Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

Below is the full list of Japan/Korea related reports published last week on Smartkarma.<table class="table table-striped"><tbody>
<tr>
<td style="width: 92.25px;">Date</td>
<td style="width: 172.75px;">Insight provider</td>
<td style="width: 503px;">Insight title</td>
</tr>
<tr><td colspan="3" style="width: 92.25px;">Japan</td></tr>
<tr>
<td style="width: 92.25px;">13-Apr</td>
<td style="width: 172.75px;"><a href="https://www.smartkarma.com/profiles/dion-stefan-buchner-m-d-fcap" target="_blank">Dion Stéfan Büchner M.D., FCAP</a></td>
<td style="width: 503px;"><a href="https://www.smartkarma.com/insights/japan-pharmaceuticals-the-week-that-was" target="_blank">Japan Pharmaceuticals: The Week that Was…</a></td>
</tr>
<tr>
<td style="width: 92.25px;">16-Apr</td>
<td style="width: 172.75px;"><a href="https://www.smartkarma.com/profiles/sc-capital" target="_blank">SC Capital</a></td>
<td style="width: 503px;"><a href="https://www.smartkarma.com/insights/hino-7205-fy3-19-looks-fragile-and-guidance-could-be-a-big-disappointment" target="_blank">Hino (7205)--FY3/19 Looks Fragile and Guidance Could Be a Big Disappointment</a></td>
</tr>
<tr>
<td style="width: 92.25px;">17-Apr</td>
<td style="width: 172.75px;"><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank">Travis Lundy</a></td>
<td style="width: 503px;"><a href="https://www.smartkarma.com/insights/renault-nissan-more-noise-less-certainty-more-path-risk" target="_blank">Renault/Nissan - More Noise, Less Certainty, More Path Risk</a></td>
</tr>
<tr>
<td style="width: 92.25px;">17-Apr</td>
<td style="width: 172.75px;"><a href="https://www.smartkarma.com/profiles/chacko-jacob" target="_blank">Chacko Jacob</a></td>
<td style="width: 503px;"><a href="https://www.smartkarma.com/insights/yokohama-tires-new-growth-plan-focuses-on-expanding-off-road-premium-segments" target="_blank">Yokohama Tires' New Growth Plan Focuses On Expanding Off-Road &amp; Premium Segments</a></td>
</tr>
<tr>
<td style="width: 92.25px;">17-Apr</td>
<td style="width: 172.75px;"><a href="https://www.smartkarma.com/profiles/chacko-jacob" target="_blank">Chacko Jacob</a></td>
<td style="width: 503px;"><a href="https://www.smartkarma.com/insights/new-jv-with-goodyear-doesn-t-address-bridgestone-s-share-in-light-truck-segment" target="_blank">New JV With</a></td>
</tr>
</tbody></table>…

Below is the full list of Japan/Korea related reports published last week on Smartkarma.

Date
Insight provider
Insight title

Japan

13-Apr
Dion Stéfan Büchner M.D., FCAP
Japan Pharmaceuticals: The Week that Was…


16-Apr
SC Capital
Hino (7205)--FY3/19 Looks Fragile and Guidance Could Be a Big Disappointment


17-Apr
Travis Lundy
Renault/Nissan - More Noise, Less Certainty, More Path Risk


17-Apr
Chacko Jacob
Yokohama Tires' New Growth Plan Focuses On Expanding Off-Road &amp; Premium Segments


17-Apr
Chacko Jacob
New JV With

…

The Week That Was in NorthAsia@Smartkarma: Itochu/FamilyMart, Samsung, Suruga, & Renesas

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.

<ul><li>Internet retailing continues to record robust current value growth of 30% in 2017, to reach CNY3.1 trillion, although this is a deceleration after many years of dramatic growth</li><li>In GBO terms, the top two players, Alibaba Group Holding and JD.com, jointly retain the dominant position in 2017</li><li>Internet retailing is expected to maintain healthy growth over the forecast period, along with improved penetration into rural areas</li></ul>

Internet retailing continues to record robust current value growth of 30% in 2017, to reach CNY3.1 trillion, although this is a deceleration after many years of dramatic growthIn GBO terms, the top two players, Alibaba Group Holding and JD.com, jointly retain the dominant position in 2017Internet retailing is expected to maintain healthy growth over the forecast period, along with improved penetration into rural areas

