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Smartkarma Daily Briefs

Jan 12
0

Daily Brief Industrials: FuelCell Energy , Nova Technology Corp/Taiwan, Donaldson Co, Evergreen Marine Corp, CSSC (Hong Kong) Shipping Co Ltd, Huntington Ingalls Industries, Kbr Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • FuelCell Energy: Expanding Manufacturing Capabilities To Better Capitalize On Emerging Opportunities! – Major Drivers
  • Asian Dividend Gems: Nova Technology Corp
  • Donaldson Company: Industrial Solutions Expansion As A Pivotal Growth Lever! – Major Drivers
  • Container Shipping: Mean Reversion in 2025, Yes, but to WHICH Mean?
  • BUY/SELL/HOLD: Hong Kong Stock Update (January 10)
  • Huntington Ingalls Industries: An Insight Into Its Capital Allocation & Financial Health & Major Growth Drivers
  • KBR Inc.: Is The Strategic Growth In Sustainable Technologies Solutions (STS) Here To Stay? – Major Drivers

FuelCell Energy: Expanding Manufacturing Capabilities To Better Capitalize On Emerging Opportunities! – Major Drivers

By Baptista Research

  • FuelCell Energy recently released its financial results for the fourth quarter and fiscal year-end 2024, highlighting a mix of robust revenue growth and significant restructuring initiatives aimed at positioning the company for future profitability.
  • Revenue for the fourth quarter rose dramatically by 120% year-over-year, reaching $49.3 million, primarily driven by module sales to Gyeonggi Green Energy (GGE) in South Korea.
  • Despite this quarterly increase, the full fiscal year 2024 revenue showed a decline compared to the previous year.

Asian Dividend Gems: Nova Technology Corp

By Douglas Kim

  • Nova Technology Corp is a leading company in Taiwan in integrating water, gas, and chemical systems for high-tech industrial facilities. 
  • Nova Technology provides high dividend payout and excellent dividend yield. From 2019 to 2023, the company’s dividend payout and dividend yield averaged 71.7% and 7.2%, respectively.
  • Nova Technology generates high levels of ROE. Its ROE improved from 23% in 2021 to 28.7% in 2022 and 30.3% in 2023.

Donaldson Company: Industrial Solutions Expansion As A Pivotal Growth Lever! – Major Drivers

By Baptista Research

  • Donaldson Company, a prominent player in the filtration solutions industry, reported robust financial performance in the first quarter of fiscal 2025.
  • The company’s sales totaled $900 million, reflecting a year-over-year increase of 6%.
  • This growth was primarily driven by volume expansion, with a marginal pricing and currency benefit contributing to the results.

Container Shipping: Mean Reversion in 2025, Yes, but to WHICH Mean?

By Daniel Hellberg

  • We expect container shipping profits to begin to revert to historical levels in 2025
  • Between 2009 and 2019, Evergreen Marine’s mean OpInc margin was negative 0.8%
  • We believe path to mean industry returns & near-term risks both misunderstood; AVOID

BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

By David Mudd

  • Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.
  • CSSC (Hong Kong) Shipping Co Ltd (3877 HK) was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.
  • Bosideng International Holdings (3998 HK) has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.

Huntington Ingalls Industries: An Insight Into Its Capital Allocation & Financial Health & Major Growth Drivers

By Baptista Research

  • Huntington Ingalls Industries (HII) recently reported its third-quarter earnings for 2024, presenting a mixed picture of operational performance and future expectations amid challenges.
  • The company’s reported revenue for the quarter was $2.7 billion, representing a 2.4% decrease from the prior year.
  • Additionally, earnings per share were down to $2.56 from $3.70 in the previous year.

KBR Inc.: Is The Strategic Growth In Sustainable Technologies Solutions (STS) Here To Stay? – Major Drivers

By Baptista Research

  • KBR Inc. demonstrated robust performance in Q3 2024, reflecting double-digit year-over-year growth in revenue and profitability.
  • Revenue for the quarter increased by 10%, while adjusted EBITDA rose by 18%.
  • This growth was driven by strategic business expansion and effective cost management.

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Jan 12
0

Daily Brief Energy/Materials: Plains All American Pipeline, L.P. and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Plains GP Holdings: Will Its Bolt-On Acquisitions Strategy Give Them A Competitive Edge! – Major Drivers

Plains GP Holdings: Will Its Bolt-On Acquisitions Strategy Give Them A Competitive Edge! – Major Drivers

By Baptista Research

  • Plains All American Pipeline, L.P. (PAGP) reported a strong third quarter for 2024, reflecting continued operational success and strategic initiatives.
  • The company is anticipated to reach the top end of its adjusted EBITDA guidance for the year, which ranges from $2.725 billion to $2.775 billion.
  • This performance is largely driven by robust oil volumes from the Permian Basin and efficient handling of natural gas liquids (NGLs).

