Smartkarma Daily Briefs, Author at Smartkarma

Sep 07

Daily Brief Technical Analysis: Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Technical Analysis

In today’s briefing:

Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

Bounce Continues; Small-Caps Test 3.5-Year RS Lows; Nasdaq/NYSE Breadth Improving; Buys in Energy

By Joe Jasper

Over the last two weeks we discussed expectations for an oversold bounce; the bounce has continued. We believe it is possible we’ve seen the lows for this pause/pullback on SPX.
We see low probability of a meaningful correction if SPX is above 4300-4325 (1.5-year support), but would not be surprised to see another month+ of consolidation between 4325 and 4600.
Shorter-Term, as long as 4460 short-term support holds, we expect a test of 4600. Today we highlight several buys within Energy.

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Sep 07

Daily Brief Thematic (Sector/Industry): Ohayo Japan|Strong ISM and more

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

In today’s briefing:

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries
US Banks – Small Banks’ CRE Loan Share Up Weekly, Now 66.1% | Mtg Loan App’s Index -5.7% In the Week
China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/”Eggy Party” Reached 100 Mn MAUs
Mining Monthly: August Edition

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

By Mark Chadwick

OVERSEAS: Strong ISM, Higher Yields, Strong USD = Equity Sell off; Oaktree’s Marks sees rise in default from higher rates; Germany Industrial Orders fall; China bans iPhones in Govt offices
JAPAN: NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX intervention with weakening Yen; Inflation fears drive Gold purchases; Japan Defense Agency courting new Tech
JAPAN X: Panasonic CEO Aims to Triple P/B Ratio, Focusing on EV Battery Growth. Other Japanese firms should take heed.

US Banks – Small Banks’ CRE Loan Share Up Weekly, Now 66.1% | Mtg Loan App’s Index -5.7% In the Week

By Daniel Tabbush

High frequency data shows small banks continue to take more CRE loan market share to week 23 August, now at 66.11%, rising 0.06% WoW (double avg WoW rise this year)
Net-Charge off rates on CRE loans for the 100 largest US banks just doubled in the past week to 26bps, for other banks they are still low…for now
Weekly mortgage loan applications index fell 5.7% in most recent weeks’ data to 25 August, a steep decline compared with an avg 0.3% WoW decline since 7 July

China TMT Update-BYD/CATL/700HK/NTES-“Hunyuan” LLM Will Be Launched/”Eggy Party” Reached 100 Mn MAUs

By Shawn Yang

BYD/CATL: Renewed effort of German carmakers in EV positive to Chinese battery makers
700HK: Tencent’s management said “Hunyuan” LLM will be launched within this month(+)
NetEase’s “Eggy Party” announced that they reached over 100 mn MAUs and surpassing 100 mn UGC maps. (+)

Mining Monthly: August Edition

By Atrium Research

The precious metals markets held flat in August, following the solid performance in July; mining equities fell modestly.
Sentiment Update Commodity prices remained relatively flat through August, following a strong month in July.
This could also contribute to an increase in investment flows into the mining and metals equities.

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Sep 07

Daily Brief ECM: Arm IPO – Don’t Worry and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Arm IPO – Don’t Worry, It’ll Be Fine
ARM Holdings IPO Valuation Analysis
Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics
VNG IPO: The Bear Case
VNG Pre-IPO – Local Peers Comparison
Shiva Pharmachem Pre-IPO Tearsheet
Revu Corporation IPO Valuation Analysis
Pre-IPO Xiamen Yan Palace Bioengineering – Concerns About Profitability and Growth Sustainability

Arm IPO – Don’t Worry, It’ll Be Fine

By Mio Kato

So the terms are out for Softbank’s attempt to list Arm.
In typical sparkling form, Masayoshi Son has clocked a ~19% drawdown within weeks.
Good thing all the bankers will easily get their $8bn loan paid back in full and aren’t subject to conflicting interests…?

ARM Holdings IPO Valuation Analysis

By Douglas Kim

Our base case valuation of Arm Holdings is target price of US$36.3 per share, which represents 23% lower than the lower end of the IPO price range.
We estimate Arm’s sales to reach US2,832 million in FY2024 (up 5.7% YoY) and US$3,038 million in FY 2025 (up 7.3% YoY).
Given the lack of upside, we have a NEGATIVE view of Arm Holdings. Our valuation sensitivity analysis suggests implied price of US$29.4 to US$43.9 per share.

Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics

By Douglas Kim

The bankers provided additional valuation framework using P/S basis for Doosan Robotics and based on this methodology, the IPO price range is from 19,000 won to 24,000 won.
This does not mean that the bankers have actually lowered the IPO price range but rather they have provided another framework to value the company.
We continue to have a Positive view of the Doosan Robotics IPO.

