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Smartkarma Daily Briefs

Mar 21
0

Daily Brief Industrials: Hanwha Aerospace, Watsco Inc, Arcadis NV, ZTO Express Cayman and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Hanwha Aerospace’s Monster Raise: Checking Key Angles
  • Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)
  • Watsco: Air Apparent – [Business Breakdowns, EP.209]
  • What’s New(s) in Amsterdam – 20 March (KPN | Unilever | Arcadis)
  • Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

Hanwha Aerospace’s Monster Raise: Checking Key Angles

By Sanghyun Park

  • Market sees this as an M&A play, not just de-leveraging. Sentiment’s split, and despite a tight discount, uncertainty on take-up could spark major dislocations in stock and rights.
  • Hanwha’s ₩3.6T raise drops just a week after Samsung SDI’s ₩2T—₩5.5T back-to-back. Absorption looks brutal, setting up serious volatility and prime trading opps if liquidity tightens.
  • The FSC fast-tracked this, flagging it instantly but also hinting approval. With regulator risk off, any cash market snapback tomorrow should stay in check.

Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

By Douglas Kim

  • Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.
  • We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.
  • It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector. 

Watsco: Air Apparent – [Business Breakdowns, EP.209]

By Business Breakdowns

  • Watsco is North America’s largest distributor of HVAC equipment, serving as a crucial link between manufacturers and contractors.
  • They offer a wide range of equipment and parts, technical expertise, and value-added services to their contractor customers.
  • Watsco’s transformation from manufacturer to distributor in 1989 led to significant growth, with consistent annualized shareholder returns over the years.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

What’s New(s) in Amsterdam – 20 March (KPN | Unilever | Arcadis)

By The IDEA!

  • In this edition: • KPN | has overtaken VodafoneZiggo as the largest consumer broadband provider • Unilever | ice cream division to be named The Magnum Ice Cream Company • Arcadis | acquires WSP Infrastructure Engineering – at current share price trading at highly attractive level

Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

By Daniel Hellberg

  • Q424 revenue growth & EBITDA margin both improved noticeably vs Q324 
  • Additionally, ZTO gave FY25 parcel volume guidance that implies an acceleration of growth
  • But “key” change in revenue mix is crushing cash returns (Q424 OpCF down -28% Y/Y)

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Mar 21
0

Daily Brief Industrials: Hanwha Aerospace, Watsco Inc, Arcadis NV, ZTO Express Cayman and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Hanwha Aerospace’s Monster Raise: Checking Key Angles
  • Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)
  • Watsco: Air Apparent – [Business Breakdowns, EP.209]
  • What’s New(s) in Amsterdam – 20 March (KPN | Unilever | Arcadis)
  • Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

Hanwha Aerospace’s Monster Raise: Checking Key Angles

By Sanghyun Park

  • Market sees this as an M&A play, not just de-leveraging. Sentiment’s split, and despite a tight discount, uncertainty on take-up could spark major dislocations in stock and rights.
  • Hanwha’s ₩3.6T raise drops just a week after Samsung SDI’s ₩2T—₩5.5T back-to-back. Absorption looks brutal, setting up serious volatility and prime trading opps if liquidity tightens.
  • The FSC fast-tracked this, flagging it instantly but also hinting approval. With regulator risk off, any cash market snapback tomorrow should stay in check.

Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

By Douglas Kim

  • Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.
  • We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.
  • It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector. 

Watsco: Air Apparent – [Business Breakdowns, EP.209]

By Business Breakdowns

  • Watsco is North America’s largest distributor of HVAC equipment, serving as a crucial link between manufacturers and contractors.
  • They offer a wide range of equipment and parts, technical expertise, and value-added services to their contractor customers.
  • Watsco’s transformation from manufacturer to distributor in 1989 led to significant growth, with consistent annualized shareholder returns over the years.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

What’s New(s) in Amsterdam – 20 March (KPN | Unilever | Arcadis)

By The IDEA!

