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Smartkarma Daily Briefs

Oct 22
0

Daily Brief Australia: OZ Minerals Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • OZ Minerals – Circumstances May Merit a Revised Tilt

OZ Minerals – Circumstances May Merit a Revised Tilt

By Travis Lundy

  • Copper is widely recognised to be in somewhat short supply, and EV/electrification would increase demand going forward (though slower Chinese homebuilding would soften it).
  • A number of developments suggest a further squeeze in prices could be near and copper price strength along with AUD weakness makes an AUD-denominated OZL Takeover Price easier to raise.
  • Short-Term positioning and longer-term supply constraints are currently battling for near-term import, but medium-term, there’s no escaping the imbalance. Looks like a buy now.

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Oct 22
0

Daily Brief Thailand: Jasmine International PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Jasmine International: Last Minute Wrinkle To Broadband Sale

Jasmine International: Last Minute Wrinkle To Broadband Sale

By David Blennerhassett

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Oct 22
0

Daily Brief South Korea: Meritz Financial Group, Bionote and more

By | Daily Briefs, South Korea

In today’s briefing:

  • MSCI Korea Rebalance: Bottom 5% Continue to Underperform
  • Bionote Pre-IPO – The Negatives – Fortunes Generated from a Sole Related Party

MSCI Korea Rebalance: Bottom 5% Continue to Underperform

By Douglas Kim

  • In this insight, we provide a ranking system for targeting the bottom 5% of potential exclusion candidates in the upcoming MSCI Korea index rebalance in November.
  • The ranking system is based on a combined weighted rankings based on MSCI weight, market cap, and ADTV.
  • The six stocks that have received lowest weights include Meritz Financial Group, S 1 Corp, Amorepacific Group, CJ Corp, Green Cross Corp,  and LG Household & Health Care-Pref. 

Bionote Pre-IPO – The Negatives – Fortunes Generated from a Sole Related Party

By Clarence Chu

  • Bionote (377740 KS) is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.
  • Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.
  • A large part of the firm’s fortunes came from supplying to a sole customer, which is also a related party. Margins have since come under pressure as well.

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Oct 22
0

Daily Brief United States: Snap Inc, Bumble, Cleveland-Cliffs Inc , Textron Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Snap 3Q22: Tik Tik Tik (Tok) …BOOM
  • Bumble Inc.: New Feature Additions & Other Developments
  • Cleveland-Cliffs Inc: Labor Agreement & Other Developments
  • Textron Inc: New Product Launches & Other Developments

Snap 3Q22: Tik Tik Tik (Tok) …BOOM

By Aaron Gabin

  • How long until SNAP gets back to Zuck’s original $3B buyout offer?!
  • Key negative point: US engagement dropped 5% despite user growth +4%…we think its BeReal as much as TikTok.
  • Uninvestable or Long Time Horizon? Least visibility of any major public company we’ve ever followed. Don’t know the answer!

Bumble Inc.: New Feature Additions & Other Developments

By Baptista Research

  • Bumble delivered a mixed set of results for the past quarter surpassing Wall Street expectations on the revenue front but missing out on earinings.
  • The Bumble app continued to grow as the company performed well in traditional as well as international growth markets.
  • In the quarter, Bumble brought a wide portfolio of discovery-oriented products to the market.

Cleveland-Cliffs Inc: Labor Agreement & Other Developments

By Baptista Research

  • With Cleveland-Cliffs’ results just around the corner, it is to be seen how the management has progressed with their execution in terms of profitability and their attempts towards free cash-flow-driven reduction in debt.
  • However, higher costs and inflation led to a drop in margins and it had missed out on earnings.
  • The gross inventory values in terms of the working capital increased in the last quarter because of higher costs, and the overall steel inventory volumes decreased.

Textron Inc: New Product Launches & Other Developments

By Baptista Research

  • Textron has its results just around the corner and there is a good chance that the company may deliver an all-around beat.
  • It had a solid previous quarter with strong execution and higher revenues that resulted in segment profit margin.
  • On the innovation front, Textron delivered the foremost Cessna SkyCourier to its launch customer FedEx and the foremost XLS Gen2 aircraft.

