Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Equity Bottom-Up

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. Unfortunately, while <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623">NTT</a> is one of those showing interesting performance skew (see the <a href="https://www.smartkarma.com/insights/ntt-earnings-release-history-interesting-near-term-performance-skew" target="_blank">accompanying piece</a>), <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639">KDDI</a> is not. In the last 20 quarters through Q3 FY2016, KDDI's quarterly earnings beat consensus 70% of the time and the stock was up the…

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. Unfortunately, while NTT is one of those showing interesting performance skew (see the accompanying piece), KDDI is not. In the last 20 quarters through Q3 FY2016, KDDI's quarterly earnings beat consensus 70% of the time and the stock was up the…

KDDI Earnings Release Performance Skew: Not Much There

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623">NTT</a> is one of those. In the last 20 quarters through Q3 FY2016, NTT's quarterly earnings beat consensus 60% of the time. However, the stock was up the day after earnings 17 out of 20 times. NTT outperformed an equal-weighted basket of NTT Docomo…

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. NTT is one of those. In the last 20 quarters through Q3 FY2016, NTT's quarterly earnings beat consensus 60% of the time. However, the stock was up the day after earnings 17 out of 20 times. NTT outperformed an equal-weighted basket of NTT Docomo…

NTT Earnings Release History:  Interesting Near-Term Performance Skew

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "<a href="https://www.smartkarma.com/insights/coupang-taking-amazon-s-market-share-at-all-cost-strategy-coupang-s-2015-financials-are-out" target="_blank">Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)</a>".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Another View on Coupang's 2015 Financials and Possible Future Scenario

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Japan

KDDI CORPORATION provides mobile communication services and sells mobile devices.  The Company also is a broadband provider.

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KDDI Corp (9433 JP)

KDDI Earnings Release Performance Skew: Not Much There

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have...

Travis Lundy

NTT Earnings Release History: Interesting Near-Term Performance Skew

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have...

Travis Lundy

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Another View on Coupang's 2015 Financials and Possible Future Scenario

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials,...

Sanghyun Park

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social...

Sanghyun Park

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