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Smartkarma Daily Briefs

Dec 15
0

Daily Brief Utilities: China Resources Power and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Quiddity Leaderboard HSCEI Mar 25: One Change Likely but More Names Lurking Close to the Border

Quiddity Leaderboard HSCEI Mar 25: One Change Likely but More Names Lurking Close to the Border

By Janaghan Jeyakumar, CFA

  • The HSCEI serves as a benchmark to reflect the overall performance of the top 50 “Mainland China” securities listed in Hong Kong.
  • In this insight, we take a look at the final rankings for the HSCEI potential ADDs and potential DELs for the index rebal event in March 2025.
  • At present, we see one change based on the 13th December 2024 data but the rankings can change until 31st December 2024.

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Dec 15
0

Daily Brief Industrials: COSCO Shipping Holdings, S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying
  • SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics

HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying

By Travis Lundy

  • SOUTHBOUND gross trading activity rebounded about 33% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK rebounded.
  • Alibaba Group Holding (9988 HK) was again the top buy and Tencent (700 HK) and Meituan (3690 HK) the top two sells. Tech is having a mixed outing now.
  • Gross SOUTHBOUND volumes back up this week to levels seen just off the autumn peak. An interesting week as stocks popped Monday, opened high Tuesday, then fell all week.

SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics

By Daniel Hellberg

  • SF’s revenue base is far larger, and in Q324 SF’s revenue also grew faster than JD Logistics
  • SF and JD Log reported similar EBITDA margins in Q324, & both enjoyed Y/Y improvement
  • JD Log appears far cheaper on EV/Revenue, perhaps due to its reliance on parent JD.com

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Dec 15
0

Daily Brief Consumer: Alibaba Group Holding , BYD, Restaurant Brands Internationa, Arcos Dorados Holdings , Fosun Tourism, Lululemon Athletica, Ulta Beauty , Brown Forman Corp Class B, Dollar General, Foot Locker Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Alibaba Group Holdings: The Tale Of International E-commerce & Cross-border Growth! – Major Drivers
  • A/H Premium Tracker (To 13 Dec 2024): Pairwise Intracorrelation and Vol Way Up, Premia Down
  • Restaurant Brands International (QSR): Expanding Franchisee Base & Local Ownership Dynamics For Catalyzing Top-Line Growth! – Major Drivers
  • Arcos Dorados Holdings: Will Its Efforts Towards Consumer Engagement & Loyalty Programs Yield Results? – Major Drivers
  • Weekly Deals Digest (15 Dec) – Fosun Tourism, CPMC, ESR, Fuji Soft, NEC Networks, Topcon, Kioxia
  • Lululemon Athletica Inc.: Will Its International Growth & Market Expansion Help Catapult Its Top-Line Growth? – Major Drivers
  • Ulta Beauty Inc.: An Insight Into Its E-commerce and Omnichannel Strategy & Other Major Drivers
  • Brown-Forman’s Secret Weapon: How Strategic Cost Management May Boost Profits Amid Inflation! – Major Drivers
  • Dollar General Corporation: Can Its Expansion in New Store Formats Give Them A Competitive Edge? – Major Drivers
  • Foot Locker Inc.: An Analysis Of Its Strategic Brand & Product Collaborations & Other Major Drivers

Alibaba Group Holdings: The Tale Of International E-commerce & Cross-border Growth! – Major Drivers

By Baptista Research

  • Alibaba Group’s September Quarter 2024 results reveal a balance of positive developments and ongoing challenges.
  • The company has shown resilience in its core business segments, leveraging an AI-driven strategy to enhance user engagement and operational efficiency.
  • Steady growth has been noted in both domestic and international e-commerce segments, with Alibaba International Digital Commerce recording a substantial 29% revenue growth.

A/H Premium Tracker (To 13 Dec 2024): Pairwise Intracorrelation and Vol Way Up, Premia Down

By Travis Lundy

  • Mainland share market volumes continue to be better than HK and SOUTHBOUND volumes, but SB volumes rebounded, tech saw limited net buying, BABA was bought but other major tech sold.
  • The first leg of China’s retaliatory acts against US trade measures appeared with export bans on gallium, germanium, antimony, graphite products, etc. These will not be lifted soon.
  • China is also retaliating against the Phils, Vietnam, Taiwan and changing tack in Europe. The next couple of years threatens to be “interesting times.