VNG IPO: The Bear Case

By Arun George

VNG (VinaGame) (VNG US) is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.
In VNG IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the Communications and Media business’ faltering fundamentals, the Fintech business’ uncertain path to profitability and VNG’s underlying cash burn.

VNG Pre-IPO – Local Peers Comparison

By Sumeet Singh

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.

Shiva Pharmachem Pre-IPO Tearsheet

By Clarence Chu

Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its upcoming India IPO. The bookrunners on the deal are JM Financial and Kotak.
Shiva PharmaChem (SP) is a manufacturer in the Indian specialty chemicals business.
As per Frost & Sullivan (F&S), the firm is the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India and a key player globally.

Revu Corporation IPO Valuation Analysis

By Douglas Kim

Our base case valuation of Revu Corp is target price of 19,403 won, which is 47% higher than the high end of the IPO price range (13,200 won).
Revu’s main business is marketing using influencers who are major content providers in the SNS advertising market.
The influencer based marketing/advertising is one of the highest growing segments and we believe Revu Corp has an attractive platform to further expand its business on a profitable basis.

Pre-IPO Xiamen Yan Palace Bioengineering – Concerns About Profitability and Growth Sustainability

By Xinyao (Criss) Wang

Although Yan Palace prioritizes R&D capabilities in prospectus, its revenue growth and business model are mainly relied on large investment in marketing/promotion.The root cause is the efficacy problem of EBN.
Whether Yan Palace’s future performance growth can be sustained is a question mark if marketing/promotion cannot drive growth anymore. Net profit margin is low. EBN is not a profitable business.
Yan Palace’s products do not have core competitiveness or high moat. Compliance risks are also worth being vigilant about. The valuation of Yan Palace should be lower than Giant Biogene.

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Sep 07

Daily Brief Event-Driven: NTT’s Partial Offer for Marketing Consultant Intage (4326) – and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

NTT’s Partial Offer for Marketing Consultant Intage (4326) –
Intage Holdings (4326 JP): NTT’s Partial Tender Offer
StubWorld: Axiata Is Coming Up Cheap
CSI300 Index Rebalance Preview: 14 Potential Changes in December
Single-Day ETF Flow Event Not to Be Missed in Korea in December
JF Wealth Lock-Up – At Least US$465m to Be Unlocked, Needs Some Selling to Improve Its Liquidity

NTT’s Partial Offer for Marketing Consultant Intage (4326) –

By Travis Lundy

Today, NTT (Nippon Telegraph & Telephone) (9432 JP) announced a partial offer to buy a minimum of 40.0% and a maximum of 51.0% of Intage Holdings (4326 JP).
Six crossholders holding 20.98% between them have separately agreed to tender a total of 19.9%. That means a minimum 25.4% minority participation. With success, minimum pro-ration is 51.5%.
The dynamics of this deal and where synergies lie suggests people need to think really hard about where they underwrite future illiquid ownership.

Intage Holdings (4326 JP): NTT’s Partial Tender Offer

By Arun George

NTT (Nippon Telegraph & Telephone) (9432 JP) has announced a partial tender offer for Intage Holdings (4326 JP) to make it a consolidated subsidiary.
The offer is for a minimum of 15.4m shares (40.00% ownership ratio) and a maximum of 19.6m shares (51.00%) at JPY2,400 per share, a 26.4% premium to the undisturbed price.
Irrevocables represent a 19.90% ownership ratio. The minimum acceptance condition requires a 20% minority acceptance rate. The offer is attractive and represents an all-time high.

StubWorld: Axiata Is Coming Up Cheap

By David Blennerhassett

Axiata Group (AXIATA MK)‘s NAV discount and implied stub are around their lows since the CelcomDigi (CDB MK) / Digi.com merger last November.
Preceding my comments on Axiata are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

CSI300 Index Rebalance Preview: 14 Potential Changes in December

By Brian Freitas

Over 85% of the way through the review period, we see 14 potential index changes at the December rebalance that will be implemented at the close on 8 December.
We estimate a one-way turnover of 1.93% at the December rebalance leading to a one-way trade of CNY 6.93bn.
The huge inflow to passive trackers has led to the gap between the potential adds and deletes narrowing. That should reverse as passive will need to sell the deletes.

