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Smartkarma Daily Briefs

Feb 28
0

Daily Brief Financials: Jio Financial Services, Japan Post Bank, Orix JREIT Inc, Corpovael, SES AI Corp and more

By | Daily Briefs, Financials

In today’s briefing:

  • The Beat Ideas: What Is Inside Jio Financial Services?
  • Japan Post Bank (7182) – Missed Opportunity Leaves Likely Shadow Overhang
  • Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering
  • Japan Post Bank US$4bn Placement – Smaller Deal, Similar Structure, Might Yield Similar Results
  • Asia Real Estate Tracker (27-Feb-2025): Hotel Indigo Auckland for Sale – McVay & Whillans Realty.
  • Actinver Research – CADU 4Q24: Weak Operating Results as Expected (Quick View)
  • SES AI Corp. – 4Q Results Mark a ‘Phase Transition’ from Pure R&D to Commercialization

The Beat Ideas: What Is Inside Jio Financial Services?

By Sudarshan Bhandari

  • Jio Financial Services (JIOFIN IN) has launched a robust digital ecosystem with its flagship JioFinance app, enhancing its tech-driven financial service offerings.
  • The digital-first strategy minimizes legacy constraints, enabling personalized financial solutions that significantly boost efficiency and competitive advantage.
  • This evolution redefines traditional banking, positioning JFSL as a versatile, technology-led powerhouse for sustainable growth in India’s financial sector.

Japan Post Bank (7182) – Missed Opportunity Leaves Likely Shadow Overhang

By Travis Lundy

  • The Offering comes in lighter than expected. The buyback is smaller than expected. The resultant overhang is larger than expected. 
  • The index flows around the delivery date are well-understood. They are what they are.
  • Shareholder structure is such that this is not quite a new IPO but needs a lot of new shareholders. BUT… there is one redeeming feature one should not ignore.

Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering

By Arun George

  • Japan Post Bank (7182 JP) has announced a secondary offering of up to 416.1 million shares (including overallotment), worth around US$4.2 billion.
  • The offering includes a ToSTNeT-3 and an on-market buyback. Including the overallotment, Japan Post Holdings (6178 JP) will reduce its stake from 61.50% to 50.00% of voting rights. 
  • Understanding the potential offer price requires looking at JPH’s past sales and recent large Japanese placements. The pricing date is likely 10 March.

Japan Post Bank US$4bn Placement – Smaller Deal, Similar Structure, Might Yield Similar Results

By Sumeet Singh

  • Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
  • JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
  • In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Asia Real Estate Tracker (27-Feb-2025): Hotel Indigo Auckland for Sale – McVay & Whillans Realty.

By Asia Real Estate Tracker

  • Hotel Indigo Auckland is up for sale by McVay Real Estate and Whillans Realty Group, offering a prime investment opportunity.
  • CDL Chairman accuses son of attempted coup, but Kwek remains CEO, ensuring stability within the company’s leadership.
  • Mapletree makes a strategic move by buying a Hong Kong site for $473M at a significant discount, positioning itself for future growth.

Actinver Research – CADU 4Q24: Weak Operating Results as Expected (Quick View)

By Actinver

  • Growth in the other revenues segment drove total revenues of P$1.2 bn, increasing 2% YoY (better than our estimate).
  • The other revenue row (land sales) reached P$424 million, representing 36% of total sales.
  • On the other hand, the weak housing sales performance was due to a substantial 59% YoY contraction in total units, mainly explained by delays in the company’s work in progress and inventories (negatively impacted by weather, delay in permits, among others).

SES AI Corp. – 4Q Results Mark a ‘Phase Transition’ from Pure R&D to Commercialization

By Water Tower Research

  • SES AI marked an important milestone with its 4Q24 results, transitioning from pure-play R&D to active commercialization.
  • The company booked $2 million in revenue at a 63% gross margin from previously announced deals with (1) EV OEMs for battery materials discovery and (2) cells for drones.
  • SES AI also noted some of its 4Q cell revenue for drone applications was with SoftBank’s HAPS drone program, which suggests that it is building on the initial traction announced in the Data Blanket deal in this space. 

