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Smartkarma Daily Briefs

Nov 28
0

Daily Brief ESG: Critical Role of Outside Directors Is an Issue Leading to a Majority of Independent Directors and more

By | Daily Briefs, ESG

In today’s briefing:

  • Critical Role of Outside Directors Is an Issue Leading to a Majority of Independent Directors
  • Buenaventura – ESG Report – Lucror Analytics

Critical Role of Outside Directors Is an Issue Leading to a Majority of Independent Directors

By Aki Matsumoto

  • Outside directors, initially just a number- matching and “just for show,” gradually improved amid demands for improved capital profitability and board practices as the foreign ownership increased.
  • It’s important to pay outside directors sufficient compensation to enable them to fulfill managerial responsibilities. The company needs to recruit talent with skills and background to achieve its business goals.
  • People who can make insightful and rational judgments in an independent position to fulfill their role for the long-term expansion of the company’s value should be appointed as outside directors.

Buenaventura – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Buenaventura’s ESG as “Adequate”, in line with its Social and Governance scores, while the Environmental pillar is “Weak”. Controversies are “Immaterial” and Disclosure is “Adequate”.

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Nov 28
0

Daily Brief Thematic (Sector/Industry): Do diamond miners have a future? (Paul Zimnisky) and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Do diamond miners have a future? (Paul Zimnisky)
  • Smart Trump, or Dumb Trump?
  • Ohayo Japan | U.S. Markets Slip Amid Inflation Concerns; Dell, HP Drag Tech Sector
  • Algorithm Regulation on China Internet Is A Slap on the Wrist
  • Japan Morning Connection: Japan Facing an Uphill Battle on Yen Strength and Weak Tape Overnight

Do diamond miners have a future? (Paul Zimnisky)

By Money of Mine

  • De Beers once had a monopoly in the diamond market, but now the industry is more of an oligopoly with major producers controlling a majority of global supply
  • Diamonds are non-fungible assets with a complex pricing dynamic due to various categories and qualities
  • Most diamonds are sold via contract, leading to less price volatility but allowing miners to adjust supply based on demand fluctuations

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Smart Trump, or Dumb Trump?

By Eric Wen

  • The election of Donald Trump with overwhelming majority changes the investment logic of our sectors and perhaps others. But besides acknowledging, what is actionable is the broad impact expected globally; 
  • Thus the questions of whether Trump’s policies will be successful, become important: how flexible they are, what are the signposts and who stand to benefit and be hurt;
  • Our standing assumption is that both MAGA and non-MAGA will claim victory.  We are assuming quality executions from the Trump team but the odds of achieving is still daunting.

Ohayo Japan | U.S. Markets Slip Amid Inflation Concerns; Dell, HP Drag Tech Sector

By Mark Chadwick

  • Inflation concerns weighing on sentiment after October’s Personal Consumption Expenditure (PCE) data showed a 2.3% annual increase, up from 2.1% in September
  • Dell Technologies and HP led declines among tech stocks. Dell slid 12.3% after mixed earnings and caution about gradual AI adoption
  • Sumitomo Corp is exploring a bid for Seven & i Holdings’ York Holdings, a business encompassing supermarket and retail chains

Algorithm Regulation on China Internet Is A Slap on the Wrist

By Andy Fu

  • Chinese government launched a special regulation to address algorithm of major Internet platforms, outlining 21 rectification requirements, which impacted Meituan, TRIP.com, and social media companies;
  • However, The rectification measures focused mostly on user operation, algorithm registration, and compliance, with an aim to strengthen government control over public opinion, but not on monetization;
  • We maintain that Chinese government needs the Internet platforms to boost consumption and employment, as manifested by Premier Li Qiang’s recent labeling  of Internet as New Quality Productivity Force.

Japan Morning Connection: Japan Facing an Uphill Battle on Yen Strength and Weak Tape Overnight

By Andrew Jackson

  • HP and Dell misses after-mkt yesterday setting off a wave of tech selling.
  • MSFT under antitrust scrutiny from the FTC raising concerns AI demand is too focused?
  • Panasonic briefing on AI continues to point to strong growth for its DC related server and power management solutions.

