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Smartkarma Daily Briefs

Apr 25
0

Daily Brief Industrials: Keisei Electric Railway Co, Kcc Corp, Nidec Corp, Evergreen Marine Corp, RELX PLC and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Keisei (9009): Connecting Narita and Tokyo
  • KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023
  • Nidec (6594) | Remain Cautious Despite Bullish Guidance
  • TRACKING TRAFFIC/Container Shipping: Momentum Bottomed | Shares Stabilized | Focus on May News
  • RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers

Keisei (9009): Connecting Narita and Tokyo

By Henry Soediarko

  • Japan’s tourism scene is back in action albeit still missing a contribution from China.
  • On-The-Ground research in Japan has confirmed the above point and the crowded Narita airport.
  • Keisei Electric Railway Co (9009 JP)operates Skyliner which connects Narita Airport to downtown Tokyo. 

KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023

By Douglas Kim

  • On 24 April, KCC Corp announced that it plans to IPO its subsidiary Momentive Performance Materials Inc. in the US stock market as early as 2023.
  • In 2021, KCC raised its stake in MOM Holding from 50% + 1 share to 60%. Momentive EBITDA increased from $300 million in 2018 to $450 million in 2022.
  • Our valuation of KCC Corp suggests an NAV of 3.1 trillion won (post 50% discount) or NAV per share of 347,633 won per share, representing 49% higher than current price.

Nidec (6594) | Remain Cautious Despite Bullish Guidance

By Mark Chadwick

  • NIdec’s full year FY3/23 operating profit declined 41% to Y100b, far short of analyst estimates
  • However, FY3/24 corporate guidance for Y220b in operating profit is very bullish and assumes a V-shaped recovery in margins
  • Given the macro outlook and lack of clarity on the restructuring charges, we prefer to remain cautious. 

TRACKING TRAFFIC/Container Shipping: Momentum Bottomed | Shares Stabilized | Focus on May News

By Daniel Hellberg

  • Our measures of momentum and profitability suggest industry bottomed in Q1 2023
  • In addition, shares of container shipping stocks have stopped reacting to (plentiful) bad news
  • Outcome of ongoing rate negotiations and Q1 earnings calls will drive near-term performance

RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers

By Baptista Research

  • RELX generated a decent financial performance in its last result and its underlying revenue increased by 9%.
  • RELX anticipates that underlying revenue growth will continue to exceed historical patterns, with adjusted operating profit growth exceeding underlying sales growth.
  • All four business segments expanded well, with underlying adjusted operating profit growth exceeding sales growth.

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Apr 25
0

Daily Brief Industrials: Keisei Electric Railway Co, Kcc Corp, Nidec Corp, Evergreen Marine Corp, RELX PLC and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Keisei (9009): Connecting Narita and Tokyo
  • KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023
  • Nidec (6594) | Remain Cautious Despite Bullish Guidance
  • TRACKING TRAFFIC/Container Shipping: Momentum Bottomed | Shares Stabilized | Focus on May News
  • RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers

Keisei (9009): Connecting Narita and Tokyo

By Henry Soediarko

  • Japan’s tourism scene is back in action albeit still missing a contribution from China.
  • On-The-Ground research in Japan has confirmed the above point and the crowded Narita airport.
  • Keisei Electric Railway Co (9009 JP)operates Skyliner which connects Narita Airport to downtown Tokyo. 

KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023

By Douglas Kim

  • On 24 April, KCC Corp announced that it plans to IPO its subsidiary Momentive Performance Materials Inc. in the US stock market as early as 2023.
  • In 2021, KCC raised its stake in MOM Holding from 50% + 1 share to 60%. Momentive EBITDA increased from $300 million in 2018 to $450 million in 2022.
  • Our valuation of KCC Corp suggests an NAV of 3.1 trillion won (post 50% discount) or NAV per share of 347,633 won per share, representing 49% higher than current price.

Nidec (6594) | Remain Cautious Despite Bullish Guidance

By Mark Chadwick

  • NIdec’s full year FY3/23 operating profit declined 41% to Y100b, far short of analyst estimates
  • However, FY3/24 corporate guidance for Y220b in operating profit is very bullish and assumes a V-shaped recovery in margins
  • Given the macro outlook and lack of clarity on the restructuring charges, we prefer to remain cautious. 

