Quantamental Researcher, JD Finance Quantamental Research

Ben Li

Quantamental Researcher

JD Finance Quantamental Research

JD Finance Big Data Quantamental Research is a data and insight provider of proprietary online eCommerce data, under the arm of big data analytics team in JD Finance. JD Finance is an affiliate of US listed JD, a leading eCommerce player in China. It is one of the largest fintech companies in China, with business spanning across consumer loans, fund distribution, and quantitative strategy research. 

Thematic (Sector/Industry)

<ul><li>Air Conditioner y/y growth further accelerated in October, sales went up by 129%</li><li>Sales of Flat-panel TV picked up; share of leading traditional TV companies reached a new high</li><li>ASPs of all four major home appliance sectors increased by more than 10% vs year ago, driven by both price increase and consumption upgrade</li><li>The slowdown in the real estate market will likely have a negative impact on Air Conditioner sales in 2018</li></ul>Related tickers: <a href="https://www.smartkarma.com/entities/7622" target="_blank" data-smartkarma-citation="entities:7622:1">Gree Electric Appliances Inc Of Zhuhai (000651 CH)</a>, <a href="https://www.smartkarma.com/entities/16185" target="_blank" data-smartkarma-citation="entities:16185:1">Midea Group Co Ltd A (000333 CH)</a>, <a href="https://www.smartkarma.com/entities/20107" target="_blank" data-smartkarma-citation="entities:20107:1">Hisense Kelon Elec Hld H (921 HK)</a>, <a href="https://www.smartkarma.com/entities/7196" target="_blank" data-smartkarma-citation="entities:7196:1">Qingdao Haier Co Ltd A (600690 CH)</a>, <a href="https://www.smartkarma.com/entities/26046" target="_blank" data-smartkarma-citation="entities:26046:1">Wuxi Little Swan Co Ltd (000418 CH)</a>, <a href="https://www.smartkarma.com/entities/19424" target="_blank" data-smartkarma-citation="entities:19424:1">Hisense Electric Co Ltd A (600060 CH)</a>, <a href="https://www.smartkarma.com/entities/13735" target="_blank" data-smartkarma-citation="entities:13735:1">Skyworth Digital Co Ltd A (000810 CH)</a>, <a href="https://www.smartkarma.com/entities/15654" target="_blank" data-smartkarma-citation="entities:15654:1">TCL Multimedia Technology (1070 HK)</a>, <a href="https://www.smartkarma.com/entities/17702" target="_blank" data-smartkarma-citation="entities:17702:1">Sichuan Changhong Electric Co., Ltd. (600839 CH)</a>Please feel free to contact us for specific data requests.

Air Conditioner y/y growth further accelerated in October, sales went up by 129%Sales of Flat-panel TV picked up; share of leading traditional TV companies reached a new highASPs of all four major home appliance sectors increased by more than 10% vs year ago, driven by both price increase and consumption upgradeThe slowdown in the real estate market will likely have a negative impact on Air Conditioner sales in 2018Related tickers: Gree Electric Appliances Inc Of Zhuhai (000651 CH), Midea Group Co Ltd A (000333 CH), Hisense Kelon Elec Hld H (921 HK), Qingdao Haier Co Ltd A (600690 CH), Wuxi Little Swan Co Ltd (000418 CH), Hisense Electric Co Ltd A (600060 CH), Skyworth Digital Co Ltd A (000810 CH), TCL Multimedia Technology (1070 HK), Sichuan Changhong Electric Co., Ltd. (600839 CH)Please feel free to contact us for specific data requests.

