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Smartkarma Daily Briefs

Jun 08
0

Daily Brief India: NIFTY Index and more

By | Daily Briefs, India

In today’s briefing:

  • EQD | The NIFTY Swung Big But the Rally Could Continue For +2 Weeks

EQD | The NIFTY Swung Big But the Rally Could Continue For +2 Weeks

By Nico Rosti

  • The NIFTY Index has been swinging wildly as of lately, but the odds look good for a continuation of the rally at the moment.
  • The index is in a pattern where it can rally for 1-2 more weeks.
  • Wait for prices in the 23500/23700 resistance area before considering a SHORT trade.

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Jun 08
0

Daily Brief Japan: Kantsu, Kansai Paint, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Full Report – Kantsu (9326 JP)
  • Kansai Paint (4613) – Friday, Mar 8, 2024
  • Higher Valuations Require Increased Return on Capital to Attract the Attention of Overseas Investors

Full Report – Kantsu (9326 JP)

By Sessa Investment Research

  • KANTSU Co., Ltd. (hereafter, “Kantsu”) is a warehouse logistics specialist providing comprehensive logistics services, including warehousing, inventory management, and delivery of products sold by e-commerce (EC) and catalog businesses, handling approximately 12 million shipments per year.
  • The Company has also created a highly profitable business by selling its in-house developed IT systems that streamline operations to external customers.
  • In terms of sales and profits, the Company’s two main drivers are its Logistics Services Business and IT Automation Business.

Kansai Paint (4613) – Friday, Mar 8, 2024

By Value Investors Club

  • Article discusses anchoring and insufficient adjustment in behavioral finance using Long Kansai Paint as an example
  • Despite profits increasing, stock price remains low leading to valuation at an 8-year low
  • Comparisons to global paint industry benchmarks show potential for KP to improve performance and valuation

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.

Higher Valuations Require Increased Return on Capital to Attract the Attention of Overseas Investors

By Aki Matsumoto

  • Even with the 9% increase in share repurchases, the high level of cash on hand will likely be further built up, given the increase in cash flow.
  • Companies that have increased their valuations over the past year have further increased their valuations by growing their traditionally high valuations and ROE and ROA.
  • Cash allocation is a major challenge for all companies. Many companies have a payout ratio of 30%, and they have too much cash on hand relative to sales.

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Jun 08
0

Daily Brief China: indie Semiconductor and more

By | China, Daily Briefs

In today’s briefing:

  • Can indie Semiconductor Get Acquired? A Market-Defining Technology With High Differentiation & 3 Critical Factors Making It An Attractive Target! – Major Drivers

Can indie Semiconductor Get Acquired? A Market-Defining Technology With High Differentiation & 3 Critical Factors Making It An Attractive Target! – Major Drivers

By Baptista Research

  • Indie Semiconductor’s Q1 2024 financial results and strategic discussion provide both encouraging and cautionary insights.
  • During this period, the company reported a year-over-year revenue increase of 29% to $52.4 million, driven by strong performance in their Autotech market segment, albeit slightly below the provided guidance.
  • Gross profit stood at $26.4 million, reflecting a gross margin of 50.3%, which fell short of expectations due to unfavorable product mix adjustments.

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Jun 08
0

Most Read: Deep Yellow Ltd, AU Optronics, JD.com , Toyota Industries, Softbank Group, Shift Up, CELSYS, IDP Education, Guzman Y Gomez, Altium Ltd and more

By | Daily Briefs, Most Read

In today’s briefing:

  • S&P/​​​​​​​​​ASX Index Rebalance Preview: Potential Changes from Now to June
  • Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade
  • HSI, HSCEI, HSTECH, HSIII: Rebalance Flows Post Capping (June 2024)
  • Toyota Industries (6201) – TMC’s Sale of TI Shares Is Innocuous, TI’s Valuation Remains Uncompelling
  • Softbank (9984 JP): This Time, It’s Different
  • What Did FSS Point Out to Shift Up? & What Impact Would It Have on Bookbuilding Sentiment?
  • TOPIX Inclusions: Who Is Ready (June 2024)
  • MV Australia Equal Weight Index Rebalance Preview: Close Deletions in June
  • Guzman Y Gomez IPO – The Negatives – Lawsuits and Management Churn
  • Altium (ALU AU)’s 12th July Scheme Vote. Renesas’ Done Deal

S&P/​​​​​​​​​ASX Index Rebalance Preview: Potential Changes from Now to June

By Brian Freitas

  • With three-quarters of the review period complete, there could be a bunch of changes across the S&P/ASX family of indices in June.
  • The Red 5 Ltd (RED AU) / Silver Lake Resources (SLR AU) merger could lead to an ad hoc change prior to the implementation of the June rebalance.
  • There will be 1.6-25 days of ADV to buy from passives in the inclusions while the impact on the deletions will range between 0.8-11 days of ADV.

