Smartkarma Daily Briefs, Author at Smartkarma

Jun 25

Daily Brief China: Hong Kong Hang Seng Index, Hua Medicine Ltd, Great Wall Motor, JD.com Inc (ADR) and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Loose Lips Sinks Ships
China Healthcare Weekly (Jun.23) – National TCM VBP Results, CDE Changes Game Rule, Hua Medicine
Last Week in Event SPACE: Great Wall Motor, China Feihe, EcoPro, PCCW
ECM Weekly (25th June 2023) – Tryt, Shiyue Daotian, Keep, SML, HDFC, Shriram, Tata Tech, Doosan, J&T

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Loose Lips Sinks Ships

By Simon Harris

Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces

China Healthcare Weekly (Jun.23) – National TCM VBP Results, CDE Changes Game Rule, Hua Medicine

By Xinyao (Criss) Wang

The results of National TCM VBP were released, with average price reduction of 49.36%, involving multiple large varieties with sales over RMB1 billion and exclusive products from many listed companies.
CDE will move closer to the FDA’s standard for approving new drugs. So, pharmaceutical companies need to update clinical strategies timely according to the situation, otherwise unexpected events may occur.
We analyzed some key points about Hua Medicine Ltd (2552 HK). We think its core drug Dorzagliatin still has many uncertainties that are worth investors’ attention.

Last Week in Event SPACE: Great Wall Motor, China Feihe, EcoPro, PCCW

By David Blennerhassett

RMB dual counter started trading. Great Wall Motor (2333 HK)‘s A-shares trade at 3x the multiple. THAT is a big discount to harvest.
China Feihe (6186 HK)‘s CFO exits an indirect stake of 6.38% around Feihe’s all-time low.
EcoPro Co Ltd (086520 KS) has swatted aside analyst downgrades and the indictment of its chairman to touch an all-time high

ECM Weekly (25th June 2023) – Tryt, Shiyue Daotian, Keep, SML, HDFC, Shriram, Tata Tech, Doosan, J&T

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, Tryt Inc (9164 JP) launched its Japan IPO, while we also looked at Big C Supercenter (BIGC TB)‘s past performance.
On the placement front, in India the market hitting all-time highs appears to have driven a flurry of blocks.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
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Jun 25

Daily Brief United States: Intel Corp and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intel Planing on Pulling A Samsung

Intel Planing on Pulling A Samsung

By William Keating

By combining TMG+TD+IFS into a single reportable segment, all internal demand will move to this new entity, leapfrogging Intel to global #2 foundry by Q1’24 instead of by 2030
This new structure risks obfuscating the details of external foundry customer growth
A much simpler step by step approach which achieves all Intel’s stated goals while retaining visibility into IFS would be far more preferable from a shareholder perspective

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

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

Jun 25

Daily Brief Japan: JSR Corp, Mercari Inc, SBI Shinsei Bank and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

JSR Corporation (4185 JP): JIC’s Tender Offer Looming?
Index Rebalance & ETF Flow Recap: NKY, KOSPI2, New Deal, SET50, MOG Digitech, Syngenta IPO
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Amara, SBI Shinsei Bank, Yashili, EOFlow

JSR Corporation (4185 JP): JIC’s Tender Offer Looming?

By Arun George

Nikkei reports that Japan Investment Corporation (JIC) is in talks to acquire JSR Corp (4185 JP) for around JPY1 trillion (US$7 billion) through a tender offer.
JSR responded, “No decision has been made at this moment, although JSR is considering this matter.” The Board will discuss the proposal on Monday.
Minorities will be supportive as the JPY1 trillion valuation implies a tender price of JPY4,850 per share, a 50% premium to the last close and an all-time share price high.