Pre-Singles Day Online Major Home Appliance Sales in China – AC Maintained the Strong Performance

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In the latest development in the Saga of Squeezalicious, the Nikkei reported Friday morning <a href="https://www.smartkarma.com/entities/391" target="_blank" data-smartkarma-citation="entities:391:1">Sharp Corp (6753 JP)</a> would apply for a return to the TSE First Section in July. That is as insight <a href="https://www.smartkarma.com/insights/squeezalicious-ii-sharp-s-potential-return-to-tse1-and-topix" target="_blank" data-smartkarma-citation="insights:9388">Squeezalicious II - SHARP’s Potential Return to TSE1 and TOPIX</a> described (actual suggestion was end-June or July 2017). Based on a July application, approval in October, relisting on TSE1 in November, a TOPIX inclusion in December would result. Sounds bullish. There are 200-220+mm shares to buy. But...…

In the latest development in the Saga of Squeezalicious, the Nikkei reported Friday morning Sharp Corp (6753 JP) would apply for a return to the TSE First Section in July. That is as insight Squeezalicious II - SHARP’s Potential Return to TSE1 and TOPIX described (actual suggestion was end-June or July 2017). Based on a July application, approval in October, relisting on TSE1 in November, a TOPIX inclusion in December would result. Sounds bullish. There are 200-220+mm shares to buy. But...…

Sharply Squeezalicious IV - Return to the TSE1

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

This week the Macau government proposed to the Second Standing Committee of Macau Legislative Assembly to allow smoking only in smoking lounges in casinos effective on Jan. 1, 2019, one year later than our existing expectation. Our current forecasts across our narrow moat coverage universe already factor in a negative mid-single-digit percentage point impact to VIP play in 2018, and postponing that one year is not expected to have any significant impact to our fair value estimates. Our current fair value estimates per share are HKD 17 for <a href="https://www.smartkarma.com/entities/472" target="_blank" data-smartkarma-citation="entities:472:1">MGM China Holdings Ltd (2282 HK)</a>, HKD 36 for <a href="https://www.smartkarma.com/entities/182" target="_blank" data-smartkarma-citation="entities:182:1">Sands China Ltd (1928 HK)</a>, HKD 14 for <a href="https://www.smartkarma.com/entities/473" target="_blank" data-smartkarma-citation="entities:473:1">Wynn Macau Ltd (1128 HK)</a>, USD 17 for <a href="https://www.smartkarma.com/entities/810" target="_blank" data-smartkarma-citation="entities:810:1">Melco Crown Entertainment ADR (MPEL US)</a>, HKD 36 for <a href="https://www.smartkarma.com/entities/806" target="_blank" data-smartkarma-citation="entities:806:1">Galaxy Entertainment Group Limited (27 HK)</a>, HKD 6.6 for <a href="https://www.smartkarma.com/entities/805" target="_blank" data-smartkarma-citation="entities:805:1">SJM Holdings Ltd (880 HK)</a>, $133 for <a href="https://www.smartkarma.com/entities/606" target="_blank" data-smartkarma-citation="entities:606:1">Wynn Resorts Ltd (WYNN US)</a>, $56 for <a href="https://www.smartkarma.com/entities/807" target="_blank" data-smartkarma-citation="entities:807:1">Las Vegas Sands Corp (LVS US)</a>, and $29.50 for <a href="https://www.smartkarma.com/entities/16227" target="_blank" data-smartkarma-citation="entities:16227:1">MGM Resorts International (MGM US)</a>. We continue to see Wynn trading at an attractive margin of safety.The revised bill creates a level playing field for casino operators. We have confirmed with a Macau legislative assembly member that the revised bill outlines that all VIP smoking gaming areas will be closed and that all casinos will be able to establish smoking lounges on both VIP and mass gaming floors. Therefore, under the proposed bill newer casinos will be able to establish smoking lounges in VIP gaming areas, while the older casinos will lose the smoking premium mass and VIP smoking area. As a result, Cotai casinos as a whole stand to gain market share at the expense of Macau peninsula casinos.Analyst: Chelsea Tam

