Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Japan saw big gains for SPE in the last 15 mins of trading on the TSMC capex outlook which should continue today.</li>
<li>Luxury names got a shot in the arm from Richemont numbers overnight so likes of Shiseido and Kose  may see a knee jerk higher.</li>
<li>Nintendo looks to have largely priced in the Switch 2, but upside remains for component makers.</li>
</ul>


Japan saw big gains for SPE in the last 15 mins of trading on the TSMC capex outlook which should continue today.
Luxury names got a shot in the arm from Richemont numbers overnight so likes of Shiseido and Kose  may see a knee jerk higher.
Nintendo looks to have largely priced in the Switch 2, but upside remains for component makers.


Japan Morning Connection: US Semi-Capex Names Higher on TSMC Numbers...more for JP Also?

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

WiseTech Global Pty Ltd provides various technology and information technology management solutions. The Company offers cloud based various technology platforms, market specific software and logistics technology solutions, such as edienterprise, a platform supply chain logistics management system, software-as-a-service, and clinical management software. 

<ul><li>To establish a comparable universe we benchmarked and divided into tiers the 25 most comparable companies after a preliminary screen of over 2,000 technology listed companies.</li><li>To derive reliable forecast assumptions, we conducted ratios trend analysis (using income statement ratios, balance sheet common size analysis, liquidity ratio and operating statistics, leverage ratios, and additional profitability ratios) as well as a comparative ratio analysis (the same ratio analysis as per above for each company in the peer group, as presented below), which allowed us to develop multiple forecast scenarios and sense check the forecasted financials.</li><li><p>For the purpose of the final recommendation we used the “Upside” scenario, to show that even with optimistic forecasting assumptions, fundamentals fail to justify the current market price. </p></li></ul>

To establish a comparable universe we benchmarked and divided into tiers the 25 most comparable companies after a preliminary screen of over 2,000 technology listed companies.To derive reliable forecast assumptions, we conducted ratios trend analysis (using income statement ratios, balance sheet common size analysis, liquidity ratio and operating statistics, leverage ratios, and additional profitability ratios) as well as a comparative ratio analysis (the same ratio analysis as per above for each company in the peer group, as presented below), which allowed us to develop multiple forecast scenarios and sense check the forecasted financials.For the purpose of the final recommendation we used the “Upside” scenario, to show that even with optimistic forecasting assumptions, fundamentals fail to justify the current market price. 

Wisetech Global Ltd : Valuation Summary - December 13, 2024

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Cellnex Telecom S.A.U. is an independent operator of wireless telecommunications infrastructure and broadcast infrastructure. The Company's sites are located in Spain and Italy.

<ul>
<li>Share Repurchase Programme: EUR 800M buyback (4% of market cap) aims to cancel shares, boosting EPS and shareholder value, funded by non-core asset sales.</li>
<li>Valuation Insight: Current market price significantly undervalued versus EUR 42.68 consensus target and EUR 43.80 DCF valuation, offering substantial upside potential.</li>
<li>Strategic Alignment: Ensures financial discipline (DFN/EBITDA 5–6x target by 2025/2026) while enhancing returns via repurchase programme and increased dividend payouts from 2026 onward.</li>
</ul>


Share Repurchase Programme: EUR 800M buyback (4% of market cap) aims to cancel shares, boosting EPS and shareholder value, funded by non-core asset sales.
Valuation Insight: Current market price significantly undervalued versus EUR 42.68 consensus target and EUR 43.80 DCF valuation, offering substantial upside potential.
Strategic Alignment: Ensures financial discipline (DFN/EBITDA 5–6x target by 2025/2026) while enhancing returns via repurchase programme and increased dividend payouts from 2026 onward.


