All Posts By

Smartkarma Daily Briefs

May 25
0

Daily Brief South Korea: Manyo Factory and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Manyo Factory IPO Bookbuilding Results Analysis

Manyo Factory IPO Bookbuilding Results Analysis

By Douglas Kim

  • Manyo Factory IPO price has been finalized at 16,000 won. The demand ratio for this IPO among institutional investors was very high at 1,800 to 1.
  • Our base case valuation of Manyo Factory is target price of 29,555 won per share, which represents 85% higher than the the IPO price of 16,000 won. 
  • We believe a premium valuation multiple to the comps is appropriate due to Manyo Factory’s higher sales growth rate, operating margins, and ROE than the comps in 2020 to 2023.

💡 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 25
0

Daily Brief Australia: Rent.com.au Ltd, Aft Pharmaceuticals and more

By | Australia, Daily Briefs

In today’s briefing:

  • Rent.com.au Ltd – RentPay Hits Milestone of $100m Paid on the Platform
  • AFT Pharmaceuticals – Near-term goals in sight with FY23 momentum

Rent.com.au Ltd – RentPay Hits Milestone of $100m Paid on the Platform

By Research as a Service (RaaS)

  • Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through their technology platform and a growing number of aligned transactional services.
  • The company has announced that RentPay has reached the milestone of $100m paid through the platform since its relaunch.
  • The pace of growth is accelerating, with the $75m mark reached in February and the $50m milestone passed in October 2022. 

AFT Pharmaceuticals – Near-term goals in sight with FY23 momentum

By Edison Investment Research

AFT Pharmaceuticals reported another strong fiscal year, capping off three consecutive years of double-digit top-line growth. FY23 revenues of NZ$156.6m grew 20.2% year-on-year. As expected, top-line growth was H2 weighted, with a c 38% sequential improvement in H223 over H123 attributed primarily to new launches in Australia (revenue up c 61% over H123 in the region). Margins, however, were affected by lower licensing income and higher product launch marketing spend (operating margin of 12.6% vs 15.6% in FY22). We expect management to achieve the stated revenue target of NZ$200m in FY25, supported by higher marketing spends that will put some pressure on margins in the near term (FY24 operating profit guidance of NZ$22–24m). Management also announced a maiden dividend of 1.1c/share (payable in July 2023), although the payout (c 11%) is lower than the initial target of 20–30%. Accordingly, our valuation adjusts to NZ$644m or NZ$6.14/share from NZ$6.34/share previously.

💡 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 25
0

Daily Brief India: Nodwin Gaming, Agile Property Holdings and more

By | Daily Briefs, India

In today’s briefing:

  • Nazara Subsidiary Nodwin Gaming Raises $28m at $349m Valuation
  • Morning Views Asia: Lenovo, Vedanta Resources, Xiaomi Corp

Nazara Subsidiary Nodwin Gaming Raises $28m at $349m Valuation

By Tech in Asia

  • Nodwin Gaming said it has secured US$28 million in funding from new and existing investors to grow its gaming and esports ecosystem in India.
  • With the round, Nodwin, a subsidiary of media platform Nazara Technologies, said its post-money valuation has reached US$349 million. It added that its revenue has grown by a compound annual growth rate of 68% in the last 2 years.
  • Nodwin didn’t disclose the names of five investors participating in this round.

Morning Views Asia: Lenovo, Vedanta Resources, Xiaomi Corp

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 25
0

Daily Brief Singapore: Jenfi, Locofy, Bolttech Digital Brokerage and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Jenfi Nets US$6.6M to Expand Its Revenue-Based Financing Business in SEA
  • Northstar, Golden Gate Join $4.3m Round of SG AI Firm
  • MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech

Jenfi Nets US$6.6M to Expand Its Revenue-Based Financing Business in SEA

By e27

  • Jenfi, a fintech company specialising in revenue-based financing, has raised US$6.6 million in pre-Series B funding.
  • Headline Asia led the round, with participation from Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures. Existing early investors also participated.
  • With the funding, the fintech firm plans to expand its presence in Singapore, Vietnam and Indonesia by broadening its customer base while expanding into new markets across Southeast Asia.

