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Smartkarma Daily Briefs

Mar 23
0

Daily Brief Consumer: Beenos Inc, Mohawk Industries, Group 1 Automotive, Kenvue , Skechers Usa Inc Cl A and more

By | Consumer, Daily Briefs

In today’s briefing:

  • LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000
  • Mohawk Industries: Its Expansion in Higher-End Product Mix In An Attempt To Aid Margin Expansion May Just Work Out!
  • Group 1 Automotive: Why Its Service Business Could Be the Real MVP in 2025!
  • Kenvue: From Band-Aids to Billion-Dollar Brands—What’s Fueling Its Next Growth Phase?
  • Skechers U.S.A.: Here’s Why Its D2C & E-Commerce Expansion Has Made Us Bullish!

LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000

By Travis Lundy

  • On Friday 21 March, LY (4689 JP) made an announcement it had received all the required approvals and would launch the Tender Offer on 24 March. 
  • Some were upset about the price originally but unlike other deals, this one traded below terms for three months since original announcement. Three activish funds had pitched in their 30%.
  • This is now trading tight, and will continue to trade tight. If you own, whether you hold through early May depends on whether you are bullish or bearish the market.

Mohawk Industries: Its Expansion in Higher-End Product Mix In An Attempt To Aid Margin Expansion May Just Work Out!

By Baptista Research

  • Mohawk Industries’ fourth-quarter results showed a mixed performance amid ongoing industry challenges.
  • The company reported net sales of approximately $2.6 billion, consistent with the previous year, although this included the benefit from two additional shipping days.
  • Positively impacting the results were sales initiatives, restructuring efforts, and productivity improvements.

Group 1 Automotive: Why Its Service Business Could Be the Real MVP in 2025!

By Baptista Research

  • Group 1 Automotive concluded the fourth quarter and fiscal year 2024 with a mixture of robust performance in some areas and notable challenges in others, particularly related to its U.K. operations.
  • The company reported record quarterly and annual revenues, with the U.S. business showing strong execution across new and used vehicle sales, as well as parts and service.
  • However, the U.K. segment, heavily influenced by the integration of Inchcape’s retail dealerships, faced macroeconomic hurdles largely tied to government mandates on zero emissions vehicles (ZEVs), which disrupted the conventional sales pipeline.

Kenvue: From Band-Aids to Billion-Dollar Brands—What’s Fueling Its Next Growth Phase?

By Baptista Research

  • Kenvue’s fourth quarter and full year 2024 financial results reflect a mixed performance, characterized by both challenges and improvements.
  • The company reported an organic sales growth of 1.5% for the year, which did not meet expectations partially due to a decline in demand for products related to pediatric pain and a reduction in distributor orders in Asia Pacific, notably China.
  • Despite these setbacks, Kenvue expanded its adjusted gross margin by 200 basis points to 60.4% for the year and delivered an adjusted diluted EPS of $1.14.

Skechers U.S.A.: Here’s Why Its D2C & E-Commerce Expansion Has Made Us Bullish!

By Baptista Research

  • Skechers U.S.A., Inc. (Skechers) has posted robust financial performance for the fourth quarter and full year 2024, marking significant milestones in its business development.
  • Skechers’ sales on a constant currency basis totaled over $9 billion, illustrating a 13% increase.
  • The company’s net earnings increased by 26%, with a notable gross margin of 53.2% and a double-digit operating margin of 10.1%.

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Mar 23
0

Daily Brief Financials: China Construction Bank H, LIC Housing Finance, Hankyu Hanshin REIT, Inc. and more

By | Daily Briefs, Financials

In today’s briefing:

  • Hong Kong Earnings in the Week Commencing March 24
  • LICHF: Benign Credit Cost Led to Strong Q3FY25
  • Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

Hong Kong Earnings in the Week Commencing March 24

By Gaudenz Schneider

  • The Hong Kong earnings season enters its final week with at least 17 Hang Seng Index companies reporting their 2024 results and announcing dividends.
  • The proportion of companies reporting in the coming week and the week after is significant at an index level, with notable weightings in the HSI, HSCEI, and HS TECH indices.
  • Opportunities to profit from price movement around earnings are manifold and include event-focused trading, statistical arbitrage, hedging, and capitalizing on changes in dividends and implied volatility.