Yuanta Taiwan Div+ ETF Rebalance Preview: 5 Changes as Names Move Around; US$2.35bn Round-Trip Trade

By Brian Freitas

  • With the review period now complete, there could be 5 changes to the Yuanta/​P-Shares Taiwan Dividend Plus ETF in June.
  • Price changes and changes to dividend estimates have led to names dropping off the list of potential adds and deletes over the last week.
  • Constituent changes, capping and funding flows will lead to a one-way turnover of 12.7% and a one-way trade of US$1.17bn. There are 12 stocks with over 4x ADV to trade.

HSI, HSCEI, HSTECH, HSIII: Rebalance Flows Post Capping (June 2024)

By Brian Freitas

Toyota Industries (6201) – TMC’s Sale of TI Shares Is Innocuous, TI’s Valuation Remains Uncompelling

By Travis Lundy

  • Last September, Toyota Motor (7203 JP) Group affiliate Aisin (7259 JP) said they would get rid of ALL their cross-holdings. That signalled a future sea change in Toyota intra-group relations.
  • It meant all Toyota group companies could do that. The big moves started with a multi-party offering of Denso Corp (6902 JP) shares – Toyota, Toyota Industries, and Aisin sold.
  • Then others. Then in March, Denso announced a 2.5yr selldown of ~¥460bn of Toyota Industries shares. That meant a TI buyback was likely. We got one. Now we have details.

Softbank (9984 JP): This Time, It’s Different

By Victor Galliano

  • Elliott Management has emerged as a 2%+ shareholder in SoftBank group and is driving for share buybacks of upto USD15bn; we see this as a game changer for minority shareholders
  • Recent moves to enhance corporate governance in Japan have taken root, yet we see Softbank group as a laggard on corporate governance which been targeted by an experienced activist
  • Softbank shares trade at a 54% discount to the estimated NAV; an activist like Elliott on board could meaningfully drive shareholder value creation and a narrowing of the NAV discount

What Did FSS Point Out to Shift Up? & What Impact Would It Have on Bookbuilding Sentiment?

By Sanghyun Park

  • FSS wants Nikke’s MAU data to address revenue concerns. They also seek April and May sales data for Stellar Blade to address valuation concerns despite its recent launch.
  • Shift Up updated the prospectus with Nikke’s increasing MAU data but didn’t include Stellar Blade sales data. FSS may request further revisions, possibly delaying the IPO again.
  • Nikke’s MAU has risen but plateaued versus the previous quarter, and uncertainty surrounds Stellar Blade’s April-May sales, potentially impacting IPO pricing.

TOPIX Inclusions: Who Is Ready (June 2024)

By Janaghan Jeyakumar, CFA

  • Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
  • There have been no TOPIX Inclusions in 2024 so far although dozens of companies have been able to meet the key Section Transfer requirements on paper for several months.
  • However, there are some pre-event candidates we believe are worth monitoring as they have previously confirmed their desire to move to the Prime Market.

MV Australia Equal Weight Index Rebalance Preview: Close Deletions in June

By Brian Freitas

  • With the review period complete, there are 3 stocks that are close to the deletion zone and could be removed from the index at the June rebalance.
  • Even if there are no constituent changes, capping changes will lead to one-way turnover of 3.6% and a one-way trade of A$83m.
  • There are 6 stocks with over A$5m to trade from passive trackers but the impact on the stocks is not very high.

Guzman Y Gomez IPO – The Negatives – Lawsuits and Management Churn

By Sumeet Singh

  • Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
  • GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
  • In this note, we talk about the not-so-positive aspects of the deal.

Altium (ALU AU)’s 12th July Scheme Vote. Renesas’ Done Deal

By David Blennerhassett

  • Back on the 15th Feb, Renesas Electronics (6723 JP), a supplier of advanced semiconductors, entered into a Scheme with Altium Ltd (ALU AU).
  • Altium shareholders are being offered A$68.50/share, in cash, a lifetime high.
  • The Scheme Booklet is now out, with a Scheme Meeting to be held on the 12th July. Expected implementation on the 1 August. The IE says fair & reasonable.

