Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

JAL – Cheap Valuation Makes This an Easier Decision

Southwest Airlines Co.: Initiation of Coverage – Investment in Fuel Cost Reduction

Japan Airlines Placement - Tricky Tricky, Needs to Correct

Equity Bottom-Up

<ul>
<li>Momentum has favored Japan Airlines' share price vs ANA Holdings this year and we expect this outperformance to continue in the short term (next 3-6 months).</li>
<li>So our pair trade involves going long Japan Airlines (9201 JP) and going short on Ana Holdings (9202 JP). </li>
<li>Four major reasons why we like Japan Airlines vs ANA Holdings include: a) better valuations, b) higher EBITDA margins, c) stronger leverage ratios, and d) higher proportion of overseas business.</li>
</ul>


Momentum has favored Japan Airlines' share price vs ANA Holdings this year and we expect this outperformance to continue in the short term (next 3-6 months).
So our pair trade involves going long Japan Airlines (9201 JP) and going short on Ana Holdings (9202 JP). 
Four major reasons why we like Japan Airlines vs ANA Holdings include: a) better valuations, b) higher EBITDA margins, c) stronger leverage ratios, and d) higher proportion of overseas business.


Japan Transport: Japan Airlines (Long) Vs ANA Holdings (Short)