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Smartkarma Daily Briefs

Jun 11
0

Daily Brief South Korea: Korea Se Corp and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Early Preview of KOSDAQ 150 Ad-Hoc Change in July: Hydro Lithium Will Replace NICE IS

Early Preview of KOSDAQ 150 Ad-Hoc Change in July: Hydro Lithium Will Replace NICE IS

By Sanghyun Park

  • Hydro Lithium (formerly Korea Se Corp) is the top reserved issue in INDUSTRIALS and will get to replace NICE IS as a result of the KOSPI transfer listing.  
  • The most significant price movements occur when the index corporate action announcement is made. However, some investors hunt for this pattern, as observed in the case of Youlchon Chemical.
  • Hence, it’s worth considering an earlier entry timing. To minimize uncertainty, it’s vital to keep an eye on the preemptive price increase of Hydro Lithium before KRX’s approval.

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Jun 11
0

Daily Brief United States: AppLovin Corp, Home Depot Inc, Unity Software and more

By | Daily Briefs, United States

In today’s briefing:

  • AppLovin Corporation: Extended Global Partnership with OPPO & Other Developments
  • The Home Depot Inc.: Can It Bounce Back From This Dull Phase? – Key Drivers
  • Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

AppLovin Corporation: Extended Global Partnership with OPPO & Other Developments

By Baptista Research

  • AppLovin delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.
  • The management’s belief in the resilience of mobile gaming was validated, as the category remained stable even during uncertain economic times.
  • The development of AXON 2, their advanced technology, has been a priority, with ongoing upgrades expected to bring significant revenue and cash flow improvements.

The Home Depot Inc.: Can It Bounce Back From This Dull Phase? – Key Drivers

By Baptista Research

  • Home Depot delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.
  • However, despite these challenges, Home Depot observed strength in key spring-related categories, such as live goods and other garden-related products, where the weather was more favorable.
  • Despite the challenges, Home Depot’s dedicated team prioritizes associates and customers, delivering value and service throughout the quarter.

Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

By Baptista Research

  • Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.
  • Unity believes AI is a positive force for the industry and its creators, leveraging the sustainable competitive advantages provided by its platform.
  • We give Unity Software Inc. a ‘Hold’ rating with a revised target price.

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Jun 11
0

Daily Brief Japan: Toshiba Corp and more

By | Daily Briefs, Japan

In today’s briefing:

  • Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

By David Blennerhassett

  • Toshiba Corp (6502 JP)‘s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.
  • Given CR Power (836 HK)‘s clean energy unit’s profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.
  • Chindata Group (CD US) is unquestionably cheap. But Bain’s indicative Offer is not the answer to long-suffering shareholders.

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Jun 11
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Jun 2nd): Woodside Energy and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Jun 2nd): Woodside Energy, IDP Education, Northern Star, Sonic Healthcare
  • HK Short Interest Weekly: Baba, BYD, Jd, Kuaishou, Jd Logistics, CCB, Ntes
  • Hong Kong Buybacks Weekly (Jun 9th): Tencent, Aia, Gcl Technology

ASX Short Interest Weekly (Jun 2nd): Woodside Energy, IDP Education, Northern Star, Sonic Healthcare

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Jun 2nd (reported today) which has an aggregated short interest worth USD16.2bn.
  • 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 Woodside Energy, IDP Education, Northern Star Re, Sonic Healthcare, Commonw Bk Austr, Macquarie, BHP, Nextdc.

HK Short Interest Weekly: Baba, BYD, Jd, Kuaishou, Jd Logistics, CCB, Ntes

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Jun 2nd.
  • Top short increases and decreases were tabulated for one week and four week period. 
  • We highlight short changes in Baba, Byd Company, Jd, Kuaishou, Jd Logistics, Ccb, Ntes.

Hong Kong Buybacks Weekly (Jun 9th): Tencent, Aia, Gcl Technology

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 9th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Gcl Technology (3800 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), CK Asset (1113 HK).

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Jun 11
0

Daily Brief ECM: ECM Weekly (11th June 2023) – Alibaba and more

By | Daily Briefs, ECM

In today’s briefing:

  • ECM Weekly (11th June 2023) – Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark
  • AppLovin Corporation: Extended Global Partnership with OPPO & Other Developments
  • Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

ECM Weekly (11th June 2023) – Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark

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, Australia finally got its IPO counter ticking for the year with Redox (RDX AU).
  • On the placement front, Infratil Ltd (IFT NZ) raised to increase its stake in One NZ. While Skymark Airlines (9204 JP) will see a lockup expiry in the coming week.

AppLovin Corporation: Extended Global Partnership with OPPO & Other Developments

By Baptista Research

  • AppLovin delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.
  • The management’s belief in the resilience of mobile gaming was validated, as the category remained stable even during uncertain economic times.
  • The development of AXON 2, their advanced technology, has been a priority, with ongoing upgrades expected to bring significant revenue and cash flow improvements.

Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

By Baptista Research

  • Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.
  • Unity believes AI is a positive force for the industry and its creators, leveraging the sustainable competitive advantages provided by its platform.
  • We give Unity Software Inc. a ‘Hold’ rating with a revised target price.

