Smartkarma Daily Briefs

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.

Link Admin Gets ACCC Nod. Woodford Condition Outstanding

By David Blennerhassett

Link Administration (LNK AU) has announced the Australian Competition and Consumer Commission will not oppose Dye & Durham’s proposed acquisition.
The next step is the rescheduled second court hearing on the 15 September.
The key outstanding condition concerns the “Woodford Matters”, and whether D&D potentially waives this condition, or digs in its heels.

Link’s Scheme in the Home Stretch by Securing ACCC and CBI Approval

Dye & Durham/DND’s proposed acquisition of Link Administration (LNK AU) at A$4.81 per share has received approvals from the ACCC and the Central Bank of Ireland.
Key conditions precedent remaining are FIRB, UK FCA and Luxembourg approvals. The second court hearing date has been adjourned to 15 September.
The transaction is in the home stretch and will likely complete. At the last close, the gross and annualised spread for a 27 September payment is 4.8% and 151%, respectively.

Tyro in Play as It Rejects Potentia’s A$1.27 Offer

Tyro Payments (TYR AU) rejected an indicative proposal from the Potentia consortium at A$1.27 per share as it was highly conditional and materially undervalued the business.
Grok, the largest shareholder will vote for a Potentia scheme unless there is a rival scheme which is A$0.25 per share higher than the value of the Potentia proposal.
Potentia’s move puts Tyro in play, and Grok’s involvement will force the Board to get an improved offer and/or flush out a competing bidder. There is another round to go.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Daily Brief India: Matrimony.com, Dr. Reddy’s Laboratories, NVIDIA Corp, Lululemon Athletica, Marathon Oil, Gap Inc/The, Ross Stores Inc and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Matrimony.com (MATRIM IN) | Poor Quality Growth & Perplexing Operations
Dr. Reddy’s Laboratories (DRRD IN): India Business Still the Brightest Spot; Slow Recovery in the US
NVIDIA Corporation: Supporting The Metaverse
Lululemon Athletica: Expansion In Spain & Other Drivers
Marathon Oil: Enhancement of Retail Operations & Other Drivers
Gap Inc: New Experience Centre & Other Updates
Ross Stores: New Store Additions & Other Drivers

Matrimony.com (MATRIM IN) | Poor Quality Growth & Perplexing Operations

By Pranav Bhavsar

Matrimony.com (MATRIM IN) is a leading player with the highest market share in the Indian matchmaking market.
A close examination of the marketing expenses and subscriber additions reveals poor quality growth.
Employee remuneration is perplexing and so is the decision that leads to a reduction in PP&E.

Dr. Reddy’s Laboratories (DRRD IN): India Business Still the Brightest Spot; Slow Recovery in the US

By Tina Banerjee

Dr. Reddy’s Laboratories (DRRD IN) reported Q1FY23 results, with revenue growing 6% and 108% y/y, mainly driven by a 26% y/y growth in India business.
Despite price erosion and increasing competition in some of the key products, North America revenue grew 2% y/y, driven by launch of new products and favorable forex rates.
Bottom line got benefitted from one-off items including settlement income and non-core brand divestment proceeds. Net profit surged 108% y/y.

NVIDIA Corporation: Supporting The Metaverse

Nvidia has been among the priciest semiconductor stocks for a while now.
The company matched market expectations and delivered an earnings beat though the stock is still very expensive.
We provide the stock of Nvidia with a ‘Hold’ rating with a revision in the target price.

Lululemon Athletica: Expansion In Spain & Other Drivers

Throughout the second quarter, Lululemon’s momentum remained strong.
The company’s total revenue accelerated by 29% compared to last year and 28% on a 3-year CAGR basis, helping the company surpass Wall Street expectations.
It has been benefitting heavily from this launch as hiking has become increasingly popular among visitors since the pandemic.

Marathon Oil: Enhancement of Retail Operations & Other Drivers

Marathon’s previous quarter was one of its best financial performances since transitioning to an independent E&P company.
Despite these factors, the company delivered an all-around beat and continues to reward its shareholders with capital returns.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Gap Inc: New Experience Centre & Other Updates

Gap saw a decline in its overall revenues in the past quarter but its results were still above analyst expectations.
The company’s overall revenues of $3.86 billion were down 8% from the prior year or 7% when measured in constant currency but it did deliver an earnings beat.
Further, they anticipate the near-term downturn in demand at Gap outlets, which they attribute to the persistent backlash from lower-income consumers.

