Smartkarma Daily Briefs

BioMarin delivered a disappointing set of results for the third quarter with revenues and earnings well below Wall Street expectations.
The company’s Kuvan offering continues to have a declining market share of prophylaxis exclusivity in the United States.
Along with new patients from reported new markets, the team continues to see patient growth in European markets similar to what they saw in the prior quarter.

VF Corporation: Major Drivers

VF Corporation is operating in a challenging macro-economic backdrop and delivered a disappointing quarterly result.
The company barely managed to meet revenue expectations given a weak performance in China and also missed out on earnings expectations.
Apart from China, VF Corporation has witnessed an improvement across the rest of Asia, led by Japan and Korea.

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Nov 04

Daily Brief Event-Driven: Arbs Take Another Hit as Regal’s Offer for Perpetual Puts Pendal Deal at Risk and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Arbs Take Another Hit as Regal’s Offer for Perpetual Puts Pendal Deal at Risk
EQT/Baring/Regal’s Tilt For Perpetual Muddies Waters on Pendal (PDL AU) Deal
News Corp (NWS AU)’s Proposed Merger With Fox Corp. Again.
FTSE China 50 Index Rebalance Preview: Two Changes Now, Could Be More
Perpetual Turns from Predator to Prey with Regal/BPEA EQT’s Offer
Singapore Medical: TTW Bumps To S$0.40
Launching Single-Stock ETFs in Korea: Market Flow Impact Analysis

Arbs Take Another Hit as Regal’s Offer for Perpetual Puts Pendal Deal at Risk

Regal Partners and BPEA have made a conditional, non-binding indicative proposal to acquire Perpetual Ltd at A$30/share in cash. Perpetual would need to terminate the SID with Pendal Group.
Perpetual Ltd (PPT AU)‘s Board has rejected the offer. Today’s price action is partially driven by arbs selling Pendal shares and buying back their Perpetual shorts.
The Pendal Group / Perpetual Ltd price ratio is trading below the levels from August and could move higher if Perpetual and/or the consortium decide not to move ahead.

EQT/Baring/Regal’s Tilt For Perpetual Muddies Waters on Pendal (PDL AU) Deal

Perpetual (PPT AU) has received an indicative proposal in which EQT/Baring Private Equity Asia takes Perpetual’s private clients and corporate trustee businesses, and Regal (RPL AU) the asset management arm.
The A$1.75bn buyout proposal, by way of a $30/share cash Offer – and an undefined Regal scrip alternative – was rejected by Perpetual as it “materially undervalues” the company.
The twist in the proposal is that it is contingent on the termination of the earlier-announced Scheme between Perpetual and Pendal Group (PDL AU)

News Corp (NWS AU)’s Proposed Merger With Fox Corp. Again.

Back on the 17 October, News Corp (NWS AU) announced it had begun exploring a potential combination with Fox Corporation (FOXA US).
A merger of two parts of Rupert Murdoch’s media empire would combine Fox News and TMZ assets with NWS’ newspaper and online news operations.
Murdoch split his empire in 2013, placing the print business in a newly created NWS, and the TV and entertainment under Fox,

FTSE China 50 Index Rebalance Preview: Two Changes Now, Could Be More

Tianqi Lithium (9696 HK) and JD Health (6618 HK) could be inclusions while XPeng (9868 HK) and Longfor Properties (960 HK) are near certain deletions.
There are a few stocks that are close to the deletion threshold and could be deleted from the index if they continue to sell off over the next few weeks.
Tianqi Lithium (9696 HK) is also a high probability inclusion to the FTSE All-World Index at the December rebalance. That will bring in additional inflows to the stock.

Perpetual Turns from Predator to Prey with Regal/BPEA EQT’s Offer

By Arun George

Perpetual Ltd (PPT AU) rejected a conditional, non-binding indicative proposal from Regal Partners (RPL AU)/BPEA EQT at A$30.00 per share, an 11.5% premium to the undisturbed price.
Regal/BPEA EQT’s aim is to present shareholders with a choice – pay a premium to merge with Pendal Group (PDL AU) or receive a lower risk premium from Regal/BPEA EQT.
The Perpetual/Pendal deal is increasingly on shaky grounds. The skinny premium suggests that Regal/BPEA EQT have headroom to bump the offer to get the Board to engage.

