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Smartkarma Daily Briefs

Jun 15
0

Daily Brief Energy/Materials: ASP Isotopes and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • ASP Isotopes – Initiation of Coverage Report – Isotope Market Overview

ASP Isotopes – Initiation of Coverage Report – Isotope Market Overview

By Baptista Research

  • This is our first report on ASP Isotopes and we look to provide a detailed account of the various assets owned by the company and the drivers that will be responsible for the company’s growth in the coming years.
  • ASP Isotopes’ proprietary isotope enrichment technology should enable the company to produce many of these isotopes, as shown in the diagram below.
  • When combined with the company’s second manufacturing plant, scheduled to start production during 2H 2023, ASP Isotopes should generate substantial free cash flow during 2024.

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Jun 15
0

Daily Brief Australia: Abacus Property and more

By | Australia, Daily Briefs

In today’s briefing:

  • Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value

Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value

By Arun George

  • Abacus Property (ABP AU) has proposed the de-stapling of Abacus Storage King (ASK), the self-storage assets, along with the proposed A$225.0 million equity raising in ASK.
  • A key logic of the de-stapling is the potential unlocking of the large, implied discount to NTA in the commercial portfolio. The EGM on the de-stapling proposal is in July.
  • The equity raise is a key headwind to the rerating. Our SoTP valuation is A$3.10 per unit, which is a 20% upside to the last close price.

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Jun 15
0

Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • StubWorld: Intouch Not As Attractive As At First Glance

StubWorld: Intouch Not As Attractive As At First Glance

By David Blennerhassett

  • Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 
  • Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn on a 90-day moving average, and a % market capitalisation threshold of at least 20%.

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Jun 15
0

Daily Brief Indonesia: PT Metrodata Electronics and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • PT Metrodata Electronics (MTDL IJ) – Enabling Digitalization Across Sectors

PT Metrodata Electronics (MTDL IJ) – Enabling Digitalization Across Sectors

By Angus Mackintosh

  • Metrodata Electronics released a mixed set of 1Q2023 results, as its ICT distribution slowed as consumers held back from new purchases but this was offset by stronger Solutions&Consulting revenues.
  • Solutions&Consulting saw strong growth from financial services, with the ongoing boost from BIFAST plus there was strong growth from telcos and the government segment, as it focuses on digitalisation. 
  • Metrodata Electronics management remains optimistic for 2023, with an expected recovery in distribution revenues in 2H2023 with the guidance of 8% growth for both revenue and net profits for FY2023. 

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Jun 15
0

Daily Brief China: Piotech, China Railway Signal & Communication, Guangzhou Kingmed Diagnostics, Sunac China Holdings and more

By | China, Daily Briefs

In today’s briefing:

  • STAR50 Index Rebalance Preview: One High Probability Change; One ‘It Depends’
  • China CRSC (3969 HK): Uniquely Positioned with Strong Financials
  • Guangzhou Kingmed Diagnostics (603882.CH) – There Is Still Investment Value that Cannot Be Ignored
  • Morning Views Asia: NagaCorp Ltd, Sunac China Holdings, Vedanta Resources

STAR50 Index Rebalance Preview: One High Probability Change; One ‘It Depends’

By Brian Freitas

  • The review period for the September rebalance ends 31 July. We expect the changes to be announced 25 August with the implementation taking place after the close on 8 September.
  • We expect the index committee to continue using a 6-month minimum listing history resulting in two changes to the index.
  • One way turnover is estimated at 3.45% resulting in a one-way trade of CNY 3,675m. The impact on the deletions will be larger than that on the inclusions.

China CRSC (3969 HK): Uniquely Positioned with Strong Financials

By Osbert Tang, CFA

  • China Railway Signal & Communication (3969 HK) (CRSC) has achieved good share price performance YTD, but we think there is more room to go for the rest of the year.
  • We like its steady domestic growth, exposure to overseas recovery, strong order backlog, and net cash position. 1Q23 new contracts reached Rmb13.7bn, an impressive 35.8% YoY growth.
  • Unlike the highly-geared infrastructure construction peers, CRSC’s net cash equals 52% of the share price. On such basis, its P/B of 0.7x relative to ROE of 9-10% is inexpensive.

