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Smartkarma Daily Briefs

Sep 24
0

Daily Brief ECM: Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule and more

By | Daily Briefs, ECM

In today’s briefing:

  • Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule
  • ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule

By Sanghyun Park

  • The immediate float rate on the listing date (October 5) has reached 19.25% as the institutional lockup volume is not as high as initially expected.
  • Even with a low institutional lockup level, there seems to be a possibility of a certain IPO day pop.
  • The first exit point we can look for in the short term would be the 1-month lockup release (1.44% of SO) one month after listing.

ECM Weekly (24th Sep 2023) – Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

By Sumeet Singh

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Sep 24
0

Daily Brief Equity Bottom-Up: China Healthcare Weekly (Sep.22) – Medical Device VBP and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma
  • Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company
  • MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception
  • 2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)
  • China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some
  • Hyatt Hotels Corporation: Key Initiatives to Boost Loyalty and Attract New Guests! – Major Drivers
  • Splunk and $28B Mega Deal: Will Cisco Overpay For San Francisco-Based Software Company?
  • Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates
  • IPG Photonics Corporation: The E-Mobility Surge Pushing the Revenue Boundaries! – Major Drivers
  • Teleflex Incorporated: Strategies Unveiled to Conquer Approvals and Surgeon Training! – Major Drivers

China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

By Xinyao (Criss) Wang

  • The national centralized procurement of high-value medical consumables such as intraocular lens (IOL) and sports medicine medical consumables is about to begin. We listed the companies that could be affected.
  • The instability of policies seems to be a consensus among investors regarding China healthcare. However, if truly understand the logic behind policy changes and industry shifts, investors will maintain optimism.
  • We analyzed the key points of Biokin. Its valuation is ridiculously high considering the current pipeline situation and commercialization outlook. We think the bubble will eventually burst (e.g. 50% downside).

Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company

By Steve Zhou, CFA

  • On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
  • The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
  • The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. 

MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception

By Patrick Liao

  • There is a misconception that “MediaTek is gaining the Google TPU v7 project entirely in 2024-25F.”
  • Transsion Holding is placing a new order with MediaTek in 4Q23F, which is larger than ~25mn and has the lowest ASP.
  • Our current view remains bearish on smartphone demand for 2H23F.

2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)

By Sessa Investment Research

  • Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs, 2) 2023 application, 2024 approval and 2025 launch of DW-1002 in Japan, 2023 application/approval/launch in China, as well as expedited development of combination formula MembraneBlue-DualR (DW-1002 + trypan blue) in the US [NEW], 3) 2023 approval and subsequent 2024 launch of DW-5LBT lidocaine patch for treatment of neuropathic pain in the US, and 4) clinical trials in 2024 in Japan and application for approval in 2025 of regenerative cell medicine DWR-2206 [NEW].
  • Coming into the 3Q, DWTI announced 2 updates not included in its “Business Plan and Growth Potential.”
  • On 7/13, DWTI announced the development plan for regenerative cell medicine DWR-2206, aiming to submit a notification of clinical trial at the end of 2023, start clinical trials in 2024, and submit application for approval (NDA) in 2025 (using the expedited conditional and term-limited approval system for regenerative therapeutics).

China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

By Fern Wang

  • PBOC and NAFR included Bank of Nanjing in its latest D-SIBs list, increasing the total D-SIBs to 20
  • 13 benchmarks were used to assess the D-SIBs using 1H23 data
  • All D-SIBs fulfilled their additional capital requirements as of 1H23, but the buffer is wearing thin for some especially in view of the difficult economic environment 

Hyatt Hotels Corporation: Key Initiatives to Boost Loyalty and Attract New Guests! – Major Drivers

By Baptista Research

  • Hyatt Hotels Corporation’s results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations.
  • The ongoing transformation of Hyatt is gaining momentum, with second-quarter results reinforcing their confidence in executing the strategy outlined during the Investor Day in May.
  • Hyatt has set ambitious targets, aiming to achieve $750 million in free cash flow and an 80% asset-light earnings mix by 2025.

Splunk and $28B Mega Deal: Will Cisco Overpay For San Francisco-Based Software Company?

By Andrei Zakharov

  • Splunk shares outperformed in 2023 and rose ~69% as total ARR exceeded $4B, operating loss narrowed, and FCF margin improved. The company executed well to drive long-term durable growth.
  • Over the past 2 years, Splunk transformed itself into a cloud company. In 2022, WSJ reported that Cisco made a $20B+ takeover offer. However, no deal was on the table. 
  • Following M&A rumors, the company’s cloud transition, and strong fundamentals, Cisco offered a $157 per share to acquire Splunk in a $28B mega all-cash deal on September 21, 2023. 

Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

By Water Tower Research

  • We are raising our estimates following an upbeat conference call and follow-up with SCS management.

  • Our adjusted 3QFY24 estimate, now at $0.25, is up from $0.21 and at the midpoint of guidance.

  • Full-year FY24 guidance is now $0.80-0.90. Our new FY24 EPS estimate is $0.88, up from $0.71 pre-release and near the top end of guidance.

IPG Photonics Corporation: The E-Mobility Surge Pushing the Revenue Boundaries! – Major Drivers

By Baptista Research

  • IPG Photonics Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
  • They achieved substantial revenue growth in the welding and cleaning applications, led by robust e-mobility and handheld welding solution sales.
  • Additionally, 3D printing and solar cell manufacturing applications have seen increased revenue as a result of better investments in these industries.

Teleflex Incorporated: Strategies Unveiled to Conquer Approvals and Surgeon Training! – Major Drivers

By Baptista Research

  • Teleflex managed to exceed analyst expectations in terms of revenue as well as earnings.
  • Adjusted earnings per share for the same period were $3.41, reflecting a 0.6% increase compared to the previous year.
  • The company observed a continued stabilization in hospital staffing, positively affecting second-quarter revenue growth, particularly in products tied to hospital settings.

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Sep 24
0

Daily Brief Event-Driven: (Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI
  • KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process
  • Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno
  • Index Rebalance & ETF Flow Recap: HSI, HSCI, ASX, SET50, Wharf, SK Tel, Tata Motors, Midea, PCOMP

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI

By David Blennerhassett

KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process

By Douglas Kim

  • Korea Exchange is planning to change the criteria for rebalancing stocks in the KOSPI 200 index. 
  • The purpose of this change is to prevent stocks that surge ahead of the actual KOSPI 200 inclusion but fall significantly after the inclusion announcement.
  • We think there is a 70-80%+ probability that POSCO DX and L&F Co will be included in KOSPI 200 index in December 2023.

Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno

By David Blennerhassett

  • The Newmont (NEM US) CDI selldown on 15 December will have to be bought by active shareholders, not passive; a relatively large reverse funding trade on the ASX rebal.
  • Naspers (NPN SJ)/Prosus NV (PRX NA)‘s CEO steps down. However, operations/investments, and the ongoing tweaking of the organizational structure with respect to Tencent (700 HK), should continue unabated. 
  • Activist shareholders and Toshiba Corp (6502 JP) stuck with each other for years. The takeover allows both sides to escape their mutual bearhug,

Index Rebalance & ETF Flow Recap: HSI, HSCI, ASX, SET50, Wharf, SK Tel, Tata Motors, Midea, PCOMP

By Brian Freitas

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  • ✓ Events & Webinars
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Sep 24
0

Daily Brief Macro: The Weekly Market Monitor – Are Central Banks Finally Breaking Sentiment? and more

By | Daily Briefs, Macro

In today’s briefing:

  • The Weekly Market Monitor – Are Central Banks Finally Breaking Sentiment?

The Weekly Market Monitor – Are Central Banks Finally Breaking Sentiment?

By Jeroen Blokland

  • Fed Chairman Powell delivered a very powerful statement this week on the need to retain price stability. As a result, investors are giving up their fight to think otherwise.
  • We focus on France’s horrible PMI data and explain how we may see a repetition of the US retail sales slump witnessed in December 2018. 
  • With central bankers embracing the ‘higher for longer’ narrative, real yields will start to hurt. 

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  • ✓ Company Data and News
  • ✓ Events & Webinars
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Sep 24
0

Daily Brief TMT/Internet: Mediatek Inc, Posco DX, Splunk Inc, Ipg Photonics, Trimble Navigation, ZoomInfo Technologies and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception
  • KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process
  • Splunk and $28B Mega Deal: Will Cisco Overpay For San Francisco-Based Software Company?
  • IPG Photonics Corporation: The E-Mobility Surge Pushing the Revenue Boundaries! – Major Drivers
  • Trimble Inc.: Can The New LIMS PRO Become A Major Growth Catalyst? – Major Drivers
  • ZoomInfo Technologies Inc.: The Brand Makeover to Establish Dominance in Go-To-Market! – Major Drivers

MediaTek (2454.TT): Gaining Google TPU V7 Project Entirely Could Be a Misconception

By Patrick Liao

  • There is a misconception that “MediaTek is gaining the Google TPU v7 project entirely in 2024-25F.”
  • Transsion Holding is placing a new order with MediaTek in 4Q23F, which is larger than ~25mn and has the lowest ASP.
  • Our current view remains bearish on smartphone demand for 2H23F.

