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Smartkarma Daily Briefs

Daily Brief Singapore: Mandarin Oriental International and more

By | Daily Briefs, Singapore

In today’s briefing:

  • APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods


APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

By Oshadhi Kumarasiri

  • While traditional luxury brands may encounter challenges as affluent Chinese consumers shift to local high-end brands, there are still opportunities within small niches in the luxury sector.
  • Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in the luxury sector.
  • The thriving luxury travel market opens up investment potential in sectors such as luxury hotels and premium cosmetics.

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Daily Brief South Korea: Sfa Engineering, Samsung Electronics, ALT Semicon and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Preemptive Short Position Buildup on SFA Engineering for Samsung’s Next Stake Sale
  • Samsung Electronics:  Return of the King
  • ALT Co IPO Preview


Preemptive Short Position Buildup on SFA Engineering for Samsung’s Next Stake Sale

By Sanghyun Park

  • Samsung Display still holds a 5.85% stake. Hankyung reported that this remaining stake would also be disposed of in the future.
  • Then the key lies in timing. Considering the ongoing pattern of block deals being exposed during the pre-sounding phase, we may be able to capture clues for preemptive trading.
  • As seen from the chart depicting SFA’s loan balance and the percentage of short-selling to daily TV, we can observe a significant increase in activity just before today’s sale event.

Samsung Electronics:  Return of the King

By Steven Holden

  • Asia Ex-Japan investors move from underweight to a record overweight in Samsung Electronics
  • Samsung has been a key beneficiary of manager rotation over the last 6-months alongside BYD, Trip Com and Meituan.
  • Majority of funds positioned overweight with a record 81.4% of funds holding a position.  Samsung becomes one of the highest conviction holdings in the Asia Ex-Japan region.

ALT Co IPO Preview

By Douglas Kim

  • ALT Co is getting ready to complete its IPO in Korea in July. ALT tests high-performance non-memory semiconductors applied to various industries such as secondary batteries, artificial intelligence, and automotive. 
  • The bankers used four companies as comps for ALT including Lb Semicon, LB Lusem, Doosan Tesna, and Nepes Ark. These four stocks are up on average 48% YTD.
  • The IPO price range is from 16,700 won to 20,500 won. The expected market cap of the company post IPO is from 150 billion won to 184 billion won. 

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Daily Brief Indonesia: Medikaloka Hermina, Bharat Petroleum Corp and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • PT Medikaloka Hermina (HEAL IJ) – Women & Children with Increasing Intensity
  • Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy


PT Medikaloka Hermina (HEAL IJ) – Women & Children with Increasing Intensity

By Angus Mackintosh

  • Medikaloka Hermina (HEAL IJ) saw a strong recovery in patient volumes in 1Q2023, with margins starting to normalise from COVID highs and occupancy rates picking up. 
  • The company is back on an expansion track and recently secured the first hospital in the new capital next year with two new hospitals planned to open this year.
  • Medikaloka Hermina continues to focus on women & children and JKN patients but is also expanding into more intensive specialist treatments to drive profits. Valuations remain attractive versus peers.

Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy

By Charles Macgregor

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 China: Swire Pacific (B), Times Neighborhood, MTR Corp, Bharat Petroleum Corp, J&T Express and more

By | China, Daily Briefs

In today’s briefing:

  • Swire Coke Sale Special Div Impacts B/A Ratio
  • Times Neighborhood (9928 HK): China Property Play With High Margin of Safety
  • MTR (66): Should Start to Move
  • Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy
  • Blue Lotus IPO Outlook/J&T Express: Cash Crunch as Prices Slump, Overseas Volume Ramps


Swire Coke Sale Special Div Impacts B/A Ratio

By Travis Lundy

  • Last night, Swire Pacific announced it planned to sell its US Coca Cola Distribution business to its parent company. That means a Circular, an IFA Opinion, and an EGM.
  • I expect a September EGM and the Special Div to follow in Q4. While I find the price low, I expect the deal to be approved by Swire shareholders.
  • This deal has an effect on the Swire B/A ratio. Some may get it. Some may not. Makes sense to be ready. Swire A is cheap. Swire B is cheaper.

