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Smartkarma Daily Briefs

Dec 24
0

Daily Brief Industrials: MillerKnoll, Posco International Corporation and more

By | Daily Briefs, Industrials

In today’s briefing:

  • MillerKnoll, Inc: Revised Revenue, EPS Estimates
  • New Corporate Value Up Plans of POSCO Holdings and POSCO International

MillerKnoll, Inc: Revised Revenue, EPS Estimates

By Water Tower Research

  • MLKN posted 2QFY25 adjusted EPS of $0.55 on better-than- expected revenue (+$15 million versus our estimate), with Americas Contract and Global Retail both showing strength despite industry headwinds, while the normally ‘lumpier’ International Contract was affected by uneven demand across regions.
  • We reviewed the quarterly results in our summary note.
  • In the critical Americas Contract segment, leading indicators continue to suggest an improving demand picture.

New Corporate Value Up Plans of POSCO Holdings and POSCO International

By Douglas Kim

  • Both POSCO Holdings (005490 KS) and Posco International Corporation (047050 KS) provided solid, new Corporate Value Up reports. 
  • However, POSCO International’s plan is much better. POSCO International plans to provide total shareholder returns of 50% which is more than double of its previous total shareholder return plan.
  • This sharp increase in shareholder returns is likely to lead to share outperformance of POSCO International relative to the market in the next several months. 

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Dec 24
0

Daily Brief Financials: VCredit Holdings Ltd, NIFTY Index, Pebblebrook Hotel Trust, SAMSUNG KODEX KOREA Value-Up ETF, USD, Information Services and more

By | Daily Briefs, Financials

In today’s briefing:

  • VCredit (2003 HK): Ma Does Makes His Move. But Nothing To Shout About
  • EQD / NSE NIFTY50 Vol Update / Options Market Caught Flat-Footed on Hawkish Fed Rhetoric. IVs Jump.
  • Inside Arbitrage’s Asif Suria shares his thesis on insider purchases at Pebblebrook $PEB
  • Behind the Scenes of KRX Value-Up Index Special Rebalancing: What It Means for Flow Dynamics
  • Global Rates: Hawkish cuts and dovish holds
  • Information Services Corp (ISV.) – Monday, Sep 23, 2024

VCredit (2003 HK): Ma Does Makes His Move. But Nothing To Shout About

By David Blennerhassett

  • When VCredit Holdings (2003 HK), a provider of consumer financial services in China, was suspended pursuant to the Takeovers Code, I expected an Offer from Ma Ting Hung, VCredit’s chairman.
  • Well, we do have an Offer. Ma acquired 4.19% via two SPAs, lifting his stake to 44.04%. Stephen Liu (an ED) also acquired 1.43% via an SPA.
  • As Ma, Liu, and other parties, are presumed to be acting in concert, an unconditional MGO is triggered. But at HK$1.80/share, a 9.09% discount to undisturbed.

EQD / NSE NIFTY50 Vol Update / Options Market Caught Flat-Footed on Hawkish Fed Rhetoric. IVs Jump.

By Sankalp Singh

  • Options Market caught flat-footed on hawkish Fed rhetoric. IVs corrected sharply higher, with Monthly IVs trading up to 15.5%.     
  • Vol Regime has switched to “High & Up” state. IVs now in top percentile of historical ranges. Look for a quick switch back to “High & Down” state.      
  • Smile dynamics unchanged. Skew has undergone compression. Vol term structure trading in inverted-V shape – should normalize once market-holiday drops off the calendar.

Inside Arbitrage’s Asif Suria shares his thesis on insider purchases at Pebblebrook $PEB

By Yet Another Value Podcast

  • Insiders are selling more than buying, especially in the technology sector
  • Spin-offs like Western Digital and Lionsgate Studios are of interest to insiders
  • Public Brook is a hotel company where insiders are buying stock and preferred shares, signaling potential value unlocking opportunities. Insiders are expected to start returning capital to shareholders, but the question remains if they will follow through.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Behind the Scenes of KRX Value-Up Index Special Rebalancing: What It Means for Flow Dynamics

By Sanghyun Park

  • They ditched the rulebook, used a market cap filter to pick the top 5, and watered down PBR and ROE, making them irrelevant. Market cap was the real deciding factor.
  • KRX hasn’t confirmed it, but local sources say the special rebalancing was based on the top 50 KOSPI market caps as of the December 13th close.
  • The shift was driven by local pension funds, especially NPS, which pushed for more big-cap exposure to trigger Value-Up investments, signaling a potential ramp-up in their involvement.

