Smartkarma Daily Briefs, Author at Smartkarma

Jan 18

Daily Brief China: China Vanke , Indosat Tbk PT and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Lucror Analytics – Morning Views Asia
Asia Real Estate Tracker (17-Jan-2025): ESR & CloudHQ JV for $2B Osaka Data Centre Campus

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In the US, December advance retail sales eased to 0.4% m-o-m (0.6% e / 0.8% revised p), while the November figure was revised upwards to 0.8% (from 0.7%).
Growth in auto sales slowed to 0.7% (after accelerating 3.1% in November), albeit receipts at miscellaneous store retailers soared 4.3%.
The retail sales control group (which feeds into the government’s calculation of goods spending for GDP, and excludes food services, auto dealers, gas stations and building materials stores) accelerated 0.7% m-o-m (0.4% e / 0.4% p).

Asia Real Estate Tracker (17-Jan-2025): ESR & CloudHQ JV for $2B Osaka Data Centre Campus

By Asia Real Estate Tracker

ESR partners with CloudHQ for $2B Osaka data centre, aiming to enhance digital infrastructure in the region.
Macquarie Asset Management plans to invest $5B in a crypto firm turned data centre startup, highlighting growing interest in the industry.
US hyperscaler enters Malaysian market, establishing a 220MW campus in Johor to meet increasing demand for data services in the region.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 18

Daily Brief Japan: Macromill, Inc, D.Western Therapeutics Institute Inc., Takachiho Koheki and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Macromill (3978 JP): CVC Bumps to JPY1,250, but the Offer Remains Light
4576 JP – Announced Revisions to FY24/12 Earnings Forecasts
2676 JP – Aiming to Transform from “selling Goods” to “selling Services”…

Macromill (3978 JP): CVC Bumps to JPY1,250, but the Offer Remains Light

By Arun George

Macromill, Inc (3978 JP) disclosed a revised tender offer from CVC at JPY1,250, an 8.7% premium to the previous JPY1,150 offer. The offer has been declared final.
The revised offer is reasonable compared to historical trading ranges. Since the announcement of the offer, the share price has never exceeded it.
CVC seeks an irrevocable from Oasis, but Oasis has several reasons to ignore the overtures. Due to the high required acceptance rate, a gross spread of 0.2% is unattractive.

4576 JP – Announced Revisions to FY24/12 Earnings Forecasts

By Sessa Investment Research

In light of recent performance trends, DWTI has revised its initial earnings forecasts announced on February 9, 2024.
In addition, the Company is recording an extraordinary loss in its non-consolidated financial results for the fiscal year ending December 2024.
Net sales are expected to increase due to strong royalty income from ophthalmic surgical aid “DW-1002” in Europe, the United States, etc.

2676 JP – Aiming to Transform from “selling Goods” to “selling Services”…

By Sessa Investment Research

Takachiho Koheki (hereafter, the Company) is a trading company highly specialized in electronics technology that has identified the underlying needs of its customers to introduce the world’s cutting-edge electronics products to Japan ahead of competitors.
With engineering employees accounting for over 40% of its workforce, the Company is a highly specialized technical organization with a total of about 25,000 customer accounts, and its solid customer base is one of its assets.
In H1 FY2025/3, the Company surpassed initial estimates, reporting consolidated net sales of JPY13,314 mn (+4.6% YoY), operating profit of JPY936 mn (+31.2% YoY), ordinary profit of JPY811 mn (-23.2% YoY), and profit attributable to owners of parent (hereinafter, net profit) of JPY594 mn (-17.2% YoY).

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 18

Daily Brief Health Care: Maze Therapeutics, D.Western Therapeutics Institute Inc., Ainos and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Maze Therapeutics Inc. (MAZE): Phase 2 Biopharma Targeting Kidney Disease Files for IPO.
4576 JP – Announced Revisions to FY24/12 Earnings Forecasts
Ainos, Inc: Previewing the Year Ahead with Focus on AI Nose Programs

Maze Therapeutics Inc. (MAZE): Phase 2 Biopharma Targeting Kidney Disease Files for IPO.