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Nov 28
0

Daily Brief Technical Analysis: Continue to Ride the Trend Higher; Upgrading Discretionary to Overweight; Overweight Mid/Small-Caps and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Continue to Ride the Trend Higher; Upgrading Discretionary to Overweight; Overweight Mid/Small-Caps

Continue to Ride the Trend Higher; Upgrading Discretionary to Overweight; Overweight Mid/Small-Caps

By Joe Jasper

  • Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in full swing; continue to ride the trend higher.
  • Our election day Compass report (11/5/24) was titled “Buy the Pullback,” and last week’s Compass (11/19/24) was similarly titled “Buy the Pullback Again” 
  • We continue to expect significant upside into year-end and the early part of 2025, with small- and mid-caps leading the way, and for index support at 20-day MAs.

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Nov 28
0

Daily Brief ECM: HULIC (3003 JP) – Crossholders Show Up with a BIG (Relative) Secondary Offering and more

By | Daily Briefs, ECM

In today’s briefing:

  • HULIC (3003 JP) – Crossholders Show Up with a BIG (Relative) Secondary Offering
  • FineToday Pre-IPO – Peer Comparison and Thoughts on Valuation
  • Hulic (3033 JP): A US$800 Million Secondary Offering
  • Hulic Co Placement – US$780m Cross-Shareholding Unwind Is a Large One for the Stock to Digest
  • Main Fact Checks on the Mix-Up Around Kum Yang’s Rights Offering Rollout
  • Carraro India Pre-IPO – Strategic Partnerships and Related Party Risks
  • Talabat Holding IPO Preview
  • Suraksha Diagnostic IPO: Premium Valuation Limits Near-Term Upside Potential
  • ServiceTitan IPO Preview: Great Success Story, Leader at Scale In The Trade Industry
  • Pre-IPO BrainAurora Medical Technology – Weak Growth Prospects Cannot Support High Valuation

HULIC (3003 JP) – Crossholders Show Up with a BIG (Relative) Secondary Offering

By Travis Lundy

  • Today, Hulic Co Ltd (3003 JP) announced a large secondary offering where about a quarter of the crossholdings will sell down holdings. Some exit entirely. Some partially. 
  • After this selldown, there is a fair bit more to go later, but more of that will be corporate. It’s a BIG offering: 55d of ADV and 55% of MRWF. 
  • It is “only” about $800mm and retail gets 80% of it. The high div yield will be a selling point but there is a lot of debt.

FineToday Pre-IPO – Peer Comparison and Thoughts on Valuation

By Sumeet Singh

  • CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP)in Japan.
  • FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
  • In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.

Hulic (3033 JP): A US$800 Million Secondary Offering

By Arun George

  • Hulic Co Ltd (3003 JP) has announced a secondary offering of up to 85.4 million shares (98.2 million including overallotment), worth around US$800 million (US$920 million including overallotment).
  • Unlike the 2021 offer, this is a pure secondary offering. It is smaller in terms of outstanding shares and 1-year ADV. The shares are hovering around all-time highs.
  • Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 December (likely 10 December).

Hulic Co Placement – US$780m Cross-Shareholding Unwind Is a Large One for the Stock to Digest

By Clarence Chu

  • A group of domestic financial institutions are looking to raise US$775m from trimming their stakes in Hulic Co Ltd (3003 JP).
  • The deal will be a large one to digest at 48 days of the stock’s three month ADV, representing 11% of its shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Main Fact Checks on the Mix-Up Around Kum Yang’s Rights Offering Rollout

By Sanghyun Park

  • The FSS’s correction deadline still starts from October 17, giving Kum Yang until January 16 next year to get everything in order.
  • We should still be all over this, as the major shareholder likely won’t participate, flooding the market with stock rights and unsubscribed shares, creating a prime 25% discount opportunity.
  • Kum Yang needs even this 200-300 billion KRW, so cancellation seems unlikely. With the FSS deadline on January 16, they’ll likely submit the revised report mid to late next month.

