Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

<p>As was made clear in the latest ¥400 billion shelf filing, <a href="https://www.smartkarma.com/entities/222" target="_blank" data-smartkarma-citation="entities:222:1">Panasonic</a> is going ahead with the commitment to invest US$1.6 billion in <a href="https://www.smartkarma.com/entities/20279" target="_blank" data-smartkarma-citation="entities:20279:1">Tesla</a>'s Arizona plant, to make batteries for the Model 3, and is obviously paying for the investment itself. However, aside from all the Tesla 2Q 16 10-Q issues raised in  <a href="https://www.smartkarma.com/insights/tesla-q2-2016-losses-accelerating-more-questions" target="_blank" data-smartkarma-citation="insights:5069">Tesla Q2 2016 : Losses Accelerating , More Questions ?</a> a wording change to Tesla's 10-Q filing from previous versions also makes interesting reading. The latest one suggests that Panasonic's…</p>

As was made clear in the latest ¥400 billion shelf filing, Panasonic is going ahead with the commitment to invest US$1.6 billion in Tesla's Arizona plant, to make batteries for the Model 3, and is obviously paying for the investment itself. However, aside from all the Tesla 2Q 16 10-Q issues raised in  Tesla Q2 2016 : Losses Accelerating , More Questions ? a wording change to Tesla's 10-Q filing from previous versions also makes interesting reading. The latest one suggests that Panasonic's…

Senior Investment Analyst, Black Crane Investment Mgmt Ltd

Perry Tan, CFA, CAIA, FRM

Senior Investment Analyst

Black Crane Investment Mgmt Ltd

Thematic (Sector/Industry)

<div>Jet.com was a $600m company last year before further fund raising.</div><div>It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced earlier.</div><div>Jet.com charges a $49.99 per month annual fee to its customers and promises the lowest prices (they priced below Amazon and other competitors).</div><div>Their strategy backfired and suffered losses because they did not sign up with enough partner merchants and as a result, Jet.com employees had to sometimes buy from competing merchants at a loss, in…</div>

Jet.com was a $600m company last year before further fund raising.It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced earlier.Jet.com charges a $49.99 per month annual fee to its customers and promises the lowest prices (they priced below Amazon and other competitors).Their strategy backfired and suffered losses because they did not sign up with enough partner merchants and as a result, Jet.com employees had to sometimes buy from competing merchants at a loss, in…

<p>The excellent report <a href="https://www.smartkarma.com/insights/tesla-q2-2016-losses-accelerating-more-questions" target="_blank" data-smartkarma-citation="insights:5069">Tesla Q2 2016 : Losses Accelerating , More Questions ?</a> raises the question: is it now time to consider whether to put on the Long Panasonic, Short Tesla trade? This is a trade that famously not only hasn't worked since Tesla was listed but also hasn't worked in a big way. In 2011 you lost 44%, in 2012 you lost 38%, in 2013 58%, in 2014 30% and in 2015 20%. Indeed if you had put the trade on immediately Tesla was listed in June 2010, you would now be down 94% on a dollar…</p>

The excellent report Tesla Q2 2016 : Losses Accelerating , More Questions ? raises the question: is it now time to consider whether to put on the Long Panasonic, Short Tesla trade? This is a trade that famously not only hasn't worked since Tesla was listed but also hasn't worked in a big way. In 2011 you lost 44%, in 2012 you lost 38%, in 2013 58%, in 2014 30% and in 2015 20%. Indeed if you had put the trade on immediately Tesla was listed in June 2010, you would now be down 94% on a dollar…

Time to Consider Putting on The "Long Panasonic, Short Tesla" Trade?

