External broker reports(aggregated public sources), Rong Viet Securities

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External broker reports(aggregated public sources)

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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

<ul><li>Business results declined compared to Q2 2024 but showed recovery from the previous quarter.</li><li>Net revenue and NPAT-MI reached VND 4,257 billion (-29% YoY, +7% QoQ) and VND 88 billion (-49% YoY, +40% QoQ), respectively.</li><li>Sales volume of galvanized steel products recorded 202,000 tons (-14% YoY, +2% QoQ), which was impacted by weaker export market demand compared to Q2 2024. </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.

Business results declined compared to Q2 2024 but showed recovery from the previous quarter.Net revenue and NPAT-MI reached VND 4,257 billion (-29% YoY, +7% QoQ) and VND 88 billion (-49% YoY, +40% QoQ), respectively.Sales volume of galvanized steel products recorded 202,000 tons (-14% YoY, +2% QoQ), which was impacted by weaker export market demand compared to Q2 2024. 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>The bigger question for investors is whether <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will keep up with global auto market needs or will they suffer as Toyota may suffer?</li>
<li>The FSS may put the breaks on <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>'s massive capital raise. </li>
<li>Murakami-San has won <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. </li>
</ul>


The bigger question for investors is whether Denso Corp (6902 JP) will keep up with global auto market needs or will they suffer as Toyota may suffer?
The FSS may put the breaks on Korea Zinc (010130 KS)'s massive capital raise. 
Murakami-San has won Exedy Corp (7278 JP). The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. 


Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

<ul>
<li>Yesterday morning (29th October), Aussie independent brewer <a href="https://www.smartkarma.com/entities/good-drinks-australia-ltd" target="_blank" data-smartkarma-citation="entities:18144:1" rel="noopener">Good Drinks Australia (GDA AU)</a> proposed a voluntary delisting from the ASX.  Shares promptly closed down 26%. </li>
<li>Such a proposal requires a special resolution vote. And no shareholders are required to abstain. There will be no cash alternative. </li>
<li>Shareholders can either choose undervalued, illiquid shares under the transparency of the ASX; or an uncertain unlisted environment in which the board believes it can realise superior value. </li>
</ul>


Yesterday morning (29th October), Aussie independent brewer Good Drinks Australia (GDA AU) proposed a voluntary delisting from the ASX.  Shares promptly closed down 26%. 
Such a proposal requires a special resolution vote. And no shareholders are required to abstain. There will be no cash alternative. 
Shareholders can either choose undervalued, illiquid shares under the transparency of the ASX; or an uncertain unlisted environment in which the board believes it can realise superior value. 


External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. 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>Through its very deliberate strategy to reduce contract brewing, increase own- brand, partner on agency distribution, and diversify through venues, GDA is outperforming the broader beer market.</li><li>It is not expensive, trading on 9.4x FY23 and 6.6x FY24 EV/EBITDA. Peers trade on 12x and 10x respectively with typical takeout multiples of 14x.</li><li>It has scale, experienced management, and while perhaps making itself less attractive to suitors as it adds venues (international brewers prefer production volume, not hospitality operations), it is an appealing story.</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.

Through its very deliberate strategy to reduce contract brewing, increase own- brand, partner on agency distribution, and diversify through venues, GDA is outperforming the broader beer market.It is not expensive, trading on 9.4x FY23 and 6.6x FY24 EV/EBITDA. Peers trade on 12x and 10x respectively with typical takeout multiples of 14x.It has scale, experienced management, and while perhaps making itself less attractive to suitors as it adds venues (international brewers prefer production volume, not hospitality operations), it is an appealing story.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.

Good Drinks Australia Limited (GDA) - Signs of Consumer Spend Caution

<ul><li>GDA’s commitment to its national expansion strategy and increase in own-brand production volumes remains steadfast.</li><li>The planned acquisition of Victoria-based Stomping Ground, an accelerated focus on marketing, and the development of the Queensland market are all designed to provide scale advantage and national exposure.</li><li>With GDA’s renewed growth ambitions comes extra cost. </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.

GDA’s commitment to its national expansion strategy and increase in own-brand production volumes remains steadfast.The planned acquisition of Victoria-based Stomping Ground, an accelerated focus on marketing, and the development of the Queensland market are all designed to provide scale advantage and national exposure.With GDA’s renewed growth ambitions comes extra cost. 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.

Good Drinks Australia Limited (GDA) - Sustained Pursuit of Decisive Expansion Strategy

Australia

Good Drinks Australia Ltd operates as a beverage company. The Company manufactures beer and alcoholic drinks. Good Drinks Australia serves customers in Australia.

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Good Drinks Australia (GDA AU)

GDA - Clear Signs of Gradual Recovery

Net revenue and NPAT-MI reached VND 4,257 billion (-29% YoY, +7% QoQ) and VND 88 billion (-49% YoY, +40% QoQ), respectively.

Rong Viet Securities

Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

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

Good Drinks (GDA AU): Last Call

GDA shareholders can either choose undervalued, illiquid shares under the transparency of the ASX; or an uncertain unlisted environment in which...

David Blennerhassett

Good Drinks Australia Limited (GDA) - Signs of Consumer Spend Caution

It is not expensive, trading on 9.4x FY23 and 6.6x FY24 EV/EBITDA. Peers trade on 12x and 10x respectively with typical takeout multiples of 14x.

Taylor Collison

Good Drinks Australia Limited (GDA) - Sustained Pursuit of Decisive Expansion Strategy

An additional $2m of expected sales and marketing spend feeds through our revised FY23 forecasts to a new 12-month target price of $0.96, down from...

Taylor Collison

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