Smartkarma Daily Briefs

The market cap and liquidity review period for the June rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) ended yesterday.
JMT Network Services (JMT TB), Jaymart PCL (JMART TB) and Berli Jucker (BJC TB) could replace Sri Trang Gloves (STGT TB), Ratch Group PCL (RATCH TB) and IRPC PCL (IRPC).
Asset World Corporation (AWC TB) could be deleted depending on which levers the index committee tweaks, and that could save IRPC PCL (IRPC TB) from index deletion.

The Sound Shore Fund Q1 2022 Letter To Shareholders

Sound Shore Fund, Inc. is registered as a diversified, open-end management investment company. The investment objective of the Fund is growth of capital.
The Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) declined 0.97% and 0.91%, respectively, in the first quarter of 2022.
The current environment is providing a remarkably robust set of opportunities that we have not seen in some time.

Carillon Eagle Growth & Income Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Along with the spike in oil prices, energy stocks performed best during the quarter, followed by more defensive and countercyclical sectors like utilities and consumer staples.
As we look toward the rest of 2022, we continue to see a somewhat balanced outlook for equity markets returns.

Carillon Eagle Small Cap Growth Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Small-cap stocks overall posted rather lackluster returns in the first quarter of 2022.
Inflation and sharply higher gasoline prices have taken a chunk out of the consumer’s pocketbook.

Carillon Scout Small Cap Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Inflation concerns and accelerating expectations of interest rate hikes by the U.S. Federal Reserve sent equity markets in a downward spiral to start the new year.
Investors continued to favor value stocks over growth stocks as small-cap value outperformed small-cap growth by more than 10% during the quarter.

Carillon Clarivest International Stock Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
The situation could favor U.S. stocks, as they are more insulated than their European counterparts from energy price spikes and the direct impacts of the war and its economic ramifications.

Carillon Clarivest International Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
Focusing on how it affects markets, the war also is a concern for global growth and a source of volatility as the highly uncertain situation evolves.

Carillon Clarivest Capital Appreciation Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Q1 2022 was marred by tragedy on a global scale and investors encountered three months of volatile trading induced by persistently high inflation, rising rates, and Russia’s invasion of Ukraine.
Over the last 12 months many investors anchored to the long-term growth trends while discounting value’s recent strength, and more importantly the reasons behind it.

Carillon Eagle Mid Cap Growth Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Mid-cap stocks overall posted rather disappointing returns in the first quarter of 2022.
The outlook for the cyclical areas of the stock market appears mixed against a backdrop of higher commodity prices, rising interest rates, and geopolitical unrest.
On a more positive note, strong pent-up demand for travel should help to bolster securities.

Before it’s here, it’s on Smartkarma

Jun 02

Indonesia: ABM Investama and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

Asia HY Monthly – Indonesian Bankruptcy Regime Revisited – Lucror Analytics

Asia HY Monthly – Indonesian Bankruptcy Regime Revisited – Lucror Analytics

By Charles Macgregor

This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017.

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors’ understanding of the Asian USD high-yield market.

Before it’s here, it’s on Smartkarma

Jun 02

Singapore: Hwa Hong Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Hwa Hong’s Conditional Offer Open For Acceptances

Hwa Hong’s Conditional Offer Open For Acceptances

By David Blennerhassett

On the 17 May, Ong Choo Eng, his son Ong Eng Yaw, along with Roswell Assets, Dymon Asia, and Crytalic Star launched an Offer for Hwa Hong Corp (HWAH SP).
The Offer Doc is now out and is open for acceptances. The first close is the 28th June.
This Doc does not include an IFA opinion. That will be included in the Circular which is expected to be despatched on or before the 14 June.

Before it’s here, it’s on Smartkarma

Jun 02

Consumer: Tongwei Co Ltd A, WM Motor Technology Co Ltd, Paradise Co Ltd, USJ LLC, United Spirits, Jubilant Foodworks, Greenlight Capital Re Ltd A, La Opala Rg Ltd, Restaurant Brands Asia, Dixon Technologies India Ltd and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

FTSE China A50 Index Rebalance: Three Changes, As We Expected
WM Motor IPO Initiation: Electric Jitters
Significant MoM Increase in Inbound & Outbound Visitors in Korea in April 2022
USJ – Beneficiary of Reopening and Growing Popularity of Anime and Gaming
United Spirits – Robust Operating Performance; Strategic Review a Positive for Medium-Term
Jubilant FoodWorks – Operating Performance In-Line; Mr. Khetarpal Comes in as CEO & MD from Amazon
Greenlight Capital Q1 2022 Letter
La Opala RG – Tracking Expectations; Demand Outlook Is Positive
Restaurant Brands Asia – Slight Miss; Guidance Upped for India Business
Dixon Technologies (India) – Robust Quarter Amid a Challenging Environment