Carraro India Pre-IPO – Strategic Partnerships and Related Party Risks

By Akshat Shah

  • Carraro India Limited (810618Z IN) is looking to raise about US$216m in its India IPO.
  • Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
  • In this note, we talk about the company’s historical performance.

Talabat Holding IPO Preview

By Douglas Kim

  • Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. 
  • IPO price is between AED 1.50 ($0.41) and AED 1.60 per share. At the high end of IPO price range, Talabat could raise up to AED 7.5 billion (US$2 billion).
  • The final IPO offer price will be announced on Friday (29 November). This IPO is expected to start trading on 10 December. 

Suraksha Diagnostic IPO: Premium Valuation Limits Near-Term Upside Potential

By Tina Banerjee

  • Suraksha Diagnostic (1481262D IN) offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services in Eastern and North Eastern states of India.
  • The IPO comprises only an offer for sale of up to 19M equity shares, with no fresh issue. Suraksha Diagnostic has set price band of INR420–441 per share.
  • The floor price of the IPO reflects fair value of the company and discounts all near-term growth catalyst. We would advise not to subscribe the issue for listing gain.

ServiceTitan IPO Preview: Great Success Story, Leader at Scale In The Trade Industry

By Andrei Zakharov

  • ServiceTitan, a VC-backed cloud-based software company for the home and commercial service industries, files to go public and may raise up to $500M.
  • The company serves many trades, including plumbing, HVAC, garage doors, landscaping, pest control, water treatment, heating, construction and others.
  • ServiceTitan is well positioned as a leader at scale in the trade industry. They currently operate in the United States, Canada and see significant opportunity in international markets.

Pre-IPO BrainAurora Medical Technology – Weak Growth Prospects Cannot Support High Valuation

By Xinyao (Criss) Wang

  • Although DTx is considered a promising field, the industry is still in the early stages of trial and error development, and there is still a long distance from mature commercialization.
  • BrainAurora’s revenue YoY growth rate declined significantly. Considering the small revenue scale and slowdown in revenue growth, is it possible for BrainAurora to experience stagnant growth in the near future?
  • BrainAurora’s products haven’t been widely recognized in China’s hospitals/medical system, nor has it established a solid profit model.High valuation isn’t justified. We doubt if this field could bring good return.

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Nov 28
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Vedanta Resources, Seazen Group
  • In the US, October new home sales fell 17.3% m-o-m (-1.8% e / 7.0% revised p) to an annualised 610 k units, the lowest in almost two years, amid rising mortgage rates as well as disruptions caused by hurricanes Helene and Milton. Separately, the Conference Board consumer confidence index increased to 111.7 in November (111.8 e / 109.6 p), the highest since August 2023.
  • “November’s increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labour market. Compared to October, consumers were also substantially more optimistic about future job availability, which reached its highest level in almost three years”, according to Dana M. Peterson, Chief Economist at The Conference Board.

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Nov 28
0

Daily Brief Event-Driven: 7&I (3382 JP) – A York Holdings Deal And Warren Buffett? and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • 7&I (3382 JP) – A York Holdings Deal And Warren Buffett?
  • Vitasoy (345 HK): Trading Rich As Ng & Yeo Hiap Seng Up Their Exposure
  • Seven & I Holdings (3382 JP): Implications from the YORK Holdings Stake Sale
  • Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Last-Second Changes to the Last-Minute Changes
  • Shandong Hi-Speed New Energy (1250 HK): Shandong Hi-Speed Holdings (412 HK) Possible MGO
  • Digging into the Year-End Divvy Arbitrage Game in Korea’s Market
  • Fosun Tourism (1992 HK): Back Into The Fold?
  • Shandong Hi-Speed New Energy (1250 HK): Possible MGO At HK$1.78/Share.
  • Hulic Co (3003 JP) Placement: One Big Price Drop Could Lead to Another
  • Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

7&I (3382 JP) – A York Holdings Deal And Warren Buffett?

