All Posts By

Smartkarma Daily Briefs

Dec 24
0

Daily Brief Energy/Materials: Temc and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • TEMC IPO Valuation Analysis

TEMC IPO Valuation Analysis

By Douglas Kim

  • Our base valuation of TEMC is target price of 38,363 won per share. At the mid point of the IPO price range, our target price would represent a 10% upside. 
  • Typically, we require a 15-20% upside in terms of target price versus the IPO price. In this case, given the lack of upside, we have a Negative View. 
  • Our target price is based on a target P/E of 8.5x in 2023 which is the average P/E of the comps.

💡 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
Dec 24
0

Daily Brief Indonesia: Telekomunikasi Indonesia, Alami and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Telekomunikasi Indonesia (TLKM IJ) – Increasingly Digital
  • ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm

Telekomunikasi Indonesia (TLKM IJ) – Increasingly Digital

By Angus Mackintosh

  • Telekomunikasi Indonesia (TLKM IJ) produced what looked like a decent set of 9M2022 numbers as it seeks out its future digital reincarnation. 
  • Data continues to dominate revenues, making up 81% of Telkomsel revenue, with Indihome becoming increasingly important at nearly 20% of total revenue, with data centres set to become increasingly important.
  • The recent sell-off looks more to do with year-end liquidity flows than fundamentals with valuations looking increasingly attractive. 

ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm

By Tech in Asia

  • Alami, an Indonesia-based Shariah fintech startup, has secured an undisclosed amount in a capital injection from Paragon Beneva Investama, an investment arm of local cosmetics firm ParagonCorp.
  • Founded in 2018, Alami is a peer-to-peer lender that provides invoice financing to MSMEs in Indonesia.
  • The company has disbursed over 3 trillion rupiah (over US$191 million) to fund over 10,000 MSME projects across various strategic sectors in the country.

💡 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
Dec 24
0

Daily Brief Japan: Japan Securities Finance Co and more

By | Daily Briefs, Japan

In today’s briefing:

  • Not Sure if Activist Investor’s Agenda Will Be Approved, but JSF’s Value May Be Higher than Expected

Not Sure if Activist Investor’s Agenda Will Be Approved, but JSF’s Value May Be Higher than Expected

By Aki Matsumoto

  • Companies wouldn’t accept shareholder proposals, interpreting that they need’t disclose individual executive compensation if it’s below certain amount and that they can continue holding policy-shares if the policy is defined.
  • Even if JSF claims to have enhanced corporate governance practices, it is reasonable  for shareholders to demand a review of its management strategy for a company with below average ROE.
  • The company, which doesn’t require very large capital expenditures, plays a role in the infrastructure of the capital market, and has an oligopoly on the market, may be worth more.

💡 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
Dec 24
0

Daily Brief TMT/Internet: Sea Ltd, Telekomunikasi Indonesia, Jeio, Alami, Micron Technology, Coinbase and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Trading Sea Ltd in 2023: It Is Still The Same Beast
  • Telekomunikasi Indonesia (TLKM IJ) – Increasingly Digital
  • JEIO Lowers IPO Price Range
  • ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm
  • Micron’s FQ1 23 Earnings. Yikes!
  • Binance: Waiting For The Other Shoe To Drop

Trading Sea Ltd in 2023: It Is Still The Same Beast

By Oshadhi Kumarasiri

  • Trading Sea Ltd (SE US) shares this year may not be as straightforward as the previous year.
  • With the share price at pre-COVID levels, swing highs could be difficult to swallow for those of us who would like to remain short Sea Ltd in 2023.
  • Nonetheless, we would be short Sea-Ltd at the turn of the year as we think valuation multiples could fall to a new all-time low with all segments facing stiff challenges.

