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Smartkarma Daily Briefs

Nov 30
0

Daily Brief Energy/Materials: Leader Energy Holdings, Ecovyst, Medco Energi and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Leader Energy Holdings Pre-IPO – Still Too Early for an ESG Angle
  • ECVT: In Growth Mode
  • Morning Views Asia: Medco Energi, Yankuang Energy Group

Leader Energy Holdings Pre-IPO – Still Too Early for an ESG Angle

By Ethan Aw

  • Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. 
  • Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&M of power assets and projects.
  • LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. 

ECVT: In Growth Mode

By Hamed Khorsand

  • ECVT held an investor day asserting the Company is in a growth mode through multiple product lines, including those for emerging markets
  • ECVT has set the goal of achieving as much 8 percent a year organic adjusted EBITDA growth through 2028.
  • The growth would come from the current business growing and taking market share and ECVT having commercially available products for emerging new end markets.

Morning Views Asia: Medco Energi, Yankuang Energy Group

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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Nov 30
0

Daily Brief Industrials: Kurita Water Industries, Korean Air Lines, Polycab India , Ferrovial Sa, Sino-Synergy Hydrogen Energy Technology and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Japan – A Last Look at Shorts on Some Interesting Stocks & Positioning
  • Korean Air (003490 KS): Cheap, but a Value Trap
  • India Industrials | Quarterly Update – ABB India, Siemens, Polycab and Havells
  • Taking off from Heathrow
  • Sino-Synergy Hydrogen IPO – High Potential but Comes with Ample Issues

Japan – A Last Look at Shorts on Some Interesting Stocks & Positioning

By Brian Freitas

Korean Air (003490 KS): Cheap, but a Value Trap

By Mohshin Aziz

  • Korean Air Lines (003490 KS) is cheap, against peers and its own history. The impending merger with Asiana Airline is a major overhang  
  • Business is good, with steady passenger loads and yields, and cargo showing decent signs of recovery. Lower fuel prices could surprise on the upside 
  • Target Price KRW23,868 based on FY24 P/BV of 0.81x (1SD below mean). Too little upside for the level of uncertainty. PASS   

India Industrials | Quarterly Update – ABB India, Siemens, Polycab and Havells

By Pranav Bhavsar

Taking off from Heathrow

By Jesus Rodriguez Aguilar

  • Ferrovial Sa (FER SM) announces the sale of its 25% stake in Heathrow Airport Holdings for £2,368 million (valued at zero in its books), far exceeding my valuation of €1,617 million.
  • With the operation, Ferrovial will be able to invest in more lucrative new infrastructure projects than Heathrow (a mature asset). Ferrovial is focused on growth in North American greenfield projects.
  • The divestment should have a positive impact of 4.7% on Ferrovial’s consensus target price, which increases to €34.55/share vs. €33/share previously, which implies a revaluation potential of 9.5%.

Sino-Synergy Hydrogen IPO – High Potential but Comes with Ample Issues

By Sumeet Singh

  • Sino-Synergy Hydrogen Energy Technology (9663 HK) (SHET) is looking to raise around US$200m in its Hong Kong IPO. 
  • SHET is a hydrogen fuel cell company in the PRC focusing on research, development, production and sales of hydrogen fuel cell stacks and hydrogen fuel cell systems.
  • In this note, we will look at the company’s background and talk about valuations.

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Nov 30
0

Daily Brief TMT/Internet: SK Square , Tata Technologies, Taiwan Semiconductor (TSMC) – ADR, Tata Consultancy Svcs, United Microelectron Sp Adr and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • SK Square: Drag Along Rights To Be Exercised to Sell 11 Street + Merger of TVing and Wavve
  • Tata Technologies IPO: Trading Debut
  • Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm
  • Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
  • Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec
  • Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways
  • UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

SK Square: Drag Along Rights To Be Exercised to Sell 11 Street + Merger of TVing and Wavve

By Douglas Kim

  • SK Square announced it will not exercise the call option to repurchase minority stake in 11 Street. This is likely to have a positive impact on the company. 
  • SK Square does not need to pay 500 billion won plus 3.5% annualized interest to the financial investors of 11 Street. This will also accelerate sale of 11 Street.
  • In addition, SK Square announced the merger of TVing and Wavve OTT services. 

