Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<p><strong>iQOS' market share in Seoul has been surging in the past several months since its launch in June 2017.</strong> Philip Morris and <a href="https://www.smartkarma.com/entities/9320" target="_blank" data-smartkarma-citation="entities:9320:1">KT&amp;G Corporation (033780 KS)</a> have been quiet about the market share gains of iQOS until recently when Philip Morris Korea announced that<strong> iQOS gained nearly 5% share in the tobacco market in Seoul as of end of August.</strong> To have gained nearly 5% market share in the tobacco market of a major city such as Seoul is a major accomplishment. iQOS became available in other major Korean…</p>

iQOS' market share in Seoul has been surging in the past several months since its launch in June 2017. Philip Morris and KT&amp;G Corporation (033780 KS) have been quiet about the market share gains of iQOS until recently when Philip Morris Korea announced that iQOS gained nearly 5% share in the tobacco market in Seoul as of end of August. To have gained nearly 5% market share in the tobacco market of a major city such as Seoul is a major accomplishment. iQOS became available in other major Korean…

IQOS' Surging Market Share in Seoul - Stay Away from KT&G

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<h2>Headlines</h2><ul><li>In 2016 cigarettes value and volume sales of cigarettes decline by 15% and 12%, respectively, to reach MYR8.2 billion and 10.1 billion sticks</li><li>Illicit trade in cigarettes negatively impacts retail sales of cigarettes</li><li>In 2016 British American Tobacco (Malaysia) leads cigarettes with a 57% retail volume share</li><li>Value sales of cigarettes are expected to rise at a CAGR of 1% at constant 2016 prices over the forecast period</li></ul>

HeadlinesIn 2016 cigarettes value and volume sales of cigarettes decline by 15% and 12%, respectively, to reach MYR8.2 billion and 10.1 billion sticksIllicit trade in cigarettes negatively impacts retail sales of cigarettesIn 2016 British American Tobacco (Malaysia) leads cigarettes with a 57% retail volume shareValue sales of cigarettes are expected to rise at a CAGR of 1% at constant 2016 prices over the forecast period

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

<p>We compared the different sectors PBR levels in Japan to see which sectors may be still undervalued and which may have gone up a little too much. If you look at the table below, at 2.7x the Consumer Non-Durables PBR is 123% above the 8-year low. Commercial Services' PBR is lower at 2.1x but is also 122% above the low. The overall Japan PBR is at 1.4x and is 50% above the 8-year low. </p><p>On the other side, Distribution Services' PBR is below 1 at 0.9x and is only 22% above the 8-year low. PBR for the…</p>

We compared the different sectors PBR levels in Japan to see which sectors may be still undervalued and which may have gone up a little too much. If you look at the table below, at 2.7x the Consumer Non-Durables PBR is 123% above the 8-year low. Commercial Services' PBR is lower at 2.1x but is also 122% above the low. The overall Japan PBR is at 1.4x and is 50% above the 8-year low. On the other side, Distribution Services' PBR is below 1 at 0.9x and is only 22% above the 8-year low. PBR for the…

Which Sectors Look Cheap and Which Are Probably Overvalued....

<ul>
<li>
<strong>Philip Morris International</strong> announced the launch dates of IQOS next generation e-cigarettes in Korea. Starting May 27th, IQOS will be sold in two IQOS specialty stores in Shinsadong and Kwanghwamoon, in Seoul. Starting June 5th, it will be sold in CU convenience stores and several Electro Mart stores in Seoul. Starting sometime in 2H17, IQOS will be sold in CU convenience stores and Electro Mart stores nationwide. We continue to have a negative view on <a href="https://www.smartkarma.com/entities/9320" target="_blank" data-smartkarma-citation="entities:9320:1">KT&amp;G Corporation (033780 KS)</a>.</li>
<li>The immediate…</li>
</ul>



Philip Morris International announced the launch dates of IQOS next generation e-cigarettes in Korea. Starting May 27th, IQOS will be sold in two IQOS specialty stores in Shinsadong and Kwanghwamoon, in Seoul. Starting June 5th, it will be sold in CU convenience stores and several Electro Mart stores in Seoul. Starting sometime in 2H17, IQOS will be sold in CU convenience stores and Electro Mart stores nationwide. We continue to have a negative view on KT&amp;G Corporation (033780 KS).
The immediate…


Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/025/899/original/BBSP%20Japan%20Tobacco%20trailing%20stop.JPG?1494556763" class="editor-image img-responsive" data-smartkarma-image-id="25899"></figure><div class="content-caption">BBSP Japan Tobacco - trailing stop (12 05 2017)</div><p>At least +7.5% to the first target. Year-end target expected at 4800 (+23% from today)</p><p>Initial analysis (14/03/2017)</p><p>Bullish above 3600</p><table class="table table-striped"><tbody><tr><td>
<div id="dtd_titreCas1_pre"><strong>Preferred case:</strong></div>
<div id="dtd_titreCas1_suf"><strong>Bullish</strong></div>
<ul><li>
<strong>3600</strong> support, rise expected to <strong>4195</strong>, even <strong>4800</strong>.</li></ul>
</td></tr></tbody></table><div id="dtd_kelTitre">Key elements on a weekly basis:</div><ul>
<li>Bullish breakout of descending resistance line (wedge pattern).</li>
<li>weekly RSI held on support where the stock bounced in the past and also surpassed a descending resistance at 50% - key breakout to complete 1-year corrective…</li>
</ul>

BBSP Japan Tobacco - trailing stop (12 05 2017)At least +7.5% to the first target. Year-end target expected at 4800 (+23% from today)Initial analysis (14/03/2017)Bullish above 3600
Preferred case:
Bullish

3600 support, rise expected to 4195, even 4800.
Key elements on a weekly basis:
Bullish breakout of descending resistance line (wedge pattern).
weekly RSI held on support where the stock bounced in the past and also surpassed a descending resistance at 50% - key breakout to complete 1-year corrective…


Japan Tobacco - Rise in Progress to Min Target 4195 (Year-End Target 4800).Trailing Stop at 3700.

Japan

Japan Tobacco, Inc. operates as an tobacco product company. The Company manufactures, markets and sells cigarettes and other tobacco products internationally. Japan Tobacco is also engaged in pharmaceutical and food businesses.

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Japan Tobacco (2914 JP)

Sector Capsule: Cigarettes in Malaysia

Headlines In 2016 cigarettes value and volume sales of cigarettes decline by 15% and 12%, respectively, to reach MYR8.2 billion and 10.1 billion...

Euromonitor International Ltd.

Which Sectors Look Cheap and Which Are Probably Overvalued....

We compared the different sectors PBR levels in Japan to see which sectors may be still undervalued and which may have gone up a little too much....

Custom Products Group

The Imminent Launch of IQOS in Korea

Philip Morris International announced the launch dates of IQOS next generation e-cigarettes in Korea. Starting May 27th, IQOS will be sold in two...

Douglas Kim

Japan Tobacco - Rise in Progress to Min Target 4195 (Year-End Target 4800).Trailing Stop at 3700.

At least +7.5% to the first target. Year-end target expected at 4800 (+23% from today)Initial analysis (14/03/2017)Bullish above 3600Key elements...

BBSP Asia

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52-week Range

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IQOS' Surging Market Share in Seoul - Stay Away from KT&G

iQOS' market share in Seoul has been surging in the past several months since its launch in June 2017. Philip Morris and KT&G Corporation...

Douglas Kim

Sector Capsule: Cigarettes in Malaysia

Headlines In 2016 cigarettes value and volume sales of cigarettes decline by 15% and 12%, respectively, to reach MYR8.2 billion and 10.1 billion...

Euromonitor International Ltd.

Which Sectors Look Cheap and Which Are Probably Overvalued....

We compared the different sectors PBR levels in Japan to see which sectors may be still undervalued and which may have gone up a little too much....

Custom Products Group

The Imminent Launch of IQOS in Korea

Philip Morris International announced the launch dates of IQOS next generation e-cigarettes in Korea. Starting May 27th, IQOS will be sold in two...

Douglas Kim

Japan Tobacco - Rise in Progress to Min Target 4195 (Year-End Target 4800).Trailing Stop at 3700.

At least +7.5% to the first target. Year-end target expected at 4800 (+23% from today)Initial analysis (14/03/2017)Bullish above 3600Key elements...

BBSP Asia