Index Rebalance & ETF Flow Recap: NKY, KOSPI2, New Deal, SET50, MOG Digitech, Syngenta IPO

By Brian Freitas

There were a couple of ad hoc rebalances in Korea last week for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) and KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY).
Coming Friday will mark the end of the review period for the next rebalance of the HSI, HSCEI, HSTECH, HSCI, LQ45, PCOMP as well as the SET50 June implementation.
With Japan indices moving higher, the largest inflows went into ETFs tracking the Nikkei 225 (NKY INDEX) and other local/global indices.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Amara, SBI Shinsei Bank, Yashili, EOFlow

By David Blennerhassett

There are 44 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
No new deals were announced this week although the major shareholders of Amara Holdings (AMA SP) are in discussions with a third party
Key updates took place for SBI Shinsei Bank (8303 JP), Yashili International Holdings (1230 HK), and Eoflow (294090 KS)

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

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

Jun 25

Daily Brief TMT/Internet: Mercari Inc, Hong Kong Hang Seng Index, Intel Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Index Rebalance & ETF Flow Recap: NKY, KOSPI2, New Deal, SET50, MOG Digitech, Syngenta IPO
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Loose Lips Sinks Ships
Intel Planing on Pulling A Samsung

Index Rebalance & ETF Flow Recap: NKY, KOSPI2, New Deal, SET50, MOG Digitech, Syngenta IPO

By Brian Freitas

There were a couple of ad hoc rebalances in Korea last week for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) and KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY).
Coming Friday will mark the end of the review period for the next rebalance of the HSI, HSCEI, HSTECH, HSCI, LQ45, PCOMP as well as the SET50 June implementation.
With Japan indices moving higher, the largest inflows went into ETFs tracking the Nikkei 225 (NKY INDEX) and other local/global indices.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Loose Lips Sinks Ships

By Simon Harris

Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces

Intel Planing on Pulling A Samsung

By William Keating

By combining TMG+TD+IFS into a single reportable segment, all internal demand will move to this new entity, leapfrogging Intel to global #2 foundry by Q1’24 instead of by 2030
This new structure risks obfuscating the details of external foundry customer growth
A much simpler step by step approach which achieves all Intel’s stated goals while retaining visibility into IFS would be far more preferable from a shareholder perspective

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

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

Jun 25

Daily Brief Energy/Materials: JSR Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

JSR Corporation (4185 JP): JIC’s Tender Offer Looming?

JSR Corporation (4185 JP): JIC’s Tender Offer Looming?

By Arun George

Nikkei reports that Japan Investment Corporation (JIC) is in talks to acquire JSR Corp (4185 JP) for around JPY1 trillion (US$7 billion) through a tender offer.
JSR responded, “No decision has been made at this moment, although JSR is considering this matter.” The Board will discuss the proposal on Monday.
Minorities will be supportive as the JPY1 trillion valuation implies a tender price of JPY4,850 per share, a 50% premium to the last close and an all-time share price high.

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

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

Jun 25

Daily Brief Health Care: Hua Medicine Ltd, Thonburi Healthcare Group and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

China Healthcare Weekly (Jun.23) – National TCM VBP Results, CDE Changes Game Rule, Hua Medicine
Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

China Healthcare Weekly (Jun.23) – National TCM VBP Results, CDE Changes Game Rule, Hua Medicine

By Xinyao (Criss) Wang

The results of National TCM VBP were released, with average price reduction of 49.36%, involving multiple large varieties with sales over RMB1 billion and exclusive products from many listed companies.
CDE will move closer to the FDA’s standard for approving new drugs. So, pharmaceutical companies need to update clinical strategies timely according to the situation, otherwise unexpected events may occur.
We analyzed some key points about Hua Medicine Ltd (2552 HK). We think its core drug Dorzagliatin still has many uncertainties that are worth investors’ attention.

Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

By Tina Banerjee

Thonburi Healthcare Group (THG TB) recorded 23% YoY increase in non-COVID medical services revenue in 1Q23, mainly driven by higher pay per bed and utilization of inpatient division.
With the recovery in core healthcare services, THG expects its revenue to grow 10% YoY this year, accelerating from 6% revenue growth recorded in 2022.
In the next 3 years, THG plans to increase 195 outpatient rooms and 419 beds and is set to spend nearly THB5 billion on capex during 2023–2025.

