Daily Briefs

The JIC Deal for Shinko Electric Industries (6967 JP) started trading wide when announced five weeks ago. It is still at 9% for perhaps 9 months.
There is FUD. There are Flows. Just like JSR (4185). Some of that FUD can be explained by “gap risk” on deal break…. or can it? We look at risks.
5 weeks ago, there was more positioning risk than fundamental risk. But now main comp Ibiden has outperformed Shinko by 17%. Gap risk is fundamentally lower now. Bump risk exists.

The Hunt for the Japanese Laggards, Here Are 47 Attractive Companies

By Mohshin Aziz

Tokyo Stock Exchange (TSE) has published the list of companies that are conscious of stock capital and share price; this will be a recurring monthly feat
The initial compliance rate is encouraging and should continue to grow as peer pressure is relentless and doing nothing is not an option. The shake-up is happening
We narrow down a list of companies that are the most compelling laggard opportunities based on their low price to book ratio (PBR) and strong balance sheet

Merger Arb Mondays (22 Jan) – JSR, Benefit One, T&K Toka, Guppy’s, Genetron, Weiqiao, Probiotec

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – GUPPY’s Inc (5127 JP), Hollysys Automation Technologies (HOLI US), Shinko Electric Industries (6967 JP), Probiotec Ltd (PBP AU), Irc Ltd (1029 HK), Genetron Holdings Ltd (GTH US).
Lowest spreads – T&K Toka Co Ltd (4636 JP), Tietto Minerals Ltd (TIE AU), Benesse Holdings (9783 JP), Benefit One Inc (2412 JP), Orecorp Ltd (ORR AU).

ROE and Valuations of Japanese Stocks Will Improve Through Dissolution of Parent-Subsidiary Listings

By Aki Matsumoto

It’s no surprise that some companies consider the dissolution of parent-subsidiary listings as a swift and effective measure to raise ROE. However, not every listed subsidiary will be TOB.
TOB of a high-profitability subsidiary can have significant impact on both the denominator and numerator of the parent company’s ROE because it uses more cash and will improve profit margins.
Even if the “significance of parent-subsidiary listings” is disclosed, few investors believe that the listed subsidiary’s independence is fully ensured, and the dissolution of parent-subsidiary listings will eventually follow.

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Jan 22

Daily Brief China: Ping An Insurance (H), Ganfeng Lithium, Contemporary Amperex Technology (CATL), Jiangsu Zhongtian Technologies Co, Ltd., Hisense Home Appliances Group Co., Ltd. H, Dickson Concepts Intl, Lonking Holdings, Gushengtang and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Ping An A/H Premium: Blow Out Could Lead to Sharp Reversal
A/H Premium Tracker (To 19 Jan 2024): Hs Shellacked Vs As. Near Multi-Year High Average AH Premia
Mainland Connect NORTHBOUND Flows (To 19 Jan 2024): BIG Net Sells, Again, Before National Team Buys
CSI300 Index Rebalance Preview: A Dozen Changes for June
HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts
Dickson Concept (113 HK) Update: Trading at 40% Discount to NCAV, 8% Dividend Yield
Lonking (3339 HK): A Yield Play?
Gushengtang (2273.HK) – Some New Business Updates and Positive Performance Forecasts

Ping An A/H Premium: Blow Out Could Lead to Sharp Reversal

Ping An Insurance (601318 CH) trades at a 40% premium to Ping An Insurance (2318 HK). The premium has blown out the last week and there could be a reversal.
The difference in Ping An’s AH premium versus the HSAHP Index has shrunk to its narrowest level in the last 10 years.
Shareholding in Ping An Insurance Group of (601318 CH) via Northbound Connect has dropped and shareholding in Ping An Insurance (H) (2318 HK) via Southbound Connect has increased steadily.

A/H Premium Tracker (To 19 Jan 2024): Hs Shellacked Vs As. Near Multi-Year High Average AH Premia

The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc. But that didn’t help.
SOUTHBOUND flows were bigly positive and NORTHBOUND flows a large net sell. Nevertheless AH Premia had their best week in ages as HK large caps, mid-caps, small-caps got shellacked.
Now at new 52wk wides on A premia. Now within 3% of 5+ year highs.