FTSE China A50 Index Rebalance: Three Changes, As We Expected

Anhui Conch Cement, China Citic Bank and Tongwei will replace Chongqing Zhifei Biological, Gree Electric Appliances and PetroChina in the FTSE China A50 Index at the close on 17 June.
All changes are as we expected, but there are still trades to do off the back of the announced changes.
Estimated one-way index turnover at the rebalance is 2.83% and will result in a one-way trade of CNY1,436m. There is negligible impact of the funding trade on the other stocks.

WM Motor IPO Initiation: Electric Jitters

By Arun George

WM Motor Technology Co Ltd (WMT CH), an EV manufacturer, has filed for a US$1 billion IPO on the HKEx. It recently raised US$595.7 million at a US$7 billion valuation.
In line with industry trends and listed Chinese peers, WM Motor rapidly grew its vehicle deliveries in 2021. Price increases and a good roadmap support future growth.
WM Motor is sub-scale vs peers pointing to an uncertain path to profitability. As the era of being rewarded for growth at any cost is over, the timing feels off.

Significant MoM Increase in Inbound & Outbound Visitors in Korea in April 2022

By Douglas Kim

There were 128k visitors to South Korea in April, up 32% MoM which was the biggest jump in MoM change in visitors to South Korea in the past year.
There were 215k outbound people from South Korea in April 2022, up 48% MoM and up 202% YoY.
Among the 21 major reopening plays in Korea, we prefer certain sectors including casino related plays (GKL, Paradise, and Kangwon Land) as well as F&B related (Hitejinro and CJ Cheiljedang).

USJ – Beneficiary of Reopening and Growing Popularity of Anime and Gaming

By Mio Kato

Universal Studios Japan has suffered significantly from the COVID pandemic just as Oriental Land has.
However, as Japan reopens the company should benefit from a resurgence in tourist arrivals.
In addition, it could emerge as a key play on expanding the popularity of Japanese IP overseas.

United Spirits – Robust Operating Performance; Strategic Review a Positive for Medium-Term

4QFY22 headline performance: Standalone net sales grew by 9.5% YoY to Rs24.4bn (v/s est. Rs25bn).

FY22 performance: Revenue and EBITDA grew by 18.9% (led by ~12% volume growth) and >50%, respectively.

Other highlights: (1) ENA and Glass are ~2/3rd of the company’s raw material basket and both the commodities are under inflationary pressure, witnessing inflation in double digits. (2) Recently received price increases from Assam, Rajasthan and Madhya Pradesh. (3) UNSP maintained its guidance to deliver mid to high teen operating margin.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant FoodWorks – Operating Performance In-Line; Mr. Khetarpal Comes in as CEO & MD from Amazon

4QFY22 headline performance: Standalone topline was up 12.9% YoY at Rs11.6bn, in-line with our estimate of Rs11.4bn.

Store additions in 4QFY22: The company again created a new all-time record with the opening of 80 new Domino’s stores, taking the network strength to 1,567 stores as of 31st March’22.

FY22 standalone performance: Revenue, EBITDA and APAT grew by 32.5%, 44.1% and 89.6% YoY, respectively.

Greenlight Capital Q1 2022 Letter

Green Light Capital is a privately owned hedge fund sponsor. The firm invests in the public equity and fixed income markets of the United States. It primarily invests in value.
The Greenlight Capital funds (the “Partnerships”) returned 4.4%1 in the first quarter of 2022, compared to a 4.6% decline for the S&P 500 index.
Our short portfolio had a strong result this quarter. The gains were broad- based, led by falling values for our basket of bubble stocks and a substantial fall in the price of a medical device company that reported disappointing results.

La Opala RG – Tracking Expectations; Demand Outlook Is Positive

4QFY22 performance: LOG’s 4QFY22 revenue at Rs896mn (up 12% YoY) came in line with our estimate.
Revenue was well ahead of pre-Covid level. The management indicated that growth was equally strong across channels.
EBITDA margin witnessed 520bps QoQ moderation despite strong gross margin, mainly on account of higher other expenses (4Q other expenses are always high on account of director commissions and channel partners incentives etc.)

