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Smartkarma Daily Briefs

Jun 28
0

Daily Brief Private Markets: Sirclo Banks US$10.5M to Expand in Indonesia and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Sirclo Banks US$10.5M to Expand in Indonesia
  • Hmlet Co-Founder’s New Startup Bags $3.2m to Expand Globally
  • ONEVIEW Raises US$2.9M in Seed Funding Round to Improve Bill Payment Experience
  • Sequoia India Leads $5.7m Round for Climate Tech Startup Newtrace

Sirclo Banks US$10.5M to Expand in Indonesia

By e27

  • Indonesian e-commerce enabler Sirclo Group has secured US$10.5 million in a Series C funding round from Vertex Ventures Southeast Asia and India.
  • This takes the company’s total capital raised to approximately US$100 million, according to VentureCap Insights.
  • Founded in 2013 by Brian Marshal, Sirclo provides omnichannel commerce solutions. It offers two main categories of solutions: entrepreneur solutions and enterprise solutions.

Hmlet Co-Founder’s New Startup Bags $3.2m to Expand Globally

By Tech in Asia

  • Hybr1d, a workforce management platform co-founded by Hmlet co-founder Yoan Kamalski, has raised US$3.2 million in pre-seed funding from Global Founders Capital, MS&AD, 468 Capital, and 1982 Ventures.
  • Kamalski, who stepped down from his role as CEO of Hmlet in March 2021, established Hybr1d with Aditya Anand and Pauline Wetzer last year.
  • His latest venture helps businesses automate and streamline their IT and HR processes, such as onboarding, procurement, and leave and attendance management.

ONEVIEW Raises US$2.9M in Seed Funding Round to Improve Bill Payment Experience

By e27

  • Singapore-based startup ONEVIEW today announced that it had raised S$4 million (US$2.9 million) in a seed funding round from ADERA Global; Beyon Connect, part of the Beyon Group; and Cumulo9 to transform the digital payments and communication landscape across Southeast Asia.
  • In a press statement, the company said that it aims to set the benchmark for a digital post-box service that will greatly improve people’s lives.
  • It aims to revolutionise bill payments by simplifying everyday digital communications with what it promised to be a more convenient, sustainable, and spam-free experience.

Sequoia India Leads $5.7m Round for Climate Tech Startup Newtrace

By Tech in Asia

  • Demand for green hydrogen – or hydrogen that is generated by renewable energy – is expected to climb in the coming years as governments push for a cleaner future.
  • Newtrace, a climate tech firm based in India, is developing a new type of electrolyzer, which is used to create green hydrogen from renewable electricity.
  • The company says its electrolyzers have lower costs and higher efficiency than what is commonly used in the market.

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Jun 28
0

Daily Brief ESG: Samsung Electronics (005930 KS): Ongoing Struggles with Technology Leaks and Governance Issues and more

By | Daily Briefs, ESG

In today’s briefing:

  • Samsung Electronics (005930 KS): Ongoing Struggles with Technology Leaks and Governance Issues
  • Less Positive Disclosure Regarding the Gender Wage Gap Is Evidence of Less Positive Reasons

Samsung Electronics (005930 KS): Ongoing Struggles with Technology Leaks and Governance Issues

By Jungmin(Charlotte) Hong

  • Former Samsung executive attempted to construct replicated factory 1.5 km away from Samsung Electronics’ Chinese plant by stealing technology
  • Prosecutors described this case as a leakage of “core national technologies”
  • This technology theft incident falls under the category of risk oversight, and currently, Samsung Electronics’ company risk is rated at an extreme level of 4.0

Less Positive Disclosure Regarding the Gender Wage Gap Is Evidence of Less Positive Reasons

By Aki Matsumoto

  • The few positive disclosures suggest that there are few positive companies. The question is how much progress companies will make in efforts on gender gap disparity over the next year.
  • To eliminate this gap, companies need to quickly realize that human resources are valued fairly as human capital, without gender distinction, and used as a resource for growth.
  • Now that stock prices have become a key measure of management, pressure from investors influencing stock prices is more effective. Deep analysis of human capital disclosures is required of investors.

