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Smartkarma Daily Briefs

Nov 11
0

Daily Brief Health Care: Speedoc, Dr Lal PathLabs Ltd, Shanghai Tofflon Science A, Phyx44, Gilead Sciences and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Speedoc Snags US$28M to Bring Advanced Medical Care to Homes in SG, MY
  • Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement
  • Shanghai Tofflon Science Placement (300171.CH)-Industry Periodicity May Put Valuation Under Pressure
  • Better Bite Ventures, Shiok Meats CEO Invest in Animal-Free Dairy Startup Phyx44
  • Gilead Sciences: Acquisition of MiroBio & Other Drivers

Speedoc Snags US$28M to Bring Advanced Medical Care to Homes in SG, MY

By e27

  • Speedoc, a virtual clinic and healthcare solutions platform that brings advanced medical care to homes in Singapore and Malaysia, has announced closing its US$28 million pre-series B funding round.
  • Founded in 2017, Speedoc is a virtual clinic and healthcare solutions platform enabling users access to home-based medical care and services. 
  • It aims to drive medical care needs out of hospitals and clinics by delivering a full suite of healthcare services to homes.

Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

By Tina Banerjee

  • Dr Lal PathLabs Ltd (DLPL IN) reported revenue growth of 7% y/y in Q2FY23, driven by 15% y/y growth in non-COVID business, which clocked highest ever quarterly revenue.  
  • Although business growth was mainly driven by a double-digit patient volume growth, average realization per patient also increased 3% y/y to INR746.
  • Amid rising competition, the company reported sequential improvement in bottom-line. Normalized EBITDA increased 20% compared to Q1FY23. Normalized EBITDA margin improved 310 basis points sequentially.

Shanghai Tofflon Science Placement (300171.CH)-Industry Periodicity May Put Valuation Under Pressure

By Xinyao (Criss) Wang

  • We analyzed three main factors to drive high performance growth of Tofflon in recent years, but these factors have become untenable. The remaining opportunity mainly lies in import substitution.
  • Every explosive growth of Tofflon benefits from positive industry trend, whose periodicity is obvious. It’s not a good investment opportunity for long run,but a staged investment opportunity in short term.
  • Tofflon is in the transition from explosive growth to steady growth. The change in industry demand would suppress valuation system. Buy low and sell high,rather than hold for long time.

Better Bite Ventures, Shiok Meats CEO Invest in Animal-Free Dairy Startup Phyx44

By e27

  • Phyx44, a biotech-enabled food science startup based in Bengaluru, India, has secured US$1.2 million in seed capital.

  • The startup will use the money to accelerate R&D, expand the team and work on the co-development of product formulation with key partners.

  • Founded in early 2021, Phyx44 develops animal-free milk proteins and fats for use in dairy products. It bets on microbial fermentation as the best way to replicate dairy.

Gilead Sciences: Acquisition of MiroBio & Other Drivers

By Baptista Research

  • Gilead Sciences delivered a good result with an all-around beat as its total product sales continued to grow sequentially.
  • The majority of the growth was driven by sales coming from oncology and HIV.
  • Gilead Sciences continues to strengthen its early-stage portfolio, thus adding a BTLA agonist for the inflammation of MicroBio, also an option for the bispecific antibody for MacroGenics for oncology.

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Nov 11
0

Daily Brief Industrials: Golden Energy & Resources, Archean Chemical Industries, Siemens Gamesa Renewable Energy, S.A., Caterpillar Inc, Honeywell International and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Golden Energy (GER SP): Widjaja Family’s Low-Balled Offer
  • Archean Chemical Industries IPO – Strong Growth Makes It Worth a Shot
  • Siemens Energy/​Siemens Gamesa: Time to Tender
  • Caterpillar Inc: EV Prototype Launches & Other Drivers
  • Honeywell International: Improved Air Quality Monitoring Solutions & Other Drivers

Golden Energy (GER SP): Widjaja Family’s Low-Balled Offer

By David Blennerhassett

  • Golden Energy & Resources (GER SP) has proposed in-specie-ing its holding in Golden Energy Mines (GEMS IJ), subsequent to which the Widjaja family will undertake an Exit Offer.
  • Ex-GEMS, the family is Offering S$0.16/share. That’s insulting. And the Offer was announced after GEAR’s share price had fallen 26%.  The Exit Offer has been declared final.
  • GEAR’s jewel is the stake in GEMS, and shareholders are afforded future exposure. However, the stub ops are worth considerably more than S$0.16/share. 

