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Smartkarma Daily Briefs

Mar 24
0

Daily Brief Industrials: CK Hutchison Holdings, China Merchants Port, Jiangsu Zenergy Battery Technologies, Hesai Group and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Weekly Deals Digest (23 Mar) – CK Hutchison, Canvest, ENN Energy, HKBN, Fengxiang, Spartan, DN Sols
  • China Merchants Port (144 HK): Will It Have a Role in CKH’s Port Sale?
  • Jiangsu Zenergy Battery Technologies Pre- IPO – The Positives – Brisk Volume-Led Growth
  • Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

Weekly Deals Digest (23 Mar) – CK Hutchison, Canvest, ENN Energy, HKBN, Fengxiang, Spartan, DN Sols

By Arun George

China Merchants Port (144 HK): Will It Have a Role in CKH’s Port Sale?

By Osbert Tang, CFA

  • China Merchants Port (144 HK) may potentially play a role in CK Hutchison Holdings (1 HK)‘s port portfolio disposal should the mainland government want to step in. 
  • While CMPH’s size is small relative to the port portfolio, its parent China Merchants Group and sister China Merchants Bank H (3968 HK) can easily facilitate such a transaction.
  • Having the portfolio in the hands of mainland company is desirable to the Chinese government. Even if CMPH has no role, its 7.6x PER and 6% yield are attractive.

Jiangsu Zenergy Battery Technologies Pre- IPO – The Positives – Brisk Volume-Led Growth

By Akshat Shah

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH) (Zenergy) is looking to raise up to US$300m in its upcoming HK IPO.
  • Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
  • In this note, we talk about the positive aspects of the deal.

Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

By Andrei Zakharov

  • Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.
  • The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.
  • I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.

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Mar 24
0

Daily Brief Australia: Iron Ore and more

By | Australia, Daily Briefs

In today’s briefing:

  • Iron Ore Tracker (24-Mar-2025): Iron Ore At Support Levels of 100 USD/Ton

Iron Ore Tracker (24-Mar-2025): Iron Ore At Support Levels of 100 USD/Ton

By Sameer Taneja

  • Mixed data from China shows property prices down 5-7% YoY and lower land sales YTD, while weaker U.S. consumer sentiment has also negatively impacted overall commodity prices.
  • China’s total social financing (TSF) for Jan-Feb reached 9.29 trillion RMB (Vs. consensus 9.75 trillion RMB). However, this figure is +16.6% YoY, signaling that substantial stimulus measures are in effect.
  • We expect iron ore prices to remain rangebound between 95-120 USD/ton over the next few months as cost support is strong at the 100 USD/ton level. 

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Mar 24
0

Daily Brief TMT/Internet: NetEase , HKBN Ltd, Taiwan Semiconductor (TSMC) – ADR, Micron Technology, DiDi Global, PC Partner, Hon Hai Precision Industry, Kuaishou Technology, IAC , Robosense Technology and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Hang Seng Indexes: FAF Methodology Change for Secondary Listings; Over US$1bn to Buy in NetEase
  • Merger Arb Mondays (24 Mar) – HKBN, ESR, Canvest, Vesync, Seven & I, Proto, Makino, Spartan
  • Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity
  • Micron. HBM Gets Even Better, NAND Gets Even Worse
  • Didi Global Q424 Results: Another Set of Solid Numbers from China’s Ride Hailing Giant
  • PC Partners (1263 HK): SGX Primary Listing Justified To Maintain NVIDIA Supply
  • Foxconn’s Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come
  • Kuaishou Technology (1024 HK) Earnings Today: Anticipated Price Movements
  • Weekly Update (ANGI, IAC, SNRE)
  • RoboSense Technology: Premium Multiple Is Not Justified. Long Path To Profitability

Hang Seng Indexes: FAF Methodology Change for Secondary Listings; Over US$1bn to Buy in NetEase

By Brian Freitas

Merger Arb Mondays (24 Mar) – HKBN, ESR, Canvest, Vesync, Seven & I, Proto, Makino, Spartan

By Arun George

Taiwan Dual-Listings Monitor: TSMC Headroom Increases Again; ASE at Discount a Long Opportunity

By Vincent Fernando, CFA

  • TSMC: +20% Premium; Wait for Higher Premium Before Shorting, ADR Headroom Has Increased Further
  • UMC: -1.6% Discount; Wait for Lower Discount Before Going Long
  • ASE: -0.1% Discount; Discounts Are Good Level to Long the Spread Given Maxed Headroom

Micron. HBM Gets Even Better, NAND Gets Even Worse

By William Keating

  • Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range
  • Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!
  • NAND is headed for yet another downturn after six quarters of sequential growth. 

