Smartkarma Daily Briefs

By Pearl Gray Equity and Research

The Government of India is looking to sell up to 3.5% of Hindustan Aeronautics Ltd (HNAL) to meet the minimum public shareholding and will raise US$350m at the floor price.
Hindustan Aeronautics Ltd (HNAL IN) is a potential inclusion to the MSCI India Index at the May QCIR and there will be buyers at the placement.
Hindustan Aeronautics Ltd (HNAL IN) trades cheaper than its peers and there could be a move higher over the next few weeks.

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Mar 23

Daily Brief United States: ZKH Group, ACCO Brands, Quest Diagnostics, Evolution Petroleum, Rover Group, Snap On Inc, Soluna Holdings, Zimmer Biomet Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

ZKH Group IPO: The Bear Case
ACCO Brands Is At A Cyclical Discount
Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report
Committed to Shareholder Returns
Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers
Small Cap Idea: Rover (ROVR)
Snap-on Incorporated: Initiation of Coverage – Business Strategy & Recent Developments
Continued Evolution at Soluna as John Belizaire Appointed CEO; Dorothy Energization Imminent
Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

ZKH Group IPO: The Bear Case

By Arun George

ZKH Group (ZKH US), a leading MRO (maintenance, repair, and operations) procurement service platform in China, is pre-marketing an NYSE IPO to raise US$200-300 million.
In ZKH Group IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on market share losses, slowing top-line growth, declining take rates and persistent cash burn.

ACCO Brands Is At A Cyclical Discount

ACCO Brands Corporation’s stock is relatively undervalued and presents a lucrative dividend yield worth more than 6%.
The company’s recent woes were a consequence of elevated raw material costs.
However, key metrics imply that ACCO’s cost base is set to improve.

Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report

Quest Diagnostics Incorporated is a well-known provider of diagnostic information services.
The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.
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.

Committed to Shareholder Returns

Evolution is committed to a strategy of maximizing total shareholder returns through a combination of acquisitions to scale the business and returning cash to shareholders through dividends and common stock repurchases.
The strategy is underpinned by a conservative financial posture.
The board declared a quarterly dividend of $0.12/share for 3QFY23, marking the 38th consecutive quarterly cash dividend.

Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated.
The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.
Agilent Technologies further signed an agreement with Quest to make the Agilent Resolution ctDx FIRST liquid biopsy next-generation sequencing (NGS) test available to providers and patients across the U.S.

Small Cap Idea: Rover (ROVR)

By Value Punks

Rover is the world’s largest network of pet sitters and dog walkers.
Rover connects pet parents with pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits.
The marketplace has more than 500,000 pet care providers across North America and Europe.

Snap-on Incorporated: Initiation of Coverage – Business Strategy & Recent Developments

This is our first report on Snap-on Incorporated, a well-known manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions in the U.S.
The company’s last result was an all-around beat and its organic sales growth was in the double-digits with a particularly strong performance in the Repair Systems & Information Group, high single-digit gains in the Snap-on Tools Group, and low single-digit gains in the Commercial and Industrial Group.
Snap-on Tools Group sales were $542.7 million, up from $504.8 million a year ago, with a 9.6% increase in organic sales.

Continued Evolution at Soluna as John Belizaire Appointed CEO; Dorothy Energization Imminent

Soluna announced the promotion of John Belizaire to CEO of Soluna Holdings, with Michael Toporek stepping up to become Executive Chairman.
John Belizaire will remain as CEO of Soluna Computing, the operating company he founded prior to its acquisition by Soluna Holdings’ predecessor Mechanical Technology Inc. (MTI).
We view this as a logical step given the energization of Project Dorothy will be transformative for the company.

Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Zimmer Biomet Holdings is a global medical technology giant.
The management has been seeing positive comps across 2022 and saw good growth in major joints, with their entire global hip and knee business expanding well.
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.

Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

This is our first report on the global medical technology behemoth Zimmer Biomet Holdings.
They observed another quarter of year-over-year growth in major joints, with their entire global hip and knee business expanding by more than 8% and 10% on an ex FX basis.
We initiate coverage on the stock of Zimmer Biomet Holdings, Inc. with a ‘Hold’ rating.