Archean Chemical Industries IPO – Strong Growth Makes It Worth a Shot

By Ethan Aw

  • Archean Chemical Industries (0810406D IN) is looking to raise about US$178m in its India IPO. 
  • Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
  • We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.

Siemens Energy/​Siemens Gamesa: Time to Tender

By Jesus Rodriguez Aguilar

  • The CNMV has authorised the takeover bid for Siemens Gamesa launched by Siemens Energy. Shareholders can tender up to 13 December. The market believes the offer will succeed.
  • Gross spread 0.194%, 1.6% estimated annual return (assuming settlement 23 December). Since announcement, the share price has remained below the offer price, with high daily turnover and a tight spread.
  • Accept offer. I don’t expect any relevant changes: Siemens Energy already has control, operating problems persist and the financial position continues to deteriorate. The offer price represents 46.9x P/2024e E.

Caterpillar Inc: EV Prototype Launches & Other Drivers

By Baptista Research

  • Caterpillar delivered another solid quarter with an all around beat and generated strong ME&T free cash flow and a higher operating profit margin.
  • To expand its offerings in the construction industry, Caterpillar is launching four prototypes of electric vehicles that are powered by lithium-ion batteries.
  • We provide the stock of Caterpillar with a ‘Hold’ rating and a revision in the target price.

Honeywell International: Improved Air Quality Monitoring Solutions & Other Drivers

By Baptista Research

  • Honeywell delivered a mixed set of results while going through a tough operating environment.
  • Honeywell delivered organic sales growth and strong double-digit growth in its building products businesses, commercial aerospace, and advanced materials.
  • In the quarter, earnings and cash flows was a bright spot as Honeywall managed an earnings beat.

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Nov 11
0

Daily Brief Energy/Materials: OZ Minerals Ltd, Origin Energy and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • OZ Minerals (OZL) – Copper and Comps Have Caught Up
  • Origin Energy’s (ORG AU) Indicative Offer of A$9.00 from Brookfield/EIG

OZ Minerals (OZL) – Copper and Comps Have Caught Up

By Travis Lundy

  • In August, BHP Group Ltd (BHP AU) launched a $25/share bid – a price it saw as attractive and what target OZ Minerals Ltd (OZL AU) saw as opportunistic. 
  • Copper had fallen, and peer stock prices had fallen too. Since then, copper has rebounded and peers have too so what was a 25-30% premium no longer exists.
  • This means the price of OZL should “enjoy” different dynamics going forward.

Origin Energy’s (ORG AU) Indicative Offer of A$9.00 from Brookfield/EIG

By Arun George

  • Origin Energy (ORG AU) received a conditional, non-binding indicative proposal from Brookfield and EIG at A$9.00 per share, a 54.9%  premium to the undisturbed price (9 November).
  • The Board will grant eight weeks of due diligence access and intends to unanimously recommend a binding offer at A$9.00 per share. The offer is attractive.
  • Regulatory approvals are an overhang and would likely require price concessions. At the last close, the gross spread to the offer is 14.9%.