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Feb 28
0

Daily Brief Industrials: Tonami Holdings, Premier Energies, Ana Holdings and more

By | Daily Briefs, Industrials

In today’s briefing:

  • JPH Launches “MBO” (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.
  • Premier Energies US$825m IPO Lockup – The Largest Seller in the IPO Is Sitting on 48x Gains
  • Quiddity JPX-Nikkei 400 Rebal 2025: End-Feb 2025 Ranks

JPH Launches “MBO” (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.

By Travis Lundy

  • Yesterday, Japan Post Holdings (6178 JP) announced an MBO for Tonami Holdings (9070 JP) whereby the family/execs will stay on. JPH will own 99.97%, the execs/family 0.03%.
  • This deal is yet another in a line of logistics deals dating back the last 2+ years where the premium has been quite big. This time is +74%. 
  • But this is not overly expensive. Makes me go hmmmm… 

Premier Energies US$825m IPO Lockup – The Largest Seller in the IPO Is Sitting on 48x Gains

By Sumeet Singh

  • Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.
  • Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services
  • In this note, we will talk about the lockup dynamics and possible placement.

Quiddity JPX-Nikkei 400 Rebal 2025: End-Feb 2025 Ranks

By Janaghan Jeyakumar, CFA

  • JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
  • The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
  • Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-February 2025.

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Feb 28
0

Daily Brief Health Care: Raffles Medical Group, SpringWorks Therapeutics Inc, Mesoblast Ltd, Genomma Lab Internacional Sab, VISEN Pharmaceuticals, Evaxion Biotech A/S, Monogram Orthopaedics , Bone Biologics and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Raffles Medical (RFMD SP): 2H24 Result, China Recovery, Buyback, and Dividend Raise Expectation
  • SpringWorks Therapeutics in Advanced Acquisition Talks with Merck KGaA Amid FDA Approval and Growth Potential
  • Mesoblast (MSB AU): ‘Comparable’ Pricing for Ryoncil; US Commercialization Is Progressing
  • Actinver Research – Genomma Lab 4Q24: Healthy finish of the year (Quick View)
  • Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don’t Look Positive
  • EVAX: Extended Trial is Excellent News
  • MGRM: Monogram announces regulatory update on its 510(k) premarket filing submission to the FDA. The company also provided updates on the Shalby Limited clinical trial in India.
  • BBLG: Funding Looks Good as Trials Continue

Raffles Medical (RFMD SP): 2H24 Result, China Recovery, Buyback, and Dividend Raise Expectation

By Tina Banerjee

  • Raffles Medical Group (RFMD SP) reported mixed 2024 result. However, 2H24 revenue increased 15% YoY, operating profit rose 5% YoY, and adjusted PATMI jumped 38% YoY.
  • China operation is recovering, with revenue growing 10% YoY to S$65M in 2024. Three general hospitals in China have demonstrated strong potential for growth and have a positive outlook ahead.
  • Raffles has revised its dividend policy to pay out at least 50%. The company intends to buy back up to 100M ordinary shares over the next two years.

SpringWorks Therapeutics in Advanced Acquisition Talks with Merck KGaA Amid FDA Approval and Growth Potential

By Special Situation Investments

  • SpringWorks Therapeutics is in advanced acquisition talks with Merck KGaA, following FDA approval for its drug Gomekli.
  • Merck’s acquisition strategy focuses on low-risk, value-creating oncology deals, aligning with SpringWorks’ FDA-approved treatments.
  • Estimated peak sales for SpringWorks’ drugs range from $600m to $1bn, suggesting a potential $85/share valuation.

Mesoblast (MSB AU): ‘Comparable’ Pricing for Ryoncil; US Commercialization Is Progressing

By Tina Banerjee

  • Mesoblast Ltd (MSB AU) has announced pricing for Ryoncil in the U.S. in tandem with the economic value of treatment with product availability planned for the current quarter.
  • Wholesale acquisition cost of Ryoncil has been set at $194K per infusion. Ryoncil infusion is given twice per week for 4 weeks. This brings the full treatment cost to $1.55M.
  • The pricing is strategically determined against the cost of treating a child who dies of SR-aGvHD of $2.5M and calculated total benefits of patient outcomes using Ryoncil of $3.2–4.1M.