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Oct 22
0

Daily Brief India: Kotak Mahindra Bank and more

By | Daily Briefs, India

In today’s briefing:

  • Kotak Mahindra Bank (KMB IN): Foreign Room >20% Should See Staggered FTSE Inclusion Starting March

Kotak Mahindra Bank (KMB IN): Foreign Room >20% Should See Staggered FTSE Inclusion Starting March

By Brian Freitas

  • Foreign investor selling has taken the foreign headroom on Kotak Mahindra Bank (KMB) to 22%. That should result in the stock being added to the FTSE All-World Index in March.
  • The stock will initially be added to the index at an investability weight of 5%. Subject to >20% foreign headroom, the investability weight will increase by 5% at subsequent rebalances.
  • Continued foreign selling could result in an MSCI weight increase if the headroom increases above 25%. That could still be some time away though.

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Oct 22
0

Daily Brief Japan: Japan Tobacco and more

By | Daily Briefs, Japan

In today’s briefing:

  • Japan Tobacco High Conviction Update: Guidance Has Upside Potential, The Market Is Pass Russia Fears

Japan Tobacco High Conviction Update: Guidance Has Upside Potential, The Market Is Pass Russia Fears

By Oshadhi Kumarasiri

  • Just eight months into Russia’s Ukraine invasion, Japan Tobacco (2914 JP)’s share price has moved back above the pre-Ukraine invasion level suggesting that investors are over with Russia exposure fears.
  • Based on the company’s guidance upgrade trend historically and YTD financial performance, we are expecting around ¥70bn upside to 2022 OP guidance in 3Q22.
  • With earnings back on a growth trajectory, we are expecting a reversal of the 2017-21 share price to earnings trend to take Japan Tobacco shares over ¥3,500 in the short-term.

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Oct 22
0

Daily Brief China: Cafe De Coral Holdings, Meituan, Alam Sutera Realty, WuXi AppTec Co Ltd, Tencent and more

By | China, Daily Briefs

In today’s briefing:

  • Cafe De Coral (341): Start to Show Positive Result
  • Meituan – What to Look for in 3Q22 Result?
  • Weekly Wrap – 21 Oct 2022
  • Weekly Wrap – 21 Oct 2022
  • Shanghai/​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (21 October 2022)
  • Shanghai/​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (21 October 2022)

Cafe De Coral (341): Start to Show Positive Result

By Henry Soediarko

  • The share price was beaten down during COVID thanks to the lockdown and further restrictive policy. 
  • The recent result has been encouraging especially with the loosening of the restrictive measures.
  • Cafe De Coral Holdings (341 HK) is trading at a deep discount to its peers.

Meituan – What to Look for in 3Q22 Result?

By Xin Yu, CFA

  • Key areas to pay attention in 3Q22: 1) Meituan Instashopping’s growth rate, 2) Meituan Select’s unit economics, 
  • 3) 4Q guidance for food delivery and in-store, hotel and travel recovery.
  • Valuation is entering an attractive territory with recent stock price correction.

Weekly Wrap – 21 Oct 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. ABM Investama
  2. Agile Property Holdings
  3. Fosun International
  4. Kawasan Industri Jababeka
  5. China Jinmao Holdings

and more…

Weekly Wrap – 21 Oct 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. ABM Investama
  2. Agile Property Holdings
  3. Fosun International
  4. Kawasan Industri Jababeka
  5. China Jinmao Holdings

and more…

Shanghai/​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (21 October 2022)

By David Blennerhassett

Shanghai/​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (21 October 2022)

By David Blennerhassett

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Oct 22
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Oct 21st): AIA and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Oct 21st): AIA, Tencent, Wuxi Biologics

Hong Kong Buybacks Weekly (Oct 21st): AIA, Tencent, Wuxi Biologics

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 21st based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Wuxi Biologics (2269 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), Wuxi Biologics (2269 HK).