Mainland Connect NORTHBOUND Flows (To 19 Jan 2024): BIG Net Sells, Again, Before National Team Buys

The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 23.5bn of A-shares on strong average activity. Big net selling on Weds. National Team stepped in Thurs. NORTHBOUND stepped in to sell Friday.
Renewables were a bit more mixed this week but still a net sell by NORTHBOUND. It is not clear what stops persistent net selling.

CSI300 Index Rebalance Preview: A Dozen Changes for June

With three-quarters of the review period nearly complete, there could be 12 changes for the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX) in June.
We estimate one-way turnover of 1.3% at the June rebalance leading to a one-way trade of CNY 5.06bn. There are a lot of stocks with over 1x ADV to trade.
There have been big ETF inflows to the CSI 300 Index trackers, but the potential adds have still outperformed the index and the potential deletes.

HK Connect SOUTHBOUND Flows (To 19 Jan 2024); High Div SOEs Again BIG Buys as CBBC Hedging Hurts

An ugly week for HK stocks but SOUTHBOUND flows showed decent net buying at HK$14.7bn on the week. High-Div SOEs continue to be in favour.
What appears to have been strong net selling on the mainland combined with CBBC unwinds in Hong Kong related to mainland-linked stocks caused HK to have a baaaaad week.
The separately published AH Monitor highlights a Really Tough Week. Hs got KILLED vs their A-share counterparts as CBBCs sold the HK names and National Team bought A-shares.

Dickson Concept (113 HK) Update: Trading at 40% Discount to NCAV, 8% Dividend Yield

By Sameer Taneja

Dickson Concepts Intl (113 HK) reported the best result in its last six semi-annuals in H1 FY24, with profits rising 42% YoY.
Net cash on the balance sheet was 9.6 HKD/share (vs. share price of 4.54 HKD/share). Gross cash was over 12 HKD/share.
The company increased its interim dividend by 25% to 10 cents for the first time after four years (the expected full-year dividend is 37-40 cents).

Lonking (3339 HK): A Yield Play?

By Osbert Tang, CFA

While the 2H23 result of Lonking Holdings (3339 HK) may disappoint due to a plunge in sales volume, it is a yield play given the high historical payout ratio.
Assuming a DPS of HK$0.10 for FY23-25 as in FY22, yielding 8.3%, the total dividend will amount to Rmb1.2bn. This only equals 22% of its net cash (including short-term investments).
Its controlling shareholders bought 7.3m shares since 27 Dec, raising the stake by 0.13pp to 56.2%, demonstrating their positive view on the share’s value and long-term outlook.

Gushengtang (2273.HK) – Some New Business Updates and Positive Performance Forecasts

By Xinyao (Criss) Wang

23Q3 revenue would increase by 15% QoQ/over 40% YoY. 23Q4 revenue would increase 8-10% QoQ/over 45% YoY. 2023 full-year revenue growth would be 42-43%.Profit growth is more optimistic than revenue.
In the first week of January 2024, YoY high growth momentum continued from December 2023, without any impact of consumption downgrades so far.In 2024, Gushengtang would accelerate pace of M&A.
Gushengtang’s business model has been successfully validated. Different from Aier, Gushengtang is still in a period of rapid expansion. The Company remains our top pick in China’s medical service sector.

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Jan 22

Daily Brief India: HDFC Bank, Medi Assist Healthcare Services and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

HDFC Bank: An Update
Medi Assist Healthcare IPO Trading – Decent Subscription Rates Although Valuation Appears Fair

HDFC Bank: An Update

By Value Punks

HDFC Bank reported earnings last week. The next day the stock fell 8% followed by another 4% the day after.
HDFC Bank is one of India’s bluest blue chip stocks with a reputation for being a high quality compounder.
What happened and where do we go from here? First, some lessons from another life.