TRACKING TRAFFIC/Container Shipping: Momentum Bottomed | Shares Stabilized | Focus on May News

By Daniel Hellberg

  • Our measures of momentum and profitability suggest industry bottomed in Q1 2023
  • In addition, shares of container shipping stocks have stopped reacting to (plentiful) bad news
  • Outcome of ongoing rate negotiations and Q1 earnings calls will drive near-term performance

RELX PLC: What Gives The Company Its Competitive Edge? – Key Drivers

By Baptista Research

  • RELX generated a decent financial performance in its last result and its underlying revenue increased by 9%.
  • RELX anticipates that underlying revenue growth will continue to exceed historical patterns, with adjusted operating profit growth exceeding underlying sales growth.
  • All four business segments expanded well, with underlying adjusted operating profit growth exceeding sales growth.

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Apr 25
0

Daily Brief Health Care: IHH Healthcare, Shockwave Medical Inc, Hangzhou Tigermed Consulting (H), Cooper Cos, Henry Schein, Mettler Toledo International Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon
  • Shockwave Medical Inc (SWAV US): Initial Thought on Takeover Talk and Probable Pricing
  • Hangzhou Tigermed Consulting (3347HK)-Turning Point Emerge, Followed by Sharp Decline in Performance
  • Cooper Companies Inc: Reaping The Fruits Of Myopia Management – Key Drivers
  • Henry Schein Inc.: Initiation Of Coverage – Dental Sales Decline: A Temporary Setback or a Long-Term Problem? – Key Drivers
  • Mettler-Toledo International Inc.: Continued Lab Growth

IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

By Tina Banerjee

  • IHH Healthcare (IHH MK) reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  
  • In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for Fortis Healthcare (FORH IN) to acquire 26.1% stake after obtaining court permission.
  • IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.

Shockwave Medical Inc (SWAV US): Initial Thought on Takeover Talk and Probable Pricing

By Tina Banerjee

  • Shockwave Medical Inc (SWAV US) is reportedly drawing takeover interest from Boston Scientific. Shockwave can potentially be one of Boston Scientific’s largest ever acquisitions. Probable pricing still offers upside potential.
  • Shockwave has an addressable market opportunity of $8.5 billion. The company has guided for 2023 revenue of $660–680 million, which represents 35–39% YoY growth.
  • Addition of Shockwave will bolster Boston Scientific’s cardiovascular portfolio. No official announcement has been made by any of the companies. There is no certainty they will lead to a deal.

Hangzhou Tigermed Consulting (3347HK)-Turning Point Emerge, Followed by Sharp Decline in Performance

By Xinyao (Criss) Wang

  • Tigermed’s revenue growth in 2021/2022 would have been pessimistic if it were not for the large COVID-19 orders, which makes us worried about the Company’s future growth in post-COVID era.
  • Profit margin could further decline due to increasing labor cost. Highly volatile financial profit would lead to more ugly profit performance. Higher domestic revenue proportion would limit future growth space.
  • The year 2022 marked a turning point in Tigermed’s performance. Its subsequent growth shows a downward trend.We think its valuation should be lower than WuXi AppTec, with more downside ahead. 

Cooper Companies Inc: Reaping The Fruits Of Myopia Management – Key Drivers

By Baptista Research

  • Cooper Companies had impressive Q3 results for both its CooperVision and CooperSurgical divisions and managed an all-around beat.
  • CooperVision experienced strong and diversified growth in all product categories, with its Daily Silicone hydrogel portfolio and myopia management products leading the way.
  • The company’s growth in the myopia management market has been strong, with revenues up 42%, and it remains a market leader with its FDA-approved MiSight product.

Henry Schein Inc.: Initiation Of Coverage – Dental Sales Decline: A Temporary Setback or a Long-Term Problem? – Key Drivers

By Baptista Research

  • Henry Schein had a successful quarter, generating $3.4 billion in net sales and managing to surpass the revenue expectations of Wall Street.
  • The company achieved an operating margin of 7.27%, which is an 18 basis point increase from the prior year’s GAAP operating margin, despite experiencing a decline in sales of PPE and COVID-19-related products due to pricing volatility.
  • Although global dental sales declined by 3.1%, with LCI sales down 0.3%, LCI sales growth, except for COVID-19-related products and PPE, was 3.5%.