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Kelusa Asia Focus Funds

<p>Tesla came out with yet another bad quarter.  There was an expectation already built in for Q2 2016, post the release of sales and production for Q2 2016 in July that this quarter would be bad and hence there were no real surprises there. In the past, the stock has never really traded on earnings either. So I will not spend too much time on the unit metrics for earnings on the quarter. I will devote this insight to some very interesting question that arose on the conference call that question Tesla's intentions on CapEx, on its energy storage business and what's happening with customer deposits and future demand for their vehicles ?</p><p>1.  Why is Tesla's CapEx so low in H1 2016 ? So far only 500 million USD have been spent of the 2.3 bn USD guided. The company has raised 1.5 bn USD with an equity offering in June 2016 for construction of the Gigafactory. </p><p>2. Why is the company opaque on the split of its customer deposits received for the S,X and Model 3 , the math really doesn't add up here.</p><p>3. The other question is the introduction of lower priced variants of models S and X when demand is supposedly very good. Tesla management was also quite opaque on what margins are for the Auto segment.</p><p>4. What exactly has happened to the stationary storage business ? </p><p>With that behind us let's jump straight into details of these important queries </p><p> </p>

Tesla came out with yet another bad quarter.  There was an expectation already built in for Q2 2016, post the release of sales and production for Q2 2016 in July that this quarter would be bad and hence there were no real surprises there. In the past, the stock has never really traded on earnings either. So I will not spend too much time on the unit metrics for earnings on the quarter. I will devote this insight to some very interesting question that arose on the conference call that question Tesla's intentions on CapEx, on its energy storage business and what's happening with customer deposits and future demand for their vehicles ?1.  Why is Tesla's CapEx so low in H1 2016 ? So far only 500 million USD have been spent of the 2.3 bn USD guided. The company has raised 1.5 bn USD with an equity offering in June 2016 for construction of the Gigafactory. 2. Why is the company opaque on the split of its customer deposits received for the S,X and Model 3 , the math really doesn't add up here.3. The other question is the introduction of lower priced variants of models S and X when demand is supposedly very good. Tesla management was also quite opaque on what margins are for the Auto segment.4. What exactly has happened to the stationary storage business ? With that behind us let's jump straight into details of these important queries  

Tesla Q2 2016 : Losses Accelerating , More Questions ?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

<p><strong><em>Pokémon GO and the world of container shipping as we knew it</em></strong></p><blockquote><p> <em>“Dad, have you heard of <strong>Pokémon Go</strong>, can kids play it, when can I download it”, “Dad, for this birthday can you download for me the <strong>Lego Marvel's Avengers </strong>game”, “ Mom, can you please download this character for me”. </em></p></blockquote><p><em>That is my 9-year-old son asking for his reward after he has done his homework. A portion of his pocket money is now spent on the iTunes app store, that is the share lost by traditional retailers. He does love Lego and buys</em>…</p>

Pokémon GO and the world of container shipping as we knew it “Dad, have you heard of Pokémon Go, can kids play it, when can I download it”, “Dad, for this birthday can you download for me the Lego Marvel's Avengers game”, “ Mom, can you please download this character for me”. That is my 9-year-old son asking for his reward after he has done his homework. A portion of his pocket money is now spent on the iTunes app store, that is the share lost by traditional retailers. He does love Lego and buys…

DMER Shorts: Pokémon GO and the World of Container Shipping as We Knew It

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

More Positives for Panasonic Vs Tesla

As was made clear in the latest ¥400 billion shelf filing, Panasonic is going ahead with the commitment to invest US$1.6 billion in Tesla's Arizona...

Pelham Smithers Associates

Wal-Mart's Acquisition of Jet.com

Jet.com was a $600m company last year before further fund raising.It is now valued at $3.3bn after Wal-Mart's cash and stock acquisition announced...

Perry Tan, CFA, CAIA, FRM

Time to Consider Putting on The "Long Panasonic, Short Tesla" Trade?

The excellent report Tesla Q2 2016 : Losses Accelerating , More Questions ? raises the question: is it now time to consider whether to put on the...

Pelham Smithers Associates

Tesla Q2 2016 : Losses Accelerating , More Questions ?

Tesla came out with yet another bad quarter. There was an expectation already built in for Q2 2016, post the release of sales and production for...

Sameer Taneja

DMER Shorts: Pokémon GO and the World of Container Shipping as We Knew It

Pokémon GO and the world of container shipping as we knew it “Dad, have you heard of Pokémon Go, can kids play it, when can I download it”, “Dad,...

Drewry Maritime Financial Research

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