  • In this edition: • KPN | has overtaken VodafoneZiggo as the largest consumer broadband provider • Unilever | ice cream division to be named The Magnum Ice Cream Company • Arcadis | acquires WSP Infrastructure Engineering – at current share price trading at highly attractive level

Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

By Daniel Hellberg

  • Q424 revenue growth & EBITDA margin both improved noticeably vs Q324 
  • Additionally, ZTO gave FY25 parcel volume guidance that implies an acceleration of growth
  • But “key” change in revenue mix is crushing cash returns (Q424 OpCF down -28% Y/Y)

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Mar 21
0

Daily Brief Utilities: ENN Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • ENN Energy (2688 HK): Third Party Offer?

ENN Energy (2688 HK): Third Party Offer?

By David Blennerhassett

  • ENN Energy (2688 HK), a major clean energy distributor based in China, is currently suspended pursuant to the Takeovers Code
  • The largest shareholder is ENN Group (34.28% of shares out), an entity controlled by founder Wang Yusuo and his wife, Zhao Baoju. 
  • ENN Energy is a US$8.5bn market cap company. It’s possible ENN Group make an Offer. But more likely, I’d expect an Offer from a (larger) third party.

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Mar 21
0

Daily Brief Energy/Materials: Idemitsu Kosan, Shandong Weifang Rainbow Chemi, Dropsuite Ltd, Rio Tinto Ltd, Gold, Ambuja Cements, Chevron Corp, Nmdc Ltd, SGX Rubber Future TSR20, KEFI Minerals PLC and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Idemitsu (5019) – Buyback Announced, Executed, To Be Executed Again; Pressure & Timing
  • Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: US$1.4bn Total One-Way Flows; Basket Trade Idea
  • Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity
  • Rio Tinto Dual-Listed Company (DLC) Unification Analysis
  • How high gold prices are fueling a chocolate shortage
  • The Beat Ideas: Adani Cements:  Massive 140 MTPA Capacity Expansion, A Roadmap to FY28
  • [Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs
  • NMDC: Proxy to Rising Steel Demand with a High Dividend Yield.
  • Weather, Tapper Shortage Weigh Down Malaysia NR Production
  • KEFI Gold and Copper — New beginnings

Idemitsu (5019) – Buyback Announced, Executed, To Be Executed Again; Pressure & Timing

By Travis Lundy

  • In February, Idemitsu Kosan (5019 JP) announced a new buyback to start when the then-existing one had not yet been completed. This is a pattern the last few years.
  • On Tuesday, Idemitsu announced the method. Shareholder structure means there is pressure here, and its major peer sees buyback pressure drop imminently. 
  • Be aware of tilts and timing, and what might come in May.

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: US$1.4bn Total One-Way Flows; Basket Trade Idea

By Janaghan Jeyakumar, CFA

  • The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
  • The ChiNext 50 index is a subset of the ChiNext index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
  • We see 9 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event in June 2025.

Dropsuite (DSE AU): Topline Selling Is A Buying Opportunity

By David Blennerhassett

  • Back on the 28th January, Dropsuite Ltd (DSE AU), a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
  • NinjaOne’s A$5.90/share Offer was a 34.1% premium to last close. The Offer has the backing of Dropsuite’s largest shareholder, Topline Capital (31%). Board & management hold a further 9%. 
  • Done & dusted no? Then Topline sold down to 19.7% on the 28th Jan, then 10.5% on the 28th Feb. The Takeover Panel now orders Topline to stop selling. 

Rio Tinto Dual-Listed Company (DLC) Unification Analysis

By Jesus Rodriguez Aguilar

  • Unification could unlock $27-32B in value, driven by cost synergies, franking credit release, and index upweighting, enhancing Rio Tinto’s market positioning and shareholder returns.
  • $2.88B in franking credits are lost annually due to the DLC structure; unification enables full utilization via higher franked dividends and strategic off-market buybacks.
  • Increased ASX200 and FTSE100 weighting post-unification could drive $5-7B in passive fund inflows, improving liquidity, stock valuation, and institutional investor appeal.

