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Smartkarma Daily Briefs

Feb 03
0

Daily Brief Health Care: Legochem Biosciences, PegBio and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual
  • Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention

KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

By Brian Freitas

Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

  • The market’s expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio’s GLP-1 pipelines.
  • PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
  • The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.

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Feb 03
0

Daily Brief Financials: Indusind Bank, ESR Group , NTT UD REIT Investment Corporation and more

By | Daily Briefs, Financials

In today’s briefing:

  • India: Potential Free Float Changes & Passive Flows in February
  • Merger Arb Mondays (03 Feb) – ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I
  • Weekly Deals Digest (02 Feb) – NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

India: Potential Free Float Changes & Passive Flows in February

By Brian Freitas

  • Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
  • The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
  • Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.

Merger Arb Mondays (03 Feb) – ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

By Arun George

Weekly Deals Digest (02 Feb) – NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

By Arun George

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Feb 03
0

Daily Brief Consumer: Fosun Tourism, TSE Tokyo Price Index TOPIX, Bama Tea, Seria Co Ltd, Yellow Hat Ltd and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Fosun Tourism (1992 HK): Affirming Our Support for the Buyback
  • Fosun Tourism (1992 HK): No Love For The Scrip Alternative
  • Easier to Raise Listing Criteria, but More Difficult to Encourage Growth of Companies Already Listed
  • Bama Tea Pre-IPO Tearsheet
  • Seria Co Ltd (2782 JP): Q3 FY03/25 flash update
  • Yellow Hat Ltd (9882 JP): Q3 FY03/25 flash update

Fosun Tourism (1992 HK): Affirming Our Support for the Buyback

By Osbert Tang, CFA

  • Fosun Tourism (1992 HK)‘s profit warning suggested a significant deterioration in profitability in 2H24, fading any near-term recovery hope. 
  • With losses enlarged 89-126% YoY in 2H24, it is more difficult to return to its peak and IPO share prices. This makes the buyback proposal even more attractive.
  • We take the inability to introduce the Potential Share Alternative Option as a lack of confidence by the existing shareholders in Fosun Tourism’s medium-term outlook.

Fosun Tourism (1992 HK): No Love For The Scrip Alternative

By David Blennerhassett

  • Back on the 10th December 2024, Fosun Tourism (1992 HK) announced a rare Scheme buyback, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed. 
  • A successful Scheme would result in Fosun International (656 HK) and concert parties holding 100% in Fosun Tourism – without having to outlay a cent. 
  • A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn’t happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.

Easier to Raise Listing Criteria, but More Difficult to Encourage Growth of Companies Already Listed

By Aki Matsumoto

  • There is a need to change the mindset of company managers who consider IPO as a goal and not a way to grow after the listing.
  • The listing criteria for TSE Growth Market will be raised as early as April 2026. It’s clear that the current listing criteria are far from liquid enough to invest in.
  • For companies that are already listed, some rule should be established to either de-list them because they cannot bear the listing cost or to increase their market capitalization through M&As.

Bama Tea Pre-IPO Tearsheet

By Nicholas Tan

  • Bama Tea (BAMA HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai, ABC and TF International.
  • Bama Tea, as per the firm, is the most recognized tea brand in China and the leading provider of premium tea leaves in China.
  • It sells through its nationwide offline store network and comprehensive online sales platforms, and sells every major tea leaf category

Seria Co Ltd (2782 JP): Q3 FY03/25 flash update

By Shared Research

  • Sales reached JPY178.0bn, a 7.0% YoY increase, with directly managed stores contributing 98.9% of total sales.
  • Operating profit rose 16.9% YoY to JPY13.2bn, while net income increased 18.3% YoY to JPY8.9bn.
  • The company opened 84 directly managed stores and closed 49, totaling 2,056 stores by end-Q3 FY03/25.

