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Smartkarma Daily Briefs

Nov 28
0

Daily Brief ESG: Forgital – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Forgital – ESG Report – Lucror Analytics
  • Unification of Quarterly Securities Reports with Financial Summary to TSE Is Generally Appropriate
  • Atalian – ESG Report – Lucror Analytics

Forgital – ESG Report – Lucror Analytics

By Charles Macgregor

  • Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
  • We assess Forgital’s ESG as “Adequate”, in line with its Social and Governance scores. The company has a “Weak” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Adequate”. 
  • Forgital is a vertically integrated company that focuses on manufacturing forged components for the aerospace and industrial markets.

Unification of Quarterly Securities Reports with Financial Summary to TSE Is Generally Appropriate

By Aki Matsumoto

  • Since there’s little opposition to the argument that quarterly securities reports should no longer be mandatory, securities reports in 1Q/3Q are almost identical content to the disclosures to TSE.
  • To ensure the reliability of the financial statements submitted to TSE, which are replacing current statutory documents, the requirement of review by auditor could be a solution to the problem.
  • In this review, the addition of the cash flow statement and segment information in 1Q and 3Q financial statements is very useful and a step forward.

Atalian – ESG Report – Lucror Analytics

By Charles Macgregor

  • Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
  • We assess Atalian’s ESG as “Adequate”, in line with its Social score. The company has “Weak” scores for the Environmental and Governance pillars. Controversies are “Immaterial” and Disclosure is “Adequate”. 
  • French building-services management company Atalian offers a range of facility management and cleaning services. 

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Nov 28
0

Daily Brief Credit: Morning Views Asia: China Water Affairs and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: China Water Affairs

Morning Views Asia: China Water Affairs

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.

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Nov 28
0

Daily Brief Event-Driven: 2024 High Conviction: Buy Hollysys and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • 2024 High Conviction: Buy Hollysys
  • StubWorld: Rumoured Interest In PCCW’s Fibre
  • CNI Semiconductor Chips Index Rebalance: Yet Another Index Inclusion for Hygon
  • T&K Toka (4636 JP): Bain Decision Time as Progress Made on a Pre-Condition
  • Breaking Down Korean Regulators’ Official Details on New Short Selling System
  • ChiNext/​​ChiNext 50 Index Rebalance: Adds Outperforming Deletes Now
  • Another Day Ending in Y, Another Low-Balled Takeover – This Time Glosel (9995)
  • Wuxi Lead GDR Listing – Early Look – Another One in the Pipeline, Will Be Net Cash Post-Deal
  • Ecopro Materials: Overshooting Share Price and Upcoming End of Lockup in December
  • EQD | KOSPI 200 Stalling: Where to Go LONG on the Pullback?

2024 High Conviction: Buy Hollysys

By David Blennerhassett

  • Despite Hollysys Automation (HOLI US) receiving a myriad of proposals over the past three years, nothing moved forward.  Calling an SGM to spill the board would change that status quo. 
  • But Hollysys’ board stonewalled the SGM, pinning its reason – and a proposed injunction – on the subjective ownership of Ace Lead, and in turn, its 6.7% holding in Hollysys. 
  • That injunction was dismissed last week. An SGM will now be held late January. A firm merger proposal is expected in the middle of next month. This is a buy.

StubWorld: Rumoured Interest In PCCW’s Fibre

By David Blennerhassett

  • Reportedly, Chinese investors, as well as Middle Eastern sovereign wealth funds, have expressed interest in acquiring a “significant ” minority stake in PCCW Ltd (8 HK)‘s fibre ops. 
  • Preceding my comments on PCCW are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

CNI Semiconductor Chips Index Rebalance: Yet Another Index Inclusion for Hygon

By Brian Freitas

  • There are 3 changes for the CNI Semiconductor Chips Index that will be implemented at the close on 8 December.
  • This is yet another index inclusion for Hygon Information Technology C (688041 CH) – the stock continues to move higher on expected passive buying over the next two weeks.
  • Over the last 6 months, the adds have underperformed the deletes but there has been a significant improvement in performance over the last 2 months.

T&K Toka (4636 JP): Bain Decision Time as Progress Made on a Pre-Condition

By Arun George

  • T&K Toka Co Ltd (4636 JP) has satisfied the precondition of selling its Hangzhou Toka Ink stake to hold less than 30%. The offer is targeted for early January.
  • Due to Dalton’s stake building, the shares have consistently traded above Bain’s pre-conditional JPY1,400 offer. Bain can either launch the tender with unchanged terms or bump the offer.
  • A bump is likely as, despite the irrevocables, satisfying the minimum acceptance condition is challenging. The Board will struggle to recommend the offer if the shares remain above terms. 