Restaurant Brands International (QSR): Expanding Franchisee Base & Local Ownership Dynamics For Catalyzing Top-Line Growth! – Major Drivers

By Baptista Research

  • Restaurant Brands International’s (RBI) Q3 2024 earnings show a nuanced performance across its diverse portfolio, which includes brands like Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
  • The company navigated a challenging macroeconomic landscape, yet managed to exhibit both stability and strategic growth in certain areas.
  • The company reported flat comparable sales growth at 0.3%, alongside a net restaurant growth of 3.8%, culminating in a system-wide sales growth of 3.2%.

Arcos Dorados Holdings: Will Its Efforts Towards Consumer Engagement & Loyalty Programs Yield Results? – Major Drivers

By Baptista Research

  • Arcos Dorados Holdings, the world’s largest independent McDonald’s franchisee, reported its third quarter 2024 results showcasing both strengths and challenges.
  • The quarter revealed resilience in Arcos Dorados’ business model with strong sales driven by its digital platforms and off-premise channels such as delivery and drive-thru.
  • However, the company’s performance also faced hurdles due to economic conditions and currency devaluations.

Weekly Deals Digest (15 Dec) – Fosun Tourism, CPMC, ESR, Fuji Soft, NEC Networks, Topcon, Kioxia

By Arun George

Lululemon Athletica Inc.: Will Its International Growth & Market Expansion Help Catapult Its Top-Line Growth? – Major Drivers

By Baptista Research

  • Lululemon Athletica Inc. reported its third-quarter results for fiscal 2024, revealing both strengths and challenges within its business operations.
  • The company’s revenue grew by 9% (8% in constant currency), reaching $2.4 billion.
  • This growth was primarily propelled by substantial gains in international markets, particularly China, Mainland, which saw an impressive increase of 39% (36% in constant currency).

Ulta Beauty Inc.: An Insight Into Its E-commerce and Omnichannel Strategy & Other Major Drivers

By Baptista Research

  • Ulta Beauty’s third quarter of fiscal 2024 results displayed both strengths and challenges reflective of the broader and highly competitive beauty market dynamics.
  • The company’s net sales saw a modest increase of 1.7%, reaching $2.5 billion, with comparable sales inching up by 0.6%, demonstrating a slight improvement compared to prior periods.
  • The growth in sales was accompanied by a 1.4% rise in diluted earnings per share, reaching $5.14, reflecting disciplined financial management despite ongoing market headwinds.

Brown-Forman’s Secret Weapon: How Strategic Cost Management May Boost Profits Amid Inflation! – Major Drivers

By Baptista Research

  • Brown-Forman has reported its financial results for the first half of the fiscal year 2025, accompanied by a strategic update on its executive leadership transition.
  • The company’s reported net sales showed a decline of 5%, while organic net sales remained consistent when adjusting for divestitures and foreign exchange impacts.
  • Despite these mixed results, Brown-Forman maintains its fiscal year guidance for organic net sales and operating income growth.

Dollar General Corporation: Can Its Expansion in New Store Formats Give Them A Competitive Edge? – Major Drivers

By Baptista Research

  • Dollar General’s third quarter results for fiscal 2024 present a mixed picture of operational resilience amid challenging external conditions and internal initiatives aimed at enhancing financial and operational metrics.
  • The company’s performance during the quarter was impacted by several hurricanes in the Southeast, which the management noted as significant in terms of employee deployment and store operations, though the overall sales impact was minimal.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Foot Locker Inc.: An Analysis Of Its Strategic Brand & Product Collaborations & Other Major Drivers

By Baptista Research

  • Foot Locker’s third-quarter financial performance fell short of the company’s expectations, resulting in a more conservative full-year outlook.
  • The company reported a modest increase in comparable sales of 2.4% for the quarter, driven primarily by gains in Foot Locker and Kids Foot Locker banners, along with a return to positive territory for Champs Sports and WSS banners.
  • However, this progress did not translate as strongly as anticipated into overall sales growth, leading to an adjustment in earnings guidance.

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Dec 15
0

Daily Brief Energy/Materials: CPMC Holdings, Greatview Aseptic Packaging, Vulcan Energy Resources, Cheniere Energy, Pembina Pipeline and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • CPMC (906 HK): Not A Shadow Of Doubt (!) As Pre-Cons Fulfilled
  • China Healthcare Weekly (Dec.15) – 10th VBP Results, WuXi Shares Surge, Newjf Will Be Successful
  • MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Add, One Delete & Other Changes
  • Cheniere Energy Inc.: These Are The 5 Biggest Challenges In Its Path! – Major Drivers
  • Pembina’s Cedar LNG Bet: The Untapped Goldmine Fueling Its Future Profit Boom! – Major Drivers

CPMC (906 HK): Not A Shadow Of Doubt (!) As Pre-Cons Fulfilled

By David Blennerhassett

  • My conversation with the FA earlier this week largely put to rest a number of concerns, specifically on regulatory approvals, surrounding the Offer for CPMC Holdings (906 HK). 
  • As announced on the 13th December, the last pre-condition, SAFE, has been satisfied. All pre-cons have been fulfilled.  The Offer Doc will be dispatched on or before the 20th December
  • This could turn unconditional before year-end, depending on whether Zhang Wei promptly tenders. Expect the share price to trade tight (er) to terms Monday morning.