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Mar 23

Daily Brief South Korea: Osstem Implant, LG CNS, Byc Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

MBK/Unison Launch ANOTHER Tender on Osstem Implant (048260 KS) To Squeeze Out Minorities
MBK/Unison Capital Announces a Second Tender Offer for Osstem Implant to Take It Private
LG CNS: Aggressive Expansion of AI Capabilities in B2B IT Consulting Services
Korea Small Cap Gem #20: BYC

MBK/Unison Launch ANOTHER Tender on Osstem Implant (048260 KS) To Squeeze Out Minorities

By Travis Lundy

As discussed in MBK/Unison Capital Korea Do a Deal for Osstem Implant (048260 KS) Thwarting Activist KCGI, at end-Jan, they launched a deal to get a minimum of 15.4%.
They ended up getting 61.16%. That left 10.6% of shares out in unaffiliated hands.
Now they have launched another tender offer to buy the remaining at the same KRW 190k price. There is no minimum. Straight simple risk arb.

MBK/Unison Capital Announces a Second Tender Offer for Osstem Implant to Take It Private

MBK/Unison Capital consortium announced a second tender offer for Osstem Implant (048260 KS) today in order to take the company private.
The tender offer price is 190,000 won per share, which is the same price as the first tender offer price.
The number of shares for the tender offer is 1,654,916, accounting for 10.62% of the outstanding shares.

LG CNS: Aggressive Expansion of AI Capabilities in B2B IT Consulting Services

LG CNS provides various IT consulting services in the key digital growth areas including cloud, artificial intelligence (AI), big data, smart factory, and smart logistics.
LG CNS’s core strength in the AI sector is to capitalize on all the major AI based technologies and providing consulting services to business customers to improve their operations.
LG Corp (003550 KS) owns 49.95% stake in LG CNS, which is expected to complete its IPO sometime in 2023/2024.

Korea Small Cap Gem #20: BYC

Byc Co Ltd (001460 KS) is the 20th company in our Korea Small Cap Gems series.
Estimated value of BYC’s real estate is more than 2 trillion won, which is much higher than its current market cap of 302 billion won.
A large local fund called Truston has been going activist on BYC for more than a year. Plus, BYC’s Chairman Han is being sued by his mum for inheritance recovery.

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Mar 23

Daily Brief Japan: Rakuten, Rakuten Bank, Sumitomo Mitsui Financial Group, ASICS Corp, Nikkei 225 and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Rakuten Bank (5838 JP) IPO: Listing in April, TPX Inclusion in May, MSCI SC in August
Rakuten Bank (5838 JP) – Another Net-Bank IPO, This One With TOPIX and Other Index Inclusions
Japan Banks: Markets Overreact to SVB’s Collapse
ASICS (7936) | Running Is Recession Proof
SGX Nikkei 225 Climate PAB Futures: A Cleaner Way to Invest in Japan

Rakuten Bank (5838 JP) IPO: Listing in April, TPX Inclusion in May, MSCI SC in August

Rakuten Bank (EBANKZ JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 21 April.
News reports indicate a raise of US$800mn (JPY 106.8bn) at the mid-point of the IPO range, valuing the company at JPY 305bn (US$2.3bn).
The stock should be added to the TPX INDEX at the close on 30 May where trackers will need to buy over 14% of the stock issued in the IPO.

Rakuten Bank (5838 JP) – Another Net-Bank IPO, This One With TOPIX and Other Index Inclusions

By Travis Lundy

Today, Rakuten (4755 JP) and Rakuten Bank (5838 JP) announced that Rakuten Bank had received TSE approval to list (English) on TSE Prime, with expected listing date 21 April 2023.
This had been in the works since July 2022, and they selected advisors in September 2022. The low end of the offer price range seems attractive. More diligence needed.
There will be index inclusions. Unlike SBI Sumishin Net Bank (7163 JP) which is going to TSE Standard, Rakuten Bank is going to Prime.

