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Smartkarma Daily Briefs

Dec 13
0

Daily Brief Industrials: IHI Corp, VinFast, Skymark Airlines, Daiei Kankyo, Idex Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • IHI (7013) | Boeing Orders Take Off
  • Vinfast Auto IPO: Initial Thoughts
  • Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers
  • Daiei Kankyo IPO Trading – Peers Have Been Correcting
  • IDEX Corporation: Initiation of Coverage – & Other Drivers
  • IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

IHI (7013) | Boeing Orders Take Off

By Mark Chadwick

  • Boeing’s stock price is recovering sharply as it benefits from recent multi-billion-dollar order wins
  • Japanese stocks (IHI, MHI, KHI & Subaru) are highly geared into the Boeing supply chain
  • We highlight IHI as a top pick on this thematic and believe aero-engine revenues will continue to recover, driving a stock re-rating

Vinfast Auto IPO: Initial Thoughts

By Shifara Samsudeen, ACMA, CGMA

  • VinFast (1905332D VN) is a full-scale mobility platform in Vietnam focused on manufacturing electric vehicles including e-scooters and e-buses looking to raise US$1bn via a NASDAQ IPO.
  • The company has switched its business model from ICE vehicles to EVs and looking to sell its electric cars in Vietnam, the US and the Europe.
  • With relatively new to EV manufacturing and having not sold previously in overseas markets  including the US and the EU, we remain conscious over Vinfast’s prospects in the medium-term.

Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers

By Clarence Chu

  • Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.
  • SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.
  • In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.

Daiei Kankyo IPO Trading – Peers Have Been Correcting

By Sumeet Singh

  • Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO.
  • Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business
  • In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.

IDEX Corporation: Initiation of Coverage – & Other Drivers

By Baptista Research

  • This is our first report on industrials major, IDEX Corporation.
  • The company is regularly in the news for its frequent acquisitions and generated good results in the third quarter, surpassing Wall Street expectations on all fronts.
  • We initiate coverage on the stock of IDEX Corporation with a ‘Hold’ rating.

IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • IDEX Corporation is an industrial giant and is often in the news for its acquisition-led growth moves.
  • The company’s recent financial performance has been strong with double-digit growth in organic sales across its three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products.
  • IDEX’s overall backlog positions remain strong though its operating margin has negatively impacted by incremental depreciation from recent acquisitions.

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Dec 13
0

Daily Brief TMT/Internet: Bilibili Inc, Stripe, Tencent, NetEase and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • BILIBILI (BILI US): Can Achieving Breakeven Justify US$10bn Market Cap?
  • 2023 IPOs Pipeline Worldwide (Top 100 Companies)
  • China Internet Weekly (12Dec2022): Bilibili, Tencent, JD.com
  • NetEase: Initiation of Coverage – Market Position & Other Drivers

BILIBILI (BILI US): Can Achieving Breakeven Justify US$10bn Market Cap?

By Eric Chen

  • BILIBILI shares have rallied more than 200% since early November on prospects of China exiting zero-COVID, short covering, and accelerated breakeven timeline.
  • Yet simply achieving breakeven doesn’t justify its US$10 billion valuation. It has to be accompanied by decent profitable growth – an unlikely scenario given the aggressive downsizing needed for breakeven.
  • BILI’s businesses also entail structurally low margin. Stock could easily de-rate by 30% or more when growth euphoria recedes and disappointed profitability checks in during 2023.

2023 IPOs Pipeline Worldwide (Top 100 Companies)

By Douglas Kim

  • This is our fourth annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
  • Among 100 companies in our list, those from the US, India, China/HK, and the UK account for 79% of total. 
  • For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year. 

China Internet Weekly (12Dec2022): Bilibili, Tencent, JD.com

By Ming Lu

  • Bilibili is dismissing employees in live streaming, cartoon, and main station.
  • The Chinese mobile game market began to expand, but the global market is shrinking.
  • JD.com chairman reorganized its company, reducing the departments from eight to three.

