All Posts By

Smartkarma Daily Briefs

Oct 17
0

Daily Brief Industrials: Suzlon Energy, J&T Global Express, Cainiao Smart Logistics and more

By | Daily Briefs, Industrials

In today’s briefing:

  • India – Positioning on Some Interesting* Names
  • J&T Global Express (1519 HK): Index Inclusion Possibility & Timelines
  • J&T Global Express IPO – Team Effort for Some Heavy Lifting
  • J&T Global Express IPO: Valuation Insights
  • Cainiao Pre-IPO – Peer Comparison

India – Positioning on Some Interesting* Names

By Brian Freitas

J&T Global Express (1519 HK): Index Inclusion Possibility & Timelines

By Brian Freitas

  • J&T Global Express (1936374D CH) is looking to raise HK$3.92bn (US$501m) in its IPO by selling 326.55m shares at HK$12/share, valuing the company at HK$105.75bn (US$13.52bn).
  • J&T Global Express (1936374D CH) will not get Fast Entry to any indices but should be added to the HSCI in March. Inclusion to Southbound Stock Connect will take longer.
  • Inclusion in other indices will take longer with the highest probability of index inclusion in September 2024. 

J&T Global Express IPO – Team Effort for Some Heavy Lifting

By Sumeet Singh

  • J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its  Hong Kong IPO.
  • As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
  • We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.

J&T Global Express IPO: Valuation Insights

By Arun George

Cainiao Pre-IPO – Peer Comparison

By Sumeet Singh

  • Cainiao Smart Logistics, Alibaba (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
  • Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
  • In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.

💡 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


Oct 17
0

Daily Brief TMT/Internet: Hana Microelectronics, DISCO Corp, China Mobile, Taiwan Semiconductor (TSMC), United Microelectron Sp Adr, Mediatek Inc, Infosys Ltd and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged
  • Nikkei 225 Index Rebalance Preview (Mar 2024): Ranking, Capping, Funding & Other Changes
  • Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider
  • Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers
  • UMC (2303.TT): We Estimate The Outlook Is Down a Bit to Lower QoQ in 4Q23F
  • MediaTek (2454.TT): Smartphone Is Turning a Bit Stronger
  • [Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

By Sumeet Singh

  • Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).
  • The deal scores well on our framework given the company’s strong recent performance and decent long term track record
  • In this note, we will talk about the deal dynamics.

Nikkei 225 Index Rebalance Preview (Mar 2024): Ranking, Capping, Funding & Other Changes

By Brian Freitas

  • The review period for the Nikkei 225 (NKY INDEX) March rebalance ends end January. There could be three changes at the rebalance with sector balance in focus.
  • Depending on the changes, passive trackers will need to buy between 6-28x ADV (11-50% of real float) on the inclusions and sell between 2.8-44x ADV on the deletions.
  • Fast Retailing (9983 JP) could be capped at 11% of the index weight and there will be buying in Nitori Holdings (9843 JP) due to the stepwise addition.

Quiddity A/H Premium Tracker (To Oct13): Volatility Up Bigly, Wide Spreads Wider

By Travis Lundy

  • The Brand-Spanking New (9 weeks old) A-H Monitor has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning in pairs over time, etc.
  • We used to do it. We brought it back better, with lots of cool interactive tables, and charts, heat maps, and comparative data. And 50 Trade Recommendations.
  • The last 9 weeks (since the start of the new Trcker and Portfolio 8 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%, -0.29%, -0.71%.

Taiwan Tech Weekly: TSMC & ASML Results This Week; Taiwan AI Plays Top Losers

By Vincent Fernando, CFA

  • TSMC and ASML will report results this week. We may get additional detail about the scope of AI-related demand as a medium-term driver for the semiconductor industry.
  • Many Taiwan AI plays were top losers last week. Separately, the U.S. is expected to announce new tech restrictions for China this week.
  • SK Hynix is reportedly working closely with Mediatek to integrate some of its most advanced memory in Mediatek’s flagship Dimensity chips. Mediatek was a top gainer last week.

UMC (2303.TT): We Estimate The Outlook Is Down a Bit to Lower QoQ in 4Q23F

By Patrick Liao

  • The 4Q23F outlook is still coming down, but it’s not as worse as we originally expected.
  • Samsung is staying a very stable demand for 28nm capacity in UMC.
  • Based on our estimates, the wafer ASP is clearly increasing from 2Q22 to 4Q23F, despite a decline in demand from 4Q22 until now.