Breaking Down Korean Regulators’ Official Details on New Short Selling System

By Sanghyun Park

  • Concerning the newly imposed 90-day mandatory repayment period for institutional investors, the elimination of the recall risk during this period is not included in this improvement plan.
  • The right to re-establish the same short-selling position after the 90-day repayment period is unlimited. We should pay attention to the potential of this creating new trading events.
  • Institutions borrowing stocks from overseas are not subject to the 105% collateral ratio. However, everyone is subject to the 90-day repayment period, even for investors who borrow stocks from overseas.

ChiNext/​​ChiNext 50 Index Rebalance: Adds Outperforming Deletes Now

By Brian Freitas

  • There will be 6 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index. Implementation is at the close on 8 December.
  • There is a lot of overlap between the adds and deletes across both indices with the one-way trade across both indices estimated to be CNY 2.4bn.
  • The adds and deletes have drifted lower over the last few months. However, the adds have outperformed the deletes significantly in the last month.

Another Day Ending in Y, Another Low-Balled Takeover – This Time Glosel (9995)

By Travis Lundy

  • Today, Macnica Fuji Electronics Hol (3132 JP) (Macnica Holdings) announced that it would launch a tender offer to buy 100% of Glosel (9995 JP), a semiconductor trading company. 
  • Glosel is special because it has three main assets. 1) 61% of net assets are inventory (<3mo), 2) 34% of net assets are net receivables (<3mos), 3) 8+% is securities.
  • For that, Glosel’s Board decided 0.71x book was OK. Nah. The register is reasonably wide open, and this is a delayed start. Someone might get noisy, but < 50/50 bet.

Wuxi Lead GDR Listing – Early Look – Another One in the Pipeline, Will Be Net Cash Post-Deal

By Clarence Chu

  • Wuxi Lead Intelligent Equipmen (300450 CH) is looking to raise around US$300m in its upcoming Switzerland GDR listing.
  • As per media reports, Wuxi Lead was said to be looking to raise US$495m via a Swiss GDR issuance, having secured approval to sell up to 78.3m shares.
  • Given the decline in its share price over the year, the eventual deal size could come to around US$300m as of its current last close.

Ecopro Materials: Overshooting Share Price and Upcoming End of Lockup in December

By Douglas Kim

  • In this insight, we discuss the upcoming end of lockup in December for Ecopro Materials and why we believe Ecopro Materials’ share price will be much lower in 6-12 months. 
  • A combination of the potential inclusion in KOSPI Fast Entry plus the temporary ban on short selling of stocks in Korea has helped to push up Ecopro Materials’ share price.
  • However, despite this sharp share price run-up, we think the risk-reward is horrible on this stock in terms of bigger downside risk in the next 6-12 months. 

EQD | KOSPI 200 Stalling: Where to Go LONG on the Pullback?

By Nico Rosti

  • The KOSPI 200 INDEX has been rising for 4 weeks, it’s OVERBOUGHT and may soon perform a quick pullback, followed possibly by another rally.
  • The upcoming pullback is likely to be short-lived, in this insight we analyze where the pullback can reach, and where it should be possible to go LONG again.
  • The price area to watch is 330-326: if the index reaches there, the LONG trade odds will be good (assuming the uptrend will continue into the end of the year).

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Nov 28
0

Daily Brief ECM: Asahi Group (2502 JP): The Current Playbook and more

By | Daily Briefs, ECM

In today’s briefing:

  • Asahi Group (2502 JP): The Current Playbook
  • Zeekr Pre-IPO – Quick Note – Recent Filing Updates – 007, Earnings on Track

Asahi Group (2502 JP): The Current Playbook

By Arun George

  • Since the US$1.3 billion secondary placement announcement, Asahi Group Holdings (2502 JP)’s shares are down -6.2% from the undisturbed price of JPY5,804 per share (16 November).
  • Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asahi’s shares have followed the pattern of previous large placements. 
  • The offering will likely be priced on 28 November. Investors participating in previous large Japanese placements tend to secure positive returns.

Zeekr Pre-IPO – Quick Note – Recent Filing Updates – 007, Earnings on Track

By Sumeet Singh

  • ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
  • Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
  • We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the updates from its recent filings.