Restaurant Brands Asia – Slight Miss; Guidance Upped for India Business

4QFY22 standalone topline grew by 37% YoY to Rs2.7bn (vs est. Rs2.8bn).

4QFY22 consolidated topline grew by 24.4% YoY to Rs4bn. Gross margin expanded by 100bps YoY to 63.6% (down 30bps QoQ).

FY22 performance: Standalone revenue and EBITDA grew by 90.9% YoY and 175.7% YoY, respectively.

Dixon Technologies (India) – Robust Quarter Amid a Challenging Environment

Consumer Electronics update: Consumer Electronics (LED TV) segment sales declined by 14.3% YoY to Rs10.1bn with EBITDA margin coming in at 2.8% (+40bps YoY).

Lighting update: Lighting segment revenue declined by 20.2% YoY to Rs3.05bn with an EBITDA margin of 7.1% (down 100bps YoY).

Outlook and valuation: Led by the strong scale-up opportunities across multiple product categories, we expect 69.3% earnings CAGR for Dixon over FY22-FY24E.

Before it’s here, it’s on Smartkarma

Jun 02

China: Henderson Land Development, Tongwei Co Ltd A, China Longyuan Power, Calb, WM Motor Technology Co Ltd, ABM Investama, OrbusNeich Medical Group, Bharat Petroleum Corp and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

FTSE EPRA Nareit Index Rebalance: Two Adds & Three Deletes with Large Impact
FTSE China A50 Index Rebalance: Three Changes, As We Expected
FTSE China 50 Index Rebalance: Two Sets of Changes as Expected
CALB Pre-IPO – The Negatives – Lots of Shareholder Re-Shuffling
WM Motor IPO Initiation: Electric Jitters
Asia HY Monthly – Indonesian Bankruptcy Regime Revisited – Lucror Analytics
Pre-IPO OrbusNeich Medical Group – The Industry, the Business and the Concerns
Morning Views Asia: Bharat Petroleum Corp, Central China Securities, Tata Motors ADR

FTSE EPRA Nareit Index Rebalance: Two Adds & Three Deletes with Large Impact

Samty Residential Investment and LOTTE Reit are inclusions while Hang Lung Properties, Henderson Land Development and New World Development are deletions for the FTSE EPRA Nareit Developed Asia Index.
There is a large impact on all stocks, but the flow is much higher on the deletions and the stocks could drop and underperform their peers.
Ichigo Inc (2337 JP) is a surprise non-inclusion and could trade lower today providing an opportunity to buy the stock while waiting for a late inclusion announcement.

FTSE China A50 Index Rebalance: Three Changes, As We Expected

Anhui Conch Cement, China Citic Bank and Tongwei will replace Chongqing Zhifei Biological, Gree Electric Appliances and PetroChina in the FTSE China A50 Index at the close on 17 June.
All changes are as we expected, but there are still trades to do off the back of the announced changes.
Estimated one-way index turnover at the rebalance is 2.83% and will result in a one-way trade of CNY1,436m. There is negligible impact of the funding trade on the other stocks.

FTSE China 50 Index Rebalance: Two Sets of Changes as Expected

China Longyuan Power (916 HK) and China Railway Group Ltd H (390 HK) will replace Smoore International (6969 HK) and Sunny Optical (2382 HK) in the FTSE China 50 Index.
The adds, deletes, float changes and capping changes will result in one-way turnover estimated at 4.23% and in a one-way trade of HK$2,091m at the close on 17 June.
Short interest has been increasing gradually on China Railway Group Ltd H (390 HK) while it has spiked on Smoore International (6969 HK).

CALB Pre-IPO – The Negatives – Lots of Shareholder Re-Shuffling

By Sumeet Singh

CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In this note, we will talk about the not so positive aspects of the deal.

WM Motor IPO Initiation: Electric Jitters

By Arun George

WM Motor Technology Co Ltd (WMT CH), an EV manufacturer, has filed for a US$1 billion IPO on the HKEx. It recently raised US$595.7 million at a US$7 billion valuation.
In line with industry trends and listed Chinese peers, WM Motor rapidly grew its vehicle deliveries in 2021. Price increases and a good roadmap support future growth.
WM Motor is sub-scale vs peers pointing to an uncertain path to profitability. As the era of being rewarded for growth at any cost is over, the timing feels off.

Asia HY Monthly – Indonesian Bankruptcy Regime Revisited – Lucror Analytics

By Charles Macgregor

This month, we provide an update on developments related to the Indonesian bankruptcy regime since November 2017.

