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Smartkarma Daily Briefs

Mar 17
0

Daily Brief Health Care: Zai Lab , Agilent Technologies, Elanco Animal Health , Jazz Pharmaceuticals and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healtchare Weely (Mar.16) – 2025 VBP Instructions, GLP-1s Cooling Down, Zai Lab’s Headwinds
  • Agilent Technologies: How NASD and The New Demand Dynamics Are Shaping Its Future!
  • Elanco Animal Health: Will The Growth of Zenrelia in the Veterinary Clinic Market Help Build A Competitive Edge & Expand Market Share?
  • Jazz Pharmaceuticals: Is Its Zepzelca Market Expansion & Indications to Reinforce The Oncology Portfolio?

China Healtchare Weely (Mar.16) – 2025 VBP Instructions, GLP-1s Cooling Down, Zai Lab’s Headwinds

By Xinyao (Criss) Wang

  • The NHSA has issued clear instructions for VBP in 2025, including two batches of national VBP of drugs and one batch of medical consumables VBP. TCM will also be included.
  • The sales growth of GLP-1s has entered a turning point, it will be far from the previously high expectations. The actual market size of GLP-1s could be only US$100 billion.
  • Rapid sales growth of Efgartigimod is the key factor for Zai Lab to narrow the losses.But whether it can be breakeven relies on the decline of cost/expenses, not revenue growth.

Agilent Technologies: How NASD and The New Demand Dynamics Are Shaping Its Future!

By Baptista Research

  • Agilent Technologies’ earnings for the first quarter of fiscal year 2025 highlighted a solid start to the year, with the company exceeding expectations for core revenue growth and earnings per share (EPS).
  • The company’s revenue for the quarter was $1.681 billion, a 1% increase year-over-year, driven by strong performance in various sectors and regions, particularly in PFAS (per- and polyfluoroalkyl substances) and the China stimulus awards.
  • The company experienced growth in all regions except academia and government.

Elanco Animal Health: Will The Growth of Zenrelia in the Veterinary Clinic Market Help Build A Competitive Edge & Expand Market Share?

By Baptista Research

  • Elanco Animal Health’s fourth quarter 2024 presentation indicates the company is progressing towards its strategic imperatives while grappling with several ongoing challenges.
  • The company’s revenue grew by 4% on an organic constant currency basis, marking the sixth consecutive quarter of revenue growth.
  • This was driven by the company’s dual businesses: Pet Health and Farm Animal.

Jazz Pharmaceuticals: Is Its Zepzelca Market Expansion & Indications to Reinforce The Oncology Portfolio?

By Baptista Research

  • Jazz Pharmaceuticals reported record financial results for the fourth quarter and full year 2024, achieving over $4 billion in total annual revenue.
  • The company’s growth was driven by strong execution in its sleep, epilepsy, and oncology portfolios.
  • Fourth quarter revenues nearly reached $1.1 billion, marking the highest figure in the company’s history.

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Mar 17
0

Daily Brief Financials: City Developments, Japan Post Bank, SelfWealth Ltd, Nikkei 225, NIFTY Index, Hang Seng China Enterprises Index, Hartford Financial Svcs Grp, Markel Corp, Globe Life , Kinsale Capital Group and more

By | Daily Briefs, Financials

In today’s briefing:

  • CDL (CIT SP): Corporate Governance Casualty. Shareholder Pain Runs Deeper than Promoter Family Feud
  • ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint
  • SelfWealth (SWF AU): 22nd April Scheme Vote
  • Nikkei Index Options Weekly (Mar 10–14): Assessing Long Vs. Short Vol Strategies & Returns Vs. SPX
  • NSE NIFTY50/ Vol Update / IVs Subdued as Options Markets See Low Risk of U.S. Trade Tension Blowup.
  • HSCEI Index Options Weekly (March 10-14): A Tactical Hedge as Relative Outperformance Continues
  • The Hartford Financial Services Group: An Enhanced Pricing & Risk Management Strategy!
  • Markel Corporation: Technology Investment & Modernization For Unmatched Impact!
  • Globe Life Inc.: Share Repurchase & M&A Strategy to Effectively Navigate Competitive Market Dynamics!
  • Kinsale Capital Group: Expansion Into Adjacent Markets To Capture A Larger Share Of The E&S Market!