Medi Assist Healthcare IPO Trading – Decent Subscription Rates Although Valuation Appears Fair

By Clarence Chu

Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Jan 21

Daily Brief Industrials: Benefit One Inc, Sensata Technologies Holding P and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Weekly Deals Digest (21 Jan) – Benefit One, GUPPY’s, T&K Toka, Weiqiao, Genetron, Amer Sports
Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys
Sensata Technologies: Initiation of Coverage – The 4 Biggest Drivers Taking The Company Forward! – Financial Forecasts

Weekly Deals Digest (21 Jan) – Benefit One, GUPPY’s, T&K Toka, Weiqiao, Genetron, Amer Sports

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – Amer Sports (AS US), Ola Electric (1700674D IN) and Mixue Group (MIX HK) IPOs.
Event-Driven developments – Benefit One Inc (2412 JP), GUPPY’s Inc (5127 JP), T&K Toka Co Ltd (4636 JP), Weiqiao Textile Co (2698 HK), Genetron Holdings Ltd (GTH US).

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

By David Blennerhassett

Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver’s seat.
China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom’s significantly cheaper valuation.
Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).

Sensata Technologies: Initiation of Coverage – The 4 Biggest Drivers Taking The Company Forward! – Financial Forecasts

This is our first report on sensor-based technology solutions provider, Sensata Technologies.
The dip in revenue was cited due to factors like market outgrowth slowing over the last 12 months and unfavorable movements in foreign currency.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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Jan 21

Most Read: Douzone Bizon, Shriram Finance , Posco DX, LS Materials , Softbank Group, Minsheng Education, GUPPY’s Inc, Budweiser Brewing APAC , Weiqiao Textile Co, Genetron Holdings Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

KRX New Deal Index Rebalance Preview: Changes with Flow & Impact
NIFTY50 Index Rebalance Preview: One Change, Maybe Two, Low Probability of Three
KOSPI200 Index Rebalance Preview: Four Potential Changes in June
KOSDAQ150 Index Rebalance Preview: Potential Adds Soaring; Short Sell Ban Not Helping
Softbank (9984 JP): Big Fat NAV Discount, but Headwinds Outweigh Tailwinds Going Forward
Asian Dividend Gems: Minsheng Education
GUPPY’s (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250
Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka
Genetron (GTH US): Wide Spread Ahead of the 21 February Vote

KRX New Deal Index Rebalance Preview: Changes with Flow & Impact

The review period for the March rebalance ends on 31 January, the changes will be announced early March and implemented at the close of trading on 14 March.
There is one change currently for each of the Secondary Battery, Bio, Internet and Game indices. There are two changes for the BBIG Index.
There will be big flow on Ecopro BM (247540 KS) and Posco Future M (003670 KS) and big impact on Douzone Bizon (012510 KS) and DearU (376300 KS).

NIFTY50 Index Rebalance Preview: One Change, Maybe Two, Low Probability of Three

Shriram Finance (SHFL IN) is a high probability add and UPL Ltd (UPLL IN) is a high probability delete at the NIFTY Index (NIFTY INDEX) rebalance in March.
There is a lower probability of Bharat Electronics (BHE IN) or Trent Ltd (TRENT IN) replacing Bharat Petroleum Corp (BPCL IN) at the rebalance.
Jio Financial Services (JIOFIN IN), Avenue Supermarts Ltd (DMART IN) and Zomato (ZOMATO IN) will enter the running once added to the F&O segment of the market.

KOSPI200 Index Rebalance Preview: Four Potential Changes in June

Less than halfway through the review period, we see four changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the June rebalance.
The impact on the potential inclusion ranges from 0.14-6 days of ADV while the impact on the potential deletions varies from 3.6-12 days of ADV.
There are small shorts on the potential inclusions while short interest on the potential deletions varies from 5-10 days of ADV and 1.7-8.2% of free float.

KOSDAQ150 Index Rebalance Preview: Potential Adds Soaring; Short Sell Ban Not Helping

With over 40% of the review period complete, there could be 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
There could be two changes before that if L&F Co Ltd (066970 KS) and HLB Inc (028300 KS) complete their transfer from the KOSDAQ market to the KOSPI market.
The adds have outperformed the deletes and the KOSDAQ 150 Index since the start of the review period. The ban on short selling could lead to another leg up.