By Travis Lundy

  • The Seven & I Holdings (3382 JP) to rid itself of control of the Ito-Yokado, York Benimaru, Akachan Hompo, and Denny’s Japan businesses in York Holdings proceeds apace.
  • The First Round of bids is due tomorrow, apparently, and all manner of bidders have assembled. 
  • This leads to the question of a deal for the rest of 7&i. If a TradingCo is a natural co-investor for the Ito family (or ACT), so is Berkshire Hathaway.

Vitasoy (345 HK): Trading Rich As Ng & Yeo Hiap Seng Up Their Exposure

By David Blennerhassett

  • Yesterday, beverage maker Vitasoy Intl Holdings (345 HK) announced a 1H25E (Mar Y/E) net profit of HK$171mn, a 4.8% gain yoy. An interim dividend of HK$0.04/share (HK$0.014/share in 1H24), was declared.
  • What was absent from the announcement/briefing was any comment on Philip Ng Chee-tat’s and Yeo Hiap Seng (YHS SP)‘s recent buying in Vitasoy.
  • Ng, the younger brother of Sino Land (83 HK)‘s chairman Robert Ng Chee-siong, indirectly holds 12.26%, up from 5.22% on the 7th October. The share price is up 104% since.

Seven & I Holdings (3382 JP): Implications from the YORK Holdings Stake Sale

By Arun George

  • NHK reports that Seven & I Holdings (3382 JP)‘s first bidding round for a YORK Holdings stake ends on 28 November. The sale provides a third-party valuation benchmark for the asset. 
  • It is an incremental positive for the founding family MBO as it supports the post-privatisation strategy and assists in securing bank financing.
  • This is an incremental negative for Alimentation Couche-Tard (ATD CN) as it shows that the Board believes the restructuring plan will increase shareholder corporate value.  

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Last-Second Changes to the Last-Minute Changes

By Brian Freitas

  • There are now new changes forecast for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December for a total of 8 inclusions and 7 deletions.
  • Constituent changes along with capping changes will lead to a one-way turnover of 21.8% and in a one-way trade of TWD 75.8bn (US$2.33bn).
  • The potential changes had a big one-day move yesterday and we expect similar moves over the next couple of days.

Shandong Hi-Speed New Energy (1250 HK): Shandong Hi-Speed Holdings (412 HK) Possible MGO

By Arun George

  • Shandong Hi-Speed New Energy G (1250 HK) disclosed a possible mandatory unconditional offer from Shandong Hi-Speed Holdings Gro (412 HK) at HK$1.78, a 7.2% premium to the undisturbed price.
  • The offer is conditional on SDHS completing a sale and purchase agreement (SPA) to acquire CITIC Securities’ entire 13.52% stake at HK$1.78 per share.
  • The key precondition of the SPA is SDHS shareholder approval of an ordinary resolution relating to the SPA and the possible offer. The vote is a formality. 

Digging into the Year-End Divvy Arbitrage Game in Korea’s Market

By Sanghyun Park

  • For March KOSPI 200 futures, expect a 0.95% to 1% yield for spot-futures arbitrage, with contango depending on year-end ex-div trends and passive inflows.
  • Passive inflows into the value-up index in January and spillover effects into K200 futures, potentially fueling year-end contango due to overlap with KOSPI 200.
  • Prop trader dynamics are cooling off: Tax-driven buying in December, selling in January likely to ease, reducing the past backwardation. Without it, expect higher volatility in K200 futures.

Fosun Tourism (1992 HK): Back Into The Fold?

By David Blennerhassett

  • Fosun Tourism (1992 HK) a leisure-focused integrated tourism group, is currently suspended pursuant to the Takeovers Code.
  • Fosun Tourism was spun off from Fosun International (656 HK) in December 2018. Fosun Int’l currently holds 79.45% of shares out. 
  • Fosun Tourism gained ~8% yesterday on the highest volume in over two years. Recent news concerned Temasek-backed CapitaLand Investment (CLI SP) taking a 20-30% stake in Fosun Tourism’s subsidiary Club Med.

