Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*SAMR Sideshow: The State Administration for Market Regulations (SAMR) fined Alibaba Holdings (BABA.US) [Alibaba] on December 14, 2020, SAMR has also launched an inquiry into alleged monopolistic practices at Alibaba whereby it pressures merchants who sell goods on Taobao and Tmall to commit to not selling on competitor platforms which is considered “standard market practice” by Alibaba. The most equitable outcome to this practice, in our view, could be the termination of these exclusive relationships, which no doubt will negatively impact revenues – but this is just a sideshow; and*Moving A Rubber Tree Plant: More importantly, however, Alibaba’s Ant Group was summoned to meet with the People’s Bank of China (PBOC), China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC), and State Administration of Foreign Exchange (SAFE) – which now follow the abrupt cancellation of Ant Group’s enormous USD 34 bn IPO – the largest IPO in history. A crackdown on Alibaba/Ant and other fintech firms was likely to happen at some point given the unbridled systemic risk they pose both on the lending and funding front which is overshadowed by technology.

*SAMR Sideshow: The State Administration for Market Regulations (SAMR) fined Alibaba Holdings (BABA.US) [Alibaba] on December 14, 2020, SAMR has also launched an inquiry into alleged monopolistic practices at Alibaba whereby it pressures merchants who sell goods on Taobao and Tmall to commit to not selling on competitor platforms which is considered “standard market practice” by Alibaba. The most equitable outcome to this practice, in our view, could be the termination of these exclusive relationships, which no doubt will negatively impact revenues – but this is just a sideshow; and*Moving A Rubber Tree Plant: More importantly, however, Alibaba’s Ant Group was summoned to meet with the People’s Bank of China (PBOC), China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC), and State Administration of Foreign Exchange (SAFE) – which now follow the abrupt cancellation of Ant Group’s enormous USD 34 bn IPO – the largest IPO in history. A crackdown on Alibaba/Ant and other fintech firms was likely to happen at some point given the unbridled systemic risk they pose both on the lending and funding front which is overshadowed by technology.  

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Nothing new here except a few things that the Chinese handset triumverates desire to gain market share in the absence of Huawei.  The problem is it seems Oppo + Vivo +  Xiaomi ("OPX") &gt; Huawei.  Are we all headed for a wake up call in the 1H21 with the Chinese handset oversupply?

Nothing new here except a few things that the Chinese handset triumverates desire to gain market share in the absence of Huawei.  The problem is it seems Oppo + Vivo +  Xiaomi ("OPX") &gt; Huawei.  Are we all headed for a wake up call in the 1H21 with the Chinese handset oversupply?

Hynix Earnings Recap - Oh, Oh - Is Everyone Running the Same Direction?

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

TSMC has been a significant outperformer versus Samsung Electronics.   How can TSMC continue this performance in the near future?   We take a look at their customer profiles as well what has been priced in and has not for the next few years.

TSMC has been a significant outperformer versus Samsung Electronics.   How can TSMC continue this performance in the near future?   We take a look at their customer profiles as well what has been priced in and has not for the next few years. 

TSMC Vs. Samsung.  Where's the Net Add Upside?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Our objective with this weekly is to highlight notable developments in the India internet and consumer sector focusing on public and private companies. The sub-sectors covered include payment providers, e-commerce retailers,  social media platforms and consumer companies.
<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-group" target="_blank" data-smartkarma-citation="entities:25998:1" rel="noopener">Tata Group (1396Z IN)</a> is aiming to become a serious contender in the Indian E-Commerce race with a potential stake in <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> backed BigBasket</li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> re-gains its top slot in global smartphones thanks to market share gains in India</li>
<li>
<a href="https://www.smartkarma.com/entities/facebook-inc-a" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Facebook Inc A (FB US)</a> backed Whatsapp Pay gets its act together in the already competitive Indian Payments Market, expected to roll out soon. </li>
<li>India bans import of AC units, but we see no major market share gains for top players. </li>
</ul>

Our objective with this weekly is to highlight notable developments in the India internet and consumer sector focusing on public and private companies. The sub-sectors covered include payment providers, e-commerce retailers,  social media platforms and consumer companies.