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

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

Jun 25

Daily Brief Consumer: Great Wall Motor, JD.com Inc (ADR) and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Last Week in Event SPACE: Great Wall Motor, China Feihe, EcoPro, PCCW
ECM Weekly (25th June 2023) – Tryt, Shiyue Daotian, Keep, SML, HDFC, Shriram, Tata Tech, Doosan, J&T

Last Week in Event SPACE: Great Wall Motor, China Feihe, EcoPro, PCCW

By David Blennerhassett

RMB dual counter started trading. Great Wall Motor (2333 HK)‘s A-shares trade at 3x the multiple. THAT is a big discount to harvest.
China Feihe (6186 HK)‘s CFO exits an indirect stake of 6.38% around Feihe’s all-time low.
EcoPro Co Ltd (086520 KS) has swatted aside analyst downgrades and the indictment of its chairman to touch an all-time high

ECM Weekly (25th June 2023) – Tryt, Shiyue Daotian, Keep, SML, HDFC, Shriram, Tata Tech, Doosan, J&T

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, Tryt Inc (9164 JP) launched its Japan IPO, while we also looked at Big C Supercenter (BIGC TB)‘s past performance.
On the placement front, in India the market hitting all-time highs appears to have driven a flurry of blocks.

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

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

Jun 25

Most Read: Dentium, Trip.com, ZOZO Inc, Mercari Inc, SK Biopharmaceuticals Co Ltd, Celltrion Inc, JSR Corp, SK Innovation and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

KOSPI200 Index Rebalance Preview: A Busy December Rebalance
Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, STAR50, KOSDAQ150, CPSE/CNXBANK, Kenedix Merger
Nikkei 225 Index Rebalance Preview (Sep 2023): Ranking, Capping, Funding & Other Changes
Nikkei 225 Sep 2023 Review – The Mercari Conundrum
KRX New Deal Index Rebalance Preview: Interesting Changes Emerging
Celltrion Merger Announcement in July: Trading Angles Utilizing Appraisal Rights Exercise Dynamics
JSR Corporation (4185 JP): JIC’s Tender Offer Looming?
Japan Weekly | Buffett Is Still Buying Marubeni
SK Innovation: Rights Offering of 1.2 Trillion Won at a 21% Discount to Current Price
Index Rebalance & ETF Flow Recap: NKY, KOSPI2, New Deal, SET50, MOG Digitech, Syngenta IPO

KOSPI200 Index Rebalance Preview: A Busy December Rebalance

By Brian Freitas

Just over a quarter of the way through the review period, we see six changes for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) at the December rebalance.
There are a few stocks that are close adds at the current time and a move higher can take them into inclusion zone leading to more deletions.
While there is little to no short interest on the potential inclusions, short interest on the potential deletions ranges from 4.3-12.2 days of ADV and 0.5-3.5% of free float.

Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, STAR50, KOSDAQ150, CPSE/CNXBANK, Kenedix Merger

By Brian Freitas

There were a bunch of rebalances across different index families that were implemented at the close of trading on Friday.
The coming week is quieter though there are a couple of ad hoc rebalances for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX).
Yet another week of inflows to Tracker Fund of Hong Kong Ltd (2800 HK) as the number of units outstanding is nearly the highest over the last couple of years.

Nikkei 225 Index Rebalance Preview (Sep 2023): Ranking, Capping, Funding & Other Changes

By Brian Freitas

The review period for the Nikkei 225 (NKY INDEX) September rebalance ends end July. We take another stab at identifying potential inclusions and exclusions.
There will be a big impact on the potential index changes. Fast Retailing (9983 JP)‘s index weight could be capped and there will be a big funding trade.
There are many things to watch out for that could affect the impact on the inclusions, including stock splits among potential adds and stepwise inclusion of stocks in the index.

Nikkei 225 Sep 2023 Review – The Mercari Conundrum

By Travis Lundy

Mercari Inc (4385 JP) is potentially a leading candidate for inclusion in the Nikkei 225 in September.
There are other technical reasons to think it is not.
This insight looks at the issue of why it might be a leading candidate and why it might not be.

