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Smartkarma Daily Briefs

Jul 17
0

Daily Brief Equity Bottom-Up: Asia Gaming: The Compelling Case for Galaxy Entertainment Group Founded on Balance Sheet Strength and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Asia Gaming: The Compelling Case for Galaxy Entertainment Group Founded on Balance Sheet Strength
  • Corning Incorporated: Initiation of Coverage – Business Strategy, Segment, New Glass Composition, & Other Drivers Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

Asia Gaming: The Compelling Case for Galaxy Entertainment Group Founded on Balance Sheet Strength

By Howard J Klein

  • Galaxy presents a bull case as Macau still struggles with Beijing zero tolerance policy.
  • Its huge cash position will comfortably outlast the monthly burn rate for at least three to five years ahead by which time, covid might be long gone.
  • Galaxy stock is caught in the overall bearish outlook on the sector. Time to accumulate with a relatively low risk on.

Corning Incorporated: Initiation of Coverage – Business Strategy, Segment, New Glass Composition, & Other Drivers Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

By Ishan Majumdar

  • This is our first report on the material science behemoth, Corning.
  • Both the gross margin and operating margin have been increasing since the start of 2022.
  • The company also collaborated with 5E Advanced Materials to supply boron specialty materials.

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Jul 17
0

Daily Brief ESG: News Analysis on ESG Incidents of 2000+ South Korean Companies (2021) and more

By | Daily Briefs, ESG

In today’s briefing:

  • News Analysis on ESG Incidents of 2000+ South Korean Companies (2021)

News Analysis on ESG Incidents of 2000+ South Korean Companies (2021)

By Emily Jiwon Kim

  • Our analysis of 23,419 news articles on 2,699 companies reported between Jan 1 and Dec 31, 2021, reveals that a total of 623 companies had incidents related to ESG topics.
  • 167 companies (83.5%) among the 200 largest listed companies (KOSPI 200) were involved in ESG incidents.
  • Of the 23,419 news articles covering ESG incidents, 17,245 were related to KOSPI 200 companies, accounting for 73.6%.

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Jul 17
0

Daily Brief Credit: Corning Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report and more

By | Credit, Daily Briefs

In today’s briefing:

  • Corning Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks & ESG Assessment (07/2022)

Corning Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks & ESG Assessment (07/2022)

By Ishan Majumdar

  • Corning is a major material science player that has been experiencing a rapidly improving margin profile since the past few results.
  • Both the gross margin and operating margin have been increasing since the start of 2022.
  • The management appears confident in their ability to promote long-term profitable growth combined with their steps to increase margins.

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  • ✓ Events & Webinars
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Jul 17
0

Daily Brief Event-Driven: WCP Passive Flow Analysis: KOSDAQ 150 Early Entry & Local Battery ETFs and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • WCP Passive Flow Analysis: KOSDAQ 150 Early Entry & Local Battery ETFs
  • Index Rebalance & ETF Flow Recap: TW Div+, TPX, KOSPI2, KQ150, NIFTY100, ASX200, CPSE, HFCAA, HDFCB
  • Last Week in Event SPACE: BYD, Astra/United Tractor, Japan Passive, AGL, Genting Singapore
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Kanemi, AGL, Link Admin, Genting Singapore, Glory Star Media

WCP Passive Flow Analysis: KOSDAQ 150 Early Entry & Local Battery ETFs

By Sanghyun Park

  • WCP will enter the KOSDAQ 150 with a passive inflow of about 530K shares, 1.5% of SO, at the close on December 8.
  • WCP will be added to the TIGER ETF on October 14 with a passive inflow of about 345K shares, 1.0% of SO, at the close on October 14.
  • From a flow trading perspective, the flow volume is certainly substantial enough to design a passive flow trading setup in conjunction with the lockup release schedule.

Index Rebalance & ETF Flow Recap: TW Div+, TPX, KOSPI2, KQ150, NIFTY100, ASX200, CPSE, HFCAA, HDFCB

By Brian Freitas

Last Week in Event SPACE: BYD, Astra/United Tractor, Japan Passive, AGL, Genting Singapore

By David Blennerhassett

  • Berkshire appears set to exit BYD (1211 HK) partially or in full. But why signal to market well in advance?
  • United Tractors (UNTR IJ)‘s buyback should be impactful. They could do another one afterwards as they have lots of cash. This is a raging buy. Buy now. With both hands.
  • The BOJ was expected to change its ETF allocations. It stopped buying Nikkei 225 and JPX Nikkei 400 ETFs. As the world moves more to passive, expect float to decrease.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Kanemi, AGL, Link Admin, Genting Singapore, Glory Star Media

By David Blennerhassett

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Jul 17
0

Daily Brief Macro: China Reverts to Infrastructure Stimulus to Boost Economy and more

By | Daily Briefs, Macro

In today’s briefing:

  • China Reverts to Infrastructure Stimulus to Boost Economy, but Legacy Issues Loom Large

China Reverts to Infrastructure Stimulus to Boost Economy, but Legacy Issues Loom Large

By Said Desaque

  • The Chinese government has resorted to stimulus via infrastructure spending to boost the economy, a route that has historically stabilised growth. Much-hyped accelerated bond sales cannot solve China’s current woes.
  • China’s slowdown is attributable to legacies from the 2009 stimulus, notably the rise of shadow banking. Attempts to curb the real estate sector and technology companies have also created headwinds.
  • The ongoing threat of new lockdowns creates a challenging outlook for consumer spending in China, thereby making achieving the +5.5% official growth target for 2022 virtually impossible.  