CDL (CIT SP): Corporate Governance Casualty. Shareholder Pain Runs Deeper than Promoter Family Feud

By Devi Subhakesan

  • City Developments (CIT SP) aka CDL’s boardroom battle, framed as a family feud, grabbed media attention and overshadowed more serious, long-ignored corporate governance issues.
  • Despite prolonged underperformance and founder-family control controversies, CDL’s board have failed to enact decisive reforms to restore shareholder value.
  • The CDL saga exposes systemic risks in family-run, publicly listed firms where often corporate governance gets compromised and  minority shareholder interests are undermined.

ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, we had a look at a few of the upcoming listings in Hong Kong.
  • On the placements front, Japan Post Bank (7182 JP) managed to do better than its last deal while Austal Ltd (ASB AU) didn’t do too well.

SelfWealth (SWF AU): 22nd April Scheme Vote

By David Blennerhassett

  • On the 27th Feb 2025, online trading player SelfWealth Ltd (SWF AU entered into Scheme with Singaporean-based wealth manager Svava.
  • Svava tabled a A$0.28/share Offer, in cash, by way of a Scheme, trumping Bell Financial (BFG AU)‘s A$0.25/share earlier bid. Svava also has a 18.83% stake.
  • The Scheme Booklet is now out, with a Scheme Meeting on the 22nd April. Expected implementation on the 7th May. The IE (Grant Thorton) says fair & reasonable.

Nikkei Index Options Weekly (Mar 10–14): Assessing Long Vs. Short Vol Strategies & Returns Vs. SPX

By John Ley

  • We assess the effectiveness of short volatility versus long volatility positioning.
  • Nikkei’s performance relative to SPX is analyzed across three distinct time frames.
  • Volatility remained muted ahead of next week’s Bank of Japan meeting, while option volumes increased week over week.

NSE NIFTY50/ Vol Update / IVs Subdued as Options Markets See Low Risk of U.S. Trade Tension Blowup.

By Sankalp Singh

  • IVs remain subdued, trading sub-12% levels, as Option Markets expect low impact from U.S.-trade tensions. Risk premia compresses in spite of upcoming FOMC event risk. 
  • Vol term-structure has moved further into Contango. Realized Vol continues to underperform.
  • Vol-Surface is exhibiting interesting behaviour as Skew has compressed while Smile has extended. 

HSCEI Index Options Weekly (March 10-14): A Tactical Hedge as Relative Outperformance Continues

By John Ley

  • We highlight HSCEI’s outperformance vs. SPX across both long- and short-term price histories.
  • Mixed performance this week, with stimulus enthusiasm on Friday helping the market recover to a flat finish.
  • Given recent outperformance, we outline a tactical hedge to manage risk.

The Hartford Financial Services Group: An Enhanced Pricing & Risk Management Strategy!

By Baptista Research

  • The Hartford Financial Services Group’s recent earnings highlighted both commendable achievements and areas of concern for the company.
  • The reported outcomes for the fourth quarter and the full year 2024 underscore the company’s solid financial performance, propelled by strategic initiatives and a disciplined approach to underwriting and pricing.
  • Positive aspects include robust growth across different sectors, with Commercial Lines witnessing a 6% growth in the fourth quarter and 9% for the year.

Markel Corporation: Technology Investment & Modernization For Unmatched Impact!

By Baptista Research

  • Markel Group’s recent financial performance reflects a mix of both progress and challenges across its various business units.
  • The company achieved operating income of $3.7 billion in 2024, up from $2.9 billion in 2023, primarily driven by strong returns in its public equity portfolio, which returned 20.1%.
  • Despite this growth, a key takeaway from the earnings call is the need for improvement in the company’s insurance segment.