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Jan 12
0

Daily Brief Consumer: Seven & I Holdings, Pressance Corp, The Walt Disney Co, Marriott Vacations World, Wyndham Hotels & Resorts , frontdoor Inc, McCormick & Company, Topbuild Corp, Cable One Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group
  • Open House Finally Takes Out Pressance (3254) – Done Deal Done Cheap
  • Pressance (3254 JP): Open House (3288 JP) JPY2,390 Tender Offer a Done Deal
  • Disney’s Master Plan For 2025: Ad-Supported Streaming & Hulu+FuboTV Merger Set To Transform the Industry!
  • Marriott Vacations Worldwide: An Insight Into Its Strategic Expansion
  • Wyndham Hotels & Resorts: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond! – Major Drivers
  • Frontdoor’s Explosive HVAC Boom Poised To Catalyze Growth! – Major Drivers
  • McCormick & Company: An Insight Into Its Digital Transformation
  • TopBuild Corp: 7 Significant Forces That Will Define Its Success in 2025 & Beyond! – Major Drivers
  • Cable One Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond! – Major Drivers

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

By David Blennerhassett

  • Seven & I Holdings (3382 JP)‘s analysts’ call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.
  • Those who bought into Ping An Healthcare and Technology (1833 HK)‘s punchy dividend, whether in cash or scrip, the trade has panned out well. 
  • KKR extends its Offer for Fuji Soft Inc (9749 JP). Separately, Bain said it had destroyed confidential data, as requested, but it’s unclear how and when that data was destroyed.

Open House Finally Takes Out Pressance (3254) – Done Deal Done Cheap

By Travis Lundy

  • Four-Plus years ago, Open House (3288 JP) bought the stake in Pressance Corp (3254 JP) owned by its embattled CEO (who had been arrested for a scandal). 
  • Four years ago, Open House launched a partial tender and capital injection to go to ~65%. A takeout was a matter of time.
  • That time has come. Today Open House announced a Tender Offer to take Pressance fully-private. This is an easy deal. A done deal. Done too cheap.

Pressance (3254 JP): Open House (3288 JP) JPY2,390 Tender Offer a Done Deal

By Arun George

  • Pressance Corp (3254 JP) announced a tender offer from Open House (3288 JP) at JPY2,390 per share, a 22.1% premium to the last close.
  • While the offer is below book value, it represents an all-time high and broadly aligns with the mid-point of the target IFA’s DCF valuation range.  
  • The low minimum acceptance condition (2.3 million or 3.25% ownership ratio) suggests a done deal. The offer runs from 14 January to 26 February (30 business days).

Disney’s Master Plan For 2025: Ad-Supported Streaming & Hulu+FuboTV Merger Set To Transform the Industry!

By Baptista Research

  • The Walt Disney Company is making significant strides in 2025, positioning itself for substantial growth and market influence through strategic mergers and innovative streaming initiatives.
  • Recently, Disney announced a landmark merger between its Hulu + Live TV service and FuboTV, creating the second-largest digital pay-TV provider in North America.
  • This move not only consolidates Disney’s presence in the live TV streaming market but also leverages FuboTV’s sports-centric audience to enhance Disney’s already robust content offerings.

Marriott Vacations Worldwide: An Insight Into Its Strategic Expansion

By Baptista Research

  • Marriott Vacations Worldwide has delivered mixed results in its third quarter 2024 performance, characterized by strategic initiatives aimed at driving growth and efficiency, amidst ongoing economic challenges.
  • The company reported increased contract sales by 5% year-over-year, with a significant portion driven by first-time buyers, and resort occupancy nearing 90%.
  • This suggests a strong demand for vacation ownership despite economic pressures faced by consumers.

Wyndham Hotels & Resorts: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond! – Major Drivers

By Baptista Research

  • Wyndham Hotels & Resorts recently reported their third quarter results for 2024, showcasing both positive progress and areas of potential concern.
  • On the positive side, the company displayed robust financial performance, with notable increases in key metrics.
  • Adjusted EBITDA and earnings per share (EPS) saw a 7% and 10% growth, respectively.