China Healthcare Weekly (Dec.15) – 10th VBP Results, WuXi Shares Surge, Newjf Will Be Successful

By Xinyao (Criss) Wang

  • The 10th national VBP released results. The average price reduction was about 70%. CSPC, Kelun, Fosun Pharma, Sino Biopharmaceutical are the “main force” and their performance would be affected.
  • WuXi Shares surge due to the absence of BIOSECURE Act from the proposed amendments to US NDAA. However, the rally could be short-term as the Bill may return next year.
  • Pre-Conditions of Newjf have been smooth so far. We think investors can directly consider Newjf’s Offer. Based on the current situation, we are optimistic that Newjf will finally be successful.

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Add, One Delete & Other Changes

By Brian Freitas

Cheniere Energy Inc.: These Are The 5 Biggest Challenges In Its Path! – Major Drivers

By Baptista Research

  • Cheniere Energy reported its third-quarter 2024 financial results, reflecting solid business performance and opportunities as well as challenges within the liquefied natural gas (LNG) market.
  • The company highlighted key accomplishments, including robust financial metrics, increased guidance for the year, and advancements in their long-term projects.
  • Cheniere generated approximately $1.5 billion in consolidated adjusted EBITDA, with distributable cash flow at around $820 million and net income at approximately $900 million for the third quarter.

Pembina’s Cedar LNG Bet: The Untapped Goldmine Fueling Its Future Profit Boom! – Major Drivers

By Baptista Research

  • Pembina Pipeline Corporation’s third-quarter 2024 financial performance demonstrates a strong positioning within the midstream sector, bolstered by strategic acquisitions and expanding operations.
  • Adjusted EBITDA stood at approximately $1.019 billion, reflecting consistency with the previous year despite market headwinds.
  • Additionally, the company’s adjusted cash flow from operations totaled $724 million, or $1.25 per share.

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Dec 15
0

Daily Brief Industrials: COSCO Shipping Holdings, S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying
  • SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics

HK Connect SOUTHBOUND Flows (To 13 Dec 2024); Politburo Policy Change Bullish, Markets Wary, Buying

By Travis Lundy

  • SOUTHBOUND gross trading activity rebounded about 33% this week vs the previous week. Net buying was a little lower but still strong. Market volumes overall in HK rebounded.
  • Alibaba Group Holding (9988 HK) was again the top buy and Tencent (700 HK) and Meituan (3690 HK) the top two sells. Tech is having a mixed outing now.
  • Gross SOUTHBOUND volumes back up this week to levels seen just off the autumn peak. An interesting week as stocks popped Monday, opened high Tuesday, then fell all week.

SF Holding Pre-IPO: Head-To-Head Comparison of SF Holding & JD Logistics

By Daniel Hellberg

  • SF’s revenue base is far larger, and in Q324 SF’s revenue also grew faster than JD Logistics
  • SF and JD Log reported similar EBITDA margins in Q324, & both enjoyed Y/Y improvement
  • JD Log appears far cheaper on EV/Revenue, perhaps due to its reliance on parent JD.com

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Dec 15
0

Daily Brief Financials: Korea Stock Exchange Kospi Index, KB Financial, VIX Securities and more

By | Daily Briefs, Financials

In today’s briefing:

  • Yoon’s Impeachment Passed: Upcoming Schedule, Procedures, and Market Impact
  • A Review of Major Equity Indices in Korea in 2024
  • MarketVector Vietnam Local Index Rebalance: One Add, Float & Capping Changes

Yoon’s Impeachment Passed: Upcoming Schedule, Procedures, and Market Impact

By Sanghyun Park

  • The impeachment motion against President Yoon passed in the South Korean National Assembly, clearing the two-thirds supermajority, and is now official.
  • For the impeachment to fail, four justices must oppose it—highly unlikely given the current setup. The odds are heavily in favor of the impeachment being upheld.
  • Corporate law reforms, driven by a likely Democratic Party takeover, could fuel value-up momentum and drive the local market, potentially sparking an unexpected rally through the May election.

A Review of Major Equity Indices in Korea in 2024

By Douglas Kim

  • In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. 
  • Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.
  • Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. 