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Jun 08
0

Daily Brief Industrials: Kantsu and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Full Report – Kantsu (9326 JP)

Full Report – Kantsu (9326 JP)

By Sessa Investment Research

  • KANTSU Co., Ltd. (hereafter, “Kantsu”) is a warehouse logistics specialist providing comprehensive logistics services, including warehousing, inventory management, and delivery of products sold by e-commerce (EC) and catalog businesses, handling approximately 12 million shipments per year.
  • The Company has also created a highly profitable business by selling its in-house developed IT systems that streamline operations to external customers.
  • In terms of sales and profits, the Company’s two main drivers are its Logistics Services Business and IT Automation Business.

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Jun 08
0

Daily Brief Energy/Materials: Natural Gas, Frontline , Kansai Paint and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Fragile Energy Security: Europe’s Gas Supply Woes Continue
  • Frontline Ltd.: Increase In Global Oil Demand & Other Pivotal Growth Drivers
  • Kansai Paint (4613) – Friday, Mar 8, 2024

Fragile Energy Security: Europe’s Gas Supply Woes Continue

By Suhas Reddy

  • The European gas market panics despite 70% storage levels after Norwegian outage.
  • Disruption exposes Europe’s vulnerability due to reliance on few gas suppliers. Norway supplied 30% of Europe’s gas in 2023.
  • Rising demand from Asia eating up some of Europe’s gas imports. Competition between the two continents to intensify as global demand picks up.

Frontline Ltd.: Increase In Global Oil Demand & Other Pivotal Growth Drivers

By Baptista Research

  • Frontline management reported an impressive Q1 2024 during the earnings call due to the booming security situation in areas such as the Gulf of Aden and the Red Sea, which has influenced the company’s decision-making.
  • Consequently, all Euronav vessels now sail under Frontline.
  • However, the earnings were impacted negatively due to disruptions in the Suez Canal passages.

Kansai Paint (4613) – Friday, Mar 8, 2024

By Value Investors Club

  • Article discusses anchoring and insufficient adjustment in behavioral finance using Long Kansai Paint as an example
  • Despite profits increasing, stock price remains low leading to valuation at an 8-year low
  • Comparisons to global paint industry benchmarks show potential for KP to improve performance and valuation

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.

💡 Before it’s here, it’s on Smartkarma

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Jun 08
0

Daily Brief TMT/Internet: indie Semiconductor , BNP Paribas, Yanolja, Asana , Crowdstrike Holdings , Hewlett Packard Enterprise , Descartes Systems Grp, Elastic NV, HashiCorp , Autodesk Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Can indie Semiconductor Get Acquired? A Market-Defining Technology With High Differentiation & 3 Critical Factors Making It An Attractive Target! – Major Drivers
  • Tech Supply Chain Tracker (08-Jun-2024): Samsung chairman visits Verizon in US.
  • Initial Thoughts on the Yanolja IPO
  • Asana Inc.: Will Their Emphasis On AI Integration Improve The Bottom-Line? – Major Drivers
  • CrowdStrike Holdings: Will Its Enhanced AI Capabilities With Charlotte AI Be A Game Changer? – Major Drivers
  • Hewlett Packard Enterprise Company: A Story Of Enhanced Focus On Artificial Intelligence (AI) Systems & GreenLake & Cloud Services Expansion! – Major Drivers
  • The Descartes Systems Group: These Are The 4 Pivotal Growth Drivers & 3 Biggest Challenges In Their Path! – Financial Forecasts
  • Elastic N.V.: Increasing adoption of GenAI
  • HashiCorp Inc.: A Story Of Healthy Recovery In Bookings & Renewals! – Major Drivers
  • Autodesk Inc.: The Recent Acquisitions Of Wonder Dynamics & Payapps Enhancing Their Value Proposition? – Major Drivers

Can indie Semiconductor Get Acquired? A Market-Defining Technology With High Differentiation & 3 Critical Factors Making It An Attractive Target! – Major Drivers

By Baptista Research

  • Indie Semiconductor’s Q1 2024 financial results and strategic discussion provide both encouraging and cautionary insights.
  • During this period, the company reported a year-over-year revenue increase of 29% to $52.4 million, driven by strong performance in their Autotech market segment, albeit slightly below the provided guidance.
  • Gross profit stood at $26.4 million, reflecting a gross margin of 50.3%, which fell short of expectations due to unfavorable product mix adjustments.

