Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Atlas Arteria Limted operates as an infrastructure developer and operator. The Company constructs highways, roads, bridges, and tunnels. Atlas Arteria also collects toll. Atlas Arteria serves clients worldwide.

<ul>
<li>Back in June 2022, US/Europe toll-road play <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> (ATLIX) <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02530630-2A1378680?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">rejected</a> IFM Global Infrastructure's request for limited company information, before deciding whether to submit a non-binding indicative proposal. </li>
<li>Undeterred, IFM, which held 15% of shares out at the time, bumped its stake to<a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02549751-2A1388878?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener"> 19%</a> two months later; and has continued to capitalise on Australia's creep provisions ever since. </li>
<li>This morning, IFM is understood to have lifted its stake to ~26.5%, in an apparent attempt to gain additional board representation. Another tilt cannot be ruled out. </li>
</ul>


Back in June 2022, US/Europe toll-road play Atlas Arteria (ALX AU) (ATLIX) rejected IFM Global Infrastructure's request for limited company information, before deciding whether to submit a non-binding indicative proposal. 
Undeterred, IFM, which held 15% of shares out at the time, bumped its stake to 19% two months later; and has continued to capitalise on Australia's creep provisions ever since. 
This morning, IFM is understood to have lifted its stake to ~26.5%, in an apparent attempt to gain additional board representation. Another tilt cannot be ruled out. 


Atlas Arteria (ALX AU): IFM Ups Stake As Shares Waver

Director, RaaS Advisory, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Advisory

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Pioneer Credit Limited is a financial services provider. The Company specializes in acquiring and servicing retail debt portfolios. Pioneer Credit serves customers in Australia.

<ul><li>Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.</li><li>PNC purchases debt from numerous Australian vendor partners (18 different vendors in the past 12 months) with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).</li><li>Pioneer’s success in purchasing large debt portfolios at attractive IRRs since October highlights the strong position the company occupies in the marketplace, now enhanced by the recent purchases on attractive IRRs.</li></ul>

Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by maintaining positive customer engagement, an unblemished compliance record with ASIC, and strong relationships with Australia’s largest bank and non-bank lenders.PNC purchases debt from numerous Australian vendor partners (18 different vendors in the past 12 months) with long-term partnership purchasing arrangements in place with Commonwealth Bank of Australia (ASX:CBA).Pioneer’s success in purchasing large debt portfolios at attractive IRRs since October highlights the strong position the company occupies in the marketplace, now enhanced by the recent purchases on attractive IRRs.

Pioneer Credit Ltd - Refinancing progress - proposed margin reduction

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>Asian exports have become more concentrated in the past decade, both in terms of a narrower set of export partners, as well as lower levels of diversification of export products. </li>
<li>While some of this concentration is driven by benign factors, reduced trade diversification comes with key risks that have become more salient in the current geopolitical environment. </li>
<li>Government strategies in the region are underway to remedy some of the downsides, and this will be a key component in the broader trend of supply-chain realignments in the region.</li>
</ul>


Asian exports have become more concentrated in the past decade, both in terms of a narrower set of export partners, as well as lower levels of diversification of export products. 
While some of this concentration is driven by benign factors, reduced trade diversification comes with key risks that have become more salient in the current geopolitical environment. 
Government strategies in the region are underway to remedy some of the downsides, and this will be a key component in the broader trend of supply-chain realignments in the region.


Regional Economics: Reduced Trade Diversification Implies New Economic Strategies

External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

4DMedical Ltd develops software. The Company designs application for medical field. 4DMedical serves customers in the United States and Australia.

<ul><li>With the timing of the Philips reseller agreement weighing on investors, we believe 4DX’s improving US commercialisation trajectory is being underappreciated.</li><li>The company’s CT LVAS product has been granted reimbursement at US$650 per scan – well ahead of expectations on both timing and quantum (2.2x XV LVAS reimbursement).</li><li>This represents a step- change in 4DX’s unit economics and is likely to see CT LVAS repositioned as its core/front-line screening product (underpinned by higher reimbursement, broader CT utilisation tailwinds). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the timing of the Philips reseller agreement weighing on investors, we believe 4DX’s improving US commercialisation trajectory is being underappreciated.The company’s CT LVAS product has been granted reimbursement at US$650 per scan – well ahead of expectations on both timing and quantum (2.2x XV LVAS reimbursement).This represents a step- change in 4DX’s unit economics and is likely to see CT LVAS repositioned as its core/front-line screening product (underpinned by higher reimbursement, broader CT utilisation tailwinds). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Independent Analyst, Beat the Street

Sudarshan Bhandari

Independent Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India, with high data generation but low data center capacity, is attracting investments in India.</li>
<li>Rapid digital transformation and lower setup costs are driving India's data center market growth, offering significant investment opportunities.</li>
<li>Understanding India's potential as a data center hub highlights investment prospects and the need for sustainable practices in infrastructure development.</li>
</ul>


India, with high data generation but low data center capacity, is attracting investments in India.
Rapid digital transformation and lower setup costs are driving India's data center market growth, offering significant investment opportunities.
Understanding India's potential as a data center hub highlights investment prospects and the need for sustainable practices in infrastructure development.


Themes of India: Future of Data Centre in India

Australia
Insights on Australia

Atlas Arteria (ALX AU): IFM Ups Stake As Shares Waver

Trading mostly below its five-year forward averages; together with an attractive yield; IFM's latest share grab has been labeled opportunistic....

David Blennerhassett

Pioneer Credit Ltd - Refinancing progress - proposed margin reduction

Pioneer Credit Limited (ASX:PNC) is one of the leading acquirers and managers of impaired credit in Australia and has gained its status by...

Research as a Service (RaaS)

Regional Economics: Reduced Trade Diversification Implies New Economic Strategies

As the region's export patterns become more specialized in terms of markets and products, markets in the region will be adopting new strategies to...

Manu Bhaskaran

4DMedical - Pricing Step-Change

With the timing of the Philips reseller agreement weighing on investors, we believe 4DX’s improving US commercialisation trajectory is being...

Ord Minnett

Themes of India: Future of Data Centre in India

A Thematic Report on growing Data Centre Business in India. It includes Global, Indian Market, Demand catalyst, Challenges in Data Centre industry.

Sudarshan Bhandari