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Smartkarma Daily Briefs

Daily Brief Health Care: China Traditional Chinese Medicine, Alnylam Pharmaceuticals, Sichuan Kelun-Biotech Biopharm, Avantor and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Boral, CSR, Ansarada, TCM, Snow Peak, Azure Min, Genetron
  • Alnylam Pharmaceuticals: Progress of the HELIOS-B Study & 4 Other Major Drivers
  • China Healthcare Weekly (Feb.23)- TCM Ushers in a Harvest Period, Biotech Bottom-Line, Kelun-Biotech
  • Avantor Inc: Is The Growth in the Aerospace and Defense Market Changing The Game? – Major Drivers


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Boral, CSR, Ansarada, TCM, Snow Peak, Azure Min, Genetron

By David Blennerhassett


Alnylam Pharmaceuticals: Progress of the HELIOS-B Study & 4 Other Major Drivers

By Baptista Research

  • Alnylam Pharmaceuticals reported solid progress across all business areas in 2023, delivering robust product growth for its four wholly-owned commercial medicines, and reaching a milestone of over 5,000 patients now on an Alnylam commercial RNAi therapeutic.
  • The company recorded $1.24 billion in global net product revenues.
  • Alnylam also extended its leadership in RNAi therapeutics, including pioneering delivery of RNAi therapeutics to adipose and muscle tissues.

China Healthcare Weekly (Feb.23)- TCM Ushers in a Harvest Period, Biotech Bottom-Line, Kelun-Biotech

By Xinyao (Criss) Wang

  • Thanks to the continuous support of policies, the TCM industry has ushered in a harvest period. So, TCM remains to be a relatively certain field for investment in China healthcare. 
  • Biotech companies must meet several conditions in order to have good long-term development, such as sufficient financial support, at least one blockbuster product and high moral standard of the management.
  • Reasonable valuation of Sichuan Kelun-Biotech Biopharm (6990 HK) is about RMB15 billion. So, we think it is now overvalued. Meanwhile, restricted shares will be lifted 12 months after the IPO.

Avantor Inc: Is The Growth in the Aerospace and Defense Market Changing The Game? – Major Drivers

By Baptista Research

  • Avantor delivered fourth quarter business results at the high end of their guidance across key financial metrics, including a core organic revenue decline of 4.8%, adjusted EBITDA margin of 17.5% and adjusted EPS of $0.25.
  • They demonstrated robust cash flow management and considerable debt reduction, exceeding their guidance range.
  • The company experienced industry wide headwinds due to inventory destocking and cautious customer spending.

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Daily Brief Financials: China International Capital Corporation, Coinbase Global and more

By | Daily Briefs, Financials

In today’s briefing:

  • A/H Premium Tracker (To 23 Feb 2024):  Liquid AH Premia See Sharpest Fall in a LOONG (He-He) Time
  • Coinbase Global: Paradox of Its Market Dominance and Regulatory Hurdles! – Major Drivers


A/H Premium Tracker (To 23 Feb 2024):  Liquid AH Premia See Sharpest Fall in a LOONG (He-He) Time

By Travis Lundy

  • The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
  • SOUTHBOUND and NORTHBOUND flows net positive. AH premia on average fell so Hs OUTperformed As by 2.1%. Liquid Hs saw their H outperform the A by 3.1% on average.
  • Last week was the sharpest one-week fall in AH premium in a very long time.  SOUTHBOUND Flows Monitor here. NORTHBOUND Flows Monitor here.

Coinbase Global: Paradox of Its Market Dominance and Regulatory Hurdles! – Major Drivers

By Baptista Research

  • This is our first report on Coinbase Global Inc, a leading cryptocurrency exchange company.
  • In the recent earnings, the management reported cost cuts of 45% year-over-year which led to positive net income of $95 million for the year, alongside total revenue of $3.1 billion and $964 million in positive adjusted EBITDA. According to the CEO, Brian Armstrong, the company’s success has been based on long-term thinking, regulatory compliance, and operational efficiency, despite the challenging crypto market environment.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

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Most Read: China Traditional Chinese Medicine, Amazon.com Inc, Gree Inc, Jusung Engineering, Samsung C&T, Celltrion Inc, Fast Retailing, Reddit , Alteogen Inc and more