Shandong Hi-Speed New Energy (1250 HK): Possible MGO At HK$1.78/Share.

By David Blennerhassett

Hulic Co (3003 JP) Placement: One Big Price Drop Could Lead to Another

By Brian Freitas

  • Overnight, Hulic Co Ltd (3003 JP) announced a placement of 85.37m shares to unwind crossholdings and improve corporate value. There is an overallotment option for another 12.8m shares.
  • There will be limited passive buying in the short-term and the number of shares offered is a very large percentage of real float of the stock.
  • A price drop of 20% or more puts Hulic Co Ltd (3003 JP) at risk of deletion from a global index and could lead to a further price drop.

Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

By Arun George

  • Vitasoy Intl Holdings (345 HK)’s shares surged 19.5% on speculation that billionaire Philip Ng will launch a takeover offer due to recent share purchases.  
  • Philip Ng’s stakebuilding suggests three potential outcomes. The likely near-term outcome is that he continues to nudge up his stake and potentially seek Board representation.
  • Without the Lo family’s support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn’t very likely, as Vitasoy’s valuation looked frothy at the last close.  

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Nov 28
0

Daily Brief Equity Bottom-Up: Why Is India’s Paint Giant Asian Paint Falling? and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Why Is India’s Paint Giant Asian Paint Falling?
  • Kioxia Part 2: Financials (Under-Investments, Razor-Thin FCF), Valuations (Memory Cycle Has Peaked)
  • Genda // Taiju Watanabe
  • Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect
  • Siloam International Hospitals (SILO IJ) – Focusing on Hearts, Minds, Guts, and Mobility
  • Has the Kaonavi Story Changed? (4435 JP )
  • Ibotta Inc (IBTA) – Wednesday, Aug 28, 2024
  • China Dongxiang (3818 HK): Investment Gain Remains the Driver
  • Sariguna Primatirta (CLEO IJ) – More Than Pure Water
  • Shortlist of High Conviction Philippines Equity Ideas – November 2024

Why Is India’s Paint Giant Asian Paint Falling?

By Nimish Maheshwari

  • Asian Paints (APNT IN) reported a 42.4% drop in Q2FY25 net profit and a 5.3% revenue decline.
  • Intense competition, extended monsoons, weak urban demand, and margin pressures are impacting performance.
  • Asian Paints’ resilience hinges on premiumization, sustainability, and industrial coatings to offset short-term challenges.

Kioxia Part 2: Financials (Under-Investments, Razor-Thin FCF), Valuations (Memory Cycle Has Peaked)

By Nicolas Baratte

  • Kioxia has been under-investing in Capex (27% of revenue versus competitors 37%) and R&D (5% versus 11%) because Free Cash Flow is low, too low to pay back debt. 
  • The Memory cycle peaked in June-24 and NAND prices have been declining since. Memory stocks (Micron, Samsung, SK Hynix) peaked in June. 
  • The valuations multiples that reconcile with a US$4.9bn market value are half or one-third that of competitors. A huge discount is applied, reflecting the financial and technological weakness of Kioxia. 

Genda // Taiju Watanabe

By Quality Investing

  • Gravitation towards businesses with traditional competitive advantages and large reinvestment runways for future outperformance
  • Genda’s growth primarily through mergers and acquisitions in the Japanese entertainment industry, taking advantage of the aging population of business owners
  • CFO Taiju Watanabe’s background in Goldman Japan Investment Banking and transition to Jinda, highlighting the company’s potential for growth and profitability

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Taiwan Tech Weekly: New China Tech Restrictions Monday; PC Demand Commercial Vs. Consumer Disconnect