Didi Global Q424 Results: Another Set of Solid Numbers from China’s Ride Hailing Giant

By Daniel Hellberg

  • Most key P&L items and revenue drivers improved Y/Y and sequentially vs Q324
  • Although GTV per transaction dipped slightly, estimated “take rate” improved in Q424
  • Strong OpCF obviates need for quick FY25 IPO — but it could still happen this year

PC Partners (1263 HK): SGX Primary Listing Justified To Maintain NVIDIA Supply

By David Blennerhassett

  • On the 18th June 2024, PC Partner (1263 HK)‘s board said it was considering an SGX listing, by way of introduction, and applying for the withdrawal of the HKEx listing.
  • A 30th August 2024 announcement provided clarity on a step-by-step approach for the HKEx withdrawal. A secondary listing on the SGX was established on the 15th November.
  • The next step is to establish a dual-primary listing in Singapore. Then withdraw the HKEx listing. The key driver behind this exercise is ensure the uninterrupted supply of NVIDIAs GPUs.

Foxconn’s Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

By Vincent Fernando, CFA

  • Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.
  • While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.
  • Foxconn — Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.

Kuaishou Technology (1024 HK) Earnings Today: Anticipated Price Movements

By Gaudenz Schneider

  • Kuaishou Technology (1024 HK) is set to report its latest financial results today, on March 24, 2025, after market close.
  • Expected Price Movement: Historical median price movement post-earnings is 5.6%, with option implied movement at 5.9%, indicating consistent expectations.
  • Options Strategies: Discussion of option strategies and trading opportunities, or the lack thereof, based on the narrow margin of the March 28 straddle pricing.

Weekly Update (ANGI, IAC, SNRE)

By Richard Howe

  • On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st.

  • Transaction Structure: The spin-off is designed to be tax-free, providing IAC shareholders with direct ownership of Angi. This move will eliminate Angi’s dual-class share structure, transitioning to a one share/one vote system.

  • Distribution Ratio: IAC shareholders will receive approximately 0.5178 shares of Angi Class A common stock for each IAC share they hold. This ratio accounts for a planned 1-for-10 reverse stock split of Angi’s shares, effective March 24, 2025.

RoboSense Technology: Premium Multiple Is Not Justified. Long Path To Profitability

By Andrei Zakharov

  • RoboSense Technology shares significantly outperformed in 2025 with shares up ~43% over the year versus a ~18% gain on the HSI.
  • Chinese mass producer of LiDAR products and sensor systems has successfully completed a placing of new shares and raised ~$HK1B or ~US$131M in March. 
  • I think the stock is overvalued vs. peers given long path to profitability, lower relative gross margin profile and intense competition in Mainland China.

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Mar 24
0

Daily Brief Energy/Materials: Nanshan Aluminium International Holdings, Copper, Iron Ore, JX Advanced Metals and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Nanshan Aluminium (2610 HK): Low IPO Free Float Prevents Global Index Inclusion Despite $2.4B Mcap
  • Copper Tracker 24th March 2025: China “Special Action Consumption Plan”/Comex Spreads Stratospheric
  • Iron Ore Tracker (24-Mar-2025): Iron Ore At Support Levels of 100 USD/Ton
  • ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Nanshan Aluminium (2610 HK): Low IPO Free Float Prevents Global Index Inclusion Despite $2.4B Mcap

By Dimitris Ioannidis

  • Nanshan Aluminium (2610 HK) is forecasted to fail the fcap thresholds of both Global indices in 2025 due to low IPO free float.
  • The free float is not expected to increase upon lock-up expiry because of strategic Cornerstone and substantial shareholdings.
  • Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic Cornerstone holdings from filings thus free float.

