Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

On March 24th after the close of trading, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> ("Baoxin")and <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand Automotive Services Co Ltd</a> ("CGAS") released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0324/LTN20160324845.pdf" target="_blank">Joint Announcement</a> Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...<blockquote>
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…
</blockquote>

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint Announcement Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…


Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

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

Thematic (Sector/Industry)

<ul><li class="p1">The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.</li><li class="p1">However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.</li></ul>Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or through mobile devices across many developed economies.However, as we take a step back and examine the various states of digital commerce across different geographies, we find a number of constants in not only how winners in the digital commerce space rise to the top in each region, but also how these players develop lasting network effects that serve as the foundation of the wide economic moats we assign to many of the leading players in this industry across the globe.Analysts: R.J. Hottovy, Suruchi Jain, Daniel Mueller

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

Equity Bottom-Up

We are lowering our fair value estimate to JPY 2,635 per share from JPY 3,284.The change is from the yen strengthening against the dollar since our last valuation. We are using a new foreign exchange methodology of modelling a dollar-yen exchange rate based on forward curve data throughout our five-year explicit forecast period rather than the spot rate throughout.Analyst: David Whiston

We are lowering our fair value estimate to JPY 2,635 per share from JPY 3,284.The change is from the yen strengthening against the dollar since our last valuation. We are using a new foreign exchange methodology of modelling a dollar-yen exchange rate based on forward curve data throughout our five-year explicit forecast period rather than the spot rate throughout.Analyst: David Whiston

Faulty Takata Air Bags Will Remain a Storm Cloud for Honda for a Long Time.

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Global Macro Strategy

Callum Henderson

Macroeconomics

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting further policymaker action ahead of the July elections* The BoJ has warned it could take further action and if stocks continue lower that may be their focus* Government also needs to take bolder reform measures to unlock growth potential* JPY gains are done for now with a pullback likely near-termThis is a follow-up to my in-depth report <a href="https://www.smartkarma.com/insights/asia-calling-from-currency-wars-to-competitive-monetary-easing" target="_blank" data-smartkarma-citation="insights:2537">Asia Calling:</a>…

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting further policymaker action ahead of the July elections* The BoJ has warned it could take further action and if stocks continue lower that may be their focus* Government also needs to take bolder reform measures to unlock growth potential* JPY gains are done for now with a pullback likely near-termThis is a follow-up to my in-depth report Asia Calling:…

Japanese Policy Measures Likely to Be Ramped up Ahead of July Elections

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint...

Travis Lundy

The Global E-Commerce Handbook: Themes Investors Need to Know as Consumer Shopping Tendencies Evolve

The idea of e-commerce as a disruptive force is not new, with consumers becoming increasingly comfortable making everyday purchases online or...

Morningstar, Inc.

Faulty Takata Air Bags Will Remain a Storm Cloud for Honda for a Long Time.

We are lowering our fair value estimate to JPY 2,635 per share from JPY 3,284.The change is from the yen strengthening against the dollar since our...

Morningstar, Inc.

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on...

Travis Lundy

Japanese Policy Measures Likely to Be Ramped up Ahead of July Elections

* The BoJ's move to negative rates failed to calm markets and may have exacerbated the sell-off* There are however strong reasons for expecting...

Callum Henderson

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