Times Neighborhood (9928 HK): China Property Play With High Margin of Safety

By Steve Zhou, CFA

  • Times Neighborhood (9928 HK) is a China property management company headquartered in the Big Bay Area, trading at 3x 2023 P/E and below net cash.
  • China property management as a sector has lost most of its value given close relationship with China property.  However, there are still some investable property management companies.
  • Upcoming catalysts include interim results in August, potential favorable policies in China property sector, and potential shareholder actions.  

MTR (66): Should Start to Move

By Henry Soediarko

  • The share price of MTR Corp (66 HK) has not moved and lagged behind other transport operators in Asia.
  • High-Frequency numbers from the company has shown improvement and signs that the Chinese tourists are gradually returning.
  • The reopening of the checking in facility in downtown Hong Kong is another sign that more tourists are expected to come. 

Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy

By Charles Macgregor

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.


Blue Lotus IPO Outlook/J&T Express: Cash Crunch as Prices Slump, Overseas Volume Ramps

By Shawn Yang

  • J&T’s China growth will slow from a lack of (1) M&A targets, and (2) cash to sustain a price war. SEA’s growth will slow, and profit margin decline due to
  •  (1) Shopee in-sourcing of high-profit parcels(2) PE-backed rivals using price wars to gain market share. Lower penetration of China supply-chain platforms will stunt J&T’s growth in New Markets, we expect.
  • In our base case we value J&T at US$ 10 bn, which is (25%) vs. J&T’s valuation in its latest round of funding.

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Daily Brief United States: Micron Technology, S&P 500 INDEX, Tesla Motors, Coeptis Therapeutics Holdings and more

By | Daily Briefs, United States

In today’s briefing:

  • Micron. Clutching At AI Straws
  • Meeting SPX and NDX Buy Levels
  • Tesla’s Panicky Q2: Everything Must Go!
  • Coeptis Therapeutics Inc. (COEP) YE22 1Q23 & DeSPAC 29062023


Micron. Clutching At AI Straws

By William Keating

  • Micron reported FQ3’23 revenues of $3.8 billion, up 2% sequentially and down 57% year-over-year.
  • Despite upbeat AI notes among others, Micron quietly delivered more bad news than good with their overall outlook worsening in many key respects. 
  • In the company’s own words, “Profitability and cash flow will remain extremely challenged for some time”. For “some time”, you could insert “at least 12 months”

Meeting SPX and NDX Buy Levels

By Thomas Schroeder

  • Cycle: Near term pullback a buy for a push into late June/early July (cycle has shifted right). Equities remain well supported. Increased volatility expected in July.
  • Met the SPX 4,370 buy level with firmer support at 4,350. Rally bias for a minor new high in the coming week+.
  • Measuring rally momentum for signs of a bigger stall cycle in July.

Tesla’s Panicky Q2: Everything Must Go!

By Vicki Bryan

  • Prices have been slashed and slashed again, on top of expensive incentives like free charging, cheap leases, & juicy subsidies. 
  • But Tesla has been unable to ease elevated inventory in key markets.
  • This signals even record deliveries will produce lower quality revenue and disappointing margins & profits for the second quarter.

Coeptis Therapeutics Inc. (COEP) YE22 1Q23 & DeSPAC 29062023

By ACF Equity Research

  • C&CE 1Q23A $2.1m, burn 1Q $1.6m, S-1MEF filed for raise
  • YE22A Opex $34.2m vs. $14.1 y/y, Δ is redemptions/merger costs
  • Warrants booked as liabilities (SEC de-SPAC ruling Apr 12, 2021)

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Daily Brief India: Tube Investments of India, Home First Finance, Jindal Steel & Power, Bharat Petroleum Corp and more

By | Daily Briefs, India

In today’s briefing:

  • AMFI Stock Reclassification Preview (June 2023): Outperformance Continues
  • Home First Finance (HOMEFIRS IN) | Irrelevant Mission, Fading Moat
  • Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC
  • Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy


AMFI Stock Reclassification Preview (June 2023): Outperformance Continues

By Brian Freitas

  • We see 7 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 10 stocks from MidCap to SmallCap.
  • The expected migrations from SmallCap to MidCap have outperformed the other migrations and some stocks have seen large price moves over the last couple of weeks.
  • Active managers would have started realigning their portfolios and that could continue for a couple of weeks. Unwind long positions into strength.