Tata Technologies IPO: Trading Debut

By Arun George

Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm

By Sumeet Singh

  • Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO.
  • Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
  • In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.

Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped

By Vincent Fernando, CFA

  • Taiwan Tech companies beat analyst expectations by a high rate in the latest quarter
  • Semiconductors: Consensus could be underestimating a margin rebound for 2024E
  • Hardware aggregate forecast earnings growth increased significantly for 2024E as compared to just three months ago

Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec

By Janaghan Jeyakumar, CFA

  • Tata Consultancy Svcs (TCS IN) launched an INR170bn (US$2bn) Buyback in mid-November 2023 which is one of the largest Buybacks in India in recent years.
  • The company has published the Letter of Offer confirming the final details and the expected timeline for this Buyback.
  • Below is a closer look at these details and their implications for shareholders.

Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways

By Vincent Fernando, CFA

  • Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers
  • Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
  • Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively

UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.

By Patrick Liao

  • Although it is still early to determine the extent of the utilization rate that could be reached in UMC for 2Q24F, there is a greater chance for a rebound.
  • UMC’s high-end technology, specifically 28nm, has a utilization rate of over 80% in 4Q23F. 
  • MediaTek is UMC’s largest client, dominating in WiFi, TV SoC, Bluetooth, and other areas.

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Nov 30
0

Daily Brief Health Care: Celltrion Healthcare , YSB, Santen Pharmaceutical, TSE Tokyo Price Index TOPIX, Qyuns Therapeutics and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Spread Trade Opportunities Arising from KQ150/KS200 Passive Flows in the Celltrion Merger
  • YSB (9885.HK) – Being Included in ETF Offers a Great Escape Opportunity
  • Santen Pharmaceutical (4536 JP): Strong H1 Performance; FY24 Guidance Raise; Rich Pipeline
  • Headline Is Eye Catching, but the Revised Voting Criteria Do Not Affect Most Companies
  • Pre-IPO Qyuns Therapeutics – Conservative About the Outlook

Spread Trade Opportunities Arising from KQ150/KS200 Passive Flows in the Celltrion Merger

By Sanghyun Park

  • KOSDAQ 150’s passive outflow occurs on December 14th for Celltrion Healthcare, whereas it would be January 11th for Celltrion with KOSPI 200.
  • The estimated passive flow size (x ADTV) on their respective rebalancing trading days is anticipated to be approximately -2.79x (Celltrion Healthcare) and +1.76x (Celltrion).
  • We should monitor the potential expansion of the swap spread on December 14th. Additionally, contemplating an outright approach for Celltrion, akin to the Hanwha Ocean scenario, could be worth considering.

YSB (9885.HK) – Being Included in ETF Offers a Great Escape Opportunity

By Xinyao (Criss) Wang

  • YSB would be added to KraneShares CSI China Internet ETF.Cornerstone investors could opt to cash out directly,taking advantage of improved liquidity, which means even they’re not optimistic about YSB’s prospects.
  • YSB’s profit margin is disappointing. It would be hard for YSB to deliver decent profits in the end. This business does not make money. YSB is also short of money.
  • Since going public, YSB’s share price has been on a rollercoaster, which has deviated from the fundamentals, but it should be pointed out eventually stock prices will return to fundamentals.

Santen Pharmaceutical (4536 JP): Strong H1 Performance; FY24 Guidance Raise; Rich Pipeline

By Tina Banerjee

  • Santen Pharmaceutical (4536 JP) reported double-digit growth in revenue and core operating profit, and triple-digit growth in net profit in H1FY24. Overseas business grew 30% and remained the main driver.
  • Santen raised FY24 guidance for the second time due to the stronger-than-expected sales from overseas markets, reviewed impact of generics in Japan, and continued progress in company-wide cost optimizations.
  • Recently, the company has received European Commission approval for a new ophthalmic drug for lowering of intraocular pressure (IOP) in open-angle glaucoma and ocular hypertension.