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Jun 28
0

Daily Brief ECM: Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth and more

By | Daily Briefs, ECM

In today’s briefing:

  • Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth
  • J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically
  • M&A Research Institute Placement – Phenomenal Performance Since Listing Only a Year Ago
  • Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well
  • TRYT IPO: The Bull Case
  • Oddity Tech IPO Preview: AI In The Beauty Industry
  • J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative

Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth

By Clarence Chu

  • Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
  • Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
  • In this note, we will talk about the not so positive aspects of the deal.

J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically

By Sumeet Singh

  • J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming 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.
  • In this note, we talk about the positive aspects of the deal.

M&A Research Institute Placement – Phenomenal Performance Since Listing Only a Year Ago

By Ethan Aw

  • M&A Research Institute (9552 JP)’s founder and CEO, Shunsaku Sagami, together with two other board members, aims to raise a total of US$127m through an accelerated international secondary offering.
  • The deal is a small one to digest at only 3 days of three month ADV and about 8.5% of current mcap. 
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well

By Clarence Chu

  • Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering.
  • The firm is offering 27m GDS at a 4.8-7.8% discount to last close. The deal isn’t a very large one for the firm to digest on an ADV basis.
  • As per the firm, proceeds from this GDS issuance is expected to purchase raw materials in foreign currencies.

TRYT IPO: The Bull Case

By Arun George

  • Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.   
  • In 2022, Tyrt was the leading provider of personnel dispatch and personnel introduction services in Japan’s welfare and nursing sector.
  • The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA margins and rising staff retention rates.

Oddity Tech IPO Preview: AI In The Beauty Industry

By Andrei Zakharov

  • Oddity Tech (ODD US) , innovative consumer-tech unicorn and a prominent player in the beauty industry, filed for a $100M U.S. IPO, with Goldman Sachs leading the offering.
  • Founded in 2013 in Israel by CEO Mr. Holtzman and Chief Product Officer Ms. Holtzman-Erel, Oddity Tech (ODD US)  wants to disrupt the global beauty and wellness market.
  • Founder-Led company delivered profitable high-growth at a scale and has a rapidly growing user base. Given the company’s attractive fundamentals, Oddity Tech is bound to have a very successful IPO.

J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative

By Sumeet Singh

  • J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming 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.
  • In this note, we talk about the not-so-positive aspects of the deal.

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Jun 28
0

Daily Brief Credit: Morning Views Asia: Central China Securities and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Central China Securities, China Vanke, Sino-Ocean Service

Morning Views Asia: Central China Securities, China Vanke, Sino-Ocean Service

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Jun 28
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters
  • INDUSTRY REPORT – Healthcare Trends in Focus
  • Monthly Chinese Tourism Tracker | Outbound Firmer | Domestic Losing Steam | No Surprises (June 2023)
  • What Do High Rates Mean for Equites?

Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

By Mark Chadwick

  • OVERSEAS. SPX +1.1% rebounds on Tech and Consumer led rally post strong housing, consumer confidence numbers; AI led names back strong after recent profit taking; China Primier says more stimulus
  • JAPAN. NKY Futs +0.8% vs Cash; USDJPY 144.1;  Speculation grows on MoF Yen intervention as Japan appoints official who led last years intervention; Nintendo Family Office prevails over Toyo Construction
  • NUGGET. KEPCO(9503) formed a 50-50 JV with US DataCenter specialist CyrusOne. Will look to get 900MW over then next 10 years.  Could be significant future earnings driver for KEPCO.

INDUSTRY REPORT – Healthcare Trends in Focus

By Water Tower Research

  • This report is the first in an ongoing series we plan to publish on a monthly basis to provide our view and analysis of current issues and/or longer-term trends where appropriate.
  • This will include issues relevant to the overall healthcare economy with a focus on healthcare services and medical devices.
  • For this issue, we provide our view on the four key ‘mega trends’ that underpin the stability and growth of the health economy.