NetEase: Initiation of Coverage – Market Position & Other Drivers

By Baptista Research

  • This is our first report on online gaming giant, NetEase.
  • In the quarter, the new expansion packs unveiled for the summer holidays, the legacy PC side of the company, which includes New Westward Journey Online 2 and Fantasy Westward Journey Online, continues to attract players.
  • Among other updates, NetEase has recently announced that the company’s game division, NetEase Games, acquired Quantic Dream, one of the world’s major independent video game developers.

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Dec 13
0

Daily Brief Health Care: Acotec Scientific Holdings, Bionote, Akeso Biopharma Inc, Humana Inc, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Acotec Scientific Holdings: Boston Scientific’s Partial Offer
  • Acotec Scientific (6669 HK)’s Partial Offer of HK$20 from Boston Scientific
  • Bionote: IPO Price Reduced Significantly & Bookbuilding Results
  • Akeso Biopharma (9926.HK) – Behind the Deal with Summit: A Snake Swallows an Elephant?
  • Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers
  • Is Effective Reform Only Possible After Future Problems with High-Risk Companies?

Acotec Scientific Holdings: Boston Scientific’s Partial Offer

By David Blennerhassett

  • Acotec Scientific Holdings (6669 HK), a Chinese medical technology company, has announced a Partial Offer from Boston Scientific (BSX US).
  • The Offer Price for up to 65% of shares out is HK20/share, a 31.6% premium to last close, but below last year’s IPO price of HK$23.80/share. 
  • Irrevocables who intend to tender a total of up to 60.14% of shares out. This includes the CEO and the key pre-IPO investor. 

Acotec Scientific (6669 HK)’s Partial Offer of HK$20 from Boston Scientific

By Arun George

  • Acotec Scientific Holdings (6669 HK) disclosed a partial offer from Boston Scientific (BSX US) to acquire a maximum of 203.7 million shares at HK$20 per share.
  • The partial offer is conditional on the offeror hitting 50.01% voting rights and approval by the requisite majority of shareholders. Irrevocables represent a minimum of 55.14% of outstanding shares.
  • Despite the recent share price pop on the back of FDA approval for Vericor, the partial offer represents an all-time share price high. Therefore, the offer will be declared unconditional.  

Bionote: IPO Price Reduced Significantly & Bookbuilding Results

By Douglas Kim

  • Bionote slashed its IPO price to 9,000 won, which is 50% lower than the low end of the previous IPO valuation range. 
  • Our base case valuation has been revised down to 12,741 won per share in target price, which is 41% higher than the IPO price of 9,000 won.
  • The company is expected to have more than 615 billion in net cash post the IPO, which is expected to represent nearly 65% of its market cap!

Akeso Biopharma (9926.HK) – Behind the Deal with Summit: A Snake Swallows an Elephant?

By Xinyao (Criss) Wang

  • Akeso Biopharma Inc (9926 HK) and Summit Therapeutics entered into a collaborative and licensing agreement for AK112, which has set a new record for China’s innovative drug license-out cooperation. 
  • While the market remained positive about the transaction, there are also doubts. We deep dive the potential logic of the deal. 
  • We recommended investors not to neglect “the nature of the deal” and “the real motivation” behind. It’s also important to see whether the subsequent operations can make some achievements overseas.

Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers

By Baptista Research

  • This is our first report on Humana, a leading player in the medical insurance space in the U.S.
  • The company’s third quarter results were reasonably strong as it met Wall Street’s revenue expectations while managing an earnings beat.
  • In addition to improving plan offers for their larger membership, the management strengthened their consumer segment strategy.

Is Effective Reform Only Possible After Future Problems with High-Risk Companies?

By Aki Matsumoto

  • Large audit firms focus on more profitable business and improving the profitability of their audit services. Consequently, high-risk firms that have been withdrawn from large firms flow to small-and-medium-sized firms.
  • “Enhancement of governance, including third-party evaluation function” is crucial to ensure that the audit firm has system to oversee and objectively determine the appropriateness of audit process and audit opinion.
  • Smaller audit firms will comply with the guidelines just for show, but only when future problems with high-risk firms arise will effective reforms be made in accordance with the guidelines.