Yellow Hat Ltd (9882 JP): Q3 FY03/25 flash update

By Shared Research

  • Yellow Hat’s cumulative Q3 FY03/25 sales increased 4.9% YoY to JPY119.1bn, with operating profit up 9.6% YoY.
  • The medium-term plan targets FY03/28 revenue of JPY180.0bn, operating profit of JPY16.8bn, and net income of JPY11.8bn.
  • Planned investment of JPY33.0bn from FY03/26 to FY03/28 includes JPY28.0bn in capex and JPY5.0bn for M&A.

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Feb 03
0

Most Read: Sanyo Special Steel, Osaka Steel, Indusind Bank, Giga Prize, iShares China Large-Cap (FXI), Sigma Healthcare, Legochem Biosciences and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Nippon Steal! Again. Parent Takes Out Sanyo Special Steel (5481) At Well Below Book
  • Osaka Steel (5449) Large Buyback At a Discount Ruins Fun For Activists
  • India: Potential Free Float Changes & Passive Flows in February
  • Freebit (3843) Buys Out Minorities in Giga Prize (3830) – Light, But Tough to Block
  • Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism
  • Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal
  • FXI ETF: Potential Changes in the Year of the Snake
  • Ohayo Japan | Wall Street Falls as New Tariffs Loom
  • Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come
  • KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

Nippon Steal! Again. Parent Takes Out Sanyo Special Steel (5481) At Well Below Book

By Travis Lundy

  • 6-7 years ago Sanyo Special Steel (5481 JP) bought out a large foreign specialty steel company, and funded it by getting Nippon Steel to inject capital at below book. 
  • Now Nippon Steel is buying the rest of Sanyo Special Steel in a Tender Offer at 0.66x book, where most of book is Net Receivables, Inventory, WIP, and Materials.
  • This is the second time in a decade where the Board has decided to sell control of itself at far below book value. They should be ashamed of themselves.

Osaka Steel (5449) Large Buyback At a Discount Ruins Fun For Activists

By Travis Lundy

  • Osaka Steel (5449 JP) is 65% owned by Nippon Steel Corporation (5401 JP). They make a relatively simple set of steel products used by shipbuilders, construction companies, and warehouse builders. 
  • Activist Effissimo Capital went over 5% in October 2016 and is still a top holder. Activist Strategic Capital went over 5% in December 2023 and now owns 10+% of votes. 
  • The “hope” had been that Nippon Steel buy out minorities and Osaka Steel would be rescued from mediocre capital returns. That was not to be. Activists are disappointed. 

India: Potential Free Float Changes & Passive Flows in February

By Brian Freitas

  • Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
  • The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
  • Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.

Freebit (3843) Buys Out Minorities in Giga Prize (3830) – Light, But Tough to Block

By Travis Lundy

  • Today, Freebit Co Ltd (3843 JP) announced it would launch a Tender Offer next Monday to buy out minorities in 60.9%-owned Giga Prize (3830 JP). 
  • The multiple is not terribly impressive. It could be better. But they only need 5.8% of the 39.1% they do not own to get this over the hump.
  • Synergies are clear. They are expected. They are not priced in the valuation. This is disappointing. Again.

Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism

By Arun George

  • Sanyo Special Steel (5481 JP) has recommended Nippon Steel Corporation (5401 JP)’s tender offer at JPY2,750, a 37.4% premium to the last close.
  • The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range, below the Board’s requested price, and unattractive compared to peer multiples. 
  • The lack of an irrevocable and unattractive offer suggests that satisfying the minimum acceptance condition is likely challenging. This situation requires activism to force a bump.   

Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal

By Arun George

  • Giga Prize (3830 JP) has recommended Freebit Co Ltd (3843 JP)’s tender offer at JPY2,500, a 48.5% premium to the last close.
  • While the offer is below the midpoint of the target IFA’s DCF valuation range, it represents an all-time high and aligns with the Board’s requested price. 
  • The required minority acceptance rate is modest, and tendering by the third-largest shareholder is enough to close the deal. 