Cellnex Share Repurchase Programme: Valuation and Potential Impact on Stock Price

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<div><div><div><div><ul><li>NZ's listed technology sector outperformed the broader market by +9% in the December 2024 quarter and +32% during 2024.</li><li>Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).</li><li>Looking ahead, we explore four significant themes poised to define the technology industry in 2025. </li></ul></div></div></div></div>

NZ's listed technology sector outperformed the broader market by +9% in the December 2024 quarter and +32% during 2024.Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).Looking ahead, we explore four significant themes poised to define the technology industry in 2025. 

Forsyth Barr Technology Digest Edition 9 — Agentic, AGI and Quantum Worlds

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

LG CNS Co., Ltd. provides information technology services and solutions. The Company offers consulting, system integration, outsourcing, convergence, video solutions, conditional access systems, and interactive digital television solutions.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> is looking to raise up to KRW 1,199bn (US$830m), valuing the company at KRW 6 trillion (US$4.15bn) at the top end of the IPO price range.</li>
<li>As a member of the IT sector, inclusion in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI200 Index</a> will only take place via Fast Entry (near impossible) or as a large-scale company.</li>
<li>Inclusion in global indices could commence in September 2025 and will be easier if the identity of the pre-IPO minority shareholders is disclosed or if the strategic investors sell.</li>
</ul>



LG CNS (LGCNSZ KS) is looking to raise up to KRW 1,199bn (US$830m), valuing the company at KRW 6 trillion (US$4.15bn) at the top end of the IPO price range.
As a member of the IT sector, inclusion in the KOSPI200 Index will only take place via Fast Entry (near impossible) or as a large-scale company.
Inclusion in global indices could commence in September 2025 and will be easier if the identity of the pre-IPO minority shareholders is disclosed or if the strategic investors sell.


LG CNS IPO: Limited Float Pushes Back Passive Buying

Technology, Media & Telecom (TMT)
Digital Highway

Japan Morning Connection: US Semi-Capex Names Higher on TSMC Numbers...more for JP Also?

Gains due to positive outlook from TSMC should continue today, Richemont numbers may see Shiseido and Kose higher, component makers for Nintendo...

Andrew Jackson

Wisetech Global Ltd : Valuation Summary - December 13, 2024

To establish a comparable universe we benchmarked and divided into tiers the 25 most comparable companies after a preliminary screen of over 2,000...

VRS (Valuation & Research Specialists)

Forsyth Barr Technology Digest Edition 9 — Agentic, AGI and Quantum Worlds

Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).

Forsyth Barr

LG CNS IPO: Limited Float Pushes Back Passive Buying

The subscription period runs from 21-22 January. Shares will reportedly be offered at KRW 61900, the top end of the IPO range. Demand was said to...

Brian Freitas

Japan Morning Connection: US Semi-Capex Names Higher on TSMC Numbers...more for JP Also?

Gains due to positive outlook from TSMC should continue today, Richemont numbers may see Shiseido and Kose higher, component makers for Nintendo...

Andrew Jackson

Wisetech Global Ltd : Valuation Summary - December 13, 2024

To establish a comparable universe we benchmarked and divided into tiers the 25 most comparable companies after a preliminary screen of over 2,000...

VRS (Valuation & Research Specialists)

Cellnex Share Repurchase Programme: Valuation and Potential Impact on Stock Price

​Company initiates EUR 800M buyback to boost EPS and shareholder value, undervalued stock offers substantial upside potential, financial discipline...

Jesus Rodriguez Aguilar

Forsyth Barr Technology Digest Edition 9 — Agentic, AGI and Quantum Worlds

Global technology markets also enjoyed a buoyant 2024, underpinned by investor optimism around the benefits of artificial intelligence (AI).

Forsyth Barr

LG CNS IPO: Limited Float Pushes Back Passive Buying

The subscription period runs from 21-22 January. Shares will reportedly be offered at KRW 61900, the top end of the IPO range. Demand was said to...

Brian Freitas

Company initiates EUR 800M buyback to boost EPS and shareholder value, undervalued stock offers substantial upside potential, financial discipline...