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Smartkarma Daily Briefs

Dec 02
0

Daily Brief Energy/Materials: Crude Oil, iShares MSCI Brazil Capped ETF, Pan African Resources and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Crude Prices Tank Despite OPEC+ Supply Cuts; Brazil to Join OPEC+
  • Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys
  • Pan African Resources – Valuation up 22.2% with new gold price forecasts

Crude Prices Tank Despite OPEC+ Supply Cuts; Brazil to Join OPEC+

By Pranay Yadav

  • Virtual OPEC+ meeting was held on 30th November after being delayed by five days. Outcome was an increase and extension of supply cuts till Q1 2024.
  • WTI rallied 2.5% heading into the meeting but fell 4% shortly after due to scepticism over members following through on cuts and short-term nature of agreement.
  • OPEC+ announced that Brazil would join the coalition in early 2024. A move that unites most top crude oil producers in the cartel with major geopolitical ramifications.

Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

By Joe Jasper

  • In our October 26, 2023 Int’l Compass we discussed our expectations for a bounce in global equities (MSCI ACWI). So far, that has been the low.
  • Then, in our November 2, 2023 report, we discussed the bullish implications of the false breakdown in MSCI ACWI (local currency), before discussing expectations for a year-end rally on Nov.16
  • We see a massive opportunity in global gold/silver miners with gold nearing multi-year breakout. Also buy opportunities: Utilities in Europe, UK, and India; Materials, Industrials, Transportation, Real Estate, and Technology

Pan African Resources – Valuation up 22.2% with new gold price forecasts

By Edison Investment Research

On 22 November, Pan African Resources (PAF) announced that operations to date in FY24 had performed in line with, or better than, expected, with gold production for H124 anticipated to be in the range 94,000–98,000oz (cf 92,307oz in H123). As a result, it increased its production guidance for FY24 to 180,000–190,000oz, which caused us to increase our production estimate in turn by 1.9% (or 3,575oz) to 189,725oz. The change made only a modest difference to our EPS forecasts for FY24 (see Exhibit 2). However, it increases our confidence in those estimates, which are already at the top of a relatively wide range of expectations.

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Dec 02
0

Daily Brief Financials: Sun Hung Kai Properties, Bendigo And Adelaide Bank, Mizuho Financial Group, Kolte Patil Developers, Powerlong Real Estate Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • HK CEO & Director Dealings (1 Dec 2023): Kwoks Still Buying SHK; Co-Founder Selling Akeso
  • 2024 High Conviction – BEN – Almost All Mortgages | NPLs in Decline | Credit Costs Can Move Lower
  • Japanese Banks – Our Main Thoughts Post 2Q23 Results
  • Kolte Patil: On Track for a Strong FY24
  • Weekly Wrap – 01 Dec 2023

HK CEO & Director Dealings (1 Dec 2023): Kwoks Still Buying SHK; Co-Founder Selling Akeso

By David Blennerhassett

  • The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
  • Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
  • The key stocks mentioned in this regular insight are Sun Hung Kai Properties (16 HK) and Akeso Biopharma Inc (9926 HK).

2024 High Conviction – BEN – Almost All Mortgages | NPLs in Decline | Credit Costs Can Move Lower

By Daniel Tabbush

  • In any economy with persistently high interest rates, high living costs and decelerating loan growth, the risk is generally greater for bad corporate loans, not mortgage loans.
  • BEN is nearly only residential mortgage loans, highly different to CBA, NAB, WBC, ANZ and MQG. This is also clear in long-term low levels of credit costs.
  • NIM has moved up for BEN in FY23. There is limited risk of maturing debt to hurt its NIM in FY24, very much unlike large peer banks, especially NAB, MQG.

Japanese Banks – Our Main Thoughts Post 2Q23 Results

By Victor Galliano

  • We focus on five key factors, namely capital adequacy, credit quality, exposure to government securities, interest rate gearing and valuation with growth metrics for our Japanese banks universe
  • It is important to note that the relaxation of yield curve control is translating into rising loan yields generally in the BoJ data to September-end 2023
  • We stick with our positive views on Resona, Mizuho and Concordia; we remove Hachijuni from the buy list and SMFG, replacing the latter with MUFG in the large cap banks

Kolte Patil: On Track for a Strong FY24

By Ankit Agrawal, CFA

  • Kolte Patil reported a steady Q2FY24 led by continued momentum across sales, business development and deliveries.
  • Sales volume grew by 5%+ QoQ to 0.98mm sq ft in Q2FY24, led by strong sales in the Life Republic projects. This brings the H1FY24 total sales volume to 1.91mm. 
  • With 4.94mm sq ft slated to be launched in H2FY24 vs 2.73mm launched in H1FY24, Kolte Patil is on track to achieve its FY24 sales guidance of 3.9mm+ sq ft.

