'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 1st July • Bad News <> Good News

🇯🇵 JAPAN • Results & Revisions 2nd July • Scrambled Eggs

🇯🇵 JAPAN • Results & Revisions 3rd July • The Next Wave

🇯🇵 JAPAN • Results & Revisions 29th June -Stayin' Home

🇯🇵 JAPAN • Results & Revisions 26th June

🇯🇵 JAPAN • Results & Revisions 28th May - Nissan, Nikon & Toray

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>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/143/669/original/2020-07-01_05-28-36.png?1593548938" class="editor-image img-responsive" data-smartkarma-image-id="143669"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/143/673/original/2020-07-01_06-01-59.png?1593550949" class="editor-image img-responsive" data-smartkarma-image-id="143673"></figure><div class="content-caption">Source • Japan Analytics</div>
<p><strong>WASTE NOT.</strong>.- Waste treatment company <a href="https://www.smartkarma.com/entities/daiseki-co-ltd" target="_blank" data-smartkarma-citation="entities:2330:1" rel="noopener">Daiseki (9793 JP)</a>'s first-quarter results saw Net Income decline by 17% on a 1% decline in sales. However, the 19% and 24% cuts to both Operating and Net Income for the first half and full-year highlight the current decline in industrial activity in Japan is likely to be prolonged and, possibly, similar to that seen in 2009. The outlook for Daiseki's listed subsidiary <a href="https://www.smartkarma.com/entities/daiseki-eco-solution-co-ltd" target="_blank" data-smartkarma-citation="entities:13776:1" rel="noopener">Daiseki Eco. Solution (1712 JP)</a> is equally subdued.  Meanwhile, <a href="https://www.smartkarma.com/entities/japan-display-inc" target="_blank" data-smartkarma-citation="entities:8280:1" rel="noopener">Japan Display (6740 JP)</a> annual losses 'improved' to only ¥101 billion at the net level on ¥504 billion in sales, while <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona (2168 JP)</a> revised down the soon-to-be-declared FY2020 Net Income by 66% relative to TTM on further Anime theme park write-offs. LCD/SPE specialist <a href="https://www.smartkarma.com/entities/marumae-co-ltd" target="_blank" data-smartkarma-citation="entities:16671:1" rel="noopener">Marumae (6264 JP)</a> produced the best results of the day driven by a 38% year-on-year increase in quarterly sales.</p>
<hr>
<p style="text-align: center;"><strong>DAILY STATS</strong></p>
<hr>
</div><div><p style="text-align: center;"><strong>21 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 6 Positive / 3 Neutral / 12 Negative</li>
<li>
<strong>Average Results Score Change:</strong>-3.2</li>
<li>
<strong>Average % Change in Revenue:</strong> +0.2% Quarter YoY / -5.9% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change</strong>: 0.0ppt</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>13 Annual • 8 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 4 Positive / 2 Neutral / 7 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 2 Positive / 1 Neutral / 5 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -5.6</li>
</ul></div>


Source • Japan Analytics
WASTE NOT..- Waste treatment company Daiseki (9793 JP)'s first-quarter results saw Net Income decline by 17% on a 1% decline in sales. However, the 19% and 24% cuts to both Operating and Net Income for the first half and full-year highlight the current decline in industrial activity in Japan is likely to be prolonged and, possibly, similar to that seen in 2009. The outlook for Daiseki's listed subsidiary Daiseki Eco. Solution (1712 JP) is equally subdued.  Meanwhile, Japan Display (6740 JP) annual losses 'improved' to only ¥101 billion at the net level on ¥504 billion in sales, while Pasona (2168 JP) revised down the soon-to-be-declared FY2020 Net Income by 66% relative to TTM on further Anime theme park write-offs. LCD/SPE specialist Marumae (6264 JP) produced the best results of the day driven by a 38% year-on-year increase in quarterly sales.

DAILY STATS

21 Quarterly Results

Results Score: 6 Positive / 3 Neutral / 12 Negative

Average Results Score Change:-3.2

Average % Change in Revenue: +0.2% Quarter YoY / -5.9% Rolling TTM YoY

Average Operating Profit Margin Change: 0.0ppt
 13 Annual • 8 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 4 Positive / 2 Neutral / 7 Negative

Interim Forecast/Revision Score Change: 2 Positive / 1 Neutral / 5 Negative

Average Forecast/Revision Score Change: -5.6


🇯🇵 JAPAN • Results & Revisions 30th June - Waste Not..