MediaTek (2454.TT): Smartphone Is Turning a Bit Stronger

By Patrick Liao

  • We change our stance to be a bit bullish for Mediatek Inc (2454 TT).
  • In 4Q23F, MediaTek’s outlook is getting a bit stronger upside.
  • The Smartphone market is turning positive, but it’s too early to claim a fully rebound.

[Week 7] Namaste India 🙏 | Infosys Ltd (INFO IN) | Seasonal Sluggishness Now Consensus

By Pranav Bhavsar

💡 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


Oct 17
0

Daily Brief Energy/Materials: Kumho Petro Chemical, Golden Eagle Energy, ADX Energy Ltd and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Attractive Yield of Kumho Petrochem Pref Shares Amid 100 Billion Won of Common Shares Cancellation
  • Golden Eagle Energy: Last Day To Buy Cum-Divvie
  • ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23

Attractive Yield of Kumho Petrochem Pref Shares Amid 100 Billion Won of Common Shares Cancellation

By Douglas Kim

  • On 16 October, Kumho Petrochem (011780 KS) announced that it will cancel 0.77 million shares on 23 October, representing 2.6% of its outstanding shares or about 100 billion won. 
  • We particularly like Kumho Petrochem preferred shares which provide a dividend yield of nearly 6.7% which is 2x the dividend yield of the common shares.
  • Foreigners have been net buyers of Kumho Petrochem preferred shares this year while they have been net sellers of its common shares this year. 

Golden Eagle Energy: Last Day To Buy Cum-Divvie

By David Blennerhassett

  • Back on the 26 July, Geo Energy Resources (GERL SP) announced an intention to acquire a majority stake in coal miner Golden Eagle Energy (SMMT IJ) (GEE).
  • GEO shareholders have now approved the purchase of a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group, triggering an MTO at IDR1,255/share, which is subject to Indonesia’s OJK.
  • In addition, GEE announced a special/additional dividend, with a cum-entitlement today, the 17th of October. 

ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23

By Auctus Advisors

  • ADX is expected to start drilling the Anshof-2 appraisal well in November.
  • The Anshof-1 well will then be drilled in Q2 or Q3 24 increasing gross production from the Anshof field to ~1,000 bbl/d with three wells (500 bbl/d net to ADX). 
  • MND has already paid ADX A$3.2 million for past costs and long lead drilling expenditures.

💡 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


Oct 17
0

Daily Brief Health Care: Agilus Diagnostics Limited, Bluemtec, Amvis Holdings Inc, Asymchem Laboratories Tianjin and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Agilus Diagnostics Limited Pre-IPO Tearsheet
  • Bluemtec IPO Preview
  • Amvis Holdings Inc (7071 JP): Strong Performance in 9MFY23; Business Expansion Continues
  • Asymchem Laboratories (6821.HK/002821.CH) – A Heartening Rise in Share Price Could Be Drawing Near

Agilus Diagnostics Limited Pre-IPO Tearsheet

By Clarence Chu

  • Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. The deal will be run by Citi, Axis Capital, and ICICI Securities.
  • Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
  • As per the CRISIL report, the firm was the largest diagnostics service provider in terms of number of laboratories and the second largest in terms of FY23 sales.

Bluemtec IPO Preview

By Douglas Kim

  • Bluemtec is getting ready to complete its IPO in KOSDAQ in the next several weeks. Bluemtec operates the number one pharmaceutical e-commerce platform in Korea. 
  • The company is offering 1.4 million shares in this IPO. The IPO price range is from 15,000 won to 19,000 won.
  • The company sales and gross profit growth increased impressively in the past several years. The company’s sales increased at a CAGR of 60.5% from 2020 to 2022.

Amvis Holdings Inc (7071 JP): Strong Performance in 9MFY23; Business Expansion Continues

By Tina Banerjee

  • Amvis Holdings Inc (7071 JP) reported 40% YoY increase in revenue to ¥23B in 9MFY23, driven by 27% YoY increase in bed capacity and 86.6% utilization rate at existing facilities.
  • Operating profit grew 40% YoY to ¥6.2 billion. However, operating margin declined 10 basis points to 26.9%, due to the impact of inflation and increase in wages for long-service employees.
  • Amvis announced plans to open 25 new facilities and expand 1 facility (1,308 beds) in FY24. The company plans to raise patient payments by about ¥4,000 per month in Oct’23.

