Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

In the shadow of the EU referendum, rising support for conservative political factions among disaffected voters seems to have rubbed off on Japan, otherwise not known for exciting electoral outcomes, of late. Indeed, we must go back to 2003 to cite an example of where dollar-yen moved more than 1% in either direction in the wake of a Japanese election (moreover, in 2003 this was a Lower House election, generally of greater impact upon Japanese legislation).  The Nikkei 225 has tended to be…

In the shadow of the EU referendum, rising support for conservative political factions among disaffected voters seems to have rubbed off on Japan, otherwise not known for exciting electoral outcomes, of late.   Indeed, we must go back to 2003 to cite an example of where dollar-yen moved more than 1% in either direction in the wake of a Japanese election (moreover, in 2003 this was a Lower House election, generally of greater impact upon Japanese legislation).  The Nikkei 225 has tended to be…

Japanese Elections: "Abenomics" Versus a Move to the Right

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 Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There should be liquidity events on <a href="https://www.smartkarma.com/entities/temp-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1428:1" rel="noopener">Persol Holdings</a>, <a href="https://www.smartkarma.com/entities/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo Dy Holdings</a>, <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent</a>, <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1" rel="noopener">Kobayashi Pharmaceutical</a>, <a href="https://www.smartkarma.com/entities/ngk-insulators-ltd" target="_blank" data-smartkarma-citation="entities:12580:1" rel="noopener">NGK Insulators</a>, <a href="https://www.smartkarma.com/entities/lixil-group-corp" target="_blank" data-smartkarma-citation="entities:454:1" rel="noopener">Lixil Group</a>, <a href="https://www.smartkarma.com/entities/kurita-water-industries-ltd" target="_blank" data-smartkarma-citation="entities:3870:1" rel="noopener">Kurita Water Industries</a> and <a href="https://www.smartkarma.com/entities/keio-corp" target="_blank" data-smartkarma-citation="entities:1223:1" rel="noopener">Keio Corp</a> tomorrow.</li>
<li>On average, the stocks have underperformed the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 Index</a> over the last 2-3 months but there has been near-term outperformance.</li>
<li>There has been a big increase in shorts on the stocks over the last couple of months and positioning varies across stocks.</li>
</ul>


There should be liquidity events on Persol Holdings, Hakuhodo Dy Holdings, Welcia Holdings, GMO Payment Gateway, CyberAgent, Kobayashi Pharmaceutical, NGK Insulators, Lixil Group, Kurita Water Industries and Keio Corp tomorrow.
On average, the stocks have underperformed the Nikkei 225 Index over the last 2-3 months but there has been near-term outperformance.
There has been a big increase in shorts on the stocks over the last couple of months and positioning varies across stocks.


Japan - A Last Look at Shorts on Some Interesting Stocks & Positioning

Japan

LIXIL Group Corporation produces aluminum housing materials such as doors, windows,curtain walls, and screens.  The Company also sells interior materials and a variety of housing equipment.

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Lixil Group (5938 JP)

Japanese Elections: "Abenomics" Versus a Move to the Right

In the shadow of the EU referendum, rising support for conservative political factions among disaffected voters seems to have rubbed off on Japan,...

Naomi Fink

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

Japan - A Last Look at Shorts on Some Interesting Stocks & Positioning

There will be liquidity events on a lot of Japan stocks at the close 30 Nov. The stocks have outperformed the NKY recently. Shorts have increased...

Brian Freitas

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