KOSPI 200 Rebalance Candidates in December 2023 & Changes to the KOSPI 200 Rebalance Process

By Douglas Kim

  • Korea Exchange is planning to change the criteria for rebalancing stocks in the KOSPI 200 index. 
  • The purpose of this change is to prevent stocks that surge ahead of the actual KOSPI 200 inclusion but fall significantly after the inclusion announcement.
  • We think there is a 70-80%+ probability that POSCO DX and L&F Co will be included in KOSPI 200 index in December 2023.

Splunk and $28B Mega Deal: Will Cisco Overpay For San Francisco-Based Software Company?

By Andrei Zakharov

  • Splunk shares outperformed in 2023 and rose ~69% as total ARR exceeded $4B, operating loss narrowed, and FCF margin improved. The company executed well to drive long-term durable growth.
  • Over the past 2 years, Splunk transformed itself into a cloud company. In 2022, WSJ reported that Cisco made a $20B+ takeover offer. However, no deal was on the table. 
  • Following M&A rumors, the company’s cloud transition, and strong fundamentals, Cisco offered a $157 per share to acquire Splunk in a $28B mega all-cash deal on September 21, 2023. 

IPG Photonics Corporation: The E-Mobility Surge Pushing the Revenue Boundaries! – Major Drivers

By Baptista Research

  • IPG Photonics Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
  • They achieved substantial revenue growth in the welding and cleaning applications, led by robust e-mobility and handheld welding solution sales.
  • Additionally, 3D printing and solar cell manufacturing applications have seen increased revenue as a result of better investments in these industries.

Trimble Inc.: Can The New LIMS PRO Become A Major Growth Catalyst? – Major Drivers

By Baptista Research

  • Trimble delivered a strong result and managed an all-around beat in the last quarter.
  • Financially, Trimble demonstrated a robust performance, delivering an EBITDA margin of 25.3% and a strong gross margin of 64.2%, surpassing previous years.
  • In the quarter, Trimble introduced LIMS PRO, a cloud-hosted iteration of its LIMS for sawmill raw material procurement.

ZoomInfo Technologies Inc.: The Brand Makeover to Establish Dominance in Go-To-Market! – Major Drivers

By Baptista Research

  • ZoomInfo Technologies delivered a mixed set of results in its most recent result, with revenues falling short of Wall Street expectations but above-par earnings.
  • In the second quarter, ZoomInfo reported $309 million in revenue and an adjusted operating income of $126 million, boasting a margin of 41%.
  • While examining customer health, the company anticipates that budgetary constraints and downward renewal pressures will persist in the near future, resulting in adjusted full-year expectations of 12% revenue growth.

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Sep 24
0

Daily Brief Industrials: Doosan Robotics, Toshiba Corp, Steelcase Inc Cl A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI
  • Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule

By Sanghyun Park

  • The immediate float rate on the listing date (October 5) has reached 19.25% as the institutional lockup volume is not as high as initially expected.
  • Even with a low institutional lockup level, there seems to be a possibility of a certain IPO day pop.
  • The first exit point we can look for in the short term would be the 1-month lockup release (1.44% of SO) one month after listing.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI

By David Blennerhassett

Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

By Water Tower Research

  • We are raising our estimates following an upbeat conference call and follow-up with SCS management.

  • Our adjusted 3QFY24 estimate, now at $0.25, is up from $0.21 and at the midpoint of guidance.

  • Full-year FY24 guidance is now $0.80-0.90. Our new FY24 EPS estimate is $0.88, up from $0.71 pre-release and near the top end of guidance.

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

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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
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Sep 24
0

Daily Brief Energy/Materials: Newcrest Mining and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno

Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno

By David Blennerhassett

  • The Newmont (NEM US) CDI selldown on 15 December will have to be bought by active shareholders, not passive; a relatively large reverse funding trade on the ASX rebal.
  • Naspers (NPN SJ)/Prosus NV (PRX NA)‘s CEO steps down. However, operations/investments, and the ongoing tweaking of the organizational structure with respect to Tencent (700 HK), should continue unabated. 
  • Activist shareholders and Toshiba Corp (6502 JP) stuck with each other for years. The takeover allows both sides to escape their mutual bearhug,

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

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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
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Sep 24
0

