Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

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.

Equity Capital Markets

Narumiya International Co Ltd / Equity Capital Markets

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<p>Narumiya is a Japanese company that specializes in the production and distribution of children’s clothing in Japan. As of February 2018, the company had 749 stores across Japan. Most of these stores were located inside department stores and shopping centres. Narumiya first listed its shares on the JASDAQ in 2005. However, it was de-listed just 5 years later in 2010. The company now plans to re-list its shares on the 2<sup>nd</sup> Section of the TSE. In this report, we will look briefly at the reasons for relisting and the company’s financial performance in the last five years.</p>
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Narumiya is a Japanese company that specializes in the production and distribution of children’s clothing in Japan. As of February 2018, the company had 749 stores across Japan. Most of these stores were located inside department stores and shopping centres. Narumiya first listed its shares on the JASDAQ in 2005. However, it was de-listed just 5 years later in 2010. The company now plans to re-list its shares on the 2nd Section of the TSE. In this report, we will look briefly at the reasons for relisting and the company’s financial performance in the last five years.


Narumiya IPO Preview (Re-Listing): High Exposure to Department Stores Shows Old Habits Die Hard