Copper Tracker 24th March 2025: China “Special Action Consumption Plan”/Comex Spreads Stratospheric

By Sameer Taneja

  • Copper prices are receiving a favorable lift following the announcement of China’s “Special Action Plan to Boost Consumption” made early last week.
  • Total Social Financing (TSF) increased by 16% YoY for Jan-Feb to 9.29 trillion RMB. Despite being below the analyst forecasts (which were revised upwards), this is a strong number.
  • Coupled with weaker supply (Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies ), copper prices can surpass 10k USD/ton in the medium-term. 

Iron Ore Tracker (24-Mar-2025): Iron Ore At Support Levels of 100 USD/Ton

By Sameer Taneja

  • Mixed data from China shows property prices down 5-7% YoY and lower land sales YTD, while weaker U.S. consumer sentiment has also negatively impacted overall commodity prices.
  • China’s total social financing (TSF) for Jan-Feb reached 9.29 trillion RMB (Vs. consensus 9.75 trillion RMB). However, this figure is +16.6% YoY, signaling that substantial stimulus measures are in effect.
  • We expect iron ore prices to remain rangebound between 95-120 USD/ton over the next few months as cost support is strong at the 100 USD/ton level. 

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, JX Advanced Metals (5016 JP) managed to hold on to its deal price, riding on the copper price resurgance.
  • On the placements front, Judo Capital (JDO AU) was the only largish deal over the past week.

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Mar 24
0

Daily Brief South Korea: VIOL , Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Detailing KRX Market Alerts & Passive Flow Plays
  • Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

Detailing KRX Market Alerts & Passive Flow Plays

By Sanghyun Park

  • HLB Life Science faces delisting if it stays in ATTENTION for four years or gets a disclaimer in an audit—barring surprises, there’s still runway before it’s a real threat.
  • HLB Inc getting ATTENTION in May looks likely, as KRX factors in frequent correction disclosures—HLB’s history with Rivoceranib filings and the failed FDA bid add to the risk.
  • If HLB Inc. gets ATTENTION in May and drops from KOSDAQ 150, VIOL (335890 KS) steps in—worth positioning ahead of late April.

Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

By John Ley

  • A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
  • Kospi extended its gains after a strong start, maintaining its position as a relative outperformer.
  • We examine Kospi’s recent outperformance against comparable indices as well as SP500.

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Mar 24
0

Daily Brief Industrials: CK Hutchison Holdings, China Merchants Port, Jiangsu Zenergy Battery Technologies, Hesai Group and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Weekly Deals Digest (23 Mar) – CK Hutchison, Canvest, ENN Energy, HKBN, Fengxiang, Spartan, DN Sols
  • China Merchants Port (144 HK): Will It Have a Role in CKH’s Port Sale?
  • Jiangsu Zenergy Battery Technologies Pre- IPO – The Positives – Brisk Volume-Led Growth
  • Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

Weekly Deals Digest (23 Mar) – CK Hutchison, Canvest, ENN Energy, HKBN, Fengxiang, Spartan, DN Sols

By Arun George

China Merchants Port (144 HK): Will It Have a Role in CKH’s Port Sale?

By Osbert Tang, CFA

  • China Merchants Port (144 HK) may potentially play a role in CK Hutchison Holdings (1 HK)‘s port portfolio disposal should the mainland government want to step in. 
  • While CMPH’s size is small relative to the port portfolio, its parent China Merchants Group and sister China Merchants Bank H (3968 HK) can easily facilitate such a transaction.
  • Having the portfolio in the hands of mainland company is desirable to the Chinese government. Even if CMPH has no role, its 7.6x PER and 6% yield are attractive.

Jiangsu Zenergy Battery Technologies Pre- IPO – The Positives – Brisk Volume-Led Growth

By Akshat Shah

  • Jiangsu Zenergy Battery Technologies (JSZENERGY CH) (Zenergy) is looking to raise up to US$300m in its upcoming HK IPO.
  • Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
  • In this note, we talk about the positive aspects of the deal.

Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

By Andrei Zakharov

  • Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.
  • The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.
  • I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.

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Mar 24
0

Daily Brief Health Care: VIOL , Shanghai Fosun Pharmaceutical (Group) and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Detailing KRX Market Alerts & Passive Flow Plays
  • China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC’s Inflection Point

Detailing KRX Market Alerts & Passive Flow Plays

By Sanghyun Park

  • HLB Life Science faces delisting if it stays in ATTENTION for four years or gets a disclaimer in an audit—barring surprises, there’s still runway before it’s a real threat.
  • HLB Inc getting ATTENTION in May looks likely, as KRX factors in frequent correction disclosures—HLB’s history with Rivoceranib filings and the failed FDA bid add to the risk.
  • If HLB Inc. gets ATTENTION in May and drops from KOSDAQ 150, VIOL (335890 KS) steps in—worth positioning ahead of late April.

