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Smartkarma Daily Briefs

Dec 18
0

Daily Brief Industrials: Toshiba Corp, Nidec Corp, SK Inc, Trex Company and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Last Week in Event SPACE: NTT Data, Origin Energy, Toyo Construction, Haidilao, Toshiba
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec
  • SK Inc: Chairman Chey’s Divorce Settlement Finalized + SoTP Valuation Analysis
  • Trex Company Inc.: Initiation of Coverage – Financial Forecasts

Last Week in Event SPACE: NTT Data, Origin Energy, Toyo Construction, Haidilao, Toshiba

By David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec

By David Blennerhassett

SK Inc: Chairman Chey’s Divorce Settlement Finalized + SoTP Valuation Analysis

By Douglas Kim

  • In early December, the divorce settlement between SK Group Chairman Chey Tae-Won and his former wife Roh So-Young was finalized after 6+ years of long proceedings.
  • The end of the divorce settlement means that there is now a greater probability of SK Inc materially cancelling some of its treasury shares in 2023. 
  • Our SoTP valuation of SK Inc suggests an implied valuation of 260,712 won per share, suggesting 28.1% upside from current levels.

Trex Company Inc.: Initiation of Coverage – Financial Forecasts

By Baptista Research

  • This is our first report on Trex, one of the largest manufacturers of high-performance, wood-alternative railing and decking, as well as a leader in eco-friendly, low-maintenance living products in the world.
  • The launch of the new Trex Transcend lineage product line of the company has been received favorably in the market.
  • In this quarter, Trex partnered with two more distribution locations in Texas, which enabled it to expand and service the availability of the products of Trex Outdoor Living in the fastest-growing markets.

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Dec 18
0

Daily Brief Health Care: Celltrion Inc, Astrazeneca Plc Spons Adr, Illumina Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Celltrion Siblings Announced Dividends: Trading Based on Past Patterns
  • AstraZeneca ADR: Initiation of Coverage – Recent Approvals & Other Drivers
  • Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers

Celltrion Siblings Announced Dividends: Trading Based on Past Patterns

By Sanghyun Park

  • The three Celltrion companies are showing the same pattern of boosting share prices towards the yearend T-1 ex-date. This isn’t unique to Celltrion, but the intensity is high for them.
  • Celltrion’s yearend dividend effect has an inverse correlation with the market’s overall performance. Fortunately, this year’s market-wide performance was the worst in the past five years.
  • For this year, the dividend yield isn’t bad either, swing on Dec 17 to T-1 ex-date or day trade on T-1 ex-date should provide juicy returns based on past patterns.

AstraZeneca ADR: Initiation of Coverage – Recent Approvals & Other Drivers

By Baptista Research

  • This is our first report on global pharma major, AstraZeneca.
  • The company delivered an outstanding set of results, with revenues of nearly $11 billion surpassing Wall Street expectations.
  • Overall, AstraZeneca is well-positioned to gain significant revenue in the coming quarters.

Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Illumina is a major provider of sequencing and array-based solutions for genetic and genomic analysis.
  • Driven by genetic disease testing and oncology testing, there has been a constant increase in clinical sequencing consumable shipments for the company.
  • The company has recently announced an innovative research test for identifying AMR (Antimicrobial Resistance) and genitourinary pathogen infection.

Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers

By Baptista Research

  • This is our first report on Illumina, a well-known provider of sequencing and array-based solutions for genetic and genomic analysis.
  • In the quarter, Illumina saw fantastic customer response to the recently launched NovaSeq X Series.
  • Driven by genetic disease testing and oncology testing, there was an increase in clinical sequencing consumable shipments.