Headline Is Eye Catching, but the Revised Voting Criteria Do Not Affect Most Companies

By Aki Matsumoto

  • The “minimum majority of outside directors” is an eye catcher, but it does’t affect most companies because the 1/3 outside director ratio applies if a nominating committee is in place.
  • Since companies with majority of independent directors are 12.1% in prime market, the objective becomes to achieve the minimum requirement (1/3 INEDs), and few companies engage in further improving practices.
  • Companies with over 50% independent director have extremely superior market values in capitalization, ROE, ROA, and Tobin’s Q. Therefore, the acceleration of increasing independent director ratios should be seriously implemented.

Pre-IPO Qyuns Therapeutics – Conservative About the Outlook

By Xinyao (Criss) Wang

  • The sales scale of drugs for autoimmune diseases in China is much lower than that in overseas markets. So, internationalization is inevitable for companies in this industry.
  • Qyuns’s candidates have to face fierce competition, with no advantage in R&D progress.Since Qyuns mainly do clinical trials in China, its future valuation is hard to have big expansion potential.
  • Many investors may still “live in the illusion” for China biotech. We think Qyuns would not finally transform into a biopharma. Its valuation should be lower than Keymed.

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Nov 30
0

Daily Brief Consumer: Denso Corp, Toyota Motor, L’Occitane, Dekon Food and Agriculture Group, Perfect Medical Health, Mitsubishi Motors, Meituan and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Huge Denso (6902) Secondary Sale by Toyota Group – Admiral Ackbar Says “It’s A Trap!”
  • Denso Offering, Buyback, and New Cross-Holding Reduction Policy – It WAS a Trap
  • StubWorld: Toyota Group To Sell 10% of Denso; Adelson Selling LVS
  • Denso (6902 JP): US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback
  • Denso Corp Placement – Toyota to Raise US$4.4bn, as Expected
  • L’Occitane (973 HK):  FY1H24 Earnings Hurt By Massive Increase In Marketing, As Expected
  • Dekon Food and Agriculture Group IPO – Ebbs and Flows of Cycle Have Hurt Profitability
  • Perfect Medical H1 FY24: Rebound of Growth in H2 FY24, 9% Div Yield, New High ROIC Investment
  • Quiddity JPX-Nikkei 400 Rebal 2024: End-Nov 2023
  • Meituan: Earnings to Weaken Further

Huge Denso (6902) Secondary Sale by Toyota Group – Admiral Ackbar Says “It’s A Trap!”

By Travis Lundy

  • Yesterday, Reuters reported that multiple Toyota Group companies would sell ~10% of Denso Corp (6902 JP) worth ¥700bn in a secondary share sale by year-end.
  • The sellers would be Toyota, selling down to just over 20%, Toyota Industries (6201) (selling down a bit more than half, and Aisin Seiki (7259 JP) selling its 2% stake. 
  • Denso would buy back shares. This whole thing is both interesting and complicated so I discuss the interesting complications below. It looks bigger than it probably is.

Denso Offering, Buyback, and New Cross-Holding Reduction Policy – It WAS a Trap

By Travis Lundy

  • 15 minutes after I published what I thought was a considered analysis, Denso dumps the details. I thought it might be a trap. It looks like a trap.
  • A holistic view of the three different documents here suggests, indeed, “It was a trap”. 
  • This giant offering is not bearish overhang but likely tilts bullish with greenshoe support, a large buyback, a new cross-holding reduction policy, and the follow-on effects from that.