This week the Macau government proposed to the Second Standing Committee of Macau Legislative Assembly to allow smoking only in smoking lounges in casinos effective on Jan. 1, 2019, one year later than our existing expectation. Our current forecasts across our narrow moat coverage universe already factor in a negative mid-single-digit percentage point impact to VIP play in 2018, and postponing that one year is not expected to have any significant impact to our fair value estimates. Our current fair value estimates per share are HKD 17 for MGM China Holdings Ltd (2282 HK), HKD 36 for Sands China Ltd (1928 HK), HKD 14 for Wynn Macau Ltd (1128 HK), USD 17 for Melco Crown Entertainment ADR (MPEL US), HKD 36 for Galaxy Entertainment Group Limited (27 HK), HKD 6.6 for SJM Holdings Ltd (880 HK), $133 for Wynn Resorts Ltd (WYNN US), $56 for Las Vegas Sands Corp (LVS US), and $29.50 for MGM Resorts International (MGM US). We continue to see Wynn trading at an attractive margin of safety.The revised bill creates a level playing field for casino operators. We have confirmed with a Macau legislative assembly member that the revised bill outlines that all VIP smoking gaming areas will be closed and that all casinos will be able to establish smoking lounges on both VIP and mass gaming floors. Therefore, under the proposed bill newer casinos will be able to establish smoking lounges in VIP gaming areas, while the older casinos will lose the smoking premium mass and VIP smoking area. As a result, Cotai casinos as a whole stand to gain market share at the expense of Macau peninsula casinos.Analyst: Chelsea Tam

Expected Macau Smoking Ban Creates a Level Playing Field for Operators

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/391" target="_blank" data-smartkarma-citation="entities:391:1">Sharp Corp (6753 JP)</a>'s recent rally has taken the stock to near 4-year highs. The stock price is now more than 4x and its total diluted market capitalization (not including the Class A prefs) is up 16-fold from where it was at the end of July last year when the stock was demoted from the TSE First Section to the Second Section.In this Insight, I discuss valuations (hint: they're high) and some reasons/excuses, noting the fine print of the Hon Hai plant JV in China. An accompanying insight (next…

Sharp Corp (6753 JP)'s recent rally has taken the stock to near 4-year highs. The stock price is now more than 4x and its total diluted market capitalization (not including the Class A prefs) is up 16-fold from where it was at the end of July last year when the stock was demoted from the TSE First Section to the Second Section.In this Insight, I discuss valuations (hint: they're high) and some reasons/excuses, noting the fine print of the Hon Hai plant JV in China. An accompanying insight (next…

Squeezalicious I - Beware the Ides of SHARP - 20yr High EV/TTM and OP

Investing in high growth Asian frontier economies., Asia Frontier Capital

Scott Osheroff

Investing in high growth Asian frontier economies.

Asia Frontier Capital

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

Asia Frontier Capital Travel Report: Laos

China

Hisense Visual Technology Co., Ltd. manufactures and markets electronic products and household electrical appliances.  The Company's products include television sets, refrigerators, freezers, communication products.

Hisense Visual Technology Co., Ltd. A (600060 CH)

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Hisense Visual Technology Co., Ltd. A (600060 CH)

Pre-Singles Day Online Major Home Appliance Sales in China – AC Maintained the Strong Performance

Air Conditioner y/y growth further accelerated in October, sales went up by 129% Sales of Flat-panel TV picked up; share of leading traditional TV...

Ben Li

Sharply Squeezalicious IV - Return to the TSE1

In the latest development in the Saga of Squeezalicious, the Nikkei reported Friday morning Sharp Corp (6753 JP) would apply for a return to the...

Travis Lundy

Expected Macau Smoking Ban Creates a Level Playing Field for Operators

This week the Macau government proposed to the Second Standing Committee of Macau Legislative Assembly to allow smoking only in smoking lounges in...

Morningstar, Inc.

Squeezalicious I - Beware the Ides of SHARP - 20yr High EV/TTM and OP

Sharp Corp (6753 JP)'s recent rally has taken the stock to near 4-year highs. The stock price is now more than 4x and its total diluted market...

Travis Lundy

Asia Frontier Capital Travel Report: Laos

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos...

Asia Frontier Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)