Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

Empirical data on the drivers of Japanese productivity are sadly not at the forefront of Abenomics, but they should be.  Europacifica CEO Naomi Fink has published, over the last year, two papers with Columbia University's CJEB which show exactly why this is.  The first of these papers illustrates why and where we find evidence that the BOJ's fight against deflation is insufficient (although it may be necessary) to cure Japan's ills:<h2>Why Overcoming Deflation Alone is Not Enough</h2>There is "bad…

Empirical data on the drivers of Japanese productivity are sadly not at the forefront of Abenomics, but they should be.  Europacifica CEO Naomi Fink has published, over the last year, two papers with Columbia University's CJEB which show exactly why this is.  The first of these papers illustrates why and where we find evidence that the BOJ's fight against deflation is insufficient (although it may be necessary) to cure Japan's ills:Why Overcoming Deflation Alone is Not EnoughThere is "bad…

Japan Non-IT Industries: Overcoming Deflation Not Enough

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The correct long-term thing to do is, and the right short-term trade don't match. Best to sell <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ (6670 JP)</a> above the tender offer price or at the offer price.</li>
<li>At 6.1x forward EV/EBITDA - and ~80% discount to NAV - <a href="https://www.smartkarma.com/entities/avichina-industry-technology-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">AviChina Industry &amp; Technology H (2357 HK)</a> is not expensive.</li>
<li>An interesting fact pattern appears like it might be a setup for a significant change in capital structure for <a href="https://www.smartkarma.com/entities/tokyo-steel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:16195:1" rel="noopener">Tokyo Steel Mfg (5423 JP) T</a> related to the former CEO</li>
</ul>


The correct long-term thing to do is, and the right short-term trade don't match. Best to sell MCJ (6670 JP) above the tender offer price or at the offer price.
At 6.1x forward EV/EBITDA - and ~80% discount to NAV - AviChina Industry &amp; Technology H (2357 HK) is not expensive.
An interesting fact pattern appears like it might be a setup for a significant change in capital structure for Tokyo Steel Mfg (5423 JP) T related to the former CEO


Last Week In Event SPACE: MCJ, AviChina, Tokyo Steel Mfg, 3SBio

Travis Lundy

<ul>
<li>Last week? ARCHION INCOMING!  This week? ARCHION HAS LANDED! <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino Motors Ltd (7205 JP)</a> closed last week at ¥387/share. The stock is up 32%. On 5x the number of shares. </li>
<li>5x? Yes. In order to make this work, Toyota did a giant debt/equity swap AND bought into Mitsubishi Fuso Truck &amp; Bus, gave away value, and delegated management to MFTBC. </li>
<li>On the third day of trading, ARCHION looks to be 8.9x pro-forma EBITDA, ~17-18x PER, and 1.8x PBR vs Isuzu at 6x, &lt;10x, and &lt;1.1x. And a re-IPO is coming.</li>
</ul>


Last week? ARCHION INCOMING!  This week? ARCHION HAS LANDED! Hino Motors Ltd (7205 JP) closed last week at ¥387/share. The stock is up 32%. On 5x the number of shares. 
5x? Yes. In order to make this work, Toyota did a giant debt/equity swap AND bought into Mitsubishi Fuso Truck &amp; Bus, gave away value, and delegated management to MFTBC. 
On the third day of trading, ARCHION looks to be 8.9x pro-forma EBITDA, ~17-18x PER, and 1.8x PBR vs Isuzu at 6x, &lt;10x, and &lt;1.1x. And a re-IPO is coming.


[Japan Event] ARCHION (543A) HAS LANDED! Expensive, Overhang Galore; Risk Is MOOAR SQUEEZE

Japan

HINO MOTORS, LTD. develops, manufactures and markets diesel buses and trucks. The Company also produces heavy duty trucks, special purpose vehicles, and diesel engines for industrial and marine applications.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hino Motors Ltd (7205 JP)

Japan Non-IT Industries: Overcoming Deflation Not Enough

Empirical data on the drivers of Japanese productivity are sadly not at the forefront of Abenomics, but they should be. Europacifica CEO Naomi...

Naomi Fink

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

Last Week In Event SPACE: MCJ, AviChina, Tokyo Steel Mfg, 3SBio

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Event] ARCHION (543A) HAS LANDED! Expensive, Overhang Galore; Risk Is MOOAR SQUEEZE

ARCHION was INCOMING. ARCHION has now landed. At lunch break, ARCHION was +26.4% vs last trade as Hino. The stock is now quite expensive, and quite...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)