In this briefing:
1. *TW3/North Asia* That Was The Week That Was 🇰🇷 🇯🇵 11th-17th February 2019 @Smartkarma
TW3 NORTH ASIA – This was a busy week for the North Asian team on Smartkarma. with 967 results announcements and 577 forecasts revisions in Japan and plenty of corporate activity in Korea including LG Uplus/CJ Hello. As is our wont here, we also had a number of providers take opposite sides on a number of issues (e.g. GMO Internet (9449 JP)).
Our Top 3 Insights of the week are Pelham Smithers Associates – SoftBank: Does Nvidia Show It Overpaid for ARM?, Douglas Kim‘s A Surprising Finding of Outperformance & Quarterly Earnings Conference Call Recording in Korea, and Michael Causton ‘s ZOZO: The Kingmaker Abandons His King
The format is a little different this week with Insights grouped by vertical and split between Bullish and Bearish with no country separation. Any feedback for further improvements is always welcome!
EVENT DRIVEN: BULLISH
Softbank Buyback More Than It Appears To Be
Poongsan Holdings Stub Trade: Current Status & Trade Approach
Stake in Quadric.io Denso Attempts to Keep Chip Makers Close
KDDI Tender Offer for Kabu.com (8703 JP) Decided
Nongshim Holdco/Sub Trade: Current Status & Trade Approach
LG Uplus/CJ Hello – CJH Overhang Concerns Will Push It Up
EVENT DRIVEN: BEARISH
LG Uplus – CJ Hello Acquisition: Current Status & Trade Approach
SoftBank: Does Nvidia Show It Overpaid for ARM?
LG Uplus to Acquire CJ Hellovision: What’s Next for Tbroad and D’Live?
Minebea-Mitsumi Underpriced Tender for U SHIN (6985 JP) Launched
Doosan Heavy & Doosan E&C Rights Offers: Assessment & Estimation
IPOs & PLACEMENTS: BULLISH
Ecopro BM IPO: Valuation Analysis
Nomura Real Estate Master Fund Placement
IPOs & PLACEMENTS: BEARISH
Daiwa House REIT Placement – Well-Flagged but Barely Accretive to DPU
Dreamtech IPO: Valuation Analysis
EQUITY BOTTOM UP: BULLISH
A War Between Netflix & Disney = $$$ for Studio Dragon
Sony: Mispriced, Misunderstood, or Both?
Parco: 4 New Shopping Centres This Year, 28% Rise in Revenue in 5 Years
Hana Financial: Hand It to Hana
EQUITY BOTTOM UP: BEARISH
Tokyo Kiraboshi Financial Group (7173 JP): Red Dwarf
ZOZO: The Kingmaker Abandons His King
Rakuten to Covertly Cut Merchant Commission Rates?
RESULTS COMMENTARY: BULLISH
Shimadzu (7701 JP): 3Q Results Suggest a Trading Range
NCsoft: Major Highlights of 4Q18 Earnings Conference Call
Tsubakimoto Chain Co (6371 JP) Double-Digit Growth Continues
NTT Corp: The Rising Dividend Story Is Playing Out
Fujimi (5384 JP): Silicon Slow, HDD & Industrial Down in 3Q
GMO Internet Reports Solid FY12/18 Despite Heavy Crypto Losses
RESULTS COMMENTARY: BEARISH
Shiseido: 2018 Results – Setting Expectations Too High
Concordia Financial Group (7186 JP): Out of Focus
Olympus: 3QFY03/19 Profits Decline on Litigation-Related Costs
Monex Group (8698 JP): Upside Unlikely on Weak Cryptocurrencies
Robotics: Nabtesco & HDS Results Strong; Still No Reason to Own Fanuc
Recruit Holdings Reports Strong 3Q Results; Remains Expensive
GMO internet FY2018 Results – The Shareholder’s [Re]Turn
THEMATIC & STRATEGY: BEARISH
Stock Outperformance & Earnings Conference Call Recording in Korea
MACRO: BEARISH
No Upside For Korean Companies – Underweight
TECHNICAL: BULLISH
Korea Circuit Long Support for Press Above Overhead Barriers
Fanuc Bullish Trade Points off of Base Line Support
TECHNICAL: BEARISH
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