All Posts By

Smartkarma Daily Briefs

May 26
0

Daily Brief Credit: Asia HY Trade Book – May 2023 – Lucror Analytics and more

By | Credit, Daily Briefs

In today’s briefing:

  • Asia HY Trade Book – May 2023 – Lucror Analytics
  • Morning Views Asia: Golden Eagle Retail

Asia HY Trade Book – May 2023 – Lucror Analytics

By Charles Macgregor

The Asia HY Trade Book for May 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.

Morning Views Asia: Golden Eagle Retail

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.

💡 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
Sign Up for Free
May 26
0

Daily Brief ECM: Mapletree Industrial Trust Placement – Data Centre Exposure Still on the Rise and more

By | Daily Briefs, ECM

In today’s briefing:

  • Mapletree Industrial Trust Placement – Data Centre Exposure Still on the Rise
  • Growatt Technology IPO: Valuation Updated Look
  • Almac IPO Preview

Mapletree Industrial Trust Placement – Data Centre Exposure Still on the Rise

By Ethan Aw

  • Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement.
  • The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.
  • In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

Growatt Technology IPO: Valuation Updated Look

By Arun George

Almac IPO Preview

By Douglas Kim

  • Almac is getting ready to complete its IPO on KOSDAQ in June. Almac is one of the leading aluminum parts company for the electric vehicles. 
  • The company ranks first in domestic market share in the aluminum extruded module cases that protect batteries from external shocks.
  • The company is offering 1 million new shares in this IPO. The IPO price range is from 40,000 won to 45,000 won.

💡 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
Sign Up for Free
May 26
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan |Tech..no and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan |Tech..no, NVIDIA All the Way; NUGGET: Calbee – Time for a 2nd Look ?
  • Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

Ohayo Japan |Tech..no, NVIDIA All the Way; NUGGET: Calbee – Time for a 2nd Look ?

By Mark Chadwick

  • OVERSEAS. NDIVIA scores leading Tech to drive SPX +0.9% into the green; Closer to a Debt Limit Deal;  Marvell Tech reports – Bullish On AI
  • JAPAN.  NKY Futs 0.9% vs Cash; USDJPY weakens to 140 on dovish Ueda comments; NVIDIA drives Japan AI supply chain gains; Foreigners continue to pour into Japan for 8th week.
  • NUGGET. Calbee, worth a 2nd look after the recent share price sell-off given their very credible medium term business plan.

Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

By Daniel Hellberg

  • Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity
  • Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed
  • Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel

💡 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
Sign Up for Free
May 26
0

Daily Brief Quantitative Analysis: Trend Following in Equities and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Trend Following in Equities
  • ASX Short Interest Weekly (May 19th): Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest
  • Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

Trend Following in Equities

By Nicolas Rabener

  • Long-Only trend following in equities was more effective than long-short trend following in the US
  • Same for European and Asian stock markets. Perhaps explained by the negative skewness of stock markets.
  • The trend is my friend, right? May 2023 Reading Time: 10 Minutes. Author: Nicolas Rabener.

ASX Short Interest Weekly (May 19th): Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of May 19th (reported today) which has an aggregated short interest worth USD16.8bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest Mining.

Hong Kong Buybacks Weekly (May 26th): Tencent, AIA, CK Asset

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 26th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Ck Asset (1113 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Yihai International (1579 HK).

💡 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
Sign Up for Free
May 26
0

Daily Brief Crypto: LDO’s Shifting Market Structure: Unveiling Asset Metrics and more

By | Crypto, Daily Briefs

In today’s briefing:

  • LDO’s Shifting Market Structure: Unveiling Asset Metrics

LDO’s Shifting Market Structure: Unveiling Asset Metrics

By Kaiko

  • Asset Metrics is perhaps the most powerful product that Kaiko has ever released.
  • With a single endpoint, users are able to fetch historical liquidity and volume data for any asset we cover, including all instruments and all exchanges – centralized or decentralized.
  • Additionally, it includes historical holder data for a wide variety of ERC-20 tokens.

💡 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
Sign Up for Free
May 26
0

Daily Brief Event-Driven: Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can’t Vote
  • HDFC/​​​​​HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications
  • Early Targetable Names in KOSPI 200 December Rebalancing
  • StubWorld: Swire Drifts Lower As Cathay Faces Discrimination Claim
  • EQD | Asian Derivative YTD Range Trade Ideas

Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can’t Vote

By Travis Lundy

  • Cosmo Energy Holdings (5021 JP) and noted Japanese activist Yoshiaki Murakami and affiliates/companies have been duking it out for the better part of a year. 
  • Now Cosmo is putting a Poison Pill to an AGM vote. And it has decided to not allow Murakami-san to vote his shares. Because he is an interested party.
  • INVESTORS NEED TO BE AWARE. This is the second time a company has sought to deny a shareholder its voting rights without legal basis. The last time the court agreed.

