Smartkarma Daily Briefs, Author at Smartkarma

Jan 15

Daily Brief Industrials: Halcyon Agri, Hong Kong Hang Seng Index and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Esso Thailand, Essential Met, Norwest Energy, Halcyon Agri
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Esso Thailand, Essential Met, Norwest Energy, Halcyon Agri

By David Blennerhassett

There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma in the past week: Bangchak Corporation (BCP TB)‘s takeunder for Esso Thailand (ESSO TB); Tianqi/OGO’s Offer for Essential Metals (ESS AU).
Key updates took place for: Norwest Energy NL (NWE AU) and Halcyon Agri (HACL SP).

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

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

💡 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

Jan 15

Daily Brief Health Care: Hisamitsu Pharmaceutical Co, Hangzhou Tigermed Consulting (H), Align Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Hisamitsu Pharmaceutical (4530 JP): Strong Q3 Result Driven by Salonpas; FY23 Guidance Reiterated
China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors
Align Technology – Very Well Positioned when Demand Returns

Hisamitsu Pharmaceutical (4530 JP): Strong Q3 Result Driven by Salonpas; FY23 Guidance Reiterated

By Tina Banerjee

Hisamitsu Pharmaceutical Co (4530 JP) has announced solid Q3FY23 results, with double-digit revenue growth and triple-digit operating and net profit growth, mainly driven by the OTC business of the company.
With the resumption of sporting/outdoor events globally and increasing unwillingness to use opioid for pain relief especially in the U.S., Salonpas is expected to continue its growth trajectory.
Hisamitsu has reiterated FY23 guidance. However, considering the current progress rate of all the parameters versus guidance, we think actual performance of Hisamitsu will exceed guidance.

China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

By Xinyao (Criss) Wang

The centralized procurement of interprovincial dental implants results were released. In our view, most of the profits from the midstream circulation and terminal sales of dental implants will be cleared.
We analyzed some key points of Hangzhou Tigermed Consulting (H) (3347 HK), HBM Holdings Limited (2142 HK), Brii Biosciences (2137 HK) and Jacobio Pharmaceuticals (1167 HK).
Many “successful investors” may not realize that their huge returns in the past are mainly due to unexpected capital market exit channel dividends, which is hard to be copied.

Align Technology – Very Well Positioned when Demand Returns

By Pyari Menon

Economic slowdown, China lockdown and more competition has hit Align Technology (ALGN US) share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.
ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside.
Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.

💡 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

Jan 15

Daily Brief Industrials: Halcyon Agri, Hong Kong Hang Seng Index and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Esso Thailand, Essential Met, Norwest Energy, Halcyon Agri
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Esso Thailand, Essential Met, Norwest Energy, Halcyon Agri

By David Blennerhassett

There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma in the past week: Bangchak Corporation (BCP TB)‘s takeunder for Esso Thailand (ESSO TB); Tianqi/OGO’s Offer for Essential Metals (ESS AU).
Key updates took place for: Norwest Energy NL (NWE AU) and Halcyon Agri (HACL SP).

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

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

💡 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

Jan 15

Daily Brief Japan: Fujitsu Ltd, Hisamitsu Pharmaceutical Co and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu
Hisamitsu Pharmaceutical (4530 JP): Strong Q3 Result Driven by Salonpas; FY23 Guidance Reiterated

Last Week In SPACE: Cosmo, Olam, Yamada Denki, Jardine Cycle/Astra, Tianneng Power/Battery, Fujitsu

By David Blennerhassett

Given the likelihood of more buybacks and pressure on capital allocation and structuring of the renewable energy business, Cosmo Energy (5021 JP) is more of a buy than a sell.
Olam Group (OLG SP) is a tricky beast to analyze. A key issue for investors is valuing Olam, ex- Olam Agri, ex- OFI.
Unloved as it is, Yamada Denki (9831 JP) is still cheap.

Hisamitsu Pharmaceutical (4530 JP): Strong Q3 Result Driven by Salonpas; FY23 Guidance Reiterated

By Tina Banerjee

Hisamitsu Pharmaceutical Co (4530 JP) has announced solid Q3FY23 results, with double-digit revenue growth and triple-digit operating and net profit growth, mainly driven by the OTC business of the company.
With the resumption of sporting/outdoor events globally and increasing unwillingness to use opioid for pain relief especially in the U.S., Salonpas is expected to continue its growth trajectory.
Hisamitsu has reiterated FY23 guidance. However, considering the current progress rate of all the parameters versus guidance, we think actual performance of Hisamitsu will exceed guidance.

💡 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

Jan 15

Daily Brief South Korea: DearU and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

DearU’ Bubble + NCsoft’s Universe = The Largest K-Pop Fandom Platform in Korea

DearU’ Bubble + NCsoft’s Universe = The Largest K-Pop Fandom Platform in Korea

By Douglas Kim

DearU’s acquisition of NCSoft’s Universe K-Pop fandom platform will expand DearU Bubble’s number one position in the K-Pop fandom platform in Korea.
The sale of Universe by NCSoft is a win-win situation for both DearU and NCsoft.
Applying a 25x P/E to an estimated net profit of 50 billion won in 2024 would suggest an market cap of 1.25 trillion won for DearU, representing a 52% upside.

