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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Alipay's Ant Financial and KakaoPay (to be split off in this April as one of Kakao Corp's affiliate) join hands to allow cross-use of their systems by their subscribers. Ant Financial made an investment of US$200mil (₩230bil) for an undisclosed stake % in KakaoPay, but KakaoPay said that Ant Financial will become its second largest shareholder only behind Kakao Corp. As a result of this investment news, Kakao Corp's stock price was strong today, up 4.25%.Now, let's do some fact-checking:<ol><li>In fact…</li></ol>

Alipay's Ant Financial and KakaoPay (to be split off in this April as one of Kakao Corp's affiliate) join hands to allow cross-use of their systems by their subscribers. Ant Financial made an investment of US$200mil (₩230bil) for an undisclosed stake % in KakaoPay, but KakaoPay said that Ant Financial will become its second largest shareholder only behind Kakao Corp. As a result of this investment news, Kakao Corp's stock price was strong today, up 4.25%.Now, let's do some fact-checking:In fact…

AliPay's US$200mil Investment in KakaoPay - Reality Check

APAC Investment Strategy, Animal Spirits Report, Quiddity Advisors

Paul M. Kitney, PhD

APAC Investment Strategy, Animal Spirits Report

Quiddity Advisors

Pan-Asia Catalysts/Events

Thematic (Sector/Industry)

<h2>Executive Summary</h2><ul>
<li>Early focus on trade and protectionism by the Trump administration has not stemmed the reflation regime change. The setback in the USD is temporary and a strong dollar is not dependent on Fiscal Trumponomics</li>
<li>We continue to like Japan and prefer China over India. Animal Spirits is neutral on Emerging Markets.</li>
<li>APAC financials call remains in place.</li>
<li>Macau Tourism play continues to be favored within the Chinese consumer discretionary space.</li>
<li>We continue to avoid "bond proxy" dividend…</li>
</ul>

Executive Summary
Early focus on trade and protectionism by the Trump administration has not stemmed the reflation regime change. The setback in the USD is temporary and a strong dollar is not dependent on Fiscal Trumponomics
We continue to like Japan and prefer China over India. Animal Spirits is neutral on Emerging Markets.
APAC financials call remains in place.
Macau Tourism play continues to be favored within the Chinese consumer discretionary space.
We continue to avoid "bond proxy" dividend…


ANIMAL SPIRITS: Reflationary Investment Thesis Intact Without Fiscal Trumponomics

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

A former policy adviser to the National Security Council told CTFN that the acquisition of MoneyGram by Ant Financial raises critical concerns around data privacy, data protection, and espionage, and will get close scrutiny from the Committee on Foreign Investment in the United States, though the source ultimately sees the deal gaining approval.

A former policy adviser to the National Security Council told CTFN that the acquisition of MoneyGram by Ant Financial raises critical concerns around data privacy, data protection, and espionage, and will get close scrutiny from the Committee on Foreign Investment in the United States, though the source ultimately sees the deal gaining approval.

Experts See MoneyGram/Ant Financial Deal Clearing CFIUS with Heavy Scrutiny

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net income up 285%, compared with negative 0.2%, positive 3.5% and 80% rises in the first half respectively. No management guidance was provided for fiscal 2016 and we broadly maintain our existing forecasts with our fair value estimate growing to JPY 7,500 per share from JPY 6,800 per share due mainly to our increased fair value of <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding</a>…

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net income up 285%, compared with negative 0.2%, positive 3.5% and 80% rises in the first half respectively. No management guidance was provided for fiscal 2016 and we broadly maintain our existing forecasts with our fair value estimate growing to JPY 7,500 per share from JPY 6,800 per share due mainly to our increased fair value of Alibaba Group Holding…

Softbank Result in Line; FVE Raised to JPY 7,500 Due to Increased Alibaba Value

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>It’s much harder for computers to learn simple inference than a human brain, but once neural network software is ‘trained’ it can apply the lessons far more reliably and cheaply.</li>
<li>Ever faster processors, ‘deep learning’ algorithms and unprecedented amounts of tagged online data have allowed AI to challenge human accuracy in image and voice recognition and translation.</li>
<li>Recent applications include cataloguing images, assessing insurance claims, interpreting medical scans and legal documents and…</li>
</ul>


It’s much harder for computers to learn simple inference than a human brain, but once neural network software is ‘trained’ it can apply the lessons far more reliably and cheaply.
Ever faster processors, ‘deep learning’ algorithms and unprecedented amounts of tagged online data have allowed AI to challenge human accuracy in image and voice recognition and translation.
Recent applications include cataloguing images, assessing insurance claims, interpreting medical scans and legal documents and…


Rise of the Machines: The AI Arms Race…

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

AliPay's US$200mil Investment in KakaoPay - Reality Check

Alipay's Ant Financial and KakaoPay (to be split off in this April as one of Kakao Corp's affiliate) join hands to allow cross-use of their systems...

Sanghyun Park

ANIMAL SPIRITS: Reflationary Investment Thesis Intact Without Fiscal Trumponomics

Executive Summary Early focus on trade and protectionism by the Trump administration has not stemmed the reflation regime change. The setback in...

Paul M. Kitney, PhD

Experts See MoneyGram/Ant Financial Deal Clearing CFIUS with Heavy Scrutiny

A former policy adviser to the National Security Council told CTFN that the acquisition of MoneyGram by Ant Financial raises critical concerns...

CTFN

Softbank Result in Line; FVE Raised to JPY 7,500 Due to Increased Alibaba Value

Softbank reported in line third-quarter fiscal 2016 (quarter ending December 2016) results with revenue down 0.6%, operating profit up 71% and net...

Morningstar, Inc.

Rise of the Machines: The AI Arms Race…

It’s much harder for computers to learn simple inference than a human brain, but once neural network software is ‘trained’ it can apply the...

Sean Maher

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