Pre-IPO OrbusNeich Medical Group – The Industry, the Business and the Concerns

By Xinyao (Criss) Wang

OrbusNeich Medical Group (NEICHZ HK) has a rich pipeline with a leadership position in the PCI balloon markets.
Its global business layout would also help the Company “hedge” the negative domestic policy impact or regulation changes.
However, the fierce competition, market pattern, industry characteristics, centralized procurement and other concerns should not be neglected.

Morning Views Asia: Bharat Petroleum Corp, Central China Securities, Tata Motors ADR

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.

Bharat Petroleum Corp
Central China Securities
Tata Motors ADR

Before it’s here, it’s on Smartkarma

Jun 02

Industrials: Calb, Skymark Airlines, Fanuc Corp, Ambarella Inc, KNR Constructions, Deutsche Post AG, Asana, Baker Hughes Co and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

CALB Pre-IPO – The Negatives – Lots of Shareholder Re-Shuffling
Skymark – Pure Play on Budget Tourism
Fanuc (6954 JP) | Beware of the Cycle
Carillon Scout Small Cap Fund Q1 2022 Commentary
Carillon Clarivest International Fund Q1 2022 Commentary
KNR Constructions Ltd – Better Execution; Robust Order Book Provides Healthy Revenue Visibility
Carillon Clarivest International Stock Fund Q1 2022 Commentary
Carillon Eagle Small Cap Growth Fund Q1 2022 Commentary
Carillon Eagle Mid Cap Growth Fund Q1 2022 Commentary

CALB Pre-IPO – The Negatives – Lots of Shareholder Re-Shuffling

By Sumeet Singh

CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In this note, we will talk about the not so positive aspects of the deal.

Skymark – Pure Play on Budget Tourism

By Mio Kato

While current conditions are likely to be tough for budget airline Skymark it will be a key beneficiary of reopening.
Without significant exposure to international business travel the airline could find favour with investors as a pure play on the reopening theme.
In addition, a weak yen could prove a tailwind for domestic companies looking to boost inbound tourism and Skymark could be a beneficiary here as well.

Fanuc (6954 JP) | Beware of the Cycle

By Mark Chadwick

Fanuc’s share price is geared into the machine tool cycle. Unfortunately the cycle is rolling over
Fanuc is also facing extreme margin pressure from rising parts and logistics costs
We expect the share price to trade down 20% from here and bottom at around 2x book value

Carillon Scout Small Cap Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Inflation concerns and accelerating expectations of interest rate hikes by the U.S. Federal Reserve sent equity markets in a downward spiral to start the new year.
Investors continued to favor value stocks over growth stocks as small-cap value outperformed small-cap growth by more than 10% during the quarter.

Carillon Clarivest International Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
Focusing on how it affects markets, the war also is a concern for global growth and a source of volatility as the highly uncertain situation evolves.

KNR Constructions Ltd – Better Execution; Robust Order Book Provides Healthy Revenue Visibility

By Axis Direct

Order book robust at Rs 9,008 Cr (as of Q4FY22 end): The company’s order book break up is as follows: 30% from the Roads-others, 45% from the roads-HAM, and balance 25% from the Irrigation segment.

Margin Outlook: KNRCL’s overall margins improved YoY driven by superior execution coupled with normalized economic activities.

Outlook & Valuation: Over the years, KNRCL has emerged as one of the leading EPC (Engineering, Procurement & Construction) players in the Road sector

Carillon Clarivest International Stock Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
The situation could favor U.S. stocks, as they are more insulated than their European counterparts from energy price spikes and the direct impacts of the war and its economic ramifications.

Carillon Eagle Small Cap Growth Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Small-cap stocks overall posted rather lackluster returns in the first quarter of 2022.
Inflation and sharply higher gasoline prices have taken a chunk out of the consumer’s pocketbook.

Carillon Eagle Mid Cap Growth Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Mid-cap stocks overall posted rather disappointing returns in the first quarter of 2022.
The outlook for the cyclical areas of the stock market appears mixed against a backdrop of higher commodity prices, rising interest rates, and geopolitical unrest.
On a more positive note, strong pent-up demand for travel should help to bolster securities.