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Nov 28
0

Daily Brief Equity Bottom-Up: Recruit Holdings (6098) | 2024 High Conviction and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Recruit Holdings (6098) | 2024 High Conviction
  • [Baidu, Inc. (BIDU US, BUY, TP US$157) TP Change]: C4Q/2024 Ads Upswing Bridge Gap to the Future
  • TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY
  • 2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER
  • Income Statement Analysis of Global Luxury Brand Korea Operations and Luxury Brand Spending Slowdown
  • Monthly Chinese Tourism Tracker | Recovery Still Sluggish | Trip.com as Value Name | (November 2023)
  • Taiwan Dual Listings Monitor: Spreads Generally Trading in the Middle of Their Ranges
  • China Education Group (839 HK): Not so Encouraging in the near Term
  • Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)
  • Sinocelltech Group (688520.CH) – Magical Leaps in Valuation Are Hard to Sustain

Recruit Holdings (6098) | 2024 High Conviction

By Mark Chadwick

  • We are bullish on Recruit at the current share price and believe that the stock has around 40% upside potential to our fair value estimate of Y7,700.
  • We believe that investors have been overly concerned with the cyclical slowdown in the job market as it normalizes from the post-Covid recovery
  • Indeed.com remains a disruptor in the HR recruiting market and the potential monetization of this asset is significantly under-appreciated by the market.

[Baidu, Inc. (BIDU US, BUY, TP US$157) TP Change]: C4Q/2024 Ads Upswing Bridge Gap to the Future

By Ying Pan

  • Baidu reported revenue/non-GAAP operating profit/GAAP net income inline/7.72%/66.1% vs. our estimation.
  • We believe short term cyclical and medium term AIGC-led upswing in advertising can bridge Baidu’s long-term business, which we do see them difficult to monetize.
  • We maintain a BUY rating and adjusted TP to US$157, implying a 14.6x PE. It is currently trading at 11.4x PE in 2024.

TSMC (2330.TT; TSM.US): 2024 High Conviction for Upside >15% YoY

By Patrick Liao

  • TSMC is expected to experience growth of ~15% YoY in 2024F.
  • TSMC’s N3 is expected to dominate the market in 2024F, with applications in CPU, GPU, smartphone SoC, and more.
  • We also estimate that the N2 pilot run will begin in 4Q24.

2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

By Daniel Hellberg

  • Full Truck Alliance reported strong growth in Q3, from the right sources
  • Improved sales mix & progress on expense control lifted core margins
  • With 22% upside to US$9.5 based on 21x PER, our high conviction pick

Income Statement Analysis of Global Luxury Brand Korea Operations and Luxury Brand Spending Slowdown

By Douglas Kim

  • In this insight, we provide the income statement comparisons of the eight largest global luxury brand Korea operations including Louis Vuitton Korea, Prada Korea, Ralph Lauren Korea, and Moncler Korea.
  • In 2022, Korea spent $16.8 billion in luxury goods, representing per capita consumption of $325 per person, surpassing the United States ($280 per person) and China ($55 per person). 
  • Luxury brand spending in Korea is often a leading indicator of global luxury brand spending. Luxury brand spending in Korea has been weak this year and this continued in 3Q23.

Monthly Chinese Tourism Tracker | Recovery Still Sluggish | Trip.com as Value Name | (November 2023)

By Daniel Hellberg

  • In October, the sluggish recovery in outbound tourism demand continued
  • Outbound capacity growth also timid; but domestic recovery is mostly complete
  • As growth stock, Trip.com’s disappointed; maybe it can attract value investors?

Taiwan Dual Listings Monitor: Spreads Generally Trading in the Middle of Their Ranges

By Vincent Fernando, CFA

  • TSMC: 8.2% Premium — Still Best to Wait for Better Levels
  • ASE: 6.4% Premium — Wait for 5% as the Level to Go Long the Spread
  • ChipMOS: -0.5% Discount — Stay Long the Spread if You Started at -2.0%

China Education Group (839 HK): Not so Encouraging in the near Term

By Osbert Tang, CFA

  • China Education Group (839 HK) appears to be facing the headwinds from higher USD interest rate and reduction in capitalised interest. The intangible write-off is another drag on FY23.
  • Newly registered students increased 17.8% for FY24. With better average fees, this will help the topline. Our concerns are high finance and operating costs will erode revenue growth.
  • Consensus is overly aggressive and there are risks of downgrade. Earnings may re-accelerate in the future, but weaker 1H FY24F keeps us on the sideline in the short term. 

Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

By Daniel Hellberg

  • October’s industry numbers hide pricing turmoil seen at company level
  • STO Express appears to be using price to gain share from Yunda, others
  • We believe price competition continues to hurt ‘ground’ express margins

Sinocelltech Group (688520.CH) – Magical Leaps in Valuation Are Hard to Sustain

By Xinyao (Criss) Wang

  • The real value of Sinocelltech Group (688520 CH)’s pipeline will be greatly discounted because in the current context of fierce homogeneous competition, the commercialization performance of latecomers will be bleak.
  • Through frequent capital operations, in two and a half years, valuation of Sinocelltech was successfully raised by nearly 300 times. However, the Company’s owner’s equity is negative, with delisting risk. 
  • The SSE STAR Market has been full of bubble if compared with HKEX. Sinocelltech has been severely overvalued. We think the reasonable market value of Sinocelltech is around RMB15-20 billion.

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Nov 28
0

Daily Brief Crypto: Crypto Markets Take Center Stage and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Crypto Markets Take Center Stage

Crypto Markets Take Center Stage

By Delphi Digital

  • BTC is up ~140% since its bottom 1yr ago. Prior instances imply BTC is in the early innings of a new bull cycle with most of its expected gains ahead.
  • Market breadth is expanding as we are seeing industry wide participation in recent weeks.
  • Onchain borrowing activity is picking up, as are average lending rates and utilization rates on stablecoins, which are some of the most popular assets to borrow during market uptrends.

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Nov 28
0

Daily Brief Macro: Positioning Watch – All About the Soft Landing Narrative and more

By | Daily Briefs, Macro

In today’s briefing:

  • Positioning Watch – All About the Soft Landing Narrative
  • Inflationary Expectations and Service Sector Inflation: Crucial to Fed Interest Rate Reductions
  • The Week That Was in ASEAN@Smartkarma – Alfamart’s Expansion, Erajaya, and Anwar’s Malaysia
  • Ifo Nugget: Should We Believe the Numbers?

Positioning Watch – All About the Soft Landing Narrative

By Andreas Steno

  • Hello everyone, and welcome back to our weekly positioning watch, where we as always try to dig down into the latest positioning data and give you an overview of what’s moving narrative currently.
  • Sentiment and positioning are still skewed towards hopes of a soft landing, with bets being placed on lower yields, a weaker dollar, booming equities and almost non-existent credit spreads – ironically a prime condition for an upcoming recession (which is still our base case for H1 2024).
  • General media and story counts are also all about the soft landing vs recession, with the mentionings of “recession” back at pre-COVID levels, while soft landing counts are on the rise, although pulling a bit back from recent highs.

Inflationary Expectations and Service Sector Inflation: Crucial to Fed Interest Rate Reductions

By Said Desaque

  • Lower inflationary expectations will raise the ante on the Fed to reduce nominal interest rates to avoid an unintended policy tightening via a rise in inflation-adjusted measures.
  • There are significant differences in the formulation of inflationary expectations between the corporate sector and financial markets. Survey-based measures of inflationary amongst households remain higher than the Fed’s 2% target.
  • The ability of the Fed to aggressively lower the federal funds rate will depend on the FOMC’s assessment of the neutral policy rate and future service sector inflation trends. 

The Week That Was in ASEAN@Smartkarma – Alfamart’s Expansion, Erajaya, and Anwar’s Malaysia

By Angus Mackintosh

Ifo Nugget: Should We Believe the Numbers?

By Ulrik Simmelholt

  • Before we get going we have to stretch that this month’s number comes with a yuuuge caveat, namely that of the German Constitutional Court’s decision from 1 and a half weeks ago.
  • The court decided to block the funds intended by the German government to subsidize electricity prices for both households and companies and since the decision was taken on the 15th of this month we strongly suspect that some submissions were sent before the ruling.
  • That would of course mean that the companies would have had a lot more bullish outlooks before the 15th.

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Nov 28
0

Daily Brief Utilities: China Water Affairs and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Morning Views Asia: China Water Affairs

Morning Views Asia: China Water Affairs

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.

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Nov 28
0

Daily Brief Industrials: Recruit Holdings, Wuxi Lead Intelligent Equipmen, Full Truck Alliance , Forgital Group, S.F. Holding, Qantm Intellectual Property, La Financiere Atalian SASU and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Recruit Holdings (6098) | 2024 High Conviction
  • Wuxi Lead GDR Listing – Early Look – Another One in the Pipeline, Will Be Net Cash Post-Deal
  • 2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER
  • Forgital – ESG Report – Lucror Analytics
  • Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)
  • QANTM Intellectual Property Ltd -FY24-To-Date Trading Well Ahead of Last Year
  • Atalian – ESG Report – Lucror Analytics

Recruit Holdings (6098) | 2024 High Conviction

By Mark Chadwick

  • We are bullish on Recruit at the current share price and believe that the stock has around 40% upside potential to our fair value estimate of Y7,700.
  • We believe that investors have been overly concerned with the cyclical slowdown in the job market as it normalizes from the post-Covid recovery
  • Indeed.com remains a disruptor in the HR recruiting market and the potential monetization of this asset is significantly under-appreciated by the market.

