1. korea102014
TRANSCRIPT
Fundamental
Analysis
PE, Dividend, Payout
Ratio,
Cash flow, ROE…
Explanation
Analysis
Crossholding,
Triple Merits,
Accounting difference,
theme driven
✗ ✓
Financial Freshman
Total Market Value
Asset Replacement Value
Q ratio
Below 1 undervalued BUY
Over 1 overvalued SELL
Q =
Real Estate Theme
Construction
Construction Materials
Construction Machines
Banks, Financials, Warrants
Railways, Warehouse
Companies with Tokyo headquarters
Tokyo Gas…..
How Bubble Spread
DDI, Japan Telecom,Teleway
Tuka, Digital Tuka, Digital Phone,
DDI Pocket, NTT Personal, Astel
NTT Breakup (NTT EW, Com, Data)
Telecom construction
Component, handsets
Docomo
More companies to cover…
Mobile Boom
“Mobile phone will not penetrate in Japan” (Comment from top sell side telecom star analyst)
1994
Subscribers/Revenue
Penetration Cycle
Cash flow (Shareholders return)
(M&A)
Maximum accumulated loss
(optimal capital structure)
Capex/Marketing
Pop value
(Spectrum)
DCF
(WACC)
EBITDA
PE
Free Cash flow
ROE Dividend
Telecom, CLECs
Internet, ISP, AOL
IT, Devices, Chipsets
Cyber, Information Superhighway
eFlower, eToy, e…..
eVerything is a Buy!
How Bubble Spread
VC, Private Equity,
Project Finance (JDSL)
IPO, CB, SB,
Senior Debt Financing
M&A (ACCA, AOL Japan),
High Yield, Swap
Stock Exchange Merger
Delisted Dec 2012
eAccess Story – Incredible experience
(1999 to 2014)
Start-up, business plan
HR, Network, Technology
Accounting, Reporting
Regulator, License
Product, Pricing
Marketing, Channels
Churn, Customer Support
Operational synergy
FinancialOperational