Actinver Research – Genomma Lab 4Q24: Healthy finish of the year (Quick View)

By Actinver

  • Revenues of P$4.7bn grew 32.4% YoY, supported by healthy growth across all regions.
  • Sales in Mexico were in line with our estimates, while in LatAm and the U.S. they were slightly lower than expected, with the former still posting a solid growth vs an easy comp base amid improving conditions in the region.
  • In the U.S., a weaker flu season partially impacted sales.

Visen Pharmaceuticals (维升药业) IPO: PHIP Updates Don’t Look Positive

By Ke Yan, CFA, FRM

  • Visen Pharmaceuticals is looking at raising up to USD 300m to list in Hong Kong.
  • The company has passed the hearing for the listing and filed a new version of the prospectus.
  • We look at the difference between previous filing and current filing. Most of the changes are not critical but we think overall it doesn’t look good.

EVAX: Extended Trial is Excellent News

By Zacks Small Cap Research

  • EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
  • The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.
  • The company announced that a key Phase 2 trial was being extended due to the positive results seen to this point, which is a very positive sign for the treatment potential of EVX-01.

MGRM: Monogram announces regulatory update on its 510(k) premarket filing submission to the FDA. The company also provided updates on the Shalby Limited clinical trial in India.

By Zacks Small Cap Research

  • Monogram Technologies (NASDAQ: MGRM) is a medical device company developing a product solution architecture to enable patient-optimized orthopedic implants at scale by linking 3D printing and robotics with advanced pre-operative imaging.
  • The company delivered its first surgical robot in November 2023 and submitted its 510(k) on July 19th and the application passed the Administrative Review.
  • The first live in patient surgery OUS is expected in early 2025.

BBLG: Funding Looks Good as Trials Continue

By Zacks Small Cap Research

  • Bone Biologics is pursuing a better and more effective way of dealing with back pain requiring surgery by developing bone regeneration in spinal fusion using the recombinant human protein known as NELL-1/DBX, or NB1.
  • The company released its full year 2024 financial results that showed good cash, low debt and good cost controls.
  • The company continues with human trials, and we are looking forward to the initial results.

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Feb 28
0

Most Read: Seven & I Holdings, Jio Financial Services, Tonami Holdings, Japan Post Bank, WeDoctor Holdings, Mesoblast Ltd, Wuhan Dameng Database and more

By | Daily Briefs, Most Read

In today’s briefing:

  • 7&I (3382) – MBO Off, SC “Engaging Constructively with ACT”, Skepticism Higher, Questions And More
  • The Beat Ideas: What Is Inside Jio Financial Services?
  • JPH Launches “MBO” (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.
  • Japan Post Bank (7182) – Missed Opportunity Leaves Likely Shadow Overhang
  • Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering
  • We Doctor Holdings IPO Preview: Explosive Growth and Narrowing Losses, The Right Time for an IPO
  • ASX200 Index AdHoc Rebalance Preview: Mesoblast (MSB) Could Replace Arcadium Lithium (LTM) Next Week
  • EA Resilience Is Perfunctory Problem
  • STAR 100: Quick Update to Expectations for Last-Minute Methodology Changes; Announcement Soon.
  • Japan Post Bank US$4bn Placement – Smaller Deal, Similar Structure, Might Yield Similar Results

7&I (3382) – MBO Off, SC “Engaging Constructively with ACT”, Skepticism Higher, Questions And More

By Travis Lundy

  • The MBO is off. Itochu Corp (8001 JP) has apparently not been able to agree with Ito-san on board composition/representation and management control. That the MBO is off isn’t surprising.
  • 7&i says they “continue to engage constructively with ACT and alternate proposals but news articles suggest that almost 6mos after proposing an NDA, ACT still haven’t had access to financials.
  • The shares are off hard today to a level below where ACT’s first bid was considered “not even worth discussing”. There will be questions at the AGM and before.

The Beat Ideas: What Is Inside Jio Financial Services?

By Sudarshan Bhandari

  • Jio Financial Services (JIOFIN IN) has launched a robust digital ecosystem with its flagship JioFinance app, enhancing its tech-driven financial service offerings.
  • The digital-first strategy minimizes legacy constraints, enabling personalized financial solutions that significantly boost efficiency and competitive advantage.
  • This evolution redefines traditional banking, positioning JFSL as a versatile, technology-led powerhouse for sustainable growth in India’s financial sector.