How high gold prices are fueling a chocolate shortage

By Behind the Money

  • Surging demand for gold is leading to unexpected consequences in Ghana
  • The gold industry is impacting cocoa production and causing environmental destruction
  • Some individuals are turning to illegal gold mining out of necessity due to economic pressures

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Beat Ideas: Adani Cements:  Massive 140 MTPA Capacity Expansion, A Roadmap to FY28

By Sudarshan Bhandari

  • Ambuja Cements (ACEM IN), established in 1983 by traders Narotam Sekhsaria and Suresh Neotia, leveraged strategic foresight to become a premier Indian cement giant within the diversified Adani Group.
  • In 2022, Adani acquired Ambuja Cement at INR 385/share, valuing it at INR 49,620 crore ($6.4 billion), at EBITDA/ton levels (INR900-INR1,000) similar to the company’s current performance.
  • Ambuja Cement is strategically positioned to achieve a substantial 44% increase in its cement production capacity by FY28, reaching a total of 140 MTPA from the current 97 MTPA.

[Earnings Review] Chevron Missed Expectations Due to Low Margins and High Costs

By Suhas Reddy

  • Chevron’s 2024 revenue rose 0.9% YoY, beating estimates by 4.7%, but EPS fell 23.5%, missing estimates by 1.2%. The downstream segment reported its first loss since 2020.
  • Chevron’s Q4 production fell 1.2% YoY but 2024 output hit a record, with global and U.S. production up 7% and 19% YoY, driven by growth in the Permian.
  • Chevron raised its quarterly dividend by 5% to USD 1.71/share and reaffirmed plans to generate USD 10 billion in free cash flow over two years.

NMDC: Proxy to Rising Steel Demand with a High Dividend Yield.

By Rahul Jain

  • NMDC has aggressive growth plans to double its output over the next 5-6 years. Near-term guidance is also strong with plans to grow at >10% in FY26.
  • New levies, delays in execution and lacklustre pricing outlook remain a key concern. However, well-aligned to surging demand from steadily growing domestic steel industry.
  • Valuations: Trades at 9x TTM PE which is a slight premium to 5 yr average. Stock offers about 4-5% dividend yield and has payout ratio of >30% provides downside support. 

Weather, Tapper Shortage Weigh Down Malaysia NR Production

By Vinod Nedumudy

  • China accounts for 43.6% of total Malaysian NR exports in Jan
  • Recovery and Rubber Production Enhancement Plan launched
  • Risda may become sole purchaser of smallholder rubber

KEFI Gold and Copper — New beginnings

By Edison Investment Research

Having required KEFI to work through regulatory overhauls and security threats, its host countries have now taken the brakes off, with the result that KEFI is launching its projects with a serendipitous tailwind of high metal prices. Major banks are signing up for Tulu Kapi in Ethiopia, with board ratification by Africa Finance Corporation following TDB last year. As such, project finance and other preparations are coming together for launch in Q225. In the meantime, KEFI has announced a JV today between its Saudi Arabian vehicle, GMCO, its local conglomerate partner ARTAR and Australian major Hancock. The JV focuses on a 900km2 major mineral belt 50km east and parallel to the analogous belt where GMCO has already discovered one of the world’s top 10% VMS deposits. This follows KEFI announcing material mineral resource upgrades at the Hawiah and Al Godeyer VMS deposits and at Jibal Qutman (gold) recently. As such, KEFI’s projects in both Ethiopia and Saudi Arabia are advancing apace.

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Mar 21
0

Daily Brief TMT/Internet: BASE Inc, Bestechnic Shanghai , Intel Corp, CoreWeave, NVIDIA Corp, Micron Technology, Toyota Motor, Kuaishou Technology, Softbank Group, UL Solutions Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Boss Maki Goes Hard on Base (4477) – Interesting Situation
  • Quiddity Leaderboard STAR 50/100 Jun25: ~US$1bn+ One-Way; Multiple Changes and Conviction Levels
  • Intel. Mr. Tan’s Greatest Challenge Is Not Process Or Foundry Leadership. It’s Something Far Bigger
  • CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO
  • NVDA’s ‘Quantum Day’ Fails to Live up to the Hype. Micron Beats, and Softbank Acquires Ampere.
  • Micron 2QF25 Earnings Call Positive, But Tread with Caution
  • Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.
  • Kuaishou Earnings: Options Market Expectations and Post-Earnings Trends
  • Lucror Analytics – Morning Views Asia
  • UL Solutions CEO: Evolving Safety Testing, AI, and Consumer Protection

Boss Maki Goes Hard on Base (4477) – Interesting Situation

By Travis Lundy

  • Melco Holdings (6676 JP) chairman Hiroyuki MAKI bought up a 14% stake in BASE Inc (4477 JP) in just under two weeks. It was done quite transparently. He announced daily.
  • He wants to get to 30% in a Tender Offer. The method, approach, lack of transparency, and similarity to previous situations where he invested has the company wary. 
  • This looks like a Poison Pill case in the offing. It WAS a cheap stock. It is not expensive now. But it is not clear what the endgame is here.

