Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

<p> The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?</p><p>As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured: <br><br>1. Trust that they can deliver ‘quality’ outcomes<br>2. Discipline offered within a physical classroom<br>3. Customized diagnosis by a teacher/instructor<br>4. Modelling – a universal way by which humans learn<br>5. Stimulation of various parts of the brain</p>

 The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured:   1. Trust that they can deliver ‘quality’ outcomes 2. Discipline offered within a physical classroom 3. Customized diagnosis by a teacher/instructor 4. Modelling – a universal way by which humans learn 5. Stimulation of various parts of the brain

Ed or Tech, Edtech Firms Must Cross These Moats

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<p>As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income deciles. While decile 1 has to allocate most of its spending to cover basic needs, decile 10 is able to splurge on hotels and catering, leisure and recreation and education (which are the most discretionary spending categories in <a target="_blank">the Philippines</a>). Given that decile 10 is projected to record the largest rise in discretionary spending capacity across all…</p>

As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income deciles. While decile 1 has to allocate most of its spending to cover basic needs, decile 10 is able to splurge on hotels and catering, leisure and recreation and education (which are the most discretionary spending categories in the Philippines). Given that decile 10 is projected to record the largest rise in discretionary spending capacity across all…

Philippines: Wealthy Households to Enjoy the Rise in Discretionary Spending Capa. Through to 2030

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p><em>Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div><h2><em>Accuracy Rate:</em></h2></div><p>Our accuracy rate so far this year has been <strong>76.8% for IPOs and 68% for Placements.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/017/882/original/2016-Total-Deals-2016-Accuracy-Rate-_chartbuilder%20%281%29.png?1481869604" class="editor-image img-responsive" data-smartkarma-image-id="17882"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/017/883/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1481869614" class="editor-image img-responsive" data-smartkarma-image-id="17883"></figure><h2>Placements:</h2><p><br><strong>What we wrote on this week:</strong></p><p><strong><a href="https://www.smartkarma.com/insights/santos-placement-dilution-before-value-creation" target="_blank" data-smartkarma-citation="insights:7673">Santos Placement - Dilution Before Value Creation</a></strong></p><ul>
<li>Equity offering comes as a surprise since management promised investors that debt will be paid down through OCF and sales of non-core assets on 8th December</li>
<li>S&amp;P Global Ratings revised rating…</li>
</ul>

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy rate so far this year has been 76.8% for IPOs and 68% for Placements.Placements: What we wrote on this week:Santos Placement - Dilution Before Value Creation
Equity offering comes as a surprise since management promised investors that debt will be paid down through OCF and sales of non-core assets on 8th December
S&amp;P Global Ratings revised rating…


Smartkarma - ECM Coverage Weekly Update (19 Dec 2016)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<p><em>This insight is a weekly update on the deals we have covered recently, along with upcoming IPOs.</em></p><div><h2><em>Accuracy Rate:</em></h2></div><p>Our accuracy rate so far this year has been <strong>76.5% for IPOs and 67.6% for Placements.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/017/575/original/2016-Total-Deals-2016-Accuracy-Rate-_chartbuilder.png?1481270872" class="editor-image img-responsive" data-smartkarma-image-id="17575"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/017/576/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1481270888" class="editor-image img-responsive" data-smartkarma-image-id="17576"></figure><div class="content-highlight"><h2><em>Placements:</em></h2></div><p><strong>What we wrote on this week:</strong></p><p><a href="https://www.smartkarma.com/insights/telekom-malaysia-first-khazanah-sell-down-post-gfc" target="_blank">Telekom Malaysia - First Khazanah Sell-Down Post-GFC</a></p><ul><li>Khazanah selling down for the first time since GFC, they sold around 2.5% of the stock at a tight 2.6% discount. Stock has been weak for some time owing to results being below expectations and possible tarrif…</li></ul>