Home First Finance (HOMEFIRS IN) | Irrelevant Mission, Fading Moat

By Pranav Bhavsar

  • Home First Finance (HOMEFIRS IN) is a technology-driven affordable housing finance company (HFC) focused on first-time homebuyers in low and middle-income groups. 
  • We believe access to finance is more relevant rather than quick TAT and hence question the relevance of wanting to be the fastest provider.
  • Considering the fading competitive advantage, borrower profile and segment dynamics, HOMEFIRS may be the fastest but not necessarily the safest.

Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
  • The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.
  • The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.

Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy

By Charles Macgregor

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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  • ✓ Events & Webinars



Daily Brief Japan: Keisei Electric Railway Co, Komatsu Ltd, Rakuten Bank , Daiichi Sankyo, Tokyo Stock Exchange Tokyo Price Index Topix, Japan Elevator Service Holdings and more

By | Daily Briefs, Japan

In today’s briefing:

  • Keisei Electric (9009): Ridership and Price Hike
  • Komatsu (6301) | The Back Test Worked. Now What?
  • EM & Japan Neobanks – Stick with Rakuten Bank (5838 JP), but Time to Take Profits on Nubank (NU US)
  • Daiichi Sankyo (4568 JP): Strong Beneficiary of Cancer Drug Enhertu; High Hope for Research Pipeline
  • Having Ended Its Traditional Role, TOPIX Faces Several Challenges
  • Japan Elevator Service Holdings (6544): Going up to Reach New Heights


Keisei Electric (9009): Ridership and Price Hike

By Henry Soediarko

  • YTD performance of 61% has been stellar and index beating but the concern remains whether there will be more left. 
  • Keisei Electric Railway Co (9009 JP) April 23 ridership and revenue growth provide momentum despite the still non-existence arrival of Chinese tourists. 
  • Chinese tourists’ arrival in 2H 23 may be slow but chances are that they will arrive in Japan and will boost both ridership and revenue.

Komatsu (6301) | The Back Test Worked. Now What?

By Mark Chadwick

  • We remain bullish on Komatsu despite returning a positive 37% return over the past year. 
  • Q1 results are likely to exceed expectations and guidance is likely to be cautious, due to forex, pricing and cost factors.
  • Komatsu is still attractively valued compared to its peers and historical averages, and has 20% upside potential.

EM & Japan Neobanks – Stick with Rakuten Bank (5838 JP), but Time to Take Profits on Nubank (NU US)

By Victor Galliano

  • We remain positive on Rakuten Bank, with its group ecosphere as a source of customer growth, its low cost base, and extremely low NPL ratio
  • Rakuten Bank trades on the lowest PE multiple of the neobank peer group , with the low ROE to PBV ratio close to the best of its neobank peers
  • Nubank shares have done well since we upgraded to a buy in January; we recommend investors to take profits given Nubank’s  limited potential for positive surprises and its stretched valuations

Daiichi Sankyo (4568 JP): Strong Beneficiary of Cancer Drug Enhertu; High Hope for Research Pipeline

By Tina Banerjee

  • In FY23, Daiichi Sankyo (4568 JP) recorded Enhertu product revenue growth of 218% YoY to ¥208B, 4% ahead of forecast, driven by indication expansion and strong market penetration in US.
  • For FY24, Enhertu product revenue is expected to increase 54% YoY to ¥320B, driven by higher utilization in HER2 positive and HER2 low breast cancer in US.
  • Daiichi Sankyo has two more drug candidates in late-stage trials for various cancers. Contribution of oncology to total revenue is expected to increase to 45% in FY26 from 20% now.