Before it’s here, it’s on Smartkarma

Jun 02

United States: S&P 500, Axie Infinity, Baker Hughes Co, Abbvie Inc, Greenlight Capital Re Ltd A, Peer Metaverse Coin, Deutsche Post AG and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Bear Market Rally With Potential for More; Buy Ideas in Shipping, Land Drilling, Refining, Chemicals
Axie Infinity Developer Names 12 Projects for Builders Program
The Sound Shore Fund Q1 2022 Letter To Shareholders
Carillon Eagle Growth & Income Fund Q1 2022 Commentary
Greenlight Capital Q1 2022 Letter
Peer – The Web3 Social Network
Carillon Eagle Mid Cap Growth Fund Q1 2022 Commentary
Carillon Clarivest International Fund Q1 2022 Commentary
Carillon Clarivest International Stock Fund Q1 2022 Commentary
Carillon Clarivest Capital Appreciation Fund Q1 2022 Commentary

Bear Market Rally With Potential for More; Buy Ideas in Shipping, Land Drilling, Refining, Chemicals

By Joe Jasper

Last week we noted the S&P 500 was testing support at 3800-3860 within its downtrend channel and that we were on watch for a potential bear market rally/oversold bounce.
This has officially begun following the break above 4030 on the S&P 500, which was confirmed by bullish reversals on the Russell 2000, Nasdaq 100, DAX, Hang Seng, MCHI, KWEB.
As long as 3858 holds, it is possible the S&P 500 breaks above the longer-term downtrend near the 200-day MA, which would mean the start of a new bull market.

Axie Infinity Developer Names 12 Projects for Builders Program

By Tech in Asia

Sky Mavis, the developer of play-to-earn game Axie Infinity, has announced the 12 projects that have been accepted into its Builders Program that will introduce user-generated content into the Axie ecosystem.
The Builders Program serves as a laboratory for community-created games and experiences
The selected teams will also be allowed to monetize their game using the intellectual property of Axie Infinity, with a “generous” revenue-sharing model aimed at rewarding builders

The Sound Shore Fund Q1 2022 Letter To Shareholders

Sound Shore Fund, Inc. is registered as a diversified, open-end management investment company. The investment objective of the Fund is growth of capital.
The Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) declined 0.97% and 0.91%, respectively, in the first quarter of 2022.
The current environment is providing a remarkably robust set of opportunities that we have not seen in some time.

Carillon Eagle Growth & Income Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Along with the spike in oil prices, energy stocks performed best during the quarter, followed by more defensive and countercyclical sectors like utilities and consumer staples.
As we look toward the rest of 2022, we continue to see a somewhat balanced outlook for equity markets returns.

Greenlight Capital Q1 2022 Letter

Green Light Capital is a privately owned hedge fund sponsor. The firm invests in the public equity and fixed income markets of the United States. It primarily invests in value.
The Greenlight Capital funds (the “Partnerships”) returned 4.4%1 in the first quarter of 2022, compared to a 4.6% decline for the S&P 500 index.
Our short portfolio had a strong result this quarter. The gains were broad- based, led by falling values for our basket of bubble stocks and a substantial fall in the price of a medical device company that reported disappointing results.

Peer – The Web3 Social Network

By Coinstack

Peer is building their social network on top of their own high throughput blockchain that is designed to be even faster than Solana and Avalanche.
The utility token driving the ecosystem and rewarding creators will be called the Peer Metaverse Coin, or PMC, which is expected to launch later this month in June 2022.
Peer has raised $14M to date and is led by CEO Tony Tran, COO Heath Abbate, and Chief Design Officer Kyle Hay.

Carillon Eagle Mid Cap Growth Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Mid-cap stocks overall posted rather disappointing returns in the first quarter of 2022.
The outlook for the cyclical areas of the stock market appears mixed against a backdrop of higher commodity prices, rising interest rates, and geopolitical unrest.
On a more positive note, strong pent-up demand for travel should help to bolster securities.

Carillon Clarivest International Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
Focusing on how it affects markets, the war also is a concern for global growth and a source of volatility as the highly uncertain situation evolves.

Carillon Clarivest International Stock Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
The U.S. stock and bond markets appear to be conveying different assessments of the outlook, leaving investors to decide which view will prevail.
The situation could favor U.S. stocks, as they are more insulated than their European counterparts from energy price spikes and the direct impacts of the war and its economic ramifications.

Carillon Clarivest Capital Appreciation Fund Q1 2022 Commentary

The Carillon Family of Funds spans a range of investment objectives and asset classes designed for long-term investors.
Q1 2022 was marred by tragedy on a global scale and investors encountered three months of volatile trading induced by persistently high inflation, rising rates, and Russia’s invasion of Ukraine.
Over the last 12 months many investors anchored to the long-term growth trends while discounting value’s recent strength, and more importantly the reasons behind it.