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Dec 13
0

Daily Brief Energy/Materials: Genesis Minerals, Dongkuk Steel Mill, Newmont Mining, Crude Oil and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Genesis Minerals (GMD AU) And St Barbara (SBM AU) Merger
  • St Barbara’s Reverse Merger Of Genesis
  • Dongkuk Steel Mill: Demerger Details & Passive Outflow Trading
  • Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers
  • The Commodity Report #81
  • Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Genesis Minerals (GMD AU) And St Barbara (SBM AU) Merger

By Arun George

  • St Barbara Ltd (SBM AU) and Genesis Minerals (GMD AU) will merge via a scheme at a gross exchange ratio of 2.0338 SBM shares per GMD share. 
  • The deal metrics are favourable for GMD shareholders. The gross exchange ratio is attractive and values GMD at a slight premium to mid-cap ASX peers on an EV/Resource basis. 
  • The likely pushback from SMB shareholders is that the terms were struck from a position of share price weakness. However, the low SMB shareholder voting threshold (50%) will help.

St Barbara’s Reverse Merger Of Genesis

By David Blennerhassett

  • Gold miners St Barbara Ltd (SBM AU) and Genesis Minerals (GMD AU) have agreed to merge via a Scheme. Inter-conditionally, SBM will demerge Atlantic, Simberi, and other assets.
  • SBM will issue 2.0338 of its own shares for each GMD share. Conditional on the Scheme and asset demerger, Genesis will raise $275m to fund the merged entity.
  • At completion, SBM shareholders will hold 38% in the combined group, current Genesis shareholders 41%, with the remaining 22% held by participants in the capital raising.

Dongkuk Steel Mill: Demerger Details & Passive Outflow Trading

By Sanghyun Park

  • The size of treasury shares in the Dongkuk Steel demerger event is not too large to expect a value accretion to the combined market cap after the split.
  • Based on the current market cap, all three companies will likely leave the KOSPI 200. To this end, K200 trackers must dispose of Dongkuk Steel right before the trade suspension.
  • The size of rebalancing trading before trade suspension should be about ₩40T. We should consider setting our entry into flow trading as early as two weeks towards the trade suspension.

Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers

By Baptista Research

  • This is our first report on global gold mining giant, Newmont Corporation.
  • In Q3, they produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead, and zinc.
  • We initiate coverage on the stock of Newmont Corporation with a ‘Hold’ rating.

The Commodity Report #81

By The Commodity Report

  • The Federal Reserve has done a spectacular job of keeping inflation expectations “anchored” in this market, despite multi-decade high levels of inflation.
  • From the perspective of the Federal Reserve, it’s important to have well-anchored inflation expectations because this can help to keep actual inflation close to the central bank’s target rate.
  • When inflation expectations are well-anchored, households and businesses are more likely to base their decisions on the assumption that inflation will remain stable and close to the target rate. 

Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Newmont Corporation is among the global leaders in the exploration and production of gold.
  • They are also stepping up development operations in Subika Underground and achieved record production drill meters while advancing the mine’s third production level’s development.
  • The arrival of a second underground production drill might help deliver the fourth quarter’s anticipated development and the ensuing ore tonnes in 2023.

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Dec 13
0

Daily Brief Industrials: IHI Corp, VinFast, Skymark Airlines, Daiei Kankyo, Idex Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • IHI (7013) | Boeing Orders Take Off
  • Vinfast Auto IPO: Initial Thoughts
  • Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers
  • Daiei Kankyo IPO Trading – Peers Have Been Correcting
  • IDEX Corporation: Initiation of Coverage – & Other Drivers
  • IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

IHI (7013) | Boeing Orders Take Off

By Mark Chadwick

  • Boeing’s stock price is recovering sharply as it benefits from recent multi-billion-dollar order wins
  • Japanese stocks (IHI, MHI, KHI & Subaru) are highly geared into the Boeing supply chain
  • We highlight IHI as a top pick on this thematic and believe aero-engine revenues will continue to recover, driving a stock re-rating

Vinfast Auto IPO: Initial Thoughts

By Shifara Samsudeen, ACMA, CGMA

  • VinFast (1905332D VN) is a full-scale mobility platform in Vietnam focused on manufacturing electric vehicles including e-scooters and e-buses looking to raise US$1bn via a NASDAQ IPO.
  • The company has switched its business model from ICE vehicles to EVs and looking to sell its electric cars in Vietnam, the US and the Europe.
  • With relatively new to EV manufacturing and having not sold previously in overseas markets  including the US and the EU, we remain conscious over Vinfast’s prospects in the medium-term.