Ross Stores: New Store Additions & Other Drivers

Ross Stores had quite a disappointing quarter where its revenues were well below Wall Street expectations.
Comparable store sales were low in comparison to a strong increase in the second quarter of the last year.
We provide the stock of Ross Stores with a ‘Hold’ rating with a revision in the market price.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Daily Brief Japan: Shidax Corp, TORIDOLL Holdings Corporation, Honda Motor, Josys, oVice and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy
Toridoll – Bull Run Can Stretch Much Longer
Honda Sets Up New Venture to Procure Batteries From CATL
Japan’s Corporate IT Operations Firm JOSYS Nets US$32M Funding, to Expand to Singapore
Japanese Virtual Office Platform Raises $32m for Market Expansion

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.

Toridoll – Bull Run Can Stretch Much Longer

By Oshadhi Kumarasiri

TORIDOLL Holdings Corporation (3397 JP) is trading near the historical peak of ¥3,000 per share which translates to a consensus FY+2 EV/OP of 30.9x.
We think the stock has more room to run as its OP margin is expected to reach double digits for the first time since FY13.
Meanwhile, there could be an upside to FY23 guidance as it is currently based on an exchange rate of ¥116 per $1.0.

Honda Sets Up New Venture to Procure Batteries From CATL

By Caixin Global

Honda Motor Co. Ltd.’s Chinese unit will set up a new joint venture with two Chinese partners to procure electric vehicle batteries from battery giant Contemporary Amperex Technology Co. Ltd. (CATL)
The joint venture will be 50% owned by Honda Motor (China) Investment Co. Ltd. and 25% each by Dongfeng Motor Corp. Ltd. and Guangzhou Automobile Group Co. Ltd. (GAC)
Honda’s joint ventures with Dongfeng and Guangzhou Automobile already use CATL batteries in electric cars made in China

Japan’s Corporate IT Operations Firm JOSYS Nets US$32M Funding, to Expand to Singapore

By e27

JOSYS is a B2B platform that streamlines corporate IT operations through automated management of IT devices and SaaS applications
JOSYS, a Japanese company offering a B2B SaaS platform for corporate IT operations, has raised US$32 million in a funding round led by Global Brain Corporation
With this money, JOSYS — a spin-off of the Tokyo Stock Exchange-listed RAKSUL — plans to strengthen its development wing in India and sales structure in Japan

Japanese Virtual Office Platform Raises $32m for Market Expansion

By Tech in Asia

Japan-based virtual office platform oVice has secured US$32 million in series B funding from an unspecified group of local and overseas investors.
Launched in 2020, oVice’s software provides customizable virtual offices, classrooms, and event venues for companies disrupted by the pandemic.
Currently, the firm has reported over US$6 million in annual recurring revenue and said it has long-term contracts with over 2,200 organizations.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Most Read: Iljin Hysolus, China Shenhua Energy Co H, Sea Ltd, Australian Strategic Materials, KMW Co Ltd, Link Administration, Onewo Space-Tech, Shidax Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Introducing KRX Sector Indices: SK Square & Iljin Hysolus Deserve Attention for Rebalancing
HSCEI Index Rebalance Preview: Could Be A BIG One
Sea Ltd – Just About Doomed
MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: Couple of Potential Deletes
KRX New Deal Index Rebalance: All Forecasts Right as KMW Soars and AfreecaTV Drops
Link Admin (LNK AU): ACCC Approval & Index Changes
Link Admin Gets ACCC Nod. Woodford Condition Outstanding
Onewo Space-Tech Pre-IPO – Thoughts on Valuation
Link’s Scheme in the Home Stretch by Securing ACCC and CBI Approval
Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy

Introducing KRX Sector Indices: SK Square & Iljin Hysolus Deserve Attention for Rebalancing

By Sanghyun Park

The correlation and sensitivity between passive flow and price impact have been significantly high for adds/deletes. So, we need a basket-trade setup focusing on potential adds/deletes.
We will see 12 changes for Semicon and 6 for Autos. Bank won’t present any change.
SK Square and Iljin Hysolus are the most prominent names to join the KRX Sector Indices this time. They will have a passive impact of 2.03x and 3.97x ADTVs, respectively.

HSCEI Index Rebalance Preview: Could Be A BIG One

There could be up to 6 changes to the Hang Seng China Enterprises Index (HSCEI INDEX) at the December rebalance, mainly driven by the deletions.
If there are six changes to the index, estimated one-way turnover is 6.47% and will result in a one-way trade of HK$4,124m.
There is large short interest on quite a lot of stocks and will play an important role in the rebalance.

Sea Ltd – Just About Doomed

By Oshadhi Kumarasiri

It was reported yesterday that Sea Ltd (SE US)‘s e-commerce arm “Shopee” has begun rescinding job offers.
Having burnt around $2.0bn during the first six months of 2022 pursuing e-commerce and fintech growth aspirations, this seems like an extreme measure to ensure the company’s survival.
With the gaming profitability fading, we are starting to think that even the extreme cost-cutting could be insufficient to overturn Sea’s e-commerce and fintech cash burn.

MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: Couple of Potential Deletes

Sierra Rutile Holdings (SRX AU) is a high probability delete from the index, while Australian Strategic Materials (ASM AU) is close to the deletion threshold.
Sayona Mining (SYA AU) is the highest ranked non-constituent while Tianqi Lithium (9696 HK) only makes inclusion at the entire IPO raise.
Deletion from the index will require passive trackers to sell over 5 days of ADV on Australian Strategic Materials (ASM AU).

KRX New Deal Index Rebalance: All Forecasts Right as KMW Soars and AfreecaTV Drops

The KRX announced the changes to the KRX New Deal indices post market close on Friday. But the changes were not made public and are only available to subscribers.
Intellian Technologies (189300) and Seojin System (178320) replace Danal (064260) and Kcp (060250) in the Internet Index, while KMW Co Ltd (032500 KS) replaces AfreecaTV (067160 KS) in BBIG.
Since we published our last forecast on 21 July, KMW Co Ltd (032500 KS) is up 12% while AfreecaTV (067160 KS) has dropped 17%.

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

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.

Link Admin Gets ACCC Nod. Woodford Condition Outstanding

By David Blennerhassett

Link Administration (LNK AU) has announced the Australian Competition and Consumer Commission will not oppose Dye & Durham’s proposed acquisition.
The next step is the rescheduled second court hearing on the 15 September.
The key outstanding condition concerns the “Woodford Matters”, and whether D&D potentially waives this condition, or digs in its heels.

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.

Link’s Scheme in the Home Stretch by Securing ACCC and CBI Approval

Dye & Durham/DND’s proposed acquisition of Link Administration (LNK AU) at A$4.81 per share has received approvals from the ACCC and the Central Bank of Ireland.
Key conditions precedent remaining are FIRB, UK FCA and Luxembourg approvals. The second court hearing date has been adjourned to 15 September.
The transaction is in the home stretch and will likely complete. At the last close, the gross and annualised spread for a 27 September payment is 4.8% and 151%, respectively.

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.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Daily Brief Energy/Materials: Marathon Oil and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Marathon Oil: Enhancement of Retail Operations & Other Drivers

Marathon Oil: Enhancement of Retail Operations & Other Drivers

Marathon’s previous quarter was one of its best financial performances since transitioning to an independent E&P company.
Despite these factors, the company delivered an all-around beat and continues to reward its shareholders with capital returns.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Daily Brief Health Care: YSB Inc, Dr. Reddy’s Laboratories and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

YSB Inc Pre-IPO – The Negatives – However, It Comes at a Cost to Profitability
Dr. Reddy’s Laboratories (DRRD IN): India Business Still the Brightest Spot; Slow Recovery in the US

YSB Inc Pre-IPO – The Negatives – However, It Comes at a Cost to Profitability

By Clarence Chu

YSB Inc (YSB HK) is looking to raise about US$500m in its upcoming Hong Kong IPO.
YSB Inc. (YSB) operates a pharmaceutical platform, digitizing the pharmaceutical transaction and service segment.
However, gross margins have fluctuated owing to a changing sales mix. Growth has also come at the cost of profitability and YSB has consistently burned cash over its track period.

Dr. Reddy’s Laboratories (DRRD IN): India Business Still the Brightest Spot; Slow Recovery in the US

By Tina Banerjee

Dr. Reddy’s Laboratories (DRRD IN) reported Q1FY23 results, with revenue growing 6% and 108% y/y, mainly driven by a 26% y/y growth in India business.
Despite price erosion and increasing competition in some of the key products, North America revenue grew 2% y/y, driven by launch of new products and favorable forex rates.
Bottom line got benefitted from one-off items including settlement income and non-core brand divestment proceeds. Net profit surged 108% y/y.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Daily Brief Industrials: Dongfang Electric, Model Solution, Cummins Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Dongfang Electric (1072 HK): At Full Throttle
Model Solution IPO Valuation Analysis
Cummins Inc: The Meritor Acquisition & Other Drivers

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.

Model Solution IPO Valuation Analysis

By Douglas Kim

Our base case valuation of Model Solution is implied market cap of 156 billion won and target price of 24,417 won.
The IPO valuation range is from 24,000 won to 27,000 won and our target price would be close to the low end of the IPO price range.
Given the low upside relative to the IPO price range, we have a Negative view of this IPO.

