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Smartkarma Daily Briefs

Sep 10
0

Daily Brief South Korea: Coupang, LG Energy Solution, Poongsan Corp and more

By | Daily Briefs, South Korea

In today’s briefing:

  • ESG Analysis of a Korean E-Commerce Giant: Did Coupang’s ESG Performance Really Improve?
  • Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities
  • Poongsan Corp: Spin-Off of Defense Business Is Negative for Existing Minority Shareholders

ESG Analysis of a Korean E-Commerce Giant: Did Coupang’s ESG Performance Really Improve?

By Ju Yeon Lee

  • E: In terms of resource management, Coupang was fined the most among companies that failed to fulfill their recycling obligations, and the use of plastic packaging is increasing every year.
  • S: Coupang was flagged for the largest number of disputes among online platforms. Not only conflicts with consumers and communities, but also the unfair labor practices are key risks.
  • G: Bom Kim resigned as chairman after the fire at Icheon Logistics Center. These measures were suspected of being intended to avoid punishment under the Serious Accidents Punishment Act.

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

By Joe Jasper

  • We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.
  • This includes the S&P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) — add exposure.
  • While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.

Poongsan Corp: Spin-Off of Defense Business Is Negative for Existing Minority Shareholders

By Douglas Kim

  • On 7 September, Poongsan Corp announced a physical division spin-off of its defense business unit. This is likely to have a negative impact on the existing shareholders of Poongsan Corp.
  • Its proposal to spin off the defense business comes at a bad time when investors are very cautious about companies trying to spin off valuable businesses into a separate entity.
  • Poongsan’s spin-off is excluded from the need to include stock purchase rights.

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Sep 10
0

Daily Brief United States: Nasdaq-100 Stock Index, Intuit Inc, Crowdstrike Holdings Inc, Palo Alto Networks, Sunpower Corp, Ralph Lauren, Tyler Technologies, Enphase Energy, Sunrun Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • US Fresh Sell Levels
  • Intuit Inc: Value Proposition
  • CrowdStrike Holdings: Increasing Cybercrime & Ransomware Upside & Other Drivers
  • Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other Drivers
  • SunPower Corporation: The IKEA Collaboration & Other Major Drivers
  • Ralph Lauren: Increased Digital Marketing Efforts
  • Tyler Technologies: Recent Acquisitions
  • Enphase Energy: The GreenCom Networks Acquisition & Other Drivers
  • Sunrun Inc: New Level 2 EV Charger & Other Drivers

US Fresh Sell Levels

By Thomas Schroeder

  • US bounce in line off of SPX 3,900 support. Index trendline resistances will offer fresh sell points with NDX our top short pick in the US.
  • RTY was our long pick off of 1,775 support, to trade a bounce toward trendline and will then turn bearish again.
  • NDX 12,500 zone the fresh short area. DAX and weaker Asia still a high conviction short group.

Intuit Inc: Value Proposition

By Baptista Research

  • Intuit had a strong quarter and delivered an all-around beat while continuing its focus on small businesses and customers.
  • It delivered strong margins and strong growth in the quarter.
  • There was a rise in the volatility in personal loans and various personal loan partners tightened the undertaking, but with volume from the other partners, Intuit was able to offset this negative impact.

CrowdStrike Holdings: Increasing Cybercrime & Ransomware Upside & Other Drivers

By Baptista Research

  • CrowdStrike saw its quarterly revenue exceed the $500 million threshold for the first time in the last quarter and delivered an all-around beat.
  • For the second consecutive quarter, gross retention increased to a new high, and dollar-based net retention soared to its highest point in seven quarters.
  • In the quarter, the public sector also became stronger, fueled by record-breaking success in U.S. federal and international government agencies.

Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other Drivers

By Baptista Research

  • Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing and large market opportunity in cybersecurity.
  • Palo Alto Networks is looking to grab a large chunk of market share and become a leader in the firewall market.
  • We provide the stock of Palo Alto Networks with a ‘Hold’ rating with a revision in the target price.

SunPower Corporation: The IKEA Collaboration & Other Major Drivers

By Baptista Research

  • SunPower delivered a strong set of in Q2 surpassing Wall Street expectations on all counts.
  • These elements increase customer motivation to add rooftop solar while also giving the residential solar sector greater price power than in recent memory.
  • Furthermore, SunPower renewed its agreement with Dream Finders Homes in Colorado in the new home market and extended its arrangement with KB Homes internationally.

Ralph Lauren: Increased Digital Marketing Efforts

By Baptista Research

  • Ralph Lauren delivered strong results this quarter surpassing revenue expectations of Wall Street as a result of solid growth across all key regions.
  • Ralph delivered solid consumer metrics, which include increased net promoter scores, purchase intent, and global brand consideration through an engaging mix of performance marketing and purpose-led investments.
  • We provide the stock of Ralph Lauren with a ‘Hold’ rating and a revision in the target price.