JPH Launches “MBO” (LBO with SARs for Family/Execs) For Trucker Tonami Holdings (9070). Too Cheap.

By Travis Lundy

  • Yesterday, Japan Post Holdings (6178 JP) announced an MBO for Tonami Holdings (9070 JP) whereby the family/execs will stay on. JPH will own 99.97%, the execs/family 0.03%.
  • This deal is yet another in a line of logistics deals dating back the last 2+ years where the premium has been quite big. This time is +74%. 
  • But this is not overly expensive. Makes me go hmmmm… 

Japan Post Bank (7182) – Missed Opportunity Leaves Likely Shadow Overhang

By Travis Lundy

  • The Offering comes in lighter than expected. The buyback is smaller than expected. The resultant overhang is larger than expected. 
  • The index flows around the delivery date are well-understood. They are what they are.
  • Shareholder structure is such that this is not quite a new IPO but needs a lot of new shareholders. BUT… there is one redeeming feature one should not ignore.

Japan Post Bank (7182 JP): A US$4.2 Billion Secondary Offering

By Arun George

  • Japan Post Bank (7182 JP) has announced a secondary offering of up to 416.1 million shares (including overallotment), worth around US$4.2 billion.
  • The offering includes a ToSTNeT-3 and an on-market buyback. Including the overallotment, Japan Post Holdings (6178 JP) will reduce its stake from 61.50% to 50.00% of voting rights. 
  • Understanding the potential offer price requires looking at JPH’s past sales and recent large Japanese placements. The pricing date is likely 10 March.

We Doctor Holdings IPO Preview: Explosive Growth and Narrowing Losses, The Right Time for an IPO

By Andrei Zakharov

  • We Doctor Holdings, a top-tier provider of AI-enabled medical services and digital platform which connects hospitals, doctors, and pharmacies, plans to go public in Hong Kong.
  • We Doctor Holdings has raised ~$1.5B to date from investors, including Tencent, 5Y Capital, Goldman Sachs, Hillhouse Capital, AIA, and Qiming Venture Partners, among others.
  • The Hangzhou-based healthtech company has delivered explosive revenue growth of 107% y/y for the six months ended Jun-24.  

ASX200 Index AdHoc Rebalance Preview: Mesoblast (MSB) Could Replace Arcadium Lithium (LTM) Next Week

By Brian Freitas

EA Resilience Is Perfunctory Problem

By Phil Rush

  • Crashing US surveys in 2025 have looked idiosyncratic, as spurious exaggeration of exceptionalism ends. The ESI corroborates the PMI’s resilience in the euro area.
  • Price expectations have been trending further above long-run averages without a one-off shock, suggesting European policy is too loose for this stage of the economic cycle.
  • EA unemployment remains lower than a year ago, inconsistent with tight monetary conditions. We still see the ECB’s last cut in June, much sooner than the market prices.

STAR 100: Quick Update to Expectations for Last-Minute Methodology Changes; Announcement Soon.

By Janaghan Jeyakumar, CFA

  • STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
  • The methodology for constituent selection for this index was revised yesterday. These revisions will influence the ADDs/DELs for the March 2025 review which is to be announced soon.
  • In this insight, we have presented our updated expectations for the new methodology.

Japan Post Bank US$4bn Placement – Smaller Deal, Similar Structure, Might Yield Similar Results

By Sumeet Singh

  • Japan Post Holdings (6178 JP) (JPH) aims to sell around US$4bn worth of Japan Post Bank (7182 JP) (JPB), trimming its stake to below 50%.
  • JPH had last sold around US$9bn worth of JPB shares in Mar 2023. That deal had a similar structure and it didn’t end up performing well.
  • In this note, we talk about the deal dynamics and run the deal through our ECM framework.

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Feb 27
0

Daily Brief Private Markets: Finmo’s unified treasury platform attracts US$18.5M from global VCs | e27 and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Finmo’s unified treasury platform attracts US$18.5M from global VCs | e27
  • HD lands US$7.8M to grow HDmall, expand AI chatbot, enter Vietnam | e27
  • Malaysia’s Payd bags US$400K to tackle financial stress among employees | e27

Finmo’s unified treasury platform attracts US$18.5M from global VCs | e27

By e27

  • Finmo, an all-in-one treasury operating system (TOS), has announced an oversubscribed US$18.5 million Series A funding round, bringing its total funding to US$27 million.
  • The round was co-led by Quona Capital and PayPal Ventures, with participation from Citi Ventures.
  • The Singaporean startup will use the capital to accelerate its product development, invest in AI capabilities, and expand its global reach.