Telekomunikasi Indonesia (TLKM IJ) – Increasingly Digital

By Angus Mackintosh

  • Telekomunikasi Indonesia (TLKM IJ) produced what looked like a decent set of 9M2022 numbers as it seeks out its future digital reincarnation. 
  • Data continues to dominate revenues, making up 81% of Telkomsel revenue, with Indihome becoming increasingly important at nearly 20% of total revenue, with data centres set to become increasingly important.
  • The recent sell-off looks more to do with year-end liquidity flows than fundamentals with valuations looking increasingly attractive. 

JEIO Lowers IPO Price Range

By Douglas Kim

  • JEIO, a manufacturer of carbon nanotubes for rechargeable batteries, has lowered its IPO price range and offering amount in order to list on the KOSDAQ market.
  • The company lowered the IPO price range to 10,000 won to 13,000 won from 15,000 won to 18,000 won range previously.
  • Our base case valuation of JEIO is target price of 11,268 won per share, which is 2% lower than the mid-point of the IPO price range.

ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm

By Tech in Asia

  • Alami, an Indonesia-based Shariah fintech startup, has secured an undisclosed amount in a capital injection from Paragon Beneva Investama, an investment arm of local cosmetics firm ParagonCorp.
  • Founded in 2018, Alami is a peer-to-peer lender that provides invoice financing to MSMEs in Indonesia.
  • The company has disbursed over 3 trillion rupiah (over US$191 million) to fund over 10,000 MSME projects across various strategic sectors in the country.

Micron’s FQ1 23 Earnings. Yikes!

By Semicon Alpha

  • Micron yesterday announced FQ1 revenues of $4.1 billion, , down 39% sequentially and down 47% year over year.
  • This was still within the forecasted range, albeit at the very low end of the scale.
  • Gross margin came in at 22.9%, down approximately 17 percentage points sequentially, primarily due to lower pricing.

Binance: Waiting For The Other Shoe To Drop

By Kevin George

  • A DOJ investigation adds further negative sentiment to the ‘black box’ of the finance exchange.
  • The DOJ investigation is being investigated by the Department of Justice, which is under investigation into the exchange exchange exchange between banks and banks.
  • The investigation is expected to conclude in the coming weeks. The investigation will be conducted by the Justice Department.

💡 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
Dec 24
0

Daily Brief Financials: Japan Securities Finance Co, Blackrock Inc and more

By | Daily Briefs, Financials

In today’s briefing:

  • Not Sure if Activist Investor’s Agenda Will Be Approved, but JSF’s Value May Be Higher than Expected
  • The S&P 500 Has Further Lows Ahead In 2023

Not Sure if Activist Investor’s Agenda Will Be Approved, but JSF’s Value May Be Higher than Expected

By Aki Matsumoto

  • Companies wouldn’t accept shareholder proposals, interpreting that they need’t disclose individual executive compensation if it’s below certain amount and that they can continue holding policy-shares if the policy is defined.
  • Even if JSF claims to have enhanced corporate governance practices, it is reasonable  for shareholders to demand a review of its management strategy for a company with below average ROE.
  • The company, which doesn’t require very large capital expenditures, plays a role in the infrastructure of the capital market, and has an oligopoly on the market, may be worth more.

The S&P 500 Has Further Lows Ahead In 2023

By Kevin George

  • China is the real pivot that could drive stocks, say investors.
  • China’s economic growth could be a real pivot for stocks, they say.
  • China’s economy is a key factor in the growth of the country’s economy, according to analysts.

💡 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
Dec 23
0

Daily Brief Technical Analysis: Hang Seng Index and Tencent and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Hang Seng Index and Tencent

Hang Seng Index and Tencent

By Untying The Gordian Knot

  • Holiday Volume and excessive price actions make market analysis less than helpful. HSI daily shares traded volume on 21st was the lowest year to date.
  • Thursday saw a pick-up in volume. Word on easing Covid restrictions for international travelers, reopening HK-China Border in January, and a higher close in the US market brought outsized gains.
  • The stock was up 4.12% and had the heaviest volume on HKEX on the 22nd, yet the stock volume was well below 21 days’ average volume.