Frontdoor’s Explosive HVAC Boom Poised To Catalyze Growth! – Major Drivers

By Baptista Research

  • Frontdoor, Inc. reported a strong third quarter performance in 2024, exhibiting improvement over the previous periods.
  • A notable achievement was a record gross profit margin of 57%, benefiting significantly from favorable weather and operational enhancements.
  • Revenue experienced a modest increase of 3% year-over-year, primarily driven by a surge in demand from the company’s on-demand HVAC program, which contributed positively to their non-warranty sales.

McCormick & Company: An Insight Into Its Digital Transformation

By Baptista Research

  • McCormick & Company provided a mixed set of results in its third-quarter earnings, balancing its performance across different regions with acknowledgments of ongoing challenges.
  • Sales for the quarter remained flat in constant currency, indicating no significant changes in pricing but a slight improvement in volume and product mix.
  • This outcome includes the effects of a recent divestiture, and while total volume growth was positive, it was a modest increase.

TopBuild Corp: 7 Significant Forces That Will Define Its Success in 2025 & Beyond! – Major Drivers

By Baptista Research

  • TopBuild Corporation’s third-quarter 2024 earnings reflect a strategic navigation through a challenging market environment, showcasing both achievements and areas of concern that potential investors should evaluate carefully.
  • TopBuild posted a 3.6% increase in sales, reaching $1.37 billion, demonstrating resilience amidst a slower-than expected housing market and fluctuating mortgage rates.
  • The company has successfully leveraged acquisitions and pricing strategies across its Installation and Specialty Distribution segments to drive growth, although the organic volume growth remains modest.

Cable One Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond! – Major Drivers

By Baptista Research

  • Cable One, Inc. presented mixed results for Q3 2024, with some bright spots amidst ongoing challenges.
  • The performance was largely driven by the stabilization of residential Average Revenue Per User (ARPU) and growth in their Business Broadband segment, despite a decline in overall revenue, reflective of a challenging operational landscape.
  • Cable One’s total revenue for Q3 2024 was $393.6 million, down from $420.3 million a year ago.

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Jan 12
0

Daily Brief Financials: Mitsubishi UFJ Financial (MUFG), Yibin City Commercial Bank Co Ltd, Upstart Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts
  • Yibin Bank (2596 HK): 100% IPO Float Fails to Secure Global Index Inclusion
  • Upstart Holdings Inc. Breaks Barriers with High-Tech Automation for Explosive Efficiency Gains! – Major Drivers

Opportunity Within Europe and Japan; EURO STOXX 50 and TOPIX/Nikkei 225 Near Major Breakouts

By Joe Jasper

  • Our bullish outlook on global equities (MSCI ACWI) remains intact. Actionable Themes today include Financials, Energy, and Consumer Discretionary (European Luxury Retailers)
  • We view this pullback as a buying opportunity and we are watching for $116-$117 support to hold on ACWI-US; this is an important resistance-turned-support level dating back to July 2024.
  • Europe and Japan are on the cusp of major breakouts above critical resistance levels of 5000-5120 on the EURO STOXX 50 and 2740-2820 on the TOPIX

Yibin Bank (2596 HK): 100% IPO Float Fails to Secure Global Index Inclusion

By Dimitris Ioannidis

  • Yibin City Commercial Bank Co Ltd (2596 HK) is scheduled to debut on the HKEX on 13 January 2025 at a market capitalization of ~$1.6bn.
  • The IPO free float is 100% as the offered shares represent all the listed shares. However, the significant amount of unlisted shares result in a low fcap.
  • The security can be added at the June 2025 review if the stock price mimics the IPO debut of Bloks (325 HK) and surges by ~84%.

Upstart Holdings Inc. Breaks Barriers with High-Tech Automation for Explosive Efficiency Gains! – Major Drivers

By Baptista Research

  • Upstart Holdings, Inc., a company at the forefront of fintech innovation using artificial intelligence, has reported its third quarter financial results for 2024.
  • The company showcased significant developments while balancing both growth potentials and present challenges.
  • Positively, Upstart demonstrated substantial growth momentum, with a reported 43% sequential growth in lending volume and a return to positive adjusted EBITDA, reaching this milestone a quarter ahead of schedule.

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Jan 12
0

Daily Brief Health Care: Qingdao Haier Biomedical Lt, Halozyme Therapeutics and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (Jan.12) – Haier Biomedical and RAAS Terminated Their Merger
  • Halozyme Therapeutics Inc.: Intellectual Property Portfolio & Expansion Fueling Our ‘Outperform’ Rating! – Major Drivers

China Healthcare Weekly (Jan.12) – Haier Biomedical and RAAS Terminated Their Merger

By Xinyao (Criss) Wang

  • Since the room for China’s medical insurance fund to continue to increase reimbursement for high quality innovative drugs is still large, we are optimistic about 2025 NRDL negotiation.
  • Although it’s inevitable trend for commercial insurance to cover innovative drugs, it won’t truly improve the payment end until the contribution of commercial insurance to hospital revenue increase to 10-15%.
  • Due to the complexity of the transaction, Haier Biomedical and RAAS terminated their merger. We think disagreements would easily emerge regarding the core issue in this transaction (i.e. the price).

