Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Nec Networks & System Integr / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. </li>
<li>The FTC' blocking the giant grocery merger of <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> and <a href="https://www.smartkarma.com/entities/albertsons-cos-inc" target="_blank" data-smartkarma-citation="entities:33026:1" rel="noopener">Albertsons Cos (ACI US)</a> spells trouble for ACT and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>



Nec Networks (1973 JP)'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.

Singapore Post (SPOST SP)'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. 
The FTC' blocking the giant grocery merger of Kroger Co (KR US) and Albertsons Cos (ACI US) spells trouble for ACT and Seven &amp; I Holdings (3382 JP).


Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Albertsons Companies' first quarter of 2022 results showcased a strong performance across key financial and operational metrics, reflecting the company's agility and effective strategy implementation.</li><li>The quarter saw a 6.8% increase in identical sales and significant strides in digital sales, which rose by 28% year-over-year.</li><li>Albertsons successfully maintained a leading market position, holding a #1 or #2 rank in 68% of the markets where it operates, and its strategic initiatives continue to resonate well with customers.</li></ul>

Albertsons Companies' first quarter of 2022 results showcased a strong performance across key financial and operational metrics, reflecting the company's agility and effective strategy implementation.The quarter saw a 6.8% increase in identical sales and significant strides in digital sales, which rose by 28% year-over-year.Albertsons successfully maintained a leading market position, holding a #1 or #2 rank in 68% of the markets where it operates, and its strategic initiatives continue to resonate well with customers.

Albertsons Companies Inc.: Expanding Digital and Omnichannel Capabilities To Up Their Game! - Major Drivers

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>S&amp;P MidCap 400 additions by transition require market cap, float cap, sector balance, liquidity and earnings as parameters for inclusion.</li>
<li>The highest combined score from the parameters is given to <a href="https://www.smartkarma.com/entities/carvana-co" target="_blank" data-smartkarma-citation="entities:26471:1" rel="noopener">CVNA</a>, <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">HOOD</a>, <a href="https://www.smartkarma.com/entities/lpl-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:16363:1" rel="noopener">LPLA</a> and <a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493:1" rel="noopener">ENTG</a> which makes them acceptable candidates for addition. </li>
<li>
<a href="https://www.smartkarma.com/entities/ensign-group-inc-the" target="_blank" data-smartkarma-citation="entities:9297:1" rel="noopener">Ensign Group (ENSG US)</a> and <a href="https://www.smartkarma.com/entities/mueller-industries-inc" target="_blank" data-smartkarma-citation="entities:18247:1" rel="noopener">Mueller Industries (MLI US)</a> have the highest probability of being added out of the migrations. Market cap of migration candidates is estimated to be insufficient.</li>
</ul>


S&amp;P MidCap 400 additions by transition require market cap, float cap, sector balance, liquidity and earnings as parameters for inclusion.
The highest combined score from the parameters is given to CVNA, HOOD, LPLA and ENTG which makes them acceptable candidates for addition. 

Ensign Group (ENSG US) and Mueller Industries (MLI US) have the highest probability of being added out of the migrations. Market cap of migration candidates is estimated to be insufficient.


S&P MidCap 400 September 2024 Forecasts: Highest Score to the HOOD, CVNA, LPLA, ENTG, ENSG and MLI

<ul><li>Albertsons Companies performed strongly in the first quarter, with increased sales across all key metrics and market share gain in food and MULO. The highlight of the quarter was the 6.8% identical sales increase, largely backed by inflation and market share gains.</li><li>Albertsons also reported year-over-year adjusted EBITDA growth of 9% to $1.42 billion and adjusted EPS of $1 per share.</li><li>The company's digital sales grew by a notable 28% year-over-year, benefiting from the consumer shift toward e-commerce amid the pandemic.</li></ul>

Albertsons Companies performed strongly in the first quarter, with increased sales across all key metrics and market share gain in food and MULO. The highlight of the quarter was the 6.8% identical sales increase, largely backed by inflation and market share gains.Albertsons also reported year-over-year adjusted EBITDA growth of 9% to $1.42 billion and adjusted EPS of $1 per share.The company's digital sales grew by a notable 28% year-over-year, benefiting from the consumer shift toward e-commerce amid the pandemic.

Albertsons Companies: Initiation of Coverage - These Are The 4 Biggest Growth Drivers & 3 Biggest Challenges Ahead! - Major Drivers

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

After a year of COVID benefits, <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> is likely to return to its pre-pandemic ways including: low/no top line growth and margin pressure.  Difficult comps, increasing competition, fuel profit reversion, above average multiples and bullish estimates create risk to the downside.  Biggest risks are food inflation and an Ocado miracle.

After a year of COVID benefits, Kroger Co (KR US) is likely to return to its pre-pandemic ways including: low/no top line growth and margin pressure.  Difficult comps, increasing competition, fuel profit reversion, above average multiples and bullish estimates create risk to the downside.  Biggest risks are food inflation and an Ocado miracle.

Kroger (KR): Re-Opening Headwinds & Downside Risk

United States

Albertsons Companies, Inc. retails food and drugs products. The Company distributes fruits, vegetables, canned items, medicines, and other related goods. Albertsons serves customers in the United States.

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Albertsons Cos (ACI US)

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Albertsons Companies Inc.: Expanding Digital and Omnichannel Capabilities To Up Their Game! - Major Drivers

Albertsons Companies' first quarter of 2022 results showcased a strong performance across key financial and operational metrics, reflecting the...

Baptista Research

S&P MidCap 400 September 2024 Forecasts: Highest Score to the HOOD, CVNA, LPLA, ENTG, ENSG and MLI

Robinhood (HOOD), Entegris (ENTG) and LPL Financial Holdings (LPLA) are amongst the highest scoring addition candidates based on mcap, fcap,...

Dimitris Ioannidis

Albertsons Companies: Initiation of Coverage - These Are The 4 Biggest Growth Drivers & 3 Biggest Challenges Ahead! - Major Drivers

Albertsons Companies performed strongly in the first quarter, with increased sales across all key metrics and market share gain in food and MULO....

Baptista Research

Kroger (KR): Re-Opening Headwinds & Downside Risk

A grocer lapping huge market share and industry benefits including a jump in fuel profits that faces difficult comps, increasing competition,...

Robert C Prather Jr

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