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Oct 22
0

Daily Brief Credit: Weekly Wrap – 21 Oct 2022 and more

By | Credit, Daily Briefs

In today’s briefing:

  • Weekly Wrap – 21 Oct 2022
  • Medco Energi – Event Flash – Tender Offer For Up To USD 250 Mn Of Bonds – Lucror Analytics
  • Cleveland-Cliffs Inc: Labor Agreement & Other Developments

Weekly Wrap – 21 Oct 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. ABM Investama
  2. Agile Property Holdings
  3. Fosun International
  4. Kawasan Industri Jababeka
  5. China Jinmao Holdings

and more…

Medco Energi – Event Flash – Tender Offer For Up To USD 250 Mn Of Bonds – Lucror Analytics

By Leonard Law, CFA

Medco Energi has launched a cash tender offer for up to USD 250 mn of three USD bonds. If the tender is successful, we expect gross debt to be reduced by USD 100 mn, the debt maturity profile to be lengthened and interest expense to decline. Tendering the bonds would make sense if noteholders require liquidity. Otherwise, they could consider holding the notes given the improving credit fundamentals.

Cleveland-Cliffs Inc: Labor Agreement & Other Developments

By Baptista Research

  • With Cleveland-Cliffs’ results just around the corner, it is to be seen how the management has progressed with their execution in terms of profitability and their attempts towards free cash-flow-driven reduction in debt.
  • However, higher costs and inflation led to a drop in margins and it had missed out on earnings.
  • The gross inventory values in terms of the working capital increased in the last quarter because of higher costs, and the overall steel inventory volumes decreased.

💡 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
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Oct 22
0

Daily Brief Equity Bottom-Up: Cafe De Coral (341): Start to Show Positive Result and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Cafe De Coral (341): Start to Show Positive Result
  • Japan Tobacco High Conviction Update: Guidance Has Upside Potential, The Market Is Pass Russia Fears
  • Meituan – What to Look for in 3Q22 Result?
  • Snap 3Q22: Tik Tik Tik (Tok) …BOOM
  • Textron Inc: New Product Launches & Other Developments

Cafe De Coral (341): Start to Show Positive Result

By Henry Soediarko

  • The share price was beaten down during COVID thanks to the lockdown and further restrictive policy. 
  • The recent result has been encouraging especially with the loosening of the restrictive measures.
  • Cafe De Coral Holdings (341 HK) is trading at a deep discount to its peers.

Japan Tobacco High Conviction Update: Guidance Has Upside Potential, The Market Is Pass Russia Fears

By Oshadhi Kumarasiri

  • Just eight months into Russia’s Ukraine invasion, Japan Tobacco (2914 JP)’s share price has moved back above the pre-Ukraine invasion level suggesting that investors are over with Russia exposure fears.
  • Based on the company’s guidance upgrade trend historically and YTD financial performance, we are expecting around ¥70bn upside to 2022 OP guidance in 3Q22.
  • With earnings back on a growth trajectory, we are expecting a reversal of the 2017-21 share price to earnings trend to take Japan Tobacco shares over ¥3,500 in the short-term.

Meituan – What to Look for in 3Q22 Result?

By Xin Yu, CFA

  • Key areas to pay attention in 3Q22: 1) Meituan Instashopping’s growth rate, 2) Meituan Select’s unit economics, 
  • 3) 4Q guidance for food delivery and in-store, hotel and travel recovery.
  • Valuation is entering an attractive territory with recent stock price correction.

Snap 3Q22: Tik Tik Tik (Tok) …BOOM

By Aaron Gabin

  • How long until SNAP gets back to Zuck’s original $3B buyout offer?!
  • Key negative point: US engagement dropped 5% despite user growth +4%…we think its BeReal as much as TikTok.
  • Uninvestable or Long Time Horizon? Least visibility of any major public company we’ve ever followed. Don’t know the answer!

Textron Inc: New Product Launches & Other Developments

By Baptista Research

  • Textron has its results just around the corner and there is a good chance that the company may deliver an all-around beat.
  • It had a solid previous quarter with strong execution and higher revenues that resulted in segment profit margin.
  • On the innovation front, Textron delivered the foremost Cessna SkyCourier to its launch customer FedEx and the foremost XLS Gen2 aircraft.

💡 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