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Jun 11
0

Daily Brief Thematic (Sector/Industry): Semiconductor Events Deserving Your Attention @ 10/6/23 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Semiconductor Events Deserving Your Attention @ 10/6/23
  • HDFC Ltd – Funding Benefits Can Be Immediate, Substantial
  • GEM Weekly (9 Jun 2023): China and Taiwan Trade, Inflation; TSMC, Realtek, MediaTek

Semiconductor Events Deserving Your Attention @ 10/6/23

By William Keating

  • WSTS updates global semiconductor FY2023 forecast to reflect a 10% YoY decline
  • TSMC’s May revenue jumps 19.4% MoM reflecting the generative AI-driven surge in orders from NVIDIA
  • Intel plumbs new depths with a ridiculous IDC SAM analysis

HDFC Ltd – Funding Benefits Can Be Immediate, Substantial

By Daniel Tabbush

  • HDFC Ltd will merge into HDFC Bank perhaps within some weeks
  • Amalgamation presumed benefits are a long list: scale, cross-sell, funding, loan mix, etc
  • Improvements in total funding costs may be immediate and significant, beyond expectations 

GEM Weekly (9 Jun 2023): China and Taiwan Trade, Inflation; TSMC, Realtek, MediaTek

By Wium Malan, CFA

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Jun 11
0

Daily Brief Event-Driven: MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- China Bouncing Back
  • Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil
  • Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China
  • Early Preview of KOSDAQ 150 Ad-Hoc Change in July: Hydro Lithium Will Replace NICE IS
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: ENM, Estia Health, Yitai Coal, and Challenger Technologies

MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes

By Brian Freitas

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- China Bouncing Back

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

Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

By Brian Freitas

  • The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
  • The coming week has a lot of rebalance implementations on Friday with the S&P/ASX family and the MVIS family, among others.
  • AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.

Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

By David Blennerhassett

  • Toshiba Corp (6502 JP)‘s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.
  • Given CR Power (836 HK)‘s clean energy unit’s profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.
  • Chindata Group (CD US) is unquestionably cheap. But Bain’s indicative Offer is not the answer to long-suffering shareholders.

Early Preview of KOSDAQ 150 Ad-Hoc Change in July: Hydro Lithium Will Replace NICE IS

By Sanghyun Park

  • Hydro Lithium (formerly Korea Se Corp) is the top reserved issue in INDUSTRIALS and will get to replace NICE IS as a result of the KOSPI transfer listing.  
  • The most significant price movements occur when the index corporate action announcement is made. However, some investors hunt for this pattern, as observed in the case of Youlchon Chemical.
  • Hence, it’s worth considering an earlier entry timing. To minimize uncertainty, it’s vital to keep an eye on the preemptive price increase of Hydro Lithium before KRX’s approval.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: ENM, Estia Health, Yitai Coal, and Challenger Technologies

By David Blennerhassett

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Jun 11
0

Daily Brief Equity Bottom-Up: China Healthcare Weekly (Jun.9) – Pediatric TCM New Policy and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • China Healthcare Weekly (Jun.9) – Pediatric TCM New Policy, Long-Term Money Dislikes A-Share, Clover
  • Galaxy Entertainment: A Macau Market Leader with Room to Grow Even near Term
  • The Home Depot Inc.: Can It Bounce Back From This Dull Phase? – Key Drivers

China Healthcare Weekly (Jun.9) – Pediatric TCM New Policy, Long-Term Money Dislikes A-Share, Clover

By Xinyao (Criss) Wang

  • The General Office of National Health Commission issued a notice on further strengthening the management of clinical medication for children. Pediatric TCM is more popular, with decent growth potential.
  • Long-Term money choosing to leave A-share isn’t due to geopolitical risks. If outlook isn’t good, the logic of capital’s allocation in A-share isn’t based on promising growth, but on liquidity instead.
  • We analyzed key points of Clover Biopharmaceuticals (2197 HK). The Company has entered a vicious cycle. If Clover is abandoned by the market, it will lead to lack of liquidity.

Galaxy Entertainment: A Macau Market Leader with Room to Grow Even near Term

By Howard J Klein

  • Conventional corporate wisdom says market leaders have less room to grow and must concentrate on holding share. Not true.
  • As Macau recovery gains steam, Galaxy is meeting challenges with its expansion likely to move its dominant market share higher as the total pie grows.
  • The company’s focus is on capacity as well as diversity of offerings bolstered by a balance sheet among the healthiest in the sector.

The Home Depot Inc.: Can It Bounce Back From This Dull Phase? – Key Drivers

By Baptista Research

  • Home Depot delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.
  • However, despite these challenges, Home Depot observed strength in key spring-related categories, such as live goods and other garden-related products, where the weather was more favorable.
  • Despite the challenges, Home Depot’s dedicated team prioritizes associates and customers, delivering value and service throughout the quarter.

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Jun 11
0

Daily Brief Macro: The Weekly Market Monitor (23) – Fighting Sentiment? and more

By | Daily Briefs, Macro

In today’s briefing:

  • The Weekly Market Monitor (23) – Fighting Sentiment?
  • Out of the Box #7 – A Fistful of Euros – The European Crossroads and How to Trade It

The Weekly Market Monitor (23) – Fighting Sentiment?