💡 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

Jan 15

Most Read: XPeng, Brilliance China Automotive, DMCI Holdings, Bumi Resources Minerals Tbk, Page Industries, Li Auto, Jinko Solar, Adani Enterprises, PEXA Group and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

HSCEI Index Rebalance Preview: Handling Treatment & Changes in March
HSCI Index Rebalance Preview and Stock Connect: A Lot of Change
HSI Index Rebalance Preview: Better Late Than Never?
PCOMP Index Rebalance Preview Feb 23: Float Increases to Drive Changes & Flow
LQ45 Index Rebalance Preview (Jan): Few Weeks to Implementation
NIFTY100 Index Rebalance Preview: Active Trading Before Passive Trading Kicks In
Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, HSI, HSCI, KS200, KQ150, CSI300, SENSEX, LQ45, PSEi
CSI300 Index Rebalance Preview: Early Look at Potential Changes in June
SENSEX Index Rebalance Preview: Adani Enterprises Could Replace Wipro
ASX200 Index Rebalance: PEXA to Replace Pendal

HSCEI Index Rebalance Preview: Handling Treatment & Changes in March

By Brian Freitas

We expect one change to the Hang Seng China Enterprises Index (HSCEI INDEX) in March, though there is a possibility of a second change.
The change in the index handling treatment for Secondary Listings and Dual Primary Listings will also result in some big float changes resulting in inflows to some stocks.
If there are two changes to the index, estimated one-way turnover is 2.39% resulting in a one-way trade of HK$1,536m.

HSCI Index Rebalance Preview and Stock Connect: A Lot of Change

By Brian Freitas

We see 44 potential adds (including plenty of new listings) and 19 potential deletes (on market cap, liquidity and suspension) for the Hang Seng Composite Index in March.
We expect 37 stocks to be added to Southbound Stock Connect following the rebalance while 37 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

HSI Index Rebalance Preview: Better Late Than Never?

By Brian Freitas

There are currently 76 index constituents and we can (maybe? finally! hopefully 🤞) get to 80 members in March before commencing the next leg up to 100 index constituents.
We list 10 potential inclusions to the index in March. Adding all 10 stocks will lead to over 6% one-way turnover, so there will be fewer inclusions.
All stocks will have over 1 day of ADV to buy from passive trackers. Some stocks have short interest of over 7% of float.

PCOMP Index Rebalance Preview Feb 23: Float Increases to Drive Changes & Flow

By Brian Freitas

Some creative float increases for AC Energy Corp (ACEN), San Miguel (SMC PM) and Emperador (EMP PM) should result in the stocks remaining in the index and getting passive inflows.
DMCI Holdings (DMC PM) should replace Megaworld Corp (MEG PM), while UnionBank of the Philippines (UBP PM)‘s inclusion should result in Robinsons Land Co (RLC PM)‘s deletion from the index.
There will be a big impact on the additions, deletions and stocks with float changes. The stocks have already started to move ahead of the passive flows.

LQ45 Index Rebalance Preview (Jan): Few Weeks to Implementation

By Brian Freitas

The review period for the LQ45 Index ended on 30 December. The changes should be announced in the last week of January, becoming effective after the close on 31 January.
Potential adds are Bumi Resources Minerals Tbk (BRMS IJ), Surya Esa Perkasa (ESSA IJ), Saratoga Investama Sedaya (SRTG IJ), Adaro Minerals (ADMR IJ) and Mitratel (MTEL IJ).
Potential deletions are PT Wijaya Karya (Persero) Tbk (WIKA IJ), Erajaya Swasembada (ERAA IJ), Media Nusantara Citra (MNCN IJ), Chandra Asri Petrochemical (TPIA IJ) and HM Sampoerna (HMSP IJ).

NIFTY100 Index Rebalance Preview: Active Trading Before Passive Trading Kicks In

By Brian Freitas

We expect 5 changes to the Nifty 100 Index (NSE100 INDEX) at the March rebalance. The review period ends on 31 January and the announcement should be late February.
The largest impact of passive trading will be on Page Industries (PAG IN), Biocon Ltd (BIOS IN), Mphasis Ltd (MPHL IN) and ABB India Ltd (ABB IN).
There are quite a few overlaps with the AMFI reclassification of stocks and there could be buying and selling from active fund managers over the next few weeks.

Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, HSI, HSCI, KS200, KQ150, CSI300, SENSEX, LQ45, PSEi

By Brian Freitas

End December was the end of the review cutoff for a lot of indices that will rebalance within the next couple of months.
PEXA Group (PXA AU) replaces Pendal Group (PDL AU) in the S&P/ASX 200 (AS51 INDEX) at the close on 12 January.
There were big outflows from Hong Kong and China focused ETFs led by Hang Seng H Share Index ETF (2828 HK) and Tracker Fund of Hong Kong Ltd (2800 HK).