Northstar, Golden Gate Join $4.3m Round of SG AI Firm

By Tech in Asia

  • Only six months after its establishment, Singapore-based Locofy launched a beta of its low-code development tool in January 2022.
  • It has since received over 100,000 sign-ups across 195 countries.
  • Its tech helps designers automate front-end code directly from their designs and integrate them with existing workflows, leveraging AI to convert designs into coding languages to save time.

MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech

By e27

  • Singapore-based insurtech startup bolttech has closed its Series B financing round at US$196 million, led by existing shareholder Japanese insurance holding company Tokio Marine.
  • Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and new and existing shareholders.
  • This funding takes the company’s valuation to US$1.6 billion and comes exactly seven months after Tokio Marine led the first tranche of bolttech’s Series B round.

💡 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 25
0

Daily Brief Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Jun 23: Final Expectations

Quiddity Leaderboard SET50 Jun 23: Final Expectations

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential ADDs/DELs for Thailand’s SET50 index rebalance in June 2023.
  • There are only few more days left for the base date and we believe there could be two ADDs/DELs for the SET 50 index.
  • The LONG Thai Life Insurance (TLI TB) – SHORT Bangkok Life Assurance (BLA TB) trade had a good spell of performance but now it might be time to rethink.

💡 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 25
0

Daily Brief China: JD Industrials, Dickson Concepts Intl, Meituan, Alibaba Health Information Technology, ZTO Express, PDD Holdings Inc, Xinhua Winshare, MicroPort Cardiac Rhythm Management, Horizon Construction Development and more

By | China, Daily Briefs

In today’s briefing:

  • JD Industrials Pre-IPO – Peer Comparison
  • Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV
  • Meituan’s Recent Expansion in Hong Kong: A Review
  • Alibaba Health: Healthy 2H but Margins Have Very Little Room for Improvement (Quantamental)
  • Monthly Express Tracker | Prices Continue to Slide | Volume Pops | (May 2023)
  • Pinduoduo(PDD US): The Worst Is yet to Come
  • Xinhua Winshare (811 HK): We Love the Boredom
  • JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings
  • Microport Cardiac Rhythm Management Pre-IPO Tearsheet
  • Horizon Construction Dev IPO Trading – Subscription Rates Still Weak, Despite Cornerstone Support

JD Industrials Pre-IPO – Peer Comparison

By Sumeet Singh

  • JD Industrials (JDI)  is looking to raise about US$1bn in its upcoming HK IPO. 
  • JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
  • In this note, we will undertake a peer comparison versus domestic and international peers.

Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV

By Sameer Taneja

  • Dickson Concepts Intl (113 HK), an HK distributor of luxury goods, is a classic example of a Graham net-net with a >40% discount to NCAV (Net Current Asset Value). 
  • The company has 4.7 bn HKD of cash against total liabilities of 2.3 bn HKD (on a market cap of 1.6 bn HKD), thus representing deep value. 
  • With an economic environment in HK for retail sales improving + an existing 8% dividend yield, we could make a case for higher dividend payments.

Meituan’s Recent Expansion in Hong Kong: A Review

By Shawn Yang

  • On May 22nd, Meituan launched its food delivery platform called KeeTa in Hong Kong SAR.
  • KeeTa’s expansion stratgies include Collaboration with branded chain merchants,lower ASP, subsidy campaign, and launching “On-time Guarantee”.
  • Sofar the initial results after launch seems to be in-line with expecation, while  there will still be a lot of challenges, like small market size and stabilized competition landscape.  

Alibaba Health: Healthy 2H but Margins Have Very Little Room for Improvement (Quantamental)

By Shifara Samsudeen, ACMA, CGMA

  • Alibaba Health Information Technology (241 HK) ’s 2HFY03/2023 revenues beat consensus by 1.4% while adjusted operating losses of RMB1.74m (0.01% of revenue) is significantly lower compared to 2HFY03/2022 and consensus.
  • Improvement in profitability was driven by improved GPM coupled with decrease in SG&A costs which helped offset increase in fulfilment costs as a result of the Covid-19 outbreak.
  • Our quantamental analysis suggests that Ali Health’s margins have very little room for improvement unless the company cuts down SG&A significantly while improving revenue % from non-direct pharmaceutical businesses.