Monthly Chinese Tourism Tracker | Outbound Firmer | Domestic Losing Steam | No Surprises (June 2023)

By Daniel Hellberg

  • In May, the recovery in outbound travel remained strong, but not surprisingly so
  • Meanwhile, improvement in domestic travel activity appears to have lost steam
  • Six months in, we simply do not see any positive surprises in the travel boom

What Do High Rates Mean for Equites?

By ByteTree Asset Management

  • It is fair to say that our central bankers are out of practice when it comes to the hiking cycle.
  • Traditionally they took away the punchbowl just as the party was getting going.
  • This time they didn’t. In response to the pandemic, they printed money like never before in history, doubling their balance sheet in the process to a trillion pounds.

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Jun 28
0

Daily Brief Event-Driven: The Prosus/Naspers Ouroboros Spits Out Its Tail (Unwinds Cross-Holding to Go Back to Old Pair) and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • The Prosus/Naspers Ouroboros Spits Out Its Tail (Unwinds Cross-Holding to Go Back to Old Pair)
  • What Arb Trading Opportunities Should We Target in SK Innovation’s Rights Offering?
  • NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family
  • Dali Foods (3799 HK): Founder’s Privatisation Offer at HK$3.75
  • Redox (RDX AU) IPO – Offering Details & Index Inclusion
  • PCOMP Index Rebalance Preview: Just the Ad Hoc Change
  • Poly Culture (3636 HK): HK$8.88 Per H Share Privatisation Offer
  • Quiddity Leaderboard TDIV Sep 23: Potential ~US$130mn Flows Caused by T100 DEL and AUM Change
  • Celltrion Group Merger Announcement in July & Oversold Post Disappointing Exclusion by OptumRX?
  • Quiddity Leaderboard T50/​100 Jun 23: Wisdom Marine Facing TDIV Deletion

The Prosus/Naspers Ouroboros Spits Out Its Tail (Unwinds Cross-Holding to Go Back to Old Pair)

By Travis Lundy

  • In mid-September 2019, Naspers (NPN SJ) listed Prosus (PRX NA) on international markets, but the law required Naspers own 70+% of Prosus and it created a dual-layer NAV Discount Trade.
  • In summer 2021, they announced an Exchange Offer, where Naspers holders could get Prosus, and Prosus would end up owning 49% of Naspers, creating a cross-holding circularity – an Ouroboros.
  • In summer 2022, they launched open-ended buyback programmes, and they’ve bought back a lot. NOW they are unwinding the Ouroboros, going back to the pre-EO structure. buybacks will continue. 

What Arb Trading Opportunities Should We Target in SK Innovation’s Rights Offering?

By Sanghyun Park

  • We should seize the arbitrage trading opportunities between SSF and subscription rights during the rights trading window. SK Innovation’s SSF is highly liquid, being traded at nearly 0.5x spot.
  • The key is to catch the timing of basis widening. SK Innovation traditionally experiences significant intraday basis fluctuations, making it a crucial factor in maximizing our profitability.
  • The ex-date play, betting on the tendency for prices to close above the base price on the ex-date, may not hold significant appeal. This pattern has become less pronounced recently.

NWS Holding (659 HK): Pre-Conditional VGO from the Cheng Family

By Arun George

  • Nws Holdings (659 HK) announced a pre-conditional voluntary general offer from the Cheng family at HK$9.15 or HK$9.47 per share (with a potential 2HFY2023 dividend of HK$0.32 per share).
  • The pre-condition related to regulatory approval from the Insurance Authority of Hong Kong and the Bermuda Monetary Authority is a formality due to the Cheng family’s current sway over NWS.
  • The key condition is approval by independent New World Development (17 HK) shareholders which is likely as the offer is attractive, reduces NWD’s gearing and results in a special dividend.  