💡 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
Dec 23
0

Daily Brief ECM: Indegene Pre-IPO Tearsheet and more

By | Daily Briefs, ECM

In today’s briefing:

  • Indegene Pre-IPO Tearsheet

Indegene Pre-IPO Tearsheet

By Clarence Chu

  • Indegene Limited (1864095D IN) is looking to raise around US$400m in its upcoming India IPO. The bookrunners on the deal are Citigroup, JP Morgan, Kotak, and Nomura.
  • Indegene is a digital commercialisation firm focused exclusively on the global life sciences industry.
  • Its solutions enable biopharmaceutical, emerging biotech and medical devices companies to develop, launch and drive sales for their products in a more efficient manner.

💡 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
Dec 23
0

Daily Brief Thematic (Sector/Industry): Global Exchanges – Conviction Picks for 2023 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Global Exchanges – Conviction Picks for 2023
  • Investment Maxims Are Not One-Size-Fits-All

Global Exchanges – Conviction Picks for 2023

By Victor Galliano

  • We stick with our core theme for exchanges of growing post-trading revenues, as well as capitalising on “big data” in financial transactions and data services, as we head into 2023
  • We identify four relative value opportunities in exchanges; HKEx, LSEG, MexBolsa and Deutsche Borse feature positively multiple times in our value screens and they are all diversifying revenue streams
  • We stick with Coinbase as the exchange to avoid, in our view; its revenue streams are heavily exposed to low volumes of crypto transactions, and recent events highlight counterparty risk

Investment Maxims Are Not One-Size-Fits-All

By Investment Talk

  • “Of course that’s your contention. You’re a first-year investor.
  • You just got finished reading some deep value historian, Ben Graham probably, you’re gonna be convinced of net-nets until next month when you get to Warren Buffett, then you’re gonna be talking about how Graham’s ideas are antiquated and that you simply have to buy and hold quality, letting time arbitrage do its thing.
  • That’s gonna last until next year, you’re gonna be in here regurgitating Fisher and Lynch, talkin’ about, you know, the importance of placing more emphasis on qualitative analysis in your investment process

💡 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
Dec 23
0

Daily Brief Credit: Weekly Wrap – 22 Dec 2022 and more

By | Credit, Daily Briefs

In today’s briefing:

  • Weekly Wrap – 22 Dec 2022

Weekly Wrap – 22 Dec 2022

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. Kawasan Industri Jababeka
  2. China South City
  3. China Jinmao Holdings
  4. Guangzhou R&F Properties
  5. Sunac China Holdings

and more…

💡 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
Dec 23
0

Daily Brief Macro: CX Daily: Strict Rules at Home Push Chinese Metaverse Entrepreneurs and more

By | Daily Briefs, Macro

In today’s briefing:

  • CX Daily: Strict Rules at Home Push Chinese Metaverse Entrepreneurs, Investors Overseas
  • New Rules for Mandatory M&A Offers in Korea: Woefully Below Global Standards But Better Than Current

CX Daily: Strict Rules at Home Push Chinese Metaverse Entrepreneurs, Investors Overseas

By Caixin Global

  • Metaverse /: Strict rules at home push Chinese metaverse entrepreneurs, investors overseas
  • Covid-19 /: Expert confirms not all Covid deaths will be included in official tally
  • Economy /: World Bank cuts China growth forecasts on property slump, reopening complications

New Rules for Mandatory M&A Offers in Korea: Woefully Below Global Standards But Better Than Current

By Douglas Kim

  • The Korean financial regulators announced major changes to the mandatory M&A offers in Korea. These changes are among the most significant in Korea in the past three decades.
  • We believe that these changes still remain woefully below global, advanced countries’ standards. However, they are better than the current M&A rules in Korea.
  • Therefore, we believe these changes will have a positive impact on the Korea M&A market in the next several years, but there could be further improvements to the revised standards. 

💡 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