Singapore Medical: TTW Bumps To S$0.40

By Shifara Samsudeen, ACMA, CGMA

I should have stuck to my guns. Singapore Medical (SMG SP)‘s original Exit Offer was low-balled. The IFA all but conceded this. I mused that TTW probably needed to bump.
And now TTW has, bumping the Offer by 8.1% to S$0.40/share, and declaring the terms final.
The Offer remains subject to TTW holding 90% (with 77.42% in the bag already). The Offer has been extended to the 5 December.

Launching Single-Stock ETFs in Korea: Market Flow Impact Analysis

By Sanghyun Park

The target market size that will be affected by the Default Option is estimated to be ₩92T. Up to 30% of them (₩30T) can flow into single-stock ETFs.
Competing against TDFs, half of this ₩30T is a conservative estimate for single-stock ETFs. Then, up to 40% of the ₩15T becomes the flow size entering the local stock market.
KODEX’s Samsung Electronics single-stock ETF may dominate the market. In this case, at least ₩3-4T can flow into Samsung Electronics Ord.

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Nov 04

Daily Brief Equity Bottom-Up: Rohm (6963): Costs Up and more

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

In today’s briefing:

Rohm (6963): Costs Up, FX Gains Up More, Small Buyback, Cheap (And N225 Inclusion In the Distance)
Tencent and China Unicom Tie Up in New Joint Venture
ADARO Solid 3Q 2022 : But Prefer ITMG
Panasonic (6752) | Following the Yellow Brick Road to Battery Profits
M3: Covid Related Trials and Yen Depreciation Support Earnings Beat
CanSino Biologics (6185.HK/688185.CH) – Time to Offload; the Rally May Not Last Long
KT&G Announces a Share Buyback Worth 350 Billion Won
A Pair Trade Between Nongshim Co & Nongshim Holdings (Youlchon Chem Is Breaking Out)
Meta Platforms: Is The Hyper Growth Story Over? (11/22)
Bristol-Myers Squibb: The Turning Point Acquisition & Oncology Expansion

Rohm (6963): Costs Up, FX Gains Up More, Small Buyback, Cheap (And N225 Inclusion In the Distance)

By Travis Lundy

ROHM Co Ltd (6963 JP) announced salutary H1 results on Nov 1. The numbers were good, the innards suggested cost pressures. The revised forecasts suggested conservativeness, or risk of weakness.
The company also announced a stock buyback. It’s only about 2% of shares out, which is 5-10% of Real World Float, but the stock has a low-beta risk character.
And it is quite cheap on a capital construct basis. EV/EBITDA to Mar23 on conservative guidance is 4.6x. Adj EV/EBITDA Mar23e deducing securities and net receivables? 3.7x.

Tencent and China Unicom Tie Up in New Joint Venture

By Caixin Global

Chinese social media giant Tencent Holdings Ltd. and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint venture to develop data and cloud-related businesses.
The new business, one of 15 investment deals that cleared antitrust review Tuesday, will focus on content delivery networks and edge computing.
The partnership is another tie-up between Tencent and China Unicom after a 2017 investment in which the social media giant acquired a 5.18% stake in the telecom company.

ADARO Solid 3Q 2022 : But Prefer ITMG

By Sameer Taneja

Adaro Energy (ADRO IJ) showed a sequential decline in earnings owing to a 6.8% QoQ decrease in pricing as discounts for their coal continued to build Vs. Newcastle.
While the stock trades at a 2.8x FY22 PE and 1.3x EV-EBTIDA FY22E with a 21% dividend yield, the market is pricing in a substantial decline in coal prices.
Adaro offers a significant margin of safety with 25% of the market cap in cash and decent capital allocation, but we prefer ITMG for its superior grades.

