>227 Quarterly Results</strong></p></div>
<div style="text-align: center;"><ul style="list-style-type: disc;">
<li><p style="text-align: left;"><strong>Results Score:</strong> 42% Positive / 11% Neutral / 47% Negative</p></li>
<li><p style="text-align: left;"><strong>Average Results Score Change:</strong> -1.0 points</p></li>
<li><p style="text-align: left;"><strong>Average % Change in Revenue:</strong> -7.6% Quarter YoY / -5.0% Rolling TTM YoY </p></li>
<li><p style="text-align: left;"><strong>Average Operating Profit Margin Change:</strong> -1.3 ppt</p></li>
<li><p style="text-align: left;"><strong>Percentage Making Quarterly Losses:</strong> 20%</p></li>
</ul></div>
<hr>
<div><p style="text-align: center;"><strong>107 Annual • 18 Interim Forecasts/Revisions</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 43% Positive / 9% Neutral / 48% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 50% Positive / 6% Neutral / 44% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -1.5 points</p></li>
</ul></div>
</div>

• BEST &amp; WORST •
Wednesday's best and worst pairing is from the same corporate grouping - GMO Payment Gateway (3769 JP) and GMO Internet (9449 JP) and highlights the risks of investing in the latter to 'access' growth in the former.
Source for all charts &amp; tables: Japan Analytics

DAILY STATS

227 Quarterly Results

Results Score: 42% Positive / 11% Neutral / 47% Negative
Average Results Score Change: -1.0 points
Average % Change in Revenue: -7.6% Quarter YoY / -5.0% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.3 ppt
Percentage Making Quarterly Losses: 20%


107 Annual • 18 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 43% Positive / 9% Neutral / 48% Negative
Interim Forecast/Revision Score Change: 50% Positive / 6% Neutral / 44% Negative
Average Forecast/Revision Score Change: -1.5 points



🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​​11 - Mitsubishi Estate, Toshiba, GMOs

🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​​11 - Mitsubishi Estate, Toshiba, GMOs

🇯🇵 JAPAN • Results & Revisions 11/11 - Mitsubishi Estate, Toshiba, GMOs