Dali Foods (3799 HK): Founder’s Privatisation Offer at HK$3.75

By Arun George

  • Dali Foods Group (3799 HK) disclosed a scheme privatisation offer from the founder at HK$3.75 per share, a 37.9% premium to the undisturbed price (HK$2.72 on 20 June).
  • Key condition is approval by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. 
  • The price is final. While the offer price is unattractive compared to peer multiples and historical share prices, this looks like a done deal. 

Redox (RDX AU) IPO – Offering Details & Index Inclusion

By Brian Freitas

  • Redox (RDX AU), a leading chemical and ingredients distributor, is looking to raise A$402m (US$268m) in its IPO and is expected to start trading on the ASX on 3 July.
  • With the float expected to be over 30%, the stock is eligible for inclusion in the S&P/ASX indices but limited trading history could only mean S&P/ASX300 inclusion in March 2024.
  • With 70% of the shares subject to lock-up arrangements, buying from ASX300 passive trackers will be small and there will be limited inclusion in other indices too.

PCOMP Index Rebalance Preview: Just the Ad Hoc Change

By Brian Freitas

Poly Culture (3636 HK): HK$8.88 Per H Share Privatisation Offer

By Arun George

  • Poly Culture Group Corp H (3636 HK) announced a pre-conditional privatisation offer from Poly Group at HK$8.88 per H Share, a 77.6% premium to the undisturbed price of HK$5.00.
  • The pre-condition of regulatory approvals is a formality as Poly Group is an SOE. The key condition is approval by at least 75% of independent H Shareholders (<10% rejection). 
  • The offer price is final. There is no minimum acceptance condition. No independent H Shareholder holds a blocking stake. The offer is attractive, waving the way to success.  

Quiddity Leaderboard TDIV Sep 23: Potential ~US$130mn Flows Caused by T100 DEL and AUM Change

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at Quiddity’s flow expectations for the September 2023 index rebalance.
  • Since the semi-annual rebalance events are in June and December, there will not be any “regular” changes caused by dividend-yield rankings.
  • However, external factors such as deletion from the selection universe and a shift in tracking AUM assumptions can still trigger US$130mn capping flows in September 2023.

Celltrion Group Merger Announcement in July & Oversold Post Disappointing Exclusion by OptumRX?

By Douglas Kim

  • Invest Chosun recently reported that the three Celltrion Group companies including Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm are close to announcing a merger in July.
  • Although Celltrion was not included this time as suppliers of Humira biosimilar products by OptumRX, there is still a potential for Cigna Express Scripts to include Celltrion’s product this year.
  • We think Celltrion Inc and Celltrion Healthcare’s share prices are oversold. 

Quiddity Leaderboard T50/​100 Jun 23: Wisdom Marine Facing TDIV Deletion

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the September 2023 Rebalance.
  • At present, I see two changes for the T50 index and one change for the T100 index.
  • The T100 change is an important one as the expected DEL Wisdom Marine Lines (2637 TT) could also get deleted from the TDIV index.

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Jun 28
0

Daily Brief Equity Bottom-Up: Fast Retailing (9983) | Is China Still Recovering? and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Fast Retailing (9983) | Is China Still Recovering?
  • Hugel: A Solid Turnaround Story With Resumption of Botulax Sales in China
  • Five Star Business Finance (FIVESTAR IN) | A Five Star Business
  • Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD
  • Hugel Inc (145020 KS): Expanding Global Presence Provides Solace Amid Patent Tussle with Competitor
  • Meta’s Achilles Heel(s)
  • PT Surya Citra Media (SCMA IJ) – Catalytic Converter
  • Ford: Surprisingly Still Undervalued
  • Manchester United’s Q3 Earnings Reviewed (Rating Downgrade)
  • Guangzhou Baiyunshan Pharmaceutical (874.HK) – When Valuation Is Low Enough, Drawbacks Are Tolerable

Fast Retailing (9983) | Is China Still Recovering?