Single-Day ETF Flow Event Not to Be Missed in Korea in December

By Sanghyun Park

Ecopro Co will replace Celltrion Inc. Their float market cap difference is nearly 5 trillion won, so it doesn’t seem likely that this will reverse by the end of November.
Ecopro may not have a very significant passive impact x ADTV, given its still high trading volume. On the other hand, Celltrion seems likely to be the target of traders.
From a trading perspective, it’s important to focus on the potential price impact of this flow event on Celltrion, which could be amplified depending on the possibility of merger cancellation.

JF Wealth Lock-Up – At Least US$465m to Be Unlocked, Needs Some Selling to Improve Its Liquidity

By Clarence Chu

JF Wealth Holdings (9636 HK) was listed on 10th March 2023, its one-year lockup will expire on 9th Sept 2023.
The firm had raised around US$129m in its Hong Kong IPO, at the bottom end of its indicative price range.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.

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Sep 07

Daily Brief Equity Bottom-Up: When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam
Modern Dental Group (3600 HK): Stellar 1H23 Result- Volume Drives Revenue Growth; Net Profit Doubled
Budweiser APAC: Chinese Beer Makers Poised for a Breakout
Taiwan Tech Weekly: TSMC to Decide on ARM This Week; Elan, Yageo, ChipMOS Flying; AI PC Wave Signals
NextEd Group (NXD): Whiplash! Market Reaction to Australia’s Visa Changes Highlights the Risk.
AKR Corporindo (AKRA IJ) – Chemicals, Copper, Gold, and Silver
[Luckin Coffee (LKNCY US, BUY, TP US$44) TP Change]: Moutai Latte Is Not Just a Blockbuster
APAC Insurers Series (#3): Initial Theses At Different Stages of Being Played Out
1Q Follow-Up – Japan System Techniques (4323 JP)
Swatch Group: Revival Of The Swiss Brand

When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam

By Srinidhi Raghavendra

Super Seven are chiefly responsible for the rally in the S&P 500. >80% of the index gains this year were due in large part to the Super Seven.
Amazon, Apple, Google, Meta, Microsoft, Nvidia, & Tesla are referred to as Super Seven. S&P is market-cap weighted. Little wonder that Super Seven have an outsized impact on it.
Having strongly priced in expectations, investors wait for the Super Seven to deliver. Falling short can result in sharp price pullback. What next for the Super Seven?

Modern Dental Group (3600 HK): Stellar 1H23 Result- Volume Drives Revenue Growth; Net Profit Doubled

By Tina Banerjee

Modern Dental Group (3600 HK) reported strong 1H23 performance, with 12% YoY revenue growth to HK$1.6B, driven by increase in demand for its products from existing, returning, and new customers.
With increasing economies of scale resulting from China re-opening and global dental industry recovery and increase in the proportion of digital solution cases, net profit jumped 109% YoY to HK$210M.
Despite macroeconomic headwinds, the company is confident that the medium and long-term global demand for dental prosthetics is expected to continue due to key irreversible demographic factors and trends.

Budweiser APAC: Chinese Beer Makers Poised for a Breakout

By Oshadhi Kumarasiri

With shares trading near its all-time low since its listing on HKEX in 3Q19, we think it could be worthwhile taking another look at Budweiser Brewing APAC (1876 HK)’s valuation.
China’s beer industry and regional markets are expected to sustain growth momentum in Q3, driven by tourism’s impact on increased beer consumption.
We think it’s worth keeping an eye on Budweiser APAC, as we suspect that it could start to break out from the current downtrend in the near term.

Taiwan Tech Weekly: TSMC to Decide on ARM This Week; Elan, Yageo, ChipMOS Flying; AI PC Wave Signals

By Vincent Fernando, CFA

ARM IPO — TSMC says will decide this week whether to participate. ARM is a company potentially without peers and enjoys support from Apple, Nvidia, AMD, and Samsung.
Elan, Yageo, ChipMOS top gainers in Taiwan — Three of our Longs have done well most recently on high volume and little new public news.
Recent Dell & HP results provide additional clarity on the coming AI PC wave.

NextEd Group (NXD): Whiplash! Market Reaction to Australia’s Visa Changes Highlights the Risk.

By Anik Siwach

Agile Response to Visa Changes: NextEd’s nimble approach to the end of the COVID-19 408 visa showcases adaptability in uncertain times.
Tech Sector Growth Potential: Expanding in the thriving tech field, NextEd taps into strong post-study work rights and sector support.
Regulatory Challenges: Navigating regulatory shifts, NextEd’s resilience shines amid uncertainty in the non-university education landscape.

