Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/20279" target="_blank" data-smartkarma-citation="entities:20279:1">Tesla Motors Inc (TSLA US)</a> polarizes opinions into three camps: An, admittedly dwindling, camp that sees it as the next great American technology giant, a sizeable group that sees it as a financial car crash waiting to happen, and a third group that expects it to end up being sold to one of the big automotive OEMs. Little is mentioned of a fourth option, which has the company muddling along, as a profitable niche consumer hardware maker in the <a href="https://www.smartkarma.com/entities/4386" target="_blank" data-smartkarma-citation="entities:4386:1">Harley Davidson (HOG US)</a> / <a href="https://www.smartkarma.com/entities/24568" target="_blank" data-smartkarma-citation="entities:24568:1">Bang &amp; Olufsen (BO DC)</a>…

Tesla Motors Inc (TSLA US) polarizes opinions into three camps: An, admittedly dwindling, camp that sees it as the next great American technology giant, a sizeable group that sees it as a financial car crash waiting to happen, and a third group that expects it to end up being sold to one of the big automotive OEMs. Little is mentioned of a fourth option, which has the company muddling along, as a profitable niche consumer hardware maker in the Harley Davidson (HOG US) / Bang &amp; Olufsen (BO DC)…

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

<ul>
<li>The Trump administration’s approach to their trade war with China plays, we believe, directly to China’s strengths and strategy.</li>
<li>China has the political will, financial resources, economic strength and cooperative population to absorb virtually any level of tit-for-tat tariff hikes and would much rather fight on that battlefield than address the real issues of IP protection and theft of corporate secrets and technologies.</li>
<li>The shockingly blunt and confrontational statement this morning from…</li>
</ul>


The Trump administration’s approach to their trade war with China plays, we believe, directly to China’s strengths and strategy.
China has the political will, financial resources, economic strength and cooperative population to absorb virtually any level of tit-for-tat tariff hikes and would much rather fight on that battlefield than address the real issues of IP protection and theft of corporate secrets and technologies.
The shockingly blunt and confrontational statement this morning from…


Trump’s Trade War Approach Plays to China’s Strengths

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

Forensic Accounting

Bucephalus proprietary Governance, Accounting and Performance risk analysis:<ul>
<li>
G: Controlling shareholder. Acquisition policy.</li>
<li>
A: Obscuring liabilities. Debt churn. Factoring.</li>
<li>
P: Weak cash generation. Huge currency mismatch.</li>
</ul><hr><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/057/309/original/20%25%20equity%20dilution.png?1531221206" class="editor-image img-responsive" data-smartkarma-image-id="57309"></figure><div class="content-caption">
*Catalyst* AGM (4th June 2018) - Vote for equity issuance. Source: Lenovo Group</div><hr>Critical issues with Lenovo:<ul>
<li>Minuscule margins</li>
<li>Cash inflow fails to cover the ongoing outflow</li>
<li>Net cash has moved to net debt</li>
<li>Net fixed assets are a small proportion of total assets (Little…</li>
</ul>

Bucephalus proprietary Governance, Accounting and Performance risk analysis:

G: Controlling shareholder. Acquisition policy.

A: Obscuring liabilities. Debt churn. Factoring.

P: Weak cash generation. Huge currency mismatch.

*Catalyst* AGM (4th June 2018) - Vote for equity issuance. Source: Lenovo GroupCritical issues with Lenovo:
Minuscule margins
Cash inflow fails to cover the ongoing outflow
Net cash has moved to net debt
Net fixed assets are a small proportion of total assets (Little…


Lenovo (992 HK) Sell. *Catalyst* Pending Equity Dilution. 51% Downside

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

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

Equity Capital Markets

According to various media reports, <a href="https://www.smartkarma.com/entities/24409" target="_blank">Xiaomi Corp (1810 HK)</a> has successfully priced its IPO for HK$ 17/share, at the low-end of its proposed pricing range. We believe that there is 50% downside from the current levels, over the next twelve months, unless Xiaomi can come up with a miracle cure for "something". It has already ridden the incestuous wave of China internet investments including fair value gains on <a href="https://www.smartkarma.com/entities/26755" target="_blank">iQIYI Inc (IQ US)</a> and on its investments in Ant Technologies of <a href="https://www.smartkarma.com/entities/787" target="_blank">Alibaba Group Holding Ltd (BABA US)</a> fame.One caveat to our outlook remains the uncertainty surrounding the fate of <a href="https://www.smartkarma.com/entities/6922" target="_blank">Zte Corp H (763 HK)</a> because the longer ZTE stays on the sidelines, the longer is the runway of success for Xiaomi.

According to various media reports, Xiaomi Corp (1810 HK) has successfully priced its IPO for HK$ 17/share, at the low-end of its proposed pricing range. We believe that there is 50% downside from the current levels, over the next twelve months, unless Xiaomi can come up with a miracle cure for "something". It has already ridden the incestuous wave of China internet investments including fair value gains on iQIYI Inc (IQ US) and on its investments in Ant Technologies of Alibaba Group Holding Ltd (BABA US) fame.One caveat to our outlook remains the uncertainty surrounding the fate of Zte Corp H (763 HK) because the longer ZTE stays on the sidelines, the longer is the runway of success for Xiaomi.

Xiaomi Inc. – IPO Priced at the Bottom of Range – 50% Downside Forthcoming

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)

Might Tesla Just Simply "Muddle Along"?

Tesla Motors Inc (TSLA US) polarizes opinions into three camps: An, admittedly dwindling, camp that sees it as the next great American technology...

Pelham Smithers Associates

Trump’s Trade War Approach Plays to China’s Strengths

The Trump administration’s approach to their trade war with China plays, we believe, directly to China’s strengths and strategy. China has the...

David Riedel

Lenovo (992 HK) Sell. Catalyst Pending Equity Dilution. 51% Downside

Bucephalus proprietary Governance, Accounting and Performance risk analysis: G: Controlling shareholder. Acquisition policy. A: Obscuring...

Bucephalus Research Partnership

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

Xiaomi Inc. – IPO Priced at the Bottom of Range – 50% Downside Forthcoming

According to various media reports, Xiaomi Corp (1810 HK) has successfully priced its IPO for HK$ 17/share, at the low-end of its proposed pricing...

ANTYA Investments

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