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Smartkarma Daily Briefs

Daily Brief Thematic (Sector/Industry): A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed
  • Japan Telecoms – There Are Hurdles to the Introduction of Mobile Spectrum Auctions

A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

By Pyari Menon

  • We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices
  • The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   
  • We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.

Japan Telecoms – There Are Hurdles to the Introduction of Mobile Spectrum Auctions

By Kirk Boodry

  • Japan’s telecom regulator has raised the issue of mobile spectrum auctions and is now soliciting public comments
  • We think this conflicts with national policies to boost ICT exports after years of trade deficits whilst new entrant Rakuten, which MIC supports to promote competition, would suffer
  • The proposals are for new spectrum only and current licenses and associated annual payments would not be affected. We remain overweight JP telcos, particularly NTT and KDDI

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Daily Brief Macro: The Week That Was in [email protected] – Resilient Indonesia and more

By | Daily Briefs, Macro

In today’s briefing:

  • The Week That Was in [email protected] – Resilient Indonesia, MAPI’s Secret, and SAT’s Acquisition.
  • The Commodity Report #71

The Week That Was in [email protected] – Resilient Indonesia, MAPI’s Secret, and SAT’s Acquisition.

By Angus Mackintosh


The Commodity Report #71

By The Commodity Report

  • We expect the oil crisis to worsen once economic activity resumes again. Till then some months will probably pass.
  • Nevertheless, the industry hasn’t increased production significantly enough, and the SPR release by the Biden administration veiled the actual grim picture in the oil market.
  • Those stories from Bloomberg show how relaxed the sentiment seems to be again. I have the feeling that this sentiment won’t age well at all.

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Daily Brief Event-Driven: Two Bits of Non-Bullish Toshiba News and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Two Bits of Non-Bullish Toshiba News
  • FTSE All-World/​​​​All-Cap Index Rebalance Preview (Dec): Quieter Than Usual as IPOs Dry Up
  • Saudi Arabia Gaming: Plans to Invest $38 Billion in Global Game Industry
  • EQD | Tencent (700 HK): Time to Take off Hedges and Leverage up Using Options
  • O2Micro’s “Reasonable” Homecoming Offer
  • O2Micro Enters into a Definite Privatisation Agreement at US$5.00 Per ADS
  • Kakao Pay Placement Lockup Expiry – Alipay Is Soon Going to Be Free to Shed Its US$1.6bn Stake
  • Noteworthy Lockup Releases for the Next Two Months in Korea

Two Bits of Non-Bullish Toshiba News

By Travis Lundy

  • On Friday, Toshiba investors got two bits of news which have been taken as non-bullish.
  • Affiliate and former subsidiary Kioxia (6600 JP) announced it would cut wafer input volume by 30% starting in October, and Toshiba’s announcement on the Privatisation process status implied some delay.
  • Today the shares are getting hit vs Peers. It’s still a problem of lots of moving parts. 

FTSE All-World/​​​​All-Cap Index Rebalance Preview (Dec): Quieter Than Usual as IPOs Dry Up

By Brian Freitas

  • We see 4 potential inclusions to the FTSE All-World and All-Cap indices that will be implemented at the close of trading on 16 December.
  • There are a couple of other recent listings that are close to the investable market cap threshold and could be added to the All-Cap index.
  • Given the lack of IPO in the April to August period, the rebalance will be quieter than usual though lock-up expiries will keep things interesting.

Saudi Arabia Gaming: Plans to Invest $38 Billion in Global Game Industry

By Douglas Kim

  • Saudi Arabia’s Savvy Games Group has a grand ambition to invest in the global gaming industry. It recently announced that it will invest US$37.8 billion in the global gaming industry.
  • There has been a sharp appreciation of the USD and Riyal versus JPY which could help to accelerate more M&As of Japanese game companies by SGG.
  • Saudi Arabia’s aggressive push to expand into the global gaming industry could aid this sector in the coming months as it could result in further major M&As in this sector.

