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

Transport Sector, China and Asia-focused Research

Charles De Trenck

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it appears the market has gotten even weaker. I am sure our friends from Drewry have experienced this as well. A few key details below on rates that have gone even further south than 2009.In recent weeks we understand from friends that some markets in Intra-Asia have gone into negative pricing.This means that lines have to try to recoup some of their losses…

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it appears the market has gotten even weaker. I am sure our friends from Drewry have experienced this as well. A few key details below on rates that have gone even further south than 2009.In recent weeks we understand from friends that some markets in Intra-Asia have gone into negative pricing.This means that lines have to try to recoup some of their losses…

Container Shipping Industry Last Few Weeks Factoring in Doomsday

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mori Hills REIT Investment Corporation / Event-Driven

Mori Hills REIT Investment Corporation (3234 JP)

<ul>
<li>In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure. </li>
<li>The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.</li>
<li>Mori Building has announced a 4.99% buy on <a href="https://www.smartkarma.com/entities/mori-hills-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:56:1" rel="noopener">Mori Hills REIT Investment Corporation (3234 JP)</a> which is a Very Big portion of Max Real World Float. This should influence price.</li>
</ul>


In the past 24 months, J-REIT sponsors have bought units in their REITs at sharp discounts to PNAV to raise PNAV and reduce overhang pressure. 
The goal is, basically transparently, to get PNAV to a level at which the REIT can buy more properties from the sponsor, who carries them at a much higher WACC.
Mori Building has announced a 4.99% buy on Mori Hills REIT Investment Corporation (3234 JP) which is a Very Big portion of Max Real World Float. This should influence price.


Mori Hills REIT (3234) - Large Sponsor Buy in Market as % of Max Real World Float

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

Index Rebalance

<ul>
<li>There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.</li>
<li>Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).</li>
<li>The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.</li>
</ul>


There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).
The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.


JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

Japan

TOKYU CORPORATION provides passenger rail transportation, bus transportation, truckload services, and air transportation serving the Tokyo and its surrounding areas.  The Company operates department stores, real estate leasing, and hotel businesses.  Through its subsidiaries, Tokyu offers leisure-related services such as travel agents, theaters. golf, and rent car agents.

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Tokyu Corp (9005 JP)

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

Container Shipping Industry Last Few Weeks Factoring in Doomsday

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it...

Charles De Trenck

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

There are 39 adds/34 deletes for the JPX Nikkei 400 Index resulting in a one-way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn)....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Container Shipping Industry Last Few Weeks Factoring in Doomsday

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it...

Charles De Trenck

Mori Hills REIT (3234) - Large Sponsor Buy in Market as % of Max Real World Float

Mori Building has announced a big buy of Mori Hills REIT, the cheapest PNAV J-REIT in the office sector, and an above-average div yield. The goal...

Travis Lundy

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

There are 39 adds/34 deletes for the JPX Nikkei 400 Index resulting in a one-way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn)....

Brian Freitas