Skymark Airlines IPO Trading – Subscription Has Been Strong Despite Asking More than Peers

By Clarence Chu

  • Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company.
  • SA began its operations in Japan as a domestic airline and gradually increased the number of routes offered to passengers. However, it has a mired history of bankruptcy.
  • In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.

Daiei Kankyo IPO Trading – Peers Have Been Correcting

By Sumeet Singh

  • Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO.
  • Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business
  • In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.

IDEX Corporation: Initiation of Coverage – & Other Drivers

By Baptista Research

  • This is our first report on industrials major, IDEX Corporation.
  • The company is regularly in the news for its frequent acquisitions and generated good results in the third quarter, surpassing Wall Street expectations on all fronts.
  • We initiate coverage on the stock of IDEX Corporation with a ‘Hold’ rating.

IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • IDEX Corporation is an industrial giant and is often in the news for its acquisition-led growth moves.
  • The company’s recent financial performance has been strong with double-digit growth in organic sales across its three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products.
  • IDEX’s overall backlog positions remain strong though its operating margin has negatively impacted by incremental depreciation from recent acquisitions.

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Dec 13
0

Daily Brief Consumer: XPeng, Li Auto, Sula Vineyards, Getaround, Autozone Inc, Starbucks Corp and more

By | Consumer, Daily Briefs

In today’s briefing:

  • HSCEI: Index Handling Changes for Secondary & Dual-Primary Listings
  • HSTECH: Index Handling Changes & Flows in March
  • Sula Vineyards IPO – Does Offer a Unique Exposure with Lots of Ifs and Buts
  • Getaround This SPAC Deal
  • AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers
  • Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey
  • AutoZone Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

HSCEI: Index Handling Changes for Secondary & Dual-Primary Listings

By Brian Freitas

  • Hang Seng Indexes has changed the index handling treatment for Secondary Listings and Dual Primary Listings from the next rebalance in March.
  • The changes could lead to an increase in the index weighting for Li Auto (2015 HK) and the inclusion of XPeng (9868 HK) at the March rebalance.
  • The improved rankings for the Secondary and Dual Primary listings will lead to other changes to the index in March.

HSTECH: Index Handling Changes & Flows in March

By Brian Freitas

Sula Vineyards IPO – Does Offer a Unique Exposure with Lots of Ifs and Buts

By Sumeet Singh

  • Sula Vineyards is looking to raise around US$117m in its upcoming India IPO.
  • Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”. 
  • We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.

Getaround This SPAC Deal

By subSPAC

  • This week, digital car-sharing platform Getaround made the headlines as the latest De-SPAC casualty to crash and burn on its stock market debut.
  • After initially announcing plans to go public through a merger with interPrivate II Acquisition Corp in a deal valuing the combined company at $1.2 billion in May 2022, the company saw a decline of 65% on its debut.
  • Essentially, at its current valuation, the market thinks that Getaround is worth a little more than the cash generated from its SPAC deal and less than half of the total cash it has raised to date.

AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers

By Baptista Research

  • This is our first report on AutoZone, one of the largest distributors of automotive replacement parts and accessories in the U.S.
  • The company had a strong fourth quarter, and managed an all-around beat.
  • However, its domestic, commercial sales made up 30% of its domestic auto parts sales.

Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey

By Sporting Crypto

  • Starbucks have launched a Web3 loyalty program called Odyssey.
  • Members can engage in ‘journeys’, a series of activities, such as playing interactive games or taking on fun challenges to deepen their knowledge of coffee and Starbucks.
  • They will be rewarded with a digital collectable ‘journey stamp’ — and yep, you guessed it — they’re NFTs.