EQD | Tencent (700 HK): Time to Take off Hedges and Leverage up Using Options

By Simon Harris

  • Stock has fallen 17% since Sep 15th, and implied vols have picked up
  • The fundamentals remain strong and tech momentum may be shifting
  • We suggest two directional trades using options to play earnings

O2Micro’s “Reasonable” Homecoming Offer

By David Blennerhassett

  • O2Micro International (OIIM US), an integrated circuits play, has announced a definitive privatisation transaction.
  • The acquirer, led by the CEO and CFO of O2Micro, are offering US$5.00/ADS, a 68.9% premium to the undisturbed price. 
  • The Offer requires shareholders representing at least two-thirds of O2Micro vote FOR. Roughly 30% of shares out appear to be supportive. This Offer is expected to close in the 1Q23.

O2Micro Enters into a Definite Privatisation Agreement at US$5.00 Per ADS

By Arun George

  • O2Micro International (OIIM US) entered into a definitive agreement for going private with FNOF Precious Honour Limited at US$5.00 per ADS, a 54.8% to the undisturbed price (17 March).
  • Shareholders representing two-thirds of shares present and voting need to approve the deal. The rollover shareholders represent 16.90% of voting rights.
  • The offer is attractive in the context of O2Micro’s weakening performance and grim market conditions. At the last close, the gross spread is 18.2%. Expect a 1Q23 deal close.

Kakao Pay Placement Lockup Expiry – Alipay Is Soon Going to Be Free to Shed Its US$1.6bn Stake

By Sumeet Singh

  • In early Jun 2022, Alipay raised around US$386m via selling 3.3% of outstanding shares of Kakao Pay (377300 KS). That was the first selldown by Alipay  (Alibaba (ADR) (BABA US)).  
  • Despite pricing the shares at an enticing 11.8% discount to last close, the stock failed to hold the deal price and hasn’t looked back since.
  • In this note, we will talk about the previous deal and the upcoming lockup expiry.

Noteworthy Lockup Releases for the Next Two Months in Korea

By Sanghyun Park

  • K Car’s major shareholder is Hahn & Company, which has already fully recovered the initial investment. So, there is an actual probability that it will make an aggressive exit.
  • SingEel’s 3-month IPO institutional and VCs will be released, 6.18% of SO. All of them are in a profit zone, there is a possibility that an aggressive overhang will occur.
  • Kakao’s 47% holdings in Kakao Pay will be released. The possibility of lowering the stake seems quite low. Nevertheless, we must consider the risk that this will affect market sentiment.

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Daily Brief ECM: Betagro IPO: The Bull Case and more

By | Daily Briefs, ECM

In today’s briefing:

  • Betagro IPO: The Bull Case
  • Mobileye Global IPO Preview
  • Cubic City Service Apartment Group Pre-IPO Tearsheet

Betagro IPO: The Bull Case

By Arun George

  • Betagro Group (1737144D TB), Thailand’s leading integrated food company, is seeking to raise US$554 million through a SET IPO, according to press reports
  • Betagro plans to offer 500 million shares or 25% of the total issued shares after IPO. This will be Thailand’s second-largest listing this year after Thai Life Insurance (TLI TB)
  • The key elements of the bull case rest on top quartile growth rates, a well-functioning core business, rising profitability, cash generation and declining leverage.

Mobileye Global IPO Preview

By Douglas Kim

  • Mobileye Global (MBLY US) is getting ready for an IPO in the US in late 2022 at an expected market cap valuation of about US$30 billion. 
  • Mobileye Global was acquired by Intel for US$15.3 million in 2017. Intel currently owns a 100% stake of the company’s outstanding common shares.
  • Mobileye has world-class technologies in the advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions.

Cubic City Service Apartment Group Pre-IPO Tearsheet

By Ethan Aw

  • Cubic City Service Apartment Group (CCSAG HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CCB International. 
  • Cubic City Service Apartment Group (CCSAG) is a rental apartment services platform, which pioneered the centralized rental apartment model in China, according to the company. 
  • It provides rental apartments in centrally managed buildings with modern facilities. As of 30 Jun 2022 (1Q23), the company operates 76,190 apartments nationwide across 394 locations in 26 cities. 