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  • ✓ Custom Watchlists
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  • ✓ Events & Webinars
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Jul 17
0

Daily Brief South Korea: Korea Stock Exchange Kospi Index, WCP, SOCAR and more

By | Daily Briefs, South Korea

In today’s briefing:

  • News Analysis on ESG Incidents of 2000+ South Korean Companies (2021)
  • WCP Passive Flow Analysis: KOSDAQ 150 Early Entry & Local Battery ETFs
  • Socar IPO: Slightly Revises IPO Prospectus Details

News Analysis on ESG Incidents of 2000+ South Korean Companies (2021)

By Emily Jiwon Kim

  • Our analysis of 23,419 news articles on 2,699 companies reported between Jan 1 and Dec 31, 2021, reveals that a total of 623 companies had incidents related to ESG topics.
  • 167 companies (83.5%) among the 200 largest listed companies (KOSPI 200) were involved in ESG incidents.
  • Of the 23,419 news articles covering ESG incidents, 17,245 were related to KOSPI 200 companies, accounting for 73.6%.

WCP Passive Flow Analysis: KOSDAQ 150 Early Entry & Local Battery ETFs

By Sanghyun Park

  • WCP will enter the KOSDAQ 150 with a passive inflow of about 530K shares, 1.5% of SO, at the close on December 8.
  • WCP will be added to the TIGER ETF on October 14 with a passive inflow of about 345K shares, 1.0% of SO, at the close on October 14.
  • From a flow trading perspective, the flow volume is certainly substantial enough to design a passive flow trading setup in conjunction with the lockup release schedule.

Socar IPO: Slightly Revises IPO Prospectus Details

By Douglas Kim

  • SOCAR revised its IPO prospectus. What has changed is the date when the book building for the institutional investors starts (4 August). 
  • The IPO price range remains at 34,000 won to 45,000 won. The IPO base offering size is also between US$120 million to US$159 million. 
  • We maintain our base case valuation of Socar (target price of 27,967 won), which is 18% lower than the low end of the IPO price range of 34,000 won. 

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Jul 17
0

Daily Brief Australia: West African Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: TW Div+, TPX, KOSPI2, KQ150, NIFTY100, ASX200, CPSE, HFCAA, HDFCB

Index Rebalance & ETF Flow Recap: TW Div+, TPX, KOSPI2, KQ150, NIFTY100, ASX200, CPSE, HFCAA, HDFCB

By Brian Freitas

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  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jul 17
0

Daily Brief Singapore: Genting Singapore and more

By | Daily Briefs, Singapore

In today’s briefing:

  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Kanemi, AGL, Link Admin, Genting Singapore, Glory Star Media

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Kanemi, AGL, Link Admin, Genting Singapore, Glory Star Media

By David Blennerhassett

💡 Before it’s here, it’s on Smartkarma

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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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Jul 17
0

Daily Brief China: Galaxy Entertainment Group, BYD and more

By | China, Daily Briefs

In today’s briefing:

  • Asia Gaming: The Compelling Case for Galaxy Entertainment Group Founded on Balance Sheet Strength
  • Last Week in Event SPACE: BYD, Astra/United Tractor, Japan Passive, AGL, Genting Singapore
  • ECM Weekly (17th Jul 2022) – Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

Asia Gaming: The Compelling Case for Galaxy Entertainment Group Founded on Balance Sheet Strength

By Howard J Klein

  • Galaxy presents a bull case as Macau still struggles with Beijing zero tolerance policy.
  • Its huge cash position will comfortably outlast the monthly burn rate for at least three to five years ahead by which time, covid might be long gone.
  • Galaxy stock is caught in the overall bearish outlook on the sector. Time to accumulate with a relatively low risk on.

Last Week in Event SPACE: BYD, Astra/United Tractor, Japan Passive, AGL, Genting Singapore

By David Blennerhassett

  • Berkshire appears set to exit BYD (1211 HK) partially or in full. But why signal to market well in advance?
  • United Tractors (UNTR IJ)‘s buyback should be impactful. They could do another one afterwards as they have lots of cash. This is a raging buy. Buy now. With both hands.
  • The BOJ was expected to change its ETF allocations. It stopped buying Nikkei 225 and JPX Nikkei 400 ETFs. As the world moves more to passive, expect float to decrease.

ECM Weekly (17th Jul 2022) – Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

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.
  • Tianqi’s soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while
  • There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.

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  • ✓ Unlimited Research Summaries
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  • ✓ Custom Watchlists
  • ✓ Company Data and News
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Jul 17
0

Daily Brief India: Corning Inc and more

By | Daily Briefs, India

In today’s briefing:

  • Corning Incorporated: Initiation of Coverage – Business Strategy, Segment, New Glass Composition, & Other Drivers Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
  • Corning Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks & ESG Assessment (07/2022)

Corning Incorporated: Initiation of Coverage – Business Strategy, Segment, New Glass Composition, & Other Drivers Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

By Ishan Majumdar

  • This is our first report on the material science behemoth, Corning.
  • Both the gross margin and operating margin have been increasing since the start of 2022.
  • The company also collaborated with 5E Advanced Materials to supply boron specialty materials.

Corning Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report, Key Risks & ESG Assessment (07/2022)

By Ishan Majumdar

  • Corning is a major material science player that has been experiencing a rapidly improving margin profile since the past few results.
  • Both the gross margin and operating margin have been increasing since the start of 2022.
  • The management appears confident in their ability to promote long-term profitable growth combined with their steps to increase margins.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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
Sign Up for Free