Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul><li>ISA (individual savings account) could be a pivotal turning point for Korea's brokerage sector and Korean stock market, similar to how the introduction of 401(k) plan has been so important in encouraging equity participation in the US.</li><li>There were 658,040 new ISA accounts that were opened in Korea from March 14th (start of ISA) to 18th with total amount of 320 billion won.</li><li>A major purpose of the ISA is to provide tax breaks to Korean people so that they could reduce their tax burden and invest more for the long term.</li><li>One of the most important developments arising from the ISAs will be the encouragement of longer term equity culture in Korea.</li><li>We highlight a securities focused ETF called KODEX Securities (102970), which includes the major brokers such as <a href="https://www.smartkarma.com/entities/14560" target="_blank" data-smartkarma-citation="entities:14560">Mirae Asset Securities Co., Ltd.</a> , <a href="https://www.smartkarma.com/entities/512" target="_blank" data-smartkarma-citation="entities:512">Samsung Securities Co Ltd</a> , and <a href="https://www.smartkarma.com/entities/14839" target="_blank" data-smartkarma-citation="entities:14839">Korea Investment Holdings Co., Ltd.</a>  For those who want a broad exposure to the securities sector in Korea but want to limit company specific risks, this could be an attractive ETF product. </li></ul>

ISA (individual savings account) could be a pivotal turning point for Korea's brokerage sector and Korean stock market, similar to how the introduction of 401(k) plan has been so important in encouraging equity participation in the US.There were 658,040 new ISA accounts that were opened in Korea from March 14th (start of ISA) to 18th with total amount of 320 billion won.A major purpose of the ISA is to provide tax breaks to Korean people so that they could reduce their tax burden and invest more for the long term.One of the most important developments arising from the ISAs will be the encouragement of longer term equity culture in Korea.We highlight a securities focused ETF called KODEX Securities (102970), which includes the major brokers such as Mirae Asset Securities Co., Ltd. , Samsung Securities Co Ltd , and Korea Investment Holdings Co., Ltd.  For those who want a broad exposure to the securities sector in Korea but want to limit company specific risks, this could be an attractive ETF product. 

ISA - Could Be a Pivotal Turning Point for Korea's Brokerage Sector

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

<ul><li>Fed Wednesday, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength </li></ul><ul><li>Euro crosses &amp; global macro traders will still be digesting the Draghi surprise &amp; the epitome of a poorly placed sentence (What were they thinking!?)</li></ul><ul><li>ECB surprise &amp; price action last week is not similar to the BoJ &amp; Yen movements, ‘same same but very different’. The market is ‘wrong’ to jump the gun on no further QE in the EZ</li></ul>

Fed Wednesday, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength Euro crosses &amp; global macro traders will still be digesting the Draghi surprise &amp; the epitome of a poorly placed sentence (What were they thinking!?)ECB surprise &amp; price action last week is not similar to the BoJ &amp; Yen movements, ‘same same but very different’. The market is ‘wrong’ to jump the gun on no further QE in the EZ

Global Macro Take: WK 11 - ECB Digestion, Fed Wednesday & Potentially Risk-On Reversal

CEO, CIO, ClearMacro

Mike Simcock

CEO, CIO

Strategic & Tactical Asset Allocation Global Macro

ClearMacro

CIO, & CEO ClearMacro Ltd
An institutional investor with over 25 years experience, laterly having spent 10 years at GIC Singapore SWF. Managng Director, managing Global Macro, FIxed Income (Europe) and Global Credit businesses.
Passionate about utilising technology to enhance portfolio idea generation across global, multi-asset classes and optimisation of the investment process.

Macroeconomics

Strategic Portfolio returns available from strategic currency allocations. We review ClearMacro's expected returns methodology and the opportunities currently available from strategic currency allocations.

Strategic Portfolio returns available from strategic currency allocations. We review ClearMacro's expected returns methodology and the opportunities currently available from strategic currency allocations.  

Portfolio Return Opportunity from Strategic Currency Allocations?

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

The ECB delivered a comprehensive set of further policy easing measures.  But it eschewed the concept of a tiered rate policy, in contrast to the BoJ, and suggested that it was unlikely to target further declines in cash rates.  Its policies are more focused on boosting domestic asset prices and domestic bank lending and place less emphasis on a weaker exchange rate policy.  Since the ECB set its course to further ease policy at its 22-October 2015 policy meeting, the market has presumed that it favored lower interest rates.  It has now signaled it has reached bottom on this path, just as the BoJ has diverted its attention to negative interest rates.  As such, we see a case for a recovery in EUR/JPY, potentially retracing the significant fall since October last year.

The ECB delivered a comprehensive set of further policy easing measures.  But it eschewed the concept of a tiered rate policy, in contrast to the BoJ, and suggested that it was unlikely to target further declines in cash rates.  Its policies are more focused on boosting domestic asset prices and domestic bank lending and place less emphasis on a weaker exchange rate policy.  Since the ECB set its course to further ease policy at its 22-October 2015 policy meeting, the market has presumed that it favored lower interest rates.  It has now signaled it has reached bottom on this path, just as the BoJ has diverted its attention to negative interest rates.  As such, we see a case for a recovery in EUR/JPY, potentially retracing the significant fall since October last year.

AmpGFX - ECB and BoJ Policy Easing Paths Diverge

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Banking profits are under attack from FinTech Over the next five years, banks will no longer enjoy the oligopolistic profits of the past. Their scale is now working against them. Nimbler financial technology (or “FinTech”) companies are eating into their market share. Banking profits in segments such as enterprise lending and wealth management will decline by up to 35% by 2025, according to McKinsey.Crowdfunding is the most potent FinTech threat.

Banking profits are under attack from FinTech Over the next five years, banks will no longer enjoy the oligopolistic profits of the past. Their scale is now working against them. Nimbler financial technology (or “FinTech”) companies are eating into their market share. Banking profits in segments such as enterprise lending and wealth management will decline by up to 35% by 2025, according to McKinsey.Crowdfunding is the most potent FinTech threat.

Japan

Japan Post Bank Co. Ltd. provides general banking services. The Company offers deposits, savings, loans, currency exchange transactions, investment trusts, national bonds, and other related banking services to individuals and businesses. Japan Post Bank also provides other financial services such as insurance agency and financing service.

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Japan Post Bank (7182 JP)

ISA - Could Be a Pivotal Turning Point for Korea's Brokerage Sector

ISA (individual savings account) could be a pivotal turning point for Korea's brokerage sector and Korean stock market, similar to how the...

Douglas Kim

Global Macro Take: WK 11 - ECB Digestion, Fed Wednesday & Potentially Risk-On Reversal

Fed Wednesday, where market will be surprised by a more hawkish than expected statement. Risk is to the upside for greater US dollar strength Euro...

Kay Van-Petersen

Portfolio Return Opportunity from Strategic Currency Allocations?

Strategic Portfolio returns available from strategic currency allocations. We review ClearMacro's expected returns methodology and the...

ClearMacro

AmpGFX - ECB and BoJ Policy Easing Paths Diverge

The ECB delivered a comprehensive set of further policy easing measures. But it eschewed the concept of a tiered rate policy, in contrast to the...

Greg Gibbs

Crowdfunding as an Investment Theme

Banking profits are under attack from FinTechOver the next five years, banks will no longer enjoy the oligopolistic profits of the past. Their...

CM Research

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