HDFC/​​​​​HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications

By Brian Freitas

Early Targetable Names in KOSPI 200 December Rebalancing

By Sanghyun Park

  • Based on the average daily full market cap up until the last close, the following additions have been identified as high-probability candidates: Sam A Aluminum, Dentium, and Dongwon Industries.
  • Three constituents will likely leave as they rank at the bottom in descending order of full market cap among those failing the screening: Cuckoo Homesys, Zinus, and Hyundai Home Shopping.
  • Dongwon Industries seems to be the most attractive, but given the uncertainty surrounding its inclusion, it may be more appropriate to target Dentium.

StubWorld: Swire Drifts Lower As Cathay Faces Discrimination Claim

By David Blennerhassett

  • A double dose of StubWorld this week. Swire Pacific (A) (19 HK)‘s P/B is back down to 0.31x as Cathay Pacific (293 HK) tackles alleged language bias by flight attendants.
  • Preceding my comments on Japan Post are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

EQD | Asian Derivative YTD Range Trade Ideas

By Leon Gross

💡 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
Sign Up for Free
May 26
0

Daily Brief Equity Bottom-Up: Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play
  • FUJIFILM (4901.T) Loving The Setup Here
  • Berli Jucker (BJC TB) – The Big C Factor
  • Meituan (3690 HK): 1Q23, Real Operating Profit Turned Positive After Nine Quarters
  • India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB
  • [XPeng Inc. (XPEV US, BUY, TP US$10) TP Change]: BUY on Recovery Starting from 2Q23
  • [Vipshop (VIPS US) Earnings Review]: Demand for Apparel Rising on Increased Social Activity
  • [Xiaomi (1810 HK, SELL, TP HK$8.2) Earnings Review]: Good Cost Control Could Be Transitory
  • Frontier Management Inc. (7038 JP) – 1Q Follow-Up
  • [Futu Holdings (FUTU US, BUY, TP US$51) Review]: A Resilient Quarter Under Regulatory Pressure

Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

By Vincent Fernando, CFA

  • Nvidia’s results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.
  • The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.
  • Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.

FUJIFILM (4901.T) Loving The Setup Here

By William Keating

  • Q1’23 revenues of ¥764 billion, up 15% YoY and 2.6% QoQ
  • FY2022, revenues grew by 13.2% to ¥2,859 while net income grew by 3.9% to ¥219.4.
  • Electronic Materials set to grow from ¥180 billion in ’22 to ¥500 billion by ’30

Berli Jucker (BJC TB) – The Big C Factor

By Angus Mackintosh

  • Berli Jucker‘s 1Q2023 results were driven by growth across its segments from modern retail to packaging to the consumer, and healthcare & Technical, with margin improvements at the same time. 
  • The key near-term catalyst for Berli Jucker will be the IPO of Big C Retail, which will provide a separate market valuation for its retail assets. 
  • Berli Jucker is a beneficiary of the resurgence of tourism in Thailand through both its retail and packaging businesses plus it benefits from lower commodity prices across its other divisions. 

Meituan (3690 HK): 1Q23, Real Operating Profit Turned Positive After Nine Quarters

By Ming Lu

  • In 1Q23, total revenues grew by 27% YoY with all business lines up by more than 10% YoY.
  • The real operating profits turned positive after nine quarters’ losses.
  • We believe the stock has an upside of 35% for yearend 2023. Buy.

India Industrials | Quarterly Update – ABB, SIEM, HAVELLS, POLYCAB

By Pranav Bhavsar

[XPeng Inc. (XPEV US, BUY, TP US$10) TP Change]: BUY on Recovery Starting from 2Q23

By Shawn Yang

  • XPeng reported soft 1Q23 results, with topline of RMB 4.03bn, missing cons by (4.4%); GPM of 1.7% missing cons. and our est. by (4.5ppt)/(4.8ppt. 
  • The 2Q23 guidance implies a QoQ recovery of 15.2%-20.7%, thanks to increasing order intake of the all-new P7i and recent channel transformation. 
  • We maintain BUY. We cut TP to US$ 10 due to pressure amid intensified competition.