StubWorld: Toyota Group To Sell 10% of Denso; Adelson Selling LVS

By David Blennerhassett

Denso (6902 JP): US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback

By Arun George

  • Denso Corp (6902 JP) announced a secondary offering of up to 294.8 billion shares (including overallotment) and a buyback (maximum shares of 125 million or maximum value of JPY200 billion).
  • Denso also announced a cross-holding reduction policy. In an unspecified timeframe, it will sell part of its holdings in Toyota Industries (6201 JP) and Aisin (7259 JP).
  • Looking at recent large Japanese placements is instructive to understand the potential offer price. The pricing date will fall between 13 and 18 December (likely 13 December).

Denso Corp Placement – Toyota to Raise US$4.4bn, as Expected

By Sumeet Singh

L’Occitane (973 HK):  FY1H24 Earnings Hurt By Massive Increase In Marketing, As Expected

By Steve Zhou, CFA

  • L’Occitane (973 HK) reported FY1H24 (fiscal year ending March 31) results yesterday after market, with net profit down 45% yoy. 
  • The sharp drop in earnings is mainly due to a 48% yoy increase in marketing costs, as well as increased finance costs.
  • The company maintained the FY24 outlook of 17% topline growth and an operating profit margin of 12% (FY1H24:  7.2%). 

Dekon Food and Agriculture Group IPO – Ebbs and Flows of Cycle Have Hurt Profitability

By Clarence Chu

  • Dekon Food and Agriculture Group (DFAG CH) is looking to raise up to US$128m in its Hong Kong IPO.
  • Dekon Food and Agriculture Group (DFAG) is a vertically integrated livestock farming enterprise in China.
  • In this note, we will look at past performance, and share our thoughts on valuation.

Perfect Medical H1 FY24: Rebound of Growth in H2 FY24, 9% Div Yield, New High ROIC Investment

By Sameer Taneja

  • Perfect Medical Health (1830 HK) results showed 7% revenue growth and 10% YoY profit (27% YoY adjusted profit for subsidies) growth in H1 FY24.
  • The company declared a 14.2 cent/share interim dividend. H2 dividends usually are higher, so we expect a 32-35 cent dividend for FY24. 
  • This is another dividend-yielding gem, trading at 12.0x PE FY24e, a 9% dividend yield, and 15% of the market cap in cash and investments with a >50% ROE. 

Quiddity JPX-Nikkei 400 Rebal 2024: End-Nov 2023

By Janaghan Jeyakumar, CFA

  • JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
  • A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.
  • Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 Index Rebal to come in August 2024 based on trading data as of end-November 2023.

Meituan: Earnings to Weaken Further

By Shifara Samsudeen, ACMA, CGMA

  • Meituan (3690 HK) ‘s 3Q2023 revenues beat estimates while OP for the quarter was well below consensus estimates.
  • There were clear signs of slowdown in earnings growth due to macroeconomic challenges and weaker demand. 4Q earnings are expected to decline further.
  • Meituan’s share price went down by about 11% following its earnings announcement as slowdown in core local commerce and weakening earnings have concerned investors.

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Nov 30
0

Daily Brief Financials: KB Financial, Fedbank Financial Services, Bakkt, Prudential PLC and more

By | Daily Briefs, Financials

In today’s briefing:

  • ELS Losses for HSCEI Index Could Result in Lowering Dividend Expectations for Korean Banks in 2024
  • Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut
  • Bakkt Holdings, Inc. – Adding New Accounts as SoFi Migrates to Partner Blockchain.com
  • 2024 High Conviction: Underwriting Prudential’s Investment Case into 2024

ELS Losses for HSCEI Index Could Result in Lowering Dividend Expectations for Korean Banks in 2024

By Douglas Kim

  • The equity linked securities (ELS) losses related to Hang Seng China Enterprises Index (HSCEI INDEX) could lower dividend expectations for Korean banks in 2024. 
  • On average, if H-Index declines below 5,699, then the majority of the investors on these H-Index could start to incur major losses starting 1Q 2024. 
  • Amid challenges of lower interest rates expectations and higher losses from ELS products, major Korean banks could be more hesitant on share buybacks and increasing their dividends in 1H 2024.

Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut

By Clarence Chu

  • Fedbank Financial Services (0702066D IN) raised around US$130m in its India IPO.
  • Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
  • In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.

Bakkt Holdings, Inc. – Adding New Accounts as SoFi Migrates to Partner Blockchain.com

By Water Tower Research

  • On November 29, 2023, Blockchain.com announced it is partnering with SoFi so users can migrate their crypto accounts to the Blockchain.com platform.
  • Bakkt provides the platform for Blockchain.com in seven states: HI, LA, NJ, NV, TN, TX, and VA.
  • The additional SoFi accounts in these states will come onto the Bakkt platform for crypto trading.

2024 High Conviction: Underwriting Prudential’s Investment Case into 2024

By Alec Tseung

  • Pru is currently trading below its embedded value, with the valuation assigning a negative value for the group’s new business profits.
  • Given its quality franchise across all key markets in Asia and continued strong new business recovery (to pre-Covid levels), this doesn’t seem to make sense at all.
  • We would continue underwriting the investment case of Pru in the coming year, with the stock offering significant upside potential. 

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Nov 30
0

Daily Brief South Korea: Celltrion Healthcare , SK Square , KB Financial, Korean Air Lines, CJ Cheiljedang and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Spread Trade Opportunities Arising from KQ150/KS200 Passive Flows in the Celltrion Merger
  • SK Square: Drag Along Rights To Be Exercised to Sell 11 Street + Merger of TVing and Wavve
  • ELS Losses for HSCEI Index Could Result in Lowering Dividend Expectations for Korean Banks in 2024
  • Korean Air (003490 KS): Cheap, but a Value Trap
  • CJ Cheiljedang Pref: Profits to Turn Around with Moderating Inflation + Big Discount to Common

Spread Trade Opportunities Arising from KQ150/KS200 Passive Flows in the Celltrion Merger

By Sanghyun Park

  • KOSDAQ 150’s passive outflow occurs on December 14th for Celltrion Healthcare, whereas it would be January 11th for Celltrion with KOSPI 200.
  • The estimated passive flow size (x ADTV) on their respective rebalancing trading days is anticipated to be approximately -2.79x (Celltrion Healthcare) and +1.76x (Celltrion).
  • We should monitor the potential expansion of the swap spread on December 14th. Additionally, contemplating an outright approach for Celltrion, akin to the Hanwha Ocean scenario, could be worth considering.

SK Square: Drag Along Rights To Be Exercised to Sell 11 Street + Merger of TVing and Wavve

By Douglas Kim

  • SK Square announced it will not exercise the call option to repurchase minority stake in 11 Street. This is likely to have a positive impact on the company. 
  • SK Square does not need to pay 500 billion won plus 3.5% annualized interest to the financial investors of 11 Street. This will also accelerate sale of 11 Street.
  • In addition, SK Square announced the merger of TVing and Wavve OTT services. 

ELS Losses for HSCEI Index Could Result in Lowering Dividend Expectations for Korean Banks in 2024

By Douglas Kim

  • The equity linked securities (ELS) losses related to Hang Seng China Enterprises Index (HSCEI INDEX) could lower dividend expectations for Korean banks in 2024. 
  • On average, if H-Index declines below 5,699, then the majority of the investors on these H-Index could start to incur major losses starting 1Q 2024. 
  • Amid challenges of lower interest rates expectations and higher losses from ELS products, major Korean banks could be more hesitant on share buybacks and increasing their dividends in 1H 2024.