Sector Capsule: Internet Retailing in China

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

This week the Macau government proposed to the Second Standing Committee of Macau Legislative Assembly to allow smoking only in smoking lounges in casinos effective on Jan. 1, 2019, one year later than our existing expectation. Our current forecasts across our narrow moat coverage universe already factor in a negative mid-single-digit percentage point impact to VIP play in 2018, and postponing that one year is not expected to have any significant impact to our fair value estimates. Our current fair value estimates per share are HKD 17 for <a href="https://www.smartkarma.com/entities/472" target="_blank" data-smartkarma-citation="entities:472:1">MGM China Holdings Ltd (2282 HK)</a>, HKD 36 for <a href="https://www.smartkarma.com/entities/182" target="_blank" data-smartkarma-citation="entities:182:1">Sands China Ltd (1928 HK)</a>, HKD 14 for <a href="https://www.smartkarma.com/entities/473" target="_blank" data-smartkarma-citation="entities:473:1">Wynn Macau Ltd (1128 HK)</a>, USD 17 for <a href="https://www.smartkarma.com/entities/810" target="_blank" data-smartkarma-citation="entities:810:1">Melco Crown Entertainment ADR (MPEL US)</a>, HKD 36 for <a href="https://www.smartkarma.com/entities/806" target="_blank" data-smartkarma-citation="entities:806:1">Galaxy Entertainment Group Limited (27 HK)</a>, HKD 6.6 for <a href="https://www.smartkarma.com/entities/805" target="_blank" data-smartkarma-citation="entities:805:1">SJM Holdings Ltd (880 HK)</a>, $133 for <a href="https://www.smartkarma.com/entities/606" target="_blank" data-smartkarma-citation="entities:606:1">Wynn Resorts Ltd (WYNN US)</a>, $56 for <a href="https://www.smartkarma.com/entities/807" target="_blank" data-smartkarma-citation="entities:807:1">Las Vegas Sands Corp (LVS US)</a>, and $29.50 for <a href="https://www.smartkarma.com/entities/16227" target="_blank" data-smartkarma-citation="entities:16227:1">MGM Resorts International (MGM US)</a>. We continue to see Wynn trading at an attractive margin of safety.The revised bill creates a level playing field for casino operators. We have confirmed with a Macau legislative assembly member that the revised bill outlines that all VIP smoking gaming areas will be closed and that all casinos will be able to establish smoking lounges on both VIP and mass gaming floors. Therefore, under the proposed bill newer casinos will be able to establish smoking lounges in VIP gaming areas, while the older casinos will lose the smoking premium mass and VIP smoking area. As a result, Cotai casinos as a whole stand to gain market share at the expense of Macau peninsula casinos.Analyst: Chelsea Tam

This week the Macau government proposed to the Second Standing Committee of Macau Legislative Assembly to allow smoking only in smoking lounges in casinos effective on Jan. 1, 2019, one year later than our existing expectation. Our current forecasts across our narrow moat coverage universe already factor in a negative mid-single-digit percentage point impact to VIP play in 2018, and postponing that one year is not expected to have any significant impact to our fair value estimates. Our current fair value estimates per share are HKD 17 for MGM China Holdings Ltd (2282 HK), HKD 36 for Sands China Ltd (1928 HK), HKD 14 for Wynn Macau Ltd (1128 HK), USD 17 for Melco Crown Entertainment ADR (MPEL US), HKD 36 for Galaxy Entertainment Group Limited (27 HK), HKD 6.6 for SJM Holdings Ltd (880 HK), $133 for Wynn Resorts Ltd (WYNN US), $56 for Las Vegas Sands Corp (LVS US), and $29.50 for MGM Resorts International (MGM US). We continue to see Wynn trading at an attractive margin of safety.The revised bill creates a level playing field for casino operators. We have confirmed with a Macau legislative assembly member that the revised bill outlines that all VIP smoking gaming areas will be closed and that all casinos will be able to establish smoking lounges on both VIP and mass gaming floors. Therefore, under the proposed bill newer casinos will be able to establish smoking lounges in VIP gaming areas, while the older casinos will lose the smoking premium mass and VIP smoking area. As a result, Cotai casinos as a whole stand to gain market share at the expense of Macau peninsula casinos.Analyst: Chelsea Tam

Expected Macau Smoking Ban Creates a Level Playing Field for Operators

Investing in high growth Asian frontier economies., Asia Frontier Capital

Scott Osheroff

Investing in high growth Asian frontier economies.

Asia Frontier Capital

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

Asia Frontier Capital Travel Report: Laos

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the central government and the economic downturn as well as China’s latest effort to curb wrongdoing in luxury consumption in a crackdown on the grey market.

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the central government and the economic downturn as well as China’s latest effort to curb wrongdoing in luxury consumption in a crackdown on the grey market.

China's Luxury Market Set for Steady Performance Amid Unfavourable Market Environment

China

Suning.com Co., Ltd. operates retail chain stores to sell household appliances, electronic products, office equipment, and communication products. The Company also provides installation and maintenance services.

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Suning.com (002024 CH)

The Week That Was in NorthAsia@Smartkarma: Itochu/FamilyMart, Samsung, Suruga, & Renesas

Below is the full list of Japan/Korea related reports published last week on Smartkarma.Itochu Tender For FamilyMartTravis Lundy explained the...

Sanghyun Park

Sector Capsule: Internet Retailing in China

Internet retailing continues to record robust current value growth of 30% in 2017, to reach CNY3.1 trillion, although this is a deceleration after...

Euromonitor International Ltd.

Expected Macau Smoking Ban Creates a Level Playing Field for Operators

This week the Macau government proposed to the Second Standing Committee of Macau Legislative Assembly to allow smoking only in smoking lounges in...

Morningstar, Inc.

Asia Frontier Capital Travel Report: Laos

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos...

Asia Frontier Capital

China's Luxury Market Set for Steady Performance Amid Unfavourable Market Environment

2016 was another bumpy year for China’s luxury goods market, plagued by the long-term impact of the anti-corruption campaign undertaken by the...

Euromonitor International Ltd.

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