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Smartkarma Daily Briefs

Sep 17
0

Daily Brief Industrials: S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Shanghai/​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (15 September 2022)

Shanghai/​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (15 September 2022)

By David Blennerhassett

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Sep 17
0

Daily Brief Industrials: S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Shanghai/​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (15 September 2022)

Shanghai/​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (15 September 2022)

By David Blennerhassett

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Sep 17
0

Daily Brief Financials: Agile Property Holdings, Sino-Ocean Group, Onewo Space-Tech, Tether, Howard Hughes Corp and more

By | Daily Briefs, Financials

In today’s briefing:

  • Chinese Property Weekly – 16 September 2022 – Lucror Analytics
  • Weekly Wrap – 16 Sep 2022
  • Onewo Space-Tech IPO (Part II): Margins to Remain Under Pressure in the Near-Term
  • Updates on Centralized Stablecoins: Reserve Assets, Transparency, and Regulatory Recognition
  • HHC: Tower Opening Affirms FFO Outlook

Chinese Property Weekly – 16 September 2022 – Lucror Analytics

By Charles Macgregor

The Chinese Property Weekly focuses on providing updates in the Chinese real-estate sector, including recent regulatory and company developments, top and bottom performers, rating actions, as well as a list of bond maturities in the next 30 days.

Weekly Wrap – 16 Sep 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. Fosun International
  2. China SCE
  3. CIFI Holdings
  4. Vedanta Resources
  5. China Jinmao Holdings

and more…

Onewo Space-Tech IPO (Part II): Margins to Remain Under Pressure in the Near-Term

By Shifara Samsudeen, ACMA, CGMA

  • Onewo Space-Tech (ONEWO HK) is a leading property management service provider in China looking to raise US$2bn through an IPO on the HKEx.
  • This is the Second of a series of reports on Onewo IPO and we will be discussing the company’s Commercial and Urban Space services and AIoT and BPaaS solution segments.
  • We expect Onewo’s margins to remain under pressure in the medium-term as the company focuses on customer acquisition which would likely impact margins in the near-term.

Updates on Centralized Stablecoins: Reserve Assets, Transparency, and Regulatory Recognition

By Edward Wu

  • Benefiting from safer reserve assets and lower regulatory risk, Circle’s USDC is quickly eating into Tether’s USDT market share in recent months
  • USDT is highly used in the crypto on-off-ramp and as a quote currency in trading pairs, while a large share of USDC is locked into Defi protocols
  • BUSD is in its own niche to serve Binance’s ecosystem. The recent move of Binance to only keep BUSD & USDT in its exchange will have a profound impact

HHC: Tower Opening Affirms FFO Outlook

By Hamed Khorsand

  • HHC. announced the opening of 565-unit Ward Village development, Ko’ula. HHC had been forecasting the opening of the new tower at Ward Village since last year
  • The opening results in HHC recognizing revenue from the sale of each unit within the tower. The opening of Ko’ula affirms our outlook for the year
  • The opening of Ko’ula puts HHC on pace to meet 2022 condo sales guidance of $650 million to $700 million

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Sep 17
0

Daily Brief Energy/Materials: Hitachi Metals, Sherwin Williams Co and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Hitachi Metals (5486) Gets SAMR Clearance, Finally. So Now We Can Sell.
  • 83: Initial Thoughts On Sherwin-Williams (SHW)

Hitachi Metals (5486) Gets SAMR Clearance, Finally. So Now We Can Sell.

By Travis Lundy

  • Today before the open, China’s State Administration for Market Regulation (SAMR) finally announced the approval of the takeover of Hitachi Metals (5486 JP). This was what delayed things. 
  • The approval had actually been issued on 7 September, and the collected approvals in the week to the 12th were announced today. Some media outlets had the info yesterday.
  • I expect it is likely that the Bain Tender Offer to buy Hitachi Metals will be announced today after the close, or at latest, early next week.