Japan Banks: Markets Overreact to SVB’s Collapse

By Oshadhi Kumarasiri

Following the collapse of SVB and Signature Bank last week, Japan’s big four banks have fallen by around 15% due to their exposure to US government bonds.
However, the Japanese banks have managed the interest rate risk far better than the collapsed US banks and therefore, we feel the price drop is unwarranted.
With Japan likely to scrap its zero rates policy, we think this could be a rather intriguing opportunity to make generous gains on the long side in Japan’s banking sector.

ASICS (7936) | Running Is Recession Proof

By Mark Chadwick

Good news from Nike’s Q3 report, which bodes well for Asics March quarter
Why was Nike’s stock down? Margins were down 330bps on inventory mark downs
Running is recession proof according to the footwear makers themselves

SGX Nikkei 225 Climate PAB Futures: A Cleaner Way to Invest in Japan

By VRS (Valuation & Research Specialists)

SGX has launched futures on the Nikkei Climate 1.5°C Target Index. The index is based on the Nikkei225 and uses screens to remove stocks that do not meet certain criteria.
The Nikkei Climate 1.5°C Target Index has a high degree of overlap and correlation and low tracking error with the Nikkei 225 (NKY INDEX).
With increased interest in Climate/ESG investing, market participants can use the SGX-listed futures to get the same risk/reward characteristics as the Nikkei225 with atleast 50% lower Greenhouse Gas emission intensity.

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Mar 23

Daily Brief Thematic (Sector/Industry): Good Morning Japan |Yellen/Powell Rattles Markets; NUGGET: NIKON – Riding the DigiCam Renaissance and more

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

In today’s briefing:

Good Morning Japan |Yellen/Powell Rattles Markets; NUGGET: NIKON – Riding the DigiCam Renaissance
Intel’s GPU Guru Departs. Very Abruptly.
Intel Foundry Chief Announcement Spells Trouble For The Tower Semi Acquisition
China SOEs – Waiting for Core Asset Valuation to Take Off
Ecognosis Advisory Ltd – ECONOTE No. 111 Investing in the Defence Sector
Key Takeaways from IRENA’s Global Landscape of Renewable Energy Finance 2023 Report
Tech Talk: Digital Transformation
China TMT Update(Mar.23): 3690HK/PDD/BABA – Surplus Meituan Delivery Riders Could Improve Margins

Good Morning Japan |Yellen/Powell Rattles Markets; NUGGET: NIKON – Riding the DigiCam Renaissance

By Mark Chadwick

OVERSEAS. Fed Chair Powell delivers expected +25bps; Hawkish pledge on inflation + Yellen’s testimony rattles markets; Safety trade reasserts; Seems like more volatility ahead for all markets.
JAPAN. NKY Futs -1.7% vs Cash; USDJPY strengthens to 131.4 n rush to safety; Monetary nomalization on course in Japan – solid Land price gains + continued wage hikes.
NUGGET. NIKON – Riding the Digital Camera Renaissance. Camera demand has stabilizes and is recovering as consumers shift to high end models.

Intel’s GPU Guru Departs. Very Abruptly.

By William Keating

While his hiring back in 2017 was heralded with a corporate press release, his abrupt departure yesterday was communicated via a rather succinct tweet from the CEO.
Intel’s GPU/DPU data center roadmap was already “simplified” in back in January. Will what remains survive the ongoing cuts across the company?
Should Intel still really be trying to break into the gaming PC market? How is that strategically important?

Intel Foundry Chief Announcement Spells Trouble For The Tower Semi Acquisition

By William Keating

The role has been vacant for > 3 months. Why wait till now to chose an obvious in-situ candidate?
Closure date for the Tower acquisition has been pushed out to H1 2023 from Q1 2023 according to an Intel filing on January 27 last
Intel’s fortunes have changed dramatically for the worse over the past year. It’s debatable whether the Tower acquisition makes sense any more.

