Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>KT Corp (030200 KS) is expected to have a solid, near 6% dividend yield in 2022.</li>
<li>KT's partnership with Shinhan Bank is a strategy to accelerate KT's transformation in the digital business.</li>
<li>KT is currently trading at 0.5x P/B, which is at a steep discount to its liquidation value.</li>
</ul>


KT Corp (030200 KS) is expected to have a solid, near 6% dividend yield in 2022.
KT's partnership with Shinhan Bank is a strategy to accelerate KT's transformation in the digital business.
KT is currently trading at 0.5x P/B, which is at a steep discount to its liquidation value.


KT Corp: Near 6% Dividend Yield, Stock Swap with Shinhan Bank, IPO of K-Bank, & Shift to Value

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>We remain very optimistic about the outlook for Mercari's fundamentals, both gross transaction values and operating margins.</li>
<li>The sharing economy in Japan alone remains nascent and Mercari has only just started adding on adjunct value-add services, most of which are (and will) carry high margins.</li>
<li>Even in the core fashion category, which some analysts have assumed is already reaching saturation, CtoC platforms and used retailers have barely scratched the surface as new research shows.</li>
</ul>


We remain very optimistic about the outlook for Mercari's fundamentals, both gross transaction values and operating margins.
The sharing economy in Japan alone remains nascent and Mercari has only just started adding on adjunct value-add services, most of which are (and will) carry high margins.
Even in the core fashion category, which some analysts have assumed is already reaching saturation, CtoC platforms and used retailers have barely scratched the surface as new research shows.


2022 High Conviction – Plenty of Growth Avenues for Mercari, the Apple of CtoC Services

<ul>
<li>Oisix Ra Daichi sees sales continue to rise, up 18% in the first half of the year and ARPU still remains 18% higher than 2019.</li>
<li>Additional promotional costs and the cost of expanding production and distribution capacity meant profits fell short of 2020. </li>
<li>But the online food firm is a leader in the online category with the biggest growth potential and we see no downside, especially given the recent decline in share price.</li>
</ul>


Oisix Ra Daichi sees sales continue to rise, up 18% in the first half of the year and ARPU still remains 18% higher than 2019.
Additional promotional costs and the cost of expanding production and distribution capacity meant profits fell short of 2020. 
But the online food firm is a leader in the online category with the biggest growth potential and we see no downside, especially given the recent decline in share price.


Oisix Fundamentals Strong Base for Future Premium Online Food Leadership

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. </li>
<li>The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 
</li>
<li>A stand-out in 5G technology rankings is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> which is punching well above its current market share in the industry. </li>
</ul>


The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. 
The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 

A stand-out in 5G technology rankings is LG Electronics (066570 KS) which is punching well above its current market share in the industry. 


Stock Ideas from Data Mining Technical Publications: A Look at 5G

Convenience store (CVS) retailing remains the most dynamic and innovative physical store sector. It is now 50 years since the first Seven Eleven opened and the sector wide drop in sales in 2020 was the first in its history.Whereas department stores also took a battering last year and are likely to struggle to recover, convenience stores should bounce back quickly, including implementing lessons learned in last year’s crisis.That does not mean the format faces no problems, with labour shortages, overly strict operating procedures and an ageing population of store owners (many are now reaching retirement age with no succession in place) all issues that need solutions, but its willingness and ability to adopt new technologies and adapt to the market will continue to keep CVS strong.The following is an annual in-depth review of the entire CVS sector providing context for investors in any of the big CVS retailers (and their competing formats) as well as reviews of each major firm's KPIs.

Convenience store (CVS) retailing remains the most dynamic and innovative physical store sector. It is now 50 years since the first Seven Eleven opened and the sector wide drop in sales in 2020 was the first in its history.Whereas department stores also took a battering last year and are likely to struggle to recover, convenience stores should bounce back quickly, including implementing lessons learned in last year’s crisis.That does not mean the format faces no problems, with labour shortages, overly strict operating procedures and an ageing population of store owners (many are now reaching retirement age with no succession in place) all issues that need solutions, but its willingness and ability to adopt new technologies and adapt to the market will continue to keep CVS strong.The following is an annual in-depth review of the entire CVS sector providing context for investors in any of the big CVS retailers (and their competing formats) as well as reviews of each major firm's KPIs.

Convenience Stores: First Decline in 50 Years

Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

KT Corp: Near 6% Dividend Yield, Stock Swap with Shinhan Bank, IPO of K-Bank, & Shift to Value

We discuss major catalysts/investment highlights of KT including near 6% dividend yield, recent stock swap with Shinhan Bank, shift to value,...

Douglas Kim

2022 High Conviction – Plenty of Growth Avenues for Mercari, the Apple of CtoC Services

Mercari is much, much more than its CtoC platform and will emerge as a pivotal part of Japan's consumer goods/services/finance distribution system...

Michael Causton

Oisix Fundamentals Strong Base for Future Premium Online Food Leadership

Japan's online food market has less than 3% share but will grow fast in the next 3 years as both consumers and retailers adapt. Oisix is brilliant...

Michael Causton

Stock Ideas from Data Mining Technical Publications: A Look at 5G

5G connectivity is expected to spawn new business and services across sectors. We review the technological positioning of companies competing in...

Pyari Menon

Convenience Stores: First Decline in 50 Years

For any investor in Japan's consumer staples sector, the convenience store sector is a key component. The following is an in-depth analysis of the...

Michael Causton

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