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Smartkarma Daily Briefs

Jun 04
0

Daily Brief ECM: ECM Weekly (4th June 2023) – JD Ind and more

By | Daily Briefs, ECM

In today’s briefing:

  • ECM Weekly (4th June 2023) – JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

ECM Weekly (4th June 2023) – JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

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, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.
  • On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in Coal India Ltd (COAL IN). 

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Jun 04
0

Daily Brief Thematic (Sector/Industry): Smartkarma Webinar | Semiconductors: Where Are We at in the Cycle and Where Do We Go from Here? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Smartkarma Webinar | Semiconductors: Where Are We at in the Cycle and Where Do We Go from Here?
  • GEM Weekly (2 Jun 2023): PMI Data Across Asia, South Korea Inflation, India GDP; MediaTek, JD.com

Smartkarma Webinar | Semiconductors: Where Are We at in the Cycle and Where Do We Go from Here?

By Smartkarma Research

In the next installment of our Webinar Wednesdays, we go live with Smartkarma Insight Provider, William Keating. William will be sharing with us his insights on the semiconductor industry and where it is heading. From trends in the industry, its current opportunities, and the road that lies ahead, join us as we hear more from William.

The webinar will be hosted on Wednesday, 07 June 2023, 17:00 SGT/HKT.

William Keating is a highly experienced senior executive with over 25 years experience in the IT/Semiconductor Industry. The majority of Dr. Keating’s career was spent at Intel Corporation where he held senior leadership positions in Europe, the US and Asia from 1992 through 2014. Since leaving Intel in 2014, Dr Keating established his own Technology Research & Consulting Company (www.ingenuity.hk) where he focuses on the products, roadmaps & technologies of companies, as well as the key equipment suppliers to those companies. Dr. Keating specializes in niche topics of high significance within the semiconductor industry. These include the future of Moore’s Law and in particular the significance of Lithography in maintaining Moore’s Law (EUV, SDA, NanoImprint), the role & growth of the GPU in specialised applications such as Deep Learning (Neural Networks) for Voice, Image & Pattern recognition at companies such as Facebook, Google & Baidu. He also holds regular discussions on the future of memory, in particular the rise of 3D NAND and the emergence of new memory technologies such as 3D Xpoint.

GEM Weekly (2 Jun 2023): PMI Data Across Asia, South Korea Inflation, India GDP; MediaTek, JD.com

By Wium Malan, CFA

  • The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
  • Macro data points: PMI data points for China, Taiwan, South Korea, Thailand, the Philippines, Malaysia, and Vietnam; Indian GDP growth.
  • Companies mentioned:Mediatek Inc (2454 TT), NVIDIA Corp (NVDA US), JD.com Inc. (9618 HK)

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Jun 04
0

Daily Brief Equity Bottom-Up: Screen Holdings (7735 JP): Positive Scenario Discounted and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Screen Holdings (7735 JP): Positive Scenario Discounted
  • Shanghai Pharmaceuticals (2607 HK/601607 CH): Strong Start of 2023; Outlook Continues to Be Positive

Screen Holdings (7735 JP): Positive Scenario Discounted

By Scott Foster

  • The recent spike in the share price has discounted the positive scenario for sales and earnings, which is represented by management’s guidance for FY Mar-24.
  • The negative scenario – weaker than expected foundry demand, tougher than expected restrictions on exports to China – implies a significant downward revision to that guidance.
  • The share price is up 77.5% year-to-date and 36% since the end of April. That should be enough for now. 

Shanghai Pharmaceuticals (2607 HK/601607 CH): Strong Start of 2023; Outlook Continues to Be Positive

By Tina Banerjee

  • Shanghai Pharmaceuticals Holding (2607 HK) reported 16% YoY revenue growth to RMB66B in 1Q23, driven by 17% YoY growth in pharmaceutical service segment, which contributed 88% of revenue.
  • During the quarter, the company recorded net profit of RMB1.5B, up 21% YoY. Net margin expanded 9bps to 2.29%, driven by margin expansion in pharmaceutical manufacturing segment.
  • Consolidating position in pharma distribution business, surging pharmaceutical manufacturing business, late-stage innovative drug pipeline, and accelerating internationalization strategy enhance conviction on SPH’s ability to maintain double-digit growth through 2025.

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  • ✓ Events & Webinars
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Jun 04
0

Daily Brief Technical Analysis: Next USD Trade and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Next USD Trade

Next USD Trade

By Thomas Schroeder

  • USD rise met tactical rally objectives. USD dip/rally sequence in play with a focus on adding to the USD near DXY 103 and gunning for 105.80.
  • Euro, NZD, AUD. USD/JPY. ZAR. Re cycle game plan. Sterling and SGD our USD dip bets to overlap with USD long reduce zones.
  • US 10yr 3.80% yield top call with 3.40% pocket support. Yield will be pivotal in a near term USD dip sequence.