China SOEs – Waiting for Core Asset Valuation to Take Off

By Xinyao (Criss) Wang

In most industries, SOEs have valuation discounts compared to non-SOEs, and the degree of PB discount is more obvious than P/E ratio. A prominent problem is the uneven valuation structure.
Valuation reflects expectations for future fundamentals. The improvement in SOE performance with limited valuation boost may be due to investors’ consideration of growth potential, governance mechanisms, and information asymmetry.
With the further deepening of SOE reform and the formation of the concept of building a modern capital market with Chinese characteristics, it’s expected to see improvement in SOE’s valuation.

Ecognosis Advisory Ltd – ECONOTE No. 111 Investing in the Defence Sector

In Econote No. 110 ( Nov.Dec 2022) we broached the topic of investing in the Defence sectors of various West and Asian economies.
The reasons for this were very simple: First, the war in the Ukraine resulted to a sharp rise in defence spending in western countries and, second, this rise would not cease with the end of the war but presented a pivot to higher defence spending, not only in western countries, but also in areas such as Asia.
Hence the outlook for Defence stocks was, and is very bright, as witnessed by their persistent outperformance of the S&P 500 and still reasonable valuations.

Key Takeaways from IRENA’s Global Landscape of Renewable Energy Finance 2023 Report

We have made our best efforts to summarize the content published in the most recent IRENA report on renewable energy financing.
This report provides a quick summary of key facts from the 120-plus-page report.
While worldwide investment in renewable energy reached a record high of US$0.5 trillion in 2022, it represented less than 40% average expenditure required under IRENA’s 1.5°C Scenario between 2021 and 2030.

Tech Talk: Digital Transformation

The digital transformation services market is big, at more than $2 trillion this year, and growing at a 23% CAGR.
According to Gartner, 91% of organizations have a digital initiative currently ongoing and 67% of senior executives believe their organizations must become significantly more digitized.
The reason digital transformation is growing is the benefits of a true digital transformation are significant, including improved operations, time-to-market, and customer experience, and COVID-19 just accelerated the trend.

China TMT Update(Mar.23): 3690HK/PDD/BABA – Surplus Meituan Delivery Riders Could Improve Margins

By Shawn Yang

3690HK: Surplus Meituan delivery riders could improve margins beginning in 1Q23 (+)
PDD: Temu temporarily suspended inventory intake at Guangzhou warehouse because of shortage in labor and warehouse storage capacity (-)
BABA：Taobao is testing “price comparison” feature, which might impact its take rate（-）

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Mar 23

Daily Brief TMT/Internet: Tencent, Kuaishou Technology, LG CNS, Kingsoft Corp, Tongcheng-Elong Holdings Ltd, Rover Group, Carly Holdings, Boku Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Tencent 331 Support Pressure
Kuaishou (1024 HK) 4Q22 Earnings Preview: Weak Growth, But Loss to Shrink Significantly
Tencent (700 HK): 4Q22, Stop Decreasing WeChat Ad Recovered Earlier
LG CNS: Aggressive Expansion of AI Capabilities in B2B IT Consulting Services
StubWorld: Impairments Weigh Down Kingsoft Solid Results
Tencent: Gradual Recovery in Earnings; Domestic Gaming to Resume Growth
Tongcheng Travel (780 HK): Best for Capturing Lower-Tier Cities’ Growth
Small Cap Idea: Rover (ROVR)
Carly Holdings Limited – Finance Facility Quadruples Potential Fleet Size
Boku – Helping merchants navigate payments complexity

Tencent 331 Support Pressure

By Thomas Schroeder

Our Tencent sell from 385 has formed a flat range with a bias to pressure the 331 pivot support to reach our 300-305 buy (cover) target.
The descending wedge or channel is the dominant chart pattern that will drive the medium term trend. Global and HK bear pressure will influence Tencent near term.
From the 300 support zone we see a better macro set up that will see the bull wedge mature and break higher once summer turbulence subsides.