Panasonic (6752) | Following the Yellow Brick Road to Battery Profits

By Mark Chadwick

The US Inflation Reduction Act will have a massively positive impact on Panasonic’s battery earnings for a decade
Panasonic has just broken ground on a new battery plant in Kansas – the yellow brick road to further profitability
We see a further 25% upside to the share price from the IRA impact on current battery capacity and even more on Kansas

M3: Covid Related Trials and Yen Depreciation Support Earnings Beat

M3 Inc (2413 JP) reported 2QFY03/2023 results yesterday. Revenue grew 10.6% YoY to JPY56.7bn (vs consensus JPY54.7bn) while OP increased 31.5% YoY to JPY17.9bn (vs consensus JPY17.0bn).
The company’s earnings were mainly driven by Covid-19 related trials and a weaker Yen which mainly helped the overseas business post strong results.
M3’s growth prospects remain stagnant and the company’s valuation multiple is still expensive as earnings expectation has started to decline.

CanSino Biologics (6185.HK/688185.CH) – Time to Offload; the Rally May Not Last Long

By Xinyao (Criss) Wang

The fake news about China reopen and the COVID-19 vaccine business are the major driving force for the rally of CanSino’s share price. However, such rally would not last long.
CanSino didn’t perform well in Q3 and 2022 would be a difficult year for CanSino. The major turning point of CanSino performance still lies in MCV4, not COVID-19 vaccines.
CanSino’s H-share valuation has become more reasonable,but the downside risk in HKEX is hard to predict. Investors could consider offload and secure the gains. There’s better opportunity to long ahead.

KT&G Announces a Share Buyback Worth 350 Billion Won

On 3 November, KT&G announced that it will buy back 350 billion won worth of common shares (3.7 million shares).
KT&G has mentioned that it could increase its DPS by at least 200 won in 2022. Assuming DPS of 5,000 won in 2022 would suggest a dividend yield of 5.3%.
KT&G had another solid results in 3Q 2022 slightly beating the consensus sales and operating profit estimates.

A Pair Trade Between Nongshim Co & Nongshim Holdings (Youlchon Chem Is Breaking Out)

In this insight, we discuss a pair trade of Nongshim Holdings (072710 KS) (go long) and Nongshim Co Ltd (004370 KS) (go short).
We believe the price gap between these two stocks have widened too much in the past six months and this gap is likely to decrease again.
Nongshim Holdings’ stake in Youlchon Chem has been rising rapidly in the past six months which should also act as a positive catalyst on Nongshim Holdings.

Meta Platforms: Is The Hyper Growth Story Over? (11/22)

Meta Platforms delivered a highly disappointing set of results with a huge earnings miss.
The company’s ballooning costs to fund its virtual reality vision have resulted in a drop in profitability.
We provide the stock of Meta Platforms with a ‘Hold’ rating and a revision in the target price.

Bristol-Myers Squibb: The Turning Point Acquisition & Oncology Expansion

Bristol-Myers delivered another all-around beat as the management continued to make an effort to expand its new product range and inline franchise.
In this quarter, the inline and new product portfolio grew by 13%, and the company managed to deliver non-GAAP EPS growth of 3%.
Revenues in the third quarter were approximately $11.2 billion and the inline and new product portfolio grew strongly up to 13%.

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Nov 04

Daily Brief Macro: BoE: Hikes Reaching Exhaustion Early and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

BoE: Hikes Reaching Exhaustion Early
A Pivot From Hawkish To…More Hawkish

BoE: Hikes Reaching Exhaustion Early

By Phil Rush

The BoE hiked by 75bps in Nov-22, as expected. A substantial drift below the inflation target means the Bank’s forecasts imply already tight policy priced to go too far.
Guidance is also explicit about market pricing peaking too high. Two MPC members dissented in favour of a smaller rise, and at least one may not support further hikes.
We maintain our view that the market is over-pricing the cycle. BoE guidance reinforces that, although we still believe it best to focus on the data rather than MPC words.