Halozyme Therapeutics Inc.: Intellectual Property Portfolio & Expansion Fueling Our ‘Outperform’ Rating! – Major Drivers

By Baptista Research

  • Halozyme Therapeutics reported strong financial and operational results for the third quarter of 2024.
  • The company achieved a 34% increase in total revenues, reaching $290 million, primarily driven by a 36% increase in royalty revenues, which set a new record at $155 million.
  • The growth stemmed largely from the expanded adoption of the ENHANZE drug delivery technology, especially through products like DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.

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Jan 11
0

Daily Brief ESG: Growth Policy Score Improved with the Request to Raise P/B and more

By | Daily Briefs, ESG

In today’s briefing:

  • Growth Policy Score Improved with the Request to Raise P/B, but Other Criteria Are in the Process

Growth Policy Score Improved with the Request to Raise P/B, but Other Criteria Are in the Process

By Aki Matsumoto

  • It is commendable that more listed companies as a whole are setting ROE and ROIC as their targets. The real value of actually achieving these goals will now be tested.
  • Dividend Policy score, Treasury Shares Retirement score, AGM Disclosure score, and IR Disclosure score improved slightly, but the listed companies as a whole have yet to show improvement.
  • Even though higher stock prices negatively impacted Policy Stock Holding score, overall improvement has not been achieved for the listed companies. Cash allocation also remains an issue for many companies.

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Jan 11
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Jan 10th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Jan 10th): Tencent, Anta Sports Products, AIA
  • ASX Short Interest Weekly (Jan 3rd): Paladin Energy, Santos, Ramsay Health Care, Amcor

Hong Kong Buybacks Weekly (Jan 10th): Tencent, Anta Sports Products, AIA

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 10th 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), Anta Sports Products (2020 HK), AIA (1299 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), Anta Sports Products (2020 HK).

ASX Short Interest Weekly (Jan 3rd): Paladin Energy, Santos, Ramsay Health Care, Amcor

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Jan 3rd (reported today) which has an aggregated short interest worth USD21.7bn.
  • 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 Paladin Energy, Santos, Ramsay Health Care, Amcor.

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Jan 11
0

Daily Brief Thematic (Sector/Industry): Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025
  • India’s GDP Growth Moderates: What’s Next for FY25?
  • Singapore Market Roundup (10-Jan-2025): OCBC downgrades UOB to ‘hold’.
  • #85 India Insight: Adani Wilmar Oversubscribed, HDFC Hits ₹25,000 Cr AUM, GOI To Aid LPG Losses
  • What Has Happened in the First Ten Days of 2025?
  • Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences
  • Payment Companies – Key Picks and Potential IPOs in Focus
  • AUCTUS ON FRIDAY – 10/01/2025
  • Surge in Chinese Overseas Tourism Set for Lunar New Year

Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025

By Mark Chadwick

  • A rather inauspicious start to the year and equities tumbling 2.5% in the first trading week
  • Japan should be a top performing market in 2025 – it is undervalued, buoyed by reforms and has strong domestic fund flow
  • Wage growth is key this year, setting stage for a stronger economy. Semiconductor stocks were the star performers this week! 

India’s GDP Growth Moderates: What’s Next for FY25?

By Nimish Maheshwari

  • India’s real GDP growth for FY25 is forecast at 6.4%, reflecting a significant slowdown from FY24’s 8.2%, driven by weaker investment and industrial performance.
  • The slower growth trajectory highlights the challenges in maintaining momentum, with key sectors like manufacturing and mining underperforming, signaling potential long-term structural issues for India’s economy.
  • This outlook suggests a cautious approach to India’s growth, indicating that short-term consumer-driven growth may not offset the long-term impact of subdued investment and external imbalances

Singapore Market Roundup (10-Jan-2025): OCBC downgrades UOB to ‘hold’.

By Singapore Market Roundup

  • OCBC downgrades UOB to ‘hold’ due to new high share price, signaling potentially limited growth opportunities.
  • CGSI reinitiates coverage on Food Empire, sets ambitious new target price at $1.43, indicating strong growth potential.
  • UOB Kay Hian raises Digital Core REIT’s target price to 99 US cents and maintains ‘buy’ on SingPost, with positive outlook for both companies.