Having Ended Its Traditional Role, TOPIX Faces Several Challenges

By Aki Matsumoto

  • The TSE is in a long-term battle to improve the quality of the prime market while maintaining lax listing standards that do not fit the prime market concept.
  • If passive funds move to JPX Prime 150 Index, which would increase the divergence between stock prices of high quality and low quality companies, it might motivate the companies more.
  • If there is little difference between performance of TOPIX and JPX Prime 150, the passive funds will be satisfied with this index, and the TOPIX engagement problem will be eliminated.

Japan Elevator Service Holdings (6544): Going up to Reach New Heights

By Astris Advisory Japan

Initiating coverage

  • A successful market disruptor – Japan Elevator Service (JES) has been executing its growth strategy, increasing market share in the domestic elevator maintenance market via organic and acquisitive growth.
  • Operating in a market dominated by OEMs, it is making solid headway by 1) offering a cost-effective solution, 2) a differentiated service offering technical services and availability of parts on par with the OEMs, and 3) experiencing rapid growth through by establishing a nationwide network providing regionally rooted services.
  • Pursuing growth opportunities – we highlight two drivers for the company; 1) secular growth as building owners convert to reputable independent providers for cost management, and 2) structural demand from aging elevators requiring modernization.

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Most Read: Prosus , JSW Steel Ltd, NTT (Nippon Telegraph & Telephone), Delta Electronics Thai, Swire Pacific (B), Swire Pacific (A), Kasikornbank PCL, Sfa Engineering, Redox, Tube Investments of India and more

By | Daily Briefs, Most Read

In today’s briefing:

  • The Prosus/Naspers Ouroboros Spits Out Its Tail (Unwinds Cross-Holding to Go Back to Old Pair)
  • HDFC/​​​​​​HDFC Bank Mega Merger: Are We There Yet?
  • NTT’s Really Big/Weird Stock Split Goes Ex- 29 June 2023. Now With D-Points!
  • Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?
  • Swire Coke Sale Special Div Impacts B/A Ratio
  • StubWorld: Swire Sells US Coke Ops To Parent
  • BBL/KBANK: Hitting a Wall
  • Preemptive Short Position Buildup on SFA Engineering for Samsung’s Next Stake Sale
  • Redox IPO Trading – Peers Have Mostly Corrected over the past Month
  • AMFI Stock Reclassification Preview (June 2023): Outperformance Continues


The Prosus/Naspers Ouroboros Spits Out Its Tail (Unwinds Cross-Holding to Go Back to Old Pair)

By Travis Lundy

  • In mid-September 2019, Naspers (NPN SJ) listed Prosus (PRX NA) on international markets, but the law required Naspers own 70+% of Prosus and it created a dual-layer NAV Discount Trade.
  • In summer 2021, they announced an Exchange Offer, where Naspers holders could get Prosus, and Prosus would end up owning 49% of Naspers, creating a cross-holding circularity – an Ouroboros.
  • In summer 2022, they launched open-ended buyback programmes, and they’ve bought back a lot. NOW they are unwinding the Ouroboros, going back to the pre-EO structure. buybacks will continue. 

HDFC/​​​​​​HDFC Bank Mega Merger: Are We There Yet?

By Brian Freitas

  • An interview with Deepak Parekh set a bunch of stocks on fire. Then came the HDFC Bank (HDFCB IN) exchange announcement that said the dates were still tentative.
  • Indications are that the merger could be effective 1 July and HDFC Limited (HDFC IN)‘s last trading day would be 13 July.
  • The merger will have an impact on both HDFC stocks and on other stocks that could be added to the NIFTY Index, NIFTYJR INDEX and SENSEX Index.

NTT’s Really Big/Weird Stock Split Goes Ex- 29 June 2023. Now With D-Points!