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  • ✓ Events & Webinars
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Jun 04
0

Daily Brief Event-Driven: Heads Up: Selling Event of a 30% Stake in NXC (Nexon Parent Company) Is Coming Soon and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Heads Up: Selling Event of a 30% Stake in NXC (Nexon Parent Company) Is Coming Soon
  • Last Week in Event SPACE:Tax-Loss Selling In Australia, China Conch/Anhui Conch, Canon, Rakuten
  • Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Debt Ceiling Relief
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Golden Eagle, Challenger Tech, Yashili, Yitai Coal, MPI

Heads Up: Selling Event of a 30% Stake in NXC (Nexon Parent Company) Is Coming Soon

By Sanghyun Park

  • As reported by a local news outlet (YTN), the Korean government will soon list the NXC stake on Onbid, the government’s online auction system (www.onbid.co.kr).
  • If the right buyer acquires the 30% stake in NXC, the family members may also sell their stake, leading to an unexpected price impact for Nexon (3659 JP).
  • Timing is critical, and the Korean government must aim to list the stake on Onbid as soon as possible, given its current revenue shortfall issue.

Last Week in Event SPACE:Tax-Loss Selling In Australia, China Conch/Anhui Conch, Canon, Rakuten

By David Blennerhassett

  • Australian tax-loss selling is a thing. Retail investors will take gains on things that run up in price, or get taken over, then look for losses.
  • The China Conch Venture Holdings (586 HK) / Anhui Conch Cement (600585 CH) ratio is at an all-time low. The implied stub is re-testing its all-time low.
  • Historically, Canon (7751 JP)‘s buybacks are aggressive. It may pay to observe market data to see when they are done. It may also pay to look at peer outperformance cycles. 

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.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Debt Ceiling Relief

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Golden Eagle, Challenger Tech, Yashili, Yitai Coal, MPI

By David Blennerhassett

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Jun 04
0

Daily Brief Industrials: SCREEN Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Screen Holdings (7735 JP): Positive Scenario Discounted

Screen Holdings (7735 JP): Positive Scenario Discounted

By Scott Foster

  • The recent spike in the share price has discounted the positive scenario for sales and earnings, which is represented by management’s guidance for FY Mar-24.
  • The negative scenario – weaker than expected foundry demand, tougher than expected restrictions on exports to China – implies a significant downward revision to that guidance.
  • The share price is up 77.5% year-to-date and 36% since the end of April. That should be enough for now. 

💡 Before it’s here, it’s on Smartkarma

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jun 04
0

Daily Brief Industrials: SCREEN Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Screen Holdings (7735 JP): Positive Scenario Discounted

Screen Holdings (7735 JP): Positive Scenario Discounted

By Scott Foster

  • The recent spike in the share price has discounted the positive scenario for sales and earnings, which is represented by management’s guidance for FY Mar-24.
  • The negative scenario – weaker than expected foundry demand, tougher than expected restrictions on exports to China – implies a significant downward revision to that guidance.
  • The share price is up 77.5% year-to-date and 36% since the end of April. That should be enough for now. 

💡 Before it’s here, it’s on Smartkarma

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jun 04
0

Daily Brief TMT/Internet: Nexon, Hong Kong Hang Seng Index, Alibaba (ADR) and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Heads Up: Selling Event of a 30% Stake in NXC (Nexon Parent Company) Is Coming Soon
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Debt Ceiling Relief
  • ECM Weekly (4th June 2023) – JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

Heads Up: Selling Event of a 30% Stake in NXC (Nexon Parent Company) Is Coming Soon

By Sanghyun Park

  • As reported by a local news outlet (YTN), the Korean government will soon list the NXC stake on Onbid, the government’s online auction system (www.onbid.co.kr).
  • If the right buyer acquires the 30% stake in NXC, the family members may also sell their stake, leading to an unexpected price impact for Nexon (3659 JP).
  • Timing is critical, and the Korean government must aim to list the stake on Onbid as soon as possible, given its current revenue shortfall issue.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Debt Ceiling Relief

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

ECM Weekly (4th June 2023) – JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

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, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.
  • On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in Coal India Ltd (COAL IN). 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jun 04
0

Daily Brief Health Care: Shanghai Pharmaceuticals Holding and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Shanghai Pharmaceuticals (2607 HK/601607 CH): Strong Start of 2023; Outlook Continues to Be Positive

Shanghai Pharmaceuticals (2607 HK/601607 CH): Strong Start of 2023; Outlook Continues to Be Positive

By Tina Banerjee

  • Shanghai Pharmaceuticals Holding (2607 HK) reported 16% YoY revenue growth to RMB66B in 1Q23, driven by 17% YoY growth in pharmaceutical service segment, which contributed 88% of revenue.
  • During the quarter, the company recorded net profit of RMB1.5B, up 21% YoY. Net margin expanded 9bps to 2.29%, driven by margin expansion in pharmaceutical manufacturing segment.
  • Consolidating position in pharma distribution business, surging pharmaceutical manufacturing business, late-stage innovative drug pipeline, and accelerating internationalization strategy enhance conviction on SPH’s ability to maintain double-digit growth through 2025.

💡 Before it’s here, it’s on Smartkarma

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jun 04
0

Daily Brief Financials: EURO/US DOLLAR and more

By | Daily Briefs, Financials

In today’s briefing:

  • Next USD Trade

Next USD Trade

By Thomas Schroeder

  • USD rise met tactical rally objectives. USD dip/rally sequence in play with a focus on adding to the USD near DXY 103 and gunning for 105.80.
  • Euro, NZD, AUD. USD/JPY. ZAR. Re cycle game plan. Sterling and SGD our USD dip bets to overlap with USD long reduce zones.
  • US 10yr 3.80% yield top call with 3.40% pocket support. Yield will be pivotal in a near term USD dip sequence.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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