Smartkarma Daily Briefs

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

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.

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Mar 23

Daily Brief Credit: H&H International – Earnings Flash – FY 2022 Results – Lucror Analytics and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

H&H International – Earnings Flash – FY 2022 Results – Lucror Analytics
Europe HY Trade Book – March 2023 – Lucror Analytics
Morning Views Asia:
Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report
Zimmer Biomet Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

H&H International – Earnings Flash – FY 2022 Results – Lucror Analytics

By Charles Macgregor

H&H International has released reasonable FY 2022 results, despite the challenging macro economy and operating conditions during the year. Revenue rose more than 10% y-o-y to c. CNY 12.8 bn, mainly due to the full-year inclusion of Zesty Paws in the US. The gross profit margin contracted 2.5 ppts to 60.3%. Debt/EBITDA remained elevated at 5.7x as at FYE 2022. Liquidity is sound, with a cash balance of over CNY 2 bn and short-term debt of only CNY 1 bn.

The company aims to reduce net leverage to below 2.0x within three years. In our view, this plan is aggressive albeit attainable.

Europe HY Trade Book – March 2023 – Lucror Analytics

By Charles Macgregor

The Europe HY Trade Book for March 2023 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

Morning Views Asia:

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.

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.

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.

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Mar 23

Daily Brief ECM: National Storage REIT Placement – Past Deals Have Done Well but Stock Looks Toppish and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

National Storage REIT Placement – Past Deals Have Done Well but Stock Looks Toppish
PNB Housing Finance Rights Issue – Finally Closing in on the Capital Raising
ZKH Group IPO: The Bear Case
Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers
Snap-on Incorporated: Initiation of Coverage – Business Strategy & Recent Developments
Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

National Storage REIT Placement – Past Deals Have Done Well but Stock Looks Toppish

By Sumeet Singh

National Storage REIT (NSR AU) (NSREIT) aims to raise around US$200m (A$300m) via an institutional placement.
Past deals have ended up doing well, however, the stock now appears toppish and it’s unclear if the deal was well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.

PNB Housing Finance Rights Issue – Finally Closing in on the Capital Raising

By Sumeet Singh

PNB Housing Finance Ltd (PNBHOUSI IN) (PHBHF) aims to raise up to US$300m via a rights issue in order to boost its capital base.
PNBHF is the housing finance arm of Punjab National Bank and is partly owned by Carlyle, with investments from General Atlantic as well.
In this note, we will talk about the rights issue and other deal dynamics.

ZKH Group IPO: The Bear Case

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.

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.

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.

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 Equity Bottom-Up: Japan Banks: Markets Overreact to SVB’s Collapse and more

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

In today’s briefing:

Japan Banks: Markets Overreact to SVB’s Collapse
ASICS (7936) | Running Is Recession Proof
Kuaishou (1024 HK) 4Q22 Earnings Preview: Weak Growth, But Loss to Shrink Significantly
Smartkarma Corporate Webinar | Uni-Asia: Creating Alternative Investment Opportunities in Asia
Poya International: Key Catalysts
Tencent (700 HK): 4Q22, Stop Decreasing WeChat Ad Recovered Earlier
CSPC Pharmaceutical (1093 HK): Double-Digit Sales and Profit Growth in 2022; MRNA Vaccine Approval
Tencent: Gradual Recovery in Earnings; Domestic Gaming to Resume Growth
Tongcheng Travel (780 HK): Best for Capturing Lower-Tier Cities’ Growth
TME: Social Entertainment Losing Its Importance with Top Line Growth Keep Declining

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

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.

Smartkarma Corporate Webinar | Uni-Asia: Creating Alternative Investment Opportunities in Asia

By Smartkarma Research

For our next Corporate Webinar, in partnership with the SGX, we are glad to welcome Uni-Asia’s Group CFO, Lim Kai Ching.

In the upcoming webinar, Kai Ching will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Osbert Tang, CFA . The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Tuesday, 4 April 2023, 17:00 SGT.

Register for the Webinar here

About Uni-Asia

Uni-Asia Group Limited is an alternative investment group specialising in creating alternative investment opportunities and providing integrated services relating to such investments. The Group’s alternative investment targets mainly include dry bulk ships and properties. The Group also has extensive know-how and a network relating to such alternative investments and provides services relating to these investments. The two main alternative asset classes the Group focuses on are Shipping and Property.

Poya International: Key Catalysts

By Shifara Samsudeen, ACMA, CGMA

Three major catalysts of Poya International include easing of mask mandates/COVID restrictions, strong growth in dividends and earnings, and market share gains from competitors.
Poya International is the dominant supplier of cosmetics, health care products, personal care products and household products in Taiwan.
The company continues to execute its business strategy better than its competitors and this is evidenced in its strong growth in profits and dividends in the past year.

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.