#85 India Insight: Adani Wilmar Oversubscribed, HDFC Hits ₹25,000 Cr AUM, GOI To Aid LPG Losses

By Sudarshan Bhandari

What Has Happened in the First Ten Days of 2025?

By Eric Wen

  • In the first ten days of 2025, Shanghai SSE Composite declined 5.5% and broke the key 3,200 support level. The main reason for the weakness is exchange rate;
  • From November 5th when Trump won election, Renminbi exchange rate to US dollar has declined 3.3% and broke key support levels;
  • The impact has started to shown in China’s residential property market. After a strong opening, new home sales quickly petered out. Whether rebound in the next few days is critical.

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

By Hardman & Co

  • The Hardman & Co Healthcare Index (HHI) has been running since 2009.
  • Its main function is to highlight the attractions of life sciences investments over the long term.
  • For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.

Payment Companies – Key Picks and Potential IPOs in Focus

By Victor Galliano

  • We update Klarna’s pre-IPO valuation based on recent private share transactions and that of Stripe; Indian payments company Pine Labs is reputedly looking for an IPO valuation of USD6bn
  • Our 2H24 recommended shares performance was suboptimal; only two of our four longs delivered gains, and our short’s share price was strong in the “risk on” investor climate
  • We downgrade Shift4 to neutral, keeping PagSeguro as our core value pick along with European value play Nexi and US megacap Visa; we keep our sell rating on Affirm

AUCTUS ON FRIDAY – 10/01/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/ CN)C; Target price of £0.80 per share: Flow rate in line with expectations at AB-1.
  • Two more appraisal wells in January – The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque.
  • The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net).

Surge in Chinese Overseas Tourism Set for Lunar New Year

By Caixin Global

  • Many Chinese travelers are opting to head to destinations in East and Southeast Asia for the upcoming Lunar New Year holiday, underscoring a gradual recovery in outbound travel.
  • Searches for travel to Japan and South Korea during the holiday period from Jan. 28 to Feb.4 have more than doubled on Trip.com compared with last year’s holiday period, while interest in Southeast Asia has risen by 47%, according to data provided by the travel agency.
  • Japan, Thailand, Malaysia, Indonesia, Singapore, Vietnam and South Korea are the top outbound destinations for Chinese travelers during the holiday, according to hotel booking data provided by Trip.com and Qunar, another travel agency.

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Jan 11
0

Daily Brief ECM: Wuxi XDC Placement – A Repeat of Biologics Placement Saga and more

By | Daily Briefs, ECM

In today’s briefing:

  • Wuxi XDC Placement – A Repeat of Biologics Placement Saga, Last Deal Did Well
  • LXJ International Holdings Pre-IPO Tearsheet

Wuxi XDC Placement – A Repeat of Biologics Placement Saga, Last Deal Did Well

By Sumeet Singh

  • WuXi AppTec (2359 HK) aims to raise around US$150m via selling around 3% stake in WuXi XDC Cayman (2268 HK).
  • WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

LXJ International Holdings Pre-IPO Tearsheet

By Akshat Shah

  • LXJ International Holdings (LXJ HK) is looking to raise atleast US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Haitong.
  • LXJ International Holdings Limited (LXJIH) is a Chinese-style QSR brand having a chain of fast food restaurants in China.
  • It was ranked first in the Chinese-style QSR industry in China by GMV in 2023, according to CIC, making it the largest Chinese-style QSR brand in China.

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Jan 11
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • UPL Limited – ESG Report – Lucror Analytics

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Country Garden
  • In the US, the UST curve bull flattened slightly in a shortened trading session. The yield on the 2Y UST fell 2 bps to 4.27%, while that on the 10Y UST was unchanged at 4.69%.
  • The US equity market was closed yesterday, in observance of the national day of mourning for former president Jimmy Carter.

UPL Limited – ESG Report – Lucror Analytics

By Trung Nguyen

  • Headquartered in Mumbai, UPL Limited is a global agrochemical company listed on the Indian stock exchange.
  • It is the fifth-largest generic agrochemical company in the world (after Bayer, Dupont, Syngenta and BASF), with revenues of over USD 5.2 bn in FY 2023-24 (following the acquisition of Arysta LifeScience in 2019 for USD 4.2 bn).
  • The bond issuer, UPL Corp, is 78% owned by UPL Limited, with TPG and the Abu Dhabi Investment Authority each holding 11% stakes. UPL Limited is 27.9% owned by the family of Rajnikant Shroff, who is known as the Crop Protection King.

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