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Daily Brief Equity Bottom-Up: China Internet Weekly (3Oct2022): Tencent and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • China Internet Weekly (3Oct2022): Tencent, NetEase, Alibaba, Kuaishou, Uxin
  • Lasertec (6920 JP): Accumulate for the Long Term
  • Asics (7936) | Nike Air Pockets
  • Japanese Cosmetics: Trading Around Q3 Earnings
  • NTT (Buy) – Investor Day Highlights Global Data Center Business
  • Breaking SPAC Convention
  • ACCO: Adjusting for Macroenvironment
  • Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines
  • Hanall Biopharma (009420 KS): Clinical Trial Progress of Key Pipeline Assets to Provide Some Upside
  • Shanghai United Imaging Healthcare (688271.CH) – Overvalued; Stock Price Will Return to Rationality

China Internet Weekly (3Oct2022): Tencent, NetEase, Alibaba, Kuaishou, Uxin

By Ming Lu

  • The global game market can shrink in 2022, which will impact Chinese game companies’ global diversification.
  • NetEase formally launched its own social networking service to compete with Tencent.
  • Kuaishou announced that it would launch an e-commerce channel on its App’s homepage.

Lasertec (6920 JP): Accumulate for the Long Term

By Scott Foster

  • The shares are down 58% from their January high. Our 3-year forecast brings valuations down to levels not seen since FY Jun-18.
  • The great surge in orders is coming to an end, but EUV lithography and SiC power devices should keep demand for Lasertec’s mask inspection systems at high levels.
  • The severity of the emerging semiconductor down-cycle and global recession remain to be seen, but the company’s long-term potential warrants another look. 

Asics (7936) | Nike Air Pockets

By Mark Chadwick

  • NIKE reported Q1 results post close on Thursday sending the shares down 9% after hours and hitting the stock price of Asics on Friday (-10.7%).  
  • ASICS is unlikely to face ALL of the same problems that impacted NIKE, but investors should be aware of the rising inventory risk
  • ASICS is less risky given less exposure to apparel. Even so, we remain bearish for now

Japanese Cosmetics: Trading Around Q3 Earnings

By Oshadhi Kumarasiri

  • The latest rally in Japanese cosmetics, driven by improving domestic market conditions has strangely avoided two of the big names in the market, Shiseido Company (4911 JP) & Pola Orbis.
  • Although both of these names seem to offer big upside potential, we think Pola Orbis Holdings (4927 JP) has a significantly better risk-reward profile in the short term.
  • We would also be inclined to hedge the market risk using Kose Corp (4922 JP) on the short side as the name has the biggest downside potential.

NTT (Buy) – Investor Day Highlights Global Data Center Business

By Kirk Boodry

  • NTT’s global data center business has 6% market share with annual revenue growth of 20% that is twice the industry average
  • We have updated our model and valuation summary to reflect the transfer of NTT Ltd, which operates the GDC business, into NTT Data
  • Our valuation remains unchanged although we have lowered our target price ¥4,500 to ¥4,450 for payment of the H1 dividend.  NTT remains a top pick in our coverage

Breaking SPAC Convention

By subSPAC

  • Over the last two years, SPACs have emerged as an alternative to the traditional IPO process, especially for those who’ve found it challenging to raise money from the public markets in the past.
  • In fact, SPACs have been a great investment vehicle for Space Launch firms, Electric Vehicle Upstarts and even Quantum Computing firms.
  • It is surprising then that Italian Luxury Fashion House Zegna, which has a rich 110-year heritage, has decided to take the SPAC route to make its debut in the US markets rather than list in Europe or in Asia like most of its peers.

ACCO: Adjusting for Macroenvironment

By Hamed Khorsand

  • The business climate has not improved for Acco Brands (ACCO) in Europe since the Company reported second quarter results, and thus could result in lower than expected third quarter numbers
  • The macroenvironment has been volatile in a quarter dependent on back-to-school sales and more people working from their offices. 
  • We are updating our earnings model for the rest of the year. Our third quarter sales estimate is now $517.1 million

Taiwan Tech Weekly: Trying to Recover After a Week of Deep Declines

By Vincent Fernando, CFA

  • Taiwan’s tech space fell hard last week, with the tech sector down 5.4%, compared to a 4.9% drop for the overall market. Semiconductors performed the worst, down 6.2%.
  • Hon Hai, Delta, Lite-On — EV a major theme for the first-ever Taiwan Expo USA coming October 12th.
  • Taiwan wafer exports were at an all-time high in August. We note that wafer names have underperformed TSMC.