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Nov 11
0

Daily Brief Industrials: Golden Energy & Resources, Archean Chemical Industries, Siemens Gamesa Renewable Energy, S.A., Caterpillar Inc, Honeywell International and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Golden Energy (GER SP): Widjaja Family’s Low-Balled Offer
  • Archean Chemical Industries IPO – Strong Growth Makes It Worth a Shot
  • Siemens Energy/​Siemens Gamesa: Time to Tender
  • Caterpillar Inc: EV Prototype Launches & Other Drivers
  • Honeywell International: Improved Air Quality Monitoring Solutions & Other Drivers

Golden Energy (GER SP): Widjaja Family’s Low-Balled Offer

By David Blennerhassett

  • Golden Energy & Resources (GER SP) has proposed in-specie-ing its holding in Golden Energy Mines (GEMS IJ), subsequent to which the Widjaja family will undertake an Exit Offer.
  • Ex-GEMS, the family is Offering S$0.16/share. That’s insulting. And the Offer was announced after GEAR’s share price had fallen 26%.  The Exit Offer has been declared final.
  • GEAR’s jewel is the stake in GEMS, and shareholders are afforded future exposure. However, the stub ops are worth considerably more than S$0.16/share. 

Archean Chemical Industries IPO – Strong Growth Makes It Worth a Shot

By Ethan Aw

  • Archean Chemical Industries (0810406D IN) is looking to raise about US$178m in its India IPO. 
  • Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
  • We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.

Siemens Energy/​Siemens Gamesa: Time to Tender

By Jesus Rodriguez Aguilar

  • The CNMV has authorised the takeover bid for Siemens Gamesa launched by Siemens Energy. Shareholders can tender up to 13 December. The market believes the offer will succeed.
  • Gross spread 0.194%, 1.6% estimated annual return (assuming settlement 23 December). Since announcement, the share price has remained below the offer price, with high daily turnover and a tight spread.
  • Accept offer. I don’t expect any relevant changes: Siemens Energy already has control, operating problems persist and the financial position continues to deteriorate. The offer price represents 46.9x P/2024e E.

Caterpillar Inc: EV Prototype Launches & Other Drivers

By Baptista Research

  • Caterpillar delivered another solid quarter with an all around beat and generated strong ME&T free cash flow and a higher operating profit margin.
  • To expand its offerings in the construction industry, Caterpillar is launching four prototypes of electric vehicles that are powered by lithium-ion batteries.
  • We provide the stock of Caterpillar with a ‘Hold’ rating and a revision in the target price.

Honeywell International: Improved Air Quality Monitoring Solutions & Other Drivers

By Baptista Research

  • Honeywell delivered a mixed set of results while going through a tough operating environment.
  • Honeywell delivered organic sales growth and strong double-digit growth in its building products businesses, commercial aerospace, and advanced materials.
  • In the quarter, earnings and cash flows was a bright spot as Honeywall managed an earnings beat.

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Nov 11
0

Daily Brief Financials: Wharf Holdings, Axis Bank Ltd, FTX Token, Perpetual Ltd, Uzabase Inc, Mitsubishi Estate and more

By | Daily Briefs, Financials

In today’s briefing:

  • MSCI Nov 2022 SAIR: In-Line; Plus a Few Surprises
  • Axis Bank Placement – Second Deal for the Month but This Is Very Well Flagged
  • Why the FTX Collapse Is a Big Deal
  • Perpetual (PPT AU) Rejects a Revised A$33 Offer; Pendal (PDL AU) Deal Looks Toast
  • Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle
  • Mitsubishi Estate (8802) – Buyback Announced and Long-Term It’s a Soft Squeeze.

MSCI Nov 2022 SAIR: In-Line; Plus a Few Surprises

By Brian Freitas

Axis Bank Placement – Second Deal for the Month but This Is Very Well Flagged

By Sumeet Singh

  • The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in Axis Bank Ltd (AXSB IN). 
  • This won’t be the first selldown by GoI as it has been reducing its stake since 2019. We have covered a number of the past deals in the name.
  • In this note, we will run the deal through our ECM framework and comment on other deal dynamics.