This insight is a weekly update on the deals we have covered recently, along with upcoming IPOs.Accuracy Rate:Our accuracy rate so far this year has been 76.5% for IPOs and 67.6% for Placements.Placements:What we wrote on this week:Telekom Malaysia - First Khazanah Sell-Down Post-GFCKhazanah selling down for the first time since GFC, they sold around 2.5% of the stock at a tight 2.6% discount. Stock has been weak for some time owing to results being below expectations and possible tarrif…

<p><em>Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div><h2><em>Accuracy Rate:</em></h2></div><p>Our accuracy rate so far this year has been <strong>76.9% for IPOs and 68.1% for Placements.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/891/original/2016-Total-Deals-2016-Accuracy-Rate-_chartbuilder.png?1480066470" class="editor-image img-responsive" data-smartkarma-image-id="16891"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/892/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder.png?1480066480" class="editor-image img-responsive" data-smartkarma-image-id="16892"></figure><h2><em>Placements:</em></h2><div><h2><strong>What we wrote on this week:</strong></h2></div><p><strong><a href="https://www.smartkarma.com/insights/shinhan-financial-placement-industry-tailwinds-and-strong-fundamentals" target="_blank" data-smartkarma-citation="insights:7192">Shinhan Financial Placement - Industry Tailwinds and Strong Fundamentals</a></strong></p><ul>
<li>Holding up 3.3% above deal price </li>
<li>Fellow insight provider, <a href="https://www.smartkarma.com/profiles/545" target="_blank" data-smartkarma-citation="accounts:545">Paul M. Kitney, PhD</a> , is also bullish on <a href="https://www.smartkarma.com/entities/6978" target="_blank" data-smartkarma-citation="entities:6978:1">Shinhan Financial Group Ltd (055550 KS)</a> in <a href="https://www.smartkarma.com/insights/animal-spirits-report-korea-equity-strategy-overweight-as-earnings-hit-the-sweet-spot" target="_blank" data-smartkarma-citation="insights:6389">ANIMAL SPIRITS™ REPORT: Korea</a>…</li>
</ul>

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy rate so far this year has been 76.9% for IPOs and 68.1% for Placements.Placements:What we wrote on this week:Shinhan Financial Placement - Industry Tailwinds and Strong Fundamentals
Holding up 3.3% above deal price 
Fellow insight provider, Paul M. Kitney, PhD , is also bullish on Shinhan Financial Group Ltd (055550 KS) in ANIMAL SPIRITS™ REPORT: Korea…


Smartkarma - ECM Coverage Weekly Update (28 Nov 2016)

Philippines

Premium Leisure Corporation invests in gaming, property development, pay-per-view entertainment, and information systems.  The company also explores oil and gas.

Pacific Online Systems Corporation designs, develops, and manages online computer systems, terminals, and software for the gaming industry in the Philippines. It operates through Leasing Activities, and Distribution and Retail Activities segments. The company sources technology from various suppliers of integrated gaming systems, and leases the equipment needed for the online lottery operations to the Philippine Charity Sweepstakes Office (PCSO). It is also involved in the provision of technical support services to PCSO. In addition, the company distributes and sells instant tickets under the Scratchit brand name, as well as sells lottery and sweepstakes. Further, it manages a network of approximately 260 retail outlets that provide Lotto, Keno, and Scratchit products. The company was incorporated in 1993 and is headquartered in Pasig City, the Philippines.

Philippine Racing Club, Inc., together with its subsidiaries, operates and maintains race tracks in metro Manila and other parts of the Philippines. It also manages betting stations; holds horse races; leases out stables; acquires, develops, and sells real estate properties, including leisure, recreational, and memorial parks; and owns, operates, manages, and/or sells real estate properties. The company was founded in 1937 and is based in Cavite, the Philippines.

Max's Group Incorporated is a chained full service restaurant in the casual dining segment operating a portfolio of brands both domestically and overseas. The Company is also licensed to operate certain international food brands.

