Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

TSMC (Taiwan Semiconductor Manufacturing) / Event-Driven

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>This insight will discuss the impact of Buffett's investment in Taiwan Semiconductor (TSMC) - ADR (TSM US) on Samsung Electronics (005930 KS) and SK Hynix (000660 KS).</li>
<li>We believe that Buffett's sizeable investment in TSMC is likely to have a positive impact on Samsung Electronics and SK Hynix.</li>
<li>This would be similar to how Buffett's investment in the Japanese trading companies which has had a positive impact on the major Korean trading companies. </li>
</ul>


This insight will discuss the impact of Buffett's investment in Taiwan Semiconductor (TSMC) - ADR (TSM US) on Samsung Electronics (005930 KS) and SK Hynix (000660 KS).
We believe that Buffett's sizeable investment in TSMC is likely to have a positive impact on Samsung Electronics and SK Hynix.
This would be similar to how Buffett's investment in the Japanese trading companies which has had a positive impact on the major Korean trading companies. 


Buffett's Investment in TSMC - Impact on Samsung Electronics and SK Hynix

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> on 1 November reported its results for H1 2022. H1 Revenue +37.1%yoy, OP+27.2%yoy, NP+33.2%yoy to ¥539bn. Full-year NP forecast +22.5% to ¥980bn.</li>
<li>Mitsui raised its dividend forecast (previously scheduled to rise from ¥105/share to ¥120/share) to ¥130/share and announced a ¥140bn buyback, adding to the ¥100bn announced in May completed in September.</li>
<li>The first ¥58.6bn was done in a ToSTNeT-3 buyback. Now there is another ¥79.4bn to go. There's also a fair bit of index selling the next 6mos.</li>
</ul>



Mitsui &amp; Co Ltd (8031 JP) on 1 November reported its results for H1 2022. H1 Revenue +37.1%yoy, OP+27.2%yoy, NP+33.2%yoy to ¥539bn. Full-year NP forecast +22.5% to ¥980bn.
Mitsui raised its dividend forecast (previously scheduled to rise from ¥105/share to ¥120/share) to ¥130/share and announced a ¥140bn buyback, adding to the ¥100bn announced in May completed in September.
The first ¥58.6bn was done in a ToSTNeT-3 buyback. Now there is another ¥79.4bn to go. There's also a fair bit of index selling the next 6mos.


Mitsui & Co (8031) Buyback - Big Profit, Big Div, Big Buyback, Some Index Selling

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>Japan’s cosmetics market is the focus of attention from many large international businesses thanks to strong sales and new growth businesses. </li>
<li>The latest is Amazon, which is to become the biggest shareholder in <a href="https://www.smartkarma.com/entities/istyle-inc" target="_blank" data-smartkarma-citation="entities:9010:1" rel="noopener">Istyle Inc (3660 JP)</a>, providing a major boost to the @Cosme operator.</li>
<li>IStyle, meanwhile, plans to offer cosmetics brands the chance to open popup stores within its retail chain for fixed monthly fees.</li>
</ul>


Japan’s cosmetics market is the focus of attention from many large international businesses thanks to strong sales and new growth businesses. 
The latest is Amazon, which is to become the biggest shareholder in Istyle Inc (3660 JP), providing a major boost to the @Cosme operator.
IStyle, meanwhile, plans to offer cosmetics brands the chance to open popup stores within its retail chain for fixed monthly fees.


IStyle's @Cosme Gets a Boost from Amazon Investment

Equity Bottom-Up

<ul>
<li>We discuss a pair trade among the major Japanese trading companies. We propose going long on Marubeni Corp and going short on Itochu. </li>
<li>We believe Marubeni has one of the most attractive valuations among the five major Japanese trading companies in terms of ROE vs. P/B and Itochu is the least attractive.</li>
<li>We like Marubeni's strength in food and agri businesses. Itochu is more dependent on metals, minerals and energy sectors which tend to be more volatile. </li>
</ul>


We discuss a pair trade among the major Japanese trading companies. We propose going long on Marubeni Corp and going short on Itochu. 
We believe Marubeni has one of the most attractive valuations among the five major Japanese trading companies in terms of ROE vs. P/B and Itochu is the least attractive.
We like Marubeni's strength in food and agri businesses. Itochu is more dependent on metals, minerals and energy sectors which tend to be more volatile. 


A Pair Trade of Japanese General Trading Companies: Long Marubeni & Short Itochu

Posco International Corporation / Equity Bottom-Up

Posco International Corporation (047050 KS)

<ul>
<li>In this insight, we review Warren Buffett's stakes in Japanese trading  companies and review investment opportunities in Korean trading companies amid a war between Russia and Ukraine. </li>
<li>The recent war between Russia and Ukraine has resulted in higher commodities prices. This has boosted the share prices of commodities related companies globally, including Japanese and Korean trading companies.
</li>
<li>We would focus on GS Global Corp, Hanwha Corporation, Posco International Corporation, and LX International as Korean trading companies that could continue to outperform the market amid war in Ukraine. </li>
</ul>


In this insight, we review Warren Buffett's stakes in Japanese trading  companies and review investment opportunities in Korean trading companies amid a war between Russia and Ukraine. 
The recent war between Russia and Ukraine has resulted in higher commodities prices. This has boosted the share prices of commodities related companies globally, including Japanese and Korean trading companies.

We would focus on GS Global Corp, Hanwha Corporation, Posco International Corporation, and LX International as Korean trading companies that could continue to outperform the market amid war in Ukraine. 


Buffett’s Stakes in Japanese Trading Firms & A Review of Korean Trading Firms Amid War in Ukraine

Japan

MITSUI & CO., LTD. is a general trading company.  The Company has operating groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals, Foods, Energy, Textiles, and General Merchandise.  Mitsui also operates real estate and overseas development projects.

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Mitsui & Co Ltd (8031 JP)

Buffett's Investment in TSMC - Impact on Samsung Electronics and SK Hynix

This insight will discuss the impact of Buffett's investment in Taiwan Semiconductor (TSMC) - ADR (TSM US) on Samsung Electronics (005930 KS) and...

Douglas Kim

Mitsui & Co (8031) Buyback - Big Profit, Big Div, Big Buyback, Some Index Selling

Mitsui Corp last week announced strong results and upward guidance, especially in energy. Consensus says Mar-23 is the cycle peak. Higher div,...

Travis Lundy

IStyle's @Cosme Gets a Boost from Amazon Investment

iStyle is a leading cosmetics social platform and retailer and was already well-positioned to take advantage of Japan's cosmetics boom but will now...

Michael Causton

A Pair Trade of Japanese General Trading Companies: Long Marubeni & Short Itochu

We discuss a pair trade among the major Japanese trading companies. We propose going long on Marubeni Corp and going short on Itochu.

Douglas Kim

Buffett’s Stakes in Japanese Trading Firms & A Review of Korean Trading Firms Amid War in Ukraine

We would focus on GS Corp, Hanwha Corporation, Posco International Corporation, and LX International as Korean trading companies that could...

Douglas Kim

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