Asymchem Laboratories (6821.HK/002821.CH) – A Heartening Rise in Share Price Could Be Drawing Near

By Xinyao (Criss) Wang

  • CDMO business usually have higher certainty/profit margin, and would be affected by the deterioration of overseas financing environment much later than CRO business. So, we prefer Asymchem to WuXi AppTec.
  • Total market size of GLP-1s could exceed the sum of semaglutide + the vast majority of chronic disease drugs.No matter how GLP-1s expand indications, Asymchem has the opportunity to benefit.
  • Asymchem needs to secure a large order related to GLP-1 drugs. Such big catalyst would certainly boost stock price, just like when COVID-19 order was received in November 2021.

💡 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


Oct 17
0

Daily Brief Financials: Cuscal Limited, Life Insurance of India, HDFC Limited, NIFTY Index, S&U PLC and more

By | Daily Briefs, Financials

In today’s briefing:

  • Cuscal Pre-IPO – The Positives – Monetising Its Connections and Benefiting from Tailwinds
  • LICI – 62% Mkt Share, Covers 92% of India, 148% ROE, Under-Penetrated, Many Operational Strengths
  • HDFC Life: 2Q24 Result Update: In-Line on a High Base, HDFC Bank Distribution the Main Positive.
  • Cuscal Pre-IPO – The Negatives – Margins Have Declined and Growth May Be Capped
  • EQD | NIFTY WEEKLY Weak Bounce, Ready to Fall Next Week?
  • S&U – Resilient despite macroeconomic uncertainty

Cuscal Pre-IPO – The Positives – Monetising Its Connections and Benefiting from Tailwinds

By Clarence Chu

  • Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. 
  • Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. 
  • In this note, we will talk about the positive aspects of the deal.

LICI – 62% Mkt Share, Covers 92% of India, 148% ROE, Under-Penetrated, Many Operational Strengths

By Daniel Tabbush

  • LICI has significant 62% market share of new business premiums with 92% coverage of all districts in the country, compared with 72% for all of the private sector combined.
  • Long track record of operations since 1956 and strong growth, with recent years seeing exceptional strength in net profit, and with ROE reaching 148%.
  • Well maintained SG&A costs with revenue growth exceeding policy benefits growth, with strong investment returns, especially in FY23. 1Q24 also shows continued operational strength, in a hugely under-penetrated market.

HDFC Life: 2Q24 Result Update: In-Line on a High Base, HDFC Bank Distribution the Main Positive.

By Raj Saya, CA, CFA

  • HDFC Life Insurance (HDFCLIFE IN) reported 2Q24/ 1H24 results last week which were decent given the context: moderating VNB Margins amid changing product-mix and growth outlook positive for remaining year.
  • The strong growth at the HDFC Bank counter is the key positive, though expected, on back of the HDFC Bank-HDFC merger.
  • We value HDFC Life (HDFCL) at ~2.4x FY25e P/EV, implying a ~5% upside to current price. HDFCL is fairly valued in our view.

Cuscal Pre-IPO – The Negatives – Margins Have Declined and Growth May Be Capped

By Clarence Chu

  • Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
  • Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
  • In this note, we will talk about the not so positive aspects of the deal.

EQD | NIFTY WEEKLY Weak Bounce, Ready to Fall Next Week?

By Nico Rosti

  • The NIFTY 50 Index closed last week up at 19751.05, 2nd week up, in synch with the S&P 500 INDEX WEEKLY bounce.
  • The index has not moved up much from a price perspective, weak bounce. Resistance levels must be monitored: if the index rallies this week it could pull back next week.
  • The trade orientation is to go SHORT once the NIFTY reaches Q2/Q3 OVERBOUGHT resistance levels in the 20167-20230 price area, this week. SHORT Trade at Close is also valid.

S&U – Resilient despite macroeconomic uncertainty

By Edison Investment Research

Advantage and Aspen both performed well and broadly in line with our expectations. PBT in H124 was £21.4m, 2% above H123. Impairments were better than expected, particularly at Aspen, but costs were affected by the inflationary environment and a more than twofold increase in finance expenses. Profit after tax came in at £16.2m, 5% below H123 as the tax rate rose. The group declared a dividend of 35p/share, in line with H123. S&U also increased its funding facilities by £70m to £280m in anticipation of future growth. Graham Wheeler, CEO of Advantage, is to retire at the beginning of FY24 and will be replaced by Karl Werner, former managing director of Motor, Aldermore Bank and deputy CEO of MotoNovo Finance.

