Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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

<ul>
<li>Apple shares on Wednesday hit an all-time high of US$304.13 per share before closing at US$303.19 per share at the end of Wednesday’s trading close.</li>
<li>The company on Wednesday announced that App store customers spent a record US$1.42bn between Christmas Eve and New Year’s Eve, a 16% increase over the last year.</li>
<li>Apple further stated that on New Year’s Day 2020 alone the company made US$386m in earnings from App store customers, a 20% YoY increase.</li>
</ul><blockquote>
2019 was the biggest year for Services in Apple’s history. We introduced several exciting new experiences for our customers, all while setting the standard for user privacy and security.
Eddy Cue, SVP, Internet and Software Services
</blockquote><ul><li>In addition to App Store sales, Apple’s iPhone sales too led the new device activations during the holiday week in 2019.</li></ul>


Apple shares on Wednesday hit an all-time high of US$304.13 per share before closing at US$303.19 per share at the end of Wednesday’s trading close.
The company on Wednesday announced that App store customers spent a record US$1.42bn between Christmas Eve and New Year’s Eve, a 16% increase over the last year.
Apple further stated that on New Year’s Day 2020 alone the company made US$386m in earnings from App store customers, a 20% YoY increase.

2019 was the biggest year for Services in Apple’s history. We introduced several exciting new experiences for our customers, all while setting the standard for user privacy and security.
Eddy Cue, SVP, Internet and Software Services
In addition to App Store sales, Apple’s iPhone sales too led the new device activations during the holiday week in 2019.

Apple Shares Hit All-Time High Following Record Holiday App Store Sales Announcement

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

Amid rising Middle East tensions, investors have moved to safe-havens including Treasuries and gold, all while having a muted effect on the US equity market. At this point in time, the rising tensions have done virtually no damage to the bullish trends and indicators that continue to dominate the market. In today’s report we highlight attractive Groups and stocks within Manufacturing, Services, Technology, and Transportation: Aero Defense, Large-Cap, HR &amp; Employment Svcs, Large-Cap, Optical Equipment, and Shipping, Energy

Amid rising Middle East tensions, investors have moved to safe-havens including Treasuries and gold, all while having a muted effect on the US equity market. At this point in time, the rising tensions have done virtually no damage to the bullish trends and indicators that continue to dominate the market. In today’s report we highlight attractive Groups and stocks within Manufacturing, Services, Technology, and Transportation: Aero Defense, Large-Cap, HR &amp; Employment Svcs, Large-Cap, Optical Equipment, and Shipping, Energy

U.S. Equity Strategy: Bullish Outlook Intact

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Event-Driven

The Nikkei reported today that Japan Display is discussing the sale of its Hakusan factory to Apple and Sharp. Sharp later confirmed that it was in discussions but said that nothing had been decided. This represents a slight change from the initial plan for Apple to purchase equipment within Hakusan for about USD200m and the reports are that the entire factory could be sold including the land and buildings for about ¥80-90bn. Our thoughts on this development below.

The Nikkei reported today that Japan Display is discussing the sale of its Hakusan factory to Apple and Sharp. Sharp later confirmed that it was in discussions but said that nothing had been decided. This represents a slight change from the initial plan for Apple to purchase equipment within Hakusan for about USD200m and the reports are that the entire factory could be sold including the land and buildings for about ¥80-90bn. Our thoughts on this development below. 

JDI – Is Hakusan Sale to Apple and Sharp a Renewal of Hon Hai’s Display Offensive?

News reports this morning have suggested that Japan Display would receive ¥50-90bn as an investment from Ichigo Asset Management. The company had reportedly been looking at potentially receiving investments of USD200m from Apple, USD150-180m from Oasis Management and about USD50m from Taiwan’s Wistron with Apple’s contribution subject to the company receiving USD450m in total support. Ichigo Asset Management had been mentioned as a potential investor but given that the funding gap was about USD20-50m, we had expected an investment on the order of a few billion yen. The size of the reported investment suggests some potential changes in the recovery plan.

News reports this morning have suggested that Japan Display would receive ¥50-90bn as an investment from Ichigo Asset Management. The company had reportedly been looking at potentially receiving investments of USD200m from Apple, USD150-180m from Oasis Management and about USD50m from Taiwan’s Wistron with Apple’s contribution subject to the company receiving USD450m in total support. Ichigo Asset Management had been mentioned as a potential investor but given that the funding gap was about USD20-50m, we had expected an investment on the order of a few billion yen. The size of the reported investment suggests some potential changes in the recovery plan.

Japan Display - ¥90bn Size of Ichigo Investment a Positive Surprise

Director | Exposing Creative Accounting, Bucephalus Research Partnership

Robert Medd

Director | Exposing Creative Accounting

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Investors seem to be buying into the Lenovo recovery story. Every quarter they manage to produce some growth and talk about a future turnaround. A close look at their accounts reveals that all is not well. Lenovo will be raising capital again next year and the risk of collapse continues to rise.

Investors seem to be buying into the Lenovo recovery story. Every quarter they manage to produce some growth and talk about a future turnaround. A close look at their accounts reveals that all is not well. Lenovo will be raising capital again next year and the risk of collapse continues to rise.

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)

Apple Shares Hit All-Time High Following Record Holiday App Store Sales Announcement

Apple shares on Wednesday hit an all-time high of US$304.13 per share before closing at US$303.19 per share at the end of Wednesday’s trading...

Shifara Samsudeen, ACMA, CGMA

U.S. Equity Strategy: Bullish Outlook Intact

Amid rising Middle East tensions, investors have moved to safe-havens including Treasuries and gold, all while having a muted effect on the US...

Vermilion Research

JDI – Is Hakusan Sale to Apple and Sharp a Renewal of Hon Hai’s Display Offensive?

The Nikkei reported today that Japan Display is discussing the sale of its Hakusan factory to Apple and Sharp. Sharp later confirmed that it was in...

Mio Kato

Japan Display - ¥90bn Size of Ichigo Investment a Positive Surprise

News reports this morning have suggested that Japan Display would receive ¥50-90bn as an investment from Ichigo Asset Management. The company had...

Mio Kato

Lenovo: Cashless Revenue, Rising Risks

Investors seem to be buying into the Lenovo recovery story. Every quarter they manage to produce some growth and talk about a future turnaround. A...

Bucephalus Research Partnership

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