CSI300 Index Rebalance Preview: Early Look at Potential Changes in June

By Brian Freitas

Two thirds of the way through the review period, we see 15 potential index changes at the June rebalance that will be implemented at the close on 9 June.
We estimate a one-way turnover of 2.35% at the June rebalance leading to a one-way trade of CNY 5.57bn.
The potential adds have outperformed the potential deletes and the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) over the last six months, though there is some near-term deterioration.

SENSEX Index Rebalance Preview: Adani Enterprises Could Replace Wipro

By Brian Freitas

A third of the way through the review period of the June rebalance, we see one potential index change with Adani Enterprises (ADE IN) replacing Wipro Ltd (WPRO IN).
Adani Enterprises (ADE IN) could move lower in the short-term due to the public issue of shares but should find support from passive buying from local and global index trackers.
Wipro Ltd (WPRO IN) has underperformed most of its peers by a wide margin over the last year and the passive selling could provide an entry point.

ASX200 Index Rebalance: PEXA to Replace Pendal

By Brian Freitas

PEXA Group (PXA AU) will replace Pendal Group (PDL AU) in the S&P/ASX 200 (AS51 INDEX) at the close of trading on 12 January.
Passive S&P/ASX 200 (AS51 INDEX) trackers will receive PEXA Group (PXA AU) shares from their Link Administration (LNK AU) holdings and will have to buy the rest from the market.
There will be selling in Pendal Group (PDL AU) from S&P/ASX 200 (AS51 INDEX) and S&P/ASX 300 Index trackers as well as from global trackers.

💡 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

Jan 15

Daily Brief United States: Align Technology and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Align Technology – Very Well Positioned when Demand Returns

Align Technology – Very Well Positioned when Demand Returns

By Pyari Menon

Economic slowdown, China lockdown and more competition has hit Align Technology (ALGN US) share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.
ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside.
Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.

💡 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

Jan 15

Daily Brief China: Tencent, Hong Kong Hang Seng Index, Flat Glass, Hangzhou Tigermed Consulting (H) and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

ECM Weekly (15th Jan 2023) – 2022 Performance, 2023 Pipeline, Bilibili, HTHT, China Edu, CDP, Allied
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
Hong Kong CEO & Director Dealings (15 Jan): WWPKG, Tianyun International, Yeahka, Flat Glass
China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

ECM Weekly (15th Jan 2023) – 2022 Performance, 2023 Pipeline, Bilibili, HTHT, China Edu, CDP, Allied

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
Things remain quiet on the IPO front and are likely to remain that way till CNY. Korea was once again the one that set the IPO ball rolling.
Placements were a different matter with deal flow pickup up where it left off last week.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

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

Hong Kong CEO & Director Dealings (15 Jan): WWPKG, Tianyun International, Yeahka, Flat Glass

By David Blennerhassett

The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
Stocks mentioned include WWPKG Holdings Co Ltd (8069 HK), Tianyun International Holdings (6836 HK), Yeahka Limited (9923 HK), GHKGBA (1396 HK), and Flat Glass (6865 HK).

China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

By Xinyao (Criss) Wang

The centralized procurement of interprovincial dental implants results were released. In our view, most of the profits from the midstream circulation and terminal sales of dental implants will be cleared.
We analyzed some key points of Hangzhou Tigermed Consulting (H) (3347 HK), HBM Holdings Limited (2142 HK), Brii Biosciences (2137 HK) and Jacobio Pharmaceuticals (1167 HK).
Many “successful investors” may not realize that their huge returns in the past are mainly due to unexpected capital market exit channel dividends, which is hard to be copied.

💡 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

Jan 15

Daily Brief Singapore: Halcyon Agri and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Esso Thailand, Essential Met, Norwest Energy, Halcyon Agri

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Esso Thailand, Essential Met, Norwest Energy, Halcyon Agri

By David Blennerhassett

There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma in the past week: Bangchak Corporation (BCP TB)‘s takeunder for Esso Thailand (ESSO TB); Tianqi/OGO’s Offer for Essential Metals (ESS AU).
Key updates took place for: Norwest Energy NL (NWE AU) and Halcyon Agri (HACL SP).

💡 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

Jan 14

Daily Brief ESG: Transitional Measures Will End in 2-3 Years and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Transitional Measures Will End in 2-3 Years, but Will Prime Market Listing Criteria Remain the Same?

Transitional Measures Will End in 2-3 Years, but Will Prime Market Listing Criteria Remain the Same?

By Aki Matsumoto

TSE will probably settle on a compromise: “transitional measures will be completed as soon as possible,” while “measures to minimize negative impacts will also be adopted.
Of 271 companies that failed to meet prime market listing criteria and are allowed to list under transitional measures, 227 (98%) don’t have tradable market capitalization of 10 billion yen.
The market capitalization of companies that disclosed plans to meet listing criteria within 3 years increased, while those that stated that they would meet criteria in over 3 years decreased.

💡 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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