By Jeroen Blokland

  • Since 1970, there hasn’t been a single time continuing claims were up as they are today, without a recession attached to it.
  • After being bearish for nearly the entirety of the past 18 months, US retail investors have capitulated. A strong contrarian signal.
  • And we look at drawdowns and the distance to the 200-day moving average to find cracks in market sentiment.

Out of the Box #7 – A Fistful of Euros – The European Crossroads and How to Trade It

By Emil Moller

  • Europe is NOT the safe haven Markets treat it like
  • The inherent contradictions making up the Eurozone come to show in bad times
  • We are betting distress will start to show in the coming months

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Jun 11
0

Most Read: Cafe De Coral Holdings, Liontown Resources, TVS Motor , Koolearn, Douzone Bizon, Lutronic Corp, Alamos Gold , MOG Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September
  • MVIS Global Rare Earth/​​​​​​​Strategic Metals Index Rebalance Preview: Changes Afoot
  • Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX
  • KWEB Index Rebalance: Few Changes at the Close Today
  • KRX New Deal Index Rebalance Preview: A Change for Each Index
  • Semiconductor Events Deserving Your Attention @ 10/6/23
  • Details of the Lutronic Tender Offer M&A by Hahn & Company
  • HDFC Ltd – Funding Benefits Can Be Immediate, Substantial
  • MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes
  • Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

By Brian Freitas

  • Fenbi Ltd (2469 HK) was added to the Hang Seng Composite Index (HSCI) at the close Friday and will be added to Southbound Stock Connect from open of trading today.
  • We see 22 potential adds, 19 potential deletes, couple of close deletes, 5 deletes on prolonged suspension and 4 close liquidity deletes for the HSCI in September.
  • There are 11 potential deletions where holdings via Stock Connect are more than 20% of shares outstanding. There could be some unwinding of positions over the next couple of months.

MVIS Global Rare Earth/​​​​​​​Strategic Metals Index Rebalance Preview: Changes Afoot

By Brian Freitas

  • The review period for the June rebalance ended on 31 May. Announcement of the changes will be made on 9 June with implementation at the close on 16 June.
  • There could be 3 or 4 A-share additions due to their inclusion in Northbound Stock Connect. That in turn expands the index universe and could result in 2-3 deletions.
  • If there are 4 adds and 2 deletes at the June rebalance, estimated one-way turnover at the rebalance will be 13.4% and will result in a one-way trade of US$81m.

Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

By Brian Freitas

  • It was a busy week with index rebalance implementations and announcements of index changes.
  • The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.
  • There were big inflows to China ETFs during the week while the largest inflows went to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF.

KWEB Index Rebalance: Few Changes at the Close Today

By Brian Freitas

  • The June rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading today.
  • There are a couple of deletions and one inclusion. Plus there will be capping changes on the other stocks, but the impact of those changes is not large.
  • The stocks have already been moving in the right direction during the day and the pre-positions could be flipped to the ETF at the close.

KRX New Deal Index Rebalance Preview: A Change for Each Index

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. Large stock price moves mean no changes for the BBIG Index currently.
  • Douzone Bizon (012510 KS) has flipped from a passive sell to a passive buy over the last month and the stock could move higher from here.

Semiconductor Events Deserving Your Attention @ 10/6/23

By William Keating

  • WSTS updates global semiconductor FY2023 forecast to reflect a 10% YoY decline
  • TSMC’s May revenue jumps 19.4% MoM reflecting the generative AI-driven surge in orders from NVIDIA
  • Intel plumbs new depths with a ridiculous IDC SAM analysis

Details of the Lutronic Tender Offer M&A by Hahn & Company

By Douglas Kim

  • In this insight, we provide details of the Lutronic tender offer M&A by Hahn & Company.
  • We believe that Hahn & Co is likely to successfully complete this M&A tender offer of Lutronic. 
  • In our view, most of the shareholders of Lutronic are likely to tender their shares, given the sharp share price appreciation and reasonable tender offer premium. 

HDFC Ltd – Funding Benefits Can Be Immediate, Substantial

By Daniel Tabbush

  • HDFC Ltd will merge into HDFC Bank perhaps within some weeks
  • Amalgamation presumed benefits are a long list: scale, cross-sell, funding, loan mix, etc
  • Improvements in total funding costs may be immediate and significant, beyond expectations 

MVIS Global Junior Gold Miners Index Rebalance: Big Float & Capping Changes

By Brian Freitas

Index Rebalance & ETF Flow Recap: HSCI, GDXJ, KRX New Deal, AMFI, Amman Mineral, Infratil

By Brian Freitas

  • The changes for the KOSPI2 INDEX, KOSDAQ150 Index, CSI300 Index, STAR50 INDEX and a bunch of other onshore China indices were implemented last week.
  • The coming week has a lot of rebalance implementations on Friday with the S&P/ASX family and the MVIS family, among others.
  • AUM for the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) has continued to increase with big inflows in the last week.

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