PhilWeb Corporation provides gaming technology in the Asia Pacific region. It owns and operates e-Games cafes, Internet caf�, and kiosks that offer casino games, including baccarat, blackjack, various slot machine games, video poker, and sports betting. The company also develops and manufactures computer-based automated terminals; and operates various lottery and scratch card games. In addition, it is involved in developing and marketing computer and gaming systems, software applications, and programs; and the operation of gaming platforms in relation to Premyo sa Resibo program of the BIR, and Philippine Amusement and Gaming Corporation. Further, the company engages in the business of setting up Internet bingo stations and its operations, as well as operates and provides consultancy services related to amusement, recreational, gaming and gaming equipment facilities, and enterprises. The company was formerly known as PhilWeb.Com, Inc. and changed its name to PhilWeb Corporation in November 2002. PhilWeb Corporation was incorporated in 1969 and is based in Makati, the Philippines.

The Far Eastern University, Incorporated operates as a private non-sectarian institution of learning in the Philippines. It offers various programs in arts and sciences, such as Master of Arts (MA) in psychology; MA with majors in mass communication and letters; Bachelor of Arts in communication, English language, literature, political science, and international studies; and Bachelor of Science (BS) in biology, psychology, applied mathematics with information technology, and medical technology. The company also provides accounts, business, and finance programs, including BS in accountancy; and BS in business administration with majors in business economics, financial management, marketing management, human resource development management, operations management, business management, internal auditing, and legal management. In addition, it offers BS in hotel and restaurant management, and tourism management; Doctor of Education with major in educational administration; MA in education with majors in educational administration, thesis and non-thesis curriculum and instruction, and special education; Bachelor of Elementary Education with majors in general and special education; Bachelor of Secondary Education with majors in mathematics, sports and recreational management, English, and general science; and Bachelor of Physical Education with major in school physical education certificate and teacher certificate programs. Further, the company provides other programs that include BS in architecture; Bachelor of Fine Arts with majors in advertising arts and painting; Bachelor of Law and Juris Doctor; MA and BS in nursing; Master of Business Administration; and BS in accounting technology and information technology. Additionally, it offers engineering and computer studies programs; and pre-school to high school education. The Far Eastern University, Incorporated was founded in 1928 and is based in Manila, the Philippines.

Berjaya Philippines Inc., an investment holding company, is engaged in the leasing on-line lottery equipment and software support businesses in the Philippines. It operates in the Leasing, Services, Holdings and Investments, and Motor Vehicle Dealership segments. The company also owns, leases, and operates hotels and other buildings. In addition, it is engaged in the luxury motor vehicle retail and provision of after sales services. The company was formerly known as Prime Gaming Philippines, Inc. and changed its name to Berjaya Philippines Inc. in June 2010. Berjaya Philippines Inc. was incorporated in 1924 and is headquartered in Makati City, the Philippines. Berjaya Philippines Inc. is a subsidiary of Berjaya Lottery Management (HK) Limited.

iPeople, inc., together with its subsidiaries, engages in the education, consulting development, and installation and maintenance of information technology systems in the Philippines. The company operates through two segments, Information Technology and Education, and Others. It operates Mapua Institute of Technology that offers various courses of study, including engineering and sciences, social sciences, graduate studies, engineering management, architecture and design, information technology, business and management, multimedia arts and sciences, and health science. The company also operates Malayan college located in Laguna; and Malayan high school of sciences, a science and math oriented high school located in Pandacan, Manila. In addition, its Mapua information technology center offers various training modules, such as Dot Net, CCNA voice, Cisco, custom courses, English proficiency, JAVA, office automation, and project management for high school students, career shifters, and professionals. Further, iPeople, inc. operates the Pan Pacific Computer Center that resells computer hardware and peripherals, and software licenses and packages; and provides value-added information technology (IT) services, such as server hosting, document management, and help-desk assistance. The company was formerly known as Petrofields Exploration and Development Co., Inc. and changed its name to iPeople, inc. in December 1999. The company was founded in 1989 and is based in Makati, the Philippines. iPeople, inc. is a subsidiary of House of Investments, Inc.