By IPO Boutique

Currently advancing two wholly owned lead programs, MZE829 and MZE782, each of which represents a novel precision medicine-based approach for chronic kidney disease
Lead candidate initiated a Phase 2 trial of MZE829 in November 2024 and expect to dose their first patient in the first quarter of 2025
We anticipate this company to set terms (share size, price range) in the next week for a late January / early February debut.

4576 JP – Announced Revisions to FY24/12 Earnings Forecasts

By Sessa Investment Research

In light of recent performance trends, DWTI has revised its initial earnings forecasts announced on February 9, 2024.
In addition, the Company is recording an extraordinary loss in its non-consolidated financial results for the fiscal year ending December 2024.
Net sales are expected to increase due to strong royalty income from ophthalmic surgical aid “DW-1002” in Europe, the United States, etc.

Ainos, Inc: Previewing the Year Ahead with Focus on AI Nose Programs

By Water Tower Research

Looking ahead in 2025, we expect greater visibility in Ainos’ AI Nose programs, including robotics, smart manufacturing, elderly care monitoring, and Ainos Flora for women’s health testing.
Veldona clinical trials in Sjogren’s syndrome and HIV-related oral warts remain on track, with Taiwan study completions expected in 2026.
Sets eye on robotics. Ainos aims to expand its AI Nose application to robotics. It is seeking collaboration with the robotics and humanoid developers, as it believes now is the time to equip robotics with the ability to smell, filling a key gap in robot sensory capabilities.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 18

Daily Brief Industrials: AKR Corporindo, Hanwha Ocean , Teleperformance and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

AKR Corporindo (AKRA IJ) – Smelters and Gas Stations Bring Opportunity
Flagging the Hanwha Ocean CB Conversion Risk (20% of Shares Out)
Teleperformance (TEP) – Thursday, Oct 17, 2024

AKR Corporindo (AKRA IJ) – Smelters and Gas Stations Bring Opportunity

By Angus Mackintosh

AKR Corporindo (AKRA IJ) hosted an analyst call to outline prospects for 2025, which revealed a more positive outlook for fuel distribution driven by growth in demand from mining.
The chemical distribution will also benefit from demand from new smelters as well as new chemicals, whilst land sales at JIIPE are set to increase significantly in 2025.
The retail gas station business is picking up momentum and should benefit from the government reducing fuel subsidies. Valuations are attractive with support from a 7% dividend yield.

Flagging the Hanwha Ocean CB Conversion Risk (20% of Shares Out)

By Sanghyun Park

KEXIM ignoring this premium could be a breach of duty, making Hanwha Ocean a prime short play. With 20% of shares, past cases suggest a 5-10% pullback.
This play’s tougher than HMM’s. Without step-ups, timing the conversion is tricky. Early redemption’s unlikely, so the focus is on when KEXIM pulls the trigger on the conversion.
No hints from KEXIM on the CB conversion yet, so loading up aggressively could be risky. We’ll likely need to wait for a signal from KEXIM before jumping in.

Teleperformance (TEP) – Thursday, Oct 17, 2024

By Value Investors Club

Teleperformance is undervalued with its Language Line Solutions business not fully reflected in its current market price
Despite strong growth and high profit margins, concerns about AI disrupting the industry have overshadowed Teleperformance’s fundamentals
Operating across three segments, Teleperformance is positioned to capitalize on the expected growth in the customer experience management market, projected to reach $14.9 billion by 2025

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.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 18

Daily Brief TMT/Internet: LG CNS, Samsung Electronics, Xiaomi Corp, Takachiho Koheki, Charter Communications and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

LG CNS IPO Book Building Results Analysis
EQD | Samsung Electronics – How to Position Amid a Plethora of Catalysts
Tech Supply Chain Tracker (18-Jan-2025): Trump AI policies
2676 JP – Aiming to Transform from “selling Goods” to “selling Services”…
Charter Communications Inc (CHTR) – Thursday, Oct 17, 2024
Samsung Electronics: Revamping Executive Compensation to Include Stocks – Benchmarking TSMC