By Mark Chadwick

  • Fast Retailing’s stock price is overvalued and faces downside risks from its Q3 results (maybe), China outlook (perhaps), and index rebalancing (most likely).
  • Fast Retailing has enjoyed a premium over its global peers largely due to its higher exposure to China growth. Any wobbles here could be negative catalyst
  • There is also a technical issue that will likely cap the weighting of Fast Retailing in the Nikkei 225 = index selling pressure

Hugel: A Solid Turnaround Story With Resumption of Botulax Sales in China

By Douglas Kim

  • Hugel is a solid turnaround story. The recent resumption of its Botulax product sales in China is likely to boost the company’s sales and profits in 2023 and 2024.
  • Despite this important catalyst, Hugel continues to face potential legal battle with Medytox over the botulinum toxin-related patent in the United States.
  • The overall valuation on Hugel remains attractive and it is trading at EV/EBITDA of 7.1x and P/E of 18.2x in 2023.

Five Star Business Finance (FIVESTAR IN) | A Five Star Business

By Pranav Bhavsar

  • Five Star Business Finance (FIVESTAR IN) is a NBFC based in India, specializing in providing financial services to small and medium-sized enterprises (SMEs) in the informal and semi-formal sectors. 
  • The focus on in-house sourcing, collection, and risk management aids in maintaining strong asset quality.
  • In terms of valuations, FIVESTAR trades at a premium. However, considering its competitive moat and growth potential, any available opportunities should be capitalized upon.

Short Note: CTF, Shareholder of NWD 17 HK, Announced Proposed Privatization for NWS, Positive to NWD

By Jacob Cheng

  • In this note, we looked at the privatization offer from Chow Tai Fook, and its impact on NWD 17 HK
  • The proposed transaction will help NWD unlock its value and reduce gearing, which has been investor’s major concern
  • It is only the beginning of part of strategic review of NWD group.  We view more positive catalysts are coming

Hugel Inc (145020 KS): Expanding Global Presence Provides Solace Amid Patent Tussle with Competitor

By Tina Banerjee

  • Hugel Inc (145020 KS) is expected to start shipment of Botulax to China this month. Moreover, the company will launch its HA filler in China by middle of 2023.
  • Hugel plans to focus on expanding into the global market in 2H23. The company began full-scale sales of Botulax in Australia in April and plans to enter Canada this year.
  • Preliminary ruling regarding legal dispute in US is expected in November, while final ruling will come in March 2024. Hugel pushed back its US entry to 2025.  

Meta’s Achilles Heel(s)

By MBI Deep Dives

  • First some caveats: while we have all probably read Charlie Munger’s quote “I never allow myself to hold an opinion on anything that I don’t know the other side’s argument better than they do”, the reality is this is exceptionally uncommon and challenging.
  • In fact, when investors mention risks about a company they like, they often deliberately choose strawman arguments from the other side and advertently or inadvertently ignore steelman arguments.
  • I will try to avoid strawman bear cases (and boy there are many), and only outline the bear cases that indeed concern me as a shareholder.

PT Surya Citra Media (SCMA IJ) – Catalytic Converter

By Angus Mackintosh

  • PT Surya Citra Media had strong start to the year in terms of audience share but advertising revenues were slightly disappointing with a poor showing for the overall market.
  • Advertising revenues were impacted by a slowdown in e-commerce activity but overall the market adjusted downwards with 2Q expected to be slow but with a strong recovery expected in 2H2023.
  • PT Surya Citra Media continues to invest in original content but less aggressively, with cashflows expected to be stronger in 2023. There are also potential catalysts ahead from listing subsidiaries. 

Ford: Surprisingly Still Undervalued

By Pearl Gray Equity and Research

  • Receding credit risk and a more predictable inflationary environment will likely deliver tailwinds to cyclical stocks.
  • The U.S. Government is set to throw its support behind the EV industry, and Ford might be a primary beneficiary.
  • However, we are giving the stock the benefit of the doubt.