HD lands US$7.8M to grow HDmall, expand AI chatbot, enter Vietnam | e27

By e27

  • HD, the Bangkok-headquartered company behind HDmall, a healthcare and surgery marketplace in Thailand and Indonesia, has secured US$7.8 million in equity funding.
  • The funding round included participation from US-based Merck Sharp & Dohme (MSD), SBI Ven Capital, M Venture Partners, FEBE Ventures, and Partech Partners.
  • Also Read: These former aCommerce execs are building an ‘Amazon’ for healthcare in Southeast Asia This marks the first investment by MSD IDEA Studio Asia Pacific, an initiative by the MSD Global Health Innovation Fund (MGHIF) and MSD Asia Pacific regional team, invest in a Southeast Asian healthtech firm.

Malaysia’s Payd bags US$400K to tackle financial stress among employees | e27

By e27

  • Payd, a Malaysian fintech company specialising in earned wage access (EWA) solutions, has raised US$400,000 in a seed extension funding round.
  • The investment, led by A2D Ventures, with participation from Orbit Startups and AngelSpark, aims to accelerate Payd’s mission to enhance employee financial well-being across Southeast Asia.
  • With this latest investment, Payd is looking to expand beyond its current markets in Malaysia and Thailand, forge new partnerships, and continue to reshape financial accessibility for employees across the region.

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Feb 27
0

Daily Brief ESG: Flos B&B Italia (Formerly International Design Group) – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Flos B&B Italia (Formerly International Design Group) – ESG Report – Lucror Analytics

Flos B&B Italia (Formerly International Design Group) – ESG Report – Lucror Analytics

By Felix Fischer

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Flos B&B Italia’s (formerly International Design Group) ESG as “Adequate”. The group has “Adequate” scores for the Environmental and Social pillars, while Governance is “Strong”. Controversies are “Immaterial” and Disclosure is “Strong”.

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Feb 27
0

Daily Brief Thematic (Sector/Industry): Microsoft CEO On AI CapEx: Show Me The Money! and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Microsoft CEO On AI CapEx: Show Me The Money!
  • Ohayo Japan | Nvidia Beats, Stock +3.7%
  • Singapore Banks – Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great
  • What Do Detailed 2024 Semi Stats Tell Us?
  • Japan Morning Connection: NVDA Results Enough to Quell Concerns over AI Slowdown
  • Themes of India: Fertilizer Industry Q3 FY25 Update~ Growth Catalysts and Strategic Outlook
  • Furniture/Furnishings Weekly – Chinese Shipbuilding Targeted; IKEA Update
  • Biopharma Week in Review – February 24, 2025
  • #110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

Microsoft CEO On AI CapEx: Show Me The Money!

By William Keating

  • Microsoft dominated the technology news cycle recently on the back of a report by a TD Cowen analyst that the company is cancelling data centre leases in the US
  • Dwarkesh Patel’s podcast with Microsoft CEO Satya Nadella last week provided a fascinating insight into his thinking when it comes to AI compute build out, AI winners & losers etc.
  • Mr Nadella’s approach to AI compute build out has always been a pragmatic “show me the money and I’ll build some more compute” approach. Now we better understand why.

Ohayo Japan | Nvidia Beats, Stock +3.7%

By Mark Chadwick

  • The Nasdaq gained 0.3% after rising as much as 1%, while the S&P 500 finished flat
  • Nvidia reported Q4 revenue of ¥39 billion, exceeding expectations of ¥38 billion
  • Itochu has declined to participate in Seven & i Holdings’ planned buyout by its founding family

Singapore Banks – Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

By Daniel Tabbush

  • The idea of investing in banks is to put your capital to work by lending to corporates or consumer in any given economy or several at once
  • Singapore’s banks are telling us with their more than SGD11bn of dividends announced, that they are not able to deploy their capital
  • We must expect that lending growth will remain subdued in the Singapore home market, in Malaysia, and in Greater China

What Do Detailed 2024 Semi Stats Tell Us?

