Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Positive impression of Q2 results: sales +28% YoY beat consensus, OP +16% in-line. </li>
<li>Near term headwinds for the precision motors and appliance businesses, but FX will significantly offset downside risk</li>
<li>We remain bullish on the stock given solid progress in the e-Axle business. We see the division turning a profit next year</li>
</ul>


Positive impression of Q2 results: sales +28% YoY beat consensus, OP +16% in-line. 
Near term headwinds for the precision motors and appliance businesses, but FX will significantly offset downside risk
We remain bullish on the stock given solid progress in the e-Axle business. We see the division turning a profit next year


Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Event-Driven

is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> overvalued or undervalued?   It depends on the what investors see as the right comps and given the current situation regards to <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Chuxing (DIDI US)</a> ,  there is a growing possibility that <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a> looks to diversify away from <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> sooner versus later.

is LG Electronics (066570 KS) overvalued or undervalued?   It depends on the what investors see as the right comps and given the current situation regards to DiDi Chuxing (DIDI US) ,  there is a growing possibility that Apple Inc (AAPL US) looks to diversify away from Hon Hai Precision Industry (2317 TT) sooner versus later. 

Does LG Group Hold Leverage over Apple and Not the Other Way Around?

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> is looking to raise up to US$200mn in its Hong Kong IPO.The company sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health monitoring devices. The company derived most of its revenue from North AmericaOverall, growth of Vesync has been strong as the company has adapted well by selling products that have been in demand during the California fires in 2018 - 2019 and COVID-19. Its vendor central program allowed the company to scale up quickly and sell in bulk to Amazon without having to incur fulfilment costs unlike products sold via seller central program.In this note, we will look at the company’s business, revenue drivers, deal dynamics, assumptions, and share our thoughts on valuation.

Vesync (2148 HK) is looking to raise up to US$200mn in its Hong Kong IPO.The company sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health monitoring devices. The company derived most of its revenue from North AmericaOverall, growth of Vesync has been strong as the company has adapted well by selling products that have been in demand during the California fires in 2018 - 2019 and COVID-19. Its vendor central program allowed the company to scale up quickly and sell in bulk to Amazon without having to incur fulfilment costs unlike products sold via seller central program.In this note, we will look at the company’s business, revenue drivers, deal dynamics, assumptions, and share our thoughts on valuation.

Vesync IPO - The Tale of Valuation Dichotomy

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Dutch health technology company, Philips during its 4Q2019 results release, announced that it will be reviewing options for future ownership of its Domestic Appliance business.</li>
<li>The domestic appliance business is engaged in the sale of coffee machines, air purifiers and air fryers and the company has booked the domestic appliance business under its Personal Health Segment.</li>
<li>Philips has a long history of business restructuring where it previously divested/spun-off its semiconductor, TVs and lighting businesses in order to narrow down its focus on healthcare equipment and personal health products.</li>
<li>In this insight, we take a look at the company’s Domestic Appliance business, potential valuation and the impact on Philips’ revenue and margins.</li>
</ul>


Dutch health technology company, Philips during its 4Q2019 results release, announced that it will be reviewing options for future ownership of its Domestic Appliance business.
The domestic appliance business is engaged in the sale of coffee machines, air purifiers and air fryers and the company has booked the domestic appliance business under its Personal Health Segment.
Philips has a long history of business restructuring where it previously divested/spun-off its semiconductor, TVs and lighting businesses in order to narrow down its focus on healthcare equipment and personal health products.
In this insight, we take a look at the company’s Domestic Appliance business, potential valuation and the impact on Philips’ revenue and margins.


Philips to Divest Domestic Appliances Business – Potential for Margin Expansion

Mark Artherton, CFA

Inteqres

Samsung Electronics is a key play on the roll-out of 5G handsets and network equipment.  The impact from the 5G roll out comes from improved conditions for DRAM/NAND volume and pricing as well as network hardware and handset sales.  This catalyst has been playing out for several months and we would continue to ride this in the near future (notwithstanding concerns over coronavirus) but we struggle to see much more in the way of additional catalysts for the Samsung Electronics share price.
In the absence of significant other catalysts, we believe that the Samsung share price really will run out of steam over the next few months.  We remain positive but will look to trim overweight positions.

Samsung Electronics is a key play on the roll-out of 5G handsets and network equipment.  The impact from the 5G roll out comes from improved conditions for DRAM/NAND volume and pricing as well as network hardware and handset sales.  This catalyst has been playing out for several months and we would continue to ride this in the near future (notwithstanding concerns over coronavirus) but we struggle to see much more in the way of additional catalysts for the Samsung Electronics share price.
In the absence of significant other catalysts, we believe that the Samsung share price really will run out of steam over the next few months.  We remain positive but will look to trim overweight positions. 

Samsung Electronics Initiation - Expectations Close to Running Too High - Inteqres Practical Views

United States

Whirlpool Corporation manufactures and markets major home appliances.  The Company's principal products include laundry appliances, refrigeration and room air conditioning equipment, cooking appliances, dishwashers, and mixers and other small household appliances.  Whirlpool's products are sold worldwide

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Whirlpool Corp (WHR US)

Nidec (6594) | Solid Traction

We remain bullish on the stock given solid progress in the e-Axle business. We see the division turning a profit next year

Mark Chadwick

Does LG Group Hold Leverage over Apple and Not the Other Way Around?

Apple needs LG more than vice versa? The current situation might force Apple to diversify away from Hon Hai faster than anticipated

Ken S. Kim

Vesync IPO - The Tale of Valuation Dichotomy

Vesync sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health...

Zhen Zhou, Toh

Philips to Divest Domestic Appliances Business – Potential for Margin Expansion

Dutch health technology company, Philips during its 4Q2019 results release, announced that it will be reviewing options for future ownership of...

Shifara Samsudeen, FCMA, CGMA

Samsung Electronics Initiation - Expectations Close to Running Too High - Inteqres Practical Views

Samsung Electronics is a key play on the roll-out of 5G handsets and network equipment. The impact from the 5G roll out comes from improved...

Mark Artherton, CFA

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