Monthly Express Tracker | Prices Continue to Slide | Volume Pops | (May 2023)

By Daniel Hellberg

  • Industry and company reports show ASP declines gained momentum in April
  • April volume jumped 36% Y/Y on a weak comp from 2022 (Covid-19 lockdowns)
  • Our thesis: pricing is getting weaker, and this trend will soon impact margins

Pinduoduo(PDD US): The Worst Is yet to Come

By Eric Chen

  • The odds are high for PDD to miss consensus for 1Q results this Friday due to high base and deflating domestic growth drivers, despite TEMU’s momentum.
  • Among major China tech companies, PDD is likely to be the only one to register stagnant or even negative earnings growth for FY23, which has not been in the price.
  • A down cycle for PDD’s earnings growth leads us to assign 12x P/E to an estimated non-GAAP net profit of RMB39 billion for FY23, implying 15% downside. 

Xinhua Winshare (811 HK): We Love the Boredom

By Osbert Tang, CFA

  • Despite solid outperformance, share price of Xinhua Winshare (811 HK) is more than 100% covered by net cash of Rmb7.6bn. DPS has also risen uninterruptedly in the last 3 years. 
  • 1Q23 result demonstrated operating resilience as recurring profit soared 48.5%. Its franchise in textbook publication and distribution stayed well protected, securing profitability outlook.
  • We like XW’s boring businesses in the current depressed market. It trades on 4.5x PER with secured 6.6% dividend yield. The HA discount has widened to 10pp deeper than average. 

JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings

By Sumeet Singh

  • JD Industrials is looking to raise about US$1bn in its upcoming HK IPO. 
  • JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
  • We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.

Microport Cardiac Rhythm Management Pre-IPO Tearsheet

By Ethan Aw

  • MicroPort Cardiac Rhythm Management (1813053D CH) is looking to raise about US$200m in its upcoming HK IPO. The deal will be run by Goldman Sachs and CICC.
  • Microport Cardiac Rhythm Management (MCRM) is a R&D-driven, commercial-stage medical technology company specializing in active implantable medical devices for cardiac rhythm management (CRM). 
  • Its operations are dedicated to the design, development and commercialization of products and solutions to treat and manage arrhythmias and heart failure. 

Horizon Construction Dev IPO Trading – Subscription Rates Still Weak, Despite Cornerstone Support

By Ethan Aw

  • Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO.
  • HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
  • In this note, we will talk about the trading dynamics and valuation.

💡 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 25
0

Daily Brief United States: CRISPR Therapeutics AG, S&P 500 INDEX, Bristol Myers Squibb Co, Edwards Lifesciences, Gilead Sciences, Caterpillar Inc, Intel Corp, RCI Hospitality Holdings, Seadrill , Altria Group and more

By | Daily Briefs, United States

In today’s briefing:

  • CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval
  • SPX Sequence into Early June
  • Bristol Myers Squibb Company: Are The New Strengthened Cell Therapy Capabilities Enough? – Key Drivers
  • Edwards Lifesciences Corporation: TAVR Therapy & Strong Investments For The Future – Key Drivers
  • Gilead Sciences Inc.: The Xinthera Acquisition Strengthens The Oncology Pipeline – Key Drivers
  • Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers
  • Intel Corporation: Expansion of Cloud Capabilities & Other Drivers
  • RCI Hospitality Holdings, Inc. – 2Q Results Exceed Expectations
  • SDRL: Early Arrival of Free Cash Flow
  • Altria Group Inc.: Acquisition Of NJOY Holdings & Other Drivers

CRISPR Therapeutics AG (CRSP US): First Genome Editing Based Drug Candidate Seeking FDA Approval

By Tina Banerjee

  • CRISPR Therapeutics AG (CRSP US) completed regulatory submissions for exa-cel in the U.S., EU, and UK, positioning exa-cel to potentially become the first approved CRISPR-based therapy in the world.
  • According to Evaluate Pharma, if approved, exa-cel’s revenue is expected to be $1B+ in 2028, with expected market share of 20% in sickle cell and 36% in beta thalassemia.
  • As of March 31, 2023, CRISPR has cash, cash equivalents, and marketable securities of $1,889.5M, which is sufficient to fund its operating expenses for ~3 years.