China Healthcare Weekly (Mar.23)-Fosun Pharma Sells United Family Healthcare, MNC’s Inflection Point

By Xinyao (Criss) Wang

  • Given new policy recommendations, it is only a matter of time before HPV vaccination is included in the national immunization program, which is detrimental to HPV vaccine companies.
  • MNCs have seen a inflection point in performance growth in 2024 in China. Although VBP/NRDL negotiation are negative factors, is it also due to any consideration to withdraw from China?
  • Fosun Pharma has agreed to sell its entire stake in United Family Healthcare to Calcite Gem Investments Group for US$124.1 million. We shared our views about the deal.

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Mar 24
0

Daily Brief Consumer: Sun Corp, Meituan, Guangzhou Automobile Group, BYD, TSE Tokyo Price Index TOPIX, Fu Shou Yuan, Hang Seng Index, Workman Co Ltd, Hang Seng China Enterprises Index, MINISO Group Holding and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Sun Corp (6736) – Still Cheap
  • Meituan (3690 HK): 4Q24, High Growth and Higher Margin, 60% Upside
  • A/H Premium Tracker (To 21 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening
  • BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights
  • TSE Growth Market Reforms Also Expected to Be Effective in “Request”
  • Fu Shou Yuan (1448.HK) – 2025 Outlook May Remain Sluggish Despite the Ugly 2024 Results
  • HSI Index Options Weekly (March 17-21): A Divergence in Volatility
  • Workman Fixes the Big Problem: Colors Replaces Workman Joshi
  • HSCEI Index Options Weekly (March 17-21): Optimism Fades as Key Earnings Weigh on Markets
  • Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

Sun Corp (6736) – Still Cheap

By Travis Lundy

  • Eight months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is as cheap to its main asset as it was before.
  • Sun Corp is cheap to its holding in Cellebrite DI (CLBT US). How cheap depends on the form and structure of its eventual exit. 
  • Understanding what the options are (and the dynamics around hedging/exposure) is worthwhile.

Meituan (3690 HK): 4Q24, High Growth and Higher Margin, 60% Upside

By Ming Lu

  • In 4Q24, Meituan’s revenue growth rate was 20% YoY with all businesses rising.
  • The operating margin improved to 8.8% in 4Q24 versus about zero in 4Q23.
  • We set an upside of 61% and a price target of HK$270. Buy.

A/H Premium Tracker (To 21 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening

By Travis Lundy

  • AH Premia continue to fall. Spread curve torsion was a barbell this week. Narrow and wide spreads see Hs outperform. Middling spreads outperform less.
  • To me, warning signs are flashing on spreads. They are at their narrowest in 5yrs and they are volatile, though volatility is coming down.
  • Lots of spreads see the HA premium less than 15%. That is historically tight.

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

By Gaudenz Schneider

  • Today,BYD (1211 HK) is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.
  • Expected Price Movement: Option implied movement is above the historically recorded movement.
  • Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.

TSE Growth Market Reforms Also Expected to Be Effective in “Request”

By Aki Matsumoto

  • A drastic shift by the TSE to focus on quality without increasing the number of listed companies by reducing the number of IPO companies is not very promising.
  • TSE will raise the hurdle for listing maintenance criteria slightly, but it will ask companies to make a commitment to post-listing growth during the listing examination process.
  • It’ll take time for quality of market to increase, and we expect that companies that are aware of listing costs with help from investors will naturally move to de-list themselves.

Fu Shou Yuan (1448.HK) – 2025 Outlook May Remain Sluggish Despite the Ugly 2024 Results

By Xinyao (Criss) Wang

  • Fu Shou Yuan had a sharp decline in performance in 2024. The performance in recent years has often missed management guidance, which makes us question the integrity of management.
  • The “crisis” of Fu Shou Yuan has evolved from a short-term headwind to the failure of its long-term business model. Good dividends cannot conceal the problem of gloomy outlook.
  • Valuation logic is undergoing a transformation – from a leading company with “high growth/stable cash flow” to a struggling company with “weak growth/questionable profit model”. 2025 performance may remain lower-than-expected.