AKR Corporindo (AKRA IJ) – Chemicals, Copper, Gold, and Silver

By Angus Mackintosh

AKR Corporindo (AKRA IJ) has secured another major land plot sale at its JIIPE industrial estate in Gresik, with an area of 67 hectares to a Chinese chemical manufacturer.
The sale puts the company on track to exceed its full-year target sales for the estate. It has also been divulged that the Freeport Smelter is now 75% complete.
AKR Corporindo (AKRA IJ) remains a crucial proxy for the Indonesian economy through its fuel and chemical distribution business, with JIIPE targeting the EV Battery value chain as future tenants.

[Luckin Coffee (LKNCY US, BUY, TP US$44) TP Change]: Moutai Latte Is Not Just a Blockbuster

By Shawn Yang

Luckin Coffee’s new blockbuster Moutai Latte achieved 5.42mn cup sold with RMB100mn GMV in first day.
We think Luckin Coffee had effectively achieved two goals through the new premium product: 1) de facto price lifting; 2) extend potential customer base and step into the monetization stage.
We raised our 2023 revenue and non-GAAP NI on Luckin by 1.6%/4.4%. We maintain the stock as BUY rating and raise TP by US$1 to US$44/ADS.

APAC Insurers Series (#3): Initial Theses At Different Stages of Being Played Out

By Alec Tseung

PICC P&C’s thesis has materialized and played out well this year, with the stock being HK’s best-performing Chinese insurer.
Samsung Life’s share price recovered slightly since our last update as LT Korean government bond yields further increased.
Prudential’s thesis is slowly being played out, with its P/BV discount to AIA having narrowed; but still a long way to go.

1Q Follow-Up – Japan System Techniques (4323 JP)

By Sessa Investment Research

Japan System Techniques announced its 1Q results for FY24/3 after the close of the market on August 10 (Thursday).
Key figures on a consolidated basis ; operating profit fell 53.3%, to ¥122 mn on a 10.2% rise in sales, to ¥5,640 mn.
Ordinary profit fell 53.6%, to ¥134 mn, and net income attributable to the parent company fell 72.4%, to ¥61.

Swatch Group: Revival Of The Swiss Brand

By Alexis Dwek

Swatch Group enjoys a strong competitive position in the Swiss watch industry, with leading positions across all price segments
Swatch Group’s 17 watch brands and 2 multi-brand retail companies demonstrate an incredible creativity and savoir-faire
The stock is currently trading well below its 10-year historical P/E mean.

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Sep 07

Daily Brief Macro: Singapore Politics: Don’t Be Misled by Tharman’s Landslide in Presidential Poll and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Singapore Politics: Don’t Be Misled by Tharman’s Landslide in Presidential Poll
ASEAN Economics: A Shot in the Arm for Singapore-Johor Integration?
5 Things We Watch – ISM, Energy, German manufacturing, US labor market, Global Rates
CX Daily: Beijing Passes Law Allowing Foreign States To Be Sued In China
Services Week: What to Buy if Manufacturing Rebounds While Services Weaken?
Out of the Box #17 How would US exceptionalism flip the table for the RoW?

Singapore Politics: Don’t Be Misled by Tharman’s Landslide in Presidential Poll

By Manu Bhaskaran

Tharman Shanmugaratnam’s landslide win in Singapore’s presidential election was largely an affirmation of his personal appeal, rather than voter support of the government.
While voters prioritized the candidates’ qualities for the presidency in this election, this does not mean grouses over political trends or economic troubles have been forgotten.
The new presidency is part of a broader political transition, as deputy premier Lawrence Wong is positioned for the top job. He ultimately faces a more demanding electorate.

ASEAN Economics: A Shot in the Arm for Singapore-Johor Integration?

By Manu Bhaskaran

Moves are underway by the Malaysian and Singaporean governments to improve economic integration between the city-state and Malaysia’s southernmost Johor state.
Economic challenges on both sides are prompting governments to reconsider Johor’s Iskandar Development Region which had been designed to integrate with Singapore.
Closer integration could be transformational for both sides but it still hinges on sufficient political will and policy creativity to overcome the obstacles.

5 Things We Watch – ISM, Energy, German manufacturing, US labor market, Global Rates

By Ulrik Simmelholt

Happy Wednesday, and welcome back to our weekly edition of 5 Things We Watch, where we take you through the 5 things that we are keeping an eye on in the global macro landscape currently.
We are in the middle of our services week, where we address what will happen in asset markets if services keep weakening, and if manufacturing rebounds simultaneously.
Follow along to get a sneak peak of what we are doing in the services week, as well as the other things that are going on in global macro currently.

CX Daily: Beijing Passes Law Allowing Foreign States To Be Sued In China

By Caixin Global

Law /: Beijing passes law allowing foreign states to be sued in China
Private /: China creates new agency to support private sector
PMI /: Growth in China services sector slows as exports shrink, Caixin PMI shows

Services Week: What to Buy if Manufacturing Rebounds While Services Weaken?

