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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/7145" target="_blank" data-smartkarma-citation="entities:7145:1">LG Display Co Ltd (034220 KS)</a> is now hitting 52-week highs. It'd not be hard to make a reasonable guess on why its price is going strong now. The market is finally seeing some assurance that LGD still has a decent shot in the flexible OLED space. We don't know how fast and effectively LGD could catch up with Samsung. But what we know is that there is really nobody left other than LGD in this flexible OLED race. If Apple desperately needs to have another OLED supplier (which seems to be a very likely case), then it would have to turn to LGD since there would be no one else. Moreover, things certainly seem to be improving around LGD's flexible OLED production lines. We can find positive signs here and there. Most importantly, LGD wouldn't be making this huge investment on flexible OLED in P10 if it wasn't feeling fully comfortable with the current progress of improvement for production yield. So, would this lead to a much-awaited valuation re-rating in the near-term? Let's find it out.

LG Display Co Ltd (034220 KS) is now hitting 52-week highs. It'd not be hard to make a reasonable guess on why its price is going strong now. The market is finally seeing some assurance that LGD still has a decent shot in the flexible OLED space. We don't know how fast and effectively LGD could catch up with Samsung. But what we know is that there is really nobody left other than LGD in this flexible OLED race. If Apple desperately needs to have another OLED supplier (which seems to be a very likely case), then it would have to turn to LGD since there would be no one else. Moreover, things certainly seem to be improving around LGD's flexible OLED production lines. We can find positive signs here and there. Most importantly, LGD wouldn't be making this huge investment on flexible OLED in P10 if it wasn't feeling fully comfortable with the current progress of improvement for production yield. So, would this lead to a much-awaited valuation re-rating in the near-term? Let's find it out.

Update on LG Display's Flexible OLED Situation

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Thematic (Sector/Industry)

In April, ~30.3 mm smartphones were activated in China, representing a ~4.4% decline year-over-year.  For the period, January - April 2017, ~139 mm smartphones were activated in China, representing a 2.5% decline year-over-year (Exhibit 1).  For the same period, The MIIT reported 38.6 mm (-3.3% growth y/y) and ~151 mm unit shipments (3.6% growth y/y) in April and YTD in mainland China, respectively (Exhibit 2).AAPL iPhone Apple iPhone sales were down 2% month-over-month, and 14% down…

In April, ~30.3 mm smartphones were activated in China, representing a ~4.4% decline year-over-year.  For the period, January - April 2017, ~139 mm smartphones were activated in China, representing a 2.5% decline year-over-year (Exhibit 1).  For the same period, The MIIT reported 38.6 mm (-3.3% growth y/y) and ~151 mm unit shipments (3.6% growth y/y) in April and YTD in mainland China, respectively (Exhibit 2).AAPL iPhone Apple iPhone sales were down 2% month-over-month, and 14% down…

Smartphone Activation Monthly Data => April Smartphone Activation Down 4% Y/Y and Down 9% M/M

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Visiting JDI we came away with the impression that short-term news flow is likely to continue to be bad for several months but that a decisive and comprehensive long-term shift is likely as <a href="https://www.smartkarma.com/profiles/914" target="_blank" data-smartkarma-citation="accounts:914">SC Capital</a> notes in <a href="https://www.smartkarma.com/insights/japan-display-priced-for-demise-set-for-survival" target="_blank" data-smartkarma-citation="insights:10893">Japan Display--Priced for Demise; Set for Survival</a>.Negatives included the resumption of pricing pressure on LTPS panels as Tianma and AUO continue to increase production in spite of weak yields and delays of some non-mobile sales which were meant to begin mass production in 1Q into 2Q…

Visiting JDI we came away with the impression that short-term news flow is likely to continue to be bad for several months but that a decisive and comprehensive long-term shift is likely as SC Capital notes in Japan Display--Priced for Demise; Set for Survival.Negatives included the resumption of pricing pressure on LTPS panels as Tianma and AUO continue to increase production in spite of weak yields and delays of some non-mobile sales which were meant to begin mass production in 1Q into 2Q…

Japan Display Visit Confirms Likelihood of Positive Restructuring Announcement at 1Q Results

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

The Week that Was in Greater China @Smartkarma features important insights on China, Macau, Hong Kong and Taiwan published here during the previous week. This is a collaborative report written on a rotating basis by <a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a>, <a href="https://www.smartkarma.com/profiles/820" target="_blank" data-smartkarma-citation="accounts:820">Scott Laprise/ 乐天虎</a>, <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> and <a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a>. If you're interested in joining the group that produces this weekly roundup, please contact one of us directly.<h2>Sector and Company Insights</h2><a href="https://www.smartkarma.com/profiles/803" target="_blank" data-smartkarma-citation="accounts:803">Valerie Law, CFA</a>, published an update on Chinese private school…

The Week that Was in Greater China @Smartkarma features important insights on China, Macau, Hong Kong and Taiwan published here during the previous week. This is a collaborative report written on a rotating basis by Valerie Law, CFA, Scott Laprise/ 乐天虎, Ke Yan, CFA, FRM and Daniel Hellberg. If you're interested in joining the group that produces this weekly roundup, please contact one of us directly.Sector and Company InsightsValerie Law, CFA, published an update on Chinese private school…

The Week that Was in Greater China@Smartkarma - IPhone 8, Chinese Tourism, Auto Sales & More!

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.

<ul><li>President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).1  </li><li>The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”</li><li>The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.</li><li>Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  </li></ul>

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).1  The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Update on LG Display's Flexible OLED Situation

LG Display Co Ltd (034220 KS) is now hitting 52-week highs. It'd not be hard to make a reasonable guess on why its price is going strong now. The...

Sanghyun Park

Smartphone Activation Monthly Data => April Smartphone Activation Down 4% Y/Y and Down 9% M/M

In April, ~30.3 mm smartphones were activated in China, representing a ~4.4% decline year-over-year. For the period, January - April 2017, ~139 mm...

JL Warren Capital

Japan Display Visit Confirms Likelihood of Positive Restructuring Announcement at 1Q Results

Visiting JDI we came away with the impression that short-term news flow is likely to continue to be bad for several months but that a decisive and...

Mio Kato

The Week that Was in Greater China@Smartkarma - IPhone 8, Chinese Tourism, Auto Sales & More!

The Week that Was in Greater China @Smartkarma features important insights on China, Macau, Hong Kong and Taiwan published here during the previous...

Daniel Hellberg

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical...

Dechert LLP

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