Wuxi Lead GDR Listing – Early Look – Another One in the Pipeline, Will Be Net Cash Post-Deal

By Clarence Chu

  • Wuxi Lead Intelligent Equipmen (300450 CH) is looking to raise around US$300m in its upcoming Switzerland GDR listing.
  • As per media reports, Wuxi Lead was said to be looking to raise US$495m via a Swiss GDR issuance, having secured approval to sell up to 78.3m shares.
  • Given the decline in its share price over the year, the eventual deal size could come to around US$300m as of its current last close.

2024 High Conviction: Full Truck Alliance | Strong Top Line, Margins in Q3 | Worth US$9.5 on 21x PER

By Daniel Hellberg

  • Full Truck Alliance reported strong growth in Q3, from the right sources
  • Improved sales mix & progress on expense control lifted core margins
  • With 22% upside to US$9.5 based on 21x PER, our high conviction pick

Forgital – ESG Report – Lucror Analytics

By Charles Macgregor

  • Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
  • We assess Forgital’s ESG as “Adequate”, in line with its Social and Governance scores. The company has a “Weak” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Adequate”. 
  • Forgital is a vertically integrated company that focuses on manufacturing forged components for the aerospace and industrial markets.

Monthly Chinese Express Tracker | Q3 Margins Battered By Price | More to Come in Q4 (November 2023)

By Daniel Hellberg

  • October’s industry numbers hide pricing turmoil seen at company level
  • STO Express appears to be using price to gain share from Yunda, others
  • We believe price competition continues to hurt ‘ground’ express margins

QANTM Intellectual Property Ltd -FY24-To-Date Trading Well Ahead of Last Year

By Research as a Service (RaaS)

  • QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys, and Sortify.tm.
  • It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market, and has a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
  • The company has provided a trading update at its annual general meeting (AGM) noting that revenue and earnings (EBITDA) to the end of October were well ahead of last year and ahead of budget. 

Atalian – ESG Report – Lucror Analytics

By Charles Macgregor

  • Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
  • We assess Atalian’s ESG as “Adequate”, in line with its Social score. The company has “Weak” scores for the Environmental and Governance pillars. Controversies are “Immaterial” and Disclosure is “Adequate”. 
  • French building-services management company Atalian offers a range of facility management and cleaning services. 

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Nov 28
0

Daily Brief Energy/Materials: T&K Toka Co Ltd, EcoPro Materials, Elastron and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • T&K Toka (4636 JP): Bain Decision Time as Progress Made on a Pre-Condition
  • Ecopro Materials: Overshooting Share Price and Upcoming End of Lockup in December
  • Company Update – Elastron S.A.

T&K Toka (4636 JP): Bain Decision Time as Progress Made on a Pre-Condition

By Arun George

  • T&K Toka Co Ltd (4636 JP) has satisfied the precondition of selling its Hangzhou Toka Ink stake to hold less than 30%. The offer is targeted for early January.
  • Due to Dalton’s stake building, the shares have consistently traded above Bain’s pre-conditional JPY1,400 offer. Bain can either launch the tender with unchanged terms or bump the offer.
  • A bump is likely as, despite the irrevocables, satisfying the minimum acceptance condition is challenging. The Board will struggle to recommend the offer if the shares remain above terms. 

Ecopro Materials: Overshooting Share Price and Upcoming End of Lockup in December

By Douglas Kim

  • In this insight, we discuss the upcoming end of lockup in December for Ecopro Materials and why we believe Ecopro Materials’ share price will be much lower in 6-12 months. 
  • A combination of the potential inclusion in KOSPI Fast Entry plus the temporary ban on short selling of stocks in Korea has helped to push up Ecopro Materials’ share price.
  • However, despite this sharp share price run-up, we think the risk-reward is horrible on this stock in terms of bigger downside risk in the next 6-12 months. 

Company Update – Elastron S.A.

By VRS (Valuation & Research Specialists)

  • Elastron SA, is a Greece-based company engaged in trading and processing of steel products.
  • It operates manufacturing plants and warehouses in the Asporopyrgos area, Attica, Greece.
  • Its product lines are divided into four divisions: Flat Steel Products, Long Steel Products, Core panels which include polyurethane and mineral wool panels and finally dry wall profiles.

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