Global Rates: Hawkish cuts and dovish holds

By At Any Rate

  • Federal Reserve and Bank of England both make decisions that are more dovish than expected
  • Market pricing reflects uncertainty and potential easing in the future
  • Central banks take steps to ensure smooth funding and liquidity in the markets, including adjustments to repo facilities and addressing debt ceiling issues.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Information Services Corp (ISV.) – Monday, Sep 23, 2024

By Value Investors Club

  • Information Services Corporation (TSX:ISV) is a technology services provider in Canada, founded in 2000 to manage registries in Saskatchewan
  • Strong Q2 results reported, market capitalization of CAD 530 million
  • Ambitious plan for expansion, operates in a high-quality “monopoly” business with Registry Operations accounting for 70% of EBITDA

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.

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Dec 23
0

Daily Brief Quantitative Analysis: Thailand Short Interest Weekly (Dec 20th): PTT and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank
  • KRX Foreign Holding Weekly (Dec 20th): Hyundai Glovis, SK Hynix, Samsung Electronics, Celltrion
  • TWSE Foreign Holding Weekly (Dec 20th): Alchip Technologies, TSMC, Asia Optical, Elite Material
  • TWSE Short Interest Weekly (Dec 20th): Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine

Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 20th.We estimate that they had an aggregated short interest worth USD2.0bn.
  • 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 PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank, Gulf Energy Development.

KRX Foreign Holding Weekly (Dec 20th): Hyundai Glovis, SK Hynix, Samsung Electronics, Celltrion

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Dec 20th which has an aggregated holding worth USD449.4bn.
  • We estimate that foreign flows to be outflows of USD1,163mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in Hyundai Glovis, SK Hynix, Samsung Electronics, Celltrion.

TWSE Foreign Holding Weekly (Dec 20th): Alchip Technologies, TSMC, Asia Optical, Elite Material

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 20th which has an aggregated holding worth USD993.3bn.
  • We estimate that foreign flows to be outflows of USD1,219mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in Alchip Technologies, TSMC, Asia Optical, Elite Material, Hon Hai Precision Industry, Yang Ming Marine, Quanta Computer, Asia Vital Components.

TWSE Short Interest Weekly (Dec 20th): Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Dec 20th which has an aggregated short interest worth USD22.2bn.
  • 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 Yang Ming Marine, Wiwynn, Quanta Computer, Evergreen Marine, TSMC, Elite Material, Mitac, Bizlink.

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Dec 23
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Friday Bounce and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Friday Bounce

Ohayo Japan | Friday Bounce

By Mark Chadwick

  • U.S. stocks rebounded Friday after inflation data revealed a slowdown in price increases for November, with the core PCE index coming in below expectations
  • Despite the rally, all three major indices ended the week in the red, with the Nasdaq losing 1.8% and both the Dow and S&P down 2%
  • Nippon Sanso will acquire Australia and New Zealand’s Core Gas Group for AUD 770 million (¥75 billion)

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Dec 23
0

Daily Brief ECM: ECM Weekly (22nd Dec 2024) – LG CNS and more

By | Daily Briefs, ECM

In today’s briefing:

  • ECM Weekly (22nd Dec 2024) – LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

ECM Weekly (22nd Dec 2024) – LG CNS, Kioxia, Vishal Mega, IGI, Sai Life, Ventive, Paras

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, all of the India listings managed to do well, while Kioxia Holdings (285A JP) managed to provide steady returns as well.
  • On the placements front, there were only a few deals in India, led by Mankind Pharma. 

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Dec 23
0

Daily Brief Event-Driven: NEC Networks (1973 JP) Next To Last Showdown – NEC Lowers Minimum and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • NEC Networks (1973 JP) Next To Last Showdown – NEC Lowers Minimum, Bumps Tiny, Ignores Synergies
  • Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January
  • Pentmaster (1665 HK): Malaysian Parent’s Offer For Pseudo Dual-Listing
  • Japan: Potential Passive Selling in February
  • Merger Arb Mondays (23 Dec) – Seven & I, Fuji Soft, NEC Networks, Pentamaster, Goldlion, Henlius
  • Ping An Healthcare and Technology (1833 HK) – Cash Dividend Or Scrip Dividend?
  • Korea’s Dem Leader: PBR Under 0.3x Should Be Hostile M&A Targets – Names That Could Feel the Heat
  • KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations
  • Analyzing the Regulatory Loophole in Kaspi’s Acquisition of D-Market’s Controlling Stake and Potential Outcomes
  • Strategic Transactions and Legal Developments: HEPS, ACC:OL, ABCP, BELFB, NWOR:L, EMBRAC, AVAP:L

NEC Networks (1973 JP) Next To Last Showdown – NEC Lowers Minimum, Bumps Tiny, Ignores Synergies

By Travis Lundy

  • On Friday, NEC Corp (6701 JP) raised the price for its Tender Offer on Nec Networks & System Integr (1973 JP) from ¥3,250 to ¥3,300. 
  • It also lowered the minimum to 10.153mm shares (6.82%). It had proposed to do so earlier but NESIC demanded a bump, and NEC didn’t want to. 
  • Now it’s bumped. That’s the “final price.” But it still does not include “a fair allocation of a portion of the value that cannot be realised without an acquisition.”

Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January

By Arun George

  • Shanghai Henlius Biotech (2696 HK)’s IFA opines that Shanghai Fosun Pharmaceutical (Group) (2196 HK)’s HK$24.60 offer is fair and reasonable. The vote is on 22 January. 
  • The key condition is approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders rejection). There are recent movements in H Share substantial shareholders. 
  • Key shareholders should be supportive of the cash/scrip offer. At the last close and for a 15 February payment, the gross/annualised spread is 2.9%/16.9%.

Pentmaster (1665 HK): Malaysian Parent’s Offer For Pseudo Dual-Listing

By David Blennerhassett

Japan: Potential Passive Selling in February

By Brian Freitas

  • Currently, 9 stocks could be deleted from global passive portfolios in February. The deletion will lead to liquidity events where trackers will need to sell multiple days of ADV.
  • There has been a buildup on shorts on few stocks with minimal positioning in the other stocks. That could change once the calendar ticks over to 2025.
  • Kokusai Electric (6525 JP) is a potential inclusion to the Nikkei 225 (NKY INDEX) in March and this deletion could provide liquidity to enter a position ahead of that announcement.

Merger Arb Mondays (23 Dec) – Seven & I, Fuji Soft, NEC Networks, Pentamaster, Goldlion, Henlius

By Arun George

Ping An Healthcare and Technology (1833 HK) – Cash Dividend Or Scrip Dividend?

By Xinyao (Criss) Wang

  • Hopson Development (754 HK) is cash-strapped and it will most likely choose cash dividend, which would increase the likelihood that Glorious Peace’s shareholding ratio will increase to more than 50%.
  • If PAGD’s share price is higher than HK$6.12, there is arbitrage opportunity. Since Ping An may hope other shareholders to choose cash dividends, future stock price may fall below HK$6.12
  • A risk point is Ping An can actually wait for other shareholders to make their choices before making the final decisions based on the stock price situation at that time.

Korea’s Dem Leader: PBR Under 0.3x Should Be Hostile M&A Targets – Names That Could Feel the Heat

By Sanghyun Park

  • During the public hearing, Lee Jae-myung asked Simpac’s CFO about their 0.3x PBR, then remarked, “That’s prime territory for a hostile M&A.”
  • With PBRs under 0.3x, these companies may roll out shareholder returns to manage political pressure—definitely worth tracking from a value-up trading perspective.
  • Hanwha is interesting due to its room for shareholder returns and potential merger with Hanwha Energy. With the new Commercial Act, a public tender offer is likely. Worth watching closely.

KOSPI Size Indices: Overlap Between Global Passive Selling & Downward Migrations

By Brian Freitas

  • The review period for the March rebalance of the KOSPI Size Indices commenced on 1 December and will end on 28 February.
  • A quarter of the way through the review period, we forecast 37 migrating stocks. Among new listings, 1 could be added to LargeCap, 3 to MidCap and 2 to SmallCap.
  • Four downward migrations were deleted from a global index in November. Now, three more downward migrations could be deleted from the same global index in February.

Analyzing the Regulatory Loophole in Kaspi’s Acquisition of D-Market’s Controlling Stake and Potential Outcomes

By Dalius Tauraitis

  • D-Market’s controlling stake is being sold to Kaspi, acquiring Class A shares at $7.57 and Class B at $4.75.
  • Turkish law mandates a takeover offer for minority shares, but HEPS’s ADR structure exempts it from this requirement.
  • Activism efforts aim to increase HEPS’s shareholders to 500, potentially forcing Kaspi to include minority shareholders.

Strategic Transactions and Legal Developments: HEPS, ACC:OL, ABCP, BELFB, NWOR:L, EMBRAC, AVAP:L

By Dalius Tauraitis

  • D-Market Electronic Services & Trading’s (HEPS) controlling stake is being sold to Kaspi, exploiting a regulatory loophole to avoid a mandatory takeover offer.
  • Aker Carbon Capture (ACC:OL) sold its business, leaving a cash shell trading at a 20% discount to net cash.
  • Ambase (ABCP) is litigating over an Equity Put Right, with summary judgment motions scheduled, potentially impacting share price.