By | Daily Briefs, Most Read

In today’s briefing:

  • TCM (570 HK): Sinopharm’s $4.60/Share Offer
  • Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)
  • Gree (3632 JP) – Overnight Offering in Asset-Rich Value Trap as KDDI Sells Out
  • China Traditional Chinese Medicine (570 HK): Sinopharm-Led Pre-Conditional Offer at HK$4.60
  • FnGuide Semiconductor Top10 Index Rebalance Preview: One Change Likely; Close Among Potential Adds
  • The Launch of 1st Corporate Value Up ETF on 27 February – Focus on Low PBR and Cash Flow
  • FnGuide Top10 Equal Weight Index Rebalance Preview: Celltrion Could Replace Samsung SDI
  • HK CEO & Director Dealings (23 Feb 2024): Fast Retailing, Far East Consortium, Pharmaron Beijing
  • Reddit IPO Preview
  • Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst


TCM (570 HK): Sinopharm’s $4.60/Share Offer

By David Blennerhassett

  • $4.60/Share. That’s the number – by way of a Scheme – that only matters. Below the recently rumoured $6/share, and $5.10/share a little over three years ago. Terms are final.
  • As widely expected, the Offeror is SASAC-managed China National Pharmaceutical Group Corporation (CNPGC), indirectly owning 32.46% in China Traditional Chinese Medicine (570 HK) (TCM) via Sinopharm Group Hongkong,
  • Optically, the Offer price appears light. But this should still get up. TCM is trading rich to peers. No other competing bidder will emerge. Expect regulatory pre-cons to be fast-tracked.

Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

By Brian Freitas


Gree (3632 JP) – Overnight Offering in Asset-Rich Value Trap as KDDI Sells Out

By Travis Lundy

  • Today after the close, KDDI Corp (9433 JP) and Gree Inc (3632 JP) announced that KDDI would offer its 8,000,000 shares in Gree in an international offering through Mizuho Intl.
  • The deal comes at a decently large discount and the stock is quite downtrodden. Especially when compared to its venture assets and cash, assuming invested amount is remotely viable.
  • The problem is that too much of revenue isn’t earning much, so this sits in a Value Trap category. Shareholder structure makes it difficult to do buybacks.

China Traditional Chinese Medicine (570 HK): Sinopharm-Led Pre-Conditional Offer at HK$4.60

By Arun George

  • China Traditional Chinese Medicine (570 HK) announced a privatisation offer from the Sinopharm-led consortium at HK$4.60 per share, a 47.4% premium to the undisturbed price.
  • The pre-condition relates to various Chinese regulatory approvals. As SOE entities own the offeror, regulatory approvals will be a formality. The offer price is final. 
  • Ping An Insurance (H) (2318 HK), which holds a blocking stake, will be supportive. The offer is fair when the previously (higher) rumoured offers are adjusted for the market downturn. 

FnGuide Semiconductor Top10 Index Rebalance Preview: One Change Likely; Close Among Potential Adds

By Brian Freitas


The Launch of 1st Corporate Value Up ETF on 27 February – Focus on Low PBR and Cash Flow

By Douglas Kim

  • Samsung Asset Management announced today that it will be launching the first Corporate Value Up ETF on 27 February. It will focus on low PBR and positive cash flow generators.
  • This ETF which will be called KoAct Dividend Growth Active ETF. There are about 45 stocks that are expected to be included in this ETF. 
  • Among the 92 companies in KOSPI 200 that are trading at less than 1x PBR, those that generate positive free cash flow are outperforming significantly. 

FnGuide Top10 Equal Weight Index Rebalance Preview: Celltrion Could Replace Samsung SDI

By Brian Freitas


HK CEO & Director Dealings (23 Feb 2024): Fast Retailing, Far East Consortium, Pharmaron Beijing

By David Blennerhassett


Reddit IPO Preview

By Douglas Kim

  • Reddit is getting ready for an IPO in the United States in the next several weeks. It is expected that this IPO will be completed in March. 
  • The company was previously valued at US$10 billion in a funding round in 2021. It is expected that the company could sell about 10% of its shares in this IPO.
  • Reddit may be seeking a valuation of at least US$5 billion in this IPO, which would be nearly half its valuation it received in 2021 in a private funding round. 

