Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

We pointed it out in our previous notes <a href="https://www.smartkarma.com/insights/are-korean-tourism-stocks-inbound-bottoming" target="_blank" data-smartkarma-citation="insights:2664">Are Korean Tourism Stocks (Inbound) Bottoming?</a> and <a href="https://www.smartkarma.com/insights/2016-year-of-visit-to-korea" target="_blank" data-smartkarma-citation="insights:2422">2016 - “Year of Visit to Korea”</a> that the major inbound tourism stocks including <a href="https://www.smartkarma.com/entities/14940" target="_blank" data-smartkarma-citation="entities:14940">Paradise Co Ltd</a> , <a href="https://www.smartkarma.com/entities/107" target="_blank" data-smartkarma-citation="entities:107">Hotel Shilla Co Ltd</a> , and <a href="https://www.smartkarma.com/entities/16341" target="_blank" data-smartkarma-citation="entities:16341">Grand Korea Leisure Co Ltd</a> may be bottoming out and ready to turn the corner. The major driving force is the inbound Chinese tourists and their willingness to spend in Korea.The major Korean department stores had an outstanding same store sales results in this February, which is…

We pointed it out in our previous notes Are Korean Tourism Stocks (Inbound) Bottoming? and 2016 - “Year of Visit to Korea” that the major inbound tourism stocks including Paradise Co Ltd , Hotel Shilla Co Ltd , and Grand Korea Leisure Co Ltd may be bottoming out and ready to turn the corner. The major driving force is the inbound Chinese tourists and their willingness to spend in Korea.The major Korean department stores had an outstanding same store sales results in this February, which is…

"Korea Grand Sale" Driving Up Department Store Sales

Information Technology Consultant

Ishita Jain

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called, is enjoyed the world over in equal measure. Whether you like it smoky, smooth or peaty, whisky has always made good company. And now, over the last few years it's caught the imagination of the general public not only on the taste buds but also in portfolios. New and innovative ways to invest have cropped up in what used to be a drink reserved for the rich and the elite. The article gives an overview of the whisky market and some ways to invest in it. For those unaware of the difference between whisky and whiskey, you can read more <a href="http://www.whiskyforeveryone.com/whisky_basics/whisky_or_whiskey.html" target="_blank">here</a>.

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called, is enjoyed the world over in equal measure. Whether you like it smoky, smooth or peaty, whisky has always made good company. And now, over the last few years it's caught the imagination of the general public not only on the taste buds but also in portfolios. New and innovative ways to invest have cropped up in what used to be a drink reserved for the rich and the elite. The article gives an overview of the whisky market and some ways to invest in it. For those unaware of the difference between whisky and whiskey, you can read more here.

Global Macro Strategy

Callum Henderson

Macroeconomics

* The CNY is becoming a basket currency and greater basket currency flexibility is likely this year* The PBoC monetary policy report stated that two-way flexibility of the CNY will increase* This appears to be in line with calls from former PBoC advisers for a basket currency with wide bands* Reduced Fed hike expectations take some pressure off CNY vs. USD, allowing it to weaken vs. EUR, JPY* CNY basket flexibility and band widening is likely by Q3, before SDR implementation in OctoberIn my…

* The CNY is becoming a basket currency and greater basket currency flexibility is likely this year* The PBoC monetary policy report stated that two-way flexibility of the CNY will increase* This appears to be in line with calls from former PBoC advisers for a basket currency with wide bands* Reduced Fed hike expectations take some pressure off CNY vs. USD, allowing it to weaken vs. EUR, JPY* CNY basket flexibility and band widening is likely by Q3, before SDR implementation in OctoberIn my…

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

In January’s ‘Government and Markets’ report, we used the themes in the 2016 GEM overview and China outlooks to introduce our intra-GEM country weightings.We provide more detail on each of these countries in the full version of this report, focusing on the economic, financial and structural governance issues that we believe will be the most important market drivers over the course of this year and beyond.

In January’s ‘Government and Markets’ report, we used the themes in the 2016 GEM overview and China outlooks to introduce our intra-GEM country weightings.We provide more detail on each of these countries in the full version of this report, focusing on the economic, financial and structural governance issues that we believe will be the most important market drivers over the course of this year and beyond.

Governance, Valuations and the Crisis of State Capitalism

* CNY remains under pressure given the economic slowdown, concerns about debt and capital outflows* China's FX reserves look more than enough, but true adequacy depends on the nature of the FX regime* China can go forward or back on the FX regime; loosening controls on foreign flows sends a bold message* Expect greater flexibility of the CNY basket and wider bands, sooner rather than later, ahead of SDR* CNY will be a basket currency not a basket case and short-term weakness against the USD will not last

* CNY remains under pressure given the economic slowdown, concerns about debt and capital outflows* China's FX reserves look more than enough, but true adequacy depends on the nature of the FX regime* China can go forward or back on the FX regime; loosening controls on foreign flows sends a bold message* Expect greater flexibility of the CNY basket and wider bands, sooner rather than later, ahead of SDR* CNY will be a basket currency not a basket case and short-term weakness against the USD will not last

Asia Calling: CNY - A Basket Currency, Not a Basket Case

China

SAIC Motor Corporation Ltd., through joint ventures, manufactures and markets automobiles and related parts and accessories.

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SAIC Motor (600104 CH)

"Korea Grand Sale" Driving Up Department Store Sales

We pointed it out in our previous notes Are Korean Tourism Stocks (Inbound) Bottoming? and 2016 - “Year of Visit to Korea” that the major inbound...

Douglas Kim

Whisky - Rarer the Richer

Mark Twain once said 'Too much of anything is bad, but too much of good whisky is barely enough'. The 'water of life', as it's colloquially called,...

Ishita Jain

CNY Band Widening Likely by Q3

* The CNY is becoming a basket currency and greater basket currency flexibility is likely this year* The PBoC monetary policy report stated that...

Callum Henderson

Governance, Valuations and the Crisis of State Capitalism

In January’s ‘Government and Markets’ report, we used the themes in the 2016 GEM overview and China outlooks to introduce our intra-GEM country...

John-Paul Smith

Asia Calling: CNY - A Basket Currency, Not a Basket Case

* CNY remains under pressure given the economic slowdown, concerns about debt and capital outflows* China's FX reserves look more than enough, but...

Callum Henderson

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