FXI ETF: Potential Changes in the Year of the Snake

By Brian Freitas

Ohayo Japan | Wall Street Falls as New Tariffs Loom

By Mark Chadwick

  • U.S. stocks declined Friday as the White House announced new tariffs on Mexico, Canada, and China taking effect Saturday
  • Japanese markets ended mixed last week, with NEC leading gains, surging 18.4% on a stock split announcement and upward guidance revision. The broader TOPIX gained 1.4% for the week
  • Companies reporting strong results included SCREEN Holdings, TDK, Fujitsu, MOL, Sakura Internet, and ZOZO

Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
  • We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.
  • The Sigma Healthcare – Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.

KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

By Brian Freitas

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Feb 02
0

Daily Brief Thematic (Sector/Industry): Budget 2025-26: Top Themes / Sectors to Watch and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Budget 2025-26: Top Themes / Sectors to Watch
  • APAC Healthcare Weekly (Feb 2)- Daiichi Sankyo, Eisai, Nippon Shinyaku, Shionogi, Celltrion

Budget 2025-26: Top Themes / Sectors to Watch

By Nimish Maheshwari

  • Budget 2025 announced today is more focus on consumption rather than capex with focus on inclusive growth.
  • No major capex and structural changes were announced in the Budget which was led to lower expectations from capital goods.
  • Changes in taxation on personal income tax will be key to monitor.

APAC Healthcare Weekly (Feb 2)- Daiichi Sankyo, Eisai, Nippon Shinyaku, Shionogi, Celltrion

By Tina Banerjee

  • Daiichi Sankyo received seventh FDA approval for Enhertu in certain types of breast cancers. Eisai received FDA approval for Leqembi’s intravenous monthly maintenance dosing.
  • Nippon Shinyaku entered into an option agreement with AB2 BIO for the rights of commercialization of Tadekinig alfa in the U.S. for certain rare autoinflammatory diseases.
  • Shionogi announced positive results from Phase 2 trial of its novel investigational RSV oral antiviral candidate S-337395. Celltrion has received FDA approval for Actemra biosimilar.

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Feb 02
0

Daily Brief Equity Bottom-Up: General Dynamics: Aerospace Segment Growth & Margin Expansion Driving Our ‘Buy’ Rating! – Major Drivers and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • General Dynamics: Aerospace Segment Growth & Margin Expansion Driving Our ‘Buy’ Rating! – Major Drivers
  • Logitech International: Geographical Diversification & Market Penetration To Help Tilt The Competitive Dynamics In Its Favor? – Major Drivers
  • Delta Air Lines’ Strong 2024: Record Profits
  • Intel Q424. It’s A Journey, Not A Destination
  • China Healthcare Weekly (Feb.2)- Update on CR Sanjiu’s Acquisition of Tasly, China Biotech’s Outlook
  • Rubrik Inc.: Initiation Of Coverage – Strategic Expansion & Technology Partnerships To Widen Market Reach & Offerings! – Major Drivers
  • Samsung Fire & Marine Insurance: Strong Corporate Value Up Plan
  • ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! – Major Drivers
  • Tesla’s Growth Story Facing Challenges Amidst Optimism for AI and Autonomy?
  • United Rentals: Will The Capital Expenditure & Fleet Optimization Be Able To Reinforce Its Market Position? – Major Drivers

General Dynamics: Aerospace Segment Growth & Margin Expansion Driving Our ‘Buy’ Rating! – Major Drivers

By Baptista Research

  • General Dynamics (GD) has reported its financial performance for the fourth quarter and full year of 2024, showcasing a mixed bag of results across its diverse operations.
  • On the positive side, the company demonstrated strong revenue growth, with 14.3% increase for the quarter compared to the previous year, leading to full-year revenue growth of 12.9%.
  • However, challenges in the Aerospace segment tempered overall performance expectations.

Logitech International: Geographical Diversification & Market Penetration To Help Tilt The Competitive Dynamics In Its Favor? – Major Drivers

By Baptista Research

  • Logitech recently reported strong financial results for the third quarter of fiscal year 2025, showcasing robust demand across various products and geographies, leading to a rise in their annual outlook.
  • The company’s net sales increased by 6% year-over-year, with a notable 8% growth in demand, driven primarily by strategic focuses introduced the previous year.
  • One of the key highlights for Logitech was the gaming segment, which saw double-digit growth of 13%, propelled by the launch of 16 new gaming products before the holiday season.