83: Initial Thoughts On Sherwin-Williams (SHW)

By Watchlist Investing

  • I’m currently working on the September issue of Watchlist Deep Dives, which features Sherwin-Williams.
  • My research process is primary-sources focused and that means reading lots of 10K’s, which include a report from the company’s auditors.
  • I was surprised to see that Ernst & Young had served as SHW’s auditor since 1908.

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Sep 17
0

Daily Brief TMT/Internet: Elan Microelectronics, Istyle Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Taiwan Div+ Index Basket Trade Review – Time To Swing The Other Direction
  • IStyle’s @Cosme Gets a Boost from Amazon Investment

Taiwan Div+ Index Basket Trade Review – Time To Swing The Other Direction

By Travis Lundy

  • In August, Janaghan Jeyakumar, CFA published his leaderboard and flow estimates for the FTSE Taiwan Dividend+ Rebalance which starts today and runs through next Thursday.
  • Late in August, I recommended a basket trade. Since then, the BUY basket has outperformed the SELL basket by 7.6%. Set & Forget it is up 7.2%.
  • I provided timing in the basket trade. Now it is time to swing the other way. 

IStyle’s @Cosme Gets a Boost from Amazon Investment

By Michael Causton

  • Japan’s cosmetics market is the focus of attention from many large international businesses thanks to strong sales and new growth businesses. 
  • The latest is Amazon, which is to become the biggest shareholder in Istyle Inc (3660 JP), providing a major boost to the @Cosme operator.
  • IStyle, meanwhile, plans to offer cosmetics brands the chance to open popup stores within its retail chain for fixed monthly fees.

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Sep 17
0

Daily Brief Consumer: Farm Fresh Berhad, Hang Seng H Share Index ETF, Golfzon Commerce and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Farm Fresh IPO Lock-Up – Stock Price Has Held Up, but Recent Momentum Isn’t the Greatest
  • Shanghai/​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (15 September 2022)
  • Golfzon Commerce IPO Preview

Farm Fresh IPO Lock-Up – Stock Price Has Held Up, but Recent Momentum Isn’t the Greatest

By Clarence Chu

  • Farm Fresh Berhad (FF MY) was listed on the Bursa Malaysia Exchange on 22nd March, 2022. 
  • Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products.
  • Both management and Agrifood Resources (Khazanah), which had sold earlier, will come off lockup soon.

Shanghai/​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (15 September 2022)

By David Blennerhassett

Golfzon Commerce IPO Preview

By Douglas Kim

  • Golfzon Commerce is getting ready to complete its IPO in Korea in October. The total offering amount is from 80.2 billion won to 99.8 billion won. 
  • The expected market cap of the IPO is from 323 billion won to 336 billion won. The book building for the institutional investors starts on 11 October. 
  • Golfzon Commerce operates Golfzon Market (a leading golf shop chain in Korea) and Golping (golf related e-commerce site). 

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Sep 17
0

Daily Brief Health Care: Ajanta Pharma, Grifols SA and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Ajanta Pharma (AJP IN): Branded Generics Focus Ensures Consistent Growth
  • Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report

Ajanta Pharma (AJP IN): Branded Generics Focus Ensures Consistent Growth

By Tina Banerjee

  • Ajanta Pharma (AJP IN) has a well-diversified business model in terms of markets and therapies. The company’s largest revenue contributing segment, branded generics is seeing healthy double-digit revenue growth.
  • Ajanta focuses on limited competition product in US. Going forward, the US business will see accelerated growth, driven by new launches. Ajanta plans to file 10–12 ANDAs during FY23.
  • Ajanta has taken 1% price increase across all its market, which should drive margin improvement in coming quarters. The company has guided for EBITDA margin of 26–27% for FY23.

Liquid Universe of European Ordinary and Preferred Shares: September ‘22 Report

By Jesus Rodriguez Aguilar

  • Since mid-August, spreads have shown a mixed performance across our liquid universe with a slight bias towards tightening (with the exception of German shares, which have generally widened).
  • Trade recommendations long ords / short prefs: Fuchs Petrolub, SSAB Svenska Stal.
  • Recommendations Long prefs / short ords: Sixt, VW, MFE-Media for Europe, Grifols, Atlas Copco.