AutoZone Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • AutoZone is one of the largest players in the distribution of automotive replacement parts and accessories in the U.S.
  • The company has been delivering a decent set of results in recent times after the impact of the pandemic has gone down.
  • However, its domestic, commercial sales make up 30% of its domestic auto parts sales.

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Dec 13
0

Daily Brief Financials: Home Consortium Ltd, Terra, Seazen (Formerly Future Land) and more

By | Daily Briefs, Financials

In today’s briefing:

  • Home Consortium (HMC AU) FTSE EPRA Index Deletion – Underperforming but STILL Expensive
  • Terra Collapse Returns to the Spotlight
  • Morning Views Asia: China Vanke, Greenko Energy Holdings, Powerlong Commercial Management Holdings

Home Consortium (HMC AU) FTSE EPRA Index Deletion – Underperforming but STILL Expensive

By Travis Lundy

Terra Collapse Returns to the Spotlight

By Kaiko

  • Price Movements: BTC’s correlation with BNB has dropped significantly since FTX’s collapse, a sign that Binance’s token is diverging from wider markets. 
  • Market Liquidity: Curve, the DEX optimized for stablecoin swaps, is still mostly used by whale traders. 
  • Derivatives: Tron futures skew bearish after the network’s native stablecoin, USDD, depegged to $.97.

Morning Views Asia: China Vanke, Greenko Energy Holdings, Powerlong Commercial Management Holdings

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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Dec 13
0

Daily Brief Australia: Genesis Minerals, Home Consortium Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Genesis Minerals (GMD AU) And St Barbara (SBM AU) Merger
  • Home Consortium (HMC AU) FTSE EPRA Index Deletion – Underperforming but STILL Expensive
  • St Barbara’s Reverse Merger Of Genesis

Genesis Minerals (GMD AU) And St Barbara (SBM AU) Merger

By Arun George

  • St Barbara Ltd (SBM AU) and Genesis Minerals (GMD AU) will merge via a scheme at a gross exchange ratio of 2.0338 SBM shares per GMD share. 
  • The deal metrics are favourable for GMD shareholders. The gross exchange ratio is attractive and values GMD at a slight premium to mid-cap ASX peers on an EV/Resource basis. 
  • The likely pushback from SMB shareholders is that the terms were struck from a position of share price weakness. However, the low SMB shareholder voting threshold (50%) will help.

Home Consortium (HMC AU) FTSE EPRA Index Deletion – Underperforming but STILL Expensive

By Travis Lundy

St Barbara’s Reverse Merger Of Genesis

By David Blennerhassett

  • Gold miners St Barbara Ltd (SBM AU) and Genesis Minerals (GMD AU) have agreed to merge via a Scheme. Inter-conditionally, SBM will demerge Atlantic, Simberi, and other assets.
  • SBM will issue 2.0338 of its own shares for each GMD share. Conditional on the Scheme and asset demerger, Genesis will raise $275m to fund the merged entity.
  • At completion, SBM shareholders will hold 38% in the combined group, current Genesis shareholders 41%, with the remaining 22% held by participants in the capital raising.

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Dec 13
0

Daily Brief South Korea: Dongkuk Steel Mill, Bionote and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Dongkuk Steel Mill: Demerger Details & Passive Outflow Trading
  • Bionote: IPO Price Reduced Significantly & Bookbuilding Results

Dongkuk Steel Mill: Demerger Details & Passive Outflow Trading

By Sanghyun Park

  • The size of treasury shares in the Dongkuk Steel demerger event is not too large to expect a value accretion to the combined market cap after the split.
  • Based on the current market cap, all three companies will likely leave the KOSPI 200. To this end, K200 trackers must dispose of Dongkuk Steel right before the trade suspension.
  • The size of rebalancing trading before trade suspension should be about ₩40T. We should consider setting our entry into flow trading as early as two weeks towards the trade suspension.

Bionote: IPO Price Reduced Significantly & Bookbuilding Results

By Douglas Kim

  • Bionote slashed its IPO price to 9,000 won, which is 50% lower than the low end of the previous IPO valuation range. 
  • Our base case valuation has been revised down to 12,741 won per share in target price, which is 41% higher than the IPO price of 9,000 won.
  • The company is expected to have more than 615 billion in net cash post the IPO, which is expected to represent nearly 65% of its market cap!