By Vincent Fernando, CFA

  • US Set to Unveil New Wave of Semiconductor Restrictions on China
  • Hon Hai Subsidiary Says Progress for Nvidia GB200 Servers is Smooth, Mass Production in 2025E
  • PC Monitor: Dell & HPQ Highlight Sharp Divide Between Corporate and Consumer PC Demand; Shares Slump 

Siloam International Hospitals (SILO IJ) – Focusing on Hearts, Minds, Guts, and Mobility

By Angus Mackintosh

  • Siloam International Hospitals continues to establish a track record of improving returns through greater cost efficiencies and higher treatment intensity, focusing on the CONGO range of treatments.
  • The company has seen strong growth in inpatient and outpatient admissions, with a growing portion coming through digital channels, and an increase in average revenue per operating bed.
  • Siloam has maintained a beneficial payee mix and continues to expand its new hospitals in a measured way, helping to underpin future growth. Valuations remain attractive on 7.9x FY2025E EV/EBITDA.

Has the Kaonavi Story Changed? (4435 JP )

By Michael Fritzell

  • On Monday, I had the great pleasure to speak to Kaonavi’s (4435 JP – US$131 million) CFO, Kimitaka Hashimoto.
  • He provided color on Kaonavi’s second-quarter earnings result, which were released on 13 November and led to a negative reaction from the market.
  • In short, Kaonavi is a Japanese developer of talent management software. It helps companies manage their employees by solving staffing problems, designing their organizational structure, performance reviews, surveys, training, internal recruitment, etc.

Ibotta Inc (IBTA) – Wednesday, Aug 28, 2024

By Value Investors Club

  • Ibotta operates a performance network connecting consumers with CPG companies and retailers for digital promotions and cashback rewards
  • Despite a successful IPO, Ibotta has seen a significant derating due to failing to meet expectations
  • Strong partnerships, growing user base, and unique business model suggest potential for a 56% upside towards a price target of $90 and eventually $120

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

China Dongxiang (3818 HK): Investment Gain Remains the Driver

By Osbert Tang, CFA

  • China Dongxiang (3818 HK) turned around in 1H FY25 as it reported a net profit of Rmb137m, vs. losses of Rmb410m a year ago. Interim DPS increased 92.7% YoY.
  • Investment gain is the key driver, reaching Rmb171m in the period, compared with losses of Rmb497m previously. Most investment categories contributed positively. 
  • CDNX trades on a 76.9% discount to its SOTP value and a P/B of just 0.22x. Net cash amounted to Rmb3.2bn, or 58.3% more than its market capitalisation. 

Sariguna Primatirta (CLEO IJ) – More Than Pure Water

By Angus Mackintosh

  • Sariguna Primatirta (CLEO IJ) continues to impress in terms of both growth and profitability for 9M2024 and looks well on track to exceed its guidance for 2024 substantially.
  • The company has continued to expand its factory network outside Java this year, with three new factories due to be completed making it the largest water factory network in Indonesia.
  • CLEO continue to launch innovative new variants with its most recent 1-litre variant aimed at increasing outdoor activities, and a new recycled bottle also being launched. Valuations attractive versus growth.  

Shortlist of High Conviction Philippines Equity Ideas – November 2024

By Sameer Taneja

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Nov 28
0

Daily Brief Macro: Flash Liquidity Update: A USD liquidity PUT is now in place and more

By | Daily Briefs, Macro

In today’s briefing:

  • Flash Liquidity Update: A USD liquidity PUT is now in place
  • Rubber Cultivation Goes Up In Leaps And Bounds In India’s Northeast
  • The Drill: Fade the tough Trump tariff talks
  • Green Bubble Deflating
  • Why I just switched from RBOT to ROBO
  • CX Daily: China’s Multitrillion-Dollar Salve for Local Government Hidden Debt

Flash Liquidity Update: A USD liquidity PUT is now in place

By Andreas Steno

  • We just received the meeting minutes from the November FOMC meeting, which include two important takeaways on liquidity—both of which are positive.
  • We have been highlighting for some time that markets are trading close to pain thresholds in USD liquidity (and below them in EUR liquidity).
  • The Fed is now acknowledging the need for a “put” on liquidity levels.