By Andreas Steno

This week’s theme is the weakening in the services sector amidst manufacturing potentially looking to rebound.
We aim to cover all asset classes, what to buy, what to sell, and what to expect next in the months to come when it comes to both US and global PMI’s.
Today’s services PMI’s from the EZ showed further signs of the European services sector weakening, with both Spain and Italy surprising to the downside of expectations of a >50 reading.

Out of the Box #17 How would US exceptionalism flip the table for the RoW?

By Emil Moller

US exceptionalism and shifting trade patterns benefit near-shoring names and commodity suppliers.
The US policy goal is essentially protectionist but plenty of competition among suitors from the China de-coupling.
We think US services will start to ease and that equities relying on Service spending will be facing headwinds and adding further strain on the UK.

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Sep 07

Daily Brief Australia: NextEd Group and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

NextEd Group (NXD): Whiplash! Market Reaction to Australia’s Visa Changes Highlights the Risk.

NextEd Group (NXD): Whiplash! Market Reaction to Australia’s Visa Changes Highlights the Risk.

By Anik Siwach

Agile Response to Visa Changes: NextEd’s nimble approach to the end of the COVID-19 408 visa showcases adaptability in uncertain times.
Tech Sector Growth Potential: Expanding in the thriving tech field, NextEd taps into strong post-study work rights and sector support.
Regulatory Challenges: Navigating regulatory shifts, NextEd’s resilience shines amid uncertainty in the non-university education landscape.

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Sep 07

Daily Brief South Korea: Mirae Asset Tiger Top 10 ETF, Doosan Robotics, RevuCorporation and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Single-Day ETF Flow Event Not to Be Missed in Korea in December
Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics
Revu Corporation IPO Valuation Analysis

Single-Day ETF Flow Event Not to Be Missed in Korea in December

By Sanghyun Park

Ecopro Co will replace Celltrion Inc. Their float market cap difference is nearly 5 trillion won, so it doesn’t seem likely that this will reverse by the end of November.
Ecopro may not have a very significant passive impact x ADTV, given its still high trading volume. On the other hand, Celltrion seems likely to be the target of traders.
From a trading perspective, it’s important to focus on the potential price impact of this flow event on Celltrion, which could be amplified depending on the possibility of merger cancellation.

Doosan Robotics: Bankers Provide Additional P/S Valuation and Surge in Price of Rainbow Robotics

By Douglas Kim

The bankers provided additional valuation framework using P/S basis for Doosan Robotics and based on this methodology, the IPO price range is from 19,000 won to 24,000 won.
This does not mean that the bankers have actually lowered the IPO price range but rather they have provided another framework to value the company.
We continue to have a Positive view of the Doosan Robotics IPO.

Revu Corporation IPO Valuation Analysis

By Douglas Kim

Our base case valuation of Revu Corp is target price of 19,403 won, which is 47% higher than the high end of the IPO price range (13,200 won).
Revu’s main business is marketing using influencers who are major content providers in the SNS advertising market.
The influencer based marketing/advertising is one of the highest growing segments and we believe Revu Corp has an attractive platform to further expand its business on a profitable basis.

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Sep 07

Daily Brief Singapore: Japfa Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

kopi-C with Japfa’s CEO: “To succeed, we cannot be complacent”

kopi-C with Japfa’s CEO: “To succeed, we cannot be complacent”

By Geoff Howie

kopi-C with Japfa’s CEO: “To succeed, we cannot be complacent” Japfa’s CEO Tan Yong Nang says that investing in efficiency, staff development and long-term partnerships is key to endurance and growth For Japfa chief executive officer and executive director Tan Yong Nang, helming a firm is a lot like steering a ship.

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Sep 07

Daily Brief Indonesia: AKR Corporindo and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

AKR Corporindo (AKRA IJ) – Chemicals, Copper, Gold, and Silver

AKR Corporindo (AKRA IJ) – Chemicals, Copper, Gold, and Silver

By Angus Mackintosh

AKR Corporindo (AKRA IJ) has secured another major land plot sale at its JIIPE industrial estate in Gresik, with an area of 67 hectares to a Chinese chemical manufacturer.
The sale puts the company on track to exceed its full-year target sales for the estate. It has also been divulged that the Freeport Smelter is now 75% complete.
AKR Corporindo (AKRA IJ) remains a crucial proxy for the Indonesian economy through its fuel and chemical distribution business, with JIIPE targeting the EV Battery value chain as future tenants.

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