Manchester United’s Q3 Earnings Reviewed (Rating Downgrade)

By Pearl Gray Equity and Research

  • Manchester United plc blitzed past its fiscal third quarter revenue estimate.
  • However, key risks have surfaced, and limited transparency exists regarding its pending takeover.
  • Manchester United’s brand engagement is scaling due to its growing YouTube and Instagram exposure.

Guangzhou Baiyunshan Pharmaceutical (874.HK) – When Valuation Is Low Enough, Drawbacks Are Tolerable

By Xinyao (Criss) Wang

  • Baiyunshan is not a typical TCM company. As Great Commerce accounts for the majority of revenue, it clearly drags down the quality of total assets and growth expectation for valuation.
  • As Jin Ge and Wang Lao Ji are facing different challenges, the overall growth/profitability of Baiyunshan is under pressure.Due to uncompetitive product line, Baiyunshan’s future growth appears to lack momentum.
  • The valuation of Baiyunshan-A share is still expensive, but Baiyunshan-H share is attractive. After all, the future consumption recovery would be beneficial for boosting Baiyunshan’s valuation. Then, trading opportunity occurs. 

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Jun 28
0

Daily Brief Macro: ‘Stealth QE’ Continues At The Fed … Probably and more

By | Daily Briefs, Macro

In today’s briefing:

  • ‘Stealth QE’ Continues At The Fed … Probably
  • Singapore’s Cyclical Downturn Could Worsen Before It Gets Better
  • The New “De-Risking” Equilibrium and Its Implications for Asia
  • EUR Liquidity Watch – The ECB Will Have to Punish Governments More..
  • UK: Desperate Policies for Disinflation

‘Stealth QE’ Continues At The Fed … Probably

By Michael J. Howell

  • Fed Liquidity is trending higher through a ‘Stealth’ QE, despite latest dip in weekly numbers
  • Liquidity is the key ingredient driving asset markets higher it pays investors to closely monitor these vital inflow of funds
  • Fed Liquidity feeds into Global Liquidity, which includes the actions of other policy-makers, as well as the activities of private back and lenders. It has risen sizeably since late 2022

Singapore’s Cyclical Downturn Could Worsen Before It Gets Better

By Manu Bhaskaran

  • The city-state’s cyclical downturn has further to go: external headwinds are strengthening while the post-pandemic bounce in domestic spending is flagging.
  • Further uncertainties loom: major economies show signs of deceleration and pose risks to trade, while household consumption may be hit by cost-of-living worries. The domestic sector, however, exhibits respectable resilience.
  • While inflation remains a concern, we observe a welcome easing of inflationary persistence. Expect monetary policy to stand pat for the short-term future.

The New “De-Risking” Equilibrium and Its Implications for Asia

By Manu Bhaskaran

  • A new geopolitical equilibrium will see Washington and Beijing seeking to gain the upper hand against the other but using measured tactics to minimize risks of direct conflict. 
  • Hence the shift from hawkish talk of “decoupling” to a more measured “de-risking”: this means measures in selected economic sectors to reduce excessive dependence on China.  
  • Consequently, companies are already adjusting their behaviour, producing shifts in trade and investment flows, firm locational decisions, and corporate structures.   Asian economies stand to make tactical gains

EUR Liquidity Watch – The ECB Will Have to Punish Governments More..

By Andreas Steno

  • The outlook for financial stability doesn’t look quite as good in Europe as hoped for.
  • The ECB is trying to push governments to add liquidity, but they will have to do more
  • European liquidity trends will prove to be outright abysmal over summer

UK: Desperate Policies for Disinflation

By Phil Rush

  • High living costs are becoming increasingly problematic for the UK Conservative Party, which had been happy to paper over costly policies by stoking nominal value growth.
  • Monetary medicine is a bitter pill that can only have its most acute side effects treated through forbearance. Blaming profiteering doesn’t help fix the problem.
  • Ending trends from the pension triple-lock, proportional living wage hikes, and new environmental fees would help. The government has probably lost already.