Rubber Cultivation Goes Up In Leaps And Bounds In India’s Northeast

By Vinod Nedumudy

  • INROAD project prompts Tripura to extend CM’s Rubber Mission
  • Nagaland aims to cover 30,000 hectares with rubber by 2030
  • Northeast starts getting saplings from its own nurseries

The Drill: Fade the tough Trump tariff talks

By Ulrik Simmelholt

  • The recent threats of heavy tariffs on Canada and Mexico appear to be aimed at pressuring those governments to address U.S. concerns regarding immigration and drug enforcement.
  • While it’s unlikely these tariffs will materialize, the threat serves as a strong incentive for both countries to take action on closing the border and curbing the flow of fentanyl into the U.S. Trump has effectively imposed a hard deadline of January 20th for these efforts, signaling a stark departure from the Biden administration’s earlier carrot-based approach, which focused on incentivizing Mexico with financial support to manage border issues.
  • In contrast, Trump is clearly opting for the stick over the carrot.

Green Bubble Deflating

By Phil Rush

  • Donald Trump’s re-election breaks global momentum in green policies. The COP29 flop demonstrated the green bubble’s deflation amid a return of much-needed pragmatism.
  • The EU and UK face competitive pressure to soften their few plans to lower emissions. For example, mandating synthetic fuel would pivot clear from China’s EV advantage.
  • Preserving the non-green capital stock would reverse some stagflationary pressures. Adaptation remains the answer to climate change, even if many don’t want to hear it.

Why I just switched from RBOT to ROBO

By Mark Tinker

  • In our multi theme portfolios (both managed accounts and in the UCITS strategy we run with Toscafund*) one of the longest and most stable positions has been in the I- Shares Robotics and Automation fund (RBOT) since we see this as an enduring long term thematic.
  • However, we have just switched it to a different ETF, the L&G fund, ROBO and the reason for writing this is that the reasons for doing it reflect some important conflicts within markets and within ETFs themselves.
  • When we invest thematically, we use baskets (currently in the form of ETFs) in order to diversify our stock specific risk.

CX Daily: China’s Multitrillion-Dollar Salve for Local Government Hidden Debt

By Caixin Global

  • Debt / In Depth: China’s multitrillion-dollar salve for local government hidden debt
  • Argentina /: Argentinian President’s ‘chainsaw’ economic reforms catch Elon Musk’s eye
  • Jobless /: Hong Kong to require unpaid work for jobless welfare recipients

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Nov 28
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

Valeura Energy (TSX: VLE): Higher flow rates than expected and potential reserves upside at Jasmine

By Auctus Advisors

  • • Production at Jasmine has increased to 9,8mbbl/d over the last seven days following the drilling of five new infill wells.
  • This is higher than we expected and represents an increase of >2 mbbl/d.
  • • Corporate production in September and October was already at ~26.4 mbbl/d.

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Nov 28
0

Daily Brief Australia: ADX Energy Ltd, Readcloud Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • ADX Energy (ASX: ADX): Water Inflow from a Small Interval in Welchau Deeper Formation.
  • ReadCloud RaaS Interview Transcript 28 November 2024

ADX Energy (ASX: ADX): Water Inflow from a Small Interval in Welchau Deeper Formation.

By Auctus Advisors

  • Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces.
  • Gas was initially observed at surface.
  • While the achieved flow rate highlights the high permeability of the natural fractures, the absence of hydrocarbons is disappointing and surprising given the results of the logs, the inflow of gas while drilling, the analysis of the retrieved cores (with indication of hydrocarbons) and the fact that down hole oil samples were recovered from this interval.

ReadCloud RaaS Interview Transcript 28 November 2024

By Research as a Service (RaaS)

  • RaaS Research Group conducted an interview with ReadCloud’s CEO Andrew Skelton and CFO Luke Murphy post the company’s FY24 results.
  • This is a full transcript.

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