Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Thematic (Sector/Industry)

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "<a href="https://www.smartkarma.com/insights/coupang-taking-amazon-s-market-share-at-all-cost-strategy-coupang-s-2015-financials-are-out" target="_blank">Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)</a>".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Another View on Coupang's 2015 Financials and Possible Future Scenario

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Event-Driven

Fast Facts<ul><li>Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.</li><li>There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.</li><li>Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.</li></ul>

Fast FactsSignificant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete.

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average just two years ago, according to DAMITT, the Dechert Antitrust Merger Investigation Timing Tracker.Federal enforcement activity resulted in 37 significant merger investigations, seven of which generated complaints seeking to block proposed deals and 24 of which were resolved by consent orders. Each of these figures was a record for the five years during which DAMITT has been tracking antitrust merger investigations.Antitrust merger investigation activity is up, and investigations are taking longer than ever to complete. 

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Tokyo Electron shares have&nbsp;had an eventful year. In late February, the shares were at 9,000 yen ahead of its expected merger with Applied Materials - and that was a decent discount to its AMAT-adjusted price.&nbsp;As machinery orders and SPE equipment order growth faltered late in Q1 and early Q2 globally, the whole sector fell somewhat. Then at end-April Tokyo Electron and Applied Materials announced the termination of their deal. Arbitrageurs bailed and long-only fund managers dumped AMAT on a lack of synergies to be realized.&nbsp;TEL's buyback started, the stock rose. TEL upped its dividend forecast and dividend payout policy and FY2016 DPS forecast. Then lowered earnings forecasts and DPS forecast. Last week it upped them all again. And the buyback continues.&nbsp;The buyback has interesting impact on the stock and its dynamics. Investors should understand the flow dynamics now, later, and longer-term. There is a bit of positive, and a bit of negative. DPS should be supportive.More below the fold.&nbsp;

Tokyo Electron shares have&nbsp;had an eventful year. In late February, the shares were at 9,000 yen ahead of its expected merger with Applied Materials - and that was a decent discount to its AMAT-adjusted price.&nbsp;As machinery orders and SPE equipment order growth faltered late in Q1 and early Q2 globally, the whole sector fell somewhat. Then at end-April Tokyo Electron and Applied Materials announced the termination of their deal. Arbitrageurs bailed and long-only fund managers dumped AMAT on a lack of synergies to be realized.&nbsp;TEL's buyback started, the stock rose. TEL upped its dividend forecast and dividend payout policy and FY2016 DPS forecast. Then lowered earnings forecasts and DPS forecast. Last week it upped them all again. And the buyback continues.&nbsp;The buyback has interesting impact on the stock and its dynamics. Investors should understand the flow dynamics now, later, and longer-term. There is a bit of positive, and a bit of negative. DPS should be supportive.More below the fold.&nbsp;

TOKYO ELECTRON: Old Dog New Tricks: Buyback Bone Nearly Chewed Up. What Next?

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

Another View on Coupang's 2015 Financials and Possible Future Scenario

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials,...

Sanghyun Park

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social...

Sanghyun Park

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

Fast Facts Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over...

Dechert LLP

Dechert Antitrust Merger Investigation Reports Record Duration of U.S. Merger Investigations in 2015

Significant antitrust merger investigations in the United States took an average of 9.6 months in 2015, more than a third longer than the average...

Dechert LLP

TOKYO ELECTRON: Old Dog New Tricks: Buyback Bone Nearly Chewed Up. What Next?

Tokyo Electron shares have had an eventful year. In late February, the shares were at 9,000 yen ahead of its expected merger with Applied Materials...

Travis Lundy

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