Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<h2>Company Overview</h2>In just three years, Mercari Inc was billed a “Unicorn” – the first and only one in Japan. The company, which was started in February 2013, rose to prominence by developing a number of C2C smartphone applications catering to the evolving second-hand goods market in Japan. In its latest funding round in March 2018, Mercari raised JPY 5bn to give it a valuation of JPY 252bn or USD 2.3bn. Including the latest round, the company is estimated to have raised a total sum of USD…

Company OverviewIn just three years, Mercari Inc was billed a “Unicorn” – the first and only one in Japan. The company, which was started in February 2013, rose to prominence by developing a number of C2C smartphone applications catering to the evolving second-hand goods market in Japan. In its latest funding round in March 2018, Mercari raised JPY 5bn to give it a valuation of JPY 252bn or USD 2.3bn. Including the latest round, the company is estimated to have raised a total sum of USD…

Mercari Inc: The Hunt for Discounts Gives Birth to a Unicorn - I

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector.  Charts highlighted:  AMZN, NFLX, COLM, PVH, UAA, FOSL, GOOS, GIII, TJX, BURL, AEO, ANF, BBY, M, URBN, RL, LUXTY, LE, NKE, WWW, DECK, SHOO, CROX, RCKY, WEYS, MAR, HLT, LQ, ILG, CHH, H, IHG, WYNN, LVS, MLCO, BYD, PNK, YUM, DPZ, TXRH, CAKE, NDLS, and DNKN.

U.S. Consumer Discretionary Sector: Complete Technical Analysis

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Alibaba Group Holding  / Equity Bottom-Up

Plowing through <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a>'s lengthy and detailed FYQ4 financial release to learn about the performance of its logistics subsidiary CaiNiao Network (CN) and other logistics initiatives is a bit like sitting through two and a half hours of Avengers: Infinity War just to find out what ol' Bucky Barnes is up to.* But even 3rd-tier Marvel hero Bucky Barnes has his fans, and so does BABA's CaiNiao Network (private). In writing this brief note we seek to answer three…

Plowing through Alibaba Group Holding Ltd (BABA US)'s lengthy and detailed FYQ4 financial release to learn about the performance of its logistics subsidiary CaiNiao Network (CN) and other logistics initiatives is a bit like sitting through two and a half hours of Avengers: Infinity War just to find out what ol' Bucky Barnes is up to.* But even 3rd-tier Marvel hero Bucky Barnes has his fans, and so does BABA's CaiNiao Network (private). In writing this brief note we seek to answer three…

Alibaba's FYQ4 Result & What It Says About Chinese Express & Logistics; An IPO for CaiNiao Network?

Asia Ex Japan; Technology and Consumption.

Rohinee Sharma

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

If you have been an investor in <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it declared its numbers. But despite all the muted predictions including amongst other things (like the world domination aspirations from other smartphone manufacturers):<ul>
<li>pessimism around iPhone X sales</li>
<li>the narrative moving from a great product company to being a cash generating machine -its current cash reserve stands at $267.2bn, $160bn in net cash (which…</li>
</ul>

If you have been an investor in Apple Inc (AAPL US) this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it declared its numbers. But despite all the muted predictions including amongst other things (like the world domination aspirations from other smartphone manufacturers):
pessimism around iPhone X sales
the narrative moving from a great product company to being a cash generating machine -its current cash reserve stands at $267.2bn, $160bn in net cash (which…


Paradigm Shift: A Bigger Slice of Apple's Service Pie

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Summary: Spotify shares closed down c6% and pared losses after a strong run-up ahead to its maiden 1Q results post IPO. We believe expectations were high going into the quarter and while figures were in-line, this may have disappointed investors looking for more. Big picture – we believe nothing has changed – we expect Spotify to meet FY18 guidance (not beat) and questions surrounding its ability to raise prices, stop the decline of ARPU, whether it has other avenues of meaningful profit…

Summary: Spotify shares closed down c6% and pared losses after a strong run-up ahead to its maiden 1Q results post IPO. We believe expectations were high going into the quarter and while figures were in-line, this may have disappointed investors looking for more. Big picture – we believe nothing has changed – we expect Spotify to meet FY18 guidance (not beat) and questions surrounding its ability to raise prices, stop the decline of ARPU, whether it has other avenues of meaningful profit…

Spotify Maiden 1Q Results – an Over-Reaction or Grand-Expectation?

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Mercari Inc: The Hunt for Discounts Gives Birth to a Unicorn - I

Company OverviewIn just three years, Mercari Inc was billed a “Unicorn” – the first and only one in Japan. The company, which was started in...

Chacko Jacob

U.S. Consumer Discretionary Sector: Complete Technical Analysis

Complete top-down and bottom-up technical analysis of the U.S. Consumer Discretionary Sector. Charts highlighted: AMZN, NFLX, COLM, PVH,...

Vermilion Research

Alibaba's FYQ4 Result & What It Says About Chinese Express & Logistics; An IPO for CaiNiao Network?

Plowing through Alibaba Group Holding Ltd (BABA US)'s lengthy and detailed FYQ4 financial release to learn about the performance of its logistics...

Daniel Hellberg

Paradigm Shift: A Bigger Slice of Apple's Service Pie

If you have been an investor in Apple Inc (AAPL US) this year – it has certainly been a bumpy ride – well, at least until May 1st, 2018 when it...

Rohinee Sharma

Spotify Maiden 1Q Results – an Over-Reaction or Grand-Expectation?

Summary: Spotify shares closed down c6% and pared losses after a strong run-up ahead to its maiden 1Q results post IPO. We believe expectations...

Rickin Thakrar

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