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

The excellent report <a href="https://www.smartkarma.com/insights/tesla-q2-2016-losses-accelerating-more-questions" target="_blank" data-smartkarma-citation="insights:5069">Tesla Q2 2016 : Losses Accelerating , More Questions ?</a> raises the question: is it now time to consider whether to put on the Long Panasonic, Short Tesla trade? This is a trade that famously not only hasn't worked since Tesla was listed but also hasn't worked in a big way. In 2011 you lost 44%, in 2012 you lost 38%, in 2013 58%, in 2014 30% and in 2015 20%. Indeed if you had put the trade on immediately Tesla was listed in June 2010, you would now be down 94% on a dollar…

The excellent report Tesla Q2 2016 : Losses Accelerating , More Questions ? raises the question: is it now time to consider whether to put on the Long Panasonic, Short Tesla trade? This is a trade that famously not only hasn't worked since Tesla was listed but also hasn't worked in a big way. In 2011 you lost 44%, in 2012 you lost 38%, in 2013 58%, in 2014 30% and in 2015 20%. Indeed if you had put the trade on immediately Tesla was listed in June 2010, you would now be down 94% on a dollar…

Time to Consider Putting on The "Long Panasonic, Short Tesla" Trade?

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Kelusa Asia Focus Funds

Tesla came out with yet another bad quarter.  There was an expectation already built in for Q2 2016, post the release of sales and production for Q2 2016 in July that this quarter would be bad and hence there were no real surprises there. In the past, the stock has never really traded on earnings either. So I will not spend too much time on the unit metrics for earnings on the quarter. I will devote this insight to some very interesting question that arose on the conference call that question Tesla's intentions on CapEx, on its energy storage business and what's happening with customer deposits and future demand for their vehicles ?1.  Why is Tesla's CapEx so low in H1 2016 ? So far only 500 million USD have been spent of the 2.3 bn USD guided. The company has raised 1.5 bn USD with an equity offering in June 2016 for construction of the Gigafactory. 2. Why is the company opaque on the split of its customer deposits received for the S,X and Model 3 , the math really doesn't add up here.3. The other question is the introduction of lower priced variants of models S and X when demand is supposedly very good. Tesla management was also quite opaque on what margins are for the Auto segment.4. What exactly has happened to the stationary storage business ? With that behind us let's jump straight into details of these important queries

Tesla came out with yet another bad quarter.  There was an expectation already built in for Q2 2016, post the release of sales and production for Q2 2016 in July that this quarter would be bad and hence there were no real surprises there. In the past, the stock has never really traded on earnings either. So I will not spend too much time on the unit metrics for earnings on the quarter. I will devote this insight to some very interesting question that arose on the conference call that question Tesla's intentions on CapEx, on its energy storage business and what's happening with customer deposits and future demand for their vehicles ?1.  Why is Tesla's CapEx so low in H1 2016 ? So far only 500 million USD have been spent of the 2.3 bn USD guided. The company has raised 1.5 bn USD with an equity offering in June 2016 for construction of the Gigafactory. 2. Why is the company opaque on the split of its customer deposits received for the S,X and Model 3 , the math really doesn't add up here.3. The other question is the introduction of lower priced variants of models S and X when demand is supposedly very good. Tesla management was also quite opaque on what margins are for the Auto segment.4. What exactly has happened to the stationary storage business ? With that behind us let's jump straight into details of these important queries  

Tesla Q2 2016 : Losses Accelerating , More Questions ?

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Pokémon GO and the world of container shipping as we knew it<blockquote> “Dad, have you heard of Pokémon Go, can kids play it, when can I download it”, “Dad, for this birthday can you download for me the Lego Marvel's Avengers game”, “ Mom, can you please download this character for me”. </blockquote>That is my 9-year-old son asking for his reward after he has done his homework. A portion of his pocket money is now spent on the iTunes app store, that is the share lost by traditional retailers. He does love Lego and buys…

Pokémon GO and the world of container shipping as we knew it “Dad, have you heard of Pokémon Go, can kids play it, when can I download it”, “Dad, for this birthday can you download for me the Lego Marvel's Avengers game”, “ Mom, can you please download this character for me”. That is my 9-year-old son asking for his reward after he has done his homework. A portion of his pocket money is now spent on the iTunes app store, that is the share lost by traditional retailers. He does love Lego and buys…

DMER Shorts: Pokémon GO and the World of Container Shipping as We Knew It

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.

Economic Data Out of US and China Do Not Address Key ConcernsThis week investors attention turned away from the risks a Brexit poses to the global economy as China’s foreign exchange reserves unexpectedly increased and the US Jobs report came in well above expectations.Due to the better than expected key data releases in the US and China global equity markets have surged to record highs. Economic Data Out of US and China Do Not Address Key ConcernsWhile data out of the US and China is encouraging the data does not address key issues and has not changed the near term outlook for the global economy.

Economic Data Out of US and China Do Not Address Key ConcernsThis week investors attention turned away from the risks a Brexit poses to the global economy as China’s foreign exchange reserves unexpectedly increased and the US Jobs report came in well above expectations.Due to the better than expected key data releases in the US and China global equity markets have surged to record highs. Economic Data Out of US and China Do Not Address Key ConcernsWhile data out of the US and China is encouraging the data does not address key issues and has not changed the near term outlook for the global economy.

RRG Call For This Week: US Jobs Report Distracts Investors From Real Concerns

Tesla is reportedly under investigation for a possible securities law breach in connection with lack of disclosure of information in the follow-on equity offering. The following is a link to the Wall Street Journal article :<a href="http://www.wsj.com/articles/sec-investigating-tesla-for-possible-securities-law-breach-1468268385" target="_blank">http://www.wsj.com/articles/sec-investigating-tesla-for-possible-securities-law-breach-1468268385</a>For those who follow twitter , there a bunch of links where various people give their take on the incident including the company which basically calls it a "non-event" and even…

Tesla is reportedly under investigation for a possible securities law breach in connection with lack of disclosure of information in the follow-on equity offering. The following is a link to the Wall Street Journal article :http://www.wsj.com/articles/sec-investigating-tesla-for-possible-securities-law-breach-1468268385For those who follow twitter , there a bunch of links where various people give their take on the incident including the company which basically calls it a "non-event" and even…

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Time to Consider Putting on The "Long Panasonic, Short Tesla" Trade?

The excellent report Tesla Q2 2016 : Losses Accelerating , More Questions ? raises the question: is it now time to consider whether to put on the...

Pelham Smithers Associates

Tesla Q2 2016 : Losses Accelerating , More Questions ?

Tesla came out with yet another bad quarter. There was an expectation already built in for Q2 2016, post the release of sales and production for...

Sameer Taneja

DMER Shorts: Pokémon GO and the World of Container Shipping as We Knew It

Pokémon GO and the world of container shipping as we knew it “Dad, have you heard of Pokémon Go, can kids play it, when can I download it”, “Dad,...

Drewry Maritime Financial Research

RRG Call For This Week: US Jobs Report Distracts Investors From Real Concerns

Economic Data Out of US and China Do Not Address Key ConcernsThis week investors attention turned away from the risks a Brexit poses to the global...

David Riedel

Tesla SEC Investigation : Messy !!!

Tesla is reportedly under investigation for a possible securities law breach in connection with lack of disclosure of information in the follow-on...

Sameer Taneja

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