Quiddity Leaderboard STAR 50/100 Jun25: ~US$1bn+ One-Way; Multiple Changes and Conviction Levels

By Janaghan Jeyakumar, CFA

  • STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
  • STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
  • In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.

Intel. Mr. Tan’s Greatest Challenge Is Not Process Or Foundry Leadership. It’s Something Far Bigger

By William Keating

  • Whether Intel can achieve Process or Foundry leadership in a credible timeframe is something Mr. Tan has relatively little control over in the short term.
  • His most pressing challenge will be to address the corporate culture of entitlement that’s rife throughout the company, starting with the BoD
  • Measure his success by the number of high profile resignations we see in the coming months. Those who created Intel’s problems cannot be the ones to fix them. 

CoreWeave (CRWV): Valuation, Cash Raise Lighter than Expected as Company Pushes Ahead with IPO

By IPO Boutique

  • CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. 
  • Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.
  • The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. 

NVDA’s ‘Quantum Day’ Fails to Live up to the Hype. Micron Beats, and Softbank Acquires Ampere.

By Andrew Jackson

  • Huang throws cold water on a potential TSMC led deal for INTC fab business, saying he ‘wasn’t invited’ to any discussions. 
  • Micron guidance beats consensus which should be a positive for related names such as Micronics. 
  • CoWoS and advanced packing maker Shibaura Mechtronics raised guidance on Wednesday ahead of street, yet stock still trading around recent lows points to further upside.

Micron 2QF25 Earnings Call Positive, But Tread with Caution

By Jim Handy

  • Micron’s strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company’s business.
  • This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx
  • Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures

Tech Supply Chain Tracker (21-Mar-2025): Taiwan server revenue forecast 2025.

By Tech Supply Chain Tracker

  • Taiwan server revenue and shipment forecast for 2025 is expected to increase, reflecting growth in the IT industry.
  • Japanese government plans to invest $1 billion in Space Strategy Fund projects, highlighting a push for innovation and exploration in the aerospace sector.
  • SoftBank’s $6.5B Ampere acquisition is a strategic move in the AI chip market with Arm, positioning the company for future technological advancements.

Kuaishou Earnings: Options Market Expectations and Post-Earnings Trends

By John Ley

  • A detailed analysis of the earnings implied jump in Kuaishou options compared to historical outcomes.
  • Pre- and post-earnings price movements are examined to assess directional tendencies and magnitude.
  • We find that returns heading into and after earnings have shown a strong bias.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
  • In the US, the FOMC has unanimously voted to maintain the Fed Funds target rate unchanged at 4.25-4.50%, in line with market expectations. In its statement, the FOMC noted that “uncertainty around the economic outlook has increased”, removing previous language that the risks to achieving employment and inflation goals are “roughly in balance”.
  • Meanwhile, the Fed dot plot showed that the US central bank’s officials continue to see a median of two 25-bp rate cuts in 2025, two cuts in 2026 and one in 2027, with the long-run Fed funds rate unchanged at 3.0%.

UL Solutions CEO: Evolving Safety Testing, AI, and Consumer Protection

By In Good Company with Nicolai Tangen

  • Offer software and advisory services to B2C customers to improve their product usage
  • Conduct various extreme tests in labs to ensure product safety, including testing for AI integration and changing technology
  • The US is the most highly regulated market for testing products, with third party testing often required

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Mar 21
0

Daily Brief Health Care: Adaptimmune Therapeutics , Longeveron , Monogram Orthopaedics and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • ADAP: 4Q24 Business Update
  • LGVN: Alzheimer’s Treatment Gets Positive News from FDA
  • MGRM: Monogram receives clearance from the FDA on its 510(k) submission for its mB s TKA System. The company can now move forward with upgrades to the system and begin the commercialization process.