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Dec 23
0

Daily Brief Equity Bottom-Up: Unloved Japan Roundup-Rohm and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Unloved Japan Roundup-Rohm, Taiyo Yuden, Kose
  • 2025 High Conviction: DFI Retail – Churning Free Cash by Turning the Right Levers
  • Vesync (2148 HK): A Potential Privatisation?
  • Ricegrowers (SunRice ASX:SGLLV) Interview Transcript 23 December 2024
  • Ricegrowers Ltd – Branded focus paying off
  • Empire Energy Group Ltd – The science says potential water impacts likely minor
  • Monthly Chinese Express Tracker | November Volume, ASPs | Review of YTD Performance (December 2024)

Unloved Japan Roundup-Rohm, Taiyo Yuden, Kose

By Michael Allen

  • Solar power will be cheaper than fossil fuels and EVs will be cheaper than ICE vehicles, but you can’t make either without the parts that Rohme excels in. 
  • Tesla is up 201% on speculation about its FSD, but Taiyo Yuden, which makes critical parts in FSD systems is down systems, is down 43%.
  • Kose is down 49%, largely on China woes, but China is no longer big enough to be a problem, and Japan and other regions growth should start to take over. 

2025 High Conviction: DFI Retail – Churning Free Cash by Turning the Right Levers

By Devi Subhakesan

  • DFI Retail Group Holdings (DFI SP), a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.
  • After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management’s initiatives.
  • With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.

Vesync (2148 HK): A Potential Privatisation?

By Osbert Tang, CFA

  • Vesync (2148 HK)‘s suspension may suggest privatisation by the Yang family (68.8% stake). With US$192m public float and US$216m net cash, out-of-pocket cash needed is limited. 
  • 1H24 is decent with a 37.5% earnings growth and 3.3pp margin expansion. The consensus forecast of 4.8% growth in 2H24 is conservative, providing a good opportunity for privatisation.
  • Benchmarking the take-out price to the 3-year average P/B will mean a 33% upside while the sector’s average PER multiple implies ~70% higher than the pre-suspension price.

Ricegrowers (SunRice ASX:SGLLV) Interview Transcript 23 December 2024

By Research as a Service (RaaS)

  • RaaS interviewed Ricegrowers Group CFO Dimitri Courtelis following the company’s H1 FY25 results.
  • This is a full transcript of the interview.

Ricegrowers Ltd – Branded focus paying off

By Research as a Service (RaaS)

  • RaaS has published an update on and interview with FMCG agri-group Ricegrowers which trades as SunRice (ASX:SGLLV) following the release of its interim report last week in which it delivered RaaS-adjusted EBITDA of $67.9m (+10%) in line with our forecasts and NPAT of $31.2m (+4%), below our forecasts due to a higher than expected tax rate (28% vs our 22%).Branded sales represent ~70% of total SGLLV sales, with the benefits of new brands, brand extensions and increased ranging evident in the H1 FY25 result.
  • Across Rice Food, Riviana and CopRice EBITDA growth far outpaced revenue growth, with EBITDA margins for Rice Food +400bps, +330bps for CopRice and +140bps for Riviana.
  • SGLLV added SavourLife and Simply Delish to the portfolio over the half and can be expected to add and extend further brands in pursuit of its 2030 revenue target of $3.0b.

Empire Energy Group Ltd – The science says potential water impacts likely minor

By Research as a Service (RaaS)

  • RaaS has published a flash comment on NT-focused gas explorer/producer Empire Energy Group (ASX:EEG) following the recently released findings of the Independent Expert Scientific Committee (IESC) on unconventional gas in the Beetaloo which has assessed the potential environmental impact and risk on water resources to be ‘minor’ if appropriate mitigation strategies are implemented.
  • The article published on the NT News website, also references comments from the Federal Department of Climate Change, Energy, Environment and Water (DCEEW) which concluded that exploration work (to date) did not meet the legal threshold of being a matter of national environmental significance to be assessed under national environmental law.
  • In our view, these findings from both assessments are positive for operators with respect to current gas development plans and potential future phases of gas expansion.