Delta Air Lines’ Strong 2024: Record Profits

By Baptista Research

  • Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion in the fourth quarter and earnings per share of $1.85, topping their own guidance.
  • This positive result was achieved against a backdrop of industry leading operational performance, with Delta achieving the highest system completion factor and on time performance among its peers.
  • For the full year 2024, Delta’s operational achievements included 78 “Brand Perfect” days and recognition with Cirium’s Platinum Award for operational excellence for the fourth consecutive year.

Intel Q424. It’s A Journey, Not A Destination

By William Keating

  • Q424 revenues of $14.3 billion which was $500 million above the guided midpoint, down 7% YoY but up 7.5% QoQ.
  • Forecasted Q125 revenues of $12.2 billion at the midpoint, down $500 million YoY and down 15% QoQ
  • Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see some improvement or mixed improvement in 2026. 

China Healthcare Weekly (Feb.2)- Update on CR Sanjiu’s Acquisition of Tasly, China Biotech’s Outlook

By Xinyao (Criss) Wang

  • If product sales cannot continue to climb rapidly and dilute the costs, the final profit will gradually fade away. Therefore, Chinese biotech companies need new blockbuster products to drive growth.
  • The decline in the number of biotech companies in the future is actually “a supply side reform” that fundamentally reduces market competition, which obviously benefit those first-tier companies.
  • The acquisition of Tasly by China Resources Sanjiu Medical & Pharma is still in progress. The deal may not be completed until 25H1 if the approval time is not enough.

Rubrik Inc.: Initiation Of Coverage – Strategic Expansion & Technology Partnerships To Widen Market Reach & Offerings! – Major Drivers

By Baptista Research

  • Rubrik reported strong financial performance in its latest quarter, achieving $1 billion in subscription ARR, representing 38% year-over-year growth.
  • Net new subscription ARR stood at $83 million, while subscription revenue increased by 55% year-over-year to $221 million.
  • The company also recorded free cash flow of $15.6 million, marking an improvement from $3.5 million in the prior year period.

Samsung Fire & Marine Insurance: Strong Corporate Value Up Plan

By Douglas Kim

  • On 31 January, Samsung Fire & Marine Insurance (000810 KS) announced a comprehensive corporate value up plan.
  • The three major areas of focus include K-ICS ratio (220%), ROE targets of 11-13%, and total shareholder returns to 50% by 2028. 
  • The company plans to reduce the treasury shares as a percentage of total outstanding shares from 15.9% to 5% by 2028 (10.9% of total outstanding shares over over four years).

ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! – Major Drivers

By Baptista Research

  • ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.
  • The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.
  • This emphasizes the firm’s ability to capture and sustain customer interest in its services.

Tesla’s Growth Story Facing Challenges Amidst Optimism for AI and Autonomy?

By Baptista Research

  • Tesla’s fourth-quarter earnings highlighted a company at the crossroads of transformation and challenge.
  • Despite achieving a record market valuation of $1.5 trillion in December, the company’s core automotive business struggled, with an 8% year-over-year revenue decline.
  • Demand softened, particularly for the Cybertruck, forcing Tesla to rely on aggressive promotional strategies to sustain sales.

United Rentals: Will The Capital Expenditure & Fleet Optimization Be Able To Reinforce Its Market Position? – Major Drivers

By Baptista Research

  • United Rentals, Inc. reported robust results for the fourth quarter, achieving record revenue, EBITDA, and EPS.
  • The company witnessed a significant revenue growth of 9.8% year-over-year, reaching nearly $4.1 billion.
  • Rental revenue increased by 9.7% to $3.4 billion, with fleet productivity enhancing by 4.3%.