Tyler Technologies: Recent Acquisitions

By Baptista Research

  • Tyler Technologies is benefitting from positive trends in the environment of the public sector market as its demo activities, and RPF continue to trend positively.
  • The company leveraged successful cross-selling efforts and multi-suite wins to deliver a solid quarter with revenues and earnings surpassing Wall Street expectations.
  • Overall, we provide the stock of Tyler Technologies with a ‘Hold’ rating with a revision in the target price.

Enphase Energy: The GreenCom Networks Acquisition & Other Drivers

By Baptista Research

  • Enphase had a good quarter and managed to exceed Wall Street expectations on all counts.
  • Its total revenue for the second quarter was $530.2 million, an increase of 20% from the previous quarter.
  • In the third quarter, they supplied microinverters rated at about 1,213 megawatts DC and actuators rated at 132.4-megawatt hours.

Sunrun Inc: New Level 2 EV Charger & Other Drivers

By Baptista Research

  • Sunrun delivered a solid result, surpassing Wall Street expectations on all counts.
  • The company exceeded its volume projection and had almost 34,400 additional customers in the second quarter, including over 25,000 new subscribers.
  • Sunrun’s subscriber additions increased from almost 72% in Q1 to nearly 74% of its overall customer additions for the time period.

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Sep 10
0

Daily Brief China: Bilibili Inc, Shougang Fushan Resources, Agile Property Holdings, Palo Alto Networks and more

By | China, Daily Briefs

In today’s briefing:

  • Bilibili: Profitability Sinks and Top Line Growth to Further Drop with Cost Controls
  • Fushan Energy: Back to Interesting Levels
  • Chinese Property Weekly – 9 September 2022 – Lucror Analytics
  • Chinese Property Weekly – 9 September 2022 – Lucror Analytics
  • Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other Drivers

Bilibili: Profitability Sinks and Top Line Growth to Further Drop with Cost Controls

By Shifara Samsudeen, ACMA, CGMA

  • Bilibili reported 2Q2022 results yesterday. Revenue grew 9.2% YoY to RMB4.91bn (in-line with consensus), however, it declined 2.9% YoY sequentially driven by YoY decrease in revenue from mobile games.
  • Operating losses for the quarter further widened to RMB2.2bn (vs consensus RMB2.1bn) which accounted for 44.6% of revenues compared to 33.8% in the same period a year ago.
  • Bilibili Inc (BILI US)  has taken several measure to improve its deteriorating profitability including headcount reduction, S&M cost cuts and close down of unprofitable businesses.

Fushan Energy: Back to Interesting Levels

By Sameer Taneja

  • Shougang Fushan Resources (639 HK) is back to interesting levels after a correction in HK/China and now trades at 4.5x PE/1.3x EV-EBITDA FY22e and a dividend yield of 17%. 
  • With >50% of the market capitalization in cash (accounting for the dividend liability), there is an excellent margin of safety in the name.
  • A further correction of coking coal prices by 20% from these levels to 1700-1800 RMB/ton would still have the stock trading at a >10% dividend yield. 

Chinese Property Weekly – 9 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.

Chinese Property Weekly – 9 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.

Palo Alto Networks: The NGFW Palo Alto Networks Cloud & Other Drivers

By Baptista Research

  • Palo Alto Networks’ management has continued to make significant investments to transform the company and take advantage of the rapidly growing and large market opportunity in cybersecurity.
  • Palo Alto Networks is looking to grab a large chunk of market share and become a leader in the firewall market.
  • We provide the stock of Palo Alto Networks with a ‘Hold’ rating with a revision in the target price.

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Sep 10
0

Daily Brief India: Lupin Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Lupin Ltd (LPC IN): Muted Q1FY23 Results as The US Sales Dipped Significantly

Lupin Ltd (LPC IN): Muted Q1FY23 Results as The US Sales Dipped Significantly

By Tina Banerjee

  • Lupin Ltd (LPC IN) reported muted Q1FY23 performance, with revenue declining 15% y/y and 7% q/q to INR36 billion. Revenue from North America is down 24% y/y and 29% q/q.
  • Price erosion in the U.S. coupled with shelf stock adjustment on the higher trade inventory are creating a dent to the quarterly numbers.
  • We would like to see a sustainable revival in the company’s North America revenue performance and margin improvement, before taking any position in the stock.