Weekly Wrap – 01 Dec 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. Road King Infrastructure
  2. Yanlord Land
  3. Azure Power Global Ltd
  4. Yankuang Energy Group
  5. Tata Motors Ltd

and more…

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  • ✓ Events & Webinars
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Dec 02
0

Daily Brief Health Care: Concord Biotech Ltd, Immix Biopharma Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Concord Biotech Ltd (658823Z IN): Q2 EBITDA and PAT Triples on Operational Efficiencies
  • Immix Biopharma – KOL event: Glimmer of hope for ALA patients

Concord Biotech Ltd (658823Z IN): Q2 EBITDA and PAT Triples on Operational Efficiencies

By Tina Banerjee

  • Concord Biotech Ltd (658823Z IN) reported robust performance in Q2FY24. Revenue grew 65% YoY to INR2.6 billion, while EBITDA and PAT jumped more than 3x compared to year-ago quarter.
  • The company has increased capacity utilization at all the three manufacturing facilities. Operational efficiencies have helped the bottom line to achieve faster growth than the top line.
  • With a high runway for growth and improving market scenario, especially for Indian pharma companies, the company remains highly optimistic to surpass its historical 18% revenue CAGR this year.

Immix Biopharma – KOL event: Glimmer of hope for ALA patients

By Edison Investment Research

Immix hosted a key opinion leader (KOL) event highlighting the long-term potential for NXC-201, the company’s B-cell maturation antigen (BCMA) targeting CAR-T therapy to address the fragile amyloid light chain amyloidosis (ALA) patient population. This is the only CAR-T therapy in development for the treatment of relapsed/refractory ALA to our knowledge and represents a significant unmet medical need as there are only limited treatment options and no standard of care. Relapse remains a common issue and, although still in the very early stages, the KOLs had optimism in the positive response rates shown thus far in the NEXICART-1 study. We anticipate rolling readouts for the NXC-201 ALA studies (particularly NEXICART-2) as the data become available.

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Dec 02
0

Daily Brief Consumer: PDD Holdings , Monogatari Corp and more

By | Consumer, Daily Briefs

In today’s briefing:

  • [PDD Holdings (PDD US, BUY, TP US$165) TP Change]: PDD and Temu Growth Tailwinds Will Continue
  • A Company in Japan Confirms That “Companies that Take Care of Sexual Minorities Are More Profitable”

[PDD Holdings (PDD US, BUY, TP US$165) TP Change]: PDD and Temu Growth Tailwinds Will Continue

By Ying Pan

  • PDD reported C3Q23 top-line, non-GAAP EBIT, and GAAP net profit 9%, (4%) and in-line vs. our estimate, and 28%, 29%, and 42%, vs. consensus respectively.
  • We estimate that Temu reached positive gross profit for the first time in 3Q, one quarter ahead of our prior estimate.
  • We believe increased prices on its US platform was the main driver, while it was able to maintain supply prices.

A Company in Japan Confirms That “Companies that Take Care of Sexual Minorities Are More Profitable”

By Aki Matsumoto

  • Many LGBTQ have been harassed during their job search, and while hiring managers are under-prepared, Monogatari Corporation is one of the few companies that is committed to LGBTQ human rights.
  • Monogatari Corporation believes that the diversity of individuals is the foundation for creating value, and that a series of individual differentiation enhances the company’s competitive advantage as a major differentiation.
  • Monogatari Corporation’s high profit margins and sustained growth give hope that the hypothesis that “companies that care about sexual minorities are more profitable” may be supported.

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Dec 02
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Dec 1st): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Dec 1st): Tencent, AIA, Kuaishou Technology

Hong Kong Buybacks Weekly (Dec 1st): Tencent, AIA, Kuaishou Technology

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 1st based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Petroleum & Chemical (386 HK).

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Dec 02
0

Daily Brief ESG: A Company in Japan Confirms That “Companies that Take Care of Sexual Minorities Are More Profitable” and more

By | Daily Briefs, ESG

In today’s briefing:

  • A Company in Japan Confirms That “Companies that Take Care of Sexual Minorities Are More Profitable”

A Company in Japan Confirms That “Companies that Take Care of Sexual Minorities Are More Profitable”

By Aki Matsumoto

  • Many LGBTQ have been harassed during their job search, and while hiring managers are under-prepared, Monogatari Corporation is one of the few companies that is committed to LGBTQ human rights.
  • Monogatari Corporation believes that the diversity of individuals is the foundation for creating value, and that a series of individual differentiation enhances the company’s competitive advantage as a major differentiation.
  • Monogatari Corporation’s high profit margins and sustained growth give hope that the hypothesis that “companies that care about sexual minorities are more profitable” may be supported.