Globe Life Inc.: Share Repurchase & M&A Strategy to Effectively Navigate Competitive Market Dynamics!

By Baptista Research

  • Globe Life reported a fourth-quarter net income of $255 million, or $3.01 per share, compared to $275 million, or $2.88 per share, in the prior year.
  • Net operating income increased 12% to $266 million, or $3.14 per share.
  • Return on equity stood at 21.7%, while book value per share, excluding accumulated other comprehensive income, rose 13% to $86.40.

Kinsale Capital Group: Expansion Into Adjacent Markets To Capture A Larger Share Of The E&S Market!

By Baptista Research

  • Kinsale Capital Group’s fourth-quarter 2024 performance highlights reveal a blend of solid financial outcomes and certain market-related challenges.
  • Operating earnings per share saw a notable increase of 19.4% compared to the same period in the previous year, reflecting robust profitability.
  • Furthermore, gross written premium also experienced a healthy growth of 12.2%, demonstrating continued expansion within the company’s risk appetite despite heightened market competition.

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Mar 17
0

Daily Brief Consumer: Tsuruha Holdings, Great Wall Motor, CP ALL PCL, Seven & I Holdings, Tjx Companies, Home Depot Inc, Ping An Healthcare and Technology, Light & Wonder , Lowe’s Companies Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Tsuruha (3391) – Welcia (3141) – Tsuruha Earnings In a Week – Still Good To Be Long The Ratio
  • A/H Premium Tracker (To 14 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening
  • CP ALL (CPALL TB) – Increasing Size and Diversity
  • Merger Arb Mondays (17 Mar) – Seven & I, Tenma, Proto, OneConnect, Vesync, Tam Jai, Insignia
  • Retail Media Can Help Pay for a ¥2 Trillion Buyback
  • The TJX Companies: How Consumer Demographic Diversification Is Playing A Critical Role In Its Strategy!
  • Home Depot’s Surprise Sales Rebound—But Is It Enough to Overcome a Tough 2025?
  • Ping An Healthcare and Technology (1833 HK) – Updates on Performance Forecast and Valuation Outlook
  • Light & Wonder Inc.: Expanding Gaming Business To Strengthen Market Reach & Capture Growth!
  • Lowe’s Companies: Pro Business & Online Growth As A Strategic Growth Enabler!

Tsuruha (3391) – Welcia (3141) – Tsuruha Earnings In a Week – Still Good To Be Long The Ratio

By Travis Lundy

  • Tsuruha and Welcia are on the road to a merger, where Tsuruha takes over Welcia but Aeon ends up owning “more than 50% but less than 51%” of Tsuruha.
  • The Price Ratio is now 4.24x. Trailing EPS ratios is >5. Forward EPS ratios are further above 5. BVPS ratio? Near 5. Welcia grows storecount. Tsuruha makes more money/store.
  • Tsuruha changed its FY-end to match that of Welcia/Aeon so both will report earnings/guidance in just over 3 weeks. That will likely influence the ratio.

A/H Premium Tracker (To 14 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening

By Travis Lundy

  • AH Premia continue to fall. Spread curve torsion was a barbell this week. Narrow and wide spreads see Hs outperform. Middling spreads outperform less.
  • To me, warning signs are flashing on spreads. They are at their narrowest in 5yrs and they are volatile, though volatility is coming down.
  • Lots of spreads see the HA premium less than 15%. That is historically tight.

CP ALL (CPALL TB) – Increasing Size and Diversity

By Angus Mackintosh

  • A meeting with CP ALL (CPALL TB) management revealed some interesting new initiatives to drive growth as the company remains upbeat about its store expansion for 2025. 
  • The company is moving towards opening larger-sized stores, with more RTE and RTD offerings and some parking and food vendors outside, which will help diversify merchandise offerings..  
  • It is unclear what direction Seven & I’s restructuring will take, but looking through that, the company is trading on historically attractive valuations.