Mettler-Toledo International Inc.: Continued Lab Growth

By Baptista Research

  • Mettler-Toledo experienced robust growth in most product lines and regions during Q3, particularly in the Lab business, resulting in a successful quarter which happened to be an all-around beat.
  • While Product Inspection witnessed a 13% increase in sales during the quarter, Food Retail sales decreased by 19%.
  • To capture growth and market share in its Lab business, Mettler has accelerated their digital transformation in sales and marketing and sharpened their focus on the most attractive market segments.

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Apr 25
0

Daily Brief ECM: Rakuten Bank (5838 JP): Premium Growth Neobank Still Trading at Attractive Valuations and more

By | Daily Briefs, ECM

In today’s briefing:

  • Rakuten Bank (5838 JP): Premium Growth Neobank Still Trading at Attractive Valuations
  • KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023
  • JD.com Inc: Proposed Acquisition of Deppon Logistics Co & Other Drivers
  • JD Property Pre-IPO – The Negatives – Unprofitable Without FV Gain. Gearing Could Limit Growth Plans
  • Morgan Stanley: Initiation Of Coverage – A Series Of Synergistic Acquisitions & Other Drivers
  • Box Inc: Benefitting From The Hybrid Work Era With Phenomenal Retention – Key Drivers
  • Sabre Corp: Leveraging The Global Travel Recovery? – Key Drivers
  • Cooper Companies Inc: Reaping The Fruits Of Myopia Management – Key Drivers
  • Henry Schein Inc.: Initiation Of Coverage – Dental Sales Decline: A Temporary Setback or a Long-Term Problem? – Key Drivers
  • Mettler-Toledo International Inc.: Continued Lab Growth

Rakuten Bank (5838 JP): Premium Growth Neobank Still Trading at Attractive Valuations

By Victor Galliano

  • The sharp run-up in the share price since its IPO does not, in our view, mean that Rakuten Bank’s rally is done; there is further fundamental justification for a re-rating
  • Rakuten Bank trades on a LTM PE multiple of 14.4x, LTM PBV ratio of 1.6x and an ROE of 13.2%, which is the best return of our neobank peers
  • Relative to its peer group, Rakuten Bank has premium long-run growth prospects; conservatively estimating Rakuten Bank’s growth (8% pa), implies a PEG ratio in the range of 1.2x to 1.3x

KCC: Plans to IPO Its Subsidiary Momentive Performance Materials in the US as Early as 2023

By Douglas Kim

  • On 24 April, KCC Corp announced that it plans to IPO its subsidiary Momentive Performance Materials Inc. in the US stock market as early as 2023.
  • In 2021, KCC raised its stake in MOM Holding from 50% + 1 share to 60%. Momentive EBITDA increased from $300 million in 2018 to $450 million in 2022.
  • Our valuation of KCC Corp suggests an NAV of 3.1 trillion won (post 50% discount) or NAV per share of 347,633 won per share, representing 49% higher than current price.

JD.com Inc: Proposed Acquisition of Deppon Logistics Co & Other Drivers

By Baptista Research

  • JD.com had a successful year in 2022, achieving high-quality growth and surpassing 1 trillion RMB in full-year revenues for the first time.
  • Despite external challenges, the company was able to maintain high-quality operations and record the highest-ever profitability for the year.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

JD Property Pre-IPO – The Negatives – Unprofitable Without FV Gain. Gearing Could Limit Growth Plans

By Clarence Chu

  • Jingdong Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
  • JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
  • In this note, we will talk about the not so positive aspects of the deal.

Morgan Stanley: Initiation Of Coverage – A Series Of Synergistic Acquisitions & Other Drivers

By Baptista Research

  • Despite a more difficult environment, Morgan Stanley had a strong quarter and managed an all-around beat.
  • The merging of Eaton Vance and E-Trade increased the company’s potential to gain new clients, increase assets, and support its stability.
  • We initiate coverage on Morgan Stanley with a ‘Hold’ rating with a revised target price.

Box Inc: Benefitting From The Hybrid Work Era With Phenomenal Retention – Key Drivers

By Baptista Research

  • Box had a successful third quarter and delivered an all-around beat with accelerating revenue growth, an operating margin of 21%, and RPO growth of 25%.
  • Box’s net retention rate was 109%, with 97 deals over $100,000 and a 63% attach rate of Suites over $100,000 in the quarter.
  • Box is seeing early success in customer adoption and use of Box Sign, with leading organizations replacing their incumbent signature solutions with Box Sign.