Tech Supply Chain Tracker (08-Jun-2024): Samsung chairman visits Verizon in US.

By Tech Supply Chain Tracker

  • Samsung chairman kicks off US visit with Verizon, highlighting importance of partnerships for expanding US market presence.
  • French tech startups shine at InnoVEX, showcasing innovation and talent in the tech industry at Computex 2024.
  • Taiwan chipmakers showcase cutting-edge tech at Computex 2024, while India’s EV market shows promise and challenges with Modi’s third-term win.

Initial Thoughts on the Yanolja IPO

By Douglas Kim

  • Yanolja is getting ready to complete its IPO in the US in the next several months. Softbank invested about US$1.7 billion in Yanolja in 2021.
  • The valuation of Yanolja could be between US$7 billion to US$9 billion. The company could raise nearly US$400 million in this IPO. 
  • Overall, we are concerned about the valuations of Yanolja if indeed the bankers push ahead with the IPO at the valuation range of US$7 billion to US$9 billion.

Asana Inc.: Will Their Emphasis On AI Integration Improve The Bottom-Line? – Major Drivers

By Baptista Research

  • As per the Q1 2025 earnings, Asana experienced a positive start to the year, with revenues growing 13% year-over-year.
  • Revenue from large customers grew even faster.
  • Non-operating margins also improved by 5 percentage points year-over-year.

CrowdStrike Holdings: Will Its Enhanced AI Capabilities With Charlotte AI Be A Game Changer? – Major Drivers

By Baptista Research

  • CrowdStrike Holdings Inc. has reported its fiscal first quarter 2025 results, demonstrating robust growth and financial performance.
  • CrowdStrike’s investment appeal is anchored on its comprehensive cybersecurity solutions delivered through the Falcon platform, an AI-native software that consolidates various cybersecurity functionalities.
  • This platform strategy leverages artificial intelligence to enhance cybersecurity measures, streamline operations, and improve cost-efficiencies for clients.

Hewlett Packard Enterprise Company: A Story Of Enhanced Focus On Artificial Intelligence (AI) Systems & GreenLake & Cloud Services Expansion! – Major Drivers

By Baptista Research

  • In its second quarter of fiscal 2024, Hewlett Packard Enterprise (HPE) reported notable performance, surpassing its initial revenue and non-GAAP diluted net earnings per share (EPS) expectations.
  • This growth was primarily driven by a robust increase in demand for AI systems, highlighted by a significant uptick in revenue contributing to a cumulative AI systems orders of $4.6 billion for the quarter.
  • HPE’s optimistic outlook is further supported by a raise in full-year revenue and non-GAAP EPS guidance, though it maintains its forecast for free cash flow.

The Descartes Systems Group: These Are The 4 Pivotal Growth Drivers & 3 Biggest Challenges In Their Path! – Financial Forecasts

By Baptista Research

  • The Descartes Systems Group reported its robust quarterly earnings, displaying solid growth and notable investments in acquisitions.
  • Ed Ryan, CEO, opened by highlighting key metrics revealing that revenues were up 11% from last year, adjusted EBITDA increased 16%, with a margin of 44%, and $63.7 million was generated from operations.
  • The company concluded the period with almost $270 million in cash and had an untapped $350 million credit line, even after using about $140 million for acquisitions.

Elastic N.V.: Increasing adoption of GenAI

By Baptista Research

  • Elastic, the search AI company, has reported strong results for Q4 and FY 2024, signalling its growth trajectory and strategic focus for the coming years.
  • Its top-line earnings for the quarter exceeded analysts’ estimates, demonstrating its solid execution strategy and validating its land, expand and consolidate growth model.
  • The firm’s revenue grew by 20% in Q4 to reach $335 million, boosted by a 32% increase in cloud revenue and the steady progression of its self-managed annual cloud subscriptions.

HashiCorp Inc.: A Story Of Healthy Recovery In Bookings & Renewals! – Major Drivers

By Baptista Research

  • HashiCorp recently released its fourth-quarter financial results, which revealed revenues of $156 million, marking an annual growth of 15%.
  • The firm extended non-GAAP remaining performance obligations to $483 million, representing 21% year-over-year increase, exhibiting continued demand for its products.
  • The key drivers for this performance were new enterprise wins and current remaining performance obligations (cRPO) growth.