Guangzhou Kingmed Diagnostics (603882.CH) – There Is Still Investment Value that Cannot Be Ignored

By Xinyao (Criss) Wang

  • 2023 would be a low point in performance for Kingmed, with negative YoY growth. But this year is a good time to bottom-fish because non-COVID conventional testing business would rebound.
  • Many people think the implementation of DRGs policy would be a big catalyst for future growth of ICL industry, but we’re actually skeptical since the reality could be quite different.
  • The different business models of Kingmed and Dian lead to different valuation outlook. Since the current duopoly pattern is difficult to change, we recommend investors focus only on top two ICLs.

Morning Views Asia: NagaCorp Ltd, Sunac China Holdings, Vedanta Resources

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 15
0

Daily Brief Consumer: Pang Rim Co Ltd, Nissin Foods Holdings, S.M.Entertainment Co, PT Metrodata Electronics and more

By | Consumer, Daily Briefs

In today’s briefing:

  • 5 Stocks in Korea Drop Limit Down – Caused by CFD Derivatives Related Margin Call Again?
  • Japan Consumer Staples Update: Inflation Looks a Blessing in Disguise for Those with Pricing Power
  • SM Entertainment: EXO’s Contract Controversy and Repeated Working Condition Issues
  • PT Metrodata Electronics (MTDL IJ) – Enabling Digitalization Across Sectors

5 Stocks in Korea Drop Limit Down – Caused by CFD Derivatives Related Margin Call Again?

By Douglas Kim

  • There were five stocks in Korea that dropped limit down (30%) today. They included Pang Rim, Dongil Industries, Manho Rope & Wire, Taihan Textile, and Dongil Metal.
  • The share price decline of these five stocks are similar to the crash in eight stocks in Korea in April which were related to CFD derivatives related margin call selling. 
  • Domestic securities firms in Korea have been trying to significantly reduce their exposure to CFD related trading and in this process, these sharp drops could be caused by this selling.

Japan Consumer Staples Update: Inflation Looks a Blessing in Disguise for Those with Pricing Power

By Oshadhi Kumarasiri

  • Japan’s inflation hit a 41-year high at 4.3% in January, but gradually slowed down in the following months, reaching 3.3%, 3.2%, and 3.5% in February, March, and April 2023, respectively.
  • Although Fuel, Electricity, and Water prices declined, other items excluding fresh vegetables, maintained inflation at a similar pace, suggesting that cost-push inflation continues to impact the overall economic environment.
  • This insight examines the recent quarterly performance of Yakult, Nissin, and Seven & I, our top picks in the Japan Consumer Staples Sector Smartkarma Original.

SM Entertainment: EXO’s Contract Controversy and Repeated Working Condition Issues

By Jungmin(Charlotte) Hong

  • EXO’s Chen, Baekhyun, and Xiumin filed a complaint to the Fair Trade Commission (FTC) on June 4 against SM Entertainment for “abuse of superior bargaining position.”
  • SM Entertainment repeatedly faced sanctions by the FTC for disputes, including controversy and conflicts with another boy band ‘Dong Bang Shin Ki’ (TVXQ) 
  • The risk to their working conditions continues to increase, with SM Entertainment’s corporate risk currently standing at 4.2, reaching an extreme level.

PT Metrodata Electronics (MTDL IJ) – Enabling Digitalization Across Sectors

By Angus Mackintosh

  • Metrodata Electronics released a mixed set of 1Q2023 results, as its ICT distribution slowed as consumers held back from new purchases but this was offset by stronger Solutions&Consulting revenues.
  • Solutions&Consulting saw strong growth from financial services, with the ongoing boost from BIFAST plus there was strong growth from telcos and the government segment, as it focuses on digitalisation. 
  • Metrodata Electronics management remains optimistic for 2023, with an expected recovery in distribution revenues in 2H2023 with the guidance of 8% growth for both revenue and net profits for FY2023. 

