Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Thematic (Sector/Industry)

This is a collaborative report between <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a>  and <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> . This is Part I of our report: Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade). The five major sections in this report are as follows:<ol><li>The top 20 investment themes for Vietnam and Korea for the next decade</li><li>The top 10 investment risks for Vietnam and Korea.</li><li>Major economic stats comparison between Vietnam and Korea.   </li><li>"Best-of-breed" companies with recent positive sales and operating profit growth</li><li>Why Vietnam and Korea?</li></ol>Picking the right country for equity investments often delivers superior alpha results for your portfolio. Should you invest in Vietnam, the land of the ascending dragon or in Korea, the land of the morning calm? Or both?

This is a collaborative report between Dylan Waller  and Douglas Kim . This is Part I of our report: Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade). The five major sections in this report are as follows:The top 20 investment themes for Vietnam and Korea for the next decadeThe top 10 investment risks for Vietnam and Korea.Major economic stats comparison between Vietnam and Korea.   "Best-of-breed" companies with recent positive sales and operating profit growthWhy Vietnam and Korea?Picking the right country for equity investments often delivers superior alpha results for your portfolio. Should you invest in Vietnam, the land of the ascending dragon or in Korea, the land of the morning calm? Or both? 

Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade) - Part I

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.

As <a href="https://www.smartkarma.com/profiles/2" target="_blank" data-smartkarma-citation="accounts:2">Raghav Kapoor</a>  mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent thought leaders with a platform that doesn't mind being the lone voice keeping others accountable."Using this post I wanted to highlight how we are in complete sync with that thought process and independent research driven by great platform like SK will continue to evolve and will lead a change in investing landscape keeping investors interest in the…

As Raghav Kapoor  mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent thought leaders with a platform that doesn't mind being the lone voice keeping others accountable."Using this post I wanted to highlight how we are in complete sync with that thought process and independent research driven by great platform like SK will continue to evolve and will lead a change in investing landscape keeping investors interest in the…

"Reports Were Prematurely Conceived and Greatly Exaggerated"

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive has been rockedIn 2009 when the container industry posted operating losses of nearly $20 billion and many lines were said to be minutes from bankruptcy, none died. The “zombie” carriers’ survival methods were varied and complex, ranging from off-hiring ships to requesting government support, but ultimately they worked.Having survived the worst crisis…

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

We are following up on our previous post on the proposed listing of Samsung BioLogics <a href="https://www.smartkarma.com/insights/us-9-billion-valuation-is-rarefied-air" target="_blank" data-smartkarma-citation="insights:5368">US$9 Billion Valuation Is Rarefied Air</a>  in response to several inquiries regarding the Bioepis JV. Recall that the company has partnerships with both Merck (MRK:US) and Biogen (BGEN:US) to develop and market a portfolio of biosimilar products. Samsung's management has argued that Bioepis is worth US$4.5 - 5 bilion based on the market opportunity. In addition, Biogen has the option to increase its stake up to 49%.Our analysis of the pipeline, competitive dynamics, and sell-side forecasts for Biogen's biosimilars business do not support Samsung's argument.

We are following up on our previous post on the proposed listing of Samsung BioLogics US$9 Billion Valuation Is Rarefied Air  in response to several inquiries regarding the Bioepis JV. Recall that the company has partnerships with both Merck (MRK:US) and Biogen (BGEN:US) to develop and market a portfolio of biosimilar products. Samsung's management has argued that Bioepis is worth US$4.5 - 5 bilion based on the market opportunity. In addition, Biogen has the option to increase its stake up to 49%.Our analysis of the pipeline, competitive dynamics, and sell-side forecasts for Biogen's biosimilars business do not support Samsung's argument. 

Bioepis Details Don't Support the Valuation

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

Samsung Card (029780) announced massive share buyback for the first time in four years (equivalent to 5% of total outstanding shares) until the end of November. This buyback program is worth ₩253.6bil (US$227mil). The treasury stockholding would increase to 5.4% from 0.4%. Samsung Card’s share buyback would be a kind of surprise if this was really designed to improve the valuation since already Samsung Card has stock circulation issue. Samsung Life (032830) owns 72.07% shares that are locked up.…

Samsung Card (029780) announced massive share buyback for the first time in four years (equivalent to 5% of total outstanding shares) until the end of November. This buyback program is worth ₩253.6bil (US$227mil). The treasury stockholding would increase to 5.4% from 0.4%. Samsung Card’s share buyback would be a kind of surprise if this was really designed to improve the valuation since already Samsung Card has stock circulation issue. Samsung Life (032830) owns 72.07% shares that are locked up.…

Samsung Card's Share Buyback - Three Future Scenarios

South Korea

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

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Samsung C&T (028260 KS)

Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade) - Part I

This is a collaborative report between Dylan Waller and Douglas Kim . This is Part I of our report: Vietnam Vs. Korea (A Tale of Two Countries: 20...

Nomadic Equity

"Reports Were Prematurely Conceived and Greatly Exaggerated"

As Raghav Kapoor mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent...

Drewry Maritime Financial Research

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive...

Drewry Maritime Financial Research

Bioepis Details Don't Support the Valuation

We are following up on our previous post on the proposed listing of Samsung BioLogics US$9 Billion Valuation Is Rarefied Air in response to...

Kemp Dolliver, CFA

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52-week Range

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Vietnam Vs. Korea (A Tale of Two Countries: 20 Investment Themes for the Next Decade) - Part I

This is a collaborative report between Dylan Waller and Douglas Kim . This is Part I of our report: Vietnam Vs. Korea (A Tale of Two Countries: 20...

Nomadic Equity

"Reports Were Prematurely Conceived and Greatly Exaggerated"

As Raghav Kapoor mentioned this morning, "Smartkarma aims to be a disruptive force not only by changing economics, but by empowering independent...

Drewry Maritime Financial Research

Collapse of Hanjin Shipping - Carriers Do Have Breaking Points

With Korea’s Hanjin Shipping filing for court receivership last week, the assumption that major container lines will always find a way to survive...

Drewry Maritime Financial Research

Bioepis Details Don't Support the Valuation

We are following up on our previous post on the proposed listing of Samsung BioLogics US$9 Billion Valuation Is Rarefied Air in response to...

Kemp Dolliver, CFA

Samsung Card's Share Buyback - Three Future Scenarios

Samsung Card (029780) announced massive share buyback for the first time in four years (equivalent to 5% of total outstanding shares) until the end...

Sanghyun Park