Tata Group (1396Z IN) is aiming to become a serious contender in the Indian E-Commerce race with a potential stake in Alibaba Group (BABA US) backed BigBasket

Samsung Electronics (005930 KS) re-gains its top slot in global smartphones thanks to market share gains in India

Facebook Inc A (FB US) backed Whatsapp Pay gets its act together in the already competitive Indian Payments Market, expected to roll out soon. 
India bans import of AC units, but we see no major market share gains for top players. 


India Internet & Consumer Weekly | Bigbasket, Samsung, Whatsapp Pay, India's AC Ban

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Apple introduced a new line-up of iPhones enabled with 5G yesterday at its fall event on Tuesday (13th October 2020) after a month-long delay due to the Covid-19 outbreak. The company introduced four new 5G smartphones (iPhone 12, iPhone 12 Mini, iPhone 12 Pro and iPhone 12 Pro Max) powered by Apple-designed A14 bionic chips built on 5nm processors.According to Apple, the new iPhones deliver an advanced 5G experience on a global scale and boasts improved speeds for faster downloads and uploads, higher quality video streaming, more responsive gaming, real-time interactivity in apps and FaceTime in high definition.“The arrival of 5G marks the beginning of a new era for iPhone and we’re thrilled to bring these impressive new capabilities to our customers with iPhone 12 and iPhone 12 mini”Breaking tradition, yesterday’s Fall Event did not have a long line-up of new product launches, and HomePod Mini was the only other key hardware Apple revealed apart from new iPhones.

Apple introduced a new line-up of iPhones enabled with 5G yesterday at its fall event on Tuesday (13th October 2020) after a month-long delay due to the Covid-19 outbreak. The company introduced four new 5G smartphones (iPhone 12, iPhone 12 Mini, iPhone 12 Pro and iPhone 12 Pro Max) powered by Apple-designed A14 bionic chips built on 5nm processors.According to Apple, the new iPhones deliver an advanced 5G experience on a global scale and boasts improved speeds for faster downloads and uploads, higher quality video streaming, more responsive gaming, real-time interactivity in apps and FaceTime in high definition.“The arrival of 5G marks the beginning of a new era for iPhone and we’re thrilled to bring these impressive new capabilities to our customers with iPhone 12 and iPhone 12 mini”Breaking tradition, yesterday’s Fall Event did not have a long line-up of new product launches, and HomePod Mini was the only other key hardware Apple revealed apart from new iPhones.

Apple Unveils Long Awaited 5G IPhones that Could Trigger Massive IPhone Upgrades

China

Huawei Technologies Co., Ltd. provides networking products and telecommunication solutions. The Company researches and develops internet access, transmission network, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, managed, learning, and global delivery services.

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Huawei Technology (40978Z CH)

Alibaba Group Holding – Go Limp

ALIBABA GROUP HOLDINGS: SAMR And Chinese Regulators Are Taking A Run At Alibaba/Ant Group Over Antitrust and Systemic Risk Issues.

Thomas J. Monaco

Hynix Earnings Recap - Oh, Oh - Is Everyone Running the Same Direction?

Is Chinese handset glut inevitable? It seems that we are headed for a significant supply by Oppo, Vivo and Xiaomi to more than offset the hole...

Ken S. Kim

TSMC Vs. Samsung. Where's the Net Add Upside?

Why TSMC is still a buy as we look into 2022. Does Samsung have the scale to keep Qualcomm in their grasp and if not what is the next catalyst for...

Ken S. Kim

India Internet & Consumer Weekly | Bigbasket, Samsung, Whatsapp Pay, India's AC Ban

Tata Group joins the e-commerce race eyeing a stake on BABA backed Bigbasket, India helps Samsung regain its global spot, WhatsApp Pay expected to...

Pranav Bhavsar

Apple Unveils Long Awaited 5G IPhones that Could Trigger Massive IPhone Upgrades

Apple introduced a new line-up of iPhones enabled with 5G yesterday at its fall event on Tuesday (13th October 2020) after a month-long delay due...

Shifara Samsudeen, FCMA, CGMA

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