Smartkarma Daily Briefs

Mercari (4385 JP), Lasertec (6920 JP) and Nitori (9843 JP) will replace Nippon Sheet Glass (5202 JP), Mitsui E&S (7003 JP) and Matsui Securities (8628 JP) in the Nikkei 225.
As expected, Nitori Holdings (9843 JP) will be added at half the planned PAF since the trading value is low compared to the expected index weight.
Passive trackers need to buy between 1-17 days of ADV on the adds while selling between 1.2-16.5 days of ADV on the deletes. There is a big funding trade too.

The Biggish Sep 2023 “Wednesday-Thursday Trade” With Added Monday/Friday Flavour

By Travis Lundy

Every year it’s the same trade. This year it is Wednesday and Thursday. There are risks to the analysis – notably allocation.
But there may be ¥800bn+ to buy on one day into the close later this month (+ another ¥200-300bn on two other days). Then a ¥500bn sell two days later.
Over the past ten years, the two day return on the March trade is great. In Sep, not so much. This year there are Extra Special Flows.

Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

Thai Beverage (THBEV SP) has trended lower over the last couple of years and the stock is trading very close to its lows.
There has been a contraction in multiples and Thai Beverage (THBEV SP) trades cheaper than a lot of its Asia listed peers.
A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.

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

The coming week has the rebalance implementation for the NIFTY family of indices on Thursday and the Nikkei 225 (NKY INDEX) on Friday.
The review period for the December rebalance of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and the HSCI Index ends on Friday.
Inflows to mainland China ETFs resumed following a pause as markets continue to trade weak.

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.

Quiddity HK Connect SOUTHBOUND Flows (Week to 22Sep23) : China Mobile, Meituan, Xpeng, Banks!

By Travis Lundy

This is the brand spanking new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables and charts and welcome feedback. This week saw HKD 14.5bn+ of net buying. That makes ten weeks of net inflows.

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

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,

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.

Merger Arb Mondays (25 Sep) – ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – 111 Inc (YI US), Eoflow (294090 KS), Symbio Holdings (SYM AU), Mason Group Holdings (273 HK), JSR Corp (4185 JP), DDH1 (DDH AU), ENM Holdings (128 HK).
Lowest spreads – Toyo Construction (1890 JP), Healius (HLS AU), Yaizu Suisankagaku Industry (2812 JP), Allkem Ltd (AKE AU), Pact Group Holdings (PGH AU), Pacific Current (PAC AU).

Quiddity A/H Premium Weekly (To 22Sep23): Financials & Communications Dominate Flows

By Travis Lundy

The Brand-Spanking New (7 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 and brought it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 47 Trade Recommendations.
The last 6 weeks (since the start of the new Monitor and Portfolio 7 weeks ago) have seen net portfolio performance of +0.50%, +1.35%, +0.14%, +0.47%, +0.15%, +0.12%.

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Sep 24

Daily Brief Quantitative Analysis: TWSE Short Interest Weekly (Sep 22nd): Accton Tech and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

TWSE Short Interest Weekly (Sep 22nd): Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech

TWSE Short Interest Weekly (Sep 22nd): Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of TWSE Stocks as of Sep 22nd which has an aggregated short interest worth USD13.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Accton Tech, Alchip Tech, Ap Memory Tech, Asmedia Tech, Bizlink Holding, Faraday Tech.

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Sep 24

Daily Brief Thematic (Sector/Industry): US Large Banks – New B/S Data: CRE Craters and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

US Large Banks – New B/S Data: CRE Craters, MBS Sharp Decline, LLR & Big Fixed Deposits Up+, SE Flat
Auctus on Friday – 22/09/2023

US Large Banks – New B/S Data: CRE Craters, MBS Sharp Decline, LLR & Big Fixed Deposits Up+, SE Flat

By Daniel Tabbush

US large banks are showing more cash emphasis in the latest weekly data, increased signs of risk aversion, with MBS in sharp decline and CRE loans
Loan loss reserves continue to rise at over 18% YoY, and this will mean that banks are taking a lot more credit costs, impacting returns, net profit growth
Large time deposits accelerating, up 88.0% YoY in the most recent week; with all of these points, perhaps it is no wonder that shareholders’ equity is stagnant?

Auctus on Friday – 22/09/2023

By Auctus Advisors

ADX Energy (ADX AU)C ; target price of A$0.08 per share : Completing farm-out transaction in Austria – The farm-out transaction of Anshof to MND has now completed with an initial payment of EUR1.93 mm.
MND has further Anshof development funding obligations of EUR4.683 mm for the drilling, completion and tie-in of the Anshof-2 and Anshof-1 wells as well as payment of further contingent amounts of EUR1.335 mm and EUR3.57 mm (A$ 5.95 million) if the Anshof-2 well meets agreed production performance criteria.
Arrow Exploration (AXL LN/CN)C ; target price of £0.55 per share: Good flow rate in the C7 at CN-3 – A 23 ft pay zone (25% porosity) in the Carbonera C7 formation in the CN-3 well has been perforated and put initially on production at a rate of 1,149 bbl/d on pump with a water cut of <0.5%.

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Sep 24

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

By Smartkarma Daily Briefs | 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

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) filed for it Japan listing, while Midea Group Co Ltd A (000333 CH) continued to work towards its H-share listing.
In the placement space, there were no major deals this week apart from Blue Star and Sheela Foam Ltd (SFL IN).

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Sep 24

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

By Smartkarma Daily Briefs | 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

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

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

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

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

By Smartkarma Daily Briefs | 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

I tally 49 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals this week: Lansen Pharmaceutical Holdings Co, Ltd. (503 HK)‘s Scheme.
Key updates took place for: Costa Group (CGC AU), Origin Energy (ORG AU), Healius (HLS AU), Symbio (SYM AU), Poly Culture (3636 HK), and Metro Pacific Investments (MPI PM).

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

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

The coming week has the rebalance implementation for the NIFTY family of indices on Thursday and the Nikkei 225 (NKY INDEX) on Friday.
The review period for the December rebalance of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and the HSCI Index ends on Friday.
Inflows to mainland China ETFs resumed following a pause as markets continue to trade weak.

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Sep 24

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

By Smartkarma Daily Briefs | 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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Sep 24

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

By Smartkarma Daily Briefs | 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

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

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

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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Sep 24

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

By Smartkarma Daily Briefs | 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

I tally 49 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals this week: Lansen Pharmaceutical Holdings Co, Ltd. (503 HK)‘s Scheme.
Key updates took place for: Costa Group (CGC AU), Origin Energy (ORG AU), Healius (HLS AU), Symbio (SYM AU), Poly Culture (3636 HK), and Metro Pacific Investments (MPI PM).

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.

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Sep 24

Daily Brief Energy/Materials: Newcrest Mining and more

By Smartkarma Daily Briefs | 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