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Sep 16
0

Daily Brief Indonesia: Sino-Ocean Group, Fazz Financial, Uena and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Morning Views Asia: China SCE, CIFI Holdings, Fosun International, Sino-Ocean Service
  • Fazz Secures US$100M Series C to Grow Its Lending Services, Expand Team in SEA
  • East Ventures Pours Seed Funding into Indonesian Online Kitchen Startup

Morning Views Asia: China SCE, CIFI Holdings, Fosun International, Sino-Ocean Service

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Fazz Secures US$100M Series C to Grow Its Lending Services, Expand Team in SEA

By e27

  • Fazz claims it saw US$10B in annualised transaction volumes over the past year and looks to double the volumes in the next 12 months
  • Fazz, a digital financial services group dual-headquartered in Singapore and Indonesia, has announced a US$100 million Series C funding round.
  • Fazz will use the funds to grow the business and expand its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 to 1,400.

East Ventures Pours Seed Funding into Indonesian Online Kitchen Startup

By Tech in Asia

  • Food delivery is the digital sector with the highest adoption in Southeast Asia. The pandemic gave the segment a huge boost, as people were forced to stay at home.
  • Local food startup Uena tried to solve this by building a network of online kitchens that can deliver these meals directly to customers.
  • It targets lower and middle-income segments, such as office workers, university students, convenience store employees, and couriers of food delivery apps.

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Sep 16
0

Daily Brief Singapore: Genting Singapore, Glife Technologies, M-DAQ and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Genting Fancies A Flutter In Macau
  • Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers
  • SG Fintech Firm M-Daq Expands into Japan with New Office

Genting Fancies A Flutter In Macau

By David Blennerhassett

  • In a surprise move, Genting Bhd (GENT MK) – or Genting Malaysia (GENM MK) – has joined the six incumbents in bidding for new casino licences in Macau.
  • The bidding process follows Macau’s record low monthly gaming revenue in July after casinos were closed for 12 days in response to a Covid outbreak.
  • Casinos have re-opened, yet there is little to cheer about as business remains muted. The six winners are expected to be announced by the end of November or early December.

Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers

By e27

  • Glife Technologies aggregates demand for food produce from restaurants and match it with suppliers, giving restaurants better access to a variety of products
  • Singapore-headquartered Glife Technologies, a B2B marketplace to connect restaurants with farmers, has extended its Series round with a US$3 million investment from Tin Men Capital.
  • Glife will use the fresh funds to accelerate the launch and operations of its digital marketplace for F&B suppliers and merchants in Q42022 and enlarge its market share in the Indonesian market.

SG Fintech Firm M-Daq Expands into Japan with New Office

By Tech in Asia

  • M-Daq Global, a Singapore-based fintech firm that provides forex solutions, has opened an office in Japan as part of its international expansion plans.

  • The move comes after the company expanded into European markets by signing an agreement with London-based trading platform Turquoise to provide multiasset services.
  • The company has processed over US$32 billion in cross-border transactions over 45 markets since the launch of its Aladdin FX ecommerce solution in 2016.

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Sep 16
0

Daily Brief India: Jubilant Foodworks and more

By | Daily Briefs, India

In today’s briefing:

  • Jubilant Foodworks (JUBI IN) | Discount Is Attractive

Jubilant Foodworks (JUBI IN) | Discount Is Attractive

By Pranav Bhavsar

  • Jubilant Foodworks (JUBI IN) is India’s largest food service company. In hindsight, CEO’s exit in March 2022 under a high inflationary environment was just “NOISE”.
  • Industry drivers are favourable, JUBI’s renewed focus on growth, additional brands and a new CEO, all put JUBI back on track to deliver robust growth. 
  • Currently trading at 68.5x NTM, JUBI is available at a 22% discount compared to it’s 3Y mean, considering the growth prospects discussed below, this discount is attractive.

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