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

By Tina Banerjee

  • Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
  • Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
  • Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  

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Daily Brief Technical Analysis: Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary


Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

By Joe Jasper

  • Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.
  • As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.
  • Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks

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Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Feb 16th): Seek and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Feb 16th): Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways
  • Hong Kong Buybacks Weekly (Feb 23rd): AIA, HSBC, Yum China


ASX Short Interest Weekly (Feb 16th): Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Feb 16th (reported today) which has an aggregated short interest worth USD18.0bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Seek, Origin Energy, Woodside Energy, ANZ, Qantas Airways.

Hong Kong Buybacks Weekly (Feb 23rd): AIA, HSBC, Yum China

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 23rd based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), HSBC (5 HK), Yum China (9987 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), HSBC (5 HK), Xiaomi (1810 HK).

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Daily Brief Credit: Morning Views Asia: Lenovo and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Lenovo


Morning Views Asia: Lenovo

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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Daily Brief ECM: Reddit IPO Preview and more

By | Daily Briefs, ECM

In today’s briefing:

  • Reddit IPO Preview


Reddit IPO Preview

By Douglas Kim

  • Reddit is getting ready for an IPO in the United States in the next several weeks. It is expected that this IPO will be completed in March. 
  • The company was previously valued at US$10 billion in a funding round in 2021. It is expected that the company could sell about 10% of its shares in this IPO.
  • Reddit may be seeking a valuation of at least US$5 billion in this IPO, which would be nearly half its valuation it received in 2021 in a private funding round. 

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Daily Brief Thematic (Sector/Industry): AUCTUS ON FRIDAY – 23/02/2024 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • AUCTUS ON FRIDAY – 23/02/2024
  • SPAC Rules – A Case of After the Lord Mayor’s Show


AUCTUS ON FRIDAY – 23/02/2024

By Auctus Advisors

  • ADX Energy (ADX AU)C; target price of £A$0.65 per share: Drilling update in Austria – Drilling operations at the high impact Welchau prospect are now expected to commence on 24 February with a duration of ~39 days.
  • ADX will now use the RED E200 rig instead of RED E202.
  • Arrow Exploration (AXL LN/CN)C; target price of £0.60 per share: Successful appraisal drilling expected to boost reserves – The CN-5 well encountered 45 feet of Ubaque pay to base of sand with 25% porosity and 5 Darcy permeability.

SPAC Rules – A Case of After the Lord Mayor’s Show

By Water Tower Research

  • SPAC IPO market continues at a slow pace. The first seven weeks of 2024 have seen four new SPACs come to market.
  • By comparison, there have been more than three times as many traditional IPO listings since the start of the year.
  • On a more positive note, two of the three SPAC IPOs priced in February have been relatively sizeable offerings: Legato Merger Corp III (LEGT) generated gross proceeds of $201.25 million, while Helix Acquisition Corp II (HLXB) delivered $184 million in funds to its trust. 

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Daily Brief Equity Bottom-Up: TSMC (2330.TT; TSM.US): The Implications of Feb Sales and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.
  • Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst
  • Cisco Systems: How Successful Are Their Efforts Of Digging Into AI? – Major Drivers
  • Deep Value Driller (DVD) – Thursday, Nov 23, 2023
  • Inox Wind Merger: Behind the Arbitrage
  • LATAM Group – Strong Momentum and Strategic Opportunities
  • Sony Corporation: Expansion of smartphone market
  • Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! – Financial Forecasts
  • DaVita Inc: 5 Biggest Catalysts Of Their Future Growth! – Financial Forecasts
  • Occidental Petroleum Corporation: Enhanced Oil Recovery (EOR) and Growth Strategy In 2024! – Major Drivers


TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

By Patrick Liao

  • Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.
  • We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the “Wassenaar Arrangement.” 
  • The price hike of NVIDIA Corp (NVDA US) by US$785.38 on February 22 in the US market could signal an important development in the AI sector.