LG CNS IPO Book Building Results Analysis

By Douglas Kim

LG CNS reported a successful IPO book building results analysis. The IPO price has been finalized at 61,900 won per share (high end of the IPO price range).
The demand ratio from the institutional investors was 114 to 1. At the IPO price of 61,900 won, the expected market cap will be 6 trillion won.
According to our valuation analysis, it suggests a base case target price of 76,383 won per share, which represents a 23% upside from the IPO price of 61,900 won.

EQD | Samsung Electronics – How to Position Amid a Plethora of Catalysts

By John Ley

Samsung Electronics stock has been an underperformer outright and also relative to Kospi200 as an overhang of catalysts has weighed on performance.
Implied vols are at the 88th percentile over the last 3 years and are at the top of their range relative to Kospi200.
We recommend 4 different ways to position in front of these catalysts and the large stock buy-back that was announced in November.

Tech Supply Chain Tracker (18-Jan-2025): Trump AI policies

By Tech Supply Chain Tracker

Trump 2.0 AI policies spark debate and criticism with a focus on nationalism and economic protectionism, dividing opinions.
China launches new low-altitude economy department to drive future growth, while Apple establishes Shanghai subsidiary to enhance AI integration in the country.
Nvidia CEO confirms growing CoWoS-L production capacity, but Apple faces crisis in China with 25% drop in iPhone shipments despite market dominance. Vietnam semiconductor push hindered by power supply challenges, prompting Asian countries to counter Trump 2.0’s aggressive policies swiftly.

2676 JP – Aiming to Transform from “selling Goods” to “selling Services”…

By Sessa Investment Research

Takachiho Koheki (hereafter, the Company) is a trading company highly specialized in electronics technology that has identified the underlying needs of its customers to introduce the world’s cutting-edge electronics products to Japan ahead of competitors.
With engineering employees accounting for over 40% of its workforce, the Company is a highly specialized technical organization with a total of about 25,000 customer accounts, and its solid customer base is one of its assets.
In H1 FY2025/3, the Company surpassed initial estimates, reporting consolidated net sales of JPY13,314 mn (+4.6% YoY), operating profit of JPY936 mn (+31.2% YoY), ordinary profit of JPY811 mn (-23.2% YoY), and profit attributable to owners of parent (hereinafter, net profit) of JPY594 mn (-17.2% YoY).

Charter Communications Inc (CHTR) – Thursday, Oct 17, 2024

By Value Investors Club

Author has a long position in CHTR and may buy or sell securities without notice
Importance of conducting independent research before making investment decisions
Views CHTR as a opportunity despite competition from FWA, with significant risk-reward potential

Samsung Electronics: Revamping Executive Compensation to Include Stocks – Benchmarking TSMC

By Douglas Kim

Samsung Electronics announced that it will revamp its executive compensation system to include treasury shares as incentives. Samsung has benchmarked TSMC in terms of paying treasury shares to its employees.
Samsung Electronics’ decision to revamp its executive compensation system to include treasury shares as incentives aligns the interests of the shareholders along with the company’s management.
Now that Samsung Electronics has incorporated stock based incentive system, it is likely that other Korean companies that could follow suit.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 18

Daily Brief Energy/Materials: Shell PLC, Crude Oil, Louisiana Pacific, Trigon Metals , SGX Rubber Future TSR20, PetroTal, Sintana Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

[Earnings Preview] Lower Gas Output and Tight Margins Hit Shell’s Q4 Outlook
[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts
Louisiana-Pacific Corp (LPX) – Thursday, Oct 17, 2024
TM: Operations Halted; Valuation Stands
RRII And ATMA Make Rubber Inroads In Northeast
PTAL: High FY25 Production Driven by High Uptime During the Dry Season and Investment
Sintana Energy Inc.: Kapana-1X Uncommercial but Chevron Expects to Continue Exploration Activities