By Travis Lundy

  • NTT (Nippon Telegraph & Telephone) (9432 JP) is splitting its stock 25:1 on record date 30 June 2023. That means it goes ex- at the new price on 29 June.
  • The day before, the stock is up nearly 5% on heavy volume. This is likely punters buying before it splits so one round lot will be <¥20,000 vs ~¥420,000 yesterday.
  • But there is a new attraction for retail, somewhat un-noticed. 

Delta Electronics (DELTA TB): Potential SET50 Index Delete in December?

By Brian Freitas


Swire Coke Sale Special Div Impacts B/A Ratio

By Travis Lundy

  • Last night, Swire Pacific announced it planned to sell its US Coca Cola Distribution business to its parent company. That means a Circular, an IFA Opinion, and an EGM.
  • I expect a September EGM and the Special Div to follow in Q4. While I find the price low, I expect the deal to be approved by Swire shareholders.
  • This deal has an effect on the Swire B/A ratio. Some may get it. Some may not. Makes sense to be ready. Swire A is cheap. Swire B is cheaper.

StubWorld: Swire Sells US Coke Ops To Parent

By David Blennerhassett

  • Swire Pacific (19 HK) has announced it is selling its US Coca-Cola ops to its parent for HK$30.4bn (US$3.9bn). That’s 40% of its market cap.
  • Preceding my comments on Swire are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

BBL/KBANK: Hitting a Wall

By Brian Freitas


Preemptive Short Position Buildup on SFA Engineering for Samsung’s Next Stake Sale

By Sanghyun Park

  • Samsung Display still holds a 5.85% stake. Hankyung reported that this remaining stake would also be disposed of in the future.
  • Then the key lies in timing. Considering the ongoing pattern of block deals being exposed during the pre-sounding phase, we may be able to capture clues for preemptive trading.
  • As seen from the chart depicting SFA’s loan balance and the percentage of short-selling to daily TV, we can observe a significant increase in activity just before today’s sale event.

Redox IPO Trading – Peers Have Mostly Corrected over the past Month

By Sumeet Singh

  • Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.
  • In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide
  • We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.

AMFI Stock Reclassification Preview (June 2023): Outperformance Continues

By Brian Freitas

  • We see 7 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 10 stocks from MidCap to SmallCap.
  • The expected migrations from SmallCap to MidCap have outperformed the other migrations and some stocks have seen large price moves over the last couple of weeks.
  • Active managers would have started realigning their portfolios and that could continue for a couple of weeks. Unwind long positions into strength.

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Daily Brief Industrials: MTR Corp, Keisei Electric Railway Co, Komatsu Ltd, Japan Elevator Service Holdings, J&T Express and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MTR (66): Should Start to Move
  • Keisei Electric (9009): Ridership and Price Hike
  • Komatsu (6301) | The Back Test Worked. Now What?
  • Japan Elevator Service Holdings (6544): Going up to Reach New Heights
  • Blue Lotus IPO Outlook/J&T Express: Cash Crunch as Prices Slump, Overseas Volume Ramps


MTR (66): Should Start to Move

By Henry Soediarko

  • The share price of MTR Corp (66 HK) has not moved and lagged behind other transport operators in Asia.
  • High-Frequency numbers from the company has shown improvement and signs that the Chinese tourists are gradually returning.
  • The reopening of the checking in facility in downtown Hong Kong is another sign that more tourists are expected to come. 

Keisei Electric (9009): Ridership and Price Hike

By Henry Soediarko

  • YTD performance of 61% has been stellar and index beating but the concern remains whether there will be more left. 
  • Keisei Electric Railway Co (9009 JP) April 23 ridership and revenue growth provide momentum despite the still non-existence arrival of Chinese tourists. 
  • Chinese tourists’ arrival in 2H 23 may be slow but chances are that they will arrive in Japan and will boost both ridership and revenue.

Komatsu (6301) | The Back Test Worked. Now What?

