Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

Event-Driven

After a brief reprieve from the twitter fireworks, <a href="https://www.smartkarma.com/entities/20279" target="_blank" data-smartkarma-citation="entities:20279:1">Tesla Motors Inc (TSLA US)</a>' CEO Elon Musk unleashed perhaps his most bewildering set of tweets yet, indicating that he was considering taking Tesla private at a valuation of USD420 per share and had found financing for this transaction. He later stated a desire to disturb the shareholder registry as little as possible and expressed the hope that shareholders would continue to hold the unlisted stock. This makes sense given various change of…

After a brief reprieve from the twitter fireworks, Tesla Motors Inc (TSLA US)' CEO Elon Musk unleashed perhaps his most bewildering set of tweets yet, indicating that he was considering taking Tesla private at a valuation of USD420 per share and had found financing for this transaction. He later stated a desire to disturb the shareholder registry as little as possible and expressed the hope that shareholders would continue to hold the unlisted stock. This makes sense given various change of…

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.  

At $71 billion, or $420/share, Tesla Inc. is a throwaway price. At $500/share the equity value of Tesla approaches $85 billion, which is also too low. In our view, anything less than $100 billion for Tesla is a steal for Musk and fellow investors. The business is already de-risked and has proven itself. We wouldn’t support a $420/share takeout offer, but our stake may not matter to the outcome.

At $71 billion, or $420/share, Tesla Inc. is a throwaway price. At $500/share the equity value of Tesla approaches $85 billion, which is also too low. In our view, anything less than $100 billion for Tesla is a steal for Musk and fellow investors. The business is already de-risked and has proven itself. We wouldn’t support a $420/share takeout offer, but our stake may not matter to the outcome.

Tesla Inc. – Don’t Discount $420/Share – It Could Go Private at $500/Share

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<a href="https://www.smartkarma.com/entities/708" target="_blank" data-smartkarma-citation="entities:708:1">Nine Entertainment Co Holdings (NEC AU)</a>'s shares sharply declined (-10.32% to A$2.26) shortly after the announced deal on the 26th July, touching an intra-day low of $2.15 yesterday, implying an almost nil premium to <a href="https://www.smartkarma.com/entities/8996" target="_blank" data-smartkarma-citation="entities:8996:1">Fairfax Media (FXJ AU)</a>'s then share price, down from 21.9% at the time of the announcement. A recovery in Nine's share price to close today at $2.24 places an implied value for Fairfax of A$0.84, in line with my NAV/share, and a 3% premium to last close. 
With ~97% of the merger…

Nine Entertainment Co Holdings (NEC AU)'s shares sharply declined (-10.32% to A$2.26) shortly after the announced deal on the 26th July, touching an intra-day low of $2.15 yesterday, implying an almost nil premium to Fairfax Media (FXJ AU)'s then share price, down from 21.9% at the time of the announcement. A recovery in Nine's share price to close today at $2.24 places an implied value for Fairfax of A$0.84, in line with my NAV/share, and a 3% premium to last close. 
With ~97% of the merger…

Nine's Premium Fades, But Pricing for Fairfax Remains Full

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

We view <a href="https://www.smartkarma.com/entities/708" target="_blank" data-smartkarma-citation="entities:708:1">Nine Entertainment Co Holdings (NEC AU)</a>'s merger proposal as a positive for shareholders of <a href="https://www.smartkarma.com/entities/8996" target="_blank" data-smartkarma-citation="entities:8996:1">Fairfax Media (FXJ AU)</a>. Based on the latest closing prices, the deal values no-moat-rated Fairfax at AUD 0.84 per share comprising 0.3627 Nine shares (at AUD 2.26) and AUD 0.025 cash. This is 20% above our AUD 0.70 fair value estimate for Fairfax, so little wonder the board will unanimously recommend the proposal to shareholders.The consideration is generous, struck on a forward EBITDA multiple of…

We view Nine Entertainment Co Holdings (NEC AU)'s merger proposal as a positive for shareholders of Fairfax Media (FXJ AU). Based on the latest closing prices, the deal values no-moat-rated Fairfax at AUD 0.84 per share comprising 0.3627 Nine shares (at AUD 2.26) and AUD 0.025 cash. This is 20% above our AUD 0.70 fair value estimate for Fairfax, so little wonder the board will unanimously recommend the proposal to shareholders.The consideration is generous, struck on a forward EBITDA multiple of…

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Equity Capital Markets

This is the part two of a series of reports on <a href="https://www.smartkarma.com/entities/27255" target="_blank" data-smartkarma-citation="entities:27255:1">Tencent Music Entertainment</a>'s (TME) planned IPO in the US. In this report, we present our initial thoughts on TME’s financials and valuation. This is a collaborative report between <a href="https://www.smartkarma.com/profiles/1653" target="_blank" data-smartkarma-citation="accounts:1653">Farha Sabri</a> and myself.
Lower Revenue but Better Profitability than Spotify
Specific financial details about the IPO are not available at this point. According to several media reports US investment banks are valuing TME around USD30bn ahead of the IPO. This is a bit high…

This is the part two of a series of reports on Tencent Music Entertainment's (TME) planned IPO in the US. In this report, we present our initial thoughts on TME’s financials and valuation. This is a collaborative report between Farha Sabri and myself.
Lower Revenue but Better Profitability than Spotify
Specific financial details about the IPO are not available at this point. According to several media reports US investment banks are valuing TME around USD30bn ahead of the IPO. This is a bit high…

Tencent Music IPO Preview (Part II): Initial Thoughts on Financials & Valuation

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Tesla: We Don't Buy the Buyout

After a brief reprieve from the twitter fireworks, Tesla Motors Inc (TSLA US)' CEO Elon Musk unleashed perhaps his most bewildering set of tweets...

Mio Kato

Nine's Premium Fades, But Pricing for Fairfax Remains Full

Nine Entertainment Co Holdings (NEC AU)'s shares sharply declined (-10.32% to A$2.26) shortly after the announced deal on the 26th July, touching...

David Blennerhassett

Fairfax on Cloud Nine

We view Nine Entertainment Co Holdings (NEC AU)'s merger proposal as a positive for shareholders of Fairfax Media (FXJ AU). Based on the latest...

Morningstar, Inc.

Tencent Music IPO Preview (Part II): Initial Thoughts on Financials & Valuation

This is the part two of a series of reports on Tencent Music Entertainment's (TME) planned IPO in the US. In this report, we present our initial...

Supun Walpola

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Tesla: We Don't Buy the Buyout

After a brief reprieve from the twitter fireworks, Tesla Motors Inc (TSLA US)' CEO Elon Musk unleashed perhaps his most bewildering set of tweets...

Mio Kato

Tesla Inc. – Don’t Discount $420/Share – It Could Go Private at $500/Share

At $71 billion, or $420/share, Tesla Inc. is a throwaway price. At $500/share the equity value of Tesla approaches $85 billion, which is also too...

ANTYA Investments

Nine's Premium Fades, But Pricing for Fairfax Remains Full

Nine Entertainment Co Holdings (NEC AU)'s shares sharply declined (-10.32% to A$2.26) shortly after the announced deal on the 26th July, touching...

David Blennerhassett

Fairfax on Cloud Nine

We view Nine Entertainment Co Holdings (NEC AU)'s merger proposal as a positive for shareholders of Fairfax Media (FXJ AU). Based on the latest...

Morningstar, Inc.

Tencent Music IPO Preview (Part II): Initial Thoughts on Financials & Valuation

This is the part two of a series of reports on Tencent Music Entertainment's (TME) planned IPO in the US. In this report, we present our initial...

Supun Walpola