Kuaishou (1024 HK) 4Q22 Earnings Preview: Weak Growth, But Loss to Shrink Significantly

By Ming Lu

We believe both 4Q22 and 1Q23 can be weak quarters.
However, we believe operating losses will shrink significantly in 4Q22 and 2023.
We believe the stock has an upside of 77% for year end 2023.

Tencent (700 HK): 4Q22, Stop Decreasing WeChat Ad Recovered Earlier

By Ming Lu

As we expected in the preview, total revenue stopped decreasing in 4Q22.
WeChat advertising recovered in 4Q22 earlier than we expected in the preview.
We believe game-related revenues will grow by 8% in 2023 and 19% in 2024.

LG CNS: Aggressive Expansion of AI Capabilities in B2B IT Consulting Services

By Shifara Samsudeen, ACMA, CGMA

LG CNS provides various IT consulting services in the key digital growth areas including cloud, artificial intelligence (AI), big data, smart factory, and smart logistics.
LG CNS’s core strength in the AI sector is to capitalize on all the major AI based technologies and providing consulting services to business customers to improve their operations.
LG Corp (003550 KS) owns 49.95% stake in LG CNS, which is expected to complete its IPO sometime in 2023/2024.

StubWorld: Impairments Weigh Down Kingsoft Solid Results

By David Blennerhassett

Despite the topline growth of 20%, Kingsoft Corp (3888 HK) recorded a loss in FY22 after a large impairment for its holding in Kingsoft Cloud (KC US).
Preceding my comments on Kingsoft are the weekly setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Tencent: Gradual Recovery in Earnings; Domestic Gaming to Resume Growth

Tencent (700 HK) reported 4Q2022 results yesterday. Revenue increased 0.5% YoY to RMB145bn (vs consensus RMB)143.5bn while adjusted OP increased 30.1% YoY to RMB28.4bn (vs consensus RMB37.2bn).
Online advertising revenues saw a 14.8% YoY increase during 4Q2022 after 4-consecutive quarters of decline with January and February showing sustained recovery.
Though Domestic gaming revenues declined in 4Q2022, with new gaming licenses and international expansion, we expect gaming revenues to start growing from 1Q2023.

Tongcheng Travel (780 HK): Best for Capturing Lower-Tier Cities’ Growth

By Osbert Tang, CFA

While adjusted net profit of Tongcheng Travel Holdings Ltd (780 HK) plummeted in 4Q22, the positive momentum in 1Q23 as revealed supports a sharp recovery in FY23.
Its huge exposure to lower-tier cities will fuel outlook while increase in monetisation will support profitability rebound. Success at Blackwhale membership program is another growth engine.
Management is confident that revenue growth and better efficiency will lead the return of FY23 margin to pre-pandemic levels. Net cash position (12% of share price) is an added strength.

Small Cap Idea: Rover (ROVR)

By Value Punks

Rover is the world’s largest network of pet sitters and dog walkers.
Rover connects pet parents with pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits.
The marketplace has more than 500,000 pet care providers across North America and Europe.

Carly Holdings Limited – Finance Facility Quadruples Potential Fleet Size

By Research as a Service (RaaS)

Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019.
Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.
Carly has attracted larger automotive industry businesses as shareholders, with a model that facilitates sales volumes of new vehicles and delivers a new recurring revenue stream for automotive manufacturers and dealers.

Boku – Helping merchants navigate payments complexity

By Edison Investment Research

Boku’s FY22 results reflect a return to pre-COVID customer behaviour and company spending, investment in its platform to support local payment methods (LPMs) and the negative effect of the strong dollar on reported results. Growth in LPM users accelerated in the year and is likely to be boosted further as the Amazon relationship develops. With plans to double revenue and grow EBITDA margins by c 18pp in the medium term, Boku looks well positioned for earnings growth over the forecast period.