Hanall Biopharma (009420 KS): Clinical Trial Progress of Key Pipeline Assets to Provide Some Upside

By Tina Banerjee

  • Hanall Biopharma (009420 KS) has two leading pipeline assets, HL161 (batoclimab) and HL036 (tanfanercept), which are being developed by global license partners.
  • Batoclimab is in phase 3 trial for myasthenia gravis, which causes weakness of voluntary muscles. Tanfanercept is being developed as a treatment for dry eye disease in China and U.S.
  • Batoclimab and tanfanercept trials are approaching multiple data readouts in near-term. Hanall will be entitled for milestone payments for clinical trial progress of its out-licensed assets.

Shanghai United Imaging Healthcare (688271.CH) – Overvalued; Stock Price Will Return to Rationality

By Xinyao (Criss) Wang

  • United Imaging’s high valuation is driven by pandemic/policy dividends. After the impact of COVID-19 fades,the market needs new stories to judge a sustainable business model with increasing investment value.
  • Although in the name of domestic substitution of high-end medical imaging equipment, most of sales still come from middle/low-end products. The real competitiveness in high-end market remains to be seen.
  • United Imaging’s fundamentals and prospects hardly justify a market value of more than RMB100 billion. It’s expected that the stock price will return to rationality in the future.

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Daily Brief Crypto: The Future of Ethereum: A Deflationary ETH and more

By | Crypto, Daily Briefs

In today’s briefing:

  • The Future of Ethereum: A Deflationary ETH, Sharding, and the Roadmap
  • #37 Exploring the new Cosmos
  • Bitcoin and Gold Correlation Hits Yearly High
  • Sporting Crypto – October 3rd 2022: What does the Metaverse mean for Sports?

The Future of Ethereum: A Deflationary ETH, Sharding, and the Roadmap

By Edward Wu

  • ETH is used for gas payment (transaction cost), part of gas payment is burned. When amount of ETH burned exceeds the amount of new issuance, ETH becomes a deflationary asset.
  • Sharding is the next big update for Ethereum. With sharding, network throughput will increase from current 15 transactions/second to potential 100,000 tps.
  • Long-Term roadmap of Ethereum: Merge (completed), Surge (sharding is expected on 2H 2023), Verge, Purge, and Splurge.

#37 Exploring the new Cosmos

By Carbono Insights

  • On a very fundamental level, blockchains are in the business of selling blockspace.
  • Blockspace can be used to store transaction information or to perform computation through smart contracts hosted on chain.
  • However, as more applications emerge and become more complex, blockspace becomes scarce and insufficient.

Bitcoin and Gold Correlation Hits Yearly High

By Kaiko

  • Price Movements: Crypto markets performed better than traditional assets in Q3 despite a post-Merge September sell off. 
  • Market Liquidity: After Kucoin implemented a series of 5th anniversary contests, trade volume surged to all time highs. Exchanges are getting increasingly creative amid a widespread rout in trade volume. 
  • Derivatives: Luna Classic open interest tripled in September and funding rates turned deeply negative after Interpol issued a red notice for Do Kwon.

Sporting Crypto – October 3rd 2022: What does the Metaverse mean for Sports?

By Sporting Crypto

  • Anything that augments your physical life, to the digital, is in some way or form linked to what currently is, and what will become, ‘The Metaverse’.
  • So a Zoom call or a free world game — whilst they don’t wholly agree with the notion of interoperability or persistence —they still are in essence part of the Metaverse.
  • Now, to give further context, there is the idea of ‘Metaverses’ — aka, Decentraland, Sandbox or any company building their own virtual world.

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Most Read: Shinsei Bank, Leapmotor, Toshiba Corp, Toyo Construction, Toa Oil Co Ltd, Monadelphous, Tianqi Lithium, Nexon, Lionheart Studio and more

By | Daily Briefs, Most Read

In today’s briefing:

  • SBI Applies for Bank Holdco License for Shinsei Stake. Aims to Go Above 50%. It’s Coming.
  • HSCI Index Rebalance and Stock Connect: Potential Changes in December & March (There’s a Lot!)
  • A Coming Crash: The Law of Conservation of Financial Volatility?
  • Two Bits of Non-Bullish Toshiba News
  • Toyo Construction (1890 JP) – There’s Nuance in Them Thar Press Releases
  • BREAKING! Dog Loses To Mangalore – Idemitsu Kosan Does Its Deal for Toa Oil (5008)
  • Index Rebalance & ETF Flow Recap: S&P/ASX, China A50, SET50, Bilibili, Leapmotor, Onewo, CALB
  • FTSE All-World/​​​​All-Cap Index Rebalance Preview (Dec): Quieter Than Usual as IPOs Dry Up
  • Saudi Arabia Gaming: Plans to Invest $38 Billion in Global Game Industry
  • Lionheart Studio IPO Valuation Analysis

SBI Applies for Bank Holdco License for Shinsei Stake. Aims to Go Above 50%. It’s Coming.