[Vipshop (VIPS US) Earnings Review]: Demand for Apparel Rising on Increased Social Activity

By Shawn Yang

  • VIPS reported C1Q23 top-line, GAAP operating profit, and non-GAAP net income 6.6%, 27%, and 31% vs. our est., and 5.6%, 20%, and 36% vs. cons.; 
  • We expect VIPS profitability to remain steady given its relative immunity to competitor price competition, mainly due to its high apparel exposure, high member loyalty, and differentiated product sourcing strategy; 
  • Given improving apparel demand and EPADS on share buy-backs, we maintain BUY and US$ 16.3 TP, implying 8.1x 2023 non-GAAP P/E.  

[Xiaomi (1810 HK, SELL, TP HK$8.2) Earnings Review]: Good Cost Control Could Be Transitory

By Shawn Yang

  • Xiaomi reported C1Q23 top-line and non-IFRS net income (6.9%) and 20.7% vs. our est., and in-line and 39.9% vs. consensus; 
  • We suggest that higher margins are transitory, as (1) key IC component prices may have bottomed, (2) EV spend is likely to ramp up further. 
  • We maintain SELL and HK$ 8.2 TP, implying 26x FY23 PE.

Frontier Management Inc. (7038 JP) – 1Q Follow-Up

By Sessa Investment Research

  • 1Q operating profit rose 18%, on a 19% rise in sales. Net profit rose 10%.
  • According to the company’s data, the pace of increase in orders has been increasing since around the last week of 1Q, indicating a potential for stronger results in this FY.
  • Management Consulting business sales rose 14%.

[Futu Holdings (FUTU US, BUY, TP US$51) Review]: A Resilient Quarter Under Regulatory Pressure

By Shawn Yang

  • Futu reported 1Q23 revenue 12.7%/14.8% higher than our est./cons., non-GAAP NI 21.2%/19.5% higher than our est./cons., mainly due to strong margin financing and security lending activities during volatile market; 
  • Futu’s operation and client trading behaviours remain steady in 1Q23 after the implement of rectification measures from regulators. 
  • On the other side, overseas expansion in Japan and Malaysia may start to kick-off in 2H23; We maintain BUY rating on FUTU and maintain TP at US$51.  

💡 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
Sign Up for Free
May 26
0

Daily Brief Macro: Industrial Metal Prices Melt as Global Recession Fears Heat Up and more

By | Daily Briefs, Macro

In today’s briefing:

  • Industrial Metal Prices Melt as Global Recession Fears Heat Up
  • EU Watch: At the End of the Day It Is All About Domestic Politics…
  • European Deposits: US Turmoil on Tour?
  • CX Daily: Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets
  • US Long-End Yields Pause not Reversal

Industrial Metal Prices Melt as Global Recession Fears Heat Up

By Jeroen Blokland

  • The Bloomberg Industrial Metals Index has plunged by 14% during the last month, casting an ominous cloud over the much-anticipated soft landing that investors have been hoping for.
  • The ongoing decline in commodity prices, down 26% from their peak, now suggests an implied US recession probability of 68%. 
  • And in our updated US Recession Scoreboard, the recent dip in copper mirrors a somewhat elevated, yet increasing, chance of a US recession. 

EU Watch: At the End of the Day It Is All About Domestic Politics…

By Andreas Steno

  • Watch out for political fragmentation in the EZ as the economy looks weaker and weaker 
  • Germany must make the hard choice of lending a helping hand to the peripheral EZ countries or to Herr Müller in Lower Saxony
  • Policy measures such as friend shoring and green transition are all welcomed by most as long as the above-mentioned Herr Müller does not get poorer. 

European Deposits: US Turmoil on Tour?

By Andreas Steno

  • Most analysts seem to conclude that the US banking stress will not spill-over to Europe
  • In this analysis we pull back the curtains on movements in both corporate and household deposits in Europe
  • And we find worrying trends in European banks which could intensify issues in coming months

CX Daily: Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets

By Caixin Global

  • Trust /: Five things to know about Chinese trust firms’ scramble to offload risky assets
  • Personnel /: China appoints vice foreign minister as ambassador to U.S.
  • Corruption /: Jilin Province Trust’s former chairman sentenced to 14 years in prison

US Long-End Yields Pause not Reversal

By Untying The Gordian Knot

  • The long-end bond price rallied on Tuesday and early Wednesday, indicating a potential fall pause at the critical support.
  • Additionally, AUSDUD followed NZDUSD’s decline, was impulsive, and the AUDUSD broke the H&S neckline.
  • It’s uncommon for higher US long-end yields and lower AUDUSD to go in different directions unless it’s due to pure short-end yield differential, which is unlikely.