Korean Air (003490 KS): Cheap, but a Value Trap

By Mohshin Aziz

  • Korean Air Lines (003490 KS) is cheap, against peers and its own history. The impending merger with Asiana Airline is a major overhang  
  • Business is good, with steady passenger loads and yields, and cargo showing decent signs of recovery. Lower fuel prices could surprise on the upside 
  • Target Price KRW23,868 based on FY24 P/BV of 0.81x (1SD below mean). Too little upside for the level of uncertainty. PASS   

CJ Cheiljedang Pref: Profits to Turn Around with Moderating Inflation + Big Discount to Common

By Douglas Kim

  • We have a positive view of both CJ Cheiljedang (097950 KS) and CJ Cheiljedang Pref (097955 KS). 
  • We think that the company’s business is likely to turn around in 2024, with more moderate inflation rates and raw material costs leading to improving earnings next year.
  • CJ Cheiljedang Pref is trading at a 58% discount to CJ Cheiljedang common shares, which we believe to be excessive. CJ Cheiljedang Pref also has higher dividend yield (4.2%).

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Nov 30
0

Daily Brief United States: Ecovyst, Bakkt, Lifevantage and more

By | Daily Briefs, United States

In today’s briefing:

  • ECVT: In Growth Mode
  • Bakkt Holdings, Inc. – Adding New Accounts as SoFi Migrates to Partner Blockchain.com
  • LifeVantage Corporation – Believe Recent Return to Growth to Be Sustainable

ECVT: In Growth Mode

By Hamed Khorsand

  • ECVT held an investor day asserting the Company is in a growth mode through multiple product lines, including those for emerging markets
  • ECVT has set the goal of achieving as much 8 percent a year organic adjusted EBITDA growth through 2028.
  • The growth would come from the current business growing and taking market share and ECVT having commercially available products for emerging new end markets.

Bakkt Holdings, Inc. – Adding New Accounts as SoFi Migrates to Partner Blockchain.com

By Water Tower Research

  • On November 29, 2023, Blockchain.com announced it is partnering with SoFi so users can migrate their crypto accounts to the Blockchain.com platform.
  • Bakkt provides the platform for Blockchain.com in seven states: HI, LA, NJ, NV, TN, TX, and VA.
  • The additional SoFi accounts in these states will come onto the Bakkt platform for crypto trading.

LifeVantage Corporation – Believe Recent Return to Growth to Be Sustainable

By Water Tower Research

  • Growth resumed for both sales and EPS in 4QFY23, the first time in 16 quarters that both grew simultaneously.
  • While sales growth flattened out a bit in the 1QFY24 (September), top-line momentum continued in the US, driven by the success of the LV360 initiatives, and company-wide EBITDA grew 41.1%, driven by a 230- basis-point improvement in margins.
  • The resumption of growth could be sustainable, driven by a wide range of company-specific initiatives, most importantly its LV360 initiatives, including a sweeping overhaul of its consultant compensation plan, and robust new product activity.

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Nov 30
0

Daily Brief Indonesia: Medco Energi and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: Medco Energi, Yankuang Energy Group

Morning Views Asia: Medco Energi, Yankuang Energy Group

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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Nov 30
0

Daily Brief India: Tata Technologies, Fedbank Financial Services, Polycab India , Tata Consultancy Svcs and more

By | Daily Briefs, India

In today’s briefing:

  • Tata Technologies IPO: Trading Debut
  • Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm
  • Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut
  • India Industrials | Quarterly Update – ABB India, Siemens, Polycab and Havells
  • Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec

Tata Technologies IPO: Trading Debut

By Arun George

Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm

By Sumeet Singh

  • Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO.
  • Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
  • In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.

Fedbank Financial IPO Trading – Subscription Rates Hint at a Snoozy Debut

By Clarence Chu

  • Fedbank Financial Services (0702066D IN) raised around US$130m in its India IPO.
  • Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
  • In our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.

India Industrials | Quarterly Update – ABB India, Siemens, Polycab and Havells

By Pranav Bhavsar

Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec

By Janaghan Jeyakumar, CFA

  • Tata Consultancy Svcs (TCS IN) launched an INR170bn (US$2bn) Buyback in mid-November 2023 which is one of the largest Buybacks in India in recent years.
  • The company has published the Letter of Offer confirming the final details and the expected timeline for this Buyback.
  • Below is a closer look at these details and their implications for shareholders.

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