MarketVector Vietnam Local Index Rebalance: One Add, Float & Capping Changes

By Brian Freitas

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Dec 15
0

Daily Brief TMT/Internet: Alphabet , Black Sesame International Holding, Nec Networks & System Integr, Fuji Soft Inc, Gitlab , Guidewire Software, Hewlett Packard Enterprise , Nanometrics Inc, Samsara, Sprinklr and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Alphabet’s Big Tech Bets: Quantum, AI, and the Mixed-Reality Fight for Survival!
  • Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely, Some Names Have High Impact
  • Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy
  • (Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property
  • GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! – Major Drivers
  • Guidewire Software Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
  • Hewlett Packard Enterprise (HPE): Can It Really Capitalize On The Intelligent Edge & Networking Opportunities? – Major Drivers
  • Onto Innovation: Will Its High Bandwidth Memory (HBM) Expansion Bring A Shift In The Competitive Dynamics? – Major Drivers
  • Samsara Inc.: International Expansion Opportunities Driving Our ‘Outperform’ Rating! – Major Drivers
  • Sprinklr Inc.: Reenergizing Partner Ecosystem To Up Their Game! – Major Drivers

Alphabet’s Big Tech Bets: Quantum, AI, and the Mixed-Reality Fight for Survival!

By Baptista Research

  • Alphabet Inc., the parent company of Google, has long been a dominant force in the tech world, leveraging its search, cloud, and AI capabilities.
  • Recent announcements, including the development of its custom quantum computing chip “Willow,” the launch of Gemini 2.0 AI models, and its partnership with Samsung for mixed-reality headsets, have spurred investor optimism.
  • These developments come against the backdrop of an earnings call highlighting impressive revenue growth and expanding AI applications across search, cloud services, and autonomous driving.

Quiddity Leaderboard Hang Seng Internet & IT March 25: 4 Changes Likely, Some Names Have High Impact

By Janaghan Jeyakumar, CFA

  • The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
  • In this insight, we take a look at the rankings of potential ADDs and potential DELs for the March 2025 index rebal event.
  • Based on the latest available data, we see four ADDs and four DELs for HSIII in March 2025.

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

By David Blennerhassett

(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

By David Blennerhassett

GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! – Major Drivers

By Baptista Research

  • GitLab’s recent quarterly results reveal a complex, yet promising landscape for the company.
  • GitLab reported arevenue increase of 31% year-over-year, reaching $196 million for the third quarter of fiscal year 2025.
  • The company exceeded profitability guidance with a non-GAAP operating margin of 13.2%, up more than 1,000 basis points from the prior year.

Guidewire Software Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers

By Baptista Research

  • Guidewire Software’s recent earnings for the first fiscal quarter of 2025 provides insightful details on the company’s strategic initiatives and financial performance.
  • The company reported a strong start to the fiscal year, emphasizing momentum in cloud adoption and strategic international growth.
  • On the positive side, Guidewire Software demonstrated robust performance with total revenue reaching $263 million, marking a 27% year-over-year increase.

Hewlett Packard Enterprise (HPE): Can It Really Capitalize On The Intelligent Edge & Networking Opportunities? – Major Drivers

By Baptista Research

  • Hewlett Packard Enterprise’s fiscal fourth quarter results for 2024 demonstrated a robust performance, highlighted by record quarterly revenue of $8.5 billion, marking a 15% year-over-year increase.
  • This growth was driven largely by the continued success of HPE GreenLake and a notable acceleration in AI system revenues.
  • The company’s results surpassed expectations across key financial metrics, including revenue, diluted net earnings per share, and free cash flow.

Onto Innovation: Will Its High Bandwidth Memory (HBM) Expansion Bring A Shift In The Competitive Dynamics? – Major Drivers

By Baptista Research

  • Onto Innovation reported its third-quarter financial results for 2024, demonstrating several strengths and challenges that inform its investment outlook.
  • The company achieved a revenue of $252 million, marking a 4% sequential increase and a 22% rise year-over-year.
  • This performance set a new quarterly record for inspection revenue, indicating robust demand within its specialty device and advanced packaging segments.

Samsara Inc.: International Expansion Opportunities Driving Our ‘Outperform’ Rating! – Major Drivers

By Baptista Research

  • Samsara Inc. reported strong financial and operational performance in the third quarter of fiscal 2025, highlighting its continued growth and strategic advancements in a dynamic market.
  • Samsara ended the quarter with an annualized recurring revenue (ARR) of $1.35 billion, representing a 35% year-over-year growth, and achieved a record 10% adjusted free cash flow margin.
  • The growth in ARR was driven by signing high-profile clients across various sectors, including significant deals with companies like Papa John’s and Fortune 500 firms, indicating Samsara’s ability to attract large, complex organizations seeking digital transformation of physical operations.