[Earnings Preview] Lower Gas Output and Tight Margins Hit Shell’s Q4 Outlook

By Suhas Reddy

Shell’s Q4 2024 revenue and EPS are expected to decline 21.9% YoY and 35.1%, respectively. For fiscal 2024, forecasts project a 4.8% revenue drop and a 7.4% EPS decline.
Shell anticipates a USD 1.3 billion Q4 charge for emissions certificates and biofuel programs, alongside non-cash post-tax impairments ranging from USD 1.5 billion to USD 3 billion.
Shell forecasts flat refining margins at USD 5.5/bbl but a 16% QoQ drop in chemical margins to USD 138/tonne.

[ETP 2025/03] WTI Rises on Falling Stockpiles, Henry Hub Fluctuates on Volatile Weather Forecasts

By Suhas Reddy

For the week ending 10/Jan, US crude inventories fell by 2m barrels, missing expectations of a 3.5m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
US natural gas inventories fell by 258 Bcf for the week ending 10/Jan, slightly missing analyst expectations of a 260 Bcf drawdown. Inventories are 2.5% above the 5-year seasonal average.
BP forecasts tepid Q4 earnings on low refining margins and upstream output, while TotalEnergies expects higher production and gas prices to offset lower oil prices.

Louisiana-Pacific Corp (LPX) – Thursday, Oct 17, 2024

By Value Investors Club

LPX is recommended to buy at $104 with a 5-year price target of $255
The company has developed value-added Oriented Strand Board products and converted mills to produce higher-margin siding
LPX is expected to deliver mid/high-teens total shareholder return and has opportunities for reinvestment at high returns, focused on wood-based products for construction.

TM: Operations Halted; Valuation Stands

By Atrium Research

Trigon announced that its two underground pumps failed at its Kombat Mine, halting operations.
All personnel and mining equipment have been removed from the underground mine.
The Company stated that despite the issues, Horizon still plans to proceed with its commitment to purchase TM’s interest in Kombat.

RRII And ATMA Make Rubber Inroads In Northeast

By Vinod Nedumudy

RRII’s new clone RRII 417 to give yield of 2080 kg/ha a year
INROAD project covers 1,25,272 hectares in four years in NE
Northeast share of national production to go up to 32%

PTAL: High FY25 Production Driven by High Uptime During the Dry Season and Investment

By Auctus Advisors

PetroTal expects to produce 21-23 mbbl/d in 2025, with the midpoint of this guidance exceeding our expectations of 21.2 mbbl/d.
Although only four new wells are expected to come online in 2025 (including the 23H well but excluding the final well of the FY25 four-well drilling program), average production is expected to grow by ~4.2 mbbl/d from 2024 to 2025.
In comparison, six new producers were brought online in 2024 (excluding the 23H well but including the 16H well), but production increased by only ~3.4 mbbl/d from 2023 to 2024.

Sintana Energy Inc.: Kapana-1X Uncommercial but Chevron Expects to Continue Exploration Activities

By Auctus Advisors

The Kapana 1-X well on PEL-90 did not encounter commercial hydrocarbons.
The rig is likely to be demobilized, but the well’s results have increased confidence in the block.
Chevron has indicated that it anticipates further exploration in Namibia.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 18

Daily Brief Industrials: AKR Corporindo, Hanwha Ocean , Teleperformance and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

AKR Corporindo (AKRA IJ) – Smelters and Gas Stations Bring Opportunity
Flagging the Hanwha Ocean CB Conversion Risk (20% of Shares Out)
Teleperformance (TEP) – Thursday, Oct 17, 2024

AKR Corporindo (AKRA IJ) – Smelters and Gas Stations Bring Opportunity

By Angus Mackintosh

AKR Corporindo (AKRA IJ) hosted an analyst call to outline prospects for 2025, which revealed a more positive outlook for fuel distribution driven by growth in demand from mining.
The chemical distribution will also benefit from demand from new smelters as well as new chemicals, whilst land sales at JIIPE are set to increase significantly in 2025.
The retail gas station business is picking up momentum and should benefit from the government reducing fuel subsidies. Valuations are attractive with support from a 7% dividend yield.