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  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Dec 02
0

Daily Brief Event-Driven: HK CEO & Director Dealings (1 Dec 2023): Kwoks Still Buying SHK; Co-Founder Selling Akeso and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • HK CEO & Director Dealings (1 Dec 2023): Kwoks Still Buying SHK; Co-Founder Selling Akeso
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Rate Cuts?

HK CEO & Director Dealings (1 Dec 2023): Kwoks Still Buying SHK; Co-Founder Selling Akeso

By David Blennerhassett

  • The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
  • Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
  • The key stocks mentioned in this regular insight are Sun Hung Kai Properties (16 HK) and Akeso Biopharma Inc (9926 HK).

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Rate Cuts?

By Simon Harris

  • Weekly summary of vol changes and moves across Global Markets
  • Analysing ATM volatility and skew changes over the last 5 days
  • We suggest a few trades to take advantage of the implied vol surfaces

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Dec 02
0

Daily Brief Technical Analysis: Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

By Joe Jasper

  • In our October 26, 2023 Int’l Compass we discussed our expectations for a bounce in global equities (MSCI ACWI). So far, that has been the low.
  • Then, in our November 2, 2023 report, we discussed the bullish implications of the false breakdown in MSCI ACWI (local currency), before discussing expectations for a year-end rally on Nov.16
  • We see a massive opportunity in global gold/silver miners with gold nearing multi-year breakout. Also buy opportunities: Utilities in Europe, UK, and India; Materials, Industrials, Transportation, Real Estate, and Technology

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

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  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
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  • ✓ Events & Webinars
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Dec 02
0

Daily Brief Thematic (Sector/Industry): [Blue Lotus Daily – TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • [Blue Lotus Daily – TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK
  • Japan Weekly | Stocks up 5% in November
  • [Blue Lotus Daily]: XPEV/NIO/BYD/TSLA LI/Geely/ACMR/ MU/NVDA/981.HK/1810.HK/000660.KS

[Blue Lotus Daily – TMT Update]: PDD/BABA/JD/ZTO/2618.HK/1519.HK/MELI/AMZN/CPNG/700.HK

By Ying Pan

  • PDD/BABA/JD/ZTO/2618.HK/1519.HK: Express Delivery Parcel Volume grows +48% YoY last week (+)
  • BABA/ MELI/ AMZN/ CPNG: AliExpress to introduce live streaming service abroad(+/-/-/-)
  • 700.HK: Tencent’s “Fight of the Golden Spatula” reach high highs with latest season content update (+)

Japan Weekly | Stocks up 5% in November

By Mark Chadwick

  • Market Watch: Japanese stocks remain in a tight range. Topix ended the week -0.4% lower, capped by a stronger yen. However, Topix finished November +5%
  • Major Movers: Taisho Pharma +57% on MBO plans; Shiseido -9% as sell-side cuts numbers
  • Activist Watch: No new positions. Strategic Capital builds position in Toa Road; 3D drinks up more Sapporo shares

[Blue Lotus Daily]: XPEV/NIO/BYD/TSLA LI/Geely/ACMR/ MU/NVDA/981.HK/1810.HK/000660.KS

By Eric Wen

  • XPEV/NIO/BYD/TSLA: Luxeed S7 officially launched, price lowered by RMB 8,200 (-)
  • NIO: Geely and NIO enter into strategic cooperation agreement for battery swapping (+)
  • ACMR/ MU/ NVDA/ 981.HK/ 1810.HK/ 000660.KS: CXMT launches first domestic LPDDR5 RAM (+/+/+/-/-/-)

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Dec 02
0

Daily Brief Credit: Elon Musk’s “Global Sewer” May Derail Bankers’ Trying To Finally Dump Toxic Twitter LBO Debt and more

By | Credit, Daily Briefs

In today’s briefing:

  • Elon Musk’s “Global Sewer” May Derail Bankers’ Trying To Finally Dump Toxic Twitter LBO Debt
  • Weekly Wrap – 01 Dec 2023

Elon Musk’s “Global Sewer” May Derail Bankers’ Trying To Finally Dump Toxic Twitter LBO Debt

By Vicki Bryan

  • I warned Elon Musk wouldn’t help his beleaguered banks via refi of billions in losing LBO debt they foolishly fronted him to buy Twitter.
  • He can’t even stop setting it and himself on fire every day.
  • Now he admits Twitter is being killed by the advertiser boycott he again caused—but takes no responsibility for his incendiary actions.

Weekly Wrap – 01 Dec 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. Road King Infrastructure
  2. Yanlord Land
  3. Azure Power Global Ltd
  4. Yankuang Energy Group
  5. Tata Motors Ltd

and more…

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free