KRX New Deal Index Rebalance Preview: Interesting Changes Emerging

By Brian Freitas

The review period for the September rebalance ends on 31 July, the changes will be announced towards end August and implemented at the close of trading on 7 September.
There is one change currently for each of the Secondary Battery, Bio, Internet and Game indices. Plus there are a couple of changes for the BBIG indices.
SK Biopharmaceuticals Co Ltd (326030 KS) has overtaken SK Bioscience (302440 KS) on average market cap and there will be large flows on both stocks at the rebalance.

Celltrion Merger Announcement in July: Trading Angles Utilizing Appraisal Rights Exercise Dynamics

By Sanghyun Park

According to Invest Chosun, Celltrion plans to submit a merger registration statement to the KRX in July, with Mirae Asset Securities acting as the lead underwriter.
Given that the approximate timing of the merger registration statement submission has already been exposed to the market, we can track the difference between the spot and exercise prices.
Celltrion Inc will likely attempt to minimize the appraisal rights price. We can consider capitalizing on this possibility by shorting Celltrion Inc while going long on the other two companies.

JSR Corporation (4185 JP): JIC’s Tender Offer Looming?

By Arun George

Nikkei reports that Japan Investment Corporation (JIC) is in talks to acquire JSR Corp (4185 JP) for around JPY1 trillion (US$7 billion) through a tender offer.
JSR responded, “No decision has been made at this moment, although JSR is considering this matter.” The Board will discuss the proposal on Monday.
Minorities will be supportive as the JPY1 trillion valuation implies a tender price of JPY4,850 per share, a 50% premium to the last close and an all-time share price high.

Japan Weekly | Buffett Is Still Buying Marubeni

By Mark Chadwick

Has Larry Fink just jinxed the Japanese equity market? Is a slight thawing of relations between the US and China a sign that the Japanese equity market has peaked?
Japanese stocks ended the week down 2.7% as foreigners turn net sellers for first time in 11 weeks
Marubeni Corp (8002 JP) stock price is up 71% year to date. The equity buyback story could continue for the foreseeable future.

SK Innovation: Rights Offering of 1.2 Trillion Won at a 21% Discount to Current Price

By Douglas Kim

After the market close on 23 June, SK Innovation (096770 KS) announced that the company will conduct a rights offering worth 1.2 trillion won.
We have a positive view on SK Innovation’s rights offering of 1.2 trillion won. The expected rights offering price is 143,800 won which is 21% discount to current price.
Although we have a positive view of SK Innovation over the next 12 months, its share price could face some weakness in the near term due to this capital increase.

Index Rebalance & ETF Flow Recap: NKY, KOSPI2, New Deal, SET50, MOG Digitech, Syngenta IPO

By Brian Freitas

There were a couple of ad hoc rebalances in Korea last week for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) and KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY).
Coming Friday will mark the end of the review period for the next rebalance of the HSI, HSCEI, HSTECH, HSCI, LQ45, PCOMP as well as the SET50 June implementation.
With Japan indices moving higher, the largest inflows went into ETFs tracking the Nikkei 225 (NKY INDEX) and other local/global indices.

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

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

Jun 25

Daily Brief Financials: SBI Shinsei Bank and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Amara, SBI Shinsei Bank, Yashili, EOFlow

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Amara, SBI Shinsei Bank, Yashili, EOFlow

By David Blennerhassett

There are 44 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
No new deals were announced this week although the major shareholders of Amara Holdings (AMA SP) are in discussions with a third party
Key updates took place for SBI Shinsei Bank (8303 JP), Yashili International Holdings (1230 HK), and Eoflow (294090 KS)

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

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

Jun 25

Daily Brief Quantitative Analysis: TWSE Short Interest Weekly (Jun 23rd): Mediatek and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

TWSE Short Interest Weekly (Jun 23rd): Mediatek, Walsin Lihwa, Acer, YCY, Quanta Computer

TWSE Short Interest Weekly (Jun 23rd): Mediatek, Walsin Lihwa, Acer, YCY, Quanta Computer

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of TWSE Stocks as of Jun 23rd which has an aggregated short interest worth USD15.2bn.
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 Mediatek, Walsin Lihwa, Acer, Ycy, Quanta Computer, China Airlines.

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

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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