SPX Sequence into Early June

By Thomas Schroeder

  • SPX has once again slipped from the 4,200 high zone. Bounce support lies at 4,120/100.
  • Our preferred sequence touted a pullback from 4,200-20 which holds 4,100 and rockets back to 4,200+ on the back of a debt deal with overshoot risk to 4,250. 
  • Any new June high will be unsustainable and fall prey to macro undercurrents. USD getting a bid on yield and risk aversion.

Bristol Myers Squibb Company: Are The New Strengthened Cell Therapy Capabilities Enough? – Key Drivers

By Baptista Research

  • Bristol Myers had a mixed start to 2023 with below par revenues but its earnings exceeded analyst expectations as the management continues to accelerate the renewal of its portfolio and execute its strategy.
  • During the quarter, the company’s new product portfolio and in-line brands grew.
  • Revenue from its new product portfolio more than doubled as compared to the previous year.

Edwards Lifesciences Corporation: TAVR Therapy & Strong Investments For The Future – Key Drivers

By Baptista Research

  • The last quarter proved to be a strong one for Edwards Lifesciences and its results exceeded market expectations in terms of revenues as well as earnings.
  • While Japan faced lingering COVID impacts, strong growth was observed in the U.S., Europe, and the rest of the world.
  • With a positive outlook, a strong pipeline, a raised sales expectation for the full year, and a commitment to innovation and clinical outcomes, the Edwards Lifesciences management intends to capitalize on the opportunities in the cardiovascular healthcare market.

Gilead Sciences Inc.: The Xinthera Acquisition Strengthens The Oncology Pipeline – Key Drivers

By Baptista Research

  • It was a mixed quarter for Gilead Sciences as the company’s revenues were above Wall Street expectations but it missed out on the earnings front.
  • On the expense side, R&D expenses came in higher than anticipated, reflecting the company’s commitment to investing in research and development.
  • We give Gilead Sciences, Inc. a ‘Hold’ rating with a revised target price.

Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers

By Baptista Research

  • Caterpillar had a strong start to 2023 with an all-around beat.
  • The company’s result was marked by double-digit top-line growth across all segments, higher operating profit margins, and significant adjusted profit per share.
  • Caterpillar experienced healthy customer demand across most end markets for its products and services, reflecting the successful execution of its long-term growth strategy.

Intel Corporation: Expansion of Cloud Capabilities & Other Drivers

By Baptista Research

  • Intel delivered solid first-quarter results with revenues above expectations and narrower than expected losses.
  • The fallouts of this quarter demonstrate the advancement Intel is making to advance the company’s transformation as well as the IDM 2.0 strategy.
  • In the quarter, Intel introduced its 13th Gen Intel Core Mobile processor, followed by its new vPro platform.

RCI Hospitality Holdings, Inc. – 2Q Results Exceed Expectations

By Water Tower Research

  • 2Q Summary. RCI reported another strong quarter, surpassing our projections.
  • The company has proven its ability to generate significant FCF, driving accelerated growth.
  • We see several catalysts on the near-term horizon (Rick’s Cabaret Steakhouse & Casino, organic growth from Bombshells, and club acquisitions), which should drive a reacceleration in earnings growth in FY24.