Why the FTX Collapse Is a Big Deal

By Tech in Asia

  • FTX is one of the largest crypto exchanges in the world in terms of market capitalization – at one point it was second only to Binance. It is one of the biggest collapses the crypto ecosystem has seen
  • FTX has a suite of big-name investors – including Temasek, SoftBank, Sequoia Capital, and BlackRock – that have poured US$1.8 billion into the exchange.
  • FTX was the white knight that prevented its fellow crypto firms from dying. It was a savior who helped to stabilize the market.

Perpetual (PPT AU) Rejects a Revised A$33 Offer; Pendal (PDL AU) Deal Looks Toast

By Arun George

  • Perpetual Ltd (PPT AU) has rejected a revised non-binding indicative proposal from Regal/BPEA EQT at A$33.00 per share, a 10% premium to the previously rejected offer of A$30.00 per share. 
  • While the Regal Partners (RPL AU)/BPEA EQT revised offer is not quite a knockout bid, it is good enough to warrant the requested short due diligence period.
  • The PPT/Pendal Group (PDL AU) deal is seemingly dead. The A$23 million break fee is more than compensated by the A$172 million value uplift between Regal/BPEA EQT’s two proposals.

Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle

By Arun George

  • Uzabase Inc (3966 JP) has recommended Carlyle Group Inc (CG US)’s tender offer of JPY1,500 per share, a 72.2% premium to the undisturbed price (9 November).
  • The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.
  • The offer is reasonable. The offer ends on 22 December. Tendering shares represent a 27.94% ownership ratio. At the last close, the gross spread to the offer is 46.9%.

Mitsubishi Estate (8802) – Buyback Announced and Long-Term It’s a Soft Squeeze.

By Travis Lundy

  • Mitsubishi Estate (8802 JP) reported Q2 earnings today. Domestic revenue and OP in the commercial property and residential businesses were down. International and investment management businesses were up A LOT.
  • Most of the gains in international business were capital gains, but overall, H1 results were in line with full-year guidance. Condo deliveries are completely in H2. 
  • The company also decided on a ¥100bn buyback. Headline says up to 70mm shares or 5.29% of shares out ex-Treasury. It’ll be 20+ smaller. Details, however, matter. 

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Nov 11
0

Daily Brief Consumer: Tata Motors ADR, Golden Agri Resources, LG Energy Solution, Zomato, Coupang, BYD, Haier Smart Home Co Ltd, Booking Holdings, PriyoShop and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Tata Motors ADS Delisting – Here We Go Again – Lots of Fun To Be Had!
  • Tata Motors (TTM) To Delist ADSs: Details & Potential Trades
  • Golden Agri-Resources (GGR SP) – FTSE Selling in December
  • Assessing LG Energy Solution’s Flow Imbalance Situation
  • Zomato (ZOMATO IN) | Food Delivery Expected to Continue Improving
  • Coupang: Time Ditch EV/Sales and Focus on Profitability-Based Multiples
  • BYD Launches Luxury EV Line in Challenge to High-End Foreign Brands
  • Haier Smart Home (6690 HK): Opportunity Knocks as Depressed Valuation Cannot Reflect Outlook
  • Booking Holdings: Major Drivers
  • Bangladesh-Based B2B Ecommerce Firm Eyes $5m Raise

Tata Motors ADS Delisting – Here We Go Again – Lots of Fun To Be Had!

By Travis Lundy

  • Yesterday, with earnings, Tata Motors Ltd (TTMT IN) announced that it would delist its ADS, making an application on or around 13 January.
  • This sounds relatively benign because since 2004 when the ADS was listed, local funding capacity has increased substantially. It may no longer be needed. 
  • But it is MUCH more interesting than that. There is lots of fun to be had here. 

Tata Motors (TTM) To Delist ADSs: Details & Potential Trades

By Brian Freitas

Golden Agri-Resources (GGR SP) – FTSE Selling in December

By Brian Freitas

  • FTSE has announced that it will be changing Golden Agri Resources (GGR SP)‘s nationality from Singapore to Ineligible at the close on 16 December. 
  • This means the stock will be deleted from the FTSE All-World Index at the close on 16 December. We estimate passive trackers will need to sell multiple days ADV.
  • Golden Agri Resources (GGR SP) trades cheaper than a lot of its peers but has outperformed them over the last year. There could be a short-term reversal.

