External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

Equity Bottom-Up

Restructuring business adds to uncertainties at peak LME Vedanta reported all-time high EBITDA at INR107b (YoY up 38%, QoQ up 4%) driven by record-high LME. However, it was short of our estimate of INR121b due to a 47% QoQ rise in power and fuel costs. The sharp rise in aluminum CoP explains the large part of the EBITDA miss; it also highlights the cost reduction in the Aluminum business was not entirely structural but also driven by lower coal prices.<div class="content-highlight">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.</div>

Restructuring business adds to uncertainties at peak LME Vedanta reported all-time high EBITDA at INR107b (YoY up 38%, QoQ up 4%) driven by record-high LME. However, it was short of our estimate of INR121b due to a 47% QoQ rise in power and fuel costs. The sharp rise in aluminum CoP explains the large part of the EBITDA miss; it also highlights the cost reduction in the Aluminum business was not entirely structural but also driven by lower coal prices.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.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>An analysis of the shareholder register of<a href="https://www.smartkarma.com/entities/bhp-group-plc" target="_blank" data-smartkarma-citation="entities:28086:1" rel="noopener">BHP Group PLC (BHPBF US)</a> suggests that BHP has misunderestimated the passive ownership of PLC by a lot.</li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> looks set to add to its coffers on talk it is negotiating the sale of KFC and Pizza Hut franchises. </li>
<li>How the mighty have fallen. <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> has gone from the de-facto flag carrier to the obligatory kicking bag.</li>
</ul>


An analysis of the shareholder register ofBHP Group PLC (BHPBF US) suggests that BHP has misunderestimated the passive ownership of PLC by a lot.

Jardine Matheson Holdings (JM SP) looks set to add to its coffers on talk it is negotiating the sale of KFC and Pizza Hut franchises. 
How the mighty have fallen. Cathay Pacific Airways (293 HK) has gone from the de-facto flag carrier to the obligatory kicking bag.


Last Week in Event SPACE: BHP, Jardine Matheson, Cathay Pacific, HK&S Hotels, Large CCASS Moves

Travis Lundy

<ul>
<li>Vedanta Limited decided to delist its ADRs last autumn. They were delisted but the process of unwinding them comes down to selling the unconverted ADR underlying shares. </li>
<li>Citi is conducting an offering to sell those underlying shares. This will aid in setting the unwind price for existing but unsettled listed ADR derivatives (yay).</li>
<li>The offering itself is just over 1% of shares out, 4% of float, and 12% of foreign portfolio investor holdings. Not huge, but the trend vs peers gives one pause.</li>
</ul>


Vedanta Limited decided to delist its ADRs last autumn. They were delisted but the process of unwinding them comes down to selling the unconverted ADR underlying shares. 
Citi is conducting an offering to sell those underlying shares. This will aid in setting the unwind price for existing but unsettled listed ADR derivatives (yay).
The offering itself is just over 1% of shares out, 4% of float, and 12% of foreign portfolio investor holdings. Not huge, but the trend vs peers gives one pause.


External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

<ul><li>Vedanta Limited (VEDL) is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products.</li><li>VEDL’s portfolio of resources business provides advantages of scale, diversification and strong balance sheet.</li><li>We also view higher production at the Rajasthan block a positive, coming at the time of higher Brent price</li></ul><div class="content-highlight">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.</div>

Vedanta Limited (VEDL) is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products.VEDL’s portfolio of resources business provides advantages of scale, diversification and strong balance sheet.We also view higher production at the Rajasthan block a positive, coming at the time of higher Brent priceContent 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.

Singtel (Singapore Telecommunications) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> has "given up" and accepted the fact of the Tender Offer. There will be no Poison Pill EGM, and SBI will "honour" Shinsei management policy</li>
<li>Approval from the anti-trust watchdog is by no means a sure thing in the <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> merge. </li>
<li>Hotel operator <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a> has announced a pre-conditional Offer from an entity primarily controlled by Shanghai SASAC. </li>
</ul>



Shinsei Bank (8303 JP) has "given up" and accepted the fact of the Tender Offer. There will be no Poison Pill EGM, and SBI will "honour" Shinsei management policy
Approval from the anti-trust watchdog is by no means a sure thing in the True Corp Pcl (TRUE TB) / Total Access Communication (DTAC TB) merge. 
Hotel operator Shanghai Jin Jiang Capital Company Limited (2006 HK) has announced a pre-conditional Offer from an entity primarily controlled by Shanghai SASAC. 


Last Week in Event SPACE: Shinsei Bank, True Corp/DTAC, Kansai Super, SingTel, DiDi Global

India

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

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Vedanta Ltd (VEDL IN)

EBITDA miss driven by rising input costs

Restructuring business adds to uncertainties at peak LME Vedanta reported all-time high EBITDA at INR107b (YoY up 38%, QoQ up 4%) driven by record...

Motilal Oswal

Last Week in Event SPACE: BHP, Jardine Matheson, Cathay Pacific, HK&S Hotels, Large CCASS Moves

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Vedanta ADR Clean-Up Offering

The Vedanta Offering to unwind the remaining ADR underlyings has been launched. It is US$160mm. Not huge, but not tiny. The fundamentals and...

Travis Lundy

Pick of the Week - Vedanta Limited

Vedanta Limited (VEDL) is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum...

Edelweiss

Last Week in Event SPACE: Shinsei Bank, True Corp/DTAC, Kansai Super, SingTel, DiDi Global

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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