CSPC Pharmaceutical (1093 HK): Double-Digit Sales and Profit Growth in 2022; MRNA Vaccine Approval

By Tina Banerjee

CSPC Pharmaceutical Group (1093 HK) reported 11% YoY revenue growth in 2022. The finished drug business maintained steady growth in 2022, with a continued increase in contribution from new products.
Within the next 5 years, more than 40 innovative drugs are expected to be approved, which will provide continuous momentum for the company’s development.
In March 2023, CSPC’s COVID-19 mRNA vaccine SYS6006 has become the first independently developed mRNA vaccine product in China that has been granted for emergency use.

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.

TME: Social Entertainment Losing Its Importance with Top Line Growth Keep Declining

By Shifara Samsudeen, ACMA, CGMA

Tencent Music (TME US) reported 4Q2022 results yesterday. Revenue decreased 2.4% YoY to RMB7.4bn (vs consensus RMB7.3bn) while reported operating profit more than doubled to RMB1.4bn (vs consensus RMB1.3bn).
Online music revenues grew 24% YoY while social entertainment business continues to see decline in paying users and ARPU. Margin improvements were driven by spending cuts.
Social Entertainment is losing its importance and the segment continues to remain under pressure due to competition from other platforms.

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Mar 23

Daily Brief Event-Driven: Rakuten Bank (5838 JP) IPO: Listing in April and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

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
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
StubWorld: Impairments Weigh Down Kingsoft Solid Results
Quiddity Leaderboard-DAX Jun 23: Fresenius, Lufthansa, Covestro, Continental & Others
Korea Small Cap Gem #20: BYC
Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake
Liberty/Telenet: Intended Offer for Minorities
Hindustan Aeronautics (HNAL IN) Offer for Sale: Buy Ahead of Potential MSCI Inclusion

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.

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.

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%.

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.

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.

Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake

The shareholder with a blocking stake has provided an irrevocable to accept Mr Chu Hui (Chairman and CEO)’s offer to privatise Jiangnan (1366 HK) at HK$0.40 per share
Key condition is approval by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). There are no other shareholders with a blocking stake.
The price is final and attractive in the context of historical prices and multiples. At the last close, the gross spread is 8.1%. Scheme document likely despatched in mid-April.

Liberty/Telenet: Intended Offer for Minorities

By Jesus Rodriguez Aguilar

Liberty intends to launch an offer to acquire the minorities in its subsidiary Telenet, taking advantage of the drop in the share price over the last two years.
Liberty offers €22/share in cash, cum dividend, 5.9x EV/Fwd EBITDA, a minimum 95% threshold and no MAC with respect to BEL-20 index and shares of Telenet peers prior results announcement.
My fair value estimate (DCF based) is €16.2, i.e. 26% downside to the intended offer price. Spread is 5.2%/15.6% (gross/annualised). Cautious long.

Hindustan Aeronautics (HNAL IN) Offer for Sale: Buy Ahead of Potential MSCI Inclusion

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 Industrials: ZKH Group, Jiangnan, Hindustan Aeronautics Ltd, ACCO Brands, Snap On Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

ZKH Group IPO: The Bear Case
Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake
Hindustan Aeronautics (HNAL IN) Offer for Sale: Buy Ahead of Potential MSCI Inclusion
ACCO Brands Is At A Cyclical Discount
Snap-on Incorporated: Initiation of Coverage – Business Strategy & Recent Developments

ZKH Group IPO: The Bear Case

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.

Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake

The shareholder with a blocking stake has provided an irrevocable to accept Mr Chu Hui (Chairman and CEO)’s offer to privatise Jiangnan (1366 HK) at HK$0.40 per share
Key condition is approval by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). There are no other shareholders with a blocking stake.
The price is final and attractive in the context of historical prices and multiples. At the last close, the gross spread is 8.1%. Scheme document likely despatched in mid-April.

Hindustan Aeronautics (HNAL IN) Offer for Sale: Buy Ahead of Potential MSCI Inclusion

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.

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.

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.

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Mar 23

Daily Brief Industrials: ZKH Group, Jiangnan, Hindustan Aeronautics Ltd, ACCO Brands, Snap On Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

ZKH Group IPO: The Bear Case
Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake
Hindustan Aeronautics (HNAL IN) Offer for Sale: Buy Ahead of Potential MSCI Inclusion
ACCO Brands Is At A Cyclical Discount
Snap-on Incorporated: Initiation of Coverage – Business Strategy & Recent Developments

ZKH Group IPO: The Bear Case

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.

Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake

The shareholder with a blocking stake has provided an irrevocable to accept Mr Chu Hui (Chairman and CEO)’s offer to privatise Jiangnan (1366 HK) at HK$0.40 per share
Key condition is approval by at least 75% of disinterested shareholders (<10% of all disinterested shareholders rejection). There are no other shareholders with a blocking stake.
The price is final and attractive in the context of historical prices and multiples. At the last close, the gross spread is 8.1%. Scheme document likely despatched in mid-April.

Hindustan Aeronautics (HNAL IN) Offer for Sale: Buy Ahead of Potential MSCI Inclusion

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.

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.

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