Smartkarma Daily Briefs, Author at Smartkarma

Apr 02

Daily Brief Thematic (Sector/Industry): Intel: How It All Got Started and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Intel: How It All Got Started
GEM Weekly (31 Mar 2023): South Korea, China Macro; Baidu, PDD, Aramco, Alibaba, SK Hynix, JD.com

Intel: How It All Got Started

By William Keating

Gordon Moore, co-founder of Intel in 1968, has died at the age of 94
Arthur Rock raised $2.5 million to kick-start Intel in a single day. He did so without any formal business plan from the founding duo. He’s still alive to this day.
While Noyce was charismatic and loved the limelight, Moore was the quiet revolutionary in the background who nurtured Intel to become the most important semiconductor company on the planet

GEM Weekly (31 Mar 2023): South Korea, China Macro; Baidu, PDD, Aramco, Alibaba, SK Hynix, JD.com

By Wium Malan, CFA

The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
Macro data points:South Korean retail sales, Malaysian GDP growth expectations, Chinese PMI data.
Companies mentioned:Baidu (9888 HK), PDD Holdings Inc (PDD US), Saudi Aramco (ARAMCO AB), Alibaba Group (9988 HK), SK Hynix (000660 KS), JD.com Inc. (9618 HK)

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Apr 02

Daily Brief Equity Bottom-Up: China Healthcare Weekly (Mar.31) – 8th National VBP Result and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

China Healthcare Weekly (Mar.31) – 8th National VBP Result, Chinese Patent Medicine VBP, AIM Vaccine
Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers
Burlington Stores Inc.: Initiation of Coverage – Business Strategy & Key Drivers

China Healthcare Weekly (Mar.31) – 8th National VBP Result, Chinese Patent Medicine VBP, AIM Vaccine

By Xinyao (Criss) Wang

The 8th national VBP released results, with an average price reduction of 56%. On the whole, the peak period of the impact of VBP on pharmaceutical companies has passed.
VBP document of Chinese patent medicines was released, which would affect a market with scale of RMB300 billion. Enterprises with rich product matrices/new products can better cope with this VBP.
For AIM, we listed several key points. Since the management are more interested in short term capital gains rather than developing a superior portfolio, AIM doesn’t have long-term investment value.

Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers

By Baptista Research

This is our first report on Global Payments Inc., a financial technology company providing payment solutions and services in the U.S.
The company managed an all-around beat in its last result with a strong performance in Global Payments despite the increased global macroeconomic uncertainties.
The most significant development was that their core Issuer business once more produced sequential financial and operational improvement, in line with their expectations and the strongest results since their merger with TSYS in 2019.

Burlington Stores Inc.: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

This is our first report on Burlington Stores, Inc., one of the major off-price retailer chains in the U.S.
The company delivered a strong quarter, with sizable, consecutive improvement in its sales trends.
Comparable store sales increased by 6% and the the result was an all-around beat.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Apr 02

Daily Brief ECM: Rakuten Bank IPO: Valuation Insights and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Rakuten Bank IPO: Valuation Insights
ResMed Inc.: Initiation of Coverage – Recent Acquisitions & Other Key Drivers
Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

Rakuten Bank IPO: Valuation Insights

By Arun George

Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise up to $878m. Pricing is on 5 April and the listing is on 21 April.
We previously discussed the IPO in Rakuten Bank IPO: The Investment Case and Rakuten Bank Vs SBI Sumishin Net Bank.
In this note, we discuss valuation. Our analysis suggests that Rakuten Bank is fairly valued at the IPO price range of JPY1,630-1,960 per share. We would participate in the IPO.

ResMed Inc.: Initiation of Coverage – Recent Acquisitions & Other Key Drivers

By Baptista Research

This is our first report on ResMed, a leading medical equipment company that specializes in the treatment of sleep apnea and other respiratory disorders.
The company delivered financial results in the last quarter with revenues below par but managed an earnings beat.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

By Baptista Research

This is our first report on Quanta Services, a major provider of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries.
Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.
In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.

💡 Before it’s here, it’s on Smartkarma

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

Apr 02

Daily Brief Industrials: Toshiba Corp, Quanta Services and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba
Quanta Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

By David Blennerhassett

There are 44 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deal was discussed on Smartkarma this past week: Albemarle (ALB US)‘s Liontown Resources (LTR AU) tilt; Malteries Soufflet’s United Malt (UMG AU) Offer; Bain Capital’s Estia (EHE AU) Offer.
Key updates took place for Aag Energy Holdings (2686 HK), Toyo Construction (1890 JP), Toshiba Corp (6502 JP), andGolden Energy & Resources (GER SP).