A Pivot From Hawkish To…More Hawkish

By The Macro Compass

We finally got a pivot – but it wasn’t the one many investors were hoping for.
At the FOMC press conference, Powell pivoted from hawkish to…more hakwish.
Through the use of 3 unambiguous punchlines, Chairman Powell made sure to convey one clear message: we will get it done, whatever it takes.

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Nov 04

Most Read: Highwealth Construction, SICC, Hubei Feilihua Quartz Glas-A, Shede Spirits, Taiwan Glass Industry, Perpetual Ltd, Samyang Foods, News Corp, Tianqi Lithium and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

FTSE TWSE Taiwan Dividend+ Index Rebalance Preview: Updated Dividends & Flow Shift
STAR50 Index Rebalance Preview: Stable Long/Short Performance in a Volatile Market
ChiNext/ChiNext50 Index Rebalance Preview: Overlapping Stocks & Mean Reversion
SSE180 Index Rebalance Preview: Market Volatility & Index Changes
FTSE TWSE Dividend+ Quiddity Leaderboard Dec 22: Good Start, Some Surprises, More to Come!
Arbs Take Another Hit as Regal’s Offer for Perpetual Puts Pendal Deal at Risk
KOSPI200 Index Rebalance Preview: Potential Changes, Excess Volumes & Pre-Positioning
EQT/Baring/Regal’s Tilt For Perpetual Muddies Waters on Pendal (PDL AU) Deal
News Corp (NWS AU)’s Proposed Merger With Fox Corp. Again.
FTSE China 50 Index Rebalance Preview: Two Changes Now, Could Be More

FTSE TWSE Taiwan Dividend+ Index Rebalance Preview: Updated Dividends & Flow Shift

Updated forward dividend estimates and price moves lead to changes in adds/deletes and to estimated flows at the December rebalance. We now see 26 adds and 5 deletes in December.
The estimated one-way turnover due to adds, deletes, funding and capping is 46.6% and will result in a one-way trade of TWD 72.7bn (US$2.26bn).
Passive trackers will need to buy over 5 days of ADV on 15 stocks and sell over 5 days of ADV on 14 stocks. There will be trading opportunities galore.

STAR50 Index Rebalance Preview: Stable Long/Short Performance in a Volatile Market

With the review period nearly complete, there could be 4 changes using a 12-month minimum listing history, and 5 changes using a 6-month minimum listing history.
The market cap of potential adds using a 6-month minimum listing history is higher and there is a higher probability of a 6-month minimum listing history being used.
The potential adds have outperformed the potential deletes and the index. Similar to the last few rebalances, we could see the adds outperform post the end of the review period.

ChiNext/ChiNext50 Index Rebalance Preview: Overlapping Stocks & Mean Reversion

At the end of the review period, we forecast 10 changes for the Chinext Price Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index in December.
Passive trackers will need to buy +/-0.5 days of ADV for most inclusions and exclusions from the indices. The impact on the potential deletions is higher on average.
The potential adds have outperformed the potential deletes over the last six months, though there has been a sharp narrowing of the gap over the last few weeks.

SSE180 Index Rebalance Preview: Market Volatility & Index Changes

With the review period complete, we expect 18 changes to the index in December – most deletions are Financials, most inclusions are Industrials.
The market volatility over the last couple of weeks has altered the sectoral breakup of the potential changes with Industrials gaining index spots at the expense of Consumer Staples.
We see 5 of the potential adds being added to the MSCI China Index in February and 6 of the potential adds being added to the FTSE All-World/All-Cap in March.

FTSE TWSE Dividend+ Quiddity Leaderboard Dec 22: Good Start, Some Surprises, More to Come!

By Janaghan Jeyakumar, CFA

In October 2022, FTSE Russell confirmed that the number of constituents in the FTSE TWSE Taiwan Dividend+ Index will be increased from 30 to 50 during the December 2022 Rebalance.
The estimated one-way flow was ~US$2bn and I discussed my flow expectations for this event in FTSE TWSE Dividend+ Quiddity Leaderboard Dec 22: New Methodology! Massive Flow Implications!
With less than three weeks remaining to the base date, below is an updated look at my latest flow expectations for this event.