By Travis Lundy

  • Last Friday most of the way through the afternoon session, media reports ran a story saying SBI Holdings (8473 JP) had applied for a Bank Holding Company authorisation. 
  • That is a filing with the FSA one makes when one wants to acquire >50% of voting rights in an entity with a Banking license. Shares popped, and fell back. 
  • They probably didn’t pop enough. There is a BIG sell flow coming, but the timing is giri-giri on eventiness, and confident traders could take the whole trade.

HSCI Index Rebalance and Stock Connect: Potential Changes in December & March (There’s a Lot!)

By Brian Freitas

  • We see three new listings as potential inclusions to the HSCI in December. One is already in Stock Connect, one will be added to Stock Connect while one will not.
  • Given the large market moves, there will be many changes to the HSCI in March 2023. Quite a few stocks could remain in the HSCI but drop out of Connect.
  • Some of the potential deletions/ Stock Connect drops have large Southbound holdings and some of these positions could be pared back over the next few months.

A Coming Crash: The Law of Conservation of Financial Volatility?

By Michael J. Howell

  • Volatility is sequential and the turbulence and illiquidity in forex and bond markets will inevitably spread to equities? A CRASH could be coming!
  • VIX has already moved up, but this barely acknowledges volatility elsewhere. The VIX always sees greater volatility because it includes the effects of economic volatility as the business cycle breaks
  • Upcoming World recession seems set to force the VIX above 50 index points. Stay ‘risk-off’ and choose ‘carry’ at the front-end of yield curves

Two Bits of Non-Bullish Toshiba News

By Travis Lundy

  • On Friday, Toshiba investors got two bits of news which have been taken as non-bullish.
  • Affiliate and former subsidiary Kioxia (6600 JP) announced it would cut wafer input volume by 30% starting in October, and Toshiba’s announcement on the Privatisation process status implied some delay.
  • Today the shares are getting hit vs Peers. It’s still a problem of lots of moving parts. 

Toyo Construction (1890 JP) – There’s Nuance in Them Thar Press Releases

By Travis Lundy

  • On Friday, post-close, there was a flurry of excitement as YFO put out a press release amending the start date of the planned Tender Offer to early November.
  • Not long after, there was another release by Toyo Construction (1890 JP) itself. 
  • You have to read both for what they are. And as they say…. Get your programs here!

BREAKING! Dog Loses To Mangalore – Idemitsu Kosan Does Its Deal for Toa Oil (5008)

By Travis Lundy

  • Friday post-close, Idemitsu Kosan (5019 JP) announced a deal to buy out subsidiary Toa Oil Co Ltd (5008 JP). Cornwall has agreed to tender, so it’s a done deal. 
  • This is at ¥3,150/share, which is nearly 30% higher than the bid 21 months ago, where Cornwall bought enough to block, but it is a disappointing outcome for governance.
  • A clearly problematic tolling agreement with the parent, and what could be ¥100bn of excess land value are ignored. Minority investors get hosed. One of the problems of minority investments.

Index Rebalance & ETF Flow Recap: S&P/ASX, China A50, SET50, Bilibili, Leapmotor, Onewo, CALB

By Brian Freitas

  • Last week we had the implementation of the first two tranches of the Nikkei 225 (NKY INDEX) rebalance with the third tranche to be implemented at the close on Monday.
  • Thursday saw the NIFTY indices implementation while Friday marked the end of the review period for the December rebalance of the Hang Seng family of indices.
  • There were large inflows to China, Taiwan, Korea and Hong Kong ETFs during the week while there were some outflows from Japan.