SDRL: Early Arrival of Free Cash Flow

By Hamed Khorsand

  • SDRL reported Q1 results affirming the positive attributes of the business after repositioning assets in the fourth quarter. The first quarter included economic utilization of 95% resulting in cost absorption
  • Day rates continue to trend higher putting SDRL in an advantageous spot as a portion of its fleet becomes available late in 2023 and early 2024
  • Subsequent to the first quarter, SDRL closed the acquisition of Aquadrill and has now provided full year guidance incorporating the business

Altria Group Inc.: Acquisition Of NJOY Holdings & Other Drivers

By Baptista Research

  • It was a disappointing quarter for Altria Group as the company failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
  • The resilience of their leading brands like Marlboro and Copenhagen is strong but it couldn’t help the company deliver revenues up to the mark.
  • Additionally, Altria saw the continued growth of Oral Nicotine Pouch products solidifying its position in the oral tobacco category.

💡 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 25
0

Daily Brief Japan: Rakuten, Japan Post Holdings, Toyo Construction, Rakuten Bank , Suzuki Motor, Tokyo Stock Exchange Tokyo Price Index Topix, Pan Pacific International Holdings, Kyoto Fusioneering and more

By | Daily Briefs, Japan

In today’s briefing:

  • Rakuten (4755 JP) – A Tricky Offering But Lots of Non-Fundamental Long Demand
  • StubWorld: Japan Post Holdings Coming Up “Cheap”
  • Stuck With Each Other:  Toyo “Special Committee” Against Toyo Tender, Toyo Against YFO Proposals
  • Rakuten Bank & SBI Sumishin Net Bank: Upcoming Passive Flow
  • Suzuki (7269) | EV Strategy – A Dead End?
  • Isn’t It Too Much to Expect Instantaneous Screening to Yield the Same Shares as Buffett’s Approach?
  • Itochu and Donki Tie on Retail Media to Create Major New Revenue Stream
  • Japan-Based Nuclear Fusion Firm Powers up with $79m Raise

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?

StubWorld: Japan Post Holdings Coming Up “Cheap”

By David Blennerhassett

  • At 0.3x, Japan Post Holdings (6178 JP) is top of the heap in terms of dollar “UpValue” to move to PBR 1.0x under Japan’s governance changes. 
  • 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%.

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.

Rakuten Bank & SBI Sumishin Net Bank: Upcoming Passive Flow

By Brian Freitas

Suzuki (7269) | EV Strategy – A Dead End?

By Mark Chadwick

  • After reviewing Suzuki’s EV Strategy we turn Bearish on the outlook and see downside for the share price. 
  • We believe that Street has missed the rising costs associated with the electrification strategy. We see a period of weaker margins. 
  • Suzuki only targets 20% of sales to come from EVs in India, its largest market. It could be viewed as a laggard. 

Isn’t It Too Much to Expect Instantaneous Screening to Yield the Same Shares as Buffett’s Approach?

By Aki Matsumoto

  • It’s doubtful that if the outcomes of factor analysis of Berkshire Hathaway’s portfolio stocks and screened to Japanese stocks would be the stocks that Buffett would want to invest in.
  • Berkshire Hathaway wouldn’t invest in a Japanese company if there were companies in other countries with the same type of business that are more competitive and worthy of investment.
  • Investors continue to look for companies that few investors are aware of, as stock prices are often high for companies that have competitive advantages and promising future cash flow growth.

Itochu and Donki Tie on Retail Media to Create Major New Revenue Stream

By Michael Causton

  • Itochu, Familymart, PPI (Don Quijote) and their data analytics partners have come together in the first case of cross-retailer ad platform development.
  • Itochu provides the central relationship that ties these companies together, and other deals are likely given the significant potential for retail media.
  • The opportunity for brands to market to these retailers’ customers through highly targeted ads will become ever more compelling, delivering new revenue streams for Donki and Familymart.

Japan-Based Nuclear Fusion Firm Powers up with $79m Raise

By Tech in Asia

  • Kyoto Fusioneering, a Japan-based energy company, has raised US$79 million in an oversubscribed round.
  • The firm develops equipment that harnesses fusion energy, which involves merging two or more hydrogen atoms – the same process that powers the sun.
  • According to the company, its method of energy generation produces no greenhouse emissions, no long-lived radioactive waste, and no risk of nuclear reaction-triggered meltdowns.