💡 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


Oct 17
0

Daily Brief Industrials: Suzlon Energy, J&T Global Express, Cainiao Smart Logistics and more

By | Daily Briefs, Industrials

In today’s briefing:

  • India – Positioning on Some Interesting* Names
  • J&T Global Express (1519 HK): Index Inclusion Possibility & Timelines
  • J&T Global Express IPO – Team Effort for Some Heavy Lifting
  • J&T Global Express IPO: Valuation Insights
  • Cainiao Pre-IPO – Peer Comparison

India – Positioning on Some Interesting* Names

By Brian Freitas

J&T Global Express (1519 HK): Index Inclusion Possibility & Timelines

By Brian Freitas

  • J&T Global Express (1936374D CH) is looking to raise HK$3.92bn (US$501m) in its IPO by selling 326.55m shares at HK$12/share, valuing the company at HK$105.75bn (US$13.52bn).
  • J&T Global Express (1936374D CH) will not get Fast Entry to any indices but should be added to the HSCI in March. Inclusion to Southbound Stock Connect will take longer.
  • Inclusion in other indices will take longer with the highest probability of index inclusion in September 2024. 

J&T Global Express IPO – Team Effort for Some Heavy Lifting

By Sumeet Singh

  • J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its  Hong Kong IPO.
  • As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
  • We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.

J&T Global Express IPO: Valuation Insights

By Arun George

Cainiao Pre-IPO – Peer Comparison

By Sumeet Singh

  • Cainiao Smart Logistics, Alibaba (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
  • Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
  • In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.

💡 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


Oct 17
0

Daily Brief Consumer: Alibaba Group Holding , Astra International, Shakey’s Pizza, The Keepers Holdings, Vitesco Technologies Group, Lawson Inc, Tata Motors Ltd and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Alibaba (9988 HK): A Visit to Premier – Freshippo Begins to Try New Style Again
  • WisdomTree Oct ’23 Rebalance: Estimated Flows for All Adds and Deletes in DEM, XSOE & DGS
  • Shakey’s Pizza (PIZZA PM): A Strong Q3 2023 On The Cards, Good Momentum Into Q4
  • Keepers Holdings (KEEPR PM): Preview Q3 2023, Steady Into The Q4 High Season
  • Schaeffler/Vitesco: A Three-Step Merger Process
  • Lawson: Seijo Ishii Producing at Home to Beat Inflation and Weak Yen
  • Morning Views Asia: Lippo Malls Indonesia Retail Trust, Tata Motors ADR

Alibaba (9988 HK): A Visit to Premier – Freshippo Begins to Try New Style Again

By Ming Lu

  • Freshippo opened its first high-end supermarket, Premier, in Shanghai in September.
  • We believe it is a good idea to take business from independent stores and small store chains.
  • However, we do not believe those foreigner-oriented foods will be popular.

WisdomTree Oct ’23 Rebalance: Estimated Flows for All Adds and Deletes in DEM, XSOE & DGS

By Charlotte van Tiddens, CFA

Shakey’s Pizza (PIZZA PM): A Strong Q3 2023 On The Cards, Good Momentum Into Q4

By Sameer Taneja

  • Shakey’s Pizza (PIZZA PM) is set to declare its Q3 2023 result in the 2nd week of November. We expect revenue/earnings growth of 41%YoY/44%YoY. 
  • Q4 is the seasonally highest growth quarter, where the company makes 40% of its annual profits. A strong Q1-Q3 sets up a solid end to the year. 
  • We believe the company will easily be able to meet or beat its guidance of 30% revenue and profit growth for FY23. Stock trades at 13x/9.8x PE FY23e/24e.

Keepers Holdings (KEEPR PM): Preview Q3 2023, Steady Into The Q4 High Season

By Sameer Taneja

  • The Keepers Holdings (KEEPR PM) is set to declare Q3 2023 earnings in the 2nd week of November. We expect the company to report a 9%/18% YoY revenue/net profit growth.
  • We expect a steady improvement in Bodegas W&H and operations and overall gross profit margins to remain stable at 26-27%. 
  • The stock is cheap at 7.7x/6.6x FY23e/24e with a 5.1%/5.9% dividend yield and 10% of the market capitalization in cash. 