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

By Tina Banerjee

  • Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
  • Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
  • Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  

Cisco Systems: How Successful Are Their Efforts Of Digging Into AI? – Major Drivers

By Baptista Research

  • Cisco Systems Inc.’s fiscal second-quarter results demonstrated a mix of positives and negatives, balanced by the company’s flexible strategic route and shifting market conditions.
  • Revenue for the quarter edged at the high end of the company’s guidance range, owing to robust operating leverage across business segments that surpassed margin expectations and facilitated better-than-expected earnings per share.
  • A total of $2.8 billion value was returned to investors through dividends and share buybacks, evidencing Cisco’s ongoing commitment to its shareholders.

Deep Value Driller (DVD) – Thursday, Nov 23, 2023

By Value Investors Club

Key points

  • Oslo-listed company focused on residual value of a 7th generation UDW drillship acquired at low cost before offshore market downturn
  • Market cap of USD 187 million with potential for dividends and special payouts
  • Secured charter contract with Saipem, poised to generate significant revenue and deliver solid returns for investors

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.


Inox Wind Merger: Behind the Arbitrage

By Nitin Mangal

  • INOX India Limited (INOX IN) ( or IWL) and Inox Wind Energy (IWEL IN) (or IWEL) have announced a merger, where IWEL will be amalgamated with IWL
  • The share swap ratio in the scheme of amalgamation gives a very evident arbitrage opportunity. 
  • The arbitrage opportunity has become bigger than when announced in June 2023. While the strategy is still possible, we try to justify the market behaviour.

LATAM Group – Strong Momentum and Strategic Opportunities

By Neil Glynn

  • LATAM Group surprised the market with strong guidance for 2024 earnings growth following upgrades through 2023. We raise our 2024 EBITDAR 14% to $2.8bn.
  • A successful restructuring under Chapter 11, and market leadership in key regions, is paying off for LATAM as demand remains robust.
  • Such a strong recovery positions it to make further strategic gains, particularly with the risk that competitor GOL must shrink its fleet through its own CH11 processs.

Sony Corporation: Expansion of smartphone market

By Baptista Research

  • Based on the Q3 consolidated financial results announcement for Sony Group Corporation for FY 2023, the company showed considerable resilience against some difficult market conditions.
  • One critical highlight was the significant increase of 22% in consolidated sales for the quarter compared to the same quarter the previous fiscal year, reaching a record high of JPY 3,747.5 billion.
  • Notably, the operating income and net income also increased substantially year-on-year and reached the second-highest level on a quarterly basis.

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! – Financial Forecasts

By Baptista Research

  • Lyft’s positive financial performance and future expectations make it an attractive investment opportunity.
  • Lyft’s 2023 performance was marked by significant growth in the company’s rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.
  • This growth demonstrates the strong demand for Lyft’s service, which bodes well for its future performance.

DaVita Inc: 5 Biggest Catalysts Of Their Future Growth! – Financial Forecasts

By Baptista Research

  • DaVita, a healthcare company specializing in kidney care and dialysis services, highlights its successful performance for the financial year of 2023 due to strengthening investment on the company’s platform.
  • Notably, despite external challenges, the company experienced significant growth with a 20% year-over-year rise in adjusted operating income, a 28% increase in adjusted EPS, and a return of the leverage ratio back to the target range.
  • The company outperformed its annual profitability targets for integrated kidney care and anticipates reaching break-even or better performance by 2026.

Occidental Petroleum Corporation: Enhanced Oil Recovery (EOR) and Growth Strategy In 2024! – Major Drivers

By Baptista Research

  • Occidental Petroleum’s Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5 billion.
  • Significantly, this has facilitated the company in paying dividends, repurchasing common shares, and investing back into the business.
  • The primary driver of this achievement is accredited to technical expertise, leading-edge technologies, and innovation, showcasing the company’s operational strength.

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Daily Brief Event-Driven: EQD | Where to BUY the KOSPI On The Upcoming Pullback and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • EQD | Where to BUY the KOSPI On The Upcoming Pullback


EQD | Where to BUY the KOSPI On The Upcoming Pullback

By Nico Rosti

  • The KOSPI 200 INDEX has been rallying since January 2022, roughly up +22.5%, the rally can continue, but soon there could be a pullback, possibly this coming week.
  • If the index falls from its current highs, where are the best support levels to go LONG again?
  • The price area between 355 and 345 is where the index could find support and resume the uptrend.

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