Flagging the Hanwha Ocean CB Conversion Risk (20% of Shares Out)

By Sanghyun Park

KEXIM ignoring this premium could be a breach of duty, making Hanwha Ocean a prime short play. With 20% of shares, past cases suggest a 5-10% pullback.
This play’s tougher than HMM’s. Without step-ups, timing the conversion is tricky. Early redemption’s unlikely, so the focus is on when KEXIM pulls the trigger on the conversion.
No hints from KEXIM on the CB conversion yet, so loading up aggressively could be risky. We’ll likely need to wait for a signal from KEXIM before jumping in.

Teleperformance (TEP) – Thursday, Oct 17, 2024

By Value Investors Club

Teleperformance is undervalued with its Language Line Solutions business not fully reflected in its current market price
Despite strong growth and high profit margins, concerns about AI disrupting the industry have overshadowed Teleperformance’s fundamentals
Operating across three segments, Teleperformance is positioned to capitalize on the expected growth in the customer experience management market, projected to reach $14.9 billion by 2025

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 18

Daily Brief Utilities: Adani Green Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In the US, the December CPI edged higher to 2.9% y-o-y (2.9% e / 2.7% p) and 0.4% m-o-m (0.4% e / 0.3% p), the fastest monthly pace since March 2024.
That said, core CPI (excluding food and energy) eased marginally to 3.2% y-o-y (3.3% e / 3.3% p) and 0.2% m-o-m (0.3% e / 0.3% p).
Core CPI eased on a m-o-m basis for the first time in six months, after standing at 0.3% for four consecutive months.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 17

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Jan 10th): BHP and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

ASX Short Interest Weekly (Jan 10th): BHP, Aristocrat Leisure, Origin Energy, Computershare, Dexus
TSMC (2330.TT) Posted Record Profits, But Our Model Flashes “OVERBOUGHT”: Should You Wait to Invest?

ASX Short Interest Weekly (Jan 10th): BHP, Aristocrat Leisure, Origin Energy, Computershare, Dexus

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of ASX Stocks as of Jan 10th (reported today) which has an aggregated short interest worth USD22.0bn.
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 BHP, Aristocrat Leisure, Origin Energy, Computershare, Dexus Property, Jb Hi-Fi.

TSMC (2330.TT) Posted Record Profits, But Our Model Flashes “OVERBOUGHT”: Should You Wait to Invest?

By Nico Rosti

Taiwan Semiconductor (TSMC) (2330 TT) logged record quarterly profits, but some tactical considerations stemming from our WEEKLY model analysis suggest the stock is short-term OVERBOUGHT.
Both the Time Model and the Price Model are indicating the stock does not have much room to go higher before a possible pullback, maybe 1-2 more weeks, target 1143.
The pullback will be an opportunity to buy at slightly discounted prices, rather than pile in at the highest possible price. The long-term outlook is bullish, buy-the dip.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 17

Daily Brief ESG: Raising Requirements for Shareholder Proposals Could Hinder the Shift to Value-Creating Management and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Raising Requirements for Shareholder Proposals Could Hinder the Shift to Value-Creating Management

Raising Requirements for Shareholder Proposals Could Hinder the Shift to Value-Creating Management

By Aki Matsumoto

Because the majority of companies are still unable to change themselves, both the government and the TSE have taken measures to expect engagement from institutional investors, including activist investors.
Japan has high barriers in areas that aren’t regulated by law. The existence of cross-shareholdings has allowed managers to continue to operate without respect for the interests of minority shareholders.
It is premature to raise the requirements for shareholder proposals and requests to call special meetings to the level of other countries when many companies are still protected by cross-shareholdings.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Smartkarma Daily Briefs

Recent Posts

SOLUTIONS

ABOUT

LEGAL

Contact

DOWNLOAD