Centro Escolar University, an institution of higher learning, provides instruction and training programs in the Philippines. The company establishes, maintains, and operates educational institutions that offer programs in the fields of arts and sciences for classes in tertiary level. It provides various college and graduation courses, including dentistry, optometry, music, and public administration in the fields of commerce, science, and arts; and 11 under graduation programs. The company also specializes in medical technology, nursing, education, nutrition, optometry, pharmacy, and business education courses. It operates in Mendiola, Malolos, Makati-Gil Puyat, and Makati-Legaspi. Centro Escolar University was founded in 1907 and is based in Manila, the Philippines.

DigiPlus Interactive Corp. provides gaming and leisure facilities. The Company offers multi-gaming platforms, numerous products, and games with a strong distribution network of entertainment facilities in neighborhood sites. DigiPlus Interactive serves customers in the Philippines.

Straco Corporation Limited develops and operates aquatic related facilities and tourism related activities.  The Group also operates cable car facilities and provides management and consulting services.

Amara Holdings Limited operates hotels and restaurants, provides food and beverage catering services as well as develops and invests in properties.  The Company owns and operates Amara Hotel and invests in shares.

WATAMI Co., Ltd. operates Japanese style pub restaurant chain, known as Watami, primarily in Tokyo and Kanagawa prefecture.  The Company also operates restaurant and American bar chain, T.G.I.Friday.  Watami Food launches new establishments from station-front to suburban area types.

Dalian Sunasia Tourism Holding Co., Ltd. owns and operates the Dalian Shengya Ocean World, a submarine tunnel style aquarium, located in Dalian, Liaoning. The Company also provides related food services and operates souvenir stores.

Dalian Sunasia Tourism Holding (600593 CH)

SFP Dining Co Ltd operates as a holding company. The Company, through its subsidiaries, owns and operates a range of branded chain restaurants

St Marc Holdings Co Ltd manages Saint Marc Co., Ltd., a subsidiary which operates a chain of bakery restaurants, cafes, and sushi restaurants in the Okayama area.

Holiday Entertainment Co., Ltd. operates private karaoke rooms throughout Taiwan.  The Company rents rooms equipped with karaoke machines and audio systems for fees.  Holiday also serves food and drinks.

OOTOYA, Holdings Co., Ltd. operates a restaurant chain which serves Japanese set meals.  The Company operates its own restaurants based in Kanto.

SHiDAX CORPORATION, through its subsidiaries, provides food catering services and operates restaurants.  The Company's subsidiaries provide their services to companies, hospitals, and schools.

Power Wind Health Industry Inc provides amusement and other recreation activities. The Company is incorporated in Taiwan.

Shakeys Pizza Asia Ventures Inc operates Shakey's pizza chain of full-service restaurant in the Philippines 

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Shakey's Pizza (PIZZA PM)

Ed or Tech, Edtech Firms Must Cross These Moats

The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies...

Valerie Law, CFA

Philippines: Wealthy Households to Enjoy the Rise in Discretionary Spending Capa. Through to 2030

As a result of high income inequality, the Philippines' consumer market is characterised by marked differences in spending patterns across income...

Euromonitor International Ltd.

Smartkarma - ECM Coverage Weekly Update (19 Dec 2016)

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy...

Zhen Zhou, Toh

Smartkarma - ECM Weekly (12 Dec 2016)

This insight is a weekly update on the deals we have covered recently, along with upcoming IPOs.Accuracy Rate:Our accuracy rate so far this year...

Sumeet Singh

Smartkarma - ECM Coverage Weekly Update (28 Nov 2016)

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our accuracy...

Zhen Zhou, Toh

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