Cummins Inc: The Meritor Acquisition & Other Drivers

By Shifara Samsudeen, ACMA, CGMA

Cummins delivered a third consecutive all-around beat in a quarter that was marked by a number of significant developments including many ke partnerships.
The company announced partnerships with Daimler Truck, Scania, and North America for delivering fuel cell electric powertrains for heavy-duty truck applications, with Komatsu on developing haulage equipment zero-emission which includes hydrogen fuel cell solutions for the large mining haul truck applications.
It also achieved a significant milestone in the quarter related to two acquisitions, namely Meritor and Jacobs Vehicle Systems.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Daily Brief Financials: Onewo Space-Tech, People’s Insurance (PICC), Binjiang Service Group and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Onewo Space-Tech Pre-IPO – Thoughts on Valuation
People’s Insurance (PICC) (1339.HK) – The Rally (If Any) May Not Last Despite Undervalued
Binjiang H1 2022: Management Soundbites
Onewo Space-Tech IPO: A Deep Dive into the Largest Business Segment

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.

People’s Insurance (PICC) (1339.HK) – The Rally (If Any) May Not Last Despite Undervalued

By Xinyao (Criss) Wang

People’s Insurance (PICC) (1339 HK)’s 2022H1 performance outpaced the industry peers, mainly driven by the improved performance of motor vehicle insurance business and non-vehicle insurance business.
While non-life insurance business is the foundation/main driver of growth,life insurance business is the drag on performance, the successful transformation of which is an important factor to drive up valuation.
PICC’s is undervalued. The major catalyst could be the upcoming 20th National Congress, expecting some rally during this period. Due to unfriendly macro, the rally may not last long.

Binjiang H1 2022: Management Soundbites

By Sameer Taneja

Binjiang Service Group (3316 HK) presents a unique opportunity for investment in the property management space trading at 11.6x/9.4x FY22/23 PE, with a dividend yield of 5.2% FY22e (60% payout).
The company has >35% of its market capitalization in cash, and the parent so far has been a relatively safer investment option compared to the rest in the property space.
If the company is willing to continue paying >60%, we believe it can rerate to multiples comparable with SOEs of 16-20x PE.

Onewo Space-Tech IPO: A Deep Dive into the Largest Business Segment

Onewo Space-Tech (ONEWO HK) is a leading property management service provider in China focused on offering basic property management services.
Backed by China Vanke Co Ltd (H) (2202 HK) , the company has filed for an IPO on the HKEx and plans to raise proceeds of around US$2bn.
In this insight, we discuss the company’s business model and deep dive into the largest business segment Community Space Living Consumption Services.

💡 Before it’s here, it’s on Smartkarma

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

Sep 09

Daily Brief TMT/Internet: Link Administration, Matrimony.com, Tyro Payments, Elan Microelectronics, Circles.Life, WCP, Sea Ltd, Bilibili and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Link Admin (LNK AU): ACCC Approval & Index Changes
Link Admin Gets ACCC Nod. Woodford Condition Outstanding
Link’s Scheme in the Home Stretch by Securing ACCC and CBI Approval
Matrimony.com (MATRIM IN) | Poor Quality Growth & Perplexing Operations
Tyro in Play as It Rejects Potentia’s A$1.27 Offer
Elan Microelectronics Event: Index Removal Selling Could Exacerbate Price Divergence
Circles.Life: A Fully Virtual Mobile Operator Targeting APAC’s Digital Natives
WCP: First Day IPO Trading Strategy
Reneging on Job Offers Underscores Sea’s Retrenchment
Bilibili (9626 HK): 2Q22, Game Fell, But to Reduce Expense

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

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.

Link Admin Gets ACCC Nod. Woodford Condition Outstanding

By David Blennerhassett

Link Administration (LNK AU) has announced the Australian Competition and Consumer Commission will not oppose Dye & Durham’s proposed acquisition.
The next step is the rescheduled second court hearing on the 15 September.
The key outstanding condition concerns the “Woodford Matters”, and whether D&D potentially waives this condition, or digs in its heels.

Link’s Scheme in the Home Stretch by Securing ACCC and CBI Approval

Dye & Durham/DND’s proposed acquisition of Link Administration (LNK AU) at A$4.81 per share has received approvals from the ACCC and the Central Bank of Ireland.
Key conditions precedent remaining are FIRB, UK FCA and Luxembourg approvals. The second court hearing date has been adjourned to 15 September.
The transaction is in the home stretch and will likely complete. At the last close, the gross and annualised spread for a 27 September payment is 4.8% and 151%, respectively.

Matrimony.com (MATRIM IN) | Poor Quality Growth & Perplexing Operations

By Pranav Bhavsar

Matrimony.com (MATRIM IN) is a leading player with the highest market share in the Indian matchmaking market.
A close examination of the marketing expenses and subscriber additions reveals poor quality growth.
Employee remuneration is perplexing and so is the decision that leads to a reduction in PP&E.

Tyro in Play as It Rejects Potentia’s A$1.27 Offer