ADAP: 4Q24 Business Update

By Zacks Small Cap Research

  • Zacks Small-Cap Research Note for Adaptimmune Therapeutics plc (ADAP)

LGVN: Alzheimer’s Treatment Gets Positive News from FDA

By Zacks Small Cap Research

  • Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
  • The company announced that it had a positive meeting with the FDA regarding the testing of Lomecel-B for the treatment of Alzheimer’s.
  • The end result is the testing and approval process could be accelerated.

MGRM: Monogram receives clearance from the FDA on its 510(k) submission for its mB s TKA System. The company can now move forward with upgrades to the system and begin the commercialization process.

By Zacks Small Cap Research

  • Monogram Technologies (NASDAQ: MGRM) is a medical device company developing a product solution architecture to enable patient-optimized orthopedic implants at scale by linking 3D printing and robotics with advanced pre-operative imaging.
  • On 5/17/25, the company received clearance from the FDA on its 510(k) submission for its mB s TKA System.
  • The first live in patient surgery OUS is expected in early 2025.

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Mar 21
0

Daily Brief Financials: Bajaj Finance Ltd, NIFTY Index, Link REIT, Digital Realty Trust, EAAA India Alternatives Ltd, H&T Group Plc and more

By | Daily Briefs, Financials

In today’s briefing:

  • Bajaj Finance (BAF): Robust Growth in Place
  • Central Banks Hold Steady Amid Global Economic Uncertainty
  • Link REIT (823 HK)
  • Asia Real Estate Tracker (20-Mar-2025): Digital Realty enters Indonesia market with Bersama.
  • EAAA India Pre-IPO – Quality Management Fee Stream but Future AUM Raising Could Be Difficult
  • H&T (HAT) – 2024 results: reasons to be cheerful 1, 2, 3, 4 and 5

Bajaj Finance (BAF): Robust Growth in Place

By Ankit Agrawal, CFA

  • Bajaj Finance Ltd (“BAF”) reported a strong Q3FY25 led by good volume growth and AUM growth. It saw highest ever new loans at 12.06mm. AUM growth was INR 24119cr. 
  • Despite elevated credit costs for peers, BAF has been relatively insulated and reported steady asset quality. ROA and Opex were also steady at around 4.5% and 33%, respectively.
  • In line with BAF’s long-range strategy, BAF is increasingly adopting AI to improve productivity. As part of this, BAF unveiled a BFL 3.0 FINAI company.

Central Banks Hold Steady Amid Global Economic Uncertainty

By Gaudenz Schneider

  • Central banks globally are making rate decisions, with the Fed holding steady while Sweden, Switzerland, Taiwan, and the UK announce their decisions today.
  • Mexico and Canada are central banks to watch, with Fitch forecasting both economies to enter recession in 2025 due to their high US trade exposure.
  • The US’s global reciprocal tariffs, set to be revealed on April 2, have significant implications for the global economy, with the potential to influence central bank policies worldwide.

Link REIT (823 HK)

By Michael Fritzell

  • The largest REIT in Asia, with enough liquidity for most funds. Has a great set of neighborhood malls across Hong Kong enjoying recurring income from food & beverage, restaurants, etc
  • Suffered during the COVID-19 pandemic but DPU has started growing again. Rights issue a misstep but the leverage is now acceptable. New Blackrock CIO bodes well for M&A. 
  • REIT trades at 7% yield vs 4% historically. Essentially an interest rate bet. Will probably be included in the Stock Connect program soon, expect an announcement on 19 April. 

Asia Real Estate Tracker (20-Mar-2025): Digital Realty enters Indonesia market with Bersama.

By Asia Real Estate Tracker

  • Digital Realty partners with Bersama to enter Indonesia’s data center market, expanding their global presence in the industry.
  • Leading firms KKR, Gaw, and Alyssa highlight favorable macroeconomic factors driving growth in Japan’s multi-family sector on MTD TV.
  • Singapore’s largest REIT, CapitaLand, undergoes a leadership reshuffle with the appointment of a new CEO to drive strategic initiatives.