Monthly Chinese Express Tracker | November Volume, ASPs | Review of YTD Performance (December 2024)

By Daniel Hellberg

  • Volume growth & price declines both moderated in November vs preceding months
  • We believe most express companies should be experiencing margin expansion in Q424
  • We finish with a review 2024’s winners and losers in China’s ecomm fulfillment space

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Dec 23
0

Daily Brief Macro: Global Monetary Easing Cycle Becomes More Idiosyncratic and more

By | Daily Briefs, Macro

In today’s briefing:

  • Global Monetary Easing Cycle Becomes More Idiosyncratic
  • Equity Return Expectations Under An Alien Invasion
  • The Darker Side of the Hindenburg Omen

Global Monetary Easing Cycle Becomes More Idiosyncratic

By Said Desaque

  • The Swiss and Canadian central banks cut their respective policy rates by 50 basis points. The former faces currency appreciation and deflationary risks. Canada faces higher unemployment and deteriorating growth.
  • The European Central Bank is taking a gradual policy easing path in 2025. Policy outlooks for the Reserve Bank of Australia and Bank of England are more data dependent.
  • The Fed cut its policy rate by 25 basis points as expected, but fewer reductions are now expected in 2025 due to a more robust economic outlook compared to September.

Equity Return Expectations Under An Alien Invasion

By Cam Hui

  • We are subscribers to Occam’s Razor, or the simplest explanation is the most satisfactory, and recent UFOs sightings are of terrestrial origin.
  • It’s nevertheless a worthwhile exercise to consider asset return expectations under the scenario of an extra-terrestrial alien invasion.
  • Our study of an alien invasion opens the door to discussing return studies. Standard assumptions about returns to bonds and equity risk premiums are useful only up to a point.

The Darker Side of the Hindenburg Omen

By Cam Hui

  • Current market conditions are characterized by a strong S&P 500 that’s near its all-time high and weak breadth. 
  • The closest template to these circumstances is August 1972, which is just before the final Nifty Fifty top.
  • As the market undergoes its inevitable bounce due to oversold conditions, investors should monitor technical conditions for negative divergences, which could be the signal for a long-term cyclical top.

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Dec 23
0

Daily Brief Australia: Empire Energy, Ricegrowers Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Empire Energy Group Ltd – The science says potential water impacts likely minor
  • Ricegrowers (SunRice ASX:SGLLV) Interview Transcript 23 December 2024
  • Ricegrowers Ltd – Branded focus paying off

Empire Energy Group Ltd – The science says potential water impacts likely minor

By Research as a Service (RaaS)

  • RaaS has published a flash comment on NT-focused gas explorer/producer Empire Energy Group (ASX:EEG) following the recently released findings of the Independent Expert Scientific Committee (IESC) on unconventional gas in the Beetaloo which has assessed the potential environmental impact and risk on water resources to be ‘minor’ if appropriate mitigation strategies are implemented.
  • The article published on the NT News website, also references comments from the Federal Department of Climate Change, Energy, Environment and Water (DCEEW) which concluded that exploration work (to date) did not meet the legal threshold of being a matter of national environmental significance to be assessed under national environmental law.
  • In our view, these findings from both assessments are positive for operators with respect to current gas development plans and potential future phases of gas expansion.

Ricegrowers (SunRice ASX:SGLLV) Interview Transcript 23 December 2024

By Research as a Service (RaaS)

  • RaaS interviewed Ricegrowers Group CFO Dimitri Courtelis following the company’s H1 FY25 results.
  • This is a full transcript of the interview.

Ricegrowers Ltd – Branded focus paying off

By Research as a Service (RaaS)

  • RaaS has published an update on and interview with FMCG agri-group Ricegrowers which trades as SunRice (ASX:SGLLV) following the release of its interim report last week in which it delivered RaaS-adjusted EBITDA of $67.9m (+10%) in line with our forecasts and NPAT of $31.2m (+4%), below our forecasts due to a higher than expected tax rate (28% vs our 22%).Branded sales represent ~70% of total SGLLV sales, with the benefits of new brands, brand extensions and increased ranging evident in the H1 FY25 result.
  • Across Rice Food, Riviana and CopRice EBITDA growth far outpaced revenue growth, with EBITDA margins for Rice Food +400bps, +330bps for CopRice and +140bps for Riviana.
  • SGLLV added SavourLife and Simply Delish to the portfolio over the half and can be expected to add and extend further brands in pursuit of its 2030 revenue target of $3.0b.

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Dec 23
0

Daily Brief Singapore: DFI Retail Group Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • 2025 High Conviction: DFI Retail – Churning Free Cash by Turning the Right Levers

2025 High Conviction: DFI Retail – Churning Free Cash by Turning the Right Levers

By Devi Subhakesan

  • DFI Retail Group Holdings (DFI SP), a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.
  • After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management’s initiatives.
  • With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.

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