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Smartkarma Daily Briefs

Jun 25
0

Daily Brief Thematic (Sector/Industry): GEM Weekly (23 Jun 2023): Chinese Interest Rates; MediaTek and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • GEM Weekly (23 Jun 2023): Chinese Interest Rates; MediaTek, JD.com, Alibaba, NIO, Xpeng, Li Auto

GEM Weekly (23 Jun 2023): Chinese Interest Rates; MediaTek, JD.com, Alibaba, NIO, Xpeng, Li Auto

By Wium Malan, CFA

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Jun 25
0

Daily Brief ECM: ECM Weekly (25th June 2023) – Tryt and more

By | Daily Briefs, ECM

In today’s briefing:

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

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.

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Jun 25
0

Daily Brief Equity Bottom-Up: China Healthcare Weekly (Jun.23) – National TCM VBP Results and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • China Healthcare Weekly (Jun.23) – National TCM VBP Results, CDE Changes Game Rule, Hua Medicine
  • Intel Planing on Pulling A Samsung
  • 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.

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

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.

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Jun 25
0

Daily Brief Event-Driven: JSR Corporation (4185 JP): JIC’s Tender Offer Looming? and more

By | Daily Briefs, Event-Driven

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
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Loose Lips Sinks Ships
  • Last Week in Event SPACE: Great Wall Motor, China Feihe, EcoPro, PCCW
  • (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

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

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

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

By David Blennerhassett

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Jun 25
0

Daily Brief Macro: The Weekly Market Monitor – Another Hawkish Twist and more

By | Daily Briefs, Macro

In today’s briefing:

  • The Weekly Market Monitor – Another Hawkish Twist

The Weekly Market Monitor – Another Hawkish Twist

By Jeroen Blokland

  • That Bank of England had to increase the pace of interest rate hikes so late in the tightening cycle is incontrovertible evidence that the central bank remains behind the curve. 
  • Based on the historical relationship between consumer and producer prices, with a PPI of 1.0%, German headline inflation should be just below 2%
  • The NASDAQ Index and the US interest rates are diverging rapidly. This is not what is supposed to happen in a discounted cash flow model for growth stocks.

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Jun 24
0

Daily Brief Singapore: Yanlord Land and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Yanlord Land – ESG Report – Lucror Analytics

Yanlord Land – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Yanlord Land’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Strong”.

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Jun 24
0

Daily Brief Indonesia: Powerlong Real Estate Holdings and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Weekly Wrap – 23 Jun 2023

Weekly Wrap – 23 Jun 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. China Jinmao Holdings
  2. Lifestyle International Holdings
  3. Geely Auto
  4. First Pacific Co
  5. Tata Motors Ltd

and more…

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Jun 24
0

Daily Brief United States: Ambarella Inc, Amkor Technology, Cirrus Logic and more

By | Daily Briefs, United States

In today’s briefing:

  • Ambarella Inc.: A New AI Powerhouse? – Key Drivers
  • Amkor Technology: 4 Key Factors That Will Help Offset The Revenue Decline – Financial Forecasts
  • Cirrus Logic Inc.: The Role Of Innovation & Other Factors In The Company’s Success – Key Drivers

Ambarella Inc.: A New AI Powerhouse? – Key Drivers

By Baptista Research

  • Ambarella managed to exceed analyst expectations in terms of revenue as well as earnings.
  • However, despite these headwinds, the company’s Q1 results exceeded expectations.
  • The introduction of the CV3 platform marks a new phase in the development of the AI market for Ambarella.

Amkor Technology: 4 Key Factors That Will Help Offset The Revenue Decline – Financial Forecasts

By Baptista Research

  • Amkor Technology delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.
  • Despite the decline in revenue, the company’s diversified end-market exposure provided stability and resilience.
  • Amkor’s technology leadership in advanced packaging allowed them to win new programs in the communications market, offsetting the softening of the consumer and computing markets.

Cirrus Logic Inc.: The Role Of Innovation & Other Factors In The Company’s Success – Key Drivers

By Baptista Research

  • Cirrus Logic managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
  • The company achieved a significant revenue of $1.9 billion.
  • We give Cirrus Logic a ‘Hold’ rating with a revised target price.

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Jun 24
0

Daily Brief Thailand: JMT Network Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • JMT Network Services – SET Elimination, ROA Halving, Worsening Credit Metrics

JMT Network Services – SET Elimination, ROA Halving, Worsening Credit Metrics

By Daniel Tabbush

  • JMT Network services does debt collection for banks in Thailand
  • Earnings are good but not relative to its asset growth with worsening provisions
  • Its ROA appears to be in structural decline, with worsening credit metrics in 1Q23

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Jun 24
0

Daily Brief South Korea: Celltrion Inc, SK Innovation and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Celltrion Merger Announcement in July: Trading Angles Utilizing Appraisal Rights Exercise Dynamics
  • SK Innovation: Rights Offering of 1.2 Trillion Won at a 21% Discount to Current Price

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.

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. 

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