Smartkarma Daily Briefs

• TSMC: +28.4% Premium; Near-All-Time High, Good Level to Short the Spread
• UMC: -0.4% Discount; Fifth Consecutive Month of Increase in ADR Headroom
• CHT: -0.9% Discount; Good Level to Go Long the Spread

• Through Special Dividend, Ping An has achieved its initial plan at a low price. Ping An ruled out the possibility of privatization, which could be due to the high cost.
• Ping An may hope to further leverage the synergies, increase resource tilt towards PAGD, thereby helping it out of the trough.But we’re not optimistic due to PAGD’s problematic business model.
• The gap between PAGD and JD Health/Alibaba Health will continue to widen. Based on our forecast, we think PAGD is overvalued. Its valuation should be lower than JD Health/Alibaba Health.

• Market Euphoria and Investment Challenges: Trump’s re-election has fueled excitement in the stock market, especially for Elon Musk-linked companies, but investing in SpaceX remains difficult due to its private status.  
• Proxy Stocks: Investors can access SpaceX indirectly through proxy stocks like Rocket Lab (RKLB) or funds such as Destiny Tech100 Inc. (DXYZ) and the ARK Venture Fund (ARKVX). 
• Valuation Concerns on DXYZ: Despite DXYZ’s significant outperformance compared to other proxies, its rapidly expanded market cap/fair value multiple raises concerns about overvaluation and stock price sustainability.

• Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects
• Block Inc. trading at a similar price as last write-up in January 2023, with positive shifts in cultural and organizational aspects
• Company’s dedication to Bitcoin and its ecosystems driving future shareholder returns, despite being misunderstood due to its history

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Vinfast (VFS US) continues to progress in building out its EV brand, being the number one auto brand in Vietnam, and expanding into Indonesia, the Philippines, India, and the US.
• A key trend for Vinfast (VFS US) has been the shift in sales to related GSM towards direct retail sales, which now make up around 80% of total EV sales.
• Its strategies to showcase EVs through ride-hailing, leasing batteries, providing captive charging infrastructure, and guaranteed resale values are proving to be successful one, being rolled out across markets. 

• Ryohin Keikaku made a big splash in 2021 when it announced a sales target of ¥3 trillion by 2030, more than a six-fold increase. 
• Following a reshuffling of management, targets have been slashed but growth rates still remain impressive with a near doubling of sales by 2030.
• At home, the push into food is working and at last, overseas markets are getting the attention they deserve. The next Uniqlo?

• TSMC ends partnership with PowerAIR in Singapore over Huawei worries, impacting supply chain in tech industry.
• China retaliates against US with customs actions; CXMT starts manufacturing DDR5 chips, meeting demand for next-gen technology.
• India plans display fabrication facility, offering growth potential but encountering challenges. Luxshare’s purchase of Wingtech ODM to enhance design capabilities, reduce reliance on Apple, and boost tech industry prowess.

• Sunac faces financial distress as China Cinda files new wind-up petition due to inability to repay debt.
• Country Garden plans to reduce $11.6B offshore debt as home sales decline in current market conditions.
• UOL from Singapore successfully invests $285M in Sydney office amid market revival, showcasing confidence in growth.

• Our NAV analysis of Doosan Corp suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.
• Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp. 
• Considering Doosan Group’s repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous. 

• BASE Inc (4477 JP — US$234 million) is an e-commerce technology company based in Tokyo, Japan.

• The software helps small merchants open stores online and manage their operations. BASE is often likened to “Shopify of Japan” due to similarities in their product offerings.

• However, investors have become skeptical about BASE, with the stock now trading at just 0.8x EV/Sales — a massive discount to Shopify’s 13.3x.