Sabre Corp: Leveraging The Global Travel Recovery? – Key Drivers

By Baptista Research

  • Sabre had a challenging Q3 and failed to meet the revenue expectations of Wall Street while delivering wider-than-expected losses.
  • Sabre generated total revenue of $441 million in the quarter, a substantial improvement compared to $278 million in Q3 2020.
  • The distribution revenue of Sabre increased by $140 million year-on-year, and the IT Solutions revenue increased to $145 million in Q3.

Cooper Companies Inc: Reaping The Fruits Of Myopia Management – Key Drivers

By Baptista Research

  • Cooper Companies had impressive Q3 results for both its CooperVision and CooperSurgical divisions and managed an all-around beat.
  • CooperVision experienced strong and diversified growth in all product categories, with its Daily Silicone hydrogel portfolio and myopia management products leading the way.
  • The company’s growth in the myopia management market has been strong, with revenues up 42%, and it remains a market leader with its FDA-approved MiSight product.

Henry Schein Inc.: Initiation Of Coverage – Dental Sales Decline: A Temporary Setback or a Long-Term Problem? – Key Drivers

By Baptista Research

  • Henry Schein had a successful quarter, generating $3.4 billion in net sales and managing to surpass the revenue expectations of Wall Street.
  • The company achieved an operating margin of 7.27%, which is an 18 basis point increase from the prior year’s GAAP operating margin, despite experiencing a decline in sales of PPE and COVID-19-related products due to pricing volatility.
  • Although global dental sales declined by 3.1%, with LCI sales down 0.3%, LCI sales growth, except for COVID-19-related products and PPE, was 3.5%.

Mettler-Toledo International Inc.: Continued Lab Growth

By Baptista Research

  • Mettler-Toledo experienced robust growth in most product lines and regions during Q3, particularly in the Lab business, resulting in a successful quarter which happened to be an all-around beat.
  • While Product Inspection witnessed a 13% increase in sales during the quarter, Food Retail sales decreased by 19%.
  • To capture growth and market share in its Lab business, Mettler has accelerated their digital transformation in sales and marketing and sharpened their focus on the most attractive market segments.

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Apr 25
0

Daily Brief ESG: Tata Steel – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Tata Steel – ESG Report – Lucror Analytics

Tata Steel – ESG Report – Lucror Analytics

By Trung Nguyen

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We view Tata Steel’s ESG as “Adequate”, in line with the “Adequate” Social and Governance pillars. The company has a “Strong” Environmental score. Controversies are “Immaterial” and Disclosure is “Adequate”.

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Apr 25
0

Daily Brief Private Markets: Kujiale: 3D Design Platform for Home Décor and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Kujiale: 3D Design Platform for Home Décor
  • PICO: Leader in Chinese XR Market

Kujiale: 3D Design Platform for Home Décor

By Shifara Samsudeen, ACMA, CGMA

  • Founded in 2011, Kujiale (1716974D CH)  is a Chinese technology company that provides a 3D design and visualization platform for home decoration and furniture.
  • The company’s AR/VR tech platform allows users to generate design sketches to decorate and furnish their homes, as well as providing information and networking services on home design.
  • The company’s parent Manycore is the largest residential interior DDC cloud-based software provider (Kujiale is the flagship product offered by Manycore) with a market share of 56.5% in 2020.

PICO: Leader in Chinese XR Market

By Shifara Samsudeen, ACMA, CGMA

  • Pico Technology (1870309D CH)  is a Virtual Reality (VR) / Extended reality (XR) technology company that develops and sells VR glasses and comprehensive XR solutions.
  • The company is the market leader in the XR market in China and has a global presence. It was acquired by ByteDance in 2021.
  • PICO is a company to watch for in the VR/XR segment given it operates in a growing market and has already established itself as a prominent player in this space.

