Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

Step One Clothing Pty Ltd / Equity Bottom-Up

<ul>
<li>Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear.,</li>
<li>A H1 FY23 sales decline of 5.7% was better than our industry average estimate of -19%, while  EBITDA was in-line with the pcp, the highest of any industry peer. </li>
<li>On our estimates this superior business model currently trades at a PER of 1.0x ex-cash. Inventory is the key risk, currently representing ~two years’ sales, but is low fashion risk.leared.</li>
</ul>


Step One Clothing (ASX:STP) is a Direct to Consumer (DTC), 100%-own-brand underwear retailer specialising in anti-chafe bamboo underwear across men’s and women’s wear.,
A H1 FY23 sales decline of 5.7% was better than our industry average estimate of -19%, while  EBITDA was in-line with the pcp, the highest of any industry peer. 
On our estimates this superior business model currently trades at a PER of 1.0x ex-cash. Inventory is the key risk, currently representing ~two years’ sales, but is low fashion risk.leared.


Step One Holdings Ltd - Underwear Under Valued

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to move sideways up, with the support at 1,612/1,600 points and the resistance at 1,630/1,640 points.</li><li>The primary positive factor is the lower-than-expected Thai inflation in November, which may lessen the pressure on the MPC to aggressively hike interest rates while also aiding the recovery of domestic consumption.</li><li>We suggest trading buy on domestic plays.</li></ul>

The SET Index is expected to move sideways up, with the support at 1,612/1,600 points and the resistance at 1,630/1,640 points.The primary positive factor is the lower-than-expected Thai inflation in November, which may lessen the pressure on the MPC to aggressively hike interest rates while also aiding the recovery of domestic consumption.We suggest trading buy on domestic plays.

Krungthai XSpring Zoom Eng. December 8, 2022

<ul><li>The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.</li><li>The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.</li><li>We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.</li></ul>

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points.The advance should be supported by the expected MoM decline in the US jobs report for November (released tonight), which would increase the likelihood of the Fed slowing down its rate hikes at its December meeting, as the market remains in an uptrend, with the first target at 1,672 points.We maintain our recommendation of selective buy, with our stock picks being SMT, SPALI and MINT.

Krungthai XSpring Zoom Eng. December 2, 2022

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mydeal-com-au-ltd" target="_blank" data-smartkarma-citation="entities:30939:1" rel="noopener">MyDeal.com.au Ltd (MYD AU)</a> entered a SID with <a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a> to acquire an 80.2% interest. Shareholders will receive A$1.05 per share, a 62.8% premium to the unaffected price. </li>
<li>The three largest shareholders, representing 76.0% of outstanding shares, will vote in favour of the deal. The scheme meeting is set for 3Q. </li>
<li>This is a done deal. At the last close price, the gross and annualised spread for an October implementation date is 4.5% and 10.1% respectively.  </li>
</ul>



MyDeal.com.au Ltd (MYD AU) entered a SID with Woolworths Ltd (WOW AU) to acquire an 80.2% interest. Shareholders will receive A$1.05 per share, a 62.8% premium to the unaffected price. 
The three largest shareholders, representing 76.0% of outstanding shares, will vote in favour of the deal. The scheme meeting is set for 3Q. 
This is a done deal. At the last close price, the gross and annualised spread for an October implementation date is 4.5% and 10.1% respectively.  


MyDeal.com.au Gets a A$1.05 Offer from Woolworths

Australia

Step One Clothing Pty Ltd retails apparels and accessories.

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Step One Clothing Pty Ltd (STP AU)

Step One Holdings Ltd - Underwear Under Valued

It is our view that the market has completely missed Step One's better-than-peer H1 performance and H2 FY23 outlook. We estimate this superior...

Research as a Service (RaaS)

Krungthai XSpring Zoom Eng. December 8, 2022

The SET Index is expected to move sideways up, with the support at 1,612/1,600 points and the resistance at 1,630/1,640 points. The primary...

Krungthai XSpring

Krungthai XSpring Zoom Eng. December 2, 2022

The SET Index is expected to increase, with the resistance at 1,660/1,672 points and the support at 1,640/1,635 points. The advance should be...

Krungthai XSpring

MyDeal.com.au Gets a A$1.05 Offer from Woolworths

Woolworths will acquire an 80.2% interest at A$1.05 per share. This is a done deal. At the last close price, the annualised spread for an October...

Arun George

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