By Mark Chadwick

  • We remain bullish on Komatsu despite returning a positive 37% return over the past year. 
  • Q1 results are likely to exceed expectations and guidance is likely to be cautious, due to forex, pricing and cost factors.
  • Komatsu is still attractively valued compared to its peers and historical averages, and has 20% upside potential.

Japan Elevator Service Holdings (6544): Going up to Reach New Heights

By Astris Advisory Japan

Initiating coverage

  • A successful market disruptor – Japan Elevator Service (JES) has been executing its growth strategy, increasing market share in the domestic elevator maintenance market via organic and acquisitive growth.
  • Operating in a market dominated by OEMs, it is making solid headway by 1) offering a cost-effective solution, 2) a differentiated service offering technical services and availability of parts on par with the OEMs, and 3) experiencing rapid growth through by establishing a nationwide network providing regionally rooted services.
  • Pursuing growth opportunities – we highlight two drivers for the company; 1) secular growth as building owners convert to reputable independent providers for cost management, and 2) structural demand from aging elevators requiring modernization.

Blue Lotus IPO Outlook/J&T Express: Cash Crunch as Prices Slump, Overseas Volume Ramps

By Shawn Yang

  • J&T’s China growth will slow from a lack of (1) M&A targets, and (2) cash to sustain a price war. SEA’s growth will slow, and profit margin decline due to
  •  (1) Shopee in-sourcing of high-profit parcels(2) PE-backed rivals using price wars to gain market share. Lower penetration of China supply-chain platforms will stunt J&T’s growth in New Markets, we expect.
  • In our base case we value J&T at US$ 10 bn, which is (25%) vs. J&T’s valuation in its latest round of funding.

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Daily Brief Energy/Materials: Jindal Steel & Power, Cannindah Resources, Bharat Petroleum Corp, Hot Chili Ltd and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC
  • Cannindah Resources Ltd – Developing Three Cu-Au Projects in Central Queensland
  • Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy
  • Hot Chili Limited – Developing the Costa Fuego Copper-Gold Region in Chile


Quiddity Leaderboard NIFTY Sep 23: Non F&O Stocks Dilemma and Replacements for HDFC

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY 100 indices in the September 2023 rebalance.
  • The NIFTY Next 50 methodology was supposed to change in June 2023 but this has been kept on hold for now. This change could still take place before September 2023.
  • The HDFC/HDFC Bank Merger is expected to complete in the next few weeks and that could trigger intra-review index changes.

Cannindah Resources Ltd – Developing Three Cu-Au Projects in Central Queensland

By Research as a Service (RaaS)

  • Cannindah Resources Ltd (ASX:CAE) is developing three copper-gold prospects in central Queensland including the Mt Cannindah project which has an existing JORC estimate currently being extended with the company’s drilling programme.
  • The company has a long history with the Mt Cannindah project, having previously held it as Planet Metals on a farm- in arrangement with Drummond Gold before taking full control of the project in 2014.
  • Since then, the company has added to its asset base with the Piccadilly and Percy Marlow prospects near Charters Towers. 

Morning Views Asia: Bharat Petroleum Corp, Meituan, Pertamina Geothermal Energy

By Charles Macgregor

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.


Hot Chili Limited – Developing the Costa Fuego Copper-Gold Region in Chile

By Research as a Service (RaaS)

  • Hot Chili Limited (ASX:HCH) is a copper explorer with an advanced portfolio of low altitude, porphyry copper-gold projects in the Costa Fuego district of northern Chile.
  • The company listed in 2010 on the ASX and has spent the past 12 years acquiring, developing and proving up the resources at its Productora, San Antonio, Cortadera and Valentina projects in Costa Fuego as well as securing access to water, power and mining infrastructure surface rights which will hasten the development approvals process.
  • In that time, Hot Chili has increased its indicated resource by 1,500% to 3.41Mt Cu Eq. The company has announced its preliminary economic assessment (PEA) which estimates a post-tax Net Present Value (NPV) of US$1.1bn using a copper price of US$3.85/lb and a gold price of US$1,750/oz. 

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