Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Event-Driven

Pfizer is to pay US$81.50/shr for Medivation, considerably above Sanofi’s original offer of US$52.5bil. This values the Xtandi-originator at US$14bil. It is a reflection both of Pfizer’s cash position and the low interest rate environment that we operate in that the deal should boost Pfizer’s earnings by 5¢/shr in the first year.Pfizer is probably the best suitor for Medivation that <a href="https://www.smartkarma.com/entities/6091" target="_blank" data-smartkarma-citation="entities:6091">Astellas (4503 JP)</a> could wish for. Aside from the fact that the two companies know each other well (Astellas…

Pfizer is to pay US$81.50/shr for Medivation, considerably above Sanofi’s original offer of US$52.5bil. This values the Xtandi-originator at US$14bil. It is a reflection both of Pfizer’s cash position and the low interest rate environment that we operate in that the deal should boost Pfizer’s earnings by 5¢/shr in the first year.Pfizer is probably the best suitor for Medivation that Astellas (4503 JP) could wish for. Aside from the fact that the two companies know each other well (Astellas…

Astellas: Pfizer Buying Medivation Is the Best Possible Outcome for the Japan Pharma Firm

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Despite a backlog of public comments, the Internal Revenue Service is racing to finalize its proposed rules on earnings stripping by mid-October, lest the election of Republican Donald Trump upsets the Obama administration’s efforts to rein in tax inversions.

Despite a backlog of public comments, the Internal Revenue Service is racing to finalize its proposed rules on earnings stripping by mid-October, lest the election of Republican Donald Trump upsets the Obama administration’s efforts to rein in tax inversions.

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

USFDA approved Celltrion’s Remsima, a biosimilar for JNJ’s Remicade, for use in treating rheumatoid arthritis, ulcerative colitis, Crohn’s, and other autoimmune diseases.  Celltrion’s management has set very high expectations for the product: sale of US$1.7 billion in 2017 in the U.S. The stocks of Celltrion Inc. (068270:KS)  and Celltrion Pharma (068760:KS) are up 3% and 30%, respectively,  on the news. We would avoid both names because we think this estimate is unrealistic. At the same time, we think it is too early in the game to take short positions.

USFDA approved Celltrion’s Remsima, a biosimilar for JNJ’s Remicade, for use in treating rheumatoid arthritis, ulcerative colitis, Crohn’s, and other autoimmune diseases.  Celltrion’s management has set very high expectations for the product: sale of US$1.7 billion in 2017 in the U.S. The stocks of Celltrion Inc. (068270:KS)  and Celltrion Pharma (068760:KS) are up 3% and 30%, respectively,  on the news. We would avoid both names because we think this estimate is unrealistic. At the same time, we think it is too early in the game to take short positions.

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Fast Facts<ul><li>Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.</li><li>There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.</li><li>Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.</li></ul>

Fast FactsSignificant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over the prior 12 months.There were 33 significant merger investigations during the 12-month period ending Q1 2016, compared to 32 during the prior 12-month period.Increased use of upfront buyers may be partially responsible for the increase in duration. In 2015, consents requiring upfront buyers took 2.1 months longer than consents requiring post-order buyers.

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

When we screen for top dividend-paying stocks among the holdings of our Ultimate Stock-Pickers we try to home in on the highest-quality names that are currently held with conviction by our top managers.We accomplish this by screening for holdings that are widely held (by five or more of our top managers), are yielding more than the S&amp;P 500, represent firms with wide or narrow economic moats, and have uncertainty ratings of either low or medium.Once this is done, we put together two tables, one reflecting the top 10 dividend-yielding stocks of our Ultimate Stock-Pickers, and the other representing stocks that are paying dividends in excess of the S&amp;P 500 and that are also widely held by our top managers.In our view, finding stocks that are yielding more than the benchmark index but that also operate in more-stable industries, where there is less uncertainty surrounding their future cash flows, and have sustainable competitive advantages, should offer some downside protection for investors.Analysts: Eric Compton &amp; Greggory Warren

When we screen for top dividend-paying stocks among the holdings of our Ultimate Stock-Pickers we try to home in on the highest-quality names that are currently held with conviction by our top managers.We accomplish this by screening for holdings that are widely held (by five or more of our top managers), are yielding more than the S&amp;P 500, represent firms with wide or narrow economic moats, and have uncertainty ratings of either low or medium.Once this is done, we put together two tables, one reflecting the top 10 dividend-yielding stocks of our Ultimate Stock-Pickers, and the other representing stocks that are paying dividends in excess of the S&amp;P 500 and that are also widely held by our top managers.In our view, finding stocks that are yielding more than the benchmark index but that also operate in more-stable industries, where there is less uncertainty surrounding their future cash flows, and have sustainable competitive advantages, should offer some downside protection for investors.Analysts: Eric Compton &amp; Greggory Warren

Our Ultimate Stock-Pickers Top 10 Dividend-Yielding Stocks

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Astellas: Pfizer Buying Medivation Is the Best Possible Outcome for the Japan Pharma Firm

Pfizer is to pay US$81.50/shr for Medivation, considerably above Sanofi’s original offer of US$52.5bil. This values the Xtandi-originator at...

Pelham Smithers Associates

IRS Races to Complete Inversion Rules

Despite a backlog of public comments, the Internal Revenue Service is racing to finalize its proposed rules on earnings stripping by mid-October,...

CTFN

U.S. Remsima Expectations Too Optimistic

USFDA approved Celltrion’s Remsima, a biosimilar for JNJ’s Remicade, for use in treating rheumatoid arthritis, ulcerative colitis, Crohn’s, and...

Kemp Dolliver, CFA

Is Use of Upfront Buyers Causing Longer Merger Investigations? Q1 2016 Update Confirms 2015 Trends

Fast Facts Significant merger investigations lasted 9.5 months on average over the 12 months ending Q1 2016, about 20% longer than observed over...

Dechert LLP

Our Ultimate Stock-Pickers Top 10 Dividend-Yielding Stocks

When we screen for top dividend-paying stocks among the holdings of our Ultimate Stock-Pickers we try to home in on the highest-quality names that...

Morningstar, Inc.

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