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Dec 18
0

Daily Brief Consumer: Haidilao, ZOZO Inc, Tokyo Stock Exchange Tokyo Price Index Topix, MGM Resorts International, Las Vegas Sands and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: S&P/ASX, HSCEI, HSTECH, Haidilao/Super Hi, CSI REIT
  • Zozo Opens Store in Omotesando, to Increase Retail Ties
  • Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report
  • ESG Bonds for Individuals Matching Increased Issuance Intentions
  • MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers
  • Las Vegas Sands Corp.: Initiation of Coverage – Business Strategy & Key Drivers

Index Rebalance & ETF Flow Recap: S&P/ASX, HSCEI, HSTECH, Haidilao/Super Hi, CSI REIT

By Brian Freitas

Zozo Opens Store in Omotesando, to Increase Retail Ties

By Michael Causton

  • Zozo may be the leading online fashion mall but it has spent the last two years using its power to drive more traffic to its merchants’ physical stores. 
  • Its latest service allows stores to sell stock held at Zozo’s fulfilment centre when they themselves have sold out and thus avoid lost sales opportunities.
  • Zozo itself, meanwhile, will open a physical store in Omotesando but one entirely devoted to styling services for its customers.

Las Vegas Sands Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Las Vegas Sands Corp. is one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities.
  • The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results.
  • The company continues to pursue opportunities for developing new land-based large-scale destination resorts in both Asia and the U.S.

MGM Resorts International: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • MGM is one of the major operators of casinos, hotels, entertainment resorts, and sports betting platforms in the world.
  • The company’s domestic business has been strong with the Las Vegas Strip reaching new highs for revenues but its recent bottom-line has been negative.
  • Cosmopolitan Las Vegas continued to surpass the company’s early projections while operating under MGM Resorts’ direction and had one of its finest quarters.

ESG Bonds for Individuals Matching Increased Issuance Intentions

By Aki Matsumoto

  • The benefit of issuing ESG bonds for retail investors is that they provide an investment opportunity for retail investors to become familiar with the ESG initiatives of individual issuers.
  • For the issuers, they can reduce issuance costs compared to institutional bonds. For the underwriting investment banks, the bonds are more profitable than institutional bonds because of higher sales fees.
  • Since ESG bonds for individuals have a maturity of 3-10 years, ESG factors such as the environment may have a short time to affect credit risk.

MGM Resorts International: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

  • This is our first report on MGM, one of the largest owners and operators of casinos, hotels, and entertainment resorts in the world.
  • The company reported a mixed quarterly result, surpassing Wall Street expectations in terms of revenues but reporting wider than expected losses.
  • Cosmopolitan Las Vegas continued to surpass the company’s early projections while operating under MGM Resorts’ direction and had one of its finest quarters.

Las Vegas Sands Corp.: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

  • This is our first report on Las Vegas Sands Corp, one of the largest operators of global resorts with integrated casinos, gaming, entertainment, and various amenities.
  • The company has undergone a challenging period during and after the pandemic as travel restrictions continued to impact the financial results.
  • We initiate coverage on the stock of Las Vegas Sands with a ‘Hold’ rating.

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Dec 17
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Dec 16th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Dec 16th): Tencent, AIA, Great Wall Motor

Hong Kong Buybacks Weekly (Dec 16th): Tencent, AIA, Great Wall Motor

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 16th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Great Wall Motor (2333 HK).

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Dec 17
0

Daily Brief Event-Driven: Celltrion Group Companies – Sharp Increase in Dividends and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Celltrion Group Companies – Sharp Increase in Dividends

Celltrion Group Companies – Sharp Increase in Dividends

By Douglas Kim

  • Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm all announced much higher dividend payments for this year as compared to last year. 
  • Based on the new dividend payments, the dividend yields are as follows: (Celltrion Inc – 4.2%, Celltrion Healthcare – 4.2%, and Celltrion Pharm – 5%). 
  • Merger of three companies is likely to have long-term positive impact on the their share prices. Although exact timing is uncertain, 2023 could be the year of this merger. 

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Dec 17
0

Daily Brief ECM: KFin Technologies IPO – Profit Growth Has Outpaced Peer and more

By | Daily Briefs, ECM

In today’s briefing:

  • KFin Technologies IPO – Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

KFin Technologies IPO – Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

By Clarence Chu

  • KFin Technologies (1804170D IN) is looking to raise around US$180m in its India IPO.
  • KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
  • In this note, we will look at its RHP updates, peer comparison, earnings assumptions, and share our thoughts on valuation.