LICHF: Benign Credit Cost Led to Strong Q3FY25

By Ankit Agrawal, CFA

  • LICHF reported PAT growth of 23% YoY in Q3FY25 led by benign credit cost. Credit cost was negative (-44cr) in Q3FY25 vs INR 435cr (0.2%+ of AUM) in Q3FY24.
  • Stage 1 assets improved to 93.25% of AUM vs 93.09% QoQ. NIM continues to be stable at around 2.7%, similar to last quarter, making the earnings predictable now. 
  • Led by low credit cost, LICHF is on track to achieve FY25 PAT as per our estimate of INR 5400cr+. This implies LICHF is currently trading at below 6x P/E.

Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

By David Blennerhassett

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Mar 23
0

Daily Brief South Korea: DN Solutions, Samsung Electronics, Kum Yang and more

By | Daily Briefs, South Korea

In today’s briefing:

  • DN Solutions IPO: The Bull Case
  • Samsung Electronics(005930): Shareholders’ Meeting Results
  • Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]

DN Solutions IPO: The Bull Case

By Arun George

  • DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.   
  • DN Automotive (007340 KS) is the largest shareholder, representing 84.8% of outstanding shares. The primary/secondary split is 43%/57%.
  • The bull case rests on the market share gains, high barriers to entry, healthy forward revenue indicators, a return to growth, and top-tier EBIT margin.

Samsung Electronics(005930): Shareholders’ Meeting Results

By SUSTINVEST

  • All proposals at Samsung Electronics’ March 19 shareholders’ meeting were approved, despite opposition recommendations from Sustinvest, a Korean proxy advisory firm.
  • Sustinvest had recommended voting against outside director candidate Kim Jun-sung (Agenda 2-1-1) and inside director candidate Jeon Young-hyun (Agenda 2-2-1).
  • The approval of all agenda items indicates strong shareholder support for Samsung’s current management direction despite some governance concerns raised by proxy advisors.

Kum Yang: A Potential Delisting? [Murphy’s Law in Progress]

By Douglas Kim

  • Murphy’s law is at progress for Kum Yang (001570 KS).
  • On 21 March, Kum Yang’s external auditor gave a disclaimer of opinion on the on its audit report.
  • Korea Exchange is becoming more serious about delisting shady companies, especially one that receives inappropriate audit opinions for two consecutive years.

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Mar 23
0

Daily Brief United States: Mohawk Industries, Robert Half Intl, Boston Scientific, Gartner Inc, Group 1 Automotive, Hunt (Jb) Transprt Svcs, Illinois Tool Works, Kenvue , Landstar System, Littelfuse Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Mohawk Industries: Its Expansion in Higher-End Product Mix In An Attempt To Aid Margin Expansion May Just Work Out!
  • Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!
  • Boston Scientific: How WATCHMAN and FARAPULSE Expansion Is Shaping This Med-Tech Giant’s Future!
  • Gartner Inc: Why We Are Confident Of Its Ongoing Growth In Subscription Revenue!
  • Group 1 Automotive: Why Its Service Business Could Be the Real MVP in 2025!
  • J. B. Hunt: Will Its Shift to Asset-Light Operations & Focus On Diversified Revenue Streams Pay Off?
  • Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!
  • Kenvue: From Band-Aids to Billion-Dollar Brands—What’s Fueling Its Next Growth Phase?
  • Landstar System: What Its Hybrid Model Means for the Future of Logistics!
  • Littelfuse: Inside the Semiconductor Shift Driving Its Next Chapter!

Mohawk Industries: Its Expansion in Higher-End Product Mix In An Attempt To Aid Margin Expansion May Just Work Out!

By Baptista Research

  • Mohawk Industries’ fourth-quarter results showed a mixed performance amid ongoing industry challenges.
  • The company reported net sales of approximately $2.6 billion, consistent with the previous year, although this included the benefit from two additional shipping days.
  • Positively impacting the results were sales initiatives, restructuring efforts, and productivity improvements.

Robert Half Inc: The Expanding Demand for Protiviti’s Services Is Arguably Its Biggest Growth Catalyst!

By Baptista Research

  • Robert Half International’s fourth-quarter 2024 earnings results reveal a mixed performance, reflecting both challenges and opportunities.
  • The company reported global enterprise revenues of $1.382 billion, marking a decline of 6% from the previous year on a reported basis.
  • The net income per share for the quarter was $0.53, significantly down from $0.83 a year ago.

Boston Scientific: How WATCHMAN and FARAPULSE Expansion Is Shaping This Med-Tech Giant’s Future!