Merger Arb Mondays (17 Mar) – Seven & I, Tenma, Proto, OneConnect, Vesync, Tam Jai, Insignia

By Arun George

Retail Media Can Help Pay for a ¥2 Trillion Buyback

By Michael Causton

  • Seven & I continues to seek shareholder approval for its own path, offering not just improved efficiency but a massive ¥2 trillion buyback albeit one over a long time frame.
  • This is a lot, especially when the core Seven Eleven chain in Japan is still struggling to keep up with its peers on monthly growth rates.
  • But this forgets retail media which is set to become a major new income stream for CVS and, judging by forecasts, would help pay for a chunk of that buyback.

The TJX Companies: How Consumer Demographic Diversification Is Playing A Critical Role In Its Strategy!

By Baptista Research

  • The TJX Companies, Inc. reported robust financial performance in the fourth quarter of fiscal 2025, exceeding expectations in multiple areas.
  • With net sales of $16.4 billion, which marks a 5% increase over last year’s adjusted figures, the company demonstrated consistent strength across all divisions.
  • The driving factor was a 5% increase in consolidated comparable store sales, which stemmed from increased customer transactions.

Home Depot’s Surprise Sales Rebound—But Is It Enough to Overcome a Tough 2025?

By Baptista Research

  • Home Depot’s latest financial results presented a mixed picture, with some encouraging signs of recovery despite a cautious outlook for the coming year.
  • Total sales for fiscal 2024 rose 4.5% to $159.5 billion, though comparable sales for the year declined by 1.8%.
  • However, fourth-quarter same-store sales showed improvement, rising 0.8%—breaking an eight-quarter streak of declines and exceeding analysts’ expectations of a 1.5% drop.

Ping An Healthcare and Technology (1833 HK) – Updates on Performance Forecast and Valuation Outlook

By Xinyao (Criss) Wang

  • PAGD’s 2024 performance beat expectations. The support of Ping An Group remains the key for PAGD to turning losses into profits. A breakthrough point is the Senior care services business.
  • The CAGR of PAGD’s revenue could be 12%-15% from 2025 to 2027, and revenue in 2027 may reach RMB6.5-7 billion. The peak revenue scale could be just about RMB8 billion.
  • Adjusted net profit could reach RMB250-300 million in 2025 and exceed RMB400 million in 2027.If based on P/S of 2-3x, revenue of RMB6.5-7 billion in 2027, valuation is RMB13-21 billion.

Light & Wonder Inc.: Expanding Gaming Business To Strengthen Market Reach & Capture Growth!

By Baptista Research

  • Light & Wonder reported a solid performance in their fiscal year, demonstrating growth across multiple segments.
  • The company’s strategic focus on sustainable growth has been underscored by their expansion and strengthening of product offerings, resulting in record revenues and profitability.
  • The acquisition of Grover Gaming’s charitable gaming business represents a strategic entry into a high-barrier market with favorable competitive advantages.

Lowe’s Companies: Pro Business & Online Growth As A Strategic Growth Enabler!

By Baptista Research

  • Lowe’s Companies demonstrated a mixed set of results during its fourth-quarter earnings call.
  • Positively, the company reported sales of $18.6 billion and a slight increase in comparable sales of 0.2% for the quarter.
  • Over the entire 2024 fiscal year, Lowe’s generated $83.7 billion in sales, with an adjusted operating margin of 12.3% and earnings per share of $11.99.

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Mar 16
0

Daily Brief Quantitative Analysis: A-H Premium Weekly (Mar 14th): CIMC and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power
  • Hong Kong Connect Flows (Mar 14th): Alibaba, Guotai Junan, Tencent, Kuaishou, Xiaomi, Geely, SMIC

A-H Premium Weekly (Mar 14th): CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 83.5% as of Mar 14th.
  • The average A-H premium changed by -0.9ppt week-on-week, led by consumer discretionary, consumer staples, energy and offset by information technology, real estate, materials.
  • We highlight weekly changes in A-H premium for CIMC, Sinotrans, Joinn Lab, Huahong Semicon, Huaneng Power, Tigermed, Asymchem Lab.

