Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

In this report, we use intermarket analysis to analyze XLY (Consumer Discretionary SPDR ETF) vs. XLP (Consumer Staples Select Sect. SPDR ETF). The use of intermarket analysis is a practical method of assessing the future inflection points in the economy and the stock market.  Intermarket analysis is intuitive and logical. For example, we take two widely followed consumer ETFs, including XLY (discretionary) and XLP (staples). We use the US ETFs since they are the most liquid and have the deepest…

In this report, we use intermarket analysis to analyze XLY (Consumer Discretionary SPDR ETF) vs. XLP (Consumer Staples Select Sect. SPDR ETF). The use of intermarket analysis is a practical method of assessing the future inflection points in the economy and the stock market.  Intermarket analysis is intuitive and logical. For example, we take two widely followed consumer ETFs, including XLY (discretionary) and XLP (staples). We use the US ETFs since they are the most liquid and have the deepest…

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

<ul>
<li>GM and Shanghai Auto fined Rmb201mn for fixing prices on certain car models.</li>
<li>The fine was set at 4% of the models in question, the law allows for a 1-10% penalty.</li>
<li>The fine is small at 1.3% of profits and levied by the Shanghai government.</li>
<li>Shanghai Auto (SAIC) is the JV partner for GM in China.</li>
<li>This probe began in 2014 though investigations began in 2011 upon receiving auto dealer complaints.</li>
<li>Price fixing is a practice common by foreign automakers in China.</li>
<li>
Audi and Chrysler were fined for price fixing…</li>
</ul>


GM and Shanghai Auto fined Rmb201mn for fixing prices on certain car models.
The fine was set at 4% of the models in question, the law allows for a 1-10% penalty.
The fine is small at 1.3% of profits and levied by the Shanghai government.
Shanghai Auto (SAIC) is the JV partner for GM in China.
This probe began in 2014 though investigations began in 2011 upon receiving auto dealer complaints.
Price fixing is a practice common by foreign automakers in China.

Audi and Chrysler were fined for price fixing…


Event-Driven

<a href="https://www.smartkarma.com/entities/6156" target="_blank" data-smartkarma-citation="entities:6156:1">Ihq Inc (003560 KS)</a>; (Market cap US$230m), a leading entertainment company in Korea, announced that A&amp;E Networks, an affiliateof <a href="https://www.smartkarma.com/entities/15439" target="_blank" data-smartkarma-citation="entities:15439:1">The Walt Disney Co (DIS US)</a>, will purchase a 5% stake of IHQ from DLive, the leading shareholder of IHQ.<ul>
<li>DLive's stake in IHQ will be reduced from 50.4% to 45.4%. The purchase price was 2,500 won per share (17.9 billion won in total). The current price of IHQ is 1.925 won). </li>
<li>IHQ is a leading talent management agency in Korea and also produces various TV dramas and music…</li>
</ul>

Ihq Inc (003560 KS); (Market cap US$230m), a leading entertainment company in Korea, announced that A&amp;E Networks, an affiliateof The Walt Disney Co (DIS US), will purchase a 5% stake of IHQ from DLive, the leading shareholder of IHQ.
DLive's stake in IHQ will be reduced from 50.4% to 45.4%. The purchase price was 2,500 won per share (17.9 billion won in total). The current price of IHQ is 1.925 won). 
IHQ is a leading talent management agency in Korea and also produces various TV dramas and music…


Korea M&A Spotlight: Walt Disney's Affiliate Invests in IHQ, a Major Korean Entertainment Co.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

<h2>Overview: probably more US-China tension ahead</h2>Throughout his campaign and in the weeks since the US election, President-elect Trump has shown he's not afraid to ruffle feathers in Beijing. Whether it's accepting a congratulatory phone call from Taiwan's President or posting inflammatory messages via Twitter, Trump's words and actions clearly signal a more contentious relationship between the US and China after Trump officially takes office in about a month. Chinese charges of price-fixing by US…

Overview: probably more US-China tension aheadThroughout his campaign and in the weeks since the US election, President-elect Trump has shown he's not afraid to ruffle feathers in Beijing. Whether it's accepting a congratulatory phone call from Taiwan's President or posting inflammatory messages via Twitter, Trump's words and actions clearly signal a more contentious relationship between the US and China after Trump officially takes office in about a month. Chinese charges of price-fixing by US…

Trump-China Tension = 2012 'Senkaku' Boycotts Redux? Avoid US Consumer Plays Exposed To China

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.

<ul>
<li>
Russia: Trump presidency, likely lifting of western sanctions and a stabilizing economy boost prospects for Russia.</li>
<li>
Mexico: Fitch downgrades outlook to ‘negative; on concerns about growth and challenges to public finances.</li>
<li>
China: CPI of 2.3% was higher than expected but still below 3% target.</li>
</ul>The US Fed outlook for three rate hikes in 2017 is based on flawed assumptions.  They are expecting that the US economy in 2017 is similar to the back half of 2016.  We believe this is a flawed assumption as…



Russia: Trump presidency, likely lifting of western sanctions and a stabilizing economy boost prospects for Russia.

Mexico: Fitch downgrades outlook to ‘negative; on concerns about growth and challenges to public finances.

China: CPI of 2.3% was higher than expected but still below 3% target.
The US Fed outlook for three rate hikes in 2017 is based on flawed assumptions.  They are expecting that the US economy in 2017 is similar to the back half of 2016.  We believe this is a flawed assumption as…

US Fed 2017 Rate Hike Outlook Based on Flawed Assumptions

United States

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

The Walt Disney Co (DIS US)

Intermarket Analysis (1): XLY Versus XLP

In this report, we use intermarket analysis to analyze XLY (Consumer Discretionary SPDR ETF) vs. XLP (Consumer Staples Select Sect. SPDR ETF). The...

Douglas Kim

GM Fined for Price Fixing in China

GM and Shanghai Auto fined Rmb201mn for fixing prices on certain car models. The fine was set at 4% of the models in question, the law allows for...

Scott Laprise/ 乐天虎

Korea M&A Spotlight: Walt Disney's Affiliate Invests in IHQ, a Major Korean Entertainment Co.

Ihq Inc (003560 KS); (Market cap US$230m), a leading entertainment company in Korea, announced that A&E Networks, an affiliateof The Walt...

Douglas Kim

Trump-China Tension = 2012 'Senkaku' Boycotts Redux? Avoid US Consumer Plays Exposed To China

Overview: probably more US-China tension aheadThroughout his campaign and in the weeks since the US election, President-elect Trump has shown he's...

Daniel Hellberg

US Fed 2017 Rate Hike Outlook Based on Flawed Assumptions

Russia: Trump presidency, likely lifting of western sanctions and a stabilizing economy boost prospects for Russia. Mexico: Fitch downgrades...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)