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Jun 15
0

Daily Brief Industrials: Toyo Construction, Auckland Intl Airport, Takuma Co Ltd, China Railway Signal & Communication, Dow Jones Industrial Average, SPDR S&P 500 and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO
  • Auckland Airport Possible Placement – Will Be Very Well Flagged US$540m Block
  • Takuma (6031) | AVI to Turn Waste into Wealth
  • China CRSC (3969 HK): Uniquely Positioned with Strong Financials
  • Dow Testing 1-Year Resistance at 34,280 Ahead of FOMC; Buy Ideas Within Manufacturing/Industrials
  • SPY: Moderate Gains In Store?

Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO

By Travis Lundy

  • Today, YFO (WK1 Limited) filed an amendment to its Large Shareholder Filing saying it had increased its stake from 27.19% to 28.51%. GK Yamauchi No10 Family Office bought 1.32%.
  • Almost immediately, Toyo Construction (1890 JP) said YFO had likely conducted an illegal act according to US Securities Exchange Act of 1934, Rule 14e-5. This is likely hogwash.
  • YFO is upping its stake for a zero premium tender and Toyo is fighting old battles. And the stock chugs higher.

Auckland Airport Possible Placement – Will Be Very Well Flagged US$540m Block

By Sumeet Singh

  • Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ)  to fund its budget requirements for 2023-24.
  • Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
  • In this note, we will talk about the possible placement and other deal dynamics.

Takuma (6031) | AVI to Turn Waste into Wealth

By Mark Chadwick

  • Takuma presents an undervalued investment opportunity with strong financials, and a robust balance sheet. The focus on environmental solutions position it to capitalize on the demand for carbon neutrality.
  • The recent involvement of AVI Japan as activist investors adds an exciting catalyst to Takuma’s investment case. We expect AVI to work with management to unlock further value.
  • Takuma’s management is targeting enhanced profitability by transitioning from a more volatile EPC model to a recurring revenue-driven approach centred on O&M. Attractive valuations underpin our bullish view.

China CRSC (3969 HK): Uniquely Positioned with Strong Financials

By Osbert Tang, CFA

  • China Railway Signal & Communication (3969 HK) (CRSC) has achieved good share price performance YTD, but we think there is more room to go for the rest of the year.
  • We like its steady domestic growth, exposure to overseas recovery, strong order backlog, and net cash position. 1Q23 new contracts reached Rmb13.7bn, an impressive 35.8% YoY growth.
  • Unlike the highly-geared infrastructure construction peers, CRSC’s net cash equals 52% of the share price. On such basis, its P/B of 0.7x relative to ROE of 9-10% is inexpensive.

Dow Testing 1-Year Resistance at 34,280 Ahead of FOMC; Buy Ideas Within Manufacturing/Industrials

By Joe Jasper

  • The S&P 500 has marginally surpassed the 4300-4325 area which we have anticipated would cap upside for 2023. 
  • As noted in our 6/6/23 Compass, we are vigilant at these levels given we expect inflation to remain elevated, but we cannot be bearishif the SPX is above 4165-4200
  • Breadth has continued to improve within the Russell 2000, and the $IWM is approaching our first target of $190 following the breakout above $180. Also see breadth improving within SPX.

SPY: Moderate Gains In Store?

By Pearl Gray Equity and Research

  • The SPDR® S&P 500 ETF Trust is primed to receive support from lower implied risk premiums amid an interest rate slowdown from the Federal Reserve.
  • However, a broad-based analysis suggests that the S&R 500 and the SPDR S &P 500ETF Trust are potentially undervalued.
  • The S&P 500’s (SP500) year-to-date surge might have surprised many, as the talk of the town at the turn of the year was geared toward a sustained market drawdown until an interest rate pivot occurred.

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Jun 15
0

Daily Brief Industrials: Toyo Construction, Auckland Intl Airport, Takuma Co Ltd, China Railway Signal & Communication, Dow Jones Industrial Average, SPDR S&P 500 and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO
  • Auckland Airport Possible Placement – Will Be Very Well Flagged US$540m Block
  • Takuma (6031) | AVI to Turn Waste into Wealth
  • China CRSC (3969 HK): Uniquely Positioned with Strong Financials
  • Dow Testing 1-Year Resistance at 34,280 Ahead of FOMC; Buy Ideas Within Manufacturing/Industrials
  • SPY: Moderate Gains In Store?

Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO

By Travis Lundy

  • Today, YFO (WK1 Limited) filed an amendment to its Large Shareholder Filing saying it had increased its stake from 27.19% to 28.51%. GK Yamauchi No10 Family Office bought 1.32%.
  • Almost immediately, Toyo Construction (1890 JP) said YFO had likely conducted an illegal act according to US Securities Exchange Act of 1934, Rule 14e-5. This is likely hogwash.
  • YFO is upping its stake for a zero premium tender and Toyo is fighting old battles. And the stock chugs higher.

Auckland Airport Possible Placement – Will Be Very Well Flagged US$540m Block

By Sumeet Singh

  • Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ)  to fund its budget requirements for 2023-24.
  • Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
  • In this note, we will talk about the possible placement and other deal dynamics.

Takuma (6031) | AVI to Turn Waste into Wealth

By Mark Chadwick

  • Takuma presents an undervalued investment opportunity with strong financials, and a robust balance sheet. The focus on environmental solutions position it to capitalize on the demand for carbon neutrality.
  • The recent involvement of AVI Japan as activist investors adds an exciting catalyst to Takuma’s investment case. We expect AVI to work with management to unlock further value.
  • Takuma’s management is targeting enhanced profitability by transitioning from a more volatile EPC model to a recurring revenue-driven approach centred on O&M. Attractive valuations underpin our bullish view.

China CRSC (3969 HK): Uniquely Positioned with Strong Financials

By Osbert Tang, CFA

  • China Railway Signal & Communication (3969 HK) (CRSC) has achieved good share price performance YTD, but we think there is more room to go for the rest of the year.
  • We like its steady domestic growth, exposure to overseas recovery, strong order backlog, and net cash position. 1Q23 new contracts reached Rmb13.7bn, an impressive 35.8% YoY growth.
  • Unlike the highly-geared infrastructure construction peers, CRSC’s net cash equals 52% of the share price. On such basis, its P/B of 0.7x relative to ROE of 9-10% is inexpensive.

Dow Testing 1-Year Resistance at 34,280 Ahead of FOMC; Buy Ideas Within Manufacturing/Industrials

By Joe Jasper

  • The S&P 500 has marginally surpassed the 4300-4325 area which we have anticipated would cap upside for 2023. 
  • As noted in our 6/6/23 Compass, we are vigilant at these levels given we expect inflation to remain elevated, but we cannot be bearishif the SPX is above 4165-4200
  • Breadth has continued to improve within the Russell 2000, and the $IWM is approaching our first target of $190 following the breakout above $180. Also see breadth improving within SPX.

SPY: Moderate Gains In Store?

By Pearl Gray Equity and Research

  • The SPDR® S&P 500 ETF Trust is primed to receive support from lower implied risk premiums amid an interest rate slowdown from the Federal Reserve.
  • However, a broad-based analysis suggests that the S&R 500 and the SPDR S &P 500ETF Trust are potentially undervalued.
  • The S&P 500’s (SP500) year-to-date surge might have surprised many, as the talk of the town at the turn of the year was geared toward a sustained market drawdown until an interest rate pivot occurred.

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Jun 15
0

Daily Brief TMT/Internet: Intouch Holdings, Piotech, Taiwan Semiconductor (TSMC) – ADR, Tata Technologies and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • StubWorld: Intouch Not As Attractive As At First Glance
  • STAR50 Index Rebalance Preview: One High Probability Change; One ‘It Depends’
  • Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle
  • Tata Technologies Pre-IPO – Peer Comparison – Middling

StubWorld: Intouch Not As Attractive As At First Glance

By David Blennerhassett

  • Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 
  • Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn on a 90-day moving average, and a % market capitalisation threshold of at least 20%.

STAR50 Index Rebalance Preview: One High Probability Change; One ‘It Depends’

By Brian Freitas

  • The review period for the September rebalance ends 31 July. We expect the changes to be announced 25 August with the implementation taking place after the close on 8 September.
  • We expect the index committee to continue using a 6-month minimum listing history resulting in two changes to the index.
  • One way turnover is estimated at 3.45% resulting in a one-way trade of CNY 3,675m. The impact on the deletions will be larger than that on the inclusions.