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Jun 27
0

Daily Brief Singapore: Kilde Pte Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Kilde bags $1.1m to bankroll securities tokenization project

Kilde bags $1.1m to bankroll securities tokenization project

By Tech in Asia

  • Private debt platform Kilde has raised US$1.1 million in seed funding from investors including Big Sky Capital, Borderless Capital, AXL Ventures, and Algorand Foundation.
  • The fresh funds will help the Singapore-based firm expand its private credit offerings and develop SafeBay, its securities tokenization project.
  • Founded in 2019, Kilde caters to accredited and institutional investors by giving them access to private credit deals, which can yield annual returns of up to 13.5%. The company said that its investors have seen annual returns of 11.9%.

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Jun 27
0

Daily Brief United States: Earable, Bitcoin, Gold, Impinj Inc, Monster Beverage, Steelcase Inc Cl A and more

By | Daily Briefs, United States

In today’s briefing:

  • Samsung Ventures Invests in Sleeptech Firm Earable Neuroscience
  • What’s Driving Bitcoin’s Rally?
  • Soybeans Spike Due to Weather Worries – The Credit Crunch Isn’t over Yet
  • PI: Red Tagged, Initiating with Sell
  • Monster Beverage Corporation: Still A GARP Opportunity
  • Update Note – Steelcase, Inc. (SCS)

Samsung Ventures Invests in Sleeptech Firm Earable Neuroscience

By e27

  • Earable Neuroscience, a US-headquartered deep-tech company that has developed a sleep tech wearable device, has secured undisclosed bridge funding from Samsung Ventures.
  • Through this investment, Samsung Ventures plans to forge alliances within its local and global network to support Earable Neuroscience’s global expansion, including the Korean market.
  • Established in 2018 by Vietnamese founder Tam Vu, the startup’s sleep tech wearable, FRENZ Brainband, incorporates cutting-edge neuroscience technology into a consumer wearable to enhance sleep quality, improve focus, and promote relaxation.

What’s Driving Bitcoin’s Rally?

By Kaiko

  • Bitcoin briefly hit yearly highs over the weekend and is up 15% week-on-week.
  • What’s driving this rapid surge in prices?
  • While news of a Blackrock ETF filing is certainly a bullish catalyst, let’s see what the data says. 

Soybeans Spike Due to Weather Worries – The Credit Crunch Isn’t over Yet

By The Commodity Report

  • Soybeans spike due to weather worries The worst U.S. Midwest drought since 2012 expanded over the past week despite mild temperatures as a lack of rain across the heart of the American farm belt threatened newly seeded crops.
  • Below-average rainfall and high winds also exacerbated drought conditions in many regions.
  • In the early growing stage of the crops, drought can be compensated by more rain in the later stages.

PI: Red Tagged, Initiating with Sell

By Hamed Khorsand

  • Impinj was a late beneficiary to the COVID-19 pandemic and could now be on the cusp of a correction in its revenue growth trajectory
  • The developer of radio frequency identification (“RFID”) chips used in RFID tags benefited when companies were facing supply chain issues resulting in ordering much more inventory than necessary
  • Consensus estimates are for another 36 percent increase in revenue in 2023 even though Impinj is heavily dependent on retail apparel

Monster Beverage Corporation: Still A GARP Opportunity

By Pearl Gray Equity and Research

  • Qualitative factors and key metrics suggest that Monster Beverage Corporation presents a GARP opportunity.
  • The company is growing at scale and holds down a significant part of the energy drinks market.
  • The generational consumer shift into stimulated drinks lends researchers much scope to delve into the prospects of Monster Beverage Corporation (NASDAQ:MNST).

Update Note – Steelcase, Inc. (SCS)

By Water Tower Research

  • This note follows up on the Steelcase 1QFY24 earnings release, management’s earnings conference call, and our earnings analysis note from June 22.
  • Herein, we refresh our estimates for Steelcase.
  • Steelcase has been tied to the fortunes of commercial/contract furniture, where the company is a global leader. 

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