By Jim Handy

  • Despite the chip market’s 19% overall 2024 Y/Y increase, the only real growth was in semiconductors for AI applications.  A turn in the AI business could cause a collapse.
  • Outside of AI, growth was significantly more modest at 4.8%, which is good compared to the industry’s historical growth rate of 3.9%, but is nowhere near the 19% overall number.
  • The US’ trade sanctions appear to be having some impact on chip shipments to China vs. the Americas, but this may be an illusion.

Japan Morning Connection: NVDA Results Enough to Quell Concerns over AI Slowdown

By Andrew Jackson

  • Tech rebound into NVDA print, which came in slightly ahead of estimates. Server related up on SMCI gains.
  • Expect this to be enough to spark dip buying for Japan SPE plays such as TEL, Disco, as well as likes of Fujikura and MHI.
  • Hoya has bottomed in the last 2-days and looks primed for more upside after excessive weakness.

Themes of India: Fertilizer Industry Q3 FY25 Update~ Growth Catalysts and Strategic Outlook

By Nimish Maheshwari

Furniture/Furnishings Weekly – Chinese Shipbuilding Targeted; IKEA Update

By Water Tower Research

  • A down week for furniture and furnishings stocks amid a broader small-cap pullback against a background of increased policy uncertainty.
  • The WTR Commercial/Contract Furniture Index declined 4%, the Residential Manufacturers & Suppliers Index fell 2.3%, and the Home Goods Retailers Index fell 10.1%, while the broader market indexes declined 1.7% and the R2K fell 3.6%.
  • The administration’s plans to target Chinese shipbuilding could increase costs for importers.

Biopharma Week in Review – February 24, 2025

By Water Tower Research

  • Vaccine makers (PFE, MRNA, BNTX, NVAX) had an up-and- down week, as the HHS postponed the CDC’s first scheduled ACIP (vaccine experts panel) meeting of the year.
  • Deeper concerns came with reports of RFK Jr.’s plans to overhaul the committee (Politico), possibly replacing members with vaccine skeptics.
  • Ending the group’s week was a new bat coronavirus identified in China with transmission potential to humans. 

#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

By Sudarshan Bhandari

  • Tata Play and Airtel Digital TV are merging, with Airtel taking majority stake, to consolidate DTH, broadband, and telecom services.
  • Indian IT sector set for 5.1% growth in FY25, with $300 billion target by FY26, adding 126,000 jobs.
  • HCL Technologies (HCLT IN) CEO C Vijayakumar highlights that GenAI disrupts IT’s traditional model, pushing for productivity and specialized skills over headcount.

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Feb 27
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Sands China, MGM China, Biocon Biologics
  • In the US, the Conference Board consumer confidence index slipped to 98.3 (102.5 e / 105.3 p) in February, the largest monthly decline since August 2021. The expectations index fell below 80 for the first time since June 2024, with the threshold usually indicating a recession ahead.
  • Treasuries climbed for a fifth straight day, with yields declining 8-11 bps across the curve given the weak consumer confidence data and amid a strong auction of 5Y notes.

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Feb 27
0

Daily Brief ECM: Japan Post Bank (7182) – Report of ¥600bn Offer Would Lead to Index Flows and more

By | Daily Briefs, ECM

In today’s briefing:

  • Japan Post Bank (7182) – Report of ¥600bn Offer Would Lead to Index Flows, and a New Future
  • Japan Post Bank (7182 JP): Japan Post Holding (6178 JP)’s Rumoured Offering
  • Korean IPOs: Cornerstone Bill Back in Play—This Time, It Might Stick
  • Vigonvita Life Sciences (旺山旺水) Pre-IPO Tearsheet
  • Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw
  • Pre-IPO Fujian Haixi Pharmaceuticals – The Concerns on the Pipeline and the Outlook
  • SeedWorks International Ltd Pre-IPO Tearsheet

Japan Post Bank (7182) – Report of ¥600bn Offer Would Lead to Index Flows, and a New Future

By Travis Lundy

  • On 22-February-2023 a Reuters suggested JPH (6178) had “started talks” to sell a big stake in JP Bank (7182). Five days later they announced a complicated deal discussed here.
  • Today, an article suggests Japan Post Holdings (6178 JP) will sell ¥600bn in Japan Post Bank (7182 JP) to get ownership below 50% (as with JPI). A buyback might appear.
  • JPB has issued a “there’s smoke” release. Like last time. Expected unwind of known overhang means minimal surprise here. The question is whether they could surprise (big buyback? capital plan?).