Before it’s here, it’s on Smartkarma

Jun 02

Thailand: Jaymart PCL and more

By Smartkarma Daily Briefs | Daily Briefs, Thailand

In today’s briefing:

SET50 Index Rebalance Preview: Two High Probability Changes; One Low

SET50 Index Rebalance Preview: Two High Probability Changes; One Low

The market cap and liquidity review period for the June rebalance of the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) ended yesterday.
JMT Network Services (JMT TB), Jaymart PCL (JMART TB) and Berli Jucker (BJC TB) could replace Sri Trang Gloves (STGT TB), Ratch Group PCL (RATCH TB) and IRPC PCL (IRPC).
Asset World Corporation (AWC TB) could be deleted depending on which levers the index committee tweaks, and that could save IRPC PCL (IRPC TB) from index deletion.

Before it’s here, it’s on Smartkarma

Jun 02

Macro: The Third Horseman and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

The Third Horseman
CX Daily: Behind the Yuan’s Tumble Against the Dollar

The Third Horseman

By Mark Tinker

The arrival of War so soon after Pestilence or Plague has unsurprisingly led many to speculate (some idly, others determinedly) as to whether the Third of the Four Horseman of the Apocalypse is due soon.
That one of course is Famine. Such speculation has been fuelled by the co-ordinated attempts coming out of Davos last week to blame Russia for an upcoming food shortage.
While the threat of serious shortages, if not outright Famine, is very real indeed, it is only peripherally due to a the current lack of Wheat shipments out of Ukraine

CX Daily: Behind the Yuan’s Tumble Against the Dollar

By Caixin Global

Yuan / In Depth: Behind the yuan’s tumble against the dollar
Juvenile / China seeks to prevent sealed juvenile criminal records from being leaked
Carbon / China lays out fiscal tools to reach carbon neutrality by 2060

Before it’s here, it’s on Smartkarma

Jun 02

Equity Bottom-Up: Galaxy, Paradise Co Ltd, Huons Global, Fanuc Corp and more

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

In today’s briefing:

Galaxy Digital: Beyond the Ink – a Sum of the Parts of Valuation
Significant MoM Increase in Inbound & Outbound Visitors in Korea in April 2022
Huons Global (084110 KS): Eyeing on the New Business Areas to Secure Long-Term Growth Momentum
Fanuc (6954 JP) | Beware of the Cycle

Galaxy Digital: Beyond the Ink – a Sum of the Parts of Valuation

By Rose Choy

Galaxy Digital (GLXY) was worth more than C$14 bn in 2021, but by May 2022 GLXY traded down to a market cap of less than C$2.8 bn.
Founder Mike Novogratz, a supporter of Luna, tattooed LUNA on his arm and tweeted “I’m a Lunatic!” As LUNA went into a death spiral, GLXY shares have been hit hard.
However, there’s more than meets the eye, or the tattoo, in GLXY and we see value in the current share price range.

Significant MoM Increase in Inbound & Outbound Visitors in Korea in April 2022

By Douglas Kim

There were 128k visitors to South Korea in April, up 32% MoM which was the biggest jump in MoM change in visitors to South Korea in the past year.
There were 215k outbound people from South Korea in April 2022, up 48% MoM and up 202% YoY.
Among the 21 major reopening plays in Korea, we prefer certain sectors including casino related plays (GKL, Paradise, and Kangwon Land) as well as F&B related (Hitejinro and CJ Cheiljedang).

Huons Global (084110 KS): Eyeing on the New Business Areas to Secure Long-Term Growth Momentum

By Tina Banerjee

Huons Global (084110 KS) is focusing on new growth drivers such as health functional food, medical devices, and research collaboration to accelerate its earnings further.
Huons’ health functional food brand, Menolacto has become Korea’s no. 1 brand for menopausal lactic acid bacteria and generated cumulative sales of KRW64 billion within two years of its launch.
Through external research collaboration and developing its own pipeline, Huons has a rich pipeline of new products, including new chemical entities, medical devices, and functional foods for the domestic market.

Fanuc (6954 JP) | Beware of the Cycle

By Mark Chadwick

Fanuc’s share price is geared into the machine tool cycle. Unfortunately the cycle is rolling over
Fanuc is also facing extreme margin pressure from rising parts and logistics costs
We expect the share price to trade down 20% from here and bottom at around 2x book value

Before it’s here, it’s on Smartkarma