Softbank (9984 JP): Big Fat NAV Discount, but Headwinds Outweigh Tailwinds Going Forward

By Victor Galliano

SoftBank group’s headline NAV discount is over 50%, factoring in the T-Mobile shares windfall at December-end
SoftBank Corp is looking to IPO digital payments company PayPay, which should also be a positive driver for SoftBank Group shares going forward, but only a marginal one
Arm shares have been defying gravity, but we see downside risk going forward, as well as questions over SVF1 and SVF2 private company valuations; and the threat of JPY appreciation

Asian Dividend Gems: Minsheng Education

By Douglas Kim

Minsheng Education (1569 HK) is a highly undervalued Chinese education stock with high dividend yields. Market cap of the company has declined by nearly 90% from Jun 2018 to today.
Minsheng Education’s dividend yield averaged 5.1% from 2020 to 2022. Estimated dividend yield is 14.6% in 2023.
Minsheng Education mainly provides educational services in China. The company is one of the leaders of China’s private higher education industry.

GUPPY’s (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250

GUPPY’s Inc (5127 JP) has recommended Medley (4480 JP)’s tender offer of JPY3,250 per share, an 81.0% premium to the undisturbed price (19 January).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 10.19% ownership ratio.
Despite the premium, the offer is light vs the IFA DCF valuation. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is achievable.

Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

The review period for a global index commenced last week and will run through this week as well.
The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.
Huge inflows to CSI 300 Index trackers during the week while there was a big outflow from Tracker Fund of Hong Kong (2800 HK).

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka

By David Blennerhassett

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week on Smartkarma: Genetron Holdings Ltd (GTH US)‘s take-private transaction; andMedley (4480 JP)‘s buy out of GUPPY’s Inc (5127 JP).
Key updates took place on: Orecorp (ORR AU), Weiqiao Textile (2698 HK), Benefit One (2412 JP), Taisho Pharmaceutical (4581 JP), T&K Toka (4636 JP), and Hollysys Automation Technologies (HOLI US).

Genetron (GTH US): Wide Spread Ahead of the 21 February Vote

Genetron Holdings Ltd (GTH US) shareholders will vote on the consortium’s US$4.08 per ADS offer on 21 February. The offer is light in comparison to historical trading ranges.
Completion is conditional on shareholder approval, dissenting shareholders representing less than 15% of outstanding shares and regulatory approvals (NDRC, MoC and SAFE).
Despite the light offer, the completion conditions should be met. At the last close price and end of March completion, the gross and annualised spread is 7.7% and 45.5%, respectively.

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Jan 21

Daily Brief Industrials: Benefit One Inc, Sensata Technologies Holding P and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Weekly Deals Digest (21 Jan) – Benefit One, GUPPY’s, T&K Toka, Weiqiao, Genetron, Amer Sports
Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys
Sensata Technologies: Initiation of Coverage – The 4 Biggest Drivers Taking The Company Forward! – Financial Forecasts

Weekly Deals Digest (21 Jan) – Benefit One, GUPPY’s, T&K Toka, Weiqiao, Genetron, Amer Sports

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – Amer Sports (AS US), Ola Electric (1700674D IN) and Mixue Group (MIX HK) IPOs.
Event-Driven developments – Benefit One Inc (2412 JP), GUPPY’s Inc (5127 JP), T&K Toka Co Ltd (4636 JP), Weiqiao Textile Co (2698 HK), Genetron Holdings Ltd (GTH US).

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

By David Blennerhassett

Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver’s seat.
China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom’s significantly cheaper valuation.
Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).

Sensata Technologies: Initiation of Coverage – The 4 Biggest Drivers Taking The Company Forward! – Financial Forecasts

This is our first report on sensor-based technology solutions provider, Sensata Technologies.
The dip in revenue was cited due to factors like market outgrowth slowing over the last 12 months and unfavorable movements in foreign currency.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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Jan 21