Japan Post Bank (7182 JP): Japan Post Holding (6178 JP)’s Rumoured Offering

By Arun George

  • Reuters reports that Japan Post Holdings (6178 JP) (JPH) is planning to sell shares in Japan Post Bank (7182 JP) (JPB), which could total some JPY600 billion (US$4.0 billion).
  • The potential offering would align with JPH’s stated goal of reducing its equity interest in JPB to 50% or less by FY 2025.
  • The potential offering is relatively smaller than JPB’s 2023 offering. Compared to its peers, JPB’s valuation remains undemanding. 

Korean IPOs: Cornerstone Bill Back in Play—This Time, It Might Stick

By Sanghyun Park

  • The odds of the cornerstone system getting the green light are significantly higher than they were two years ago.
  • With bills typically taking a year to kick in, we need to stay on this—if all goes smoothly, cornerstone investors could hit Korean IPOs as early as next year.
  • In the early stages, cornerstone allocations will be key to shaping our IPO trading playbook. Staying ahead of these shifts is crucial.

Vigonvita Life Sciences (旺山旺水) Pre-IPO Tearsheet

By Ke Yan, CFA, FRM

  • Vigonvita is looking to raise at least US$100 million via a Hong Kong listing.
  • Vigonvita has commercialized COVID-19 anti-viral drug and is expanding the indication to RSV. 
  • The main contributor to the company’s develop is not holding a key management role.

Kestra Medical Technologies, Ltd (KMTS): Defibrillator Maker to Break IPO Thaw

By IPO Boutique

  • Kestra was founded in 2014 by Bain Capital private equity and leaders from the external (AED) and internal (ICD) defibrillation industries. 
  • The company is seeking a valuation between $667m-$762m based on the $14-$16 range.
  • Given the financials, sector in which this company operates in and the strong backing, it is our early opinion that the IPO will likely be well-received.

Pre-IPO Fujian Haixi Pharmaceuticals – The Concerns on the Pipeline and the Outlook

By Xinyao (Criss) Wang

  • Sales of generic drugs are the largest performance contributor. However, due to VBP and the price reduction, Haixi’s generic drug business may shrink and is hard to drive future growth.
  • Haixi’s valuation outlook would be mainly based on innovative drug pipeline. The primary goal is to address the issue of druggability of C019199. Haixi needs to provide convincing clinical data.
  • Valuation of Haixi was about RMB1.948 billion in 2022. Considering the VBP, R&D failure risk of C019199, no licensing cooperation with MNCs, we think valuation could be lower than peers.  

SeedWorks International Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • SeedWorks International Ltd (1441147D IN)  (SIL) is looking to raise about US$115m in its upcoming India IPO. The bookrunners for the deal are Equirus, DAM, SBI.
  • SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds as well as open-pollinated variety (OPV) seeds for rice, wheat, and mustard.
  • According to F&S Report, the company was the second fastest-growing Indian seed company in terms of revenues between FY21-24, with a CAGR of 11.98%.

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Feb 27
0

Daily Brief Equity Bottom-Up: Episode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia Earnings and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Episode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia Earnings
  • LITE ON Comments Signal Continued Strength in Cloud/AIOT Ahead of Upcoming Nvidia Results
  • Tech Supply Chain Tracker (27-Feb-2025): Trump pressures TSMC to partner with Intel for US ties.
  • Here’s What Nvidia Is Really Worth, And What To Know Ahead Of Earnings
  • Shortlist of Top India Small Cap Ideas: Value, Insider Buying & Margin of Safety-February 2025
  • Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps
  • Toyo Corporation (8151 JP) – Q1 in Line with the Plan, Poised for Expansion with Strong Order Intake
  • [Earnings Preview] Aramco to Face Pressure in Q4 as Weak Oil Prices Squeeze Margins
  • DLR: The Global Data Center Giant, Back by Global Secular Trends
  • POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump’s Plan to Develop Alaskan Gas Fields