Autodesk Inc.: The Recent Acquisitions Of Wonder Dynamics & Payapps Enhancing Their Value Proposition? – Major Drivers

By Baptista Research

  • Autodesk, a leading design software and services company, had a robust financial performance for the Fourth Quarter and Full Year Fiscal 2024.
  • The company reported a 14% constant currency revenue growth for the fourth quarter and emphasized its subscription business model and product and customer diversification as the foundations of its resilience.
  • Autodesk’s earnings call highlighted marked growth and strong renewal rates in new business.

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Jun 08
0

Daily Brief Industrials: Kantsu and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Full Report – Kantsu (9326 JP)

Full Report – Kantsu (9326 JP)

By Sessa Investment Research

  • KANTSU Co., Ltd. (hereafter, “Kantsu”) is a warehouse logistics specialist providing comprehensive logistics services, including warehousing, inventory management, and delivery of products sold by e-commerce (EC) and catalog businesses, handling approximately 12 million shipments per year.
  • The Company has also created a highly profitable business by selling its in-house developed IT systems that streamline operations to external customers.
  • In terms of sales and profits, the Company’s two main drivers are its Logistics Services Business and IT Automation Business.

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Jun 08
0

Daily Brief Financials: Bitcoin, NIFTY Index, UnipolSai SpA, Allstate Corp and more

By | Daily Briefs, Financials

In today’s briefing:

  • Crypto Moves #31 – Do Not Fear Mt. Gox Repayments
  • EQD | The NIFTY Swung Big But the Rally Could Continue For +2 Weeks
  • Unipol Gruppo/UnipolSai: Squeeze-Out and Spread
  • The Allstate Corporation: A Story Of Expansion through National General Integration! – Major Drivers

Crypto Moves #31 – Do Not Fear Mt. Gox Repayments

By Mads Eberhardt

  • It should come as no surprise that 2022 was rife with contagion in the crypto industry.
  • Numerous crypto companies went bankrupt, many due to fraud.
  • Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.

EQD | The NIFTY Swung Big But the Rally Could Continue For +2 Weeks

By Nico Rosti

  • The NIFTY Index has been swinging wildly as of lately, but the odds look good for a continuation of the rally at the moment.
  • The index is in a pattern where it can rally for 1-2 more weeks.
  • Wait for prices in the 23500/23700 resistance area before considering a SHORT trade.

Unipol Gruppo/UnipolSai: Squeeze-Out and Spread

By Jesus Rodriguez Aguilar

  • Unipol Gruppo S.p.A (UNI IM) has reached 95% of the share capital of UnipolSai SpA (US IM), therefore the conditions for the squeeze-out are met.
  • The dividend-adjusted offer price is €2.535. Unipol has three months from 26 April to implement the squeeze-out. The holding discount, as expected, has closed.
  • Spread to cash offer is 0.51%/3.85% (gross, annualized assuming settlement of squeeze-out by 26 July). The share alternative is now trading at a premium.

The Allstate Corporation: A Story Of Expansion through National General Integration! – Major Drivers

By Baptista Research

  • Allstate Corporation reported a strong financial performance in the first quarter of 2023, indicating a significant improvement in net income which reached $1.2 billion.
  • This results from effective execution of the auto insurance profit improvement plan, maintaining attractive margins in homeowners’ insurance, and experiencing lower catastrophe losses.
  • Net investment income also saw a notable increase of almost 33%, mainly due to repositioning into longer duration, higher fixed income yields, and improved performance-based valuations.

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Jun 08
0

Daily Brief Health Care: Centene Corp and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Centene Corporation: Leveraging Dual Eligibles in Medicare and Medicaid & Other Major Drivers

Centene Corporation: Leveraging Dual Eligibles in Medicare and Medicaid & Other Major Drivers

By Baptista Research

  • Centene Corporation reported its first quarter 2024 results, highlighting several positive developments and strategic maneuvers aimed at sustaining and enhancing its business operations.
  • The company achieved a higher-than-expected adjusted EPS of $2.26, prompting an upward revision in its full-year 2024 EPS guidance to over $6.80.
  • This performance signals a robust start to the year, attributed partly to significant operational improvements and strategic realignments.

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