Sprinklr Inc.: Reenergizing Partner Ecosystem To Up Their Game! – Major Drivers

By Baptista Research

  • Sprinklr, a company focused on a unified AI-powered customer experience management platform, reported its Q3 fiscal year 2025 financial results, providing insights into its current operational status and future strategies.
  • The company achieved a total revenue of $200.7 million for the quarter, marking an 8% year-over-year growth, while subscription revenue grew by 6% year-over-year to $180.6 million.
  • However, professional services revenue disappointed with a gross margin of negative 8%.

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Dec 15
0

Daily Brief Health Care: Sinopharm Group Co Ltd H, Cooper Cos, Veeva Systems Inc Class A and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Sinopharm (1099 HK) – A Compelling Investment Case
  • The Cooper Companies: Expansion of MyDay Capacity As A Vital Factor Driving Growth! – Major Drivers
  • Veeva Systems’ Vault CRM Revolution: How Smart Migrations Are Fueling Industry Domination! – Major Drivers

Sinopharm (1099 HK) – A Compelling Investment Case

By Avien Pillay

  • Sinopharm will benefit from the strong expected growth in China’s healthcare spend.
  • There is scope to increase its distribution which will continue to shield the company from short-term volatility.
  • Pricing pressure in drug prices creates opportunity to optimise range and improve profitability.

The Cooper Companies: Expansion of MyDay Capacity As A Vital Factor Driving Growth! – Major Drivers

By Baptista Research

  • Cooper Companies reported a record revenue year for fiscal 2024, achieving $3.9 billion primarily driven by strong performances from its two main divisions, CooperVision and CooperSurgical.
  • Each division marked record revenues, with CooperVision contributing $676 million in Q4, a 9% increase, largely due to its silicone hydrogel lenses like MyDay, Biofinity, and clariti.
  • The division continues to hold a strong market position, especially in torics, multifocals, and myopia management despite a soft end to the quarter for the contact lens market.

Veeva Systems’ Vault CRM Revolution: How Smart Migrations Are Fueling Industry Domination! – Major Drivers

By Baptista Research

  • Veeva Systems reported a robust performance for its fiscal 2025 third quarter that ended on October 31, 2024.
  • The company delivered revenue of $699 million, surpassing guidance, and achieved a non-GAAP operating income of $304 million.
  • This indicates strong operational execution and continued innovation, which have been key differentiators for the company.

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Dec 14
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Dec 13th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Dec 13th): Tencent, AIA, Kuaishou Technology
  • EQD | NIFTY at a Fork: Is the Rally Over? or Can It Stretch for 3 More Weeks?

Hong Kong Buybacks Weekly (Dec 13th): Tencent, AIA, Kuaishou Technology

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 13th 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), Kuaishou Technology (1024 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), Kuaishou Technology (1024 HK).

EQD | NIFTY at a Fork: Is the Rally Over? or Can It Stretch for 3 More Weeks?

By Nico Rosti

  • The NIFTY Index has been rallying more than 5% since its bottom 4 weeks ago. However the index has not returned to its all time high (26277).
  • Our models indicate that the index is starting to be overbought, but is not yet super-overbought, so the question is: will it continue higher? Or will it pullback soon?
  • This coming week will be crucial to sustain momentum and possibly accelerate, our models say that when this pattern is encountered the index can rally up to 7-8 weeks.

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Dec 14
0

Daily Brief ESG: Guarantee Program for GHG Disclosure Will Start in FY3/2028 with Limited Guarantee for Scope 1 and 2 and more

By | Daily Briefs, ESG

In today’s briefing:

  • Guarantee Program for GHG Disclosure Will Start in FY3/2028 with Limited Guarantee for Scope 1 and 2

Guarantee Program for GHG Disclosure Will Start in FY3/2028 with Limited Guarantee for Scope 1 and 2

By Aki Matsumoto

  • From FY3/2027, companies with market capitalization of over 3 trillion yen will be required to disclose GHG sequentially. 76% of companies with market capitalization of over 500 billion yen disclose.
  • A guarantee program is scheduled to be introduced in FY3/2028, but only 21% of companies with market capitalization of over 500 billion yen have disclosed their guarantees.
  • The guarantee program will begin in Scope 1 and 2 with limited guarantees. Disclosure of guarantees will increase once the discussion on qualification system for guarantee service providers is finalized.

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