Assessing LG Energy Solution’s Flow Imbalance Situation

By Sanghyun Park

  • LG Energy’s virtually locked-up shares rise to nearly 95%. This should at least partially explain why its price has substantially outperformed the KOSPI in recent months, showing strong downward rigidity.
  • Additional long-term money equivalent to 2-3% of SO can come in for 5% float shares. There is no precedent for a float crunch of this magnitude among top-cap local stocks.
  • It seems necessary to reconsider taking a shorting position for LG Energy even after the 9th of next month when the short-term passives inflow situation is completed.

Zomato (ZOMATO IN) | Food Delivery Expected to Continue Improving

By Pranav Bhavsar

  • Over the last five quarters, monthly transacting customers have increased by 36%, QoQ, the pace could be slower, but the trend remains upwards. 
  • AOVs and Order frequency have the potential to inch up, but only over the long term.
  • Take rates are inching up, delivery fees are going higher, and with a higher market share Zomato (ZOMATO IN) ‘s food delivery business is expected to continue improving. 

Coupang: Time Ditch EV/Sales and Focus on Profitability-Based Multiples

By Oshadhi Kumarasiri

  • South Korea’s largest e-commerce company, Coupang (CPNG US) is no longer a growth stock with revenue expected to start falling on a YoY basis from 4Q22 onwards.
  • Therefore, we think Coupang’s current valuation, which is based on inflated revenue estimates should become redundant.
  • We think a no-growth, low-margin business like Coupang does not deserve to trade north of 10.0x OP, whereas it is currently trading at 15.6x the best-case OP estimate.

BYD Launches Luxury EV Line in Challenge to High-End Foreign Brands

By Caixin Global

  • Chinese carmaker BYD Co. Ltd. has unveiled its first luxury brand of electric vehicles (EV), joining its peers in efforts to impress wealthy domestic buyers
  • The launch marks BYD’s latest step into the high-end auto market as it tries to outgrow its image as a manufacturer of mid- to low-end vehicles
  • BYD is China’s largest EV and hybrid vehicle manufacturer by sales. In October, its wholesale shipments surpassed 200,000 for the second consecutive month

Haier Smart Home (6690 HK): Opportunity Knocks as Depressed Valuation Cannot Reflect Outlook

By Osbert Tang, CFA

  • Acceleration in earnings growth at Haier Smart Home Co Ltd (6690 HK) is an encouraging trend. We are happy to see expansion in both gross and operating margin in 3Q22.
  • Further channel additions for Casarte and digitalisation efforts will bring positive profitability impact. Meanwhile, we welcome HSH’s increase in engagement of suppliers in product design process.
  • Overseas growth has also accelerated in 3Q22 and there are numerous opportunities for HSH to expand its high-end presence and introduce new products in developed country markets. 

Booking Holdings: Major Drivers

By Baptista Research

  • Booking Holdings delivered a positive set of results in the quarter and managed an all-around beat.
  • Their consumers reserved 240 million room nights in Q3, just under 0.25 million more than in Q3 2019.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Bangladesh-Based B2B Ecommerce Firm Eyes $5m Raise

By Tech in Asia

  • Bangladesh-based ecommerce startup PriyoShop is looking to add US$5 million in a bridge funding round to its cart.
  • Founded in 2020, PriyoShop handles commerce through its app and manages logistics in locations like Dhaka and Chattogram through its own fleet.
  • The company said that third-party logistics companies then take on shipping across the rest of Bangladesh.