Episode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia Earnings

By The Circuit

  • iPhone 16e starting at $599, positioned as entry level but not bare bones
  • Apple targeting customers who hold onto phones for a long time with best battery life in any iPhone
  • Modem C1 upgrade seen as key contributor to improved battery life, but was not highlighted in launch, raising questions about performance quality

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

LITE ON Comments Signal Continued Strength in Cloud/AIOT Ahead of Upcoming Nvidia Results

By Vincent Fernando, CFA

  • Lite On Signals for Continued Strength in Cloud/AIOT Ahead of Upcoming Nvidia Results
  • Lite On’s 1Q25E Outlook Was Positive and Did Not Indicate A Near-Term Slowdown
  • Industry Take-Aways — Still No Signs of Acceleration on PC/Consumer… However Signals Cloud/AIoT Demand Healthy

Tech Supply Chain Tracker (27-Feb-2025): Trump pressures TSMC to partner with Intel for US ties.

By Tech Supply Chain Tracker

  • Trump administration wants TSMC to partner with Intel to strengthen US ties, potentially impacting global server market.
  • WNC to unveil new 5G and AI connectivity solutions at MWC 2025 Barcelona, boosting industry innovation and technology.
  • Vivo aims for 30% sales growth in Taiwan by 2025 with V50 launch, while Tata plans to sign 10 MoUs in semiconductor sector.

Here’s What Nvidia Is Really Worth, And What To Know Ahead Of Earnings

By Finimize Research

  • Nvidia has been the unrivaled darling of the AI boom, establishing itself as a portfolio must-have, and is now the second-most valuable company in the world. 
  • Wafer-Thin AI chips are the company’s biggest earnings driver, but Nvidia is growing in other high-margin segments too, including software, gaming, and automotive.
  • Here’s what makes this company important, what to expect next from the tech giant, and – most interestingly – what Nvidia’s stock is really worth.

Shortlist of Top India Small Cap Ideas: Value, Insider Buying & Margin of Safety-February 2025

By Sreemant Dudhoria

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

By Manishi Raychaudhuri

  • The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.
  • We screen mid-caps with PEG<1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.
  • Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.

Toyo Corporation (8151 JP) – Q1 in Line with the Plan, Poised for Expansion with Strong Order Intake

By Astris Advisory Japan

  • A high hurdle for OP in Q1 – Q1 FY9/25 results showed normalisation of OP growth as the one-off impact from a large order for AD (autonomous driving) / ADAS (advanced driver assistance systems came off compared to Q1 FY9/24.
  • As a result, Toyo Corporation reported an operating loss, normalising to more ordinary performance for Q1 when OP tends to be weak due to seasonality.
  • Notwithstanding the seasonal loss, the Q1 FY9/25 results were in line with the company’s initial plan. 

[Earnings Preview] Aramco to Face Pressure in Q4 as Weak Oil Prices Squeeze Margins

By Suhas Reddy

  • Saudi Aramco’s Q4 revenue is expected to fall 2.6% QoQ but rise by 10.6% YoY, while its EPS is anticipated to drop 7.5% QoQ and 11.9% YoY.
  • With OPEC likely extending supply cuts past April 2025, Saudi Aramco has little room to raise output, leaving growth largely dependent on oil prices.
  • Aramco acquired a 25% stake in Unioil Petroleum Philippines, expanding its retail presence, and partnered with Linde and Schlumberger to develop a major CCS hub.

DLR: The Global Data Center Giant, Back by Global Secular Trends

By Jacob Cheng

  • Digital Realty is a global data center player across all major markets.  The DC demand will be back by secular trends including AI, Cloud and enterprise digitalization
  • DLR’s focus on pricing, development pipeline and balance sheet enables it to achieve long-term sustainable growth, delivering a mid single digit FFO growth
  • We also think DLR has maintained a strong balance sheet.  DLR is still in the process of de-leveraging with healthy credit metrics

POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump’s Plan to Develop Alaskan Gas Fields

By Douglas Kim

  • Posco International Corporation (047050 KS) and SeAH Steel Holdings (003030 KS) are two key beneficiaries of the Trump administration’s efforts to significantly increase the Alaskan gas fields.
  • The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.
  • Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive. 

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