Quanta Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Quanta Services is a key player providing infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries across the globe.
Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.
In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.

Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

By Baptista Research

This is our first report on Quanta Services, a major provider of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries.
Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.
In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.

💡 Before it’s here, it’s on Smartkarma

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

Apr 02

Daily Brief Industrials: Toshiba Corp, Quanta Services and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba
Quanta Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Liontown, United Malt, Estia, Mincor, Origin, Toyo, Toshiba

By David Blennerhassett

There are 44 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deal was discussed on Smartkarma this past week: Albemarle (ALB US)‘s Liontown Resources (LTR AU) tilt; Malteries Soufflet’s United Malt (UMG AU) Offer; Bain Capital’s Estia (EHE AU) Offer.
Key updates took place for Aag Energy Holdings (2686 HK), Toyo Construction (1890 JP), Toshiba Corp (6502 JP), andGolden Energy & Resources (GER SP).

Quanta Services Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Quanta Services is a key player providing infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries across the globe.
Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.
In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.

Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments

By Baptista Research

This is our first report on Quanta Services, a major provider of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries.
Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.
In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.

💡 Before it’s here, it’s on Smartkarma

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

Apr 02

Daily Brief TMT/Internet: Lasertec Corp, Meituan, Global Payments, Hong Kong Hang Seng Index and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Index Rebalance & ETF Flow Recap: Nikkei225, KOSDAQ150, KT Corp
Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG
Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Bull Market?
Global Payments Inc.: Initiation of Coverage – Detailed Credit Analysis & Financial Strength Evaluation Report

Index Rebalance & ETF Flow Recap: Nikkei225, KOSDAQ150, KT Corp

By Brian Freitas

The March rebalances of the NIFTY indices and the Nikkei 225 (NKY INDEX) were implemented last week. Plus some ad hoc rebalances for the KOSPI2 INDEX and KOSDQ150 INDEX.
A quieter week coming up with multiple market holidays across markets. We also near the start of the review period for the MSCI May QCIR.
There were inflows to Tracker Fund of Hong Kong Ltd (2800 HK) and iShares FTSE/Xinhua A50 China (2823 HK) during the week while there were outflows from some Korea ETFs.

Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

By David Blennerhassett

One may presume that Prosus (PRX NA) moved their Meituan (3690 HK) shares received from their non-CCASS holdings of Tencent (700 HK). It does not tell us much else.
Allocation in the S.M.Entertainment Co (041510 KS) partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome.
Toyo Construction (1890 JP) has asked the Japanese government to investigate YFO’s alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it.

Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers

By Baptista Research

This is our first report on Global Payments Inc., a financial technology company providing payment solutions and services in the U.S.
The company managed an all-around beat in its last result with a strong performance in Global Payments despite the increased global macroeconomic uncertainties.
The most significant development was that their core Issuer business once more produced sequential financial and operational improvement, in line with their expectations and the strongest results since their merger with TSYS in 2019.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Bull Market?

By Simon Harris

Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces

Global Payments Inc.: Initiation of Coverage – Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Global Payments is a financial technology player providing payment solutions and services in the U.S.
The company has decent fundamentals and performed well in 2022 despite the increased global macroeconomic uncertainties.
With EVO, they strengthened their position as a major provider of payments technology with broad reach around the globe.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Apr 02

Daily Brief Consumer: Tokyo Stock Exchange Tokyo Price Index Topix, Burlington Stores and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Japanese Managers Have Always Wanted to Distance Themselves from Market Pressures
Burlington Stores Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Burlington Stores Inc.: Initiation of Coverage – Business Strategy & Key Drivers

Japanese Managers Have Always Wanted to Distance Themselves from Market Pressures

By Aki Matsumoto

It’s skeptical that managers before the bubble economy really took risks. They no longer are protected by regulations as they were before, and must take risks on their own initiative.
The Stewardship Code and Corporate Governance Code were introduced in the hope that they would provide a boost to standstill managers to improve profitability to increase corporate value.
Exit from the market is an important factor, but it can decelerate the speed at which exits are facilitated, such as maintaining listing through transitional measures or changing TOB rules.