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Mar 23

Daily Brief Technical Analysis: Tencent 331 Support Pressure and more

By Smartkarma Daily Briefs | Daily Briefs, Technical Analysis

In today’s briefing:

Tencent 331 Support Pressure
Wharf Real Estate Investment Co Ltd (1997 HK) – Pending Confirmation of 12% Multi-Month Uptrend

Tencent 331 Support Pressure

By Thomas Schroeder

Our Tencent sell from 385 has formed a flat range with a bias to pressure the 331 pivot support to reach our 300-305 buy (cover) target.
The descending wedge or channel is the dominant chart pattern that will drive the medium term trend. Global and HK bear pressure will influence Tencent near term.
From the 300 support zone we see a better macro set up that will see the bull wedge mature and break higher once summer turbulence subsides.

Wharf Real Estate Investment Co Ltd (1997 HK) – Pending Confirmation of 12% Multi-Month Uptrend

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.
The 2018/2020 downtrend was broken in December 2022. Q1 2023 has delivered a correction and opportunity to enter the uptrend at improved entry levels.
March has the potential to complete a bullish monthly reversal pattern upon a month end close above 44.89 and confirm a likely multi-month 12% uptrend towards 50.67.

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Mar 23

Daily Brief Energy/Materials: Covestro AG, Blue Star Gold, Cytec Industries, Evolution Petroleum and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Quiddity Leaderboard-DAX Jun 23: Fresenius, Lufthansa, Covestro, Continental & Others
BAU: One of the Only Juniors Left in Nunavut
The curious case of Cyteir Therapeutics
Committed to Shareholder Returns

Quiddity Leaderboard-DAX Jun 23: Fresenius, Lufthansa, Covestro, Continental & Others

By Janaghan Jeyakumar, CFA

In this insight, we take a look at Quiddity’s estimates for the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices.
Two changes could happen between DAX and MDAX while there could be one change between MDAX and SDAX.
There could be more changes for the MDAX and SDAX indices as a couple name are lurking close to the border.

BAU: One of the Only Juniors Left in Nunavut

By Atrium Research

BAU’s flagship Ulu Gold Project in Nunavut has one of the highest-grade resources in the country at over 7.0 g/t Au
Both of the Company’s projects combine to control 45km of the High Lake Volcanic Greenstone Belt.
The Ulu Gold Project hosts an NI43-101 compliant resource of 572 Koz grading 7.02 g/t Au in the measured and indicated category and 303 Koz Au grading 7.34 g/t Au in the inferred category.

The curious case of Cyteir Therapeutics

By Generals and Workouts

When it comes to investing, an important skill is what poker players call game selection.
In the poker world, it means finding the right opponents to play against.
In the investing context, it’s what Charlie Munger is referring to when he says “fish where the fish are”.

Committed to Shareholder Returns

Evolution is committed to a strategy of maximizing total shareholder returns through a combination of acquisitions to scale the business and returning cash to shareholders through dividends and common stock repurchases.
The strategy is underpinned by a conservative financial posture.
The board declared a quarterly dividend of $0.12/share for 3QFY23, marking the 38th consecutive quarterly cash dividend.

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Mar 23

Daily Brief ESG: SGX Nikkei 225 Climate PAB Futures: A Cleaner Way to Invest in Japan and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

SGX Nikkei 225 Climate PAB Futures: A Cleaner Way to Invest in Japan

SGX Nikkei 225 Climate PAB Futures: A Cleaner Way to Invest in Japan

SGX has launched futures on the Nikkei Climate 1.5°C Target Index. The index is based on the Nikkei225 and uses screens to remove stocks that do not meet certain criteria.
The Nikkei Climate 1.5°C Target Index has a high degree of overlap and correlation and low tracking error with the Nikkei 225 (NKY INDEX).
With increased interest in Climate/ESG investing, market participants can use the SGX-listed futures to get the same risk/reward characteristics as the Nikkei225 with atleast 50% lower Greenhouse Gas emission intensity.

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Mar 23

Daily Brief Private Markets: LG CNS: Aggressive Expansion of AI Capabilities in B2B IT Consulting Services and more

By Smartkarma Daily Briefs | Daily Briefs, Private Markets

In today’s briefing:

LG CNS: Aggressive Expansion of AI Capabilities in B2B IT Consulting Services

LG CNS: Aggressive Expansion of AI Capabilities in B2B IT Consulting Services