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Sep 10
0

Most Read: Guangdong Investment, Farglory Land Development, Link Administration, Hitachi Transport System, Shidax Corp, Dongfang Electric, Onewo Space-Tech, Nasdaq-100 Stock Index, Tyro Payments and more

By | Daily Briefs, Most Read

In today’s briefing:

  • S&P Global Water Index: Market Consultation Driven Potential Changes
  • A Taiwan Basket Trade For A Special Index Rebal
  • Link Admin (LNK AU): ACCC Approval & Index Changes
  • Hitachi Transport (9086 JP) – Tender Launch Likely Soon But Watch for Flow
  • Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy
  • Dongfang Electric (1072 HK): At Full Throttle
  • Onewo Space-Tech Pre-IPO – Thoughts on Valuation
  • US Fresh Sell Levels
  • Tyro Payments Rejects Potentia’s Proposal. MCB Accepts
  • Hong Kong Buybacks Weekly (Sep 9th): Tencent, AIA, Xiaomi

S&P Global Water Index: Market Consultation Driven Potential Changes

By Brian Freitas

  • S&P DJI commenced a market consultation for the S&P Global Water Index on 29 July and that could lead to quite a few changes to the index in October.
  • We currently see 14 deletions and 10 inclusions for the index in October. Most of the changes will have a high impact from passive fund trading.
  • There could be more changes in April 2023 once stocks listed in Emerging Markets are included in the index.

A Taiwan Basket Trade For A Special Index Rebal

By Travis Lundy

  • The FTSE TWSE Taiwan indices get rebalanced in line with the standard FTSE Global indices – on the third Friday of September. 
  • The most interesting one is the probably the least famous. It has only one change but it has massive re-weightings because of the way the index is constructed. 
  • Historical patterns suggest a right-way long-short basket, reversed on the event, is a good trade.

Link Admin (LNK AU): ACCC Approval & Index Changes

By Brian Freitas

  • The ACCC will not oppose the proposed acquisition of Link Administration (LNK AU) by Dye & Durham removing a major hurdle. Other regulatory approvals are still pending.
  • If regulatory clearances are received in the next week and the Court approves the Scheme, Link Administration (LNK AU) will stop trading at the close on 15 September.
  • We estimate passive trackers across all indices will need to sell 35.53m shares (A$153m; 18 days of ADV) of Link Administration (LNK AU) at the close on 15 September.

Hitachi Transport (9086 JP) – Tender Launch Likely Soon But Watch for Flow

By Travis Lundy

  • Hitachi Transport System (9086 JP) has had a “long” wait to get its approvals, but EC and China are in, any remaining should be in shortly. 
  • Yesterday, as a footnote on the SG Holdings offering document, there was a comment about SG Holdings selling shares. This was likely more good corporate governance hygiene than warning.
  • Shares are down this morning. I’d expect final approvals and launch quite soon. I would therefore look to buy the dip on flow – block or not.

Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy

By Travis Lundy

  • Shidax Corp (4837 JP) is a food service business in the midst of a so-far reasonably successful restructuring. The family had a partner in Unison and hoped to extend. 
  • The founding family and Unison now have ~60% together, and they vote together. Unison wants out. The family wants Oisix ra daichi (3182 JP) in. So Oisix has tendered.
  • But SHiDAX sees the conflict and minorities getting hosed. So they object. The “easy” solution is a full MBO with Oisix support. 

Dongfang Electric (1072 HK): At Full Throttle

By Osbert Tang, CFA

  • Strong new orders in 2H22 and FY23 are the drivers for Dongfang Electric (1072 HK) after it posted a 31.6% earnings growth and new orders of Rmb36.7bn in 1H22.
  • Demand outlook for its major products including coal-fired, gas turbine, renewable, pumped storage and hydrogen energy are all very encouraging. 
  • We estimate order backlog will equal to 1.6x FY22F revenue by year-end. Despite solid outperformance, DEC is still cheap at 12.6x and 9.8x PERs for FY22 and FY23.

Onewo Space-Tech Pre-IPO – Thoughts on Valuation

By Sumeet Singh

  • Onewo Space-Tech (ONEWO HK) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK). 
  • As per Frost & Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
  • In this note, we provide our earnings estimates and thoughts on valuation.

US Fresh Sell Levels

By Thomas Schroeder

  • US bounce in line off of SPX 3,900 support. Index trendline resistances will offer fresh sell points with NDX our top short pick in the US.
  • RTY was our long pick off of 1,775 support, to trade a bounce toward trendline and will then turn bearish again.
  • NDX 12,500 zone the fresh short area. DAX and weaker Asia still a high conviction short group.

Tyro Payments Rejects Potentia’s Proposal. MCB Accepts

By David Blennerhassett

  • Tyro Payments (TYR AU) has rejected a proposal from a Potentia-led consortium at A$1.27/share, by way of a Scheme. 
  • Mike Cannon-Brookes’ Grok Ventures, holding 12.5% and Tyro’s largest shareholder, has backed the Offer. 
  • Tyro’s board considered the proposal to be materially below Tyro’s fundamental value and highly opportunistic. Tyro’s share price was down 66% ytd prior to Potentia’s approach.

