'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

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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)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/144/594/original/2020-07-07_06-10-50.png?1594069912" class="editor-image img-responsive" data-smartkarma-image-id="144594"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/144/595/original/2020-07-07_06-24-06.png?1594070670" class="editor-image img-responsive" data-smartkarma-image-id="144595"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong><a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani (7730 JP)</a> -</strong> Medical instrument maker Mani had warned at the time of their interim results of a poor second half, and their third-quarter results are duly sombre. Mani is one of Japan's more global companies, having less than a quarter of sales in the domestic market and is suffering accordingly - an operating profit of just ¥0.1 billion is implied for the fourth quarter. The company has done well to improve margins despite a 19% decline in revenues over the last six quarters, primarily through lowering the costs of goods sold. The shares have remained stubbornly Overbought. The current valuation suggests limited upside, a<span>bsent a sharp top-line rebound, while</span><span> 'shorts' will have to contend with the 'quality-at-any-price' brigade.</span></p><p style="text-align: center;"><strong>DAILY STATS</strong></p><hr><div><p style="text-align: center;"><strong>15 Quarterly Results</strong></p></div><div><ul>
<li>
<strong>Results Score:</strong> 7 Positive / 2 Neutral / 6 Negative</li>
<li>
<strong>Average Results Score Change:</strong>-2.6</li>
<li>
<strong>Average % Change in Revenue:</strong> -3.8% Quarter YoY* / -1.0% Rolling TTM YoY</li>
<li>
<strong>Average Operating Profit Margin Change:</strong> -1.7ppt</li>
</ul></div><hr><div><p style="text-align: center;"><br><strong>5 Annual • 3 Interim Forecasts/Revisions</strong></p></div><div><ul>
<li>
<strong>Annual Forecast/Revision Score:</strong> 3 Positive / 0 Neutral / 1 Negative</li>
<li>
<strong>Interim Forecast/Revision Score Change:</strong> 2 Positive / 1 Neutral / 0 Negative</li>
<li>
<strong>Average Forecast/Revision Score Change:</strong> -2.6</li>
</ul></div>

Source • Japan AnalyticsMani (7730 JP) - Medical instrument maker Mani had warned at the time of their interim results of a poor second half, and their third-quarter results are duly sombre. Mani is one of Japan's more global companies, having less than a quarter of sales in the domestic market and is suffering accordingly - an operating profit of just ¥0.1 billion is implied for the fourth quarter. The company has done well to improve margins despite a 19% decline in revenues over the last six quarters, primarily through lowering the costs of goods sold. The shares have remained stubbornly Overbought. The current valuation suggests limited upside, absent a sharp top-line rebound, while 'shorts' will have to contend with the 'quality-at-any-price' brigade.DAILY STATS15 Quarterly Results

Results Score: 7 Positive / 2 Neutral / 6 Negative

Average Results Score Change:-2.6

Average % Change in Revenue: -3.8% Quarter YoY* / -1.0% Rolling TTM YoY

Average Operating Profit Margin Change: -1.7ppt
 5 Annual • 3 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 3 Positive / 0 Neutral / 1 Negative

Interim Forecast/Revision Score Change: 2 Positive / 1 Neutral / 0 Negative

Average Forecast/Revision Score Change: -2.6


🇯🇵 JAPAN • Results & Revisions 6th July - Man(I) Overboard!