💡 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
Sign Up for Free
May 26
0

Most Read: Rakuten, Cosmo Energy Holdings, Rakuten Bank , Toyo Construction, LTIMindtree, NVIDIA Corp, Sam A Aluminum, Swire Pacific (A), FUJIFILM Holdings, Mapletree Industrial Trust and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Rakuten (4755 JP) – A Tricky Offering But Lots of Non-Fundamental Long Demand
  • Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can’t Vote
  • Rakuten Bank & SBI Sumishin Net Bank: Upcoming Passive Flow
  • Stuck With Each Other:  Toyo “Special Committee” Against Toyo Tender, Toyo Against YFO Proposals
  • HDFC/​​​​​HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications
  • Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play
  • Early Targetable Names in KOSPI 200 December Rebalancing
  • StubWorld: Swire Drifts Lower As Cathay Faces Discrimination Claim
  • FUJIFILM (4901.T) Loving The Setup Here
  • Mapletree Industrial Trust Placement – Data Centre Exposure Still on the Rise

Rakuten (4755 JP) – A Tricky Offering But Lots of Non-Fundamental Long Demand

By Travis Lundy

  • The Rakuten (4755 JP) offering is producing interesting analysis. My read on the telecom side is that things are better (or less bad) than they were.
  • Longer-Term, I see the idea. Shorter-term, there will still be questions until there are not. However, there could be a lot of non-fundamental “I want this” demand in the offering.
  • Questions to ask yourself are: 1) how much will get placed with investors who want it 20+% lower than 15 May highs? 2) how many shorts will cover?

Cosmo Energy (5021) In a Display of Stunningly Bad Governance; If You Disagree, You Can’t Vote

By Travis Lundy

  • Cosmo Energy Holdings (5021 JP) and noted Japanese activist Yoshiaki Murakami and affiliates/companies have been duking it out for the better part of a year. 
  • Now Cosmo is putting a Poison Pill to an AGM vote. And it has decided to not allow Murakami-san to vote his shares. Because he is an interested party.
  • INVESTORS NEED TO BE AWARE. This is the second time a company has sought to deny a shareholder its voting rights without legal basis. The last time the court agreed.

Rakuten Bank & SBI Sumishin Net Bank: Upcoming Passive Flow

By Brian Freitas

Stuck With Each Other:  Toyo “Special Committee” Against Toyo Tender, Toyo Against YFO Proposals

By Travis Lundy

  • Today, Toyo Construction (1890 JP) announced it was against YFO’s AGM shareholder proposals. And that the Special Committee was unanimously against YFO’s tender proposal.
  • The content is mixed. Some is probably correct (YFO hasn’t done a great job it appears). Some is clearly taking management’s statements at face value where it shouldn’t.
  • And some is just the passage of time. Last year, ¥1,000 was “too high.” This year it is “not enough.” Now Toyo and YFO are stuck with each other.

HDFC/​​​​​HDFC Bank Mega Merger Expected to Complete in a Few Weeks: Index Implications

By Brian Freitas

Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

By Vincent Fernando, CFA

  • Nvidia’s results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.
  • The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.
  • Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.

Early Targetable Names in KOSPI 200 December Rebalancing

By Sanghyun Park

  • Based on the average daily full market cap up until the last close, the following additions have been identified as high-probability candidates: Sam A Aluminum, Dentium, and Dongwon Industries.
  • Three constituents will likely leave as they rank at the bottom in descending order of full market cap among those failing the screening: Cuckoo Homesys, Zinus, and Hyundai Home Shopping.
  • Dongwon Industries seems to be the most attractive, but given the uncertainty surrounding its inclusion, it may be more appropriate to target Dentium.

StubWorld: Swire Drifts Lower As Cathay Faces Discrimination Claim

By David Blennerhassett

  • A double dose of StubWorld this week. Swire Pacific (A) (19 HK)‘s P/B is back down to 0.31x as Cathay Pacific (293 HK) tackles alleged language bias by flight attendants.
  • Preceding my comments on Japan Post are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

FUJIFILM (4901.T) Loving The Setup Here

By William Keating

  • Q1’23 revenues of ¥764 billion, up 15% YoY and 2.6% QoQ
  • FY2022, revenues grew by 13.2% to ¥2,859 while net income grew by 3.9% to ¥219.4.
  • Electronic Materials set to grow from ¥180 billion in ’22 to ¥500 billion by ’30

Mapletree Industrial Trust Placement – Data Centre Exposure Still on the Rise

By Ethan Aw

  • Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement.
  • The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.
  • In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

💡 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
Sign Up for Free
May 26
0

Daily Brief Utilities: China Water Affairs and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • China Water Affairs – ESG Report – Lucror Analytics

China Water Affairs – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess China Water Affairs’ ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Adequate”.

💡 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
Sign Up for Free