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Nov 11
0

Daily Brief Quantitative Analysis: Sector & Factor Performance During Wartime and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Sector & Factor Performance During Wartime
  • ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

Sector & Factor Performance During Wartime

By Nicolas Rabener

  • The S&P 500 increased during two of the three largest wars of the United States
  • Value, size, and momentum factors had positive returns during WW II
  • The top and worst-performing industries during WW II were diverse

ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.
  • 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 Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.

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Nov 11
0

Daily Brief Private Markets: Speedoc Snags US$28M to Bring Advanced Medical Care to Homes in SG and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Speedoc Snags US$28M to Bring Advanced Medical Care to Homes in SG, MY
  • Bangladesh-Based B2B Ecommerce Firm Eyes $5m Raise
  • Better Bite Ventures, Shiok Meats CEO Invest in Animal-Free Dairy Startup Phyx44

Speedoc Snags US$28M to Bring Advanced Medical Care to Homes in SG, MY

By e27

  • Speedoc, a virtual clinic and healthcare solutions platform that brings advanced medical care to homes in Singapore and Malaysia, has announced closing its US$28 million pre-series B funding round.
  • Founded in 2017, Speedoc is a virtual clinic and healthcare solutions platform enabling users access to home-based medical care and services. 
  • It aims to drive medical care needs out of hospitals and clinics by delivering a full suite of healthcare services to homes.

Bangladesh-Based B2B Ecommerce Firm Eyes $5m Raise

By Tech in Asia

  • Bangladesh-based ecommerce startup PriyoShop is looking to add US$5 million in a bridge funding round to its cart.
  • Founded in 2020, PriyoShop handles commerce through its app and manages logistics in locations like Dhaka and Chattogram through its own fleet.
  • The company said that third-party logistics companies then take on shipping across the rest of Bangladesh.

Better Bite Ventures, Shiok Meats CEO Invest in Animal-Free Dairy Startup Phyx44

By e27

  • Phyx44, a biotech-enabled food science startup based in Bengaluru, India, has secured US$1.2 million in seed capital.

  • The startup will use the money to accelerate R&D, expand the team and work on the co-development of product formulation with key partners.

  • Founded in early 2021, Phyx44 develops animal-free milk proteins and fats for use in dairy products. It bets on microbial fermentation as the best way to replicate dairy.

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Nov 11
0

Daily Brief Credit: Morning Views Asia: Wynn Macau Ltd and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Wynn Macau Ltd
  • Tata Motors – Earnings Flash – Q2 FY 2022-23 Results – Lucror Analytics

Morning Views Asia: Wynn Macau Ltd

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.

Tata Motors – Earnings Flash – Q2 FY 2022-23 Results – Lucror Analytics

By Trung Nguyen

Tata Motors’ Q2/22-23 results were better than expected, with reasonable improvement in revenue and earnings. That said, this was partly due to the low base effect last year, owing to COVID-19. The financial risk profile has improved slightly, on the back of the higher earnings and stable debt. Liquidity appears to be adequate, especially at Jaguar Land Rover (JLR).

The operating environment will likely remain difficult in FY 2022-23, and possibly for even longer. While we derive comfort from the growing order book, this accounts for only c. 50% of full-year deliveries for now, and is hence insufficient to provide firm revenue visibility. Still, the order book development indicates that demand for JLR’s vehicles is exceeding its ability to deliver.

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Nov 11
0

Daily Brief Technical Analysis: Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS Target Achieved in 3 Days (+13.4%) and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS Target Achieved in 3 Days (+13.4%)

Taiwan Semiconductor Manufacturing Co Ltd (TSM US): TSS Target Achieved in 3 Days (+13.4%)

By David Coloretti, CMT

  • The development of TSS has been a life’s work. We are pleased to acknowledge that our second TSS publication on Smartkarma produced an impressive and rapid result.
  • On 7 November we determined that the new interim downtrend low below 59.51 had failed and would likely produce a minimum 6-8% correction in 1-2 weeks. 
  • TSM US subsequently produced a 13.4% gain in the following 3 days. Job done! Chart and further details attached.

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