Taiwan Tech: Insights from 1Q23 Earnings Season Into Where We Are in the Cycle

By Vincent Fernando, CFA

  • Our aggregate analysis of the 1Q23 earnings season showed a more balanced beat/miss ratio than 4Q22 likely due to already-downgraded forecasts presenting a lower expectations hurdle.
  • Semiconductor’s inventory situation overall appeared to get worse in 1Q23… Excess inventory digestion is still a few quarters away for many semiconductor companies. Margins fell to the last cycle lows.
  • Hardware showed small signs of overall inventory improvement. Margins fell further but remained pretty high relative to the previous cycle.

Tata Technologies Pre-IPO – Peer Comparison – Middling

By Sumeet Singh

  • Tata Technologies (TATATECH IN)  (TT) is looking to raise around US$600m in its upcoming India IPO.
  • Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers. 
  • We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.

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Jun 15
0

Daily Brief Financials: Abacus Property, State Bank Of India, Chiba Bank, SBFC Finance Limited, Vietnam Technological and Commercial Joint Stock Bank, Sunac China Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value
  • CPSE / CNXBANK Index Rebalance Preview: Capping Changes in June
  • Chiba Bank – Less Yield Curve Control Issue With Near Zero JGBs
  • SBFC Finance Pre-IPO – Has Grown Fast While Maintaining Asset Quality
  • Vietnamese Banks Screener; Adding MBBank to Our Core Pick Techcombank
  • Morning Views Asia: NagaCorp Ltd, Sunac China Holdings, Vedanta Resources

Abacus Property (ABP AU): Abacus Storage King De-Stapling to Unlock Value

By Arun George

  • Abacus Property (ABP AU) has proposed the de-stapling of Abacus Storage King (ASK), the self-storage assets, along with the proposed A$225.0 million equity raising in ASK.
  • A key logic of the de-stapling is the potential unlocking of the large, implied discount to NTA in the commercial portfolio. The EGM on the de-stapling proposal is in July.
  • The equity raise is a key headwind to the rerating. Our SoTP valuation is A$3.10 per unit, which is a 20% upside to the last close price.

CPSE / CNXBANK Index Rebalance Preview: Capping Changes in June

By Brian Freitas

  • The CPSE ETF (CPSEBE IN) and Nifty Bank Index (NSEBANK INDEX) will have its quarterly rebalancing at the close on 29 June.
  • There are no constituent changes for the indices in June but there will be capping and float changes for the stocks and there is a reasonable impact on many stocks.
  • Both indices have performed well over the recent past and active investors can take advantage of the passive flows to increase or decrease existing positions.

Chiba Bank – Less Yield Curve Control Issue With Near Zero JGBs

By Daniel Tabbush

  • If there is no relief on yield curve control (YCC) anytime soon, seek banks with low JGBs
  • Chiba Bank is one of few banks in Japan where JGBs are nearly a rounding error vs assets
  • A pure play on an improving Japan, focused next door to Tokyo, with falling NPLs

SBFC Finance Pre-IPO – Has Grown Fast While Maintaining Asset Quality

By Ethan Aw

  • SBFC Finance Limited (1547353D IN) is looking to raise up to US$145m in its upcoming India IPO. 
  • SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold. 
  • Even through COVID-19, it had managed to more than double its AUM through its branch expansion efforts. However, its NIM declined over the track record period and profitability growth slowed. 

Vietnamese Banks Screener; Adding MBBank to Our Core Pick Techcombank

By Victor Galliano

  • We maintain Techcombank as our top pick in the Vietnamese banks, given its attractive valuations, solid pre and post provision returns and its fortress balance sheet
  • We add MBBank to the buy list with its attractive valuations, premium ROE and sound balance sheet metrics; we are neutral on Vietcombank
  • VP Bank remains one to watch; its NPL ratio has worsened further to March 2023 and it is the negative outlier of the peer group on credit quality

Morning Views Asia: NagaCorp Ltd, Sunac China Holdings, Vedanta Resources

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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