Burlington Stores Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

Burlington Stores is one of the major off-price retailer chains in the U.S.
The company has strong fundamentals and has seen sizable, consecutive improvement in its sales trends in recent times.
The management interprets this increase in traffic as a sign that the macro headwinds may be beginning to weaken.

Burlington Stores Inc.: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

This is our first report on Burlington Stores, Inc., one of the major off-price retailer chains in the U.S.
The company delivered a strong quarter, with sizable, consecutive improvement in its sales trends.
Comparable store sales increased by 6% and the the result was an all-around beat.

💡 Before it’s here, it’s on Smartkarma

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

Apr 02

Daily Brief Health Care: AIM Vaccine, Resmed Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

China Healthcare Weekly (Mar.31) – 8th National VBP Result, Chinese Patent Medicine VBP, AIM Vaccine
ResMed Inc.: Initiation of Coverage – Recent Acquisitions & Other Key Drivers
ResMed Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

China Healthcare Weekly (Mar.31) – 8th National VBP Result, Chinese Patent Medicine VBP, AIM Vaccine

By Xinyao (Criss) Wang

The 8th national VBP released results, with an average price reduction of 56%. On the whole, the peak period of the impact of VBP on pharmaceutical companies has passed.
VBP document of Chinese patent medicines was released, which would affect a market with scale of RMB300 billion. Enterprises with rich product matrices/new products can better cope with this VBP.
For AIM, we listed several key points. Since the management are more interested in short term capital gains rather than developing a superior portfolio, AIM doesn’t have long-term investment value.

ResMed Inc.: Initiation of Coverage – Recent Acquisitions & Other Key Drivers

By Baptista Research

This is our first report on ResMed, a leading medical equipment company that specializes in the treatment of sleep apnea and other respiratory disorders.
The company delivered financial results in the last quarter with revenues below par but managed an earnings beat.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

ResMed Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

ResMed is a leading medical technology player that specializes in the treatment of sleep apnea and other respiratory disorders.
Globally, the demand for masks increased significantly, which is indicative of a post-COVID pandemic knowledge of the value and necessity of respiratory hygiene and respiratory health.
Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

💡 Before it’s here, it’s on Smartkarma

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

Apr 02

Daily Brief Financials: Rakuten Bank and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Rakuten Bank IPO: Valuation Insights

Rakuten Bank IPO: Valuation Insights

By Arun George

Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise up to $878m. Pricing is on 5 April and the listing is on 21 April.
We previously discussed the IPO in Rakuten Bank IPO: The Investment Case and Rakuten Bank Vs SBI Sumishin Net Bank.
In this note, we discuss valuation. Our analysis suggests that Rakuten Bank is fairly valued at the IPO price range of JPY1,630-1,960 per share. We would participate in the IPO.

💡 Before it’s here, it’s on Smartkarma

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

Apr 01

Daily Brief Technical Analysis: PetroChina Co Ltd (857 HK) – Price and Momentum Breakouts in March Confirm 10-15% Upside and more

By Smartkarma Daily Briefs | Daily Briefs, Technical Analysis

In today’s briefing:

PetroChina Co Ltd (857 HK) – Price and Momentum Breakouts in March Confirm 10-15% Upside
Shift To Defensives as $ACWI Makes Push for $93; Remain Overweight Europe; Opptys in China/HK, Japan

PetroChina Co Ltd (857 HK) – Price and Momentum Breakouts in March Confirm 10-15% Upside

By David Coloretti, CMT

At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
PetroChina Co Ltd (857 HK) bottomed in Oct/Nov 2022 around the 61.8% retracement support. The subsequent impulsive multi-month uptrend maintains the bullish LT trend reversal confirmed in 2021.
March 2023 has delivered new bullish breakouts in price and LT momentum that confirm a sustainable LT uptrend bias. Initial target at 5.28 (+13%). Longer term risk to 6.50/6.80 (+40%).

Shift To Defensives as $ACWI Makes Push for $93; Remain Overweight Europe; Opptys in China/HK, Japan

By Joe Jasper

The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EAFE (EFA-US), and EM (EEM-US) are all reversing topside their 2-month downtrends.
Despite this being a bullish short-term development, we still expect $93 to cap upside on the ACWI-US, leaving about 4-5% upside from here (at time of writing)
As a result, we would use any further strength as an opportunity to get more defensive. Actionable Themes: REA-AU, GFL-CA, GFL-US, Consumer Staples, Health Care, and Gold Miners

💡 Before it’s here, it’s on Smartkarma

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

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