Corona went into this earnings print priced for perfection. The stock closed at ¥999 after a flat month, even though the longer 7 day return drifted slightly lower. The headline from the quarter is a profit squeeze. Corona posted a net loss of ¥449 million with basic earnings per share of a ¥15.35 loss, even as quarterly revenue held around ¥18.9b.

That gap between a premium valuation and loss making quarterly results is what the market now has to digest. The rest of the report explains how this tension lines up with the recent improvement in trailing 12 month earnings.

Is Corona a quality stock temporarily caught in a profit squeeze, or is this ¥999 share price already baking in too much optimism? See whether the cash flows and…