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Feb 02
0

Daily Brief Event-Driven: Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism
  • (Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share
  • Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal
  • Last Week in Event SPACE: Fast Retailing, Sigma, Takeda Pharmaceutical, WH Group
  • Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come
  • (Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism

By Arun George

  • Sanyo Special Steel (5481 JP) has recommended Nippon Steel Corporation (5401 JP)’s tender offer at JPY2,750, a 37.4% premium to the last close.
  • The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range, below the Board’s requested price, and unattractive compared to peer multiples. 
  • The lack of an irrevocable and unattractive offer suggests that satisfying the minimum acceptance condition is likely challenging. This situation requires activism to force a bump.   

(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share

By David Blennerhassett

  • For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
  • The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding Sun Art Retail (6808 HK)‘s massive takeunder.
  • The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .

Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal

By Arun George

  • Giga Prize (3830 JP) has recommended Freebit Co Ltd (3843 JP)’s tender offer at JPY2,500, a 48.5% premium to the last close.
  • While the offer is below the midpoint of the target IFA’s DCF valuation range, it represents an all-time high and aligns with the Board’s requested price. 
  • The required minority acceptance rate is modest, and tendering by the third-largest shareholder is enough to close the deal. 

Last Week in Event SPACE: Fast Retailing, Sigma, Takeda Pharmaceutical, WH Group

By David Blennerhassett

  • It was confirmed on Friday afternoon Fast Retailing (9983 JP) was a single cap move, NOT a double-capping in a single Review. That limits the sell down.
  • Chemist Warehouse’s reverse buyout of pharmacy wholesaler Sigma Healthcare (SIG AU) is now all-but complete.
  • Takeda Pharmaceutical (4502 JP) announced decent results, decently upgraded guidance in both IFRS/GAAP terms and in Core/Adjusted terms (less impressive uplift in Adjusted/Analysed terms). They also announced a ¥100bn buyback.

Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
  • We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.
  • The Sigma Healthcare – Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.

(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

By David Blennerhassett

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Feb 02
0

Daily Brief Macro: Is Trade War or Trade Deal More Likely for US-China Trade Relation and more

By | Daily Briefs, Macro

In today’s briefing:

  • Is Trade War or Trade Deal More Likely for US-China Trade Relation
  • Overview #14 – The Emperor Has No Clothes Moment

Is Trade War or Trade Deal More Likely for US-China Trade Relation

By Alex Ng

  • We see the review of the phase 1 U.S./China trade deal being adverse and President Trump’s carrot and stick approach leading to a 10% rise in tariffs on China imports. 
  • We eventually see a phase 2 U.S./China trade deal Q4. The main alternative scenario is that China could show goodwill to resolve illegal Fentanyl movements from China to the U.S.   
  • Coupled with the Tik Tok sale, This can lead to spring hopes that a phase 2 U.S./China trade deal can be reached and a more full-scale trade will be avoided.  

Overview #14 – The Emperor Has No Clothes Moment

By Rikki Malik

  • A review of recent events/data impacting our investment themes or outlook
  • The narrative change around US tech spending on AI has potentially positive implications for Chinese technology shares
  • India sets the stage for interest rate cuts and the budget cuts taxes for the middle classes to boost consumption 

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Feb 02
0

Daily Brief Australia: Sigma Healthcare and more

By | Australia, Daily Briefs

In today’s briefing:

  • Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come
  • (Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
  • We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.
  • The Sigma Healthcare – Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.

(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

By David Blennerhassett

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Feb 02
0

Daily Brief South Korea: Samsung Fire & Marine Insurance and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Samsung Fire & Marine Insurance: Strong Corporate Value Up Plan

Samsung Fire & Marine Insurance: Strong Corporate Value Up Plan

By Douglas Kim

  • On 31 January, Samsung Fire & Marine Insurance (000810 KS) announced a comprehensive corporate value up plan.
  • The three major areas of focus include K-ICS ratio (220%), ROE targets of 11-13%, and total shareholder returns to 50% by 2028. 
  • The company plans to reduce the treasury shares as a percentage of total outstanding shares from 15.9% to 5% by 2028 (10.9% of total outstanding shares over over four years).

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