EAAA India Pre-IPO – Quality Management Fee Stream but Future AUM Raising Could Be Difficult

By Nicholas Tan

  • EAAA India Alternatives Ltd (1619210D IN)  is planning to raise about US$177m through its upcoming India IPO.
  • It is one of the leading alternatives platforms in India, with AUM of INR 572.62bn (US$6.63bn), as of 9M24, amassing 15 years of experience.
  • In this note, we look at the firm’s past performance.

H&T (HAT) – 2024 results: reasons to be cheerful 1, 2, 3, 4 and 5

By Hardman & Co

  • H&T’s 2024 results were reassuringly in line with expectations, delivering 10% PBT growth, with the pledge book capital value up 26%, retail sales up 27% and forex profits up 11%.
  • The outlook remains positive, with i) strong demand in the core pawnbroking business where H&T is taking share and may have increasing acquisition opportunities, ii) consumer trends favouring its multi-channel, value-for-money, new and used product retail offering, iii) an expanding range of currencies helping forex growth, iv) a continued high gold price, and v) growth in store numbers helping all product lines.
  • Economies of increasing scale will help mitigate cost growth that is outside management control.

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Mar 20
0

Daily Brief Quantitative Analysis: KRX Short Interest Weekly (Mar 14th): Skc and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • KRX Short Interest Weekly (Mar 14th): Skc, Korea Aerospace

KRX Short Interest Weekly (Mar 14th): Skc, Korea Aerospace

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of KRX stocks as of Mar 14th which has an aggregated short interest worth USD3.6bn.
  • 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 Skc (011790 KS), Korea Aerospace (047810 KS).

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Mar 20
0

Daily Brief ECM: Judo Capital Placement – Clean up but past Deal Didn’t Do Well and more

By | Daily Briefs, ECM

In today’s briefing:

  • Judo Capital Placement – Clean up but past Deal Didn’t Do Well
  • Anthem Biosciences Pre-IPO – The Negatives- Margins Aren’t There Yet
  • DN Solutions Pre-IPO – The Negatives – Stagnant Volumes

Judo Capital Placement – Clean up but past Deal Didn’t Do Well

By Nicholas Tan

  • Bain and GIC looking to raise US$130m by selling their remaining stake in Judo Capital (JDO AU).
  • The deal will be a large one to digest at 30.8 days of the stock’s three month ADV, representing 9.2% of its shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Anthem Biosciences Pre-IPO – The Negatives- Margins Aren’t There Yet

By Akshat Shah

  • Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
  • Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
  • In this note, we talk about the not-so-positive aspects of the deal.

DN Solutions Pre-IPO – The Negatives – Stagnant Volumes

By Sumeet Singh

  • DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
  • DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
  • In this note, we talk about the not-so-positive aspects of the deal.

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Mar 20
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • Xiaomi Corp – Earnings Flash – FY 2024 Results – Lucror Analytics

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Yuexiu REIT, Cikarang Listrindo, Nickel Industries
  • In the US, the import price index rose 0.4% m-o-m (0.0% e / 0.4% revised p) in February. Separately, industrial production came in above estimates at 0.7% m-o-m (0.2% e / 0.3% revised p), with capacity utilisation up at 78.2% (77.8% e / 77.7% revised p).
  • Meanwhile, housing starts grew 11.2% m-o-m (1.4% e / -11.5% p) in February to 1.50 mn units, rebounding from the decline in January, which had been driven by cold weather. The February (preliminary) building permits fell 1.2% m-o-m (-1.4% e / -0.6% p) to 1.46 mn units.

Xiaomi Corp – Earnings Flash – FY 2024 Results – Lucror Analytics

By Trung Nguyen

  • Xiaomi Corp has released FY 2024 numbers that were excellent in our view, with record revenue, profitability and market share gains.
  • The company’s growth was driven by solid performance in the Smartphone x Artificial Intelligence of Things segment and rapid expansion of the Smart Electric Vehicle (EV) business.
  • While short-term challenges persist, particularly in the EV segment, Xiaomi’s long-term growth trajectory appears robust.

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