By Baptista Research

  • The financial results for Boston Scientific’s fourth quarter and full-year 2024 highlight both strengths and challenges faced by the company.
  • Achieving robust growth in several segments, the company reported operational sales growth of 23% for the quarter and 18.5% for the year, with organic growth hitting 20% and 16% respectively.
  • These figures surpass their upper guidance limits, indicating strong market performance, driven primarily by the early U.S. adoption of the FARAPULSE system and other key products.

Gartner Inc: Why We Are Confident Of Its Ongoing Growth In Subscription Revenue!

By Baptista Research

  • WillScot Holdings Corp reported its fourth-quarter and full-year 2024 financial and operational results, highlighting both achievements and challenges faced during the year.
  • The company, recognized as the largest provider of modular space and portable storage solutions in North America, undertook strategic initiatives aimed at strengthening its market position and driving long-term growth.
  • In 2024, WillScot successfully integrated key components of its operations, notably the merger of its Mobile Mini and WillScot field sales and operations teams.

Group 1 Automotive: Why Its Service Business Could Be the Real MVP in 2025!

By Baptista Research

  • Group 1 Automotive concluded the fourth quarter and fiscal year 2024 with a mixture of robust performance in some areas and notable challenges in others, particularly related to its U.K. operations.
  • The company reported record quarterly and annual revenues, with the U.S. business showing strong execution across new and used vehicle sales, as well as parts and service.
  • However, the U.K. segment, heavily influenced by the integration of Inchcape’s retail dealerships, faced macroeconomic hurdles largely tied to government mandates on zero emissions vehicles (ZEVs), which disrupted the conventional sales pipeline.

J. B. Hunt: Will Its Shift to Asset-Light Operations & Focus On Diversified Revenue Streams Pay Off?

By Baptista Research

  • J.B. Hunt Transport Services reported mixed results for the fourth quarter of 2024, reflecting both operational strengths and ongoing challenges in the freight market.
  • The company recognized a 5% year-over-year revenue decline, despite a slight 2% increase in operating income and a 4% rise in diluted earnings per share.
  • However, the year was weighed down by significant one-time charges, including $16 million in intangible asset impairments related to the BNSF Logistics acquisition, contributing to a 16% annual decline in operating income and a 20% decrease in EPS.

Illinois Tool Works: Here’s How Its Focus On China’s Automotive & EV Markets Is Paying Off!

By Baptista Research

  • Illinois Tool Works Inc. (ITW) completed 2024 on a strong financial footing, achieving record results in several key performance areas.
  • For the fourth quarter, the company reported a modest decline in total revenues by 1.3%, but a robust operating margin increase to 26.2%, an improvement of 140 basis points, driven primarily by enterprise initiatives.
  • The company’s ability to expand operating income by 4% in spite of lower revenue demonstrates effective cost management and strategic execution.

Kenvue: From Band-Aids to Billion-Dollar Brands—What’s Fueling Its Next Growth Phase?

By Baptista Research

  • Kenvue’s fourth quarter and full year 2024 financial results reflect a mixed performance, characterized by both challenges and improvements.
  • The company reported an organic sales growth of 1.5% for the year, which did not meet expectations partially due to a decline in demand for products related to pediatric pain and a reduction in distributor orders in Asia Pacific, notably China.
  • Despite these setbacks, Kenvue expanded its adjusted gross margin by 200 basis points to 60.4% for the year and delivered an adjusted diluted EPS of $1.14.

Landstar System: What Its Hybrid Model Means for the Future of Logistics!

By Baptista Research

  • Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments amid soft freight demand and abundant truck capacity.
  • Revenue in the fourth quarter of 2024 indicated resilience, with figures slightly above the midpoint of guidance, even as earnings per share fell modestly below guidance due to margin pressures and increased costs.
  • The company’s performance in 2024 was marked by a significant record in the heavy haul division, where revenue rose to approximately $498 million, spurred by a 9% increase in revenue per load and a 3% uptick in volume.

Littelfuse: Inside the Semiconductor Shift Driving Its Next Chapter!

By Baptista Research

  • Littelfuse reported mixed results for the fourth quarter of 2024, aligning with their guided range amidst challenging market conditions.
  • The company saw sales and earnings that reflect stable operational execution.
  • For the full year, Littelfuse navigated a difficult environment, demonstrated by a modest decline in revenues to $2.2 billion, down 7% from the prior year.