Hong Kong Buybacks Weekly (Sep 9th): Tencent, AIA, Xiaomi

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 9th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 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), Ck Asset (1113 HK).

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Sep 10
0

Daily Brief Industrials: Enphase Energy, Sunrun Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Enphase Energy: The GreenCom Networks Acquisition & Other Drivers
  • Sunrun Inc: New Level 2 EV Charger & Other Drivers

Enphase Energy: The GreenCom Networks Acquisition & Other Drivers

By Baptista Research

  • Enphase had a good quarter and managed to exceed Wall Street expectations on all counts.
  • Its total revenue for the second quarter was $530.2 million, an increase of 20% from the previous quarter.
  • In the third quarter, they supplied microinverters rated at about 1,213 megawatts DC and actuators rated at 132.4-megawatt hours.

Sunrun Inc: New Level 2 EV Charger & Other Drivers

By Baptista Research

  • Sunrun delivered a solid result, surpassing Wall Street expectations on all counts.
  • The company exceeded its volume projection and had almost 34,400 additional customers in the second quarter, including over 25,000 new subscribers.
  • Sunrun’s subscriber additions increased from almost 72% in Q1 to nearly 74% of its overall customer additions for the time period.

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Sep 10
0

Daily Brief Industrials: Enphase Energy, Sunrun Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Enphase Energy: The GreenCom Networks Acquisition & Other Drivers
  • Sunrun Inc: New Level 2 EV Charger & Other Drivers

Enphase Energy: The GreenCom Networks Acquisition & Other Drivers

By Baptista Research

  • Enphase had a good quarter and managed to exceed Wall Street expectations on all counts.
  • Its total revenue for the second quarter was $530.2 million, an increase of 20% from the previous quarter.
  • In the third quarter, they supplied microinverters rated at about 1,213 megawatts DC and actuators rated at 132.4-megawatt hours.

Sunrun Inc: New Level 2 EV Charger & Other Drivers

By Baptista Research

  • Sunrun delivered a solid result, surpassing Wall Street expectations on all counts.
  • The company exceeded its volume projection and had almost 34,400 additional customers in the second quarter, including over 25,000 new subscribers.
  • Sunrun’s subscriber additions increased from almost 72% in Q1 to nearly 74% of its overall customer additions for the time period.

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Sep 10
0

Daily Brief Health Care: Lupin Ltd and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Lupin Ltd (LPC IN): Muted Q1FY23 Results as The US Sales Dipped Significantly

Lupin Ltd (LPC IN): Muted Q1FY23 Results as The US Sales Dipped Significantly

By Tina Banerjee

  • Lupin Ltd (LPC IN) reported muted Q1FY23 performance, with revenue declining 15% y/y and 7% q/q to INR36 billion. Revenue from North America is down 24% y/y and 29% q/q.
  • Price erosion in the U.S. coupled with shelf stock adjustment on the higher trade inventory are creating a dent to the quarterly numbers.
  • We would like to see a sustainable revival in the company’s North America revenue performance and margin improvement, before taking any position in the stock.

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Sep 10
0

Daily Brief Energy/Materials: Shougang Fushan Resources, Poongsan Corp and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Fushan Energy: Back to Interesting Levels
  • Poongsan Corp: Spin-Off of Defense Business Is Negative for Existing Minority Shareholders

Fushan Energy: Back to Interesting Levels

By Sameer Taneja

  • Shougang Fushan Resources (639 HK) is back to interesting levels after a correction in HK/China and now trades at 4.5x PE/1.3x EV-EBITDA FY22e and a dividend yield of 17%. 
  • With >50% of the market capitalization in cash (accounting for the dividend liability), there is an excellent margin of safety in the name.
  • A further correction of coking coal prices by 20% from these levels to 1700-1800 RMB/ton would still have the stock trading at a >10% dividend yield. 

Poongsan Corp: Spin-Off of Defense Business Is Negative for Existing Minority Shareholders

By Douglas Kim

  • On 7 September, Poongsan Corp announced a physical division spin-off of its defense business unit. This is likely to have a negative impact on the existing shareholders of Poongsan Corp.
  • Its proposal to spin off the defense business comes at a bad time when investors are very cautious about companies trying to spin off valuable businesses into a separate entity.
  • Poongsan’s spin-off is excluded from the need to include stock purchase rights.

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Sep 10
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Sep 9th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Sep 9th): Tencent, AIA, Xiaomi

Hong Kong Buybacks Weekly (Sep 9th): Tencent, AIA, Xiaomi

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 9th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Aia (1299 HK), Xiaomi (1810 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), Ck Asset (1113 HK).

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