Schaeffler/Vitesco: A Three-Step Merger Process

By Jesus Rodriguez Aguilar

  • Schaeffler (SHA GR) offers €91.00/share for Vitesco Technologies Group (VTSC GR), in cash, 20% premium to 3-month VWAP, 3.3x EV/Fwd EBITDA. There is no minimum acceptance rate.
  • Later Schaeffler will unify its share classes (current voting ratio 3.01) to use them as currency for Vitesco shareholders not accepting the cash offer (essentially the parent company of Schaeffler).
  • Vitesco shareholders are being generously rewarded (my fair value estimate is #€74/share), I believe most will tender. Spread is 1.04%/3.70% (gross/annualised, assuming settlement by 31 January). I’d buy below €90/share.

Lawson: Seijo Ishii Producing at Home to Beat Inflation and Weak Yen

By Michael Causton

  • Seijo Ishii is Japan’s leading premium supermarket chain with some 200 stores and is being prepped for an IPO by its owner, Lawson. 
  • After strong growth during Covid, sales have now flattened and the company’s large import business has suffered from higher costs due to the weak Yen and global crises.
  • To maintain its market position, it is reducing imports of packaged goods and increasing volumes of imported, high-end raw materials – and then manufacturing products itself.

Morning Views Asia: Lippo Malls Indonesia Retail Trust, Tata Motors ADR

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.

💡 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


Oct 17
0

Daily Brief Australia: Cuscal Limited, ADX Energy Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Cuscal Pre-IPO – The Positives – Monetising Its Connections and Benefiting from Tailwinds
  • Cuscal Pre-IPO – The Negatives – Margins Have Declined and Growth May Be Capped
  • ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23

Cuscal Pre-IPO – The Positives – Monetising Its Connections and Benefiting from Tailwinds

By Clarence Chu

  • Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. 
  • Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. 
  • In this note, we will talk about the positive aspects of the deal.

Cuscal Pre-IPO – The Negatives – Margins Have Declined and Growth May Be Capped

By Clarence Chu

  • Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
  • Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
  • In this note, we will talk about the not so positive aspects of the deal.

ADX Energy Limited (ASE: ADX): Two high impact wells to commence drilling by YE23

By Auctus Advisors

  • ADX is expected to start drilling the Anshof-2 appraisal well in November.
  • The Anshof-1 well will then be drilled in Q2 or Q3 24 increasing gross production from the Anshof field to ~1,000 bbl/d with three wells (500 bbl/d net to ADX). 
  • MND has already paid ADX A$3.2 million for past costs and long lead drilling expenditures.

💡 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


Oct 17
0

Daily Brief Thailand: Hana Microelectronics and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged

By Sumeet Singh

  • Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).
  • The deal scores well on our framework given the company’s strong recent performance and decent long term track record
  • In this note, we will talk about the deal dynamics.

💡 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


Oct 17
0

Daily Brief South Korea: Kumho Petro Chemical, Bluemtec and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Attractive Yield of Kumho Petrochem Pref Shares Amid 100 Billion Won of Common Shares Cancellation
  • Bluemtec IPO Preview

Attractive Yield of Kumho Petrochem Pref Shares Amid 100 Billion Won of Common Shares Cancellation

By Douglas Kim

  • On 16 October, Kumho Petrochem (011780 KS) announced that it will cancel 0.77 million shares on 23 October, representing 2.6% of its outstanding shares or about 100 billion won. 
  • We particularly like Kumho Petrochem preferred shares which provide a dividend yield of nearly 6.7% which is 2x the dividend yield of the common shares.
  • Foreigners have been net buyers of Kumho Petrochem preferred shares this year while they have been net sellers of its common shares this year. 

Bluemtec IPO Preview

By Douglas Kim

  • Bluemtec is getting ready to complete its IPO in KOSDAQ in the next several weeks. Bluemtec operates the number one pharmaceutical e-commerce platform in Korea. 
  • The company is offering 1.4 million shares in this IPO. The IPO price range is from 15,000 won to 19,000 won.
  • The company sales and gross profit growth increased impressively in the past several years. The company’s sales increased at a CAGR of 60.5% from 2020 to 2022.

💡 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