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Dec 17
0

Daily Brief Credit: Weekly Wrap – 16 Dec 2022 and more

By | Credit, Daily Briefs

In today’s briefing:

  • Weekly Wrap – 16 Dec 2022
  • Europe HY Trade Book – December 2022 – Lucror Analytics

Weekly Wrap – 16 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. Tata Motors Ltd
  3. Yuzhou Group
  4. Powerlong Real Estate Holdings
  5. Sunac China Holdings

and more…

Europe HY Trade Book – December 2022 – Lucror Analytics

By Charles Macgregor

The Europe HY Trade Book for December 2022 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

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Dec 17
0

Daily Brief Thematic (Sector/Industry): Japan Weekly | Euglena and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Weekly | Euglena, Kawasaki Heavy, Monotaro
  • China Oceanwide Has Potential Buyer for $1.2 Billion LA Project

Japan Weekly | Euglena, Kawasaki Heavy, Monotaro

By Mark Chadwick

  • Japanese stocks headed lower this weak on concerns about rising global interest rates and a looming recession
  • Euglena, a small cap Japanese bio-tech, has found itself as a key part of the future for biofuels and SAF. 
  • Japanese Heavies are so diverse that they now fit into many thematic portfolios. KHI looks well placed in the hydrogen supply chain and carbon capture. Exciting times

China Oceanwide Has Potential Buyer for $1.2 Billion LA Project

By Caixin Global

  • A Chinese developer of beleaguered projects across the U.S. has found a potential buyer for a stalled Los Angeles complex where it spent $1.2 billion before running out of money.
  • China Oceanwide Holdings Ltd. said a “purchase and sale agreement is now under negotiation” between the company and the potential buyer, according to a filing in Hong Kong Friday.
  • The company faces $220 million in lawsuit liabilities on the LA project, where a partially built three-tower hotel and residential complex has been in limbo for years

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Dec 17
0

Daily Brief Technical Analysis: PayPal Holdings Inc (PYPL US): TSS < 10 - New Multi-Month Low Risks Imminent Failure and Reversal and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • PayPal Holdings Inc (PYPL US): TSS < 10 - New Multi-Month Low Risks Imminent Failure and Reversal

PayPal Holdings Inc (PYPL US): TSS < 10 - New Multi-Month Low Risks Imminent Failure and Reversal

By David Coloretti, CMT

  • PYPL US has declined 32% in the August to December period.
  • Our proprietary TSS methodology deems the interim downtrend to be exhausted (Trend Sustainability Score < 10).
  • Thursday’s new multi-month low (NY close at 69.77) has a high probability of being unsustainable and triggering an upward correction of minimum 8% to 13% in the coming 1-2 weeks.

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Dec 17
0

Daily Brief Equity Bottom-Up: Xinyi Glass (868): Efficient Way to Ride Chinese Property Market Revival and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Xinyi Glass (868): Efficient Way to Ride Chinese Property Market Revival
  • Nitori to Ramp up N+ Clothing Chain – ¥500 Billion in New Sales?

Xinyi Glass (868): Efficient Way to Ride Chinese Property Market Revival

By Henry Soediarko

  • The Chinese property market is undergoing a revival story initiated by the government.
  • Xinyi Glass Holdings (868 HK) main product is a key component for real estate developers.
  • Xinyi Glass has a much cleaner balance sheet compared to the property developers. 

Nitori to Ramp up N+ Clothing Chain – ¥500 Billion in New Sales?

By Michael Causton

  • Nitori dominates in home decor and furniture but now wants to become a top 10 fashion retailer through its N+ chain targeting older women. 
  • It will raise the rate of new stores to 30 a year and then to up to 100 a year as it reaches scale. 
  • Will it be the Uniqlo for the middle-aged? If so it could own a chunk of a segment worth an estimated ¥2.5 trillion.

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