Daily Brief TMT/Internet: Tenable Holdings Inc, Allegro MicroSystems , Cambium Networks , Iridium Communications, Kyndryl Holdings , Teradata Corp, Varonis Systems, Alibaba (ADR), Workiva Inc, Braze Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Tenable Holdings: Initiation of Coverage – Unlock the Secrets Behind Tenable’s High Recurring Revenue and Sky-High Margins! – Major Drivers
Allegro MicroSystems: Initiation of Coverage – How Its Strategic Focus is Electrifying the Future of Transportation – Major Drivers
Cambium Networks Corporation – CFO Departure and 4Q23 Miss Driven by Distributor Incentives
Iridium Communications: Initiation of Coverage – Can It Capitalize On The IoT Explosion? – Major Drivers
Kyndryl Holdings: Initiation of Coverage – How Kyndryl Consult Is Shaping a New Era of Revenue Generation – Major Drivers
Teradata Corporation: Initiation of Coverage – Unleashing Cloud Potential! Why Its Cloud-Based Platform Is the Talk of the Tech World – Major Drivers
Varonis Systems: Initiation of Coverage – Can It Come Out A Winner From The SaaS Transition? – Major Drivers
ECM Weekly (21st Jan 2024) – Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia
Workiva Inc: Initiation of Coverage – Unveiling Their Winning Strategy in Turbulent Geopolitical and Economic Times – Major Drivers
Braze Inc: Initiation of Coverage – Discover How Braze’s Innovative Approach Is Setting New Industry Standards – Major Drivers

Tenable Holdings: Initiation of Coverage – Unlock the Secrets Behind Tenable’s High Recurring Revenue and Sky-High Margins! – Major Drivers

This is our first report on cyber exposure solutions provider, Tenable Networks.
The company’ Q3 2023 earnings highlighted steady financial performance, strong contributions from its platform products like Tenable One, and overall business growth, particularly in the public sector.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Allegro MicroSystems: Initiation of Coverage – How Its Strategic Focus is Electrifying the Future of Transportation – Major Drivers

This is our first report on sensor technology player, Allegro MicroSystems.
Sales in these strategic growth areas made up 56% of total sales, indicating a successful strategy execution focused on these specific sectors.
The company’s automotive revenues grew 31% year-over-year, with the electrification of vehicles and Advanced Driver Assistance Systems adoption being the main growth drivers.

Cambium Networks Corporation – CFO Departure and 4Q23 Miss Driven by Distributor Incentives

By Water Tower Research

On January 18, 2024, Cambium preannounced that 4Q23 revenue would likely come in at $40 million, below its guidance of $45.0-50.0 million provided on November 2, 2023.
This is the third revenue miss in a row.
Cambium stated that the revenue miss was driven by $11 million in distributor incentives in 4Q23.

Iridium Communications: Initiation of Coverage – Can It Capitalize On The IoT Explosion? – Major Drivers

This is our first report on mobile voice and data communications services provider, Iridium Communications.
The company’s Q3 2023 Earnings demonstrated both the company’s resilient growth and emerging challenges in an increasingly competitive environment.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Kyndryl Holdings: Initiation of Coverage – How Kyndryl Consult Is Shaping a New Era of Revenue Generation – Major Drivers

This is our first report on IT services company, Kyndryl.
This increase has been attributed to successful execution of its operations, demonstrating their ability to drive substantial profit growth in the company.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Teradata Corporation: Initiation of Coverage – Unleashing Cloud Potential! Why Its Cloud-Based Platform Is the Talk of the Tech World – Major Drivers

This is our first report on hybrid cloud analytics software provider, Teradata Corporation.
The company’s 2023 Q3 earnings were recently reported and the leading cloud analytics and data platform company had delivered another strong quarter and remained confident it would achieve its 2023 forecast.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Varonis Systems: Initiation of Coverage – Can It Come Out A Winner From The SaaS Transition? – Major Drivers

This is our first report on Varonis Systems, a company specializing in data security and analytics.
The company is navigating a pivotal shift in its business model, transitioning from traditional software offerings to a Software as a Service (SaaS) model.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

ECM Weekly (21st Jan 2024) – Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we continued our coverage of Amer Sports (AS US) and looked at Mixue Group Hong Kong filings.
Placements continued to trickle in throught the week, across the region, apart from Hong Kong.

Workiva Inc: Initiation of Coverage – Unveiling Their Winning Strategy in Turbulent Geopolitical and Economic Times – Major Drivers

This is our first report on Workiva Inc., a leading provider of solutions for enterprise productivity.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Braze Inc: Initiation of Coverage – Discover How Braze’s Innovative Approach Is Setting New Industry Standards – Major Drivers