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Apr 25
0

Daily Brief Technical Analysis: Tencent Second Rejection – 305 Buy Zone and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Tencent Second Rejection – 305 Buy Zone

Tencent Second Rejection – 305 Buy Zone

By Thomas Schroeder

  • Tencent’s rally back to the 285 resistance saw a second rejection confirming a b-wave top and our base case call for a C wave slide to the 305 buy support.
  • Corrective structure to align with RSI low just under 30 as the buy zone. Sell volumes are on the backfoot.
  • Macro long zone remains at 305/280 to challenge the 385 bull/bear divide. Near resistance at 370.

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Apr 25
0

Daily Brief Credit: Morning Views Asia: Adani Ports & Special Economic Zone and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Adani Ports & Special Economic Zone, Hopson Development, Vedanta Resources

Morning Views Asia: Adani Ports & Special Economic Zone, Hopson Development, 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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Apr 25
0

Daily Brief Thematic (Sector/Industry): Smartkarma Webinar | High Yield Opportunities in Asia and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Smartkarma Webinar | High Yield Opportunities in Asia
  • China TMT Update(Apr.25) – 3690.HK/2150.HK/700.HK/TME: Meituan Riders in Shanwei Go on Strike
  • The Highlights : Cannabis News for the Week Ending April 21, 2023
  • Weekly Sustainable Investing Surveyor : Week Ended April 21, 2023

Smartkarma Webinar | High Yield Opportunities in Asia

By Smartkarma Research

In the next installment of our Webinar Wednesdays, we go live with Smartkarma Insight Providers, Leonard Law, CFA and Trung Nguyen, as they share their thoughts on High Yield Opportunities in Asia. From developing trends, to what to expect in the space, join us for this next installment of our #webinar Wednesdays to get the full picture.

The webinar will be hosted on Wednesday, 26 April 2023, 17:00 SGT/HKT.

Leonard Law, CFA 
Leonard Law covers a portfolio of Chinese and Indonesian high-yield corporate credits. Prior to joining Lucror in 2017, he was an Associate Analyst with Moody’s Investors Service for three years, responsible for credit analysis and research.

Trung Nguyen 
Trung Nguyen is responsible for covering high-yield companies in the Southeast Asia region. He joined Lucror in 2013 from ST Asset Management, a credit investment arm of Temasek Holdings, where he spent over six years in investment research and portfolio management.

China TMT Update(Apr.25) – 3690.HK/2150.HK/700.HK/TME: Meituan Riders in Shanwei Go on Strike

By Shawn Yang

  • 3690.HK: Meituan food delivery drivers in Shanwei go on strike over low wages (-)
  • 2150HK: Lelecha confirm to launch franchise model, targeting at Mid and South-west China(+)
  • 700 HK / TME : WeChat tests in-app music function(+)

The Highlights : Cannabis News for the Week Ending April 21, 2023

By Water Tower Research

  • Broad equity indexes remained range-bound, as the S&P 500 and the MSCI World Index ended the week -0.06% and +0.07%, respectively.
  • The S&P 500 has been stuck between 4,070 and 4,170 for the past three weeks.
  • Small caps finished slightly better, with the Russell 2000 up 0.59% from last week.

Weekly Sustainable Investing Surveyor : Week Ended April 21, 2023

By Water Tower Research

  • WTR Sustainable Index: During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&P 500 Index (down 0.1%), the Russell 2000 Index (up 0.6%), and the Nasdaq Composite Index (down 0.4%). Advanced Transportation Solutions (67.2% of the index) contributed to the index underperformance, falling 10.2%, while Energy Technology (8.3% of the index) was down 4.4% and Industrial Climate and Ag Technology was up 0.5%.
  • Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 27.6x versus 18.9x for the S&P 500.
  • Consensus estimates changes: During the week ended April 21, 2023, there were four increases (three in Energy Technology, and one in Industrial Climate and Ag Technology) 2022 revenue estimates.

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Apr 25
0

Daily Brief Crypto: Coinbase Targets Offshore Amid Falling Volumes and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Coinbase Targets Offshore Amid Falling Volumes

Coinbase Targets Offshore Amid Falling Volumes

By Kaiko

  • Last week, Coinbase received approval to operate an offshore derivatives exchange, based in Bermuda.
  • This move makes a lot of sense, particularly when looking at Coinbase’s share of total spot volumes.
  • Since the start of 2022, Coinbase’s share of volumes has almost halved, falling from 10% to 5% while Binance gained as much as 30% market share over the same time period, before losing some in the last couple of weeks with their reintroduction of fees.

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