HSI Index Options Weekly (March 17-21): A Divergence in Volatility

By John Ley

  • HSI started the week strong but reversed course as earnings reports pressured the market into week’s end.
  • We examine the divergence between implied volatility and historic volatility.
  • Option volumes climbed throughout the week, with Friday seeing the heaviest Call buying, though overall activity remained below the long-term average.

Workman Fixes the Big Problem: Colors Replaces Workman Joshi

By Michael Causton

  • Workman’s slower same-store growth can be blamed on its shift to mass market fashion and the choice of Workman Joshi as a banner, putting off male customers. 
  • The outdoor and workwear retailer has now acknowledged the misstep and will rebrand the chain as Workman Colors while adjusting merchandise back to more apparel basics.
  • This will take time to implement but could mean a return to form for the apparel retailer.

HSCEI Index Options Weekly (March 17-21): Optimism Fades as Key Earnings Weigh on Markets

By John Ley

  • A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
  • A strong start to the week reversed sharply after key earnings releases.
  • We examine the dislocation between implied and historic volatility and assess whether this week’s drop in implied vol was overdone.

Miniso: Undeterred by Tariffs. IP-Strategy, Global Expansion on Track. Value Buy

By Devi Subhakesan

  • MINISO Group Holding (9896 HK) committed to expanding in the U.S. with plans in place to mitigate the impact of U.S. tariffs on Chinese goods via its diversified supply chain strategy.
  • Key investor concern: Slower store expansion in Mainland China in 2025 may temper near-term sales and profit growth. Capital intensive overseas expansion could dilute potential returns.
  • Miniso (MNSO US)’s accelerating shift toward higher-margin IP co-branded lifestyle products—a strategy poised to sustain double-digit revenue growth, makes it an attractive investment play in the lifestyle retail space.

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Mar 24
0

Daily Brief United States: Micron Technology, Copper, IAC , Hesai Group and more

By | Daily Briefs, United States

In today’s briefing:

  • Micron. HBM Gets Even Better, NAND Gets Even Worse
  • Copper Tracker 24th March 2025: China “Special Action Consumption Plan”/Comex Spreads Stratospheric
  • Weekly Update (ANGI, IAC, SNRE)
  • Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

Micron. HBM Gets Even Better, NAND Gets Even Worse

By William Keating

  • Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range
  • Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!
  • NAND is headed for yet another downturn after six quarters of sequential growth. 

Copper Tracker 24th March 2025: China “Special Action Consumption Plan”/Comex Spreads Stratospheric

By Sameer Taneja

  • Copper prices are receiving a favorable lift following the announcement of China’s “Special Action Plan to Boost Consumption” made early last week.
  • Total Social Financing (TSF) increased by 16% YoY for Jan-Feb to 9.29 trillion RMB. Despite being below the analyst forecasts (which were revised upwards), this is a strong number.
  • Coupled with weaker supply (Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies ), copper prices can surpass 10k USD/ton in the medium-term. 

Weekly Update (ANGI, IAC, SNRE)

By Richard Howe

  • On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st.

  • Transaction Structure: The spin-off is designed to be tax-free, providing IAC shareholders with direct ownership of Angi. This move will eliminate Angi’s dual-class share structure, transitioning to a one share/one vote system.

  • Distribution Ratio: IAC shareholders will receive approximately 0.5178 shares of Angi Class A common stock for each IAC share they hold. This ratio accounts for a planned 1-for-10 reverse stock split of Angi’s shares, effective March 24, 2025.

Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited

By Andrei Zakharov

  • Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.
  • The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.
  • I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.

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Mar 24
0

Daily Brief Indonesia: PT Metrodata Electronics and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Metrodata (MTDL IJ): Indonesian IT Distributor and System Integrator Trading at 9x P/E

Metrodata (MTDL IJ): Indonesian IT Distributor and System Integrator Trading at 9x P/E

By Michael Fritzell

  • Metrodata (MTDL IJ — US$410 million) is Indonesia’s largest IT distributor.

  • Notebooks, smartphones, and network equipment all flow through Metrodata’s logistics facilities before they are sold to customers.

  • Almost all global consumer electronics brands sell through Metrodata, giving it a nearly complete product portfolio.

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