Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Whilst Q4's list posted strong price performance it was a case that a rising tide floated most boats. As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. In Q1, the Altman Z score is at a market-cap-weighted 1.03 times, a significant decrease on the 1.52 in Q4. This deterioration needs to be monitored since earnings continue to be adjusted by analysts and their limited visibility of any bottoming. 25 stocks appear in our Q1 2021 screen, versus 15 in Q4 2020.</p>

Whilst Q4's list posted strong price performance it was a case that a rising tide floated most boats. As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. In Q1, the Altman Z score is at a market-cap-weighted 1.03 times, a significant decrease on the 1.52 in Q4. This deterioration needs to be monitored since earnings continue to be adjusted by analysts and their limited visibility of any bottoming. 25 stocks appear in our Q1 2021 screen, versus 15 in Q4 2020.

Screening the Silk Road: Q1 2021 High Risk Names to Avoid

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.

Equity Bottom-Up

Sky Network Television / Equity Bottom-Up

<ul>
<li>Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.</li>
<li>We modestly reduce our earnings estimates but retain OUTPERFORM.</li>
<li>We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.</li>
</ul>


Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees.
We modestly reduce our earnings estimates but retain OUTPERFORM.
We believe dividends can grow from FY26 and see its ~13% gross dividend yield as attractive.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd-af2d0155-cc59-4895-b0bb-f09346c5fd0c" target="_blank" data-smartkarma-citation="entities:50274:1" rel="noopener">Anker Innovations Technology (668 HK)</a> (AIT), a global consumer electronics company, raised around US$680m in its H-share listing.</li>
<li>AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Anker Innovations Technology (668 HK) (AIT), a global consumer electronics company, raised around US$680m in its H-share listing.
AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Anker Innovations Technology A/H Trading - Cheap Valuation but Weakish Demand

Japan Specialist

Mark Chadwick

<div><p><span xml:lang="EN-US" data-contrast="none">There has been growing awareness of the business case for inclusion and diversity (I&amp;D) in the workplace. In Japan, Prime Minister Suga has pledged continued government support for corporate governance reform and he would like to see more </span><span xml:lang="EN-US" data-contrast="none">women</span><span xml:lang="EN-US" data-contrast="none"> and foreigners in key positions. While many companies cite I&amp;D as a source of competitive advantage and a key enabler of growth, few academic studies have been able to prove a direct link between I&amp;D and financial performance. Our analysis on Japan’s larger companies suggests the following:</span><span data-ccp-props='{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}'> </span></p></div><div><ol style="list-style-type: decimal;" role="list" start="1"><li role="listitem" data-leveltext="%1." data-font="Calibri" data-listid="1" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"><p><span xml:lang="EN-US" data-contrast="none">Most Japanese companies have very low levels of diversity. Although the participation of women on the boards of Japanese companies is expanding, those with higher levels of diversity are yet to see any improvement in financial metrics or stock performance. </span><span data-ccp-props='{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}'> </span></p></li></ol></div><div><ol style="list-style-type: decimal;" role="list" start="2"><li role="listitem" data-leveltext="%1." data-font="Calibri" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><p><span xml:lang="EN-US" data-contrast="none">Our broad composite index of board entrenchment also bears little correlation with key metrics. However, boards that are younger on average do appear to be more effective, and are correlated with a broad range of operating metrics. </span><span data-ccp-props='{"201341983":0,"335551550":6,"335551620":6,"335559739":160,"335559740":259}'> </span></p></li></ol></div>

There has been growing awareness of the business case for inclusion and diversity (I&amp;D) in the workplace. In Japan, Prime Minister Suga has pledged continued government support for corporate governance reform and he would like to see more women and foreigners in key positions. While many companies cite I&amp;D as a source of competitive advantage and a key enabler of growth, few academic studies have been able to prove a direct link between I&amp;D and financial performance. Our analysis on Japan’s larger companies suggests the following: Most Japanese companies have very low levels of diversity. Although the participation of women on the boards of Japanese companies is expanding, those with higher levels of diversity are yet to see any improvement in financial metrics or stock performance.  Our broad composite index of board entrenchment also bears little correlation with key metrics. However, boards that are younger on average do appear to be more effective, and are correlated with a broad range of operating metrics.  

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Nissan Motor, Sony Financial, Mitsui Mining &amp; Smelting, Resonac, Orix, Rakuten, Kioxia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Nissan Motor, Sony Financial, Mitsui Mining &amp; Smelting, Resonac, Orix, Rakuten, Kioxia.


MS-Japan Index Earning Revision (Jun): Nissan Motor, Sony Financial, Mitsui Mining & Smelting, Orix

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Screening the Silk Road: Q1 2021 High Risk Names to Avoid

As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. 25 stocks...

David Lepper

Sky TV Playing Defense

Sky TV (SKT)’s competitive backdrop is becoming more challenging, both in entertainment and sports, but to varying degrees. We modestly reduce our...

Forsyth Barr

Aequitas: Anker Innovations Technology A/H Trading - Cheap Valuation but Weakish Demand

Anker Innovations Technology (668 HK) (AIT), a global consumer electronics company, raised around US$680m in its H-share listing. In this note, we...

Sumeet Singh

Japan Governance - Diversity Matters

Japanese companies have very low levels of board diversity. Participation by women is too low to see any tangible results yet, but more youthful...

Mark Chadwick

MS-Japan Index Earning Revision (Jun): Nissan Motor, Sony Financial, Mitsui Mining & Smelting, Orix

We analyzed MS-Japan's consensus for Jun 2026 and highlighted changes of EPS in Nissan Motor, Sony Financial, Mitsui Mining & Smelting, Resonac,...

Ke Yan, CFA, FRM

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