Hong Kong Connect Flows (Mar 14th): Alibaba, Guotai Junan, Tencent, Kuaishou, Xiaomi, Geely, SMIC

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 14th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Alibaba, Guotai Junan Securities, Tencent, Kuaishou, Xiaomi, Geely Automobile, SMIC.

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Mar 16
0

Daily Brief ESG: Translated Materials Differ Between Disclosures in English that Meet Investor Demand and Reluctance and more

By | Daily Briefs, ESG

In today’s briefing:

  • Translated Materials Differ Between Disclosures in English that Meet Investor Demand and Reluctance

Translated Materials Differ Between Disclosures in English that Meet Investor Demand and Reluctance

By Aki Matsumoto

  • In Prime Market where 99% of companies already disclose some material in English, it is a step that is expected to expand the number of disclosure materials disclosed in English.
  • Companies with 10-20% foreign ownership have followed the TSE’s request to disclose information in English. These companies remain reluctant to disclose information-rich materials in English.
  • Companies with over 30% foreign ownership improved more than any other group by foreign ownership in disclosing information-rich materials in English, which is result of responding to overseas investor demand.

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Mar 16
0

Daily Brief Thematic (Sector/Industry): IS AI Spending Poised to Fall? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • IS AI Spending Poised to Fall?
  • APAC Healthcare Weekly (Mar 16)- Celltrion, Ono Pharma, Sun Pharma, Syngene, Zydus, Sichuan Kelun

IS AI Spending Poised to Fall?

By Jim Handy

  • Hyperscaler CapEx could be slowing down, based on 4Q24 spending
  • Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
  • Industry CapEx as a percent of revenue has slowed its growth

APAC Healthcare Weekly (Mar 16)- Celltrion, Ono Pharma, Sun Pharma, Syngene, Zydus, Sichuan Kelun

By Tina Banerjee

  • Celltrion received FDA approval for Omlyclo, the first and only biosimilar designated as interchangeable with Xolair. Ono Pharmaceutical in-licensed drug candidate for polycythemia vera from Ionis Pharmaceuticals.
  • Sun Pharmaceutical will acquire Checkpoint Therapeutics for an upfront cash payment of $4.10 per share. Syngene is acquiring Emergent’s biologics facility in Baltimore for $36.5M.
  • Zydus Lifesciences is acquiring 85.6% stake in in Amplitude Surgical for €257M. Sichuan Kelun received China approval for sacituzumab tirumotecan for certain types of non-small cell lung cancer.

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Mar 16
0

Daily Brief Event-Driven: Gunma Bank (8334) And DHFG (7327) In Integration Talks – ‘Guess The Ratio’ Is ‘Efficiency Vs Value’ and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Gunma Bank (8334) And DHFG (7327) In Integration Talks – ‘Guess The Ratio’ Is ‘Efficiency Vs Value’
  • (Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line
  • Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN
  • Tenma Corp (7958 JP): MBO Tender Offer at JPY3,580

Gunma Bank (8334) And DHFG (7327) In Integration Talks – ‘Guess The Ratio’ Is ‘Efficiency Vs Value’

By Travis Lundy

  • Nikkei Business reported Friday 14 March that Gunma Bank (8334 JP) and Daishi Hokuetsu Financial Group (7327 JP) (“DHFG”) were in talks to integrate to create a Super-Regional Bank
  • Gunma and Daishi-Hokuetsu are part of the same multiple-regional bank alliances, including the Gunma-Daishi Hokuetsu Alliance since 2021, in order to collaborate regionally, build scale, and lower service provision cost.
  • As Gunma and Daishi Hokuetsu serve adjacent jurisdictions, and they are already exploring sharing branches, this makes sense. The World with Interest (rates above zero) may cause more integration talk.

(Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line

By David Blennerhassett

Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN

By David Blennerhassett

  • An independent appraisal repot supports Rio Tinto Ltd (RIO AU) unifying its dual-listed structure. Shareholders will get their say on the 3rd April. 
  • Proto Corp (4298 JP)‘s MBO is the wrong price. The solution here is a really bump or a broken deal if investors keep the share price above the TOB price.
  • CK Hutchison Holdings (1 HK)gives back some of the recent gains as pro-Beijing media said CK Hutch “should think twice about which side it wants to stand with”.

Tenma Corp (7958 JP): MBO Tender Offer at JPY3,580

By Arun George

  • Tenma Corp (7958 JP) has recommended an MBO tender offer at JPY3,580 per share, a 37.1% premium to the last close of JPY2,611.
  • Despite implying a P/B multiple of 0.89x, the offer is attractive compared to historical trading ranges and peer multiples and represents an all-time high. 
  • An irrevocable from Dalton, the largest shareholder, lowers the risk of activist agitation. Given that the offer is reasonable, the required minority acceptance rate of 28.5% is attainable. 

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Mar 16
0

Daily Brief Equity Bottom-Up: Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025) and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025)
  • Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens
  • ZIM Q424 Results, FY25 Guidance: Listen When Management Says “We’re Gonna Earn Much Less This Year”

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (17 March 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March. 
  • Some of the top 10 Korean stock picks in the bi-weekly (starting 17 March) include Kepco Plant Service & Engineering, Hyundai Wia, Poongsan, and Doosan Enerbility. 
  • The biggest near-term negative catalyst on the Korean stock market remains tariffs.  The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of March.

Legend Biotech (LEGN US): Ends 2024 on a Promising Note; Carvykti Growth Prospect Brightens

By Tina Banerjee

  • Legend Biotech Corp (LEGN US) reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.
  • With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.
  • Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.

ZIM Q424 Results, FY25 Guidance: Listen When Management Says “We’re Gonna Earn Much Less This Year”

By Daniel Hellberg

  • Rates fell by -24% Q/Q in Q424, but ZIM exceeded consensus Q4 revenue & earnings targets
  • Management guidance & commentary regarding 2025 profitability paints a bleak picture
  • In our view, investors in container carriers would do well to heed these clear warnings

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Mar 16
0

Daily Brief Macro: Overview #19 – Don’t Buy the D@nm Dip! and more

By | Daily Briefs, Macro

In today’s briefing:

  • Overview #19 – Don’t Buy the D@nm Dip!
  • China May Restart Allowing Unprofitable Tech Firms to List, Sources Say

Overview #19 – Don’t Buy the D@nm Dip!

By Rikki Malik

  • A review of recent events/data impacting our investment themes or outlook
  • More evidence emerging of a regime change in global markets
  • What is different this time around from previous bear markets

China May Restart Allowing Unprofitable Tech Firms to List, Sources Say

By Caixin Global

  • China is likely to restart allowing unprofitable tech companies to list on Shanghai’s STAR Market, sources with knowledge of the matter said, showing intensified financing support for technology innovations.
  • The Shanghai Stock Exchange has recently told several intermediary institutions that it particularly supports the listing of high-tech firms, multiple sources from investment banks and private equity firms told Caixin.
  • It’s clear that regulators are paving the way for reopening the IPO channel to money-losing tech companies, they said.

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Mar 16
0

Daily Brief Australia: Pilbara Minerals, Rio Tinto Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Delete & Other Changes
  • Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Delete & Other Changes

By Brian Freitas

Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN

By David Blennerhassett

  • An independent appraisal repot supports Rio Tinto Ltd (RIO AU) unifying its dual-listed structure. Shareholders will get their say on the 3rd April. 
  • Proto Corp (4298 JP)‘s MBO is the wrong price. The solution here is a really bump or a broken deal if investors keep the share price above the TOB price.
  • CK Hutchison Holdings (1 HK)gives back some of the recent gains as pro-Beijing media said CK Hutch “should think twice about which side it wants to stand with”.

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