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Mar 23
0

Daily Brief China: Tencent, China Mobile, Xiaomi Corp, China Construction Bank H, Evergreen Marine Corp and more

By | China, Daily Briefs

In today’s briefing:

  • [Tencent (700 HK, BUY, TP HK$545) Target Price Change]: C4Q24 Review: Good Time to Pick up Shares
  • HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying
  • Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success
  • Hong Kong Earnings in the Week Commencing March 24
  • Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

[Tencent (700 HK, BUY, TP HK$545) Target Price Change]: C4Q24 Review: Good Time to Pick up Shares

By Ying Pan

  • Tencent reported C4Q24 revenue, IFRS op. profit, and IFRS net income in-line, (5.3%), 6.0% vs. our est. and 2.1%, (12.6%), 5.3% vs. cons. 
  • We shifted our game TOP PICK from Tencent to NetEase on January 16 2025, due to pipeline gaps. 
  • We reiterate our BUY rating and raise TP to HK$545 on Tencent. We expect game pipeline to fill the gap with the launch of two blockbusters in C3Q25.

HK Connect SOUTHBOUND Flows (To 21 Mar 2025); Lots Of “Day Trading” And Behind the Scenes Div-Buying

By Travis Lundy

  • Gross SOUTHBOUND volumes dropped again somewhat but still high at HK$619bn. NET buying by SOUTHBOUND was HK$23bn which is much smaller than the last several weeks.
  • The flows here are still striking and net to buy. There has to be institutional buying. And I assume it is to get the earnings yield and div pickup. 
  • Included is a summary of important China Stocks-relevant news as I saw it this week.

Xiaomi (1810 HK): Earnings Beat, Volatility Retreat, and Straddle Success

By Gaudenz Schneider

  • Xiaomi Corp (1810 HK) significantly beat Q4 2024 earnings expectations, yet the stock showed minimal price movement with just a 1.0% gain immediately after the announcement.
  • Post-Earnings implied volatility declined substantially from 72% pre-earnings to below 53.4% after earnings, confirming pre-announcement predictions of overpriced volatility.
  • Straddle positions were actively traded around the earnings event. A case study showcases a profitable short straddle strategy.

Hong Kong Earnings in the Week Commencing March 24

By Gaudenz Schneider

  • The Hong Kong earnings season enters its final week with at least 17 Hang Seng Index companies reporting their 2024 results and announcing dividends.
  • The proportion of companies reporting in the coming week and the week after is significant at an index level, with notable weightings in the HSI, HSCEI, and HS TECH indices.
  • Opportunities to profit from price movement around earnings are manifold and include event-focused trading, statistical arbitrage, hedging, and capitalizing on changes in dividends and implied volatility.

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

By Daniel Hellberg

  • Price momentum remains very weak, and spot rates are already below 2024 lows
  • Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025
  • USTR / MARAD proposed rule changes could add to US tariff chaos & raise carriers’ costs

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Mar 23
0

Daily Brief Japan: Beenos Inc, Mitsubishi Heavy Industries, Shinko Electric Industries, Hankyu Hanshin REIT, Inc. and more

By | Daily Briefs, Japan

In today’s briefing:

  • LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000
  • MHI (7011 JP): U.S. Presses Japan to Spend More on Defense
  • (Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric
  • Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

LY Corp (4689) Launches Beenos (3328) Tender Offer at ¥4,000

By Travis Lundy

  • On Friday 21 March, LY (4689 JP) made an announcement it had received all the required approvals and would launch the Tender Offer on 24 March. 
  • Some were upset about the price originally but unlike other deals, this one traded below terms for three months since original announcement. Three activish funds had pitched in their 30%.
  • This is now trading tight, and will continue to trade tight. If you own, whether you hold through early May depends on whether you are bullish or bearish the market.

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

By Scott Foster

  • Japan’s top defense and aerospace contractor is being rerated to account for the limits on relying on the U.S. for defense in an alarming national security environment.
  • A reasonably optimistic scenario brings MHI’s P/E ratio down to 22X in FY Mar-28, by which time Japan’s defense spending is scheduled reach 2% of GDP.
  • The Trump administration wants Japan to spend more, but getting the budget through the national Diet is difficult enough as it is. 

(Mostly) Asia-Pac M&A: Westgold/Spartan, Dropsuite, Shandong Fengxiang, Proto Corp, Shinko Electric

By David Blennerhassett

Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

By David Blennerhassett

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Mar 23
0

Daily Brief India: LIC Housing Finance and more

By | Daily Briefs, India

In today’s briefing:

  • LICHF: Benign Credit Cost Led to Strong Q3FY25

LICHF: Benign Credit Cost Led to Strong Q3FY25

By Ankit Agrawal, CFA

  • LICHF reported PAT growth of 23% YoY in Q3FY25 led by benign credit cost. Credit cost was negative (-44cr) in Q3FY25 vs INR 435cr (0.2%+ of AUM) in Q3FY24.
  • Stage 1 assets improved to 93.25% of AUM vs 93.09% QoQ. NIM continues to be stable at around 2.7%, similar to last quarter, making the earnings predictable now. 
  • Led by low credit cost, LICHF is on track to achieve FY25 PAT as per our estimate of INR 5400cr+. This implies LICHF is currently trading at below 6x P/E.