Arbs Take Another Hit as Regal’s Offer for Perpetual Puts Pendal Deal at Risk

Regal Partners and BPEA have made a conditional, non-binding indicative proposal to acquire Perpetual Ltd at A$30/share in cash. Perpetual would need to terminate the SID with Pendal Group.
Perpetual Ltd (PPT AU)‘s Board has rejected the offer. Today’s price action is partially driven by arbs selling Pendal shares and buying back their Perpetual shorts.
The Pendal Group / Perpetual Ltd price ratio is trading below the levels from August and could move higher if Perpetual and/or the consortium decide not to move ahead.

KOSPI200 Index Rebalance Preview: Potential Changes, Excess Volumes & Pre-Positioning

With the review period complete, we see 1 high probability change and 1 lower probability change for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in December.
We estimate passive trackers will need to trade over 10 days of ADV on the high probability names. There are indications that there are pre-positions built on the stocks.
With short-sell eligibility flipping post implementation of the changes, a lot of pre-positions will be unwound prior to implementation and there will be trading opportunities on the reverse side.

EQT/Baring/Regal’s Tilt For Perpetual Muddies Waters on Pendal (PDL AU) Deal

Perpetual (PPT AU) has received an indicative proposal in which EQT/Baring Private Equity Asia takes Perpetual’s private clients and corporate trustee businesses, and Regal (RPL AU) the asset management arm.
The A$1.75bn buyout proposal, by way of a $30/share cash Offer – and an undefined Regal scrip alternative – was rejected by Perpetual as it “materially undervalues” the company.
The twist in the proposal is that it is contingent on the termination of the earlier-announced Scheme between Perpetual and Pendal Group (PDL AU)

News Corp (NWS AU)’s Proposed Merger With Fox Corp. Again.

Back on the 17 October, News Corp (NWS AU) announced it had begun exploring a potential combination with Fox Corporation (FOXA US).
A merger of two parts of Rupert Murdoch’s media empire would combine Fox News and TMZ assets with NWS’ newspaper and online news operations.
Murdoch split his empire in 2013, placing the print business in a newly created NWS, and the TV and entertainment under Fox,

FTSE China 50 Index Rebalance Preview: Two Changes Now, Could Be More

Tianqi Lithium (9696 HK) and JD Health (6618 HK) could be inclusions while XPeng (9868 HK) and Longfor Properties (960 HK) are near certain deletions.
There are a few stocks that are close to the deletion threshold and could be deleted from the index if they continue to sell off over the next few weeks.
Tianqi Lithium (9696 HK) is also a high probability inclusion to the FTSE All-World Index at the December rebalance. That will bring in additional inflows to the stock.

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Nov 03

Daily Brief Indonesia: ABM Investama and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

Asia HY Monthly – October 2022 – Lucror Analytics

Asia HY Monthly – October 2022 – Lucror Analytics

By Charles Macgregor

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors’ understanding of the Asian USD high-yield market.

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Nov 03

Daily Brief Singapore: Singapore Medical and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

By Arun George

Singapore Medical (SMG SP)‘s voluntary conditional offer from management (chairman, CEO, exec director) has been increased from S$0.37 to S$0.40 per share (share option unchanged).
The revised offer is final unless there is a competitive situation. The offeror came to the realisation that a bump was required to meet the 90% minimum acceptance condition.
Acceptances stand at 77.42% of outstanding shares. The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At last close, the gross spread is 5.3%.

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Nov 03

Daily Brief South Korea: Samyang Foods, Orion Corp, SK Square and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

KOSPI200 Index Rebalance Preview: Potential Changes, Excess Volumes & Pre-Positioning
A Pair Trade Between Orion Holdings and Orion Corp
Sweden’s EQT Partners to Invest Big in SK Shieldus: Impact on SK Square

KOSPI200 Index Rebalance Preview: Potential Changes, Excess Volumes & Pre-Positioning

With the review period complete, we see 1 high probability change and 1 lower probability change for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in December.
We estimate passive trackers will need to trade over 10 days of ADV on the high probability names. There are indications that there are pre-positions built on the stocks.
With short-sell eligibility flipping post implementation of the changes, a lot of pre-positions will be unwound prior to implementation and there will be trading opportunities on the reverse side.