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Dec 13
0

Daily Brief United States: Stripe, Terra, Humana Inc, Idex Corp, Autozone Inc, Newmont Mining, Getaround, Starbucks Corp and more

By | Daily Briefs, United States

In today’s briefing:

  • 2023 IPOs Pipeline Worldwide (Top 100 Companies)
  • Terra Collapse Returns to the Spotlight
  • Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers
  • IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
  • AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers
  • Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers
  • IDEX Corporation: Initiation of Coverage – & Other Drivers
  • Getaround This SPAC Deal
  • Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
  • Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey

2023 IPOs Pipeline Worldwide (Top 100 Companies)

By Douglas Kim

  • This is our fourth annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
  • Among 100 companies in our list, those from the US, India, China/HK, and the UK account for 79% of total. 
  • For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year. 

Terra Collapse Returns to the Spotlight

By Kaiko

  • Price Movements: BTC’s correlation with BNB has dropped significantly since FTX’s collapse, a sign that Binance’s token is diverging from wider markets. 
  • Market Liquidity: Curve, the DEX optimized for stablecoin swaps, is still mostly used by whale traders. 
  • Derivatives: Tron futures skew bearish after the network’s native stablecoin, USDD, depegged to $.97.

Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers

By Baptista Research

  • This is our first report on Humana, a leading player in the medical insurance space in the U.S.
  • The company’s third quarter results were reasonably strong as it met Wall Street’s revenue expectations while managing an earnings beat.
  • In addition to improving plan offers for their larger membership, the management strengthened their consumer segment strategy.

IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • IDEX Corporation is an industrial giant and is often in the news for its acquisition-led growth moves.
  • The company’s recent financial performance has been strong with double-digit growth in organic sales across its three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products.
  • IDEX’s overall backlog positions remain strong though its operating margin has negatively impacted by incremental depreciation from recent acquisitions.

AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers

By Baptista Research

  • This is our first report on AutoZone, one of the largest distributors of automotive replacement parts and accessories in the U.S.
  • The company had a strong fourth quarter, and managed an all-around beat.
  • However, its domestic, commercial sales made up 30% of its domestic auto parts sales.

Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers

By Baptista Research

  • This is our first report on global gold mining giant, Newmont Corporation.
  • In Q3, they produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead, and zinc.
  • We initiate coverage on the stock of Newmont Corporation with a ‘Hold’ rating.

IDEX Corporation: Initiation of Coverage – & Other Drivers

By Baptista Research

  • This is our first report on industrials major, IDEX Corporation.
  • The company is regularly in the news for its frequent acquisitions and generated good results in the third quarter, surpassing Wall Street expectations on all fronts.
  • We initiate coverage on the stock of IDEX Corporation with a ‘Hold’ rating.

Getaround This SPAC Deal

By subSPAC

  • This week, digital car-sharing platform Getaround made the headlines as the latest De-SPAC casualty to crash and burn on its stock market debut.
  • After initially announcing plans to go public through a merger with interPrivate II Acquisition Corp in a deal valuing the combined company at $1.2 billion in May 2022, the company saw a decline of 65% on its debut.
  • Essentially, at its current valuation, the market thinks that Getaround is worth a little more than the cash generated from its SPAC deal and less than half of the total cash it has raised to date.

Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Newmont Corporation is among the global leaders in the exploration and production of gold.
  • They are also stepping up development operations in Subika Underground and achieved record production drill meters while advancing the mine’s third production level’s development.
  • The arrival of a second underground production drill might help deliver the fourth quarter’s anticipated development and the ensuing ore tonnes in 2023.

Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey

By Sporting Crypto

  • Starbucks have launched a Web3 loyalty program called Odyssey.
  • Members can engage in ‘journeys’, a series of activities, such as playing interactive games or taking on fun challenges to deepen their knowledge of coffee and Starbucks.
  • They will be rewarded with a digital collectable ‘journey stamp’ — and yep, you guessed it — they’re NFTs.

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