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Mar 22
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Mar 21st): China Hongqiao and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Mar 21st): China Hongqiao, Swire Pacific, Samsonite
  • ASX Short Interest Weekly (Mar 14th): Lottery, Telstra, Sigma Pharmaceuticals

Hong Kong Buybacks Weekly (Mar 21st): China Hongqiao, Swire Pacific, Samsonite

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 21st based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Swire Pacific (19 HK), Samsonite (1910 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were CNBM (3323 HK), Swire Pacific (19 HK), China Hongqiao (1378 HK).

ASX Short Interest Weekly (Mar 14th): Lottery, Telstra, Sigma Pharmaceuticals

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Mar 14th (reported today) which has an aggregated short interest worth USD22.5bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.

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Mar 22
0

Daily Brief ESG: “TSE’s Request” Catalyzes and Attracts Activist Investors to Invest and more

By | Daily Briefs, ESG

In today’s briefing:

  • “TSE’s Request” Catalyzes and Attracts Activist Investors to Invest

“TSE’s Request” Catalyzes and Attracts Activist Investors to Invest

By Aki Matsumoto

  • When investing in a larger company, one can expect higher liquidity, higher expectations of endorsement of the activist investor’s views because of the large institutional holdings, and smoother communication.
  • As cross-shareholding structures are beginning to break down, there’re many opportunities for activist investors to attack such companies because they couldn’t create value and grow due to underutilization of resources.
  • Activist investors have invested in Japanese companies in the past, but never with such success. This success is largely due to a change in the environment.

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Mar 22
0

Daily Brief Thematic (Sector/Industry): Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?
  • US Banks – Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024
  • Japan Strategy Weekly | Banks & Traders Rally
  • #123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake
  • AUCTUS ON FRIDAY – 21/03/2025

Thematic Report- India’s Lab Grown Diamond Industry: Poised to Outpace the Natural Diamond Industry?

By Nimish Maheshwari

  • The global lab-grown diamond (LGD) market, dominated by the US, is rapidly expanding with a projected CAGR of 8.64%, driven by affordability and sustainability.
  • India, already a major production hub with 15% global share, aims for robust growth through government incentives and rising domestic consumer demand and premiumisation.
  • Consumer preference is notably shifting towards LGDs ,decreasing the gap between sales share of Natural and LGD’s driven by affordability, customization, and ethical considerations

US Banks – Weekly YoY Loan Growth Hits 3.0% Peak Since Early 2024

By Daniel Tabbush

  • Momentum in weekly HFD for loan growth at US banks is improving, now reaching 3.0% YoY for week 5 March data, a figure not reached since at least early 2024
  • The growth rate in large time deposits continues to remain incredibly low now at 1.2% YoY in the most recent week – these funds are more expensive than other deposits.
  • Loan loss reserves are still much higher than YE19 at 1.59% of loans there is a distinct bottoming and turning over of this ratio – suggesting better credit metrics.

Japan Strategy Weekly | Banks & Traders Rally

By Mark Chadwick

  • The Japanese stock market posted solid gains over the past week, with the Topix rising 3.3% and the Nikkei advancing 1.7%
  • The Bank of Japan maintained its key short-term interest rate at  0.5% in March, given a cautious view over the global macro outlook
  • MHI shares rose 16% this week, driven by optimism over Japan’s nuclear energy expansion plans and rising defense commitments.

#123 India Insight: Hero MotoCorp Execs Resign, Allianz Partners Jio, Bain to Buy Manappuram Stake

By Sudarshan Bhandari

AUCTUS ON FRIDAY – 21/03/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price of £0.10 per share: Significant power transaction highlights the value of the S.
  • Africa electricity trading business – Etana Energy, the South African electricity trading business (49% held by Chariot) has arranged a US$55 mm guarantee finance facility through Standard Bank and secured an equity investment of up to US$20 mm from Norfund for working capital.
  • In exchange, Standard Bank and Norfund will hold 10% and 20% of the project’s economics, respectively, via preferred equity.

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