A Pair Trade Between Orion Holdings and Orion Corp

In this insight, we discuss a pair trade between Orion Holdings (001800 KS) (go long) and Orion Corp (271560 KS) (go short).
Orion Holdings has a dividend yield of 4.6% versus 0.7% for Orion Corp. For the value investors that seek higher dividends, Orion Holdings is more attractive versus Orion Corp.
We believe the price gap between these two stocks have widened too much in the past several months and this gap is likely to decrease again.

Sweden’s EQT Partners to Invest Big in SK Shieldus: Impact on SK Square

On 2 November, it was reported that Sweden’s EQT Partners is to acquire a 36.87% stake in SK Shieldus.
EQT Partners is expected to invest more than 2 trillion won in SK Shieldus which is expected to be valued at about 4.5 trillion won to 5.2 trillion won.
Our base case valuation of SK Square is NAV per share of 59,272, which is 59% higher than current price.

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Nov 03

Daily Brief India: Bikaji Foods, Fusion Micro Finance Ltd, ABM Investama, LIC Housing Finance and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Bikaji Foods International IPO – Spicy Snacks
Fusion Micro Finance IPO – Not Worth the Premium
Asia HY Monthly – October 2022 – Lucror Analytics
LICHF: FY23 NIM Guidance Intact Despite One-Off Impact in Q2FY23

Bikaji Foods International IPO – Spicy Snacks

By Sumeet Singh

Bikaji Foods (BIKAJI IN), an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In this note, we look at the company’s past performance.

Fusion Micro Finance IPO – Not Worth the Premium

By Ethan Aw

Fusion Micro Finance Ltd (1053199D IN) is looking to raise approximately US$134m in its India IPO.
Fusion Micro Finance (FMF) is a non-banking financial company – microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
We have looked at the background of the deal in our earlier notes. In this note, we talk about its recent RHP updates, peer comparison and valuations.

Asia HY Monthly – October 2022 – Lucror Analytics

By Charles Macgregor

LICHF: FY23 NIM Guidance Intact Despite One-Off Impact in Q2FY23

By Ankit Agrawal, CFA

While LIC Housing Finance (LICHF IN) posted substantial decline in NIM to 1.80% vs 2.54% QoQ, this was largely due to one-off impact from a couple of items.
LICHF has maintained its prior guidance of beating FY22 NIM of 2.29%, which means that for full-year FY23, LICHF is still on track for a NIM of 2.3% or above.
There was a one-off provisioning relating to INR 180cr of write-offs, which was fully provided for, but due to Ind-AS accounting had to be booked again resulting in excess provisioning.

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Nov 03

Daily Brief United States: Pfizer Inc, Save Foods Inc, Polygon and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Pfizer Inc (PFE US): Stellar Q3 Performance; Despite Unfavorable Fx Impact, Raises 2022 Guidance
Save Foods Inc.: A Uniquely Positioned Small-Cap In Food Safety
Reddit Creates an Adoption Tsunami

Pfizer Inc (PFE US): Stellar Q3 Performance; Despite Unfavorable Fx Impact, Raises 2022 Guidance

By Tina Banerjee

Pfizer Inc (PFE US) reported beat-and-raise Q3 results. Revenue declined 2% operationally to $22.6 billion, beating consensus by $1.5 billion. Adjusted EPS of $1.78 was ahead of consensus of $1.40.
Pfizer raised its 2022 financial guidance, on an operational basis, for revenue and adjusted EPS by approximately $1.7 billion and $0.19, respectively.
The company aims to launch 19 new products or indications, of which more than two thirds have the potential to be blockbusters, in the market over the next 18 months.

Save Foods Inc.: A Uniquely Positioned Small-Cap In Food Safety