FTSE All-World/​​​​All-Cap Index Rebalance Preview (Dec): Quieter Than Usual as IPOs Dry Up

By Brian Freitas

  • We see 4 potential inclusions to the FTSE All-World and All-Cap indices that will be implemented at the close of trading on 16 December.
  • There are a couple of other recent listings that are close to the investable market cap threshold and could be added to the All-Cap index.
  • Given the lack of IPO in the April to August period, the rebalance will be quieter than usual though lock-up expiries will keep things interesting.

Saudi Arabia Gaming: Plans to Invest $38 Billion in Global Game Industry

By Douglas Kim

  • Saudi Arabia’s Savvy Games Group has a grand ambition to invest in the global gaming industry. It recently announced that it will invest US$37.8 billion in the global gaming industry.
  • There has been a sharp appreciation of the USD and Riyal versus JPY which could help to accelerate more M&As of Japanese game companies by SGG.
  • Saudi Arabia’s aggressive push to expand into the global gaming industry could aid this sector in the coming months as it could result in further major M&As in this sector.

Lionheart Studio IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Lionheart Studio is a target price of 19,362 won per share, which is 46% lower than the low end of the IPO price range.
  • Our IPO valuation assumes a 7.2x EV/EBITDA (comps’ average) using 2023 estimated EBITDA of 145 billion won for the company.
  • All in all, we believe there is a strong probability of Lionheart Studio being forced to lower its IPO price range in order to attract more investors. 

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Daily Brief South Korea: Kakao Pay, K Car, Hanall Biopharma and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Kakao Pay Placement Lockup Expiry – Alipay Is Soon Going to Be Free to Shed Its US$1.6bn Stake
  • Noteworthy Lockup Releases for the Next Two Months in Korea
  • Hanall Biopharma (009420 KS): Clinical Trial Progress of Key Pipeline Assets to Provide Some Upside

Kakao Pay Placement Lockup Expiry – Alipay Is Soon Going to Be Free to Shed Its US$1.6bn Stake

By Sumeet Singh

  • In early Jun 2022, Alipay raised around US$386m via selling 3.3% of outstanding shares of Kakao Pay (377300 KS). That was the first selldown by Alipay  (Alibaba (ADR) (BABA US)).  
  • Despite pricing the shares at an enticing 11.8% discount to last close, the stock failed to hold the deal price and hasn’t looked back since.
  • In this note, we will talk about the previous deal and the upcoming lockup expiry.

Noteworthy Lockup Releases for the Next Two Months in Korea

By Sanghyun Park

  • K Car’s major shareholder is Hahn & Company, which has already fully recovered the initial investment. So, there is an actual probability that it will make an aggressive exit.
  • SingEel’s 3-month IPO institutional and VCs will be released, 6.18% of SO. All of them are in a profit zone, there is a possibility that an aggressive overhang will occur.
  • Kakao’s 47% holdings in Kakao Pay will be released. The possibility of lowering the stake seems quite low. Nevertheless, we must consider the risk that this will affect market sentiment.

Hanall Biopharma (009420 KS): Clinical Trial Progress of Key Pipeline Assets to Provide Some Upside

By Tina Banerjee

  • Hanall Biopharma (009420 KS) has two leading pipeline assets, HL161 (batoclimab) and HL036 (tanfanercept), which are being developed by global license partners.
  • Batoclimab is in phase 3 trial for myasthenia gravis, which causes weakness of voluntary muscles. Tanfanercept is being developed as a treatment for dry eye disease in China and U.S.
  • Batoclimab and tanfanercept trials are approaching multiple data readouts in near-term. Hanall will be entitled for milestone payments for clinical trial progress of its out-licensed assets.

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Daily Brief Thailand: Betagro Group and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Betagro IPO: The Bull Case

Betagro IPO: The Bull Case

By Arun George

  • Betagro Group (1737144D TB), Thailand’s leading integrated food company, is seeking to raise US$554 million through a SET IPO, according to press reports
  • Betagro plans to offer 500 million shares or 25% of the total issued shares after IPO. This will be Thailand’s second-largest listing this year after Thai Life Insurance (TLI TB)
  • The key elements of the bull case rest on top quartile growth rates, a well-functioning core business, rising profitability, cash generation and declining leverage.

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Daily Brief India: Road King Infrastructure and more

By | Daily Briefs, India

In today’s briefing:

  • Morning Views Asia: Road King Infrastructure, Vedanta Resources

Morning Views Asia: Road King Infrastructure, Vedanta Resources

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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