Daily Brief Health Care: Sichuan Biokin Pharmaceutical, D.Western Therapeutics Institute Inc., Amgen Inc, Teleflex Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma
  • 2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)
  • Amgen Inc.: Which New Medicines Became Their Growth Powerhouses? – Major Drivers
  • Teleflex Incorporated: Strategies Unveiled to Conquer Approvals and Surgeon Training! – Major Drivers

China Healthcare Weekly (Sep.22) – Medical Device VBP, Restore Optimism on Healthcare, Biokin Pharma

By Xinyao (Criss) Wang

  • The national centralized procurement of high-value medical consumables such as intraocular lens (IOL) and sports medicine medical consumables is about to begin. We listed the companies that could be affected.
  • The instability of policies seems to be a consensus among investors regarding China healthcare. However, if truly understand the logic behind policy changes and industry shifts, investors will maintain optimism.
  • We analyzed the key points of Biokin. Its valuation is ridiculously high considering the current pipeline situation and commercialization outlook. We think the bubble will eventually burst (e.g. 50% downside).

2Q Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP)

By Sessa Investment Research

  • Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs, 2) 2023 application, 2024 approval and 2025 launch of DW-1002 in Japan, 2023 application/approval/launch in China, as well as expedited development of combination formula MembraneBlue-DualR (DW-1002 + trypan blue) in the US [NEW], 3) 2023 approval and subsequent 2024 launch of DW-5LBT lidocaine patch for treatment of neuropathic pain in the US, and 4) clinical trials in 2024 in Japan and application for approval in 2025 of regenerative cell medicine DWR-2206 [NEW].
  • Coming into the 3Q, DWTI announced 2 updates not included in its “Business Plan and Growth Potential.”
  • On 7/13, DWTI announced the development plan for regenerative cell medicine DWR-2206, aiming to submit a notification of clinical trial at the end of 2023, start clinical trials in 2024, and submit application for approval (NDA) in 2025 (using the expedited conditional and term-limited approval system for regenerative therapeutics).

Amgen Inc.: Which New Medicines Became Their Growth Powerhouses? – Major Drivers

By Baptista Research

  • Amgen managed to exceed the revenue and earnings expectations of Wall Street, instilling confidence in its capacity for sustained long-term growth in both sales and earnings.
  • This growth was underpinned by a global volume increase of 11% for the quarter, with contributions from all three therapeutic areas and geographical regions.
  • Notable highlights included a 21% volume growth in their General Medicine segment and robust performance in the Asia Pacific region.

Teleflex Incorporated: Strategies Unveiled to Conquer Approvals and Surgeon Training! – Major Drivers

By Baptista Research

  • Teleflex managed to exceed analyst expectations in terms of revenue as well as earnings.
  • Adjusted earnings per share for the same period were $3.41, reflecting a 0.6% increase compared to the previous year.
  • The company observed a continued stabilization in hospital staffing, positively affecting second-quarter revenue growth, particularly in products tied to hospital settings.

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

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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
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Sep 24
0

Daily Brief Industrials: Doosan Robotics, Toshiba Corp, Steelcase Inc Cl A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI
  • Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule

By Sanghyun Park

  • The immediate float rate on the listing date (October 5) has reached 19.25% as the institutional lockup volume is not as high as initially expected.
  • Even with a low institutional lockup level, there seems to be a possibility of a certain IPO day pop.
  • The first exit point we can look for in the short term would be the 1-month lockup release (1.44% of SO) one month after listing.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI

By David Blennerhassett

Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

By Water Tower Research

  • We are raising our estimates following an upbeat conference call and follow-up with SCS management.

  • Our adjusted 3QFY24 estimate, now at $0.25, is up from $0.21 and at the midpoint of guidance.

  • Full-year FY24 guidance is now $0.80-0.90. Our new FY24 EPS estimate is $0.88, up from $0.71 pre-release and near the top end of guidance.

💡 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


Sep 24
0

Daily Brief Financials: Sunac Services Holdings, ICBC (H) and more

By | Daily Briefs, Financials

In today’s briefing:

  • Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company
  • China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company

By Steve Zhou, CFA

  • On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
  • The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
  • The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. 

China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some

By Fern Wang

  • PBOC and NAFR included Bank of Nanjing in its latest D-SIBs list, increasing the total D-SIBs to 20
  • 13 benchmarks were used to assess the D-SIBs using 1H23 data
  • All D-SIBs fulfilled their additional capital requirements as of 1H23, but the buffer is wearing thin for some especially in view of the difficult economic environment 

💡 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