💡 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 25
0

Daily Brief Private Markets: Japan-Based Nuclear Fusion Firm Powers up with $79m Raise and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Japan-Based Nuclear Fusion Firm Powers up with $79m Raise
  • Nazara Subsidiary Nodwin Gaming Raises $28m at $349m Valuation
  • Jenfi Nets US$6.6M to Expand Its Revenue-Based Financing Business in SEA
  • Northstar, Golden Gate Join $4.3m Round of SG AI Firm
  • Ex-Zalora CMO’s Telehealth Platform ORA Secures US$10M Series A
  • MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech

Japan-Based Nuclear Fusion Firm Powers up with $79m Raise

By Tech in Asia

  • Kyoto Fusioneering, a Japan-based energy company, has raised US$79 million in an oversubscribed round.
  • The firm develops equipment that harnesses fusion energy, which involves merging two or more hydrogen atoms – the same process that powers the sun.
  • According to the company, its method of energy generation produces no greenhouse emissions, no long-lived radioactive waste, and no risk of nuclear reaction-triggered meltdowns.

Nazara Subsidiary Nodwin Gaming Raises $28m at $349m Valuation

By Tech in Asia

  • Nodwin Gaming said it has secured US$28 million in funding from new and existing investors to grow its gaming and esports ecosystem in India.
  • With the round, Nodwin, a subsidiary of media platform Nazara Technologies, said its post-money valuation has reached US$349 million. It added that its revenue has grown by a compound annual growth rate of 68% in the last 2 years.
  • Nodwin didn’t disclose the names of five investors participating in this round.

Jenfi Nets US$6.6M to Expand Its Revenue-Based Financing Business in SEA

By e27

  • Jenfi, a fintech company specialising in revenue-based financing, has raised US$6.6 million in pre-Series B funding.
  • Headline Asia led the round, with participation from Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures. Existing early investors also participated.
  • With the funding, the fintech firm plans to expand its presence in Singapore, Vietnam and Indonesia by broadening its customer base while expanding into new markets across Southeast Asia.

Northstar, Golden Gate Join $4.3m Round of SG AI Firm

By Tech in Asia

  • Only six months after its establishment, Singapore-based Locofy launched a beta of its low-code development tool in January 2022.
  • It has since received over 100,000 sign-ups across 195 countries.
  • Its tech helps designers automate front-end code directly from their designs and integrate them with existing workflows, leveraging AI to convert designs into coding languages to save time.

Ex-Zalora CMO’s Telehealth Platform ORA Secures US$10M Series A

By e27

  • Singapore-headquartered telehealth platform ORA has raised US$10 million in a Series A funding round co-led by TNB Aura and Antler.
  • Gobi Partners, Kairous Capital, and GMA Ventures also joined the round, bringing ORA’s total funding to date to above US$17 million.
  • With this new round of funding, ORA will seek to expand its presence into new territories, both geographically and with new offerings.

MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech

By e27

  • Singapore-based insurtech startup bolttech has closed its Series B financing round at US$196 million, led by existing shareholder Japanese insurance holding company Tokio Marine.
  • Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and new and existing shareholders.
  • This funding takes the company’s valuation to US$1.6 billion and comes exactly seven months after Tokio Marine led the first tranche of bolttech’s Series B round.

💡 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 25
0

Daily Brief ESG: Isn’t It Too Much to Expect Instantaneous Screening to Yield the Same Shares as Buffett’s Approach? and more

By | Daily Briefs, ESG

In today’s briefing:

  • Isn’t It Too Much to Expect Instantaneous Screening to Yield the Same Shares as Buffett’s Approach?

Isn’t It Too Much to Expect Instantaneous Screening to Yield the Same Shares as Buffett’s Approach?

By Aki Matsumoto

  • It’s doubtful that if the outcomes of factor analysis of Berkshire Hathaway’s portfolio stocks and screened to Japanese stocks would be the stocks that Buffett would want to invest in.
  • Berkshire Hathaway wouldn’t invest in a Japanese company if there were companies in other countries with the same type of business that are more competitive and worthy of investment.
  • Investors continue to look for companies that few investors are aware of, as stock prices are often high for companies that have competitive advantages and promising future cash flow growth.

💡 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