Category

Daily Briefs

Dec 24
0

Daily Brief ESG: Maybe Management Is Finally Becoming Aware of the Cost of Listing and more

By | Daily Briefs, ESG

In today’s briefing:

  • Maybe Management Is Finally Becoming Aware of the Cost of Listing

Maybe Management Is Finally Becoming Aware of the Cost of Listing

By Aki Matsumoto

  • Many companies had the goal of IPOs as a means to save taxes rather than growth, but it’s good to seriously consider go private for the sake of their shareholders.
  • This is due to companies’ awareness of listing costs, such as demands from overseas investors for improved governance and requests from TSE for “management with awareness of the stock price.”
  • Another issue that needs to be examined is the loss of growth and profitability for companies that are delisted and then relisted.

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Dec 24
0

Daily Brief India: Embassy Office Parks REIT and more

By | Daily Briefs, India

In today’s briefing:

  • ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

By Ethan Aw

  • 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, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
  • On the placement front, most of the action continued to come from India. 

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Dec 24
0

Daily Brief Equity Bottom-Up: MillerKnoll and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail

MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail

By Water Tower Research

  • Following a strong margin performance in 2Q, we are raising our 3QFY24 EPS estimate to $0.43, just below the midpoint of guidance, from $0.38.
  • The increase is the result of higher margin assumptions on a lower revenue forecast.
  • We are also reviewing and lowering our revenue assumptions for the remainder of FY24 and FY25. 

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Dec 24
0

Daily Brief Thematic (Sector/Industry): New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready

New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready

By Tina Banerjee

  • A new COVID variant JN.1 is spreading fast. WHO has classified JN.1 as “variant of interest” due to its “rapidly increasing spread.” Thus far, JN.1 has not caused severe infection.
  • Symptoms of JN.1 may not be as mild as Omicron variants. If JN.1 becomes deadlier and more infectious, diagnostics and vaccine players are going to be benefitted primarily.
  • In this insight we have discussed two Asian vaccine companies and one diagnostic company, which should be kept in the watchlist.

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Dec 24
0

Daily Brief China: Tencent, Contemporary Amperex Technology (CATL) and more

By | China, Daily Briefs

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.
  • Mainland Connect NORTHBOUND Flows (To 22 Dec 23): CATL Is the BIG BUY This Week

HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

By Travis Lundy

  • SOUTHBOUND flows showing reversion tendencies still. Hs up vs As only slightly. Liquid Hs were down vs As. 
  • SOUTHBOUND saw HK$144bn of net INflows on the week to 22 Dec, which was HK$4bn of Tencent net sales and net buying of a bunch of ETFs.
  • Some banks and energy names were top net inflows as a percentage of ADV. This week was heavy for SOUTHBOUND, quiet for foreigners, next week may be quiet for both.

Mainland Connect NORTHBOUND Flows (To 22 Dec 23): CATL Is the BIG BUY This Week

By Travis Lundy

  • 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 2.2bn of A-shares on sharply lighter activity. Quieter all week.
  • Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.

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Dec 24
0

Daily Brief Japan: Benefit One Inc, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Last Week in Event SPACE: Benefit One, Hankook, Toyo Construction, Hanwha, Tsuruha, Livent/Allkem
  • Weekly Deals Digest (24 Dec) – Benefit One, JSR, Weiqiao Textile, A2B, Adbri, Azure, Link, Probiotec
  • Maybe Management Is Finally Becoming Aware of the Cost of Listing

Last Week in Event SPACE: Benefit One, Hankook, Toyo Construction, Hanwha, Tsuruha, Livent/Allkem

By David Blennerhassett

  • Stay long Benefit One (2412 JP). Dai-Ichi Life can pay more, if pushed on pricing. May not be huge, but it could be a few percent or even 10%. 
  • Hankook & Company (000240 KS)‘s family feud goes public. The public tender looks set to fail. Coal in stockings all-round.
  • If you had any Toyo Construction (1890 JP) left over from the rally up to ¥1,300+, get out. There may be a better opportunity later, but not here.

Weekly Deals Digest (24 Dec) – Benefit One, JSR, Weiqiao Textile, A2B, Adbri, Azure, Link, Probiotec

By Arun George

Maybe Management Is Finally Becoming Aware of the Cost of Listing

By Aki Matsumoto

  • Many companies had the goal of IPOs as a means to save taxes rather than growth, but it’s good to seriously consider go private for the sake of their shareholders.
  • This is due to companies’ awareness of listing costs, such as demands from overseas investors for improved governance and requests from TSE for “management with awareness of the stock price.”
  • Another issue that needs to be examined is the loss of growth and profitability for companies that are delisted and then relisted.

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Dec 24
0

Daily Brief ECM: ECM Weekly (24th Dec 2023) – Embassy REIT and more

By | Daily Briefs, ECM

In today’s briefing:

  • ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

By Ethan Aw

  • 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, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
  • On the placement front, most of the action continued to come from India. 

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Dec 24
0

Daily Brief Event-Driven: Newmont’s Upcoming (March 2024) ASX Selldown and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Newmont’s Upcoming (March 2024) ASX Selldown
  • HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.
  • Mainland Connect NORTHBOUND Flows (To 22 Dec 23): CATL Is the BIG BUY This Week
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp
  • Last Week in Event SPACE: Benefit One, Hankook, Toyo Construction, Hanwha, Tsuruha, Livent/Allkem
  • Weekly Deals Digest (24 Dec) – Benefit One, JSR, Weiqiao Textile, A2B, Adbri, Azure, Link, Probiotec

Newmont’s Upcoming (March 2024) ASX Selldown

By Travis Lundy

  • As warned in Newcrest-Newmont Merger: Fancy Index Shenanigans in October, the merger construct meant flowfront, index flowback, then later index flowback.
  • We are now between the second and third events. The data on the third is there, but it won’t be obvious to everyone. 
  • There should be a large, not publicly announced, downweight on Newmont (NEM AU) in the March 2024 index review for the major local indices.

HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

By Travis Lundy

  • SOUTHBOUND flows showing reversion tendencies still. Hs up vs As only slightly. Liquid Hs were down vs As. 
  • SOUTHBOUND saw HK$144bn of net INflows on the week to 22 Dec, which was HK$4bn of Tencent net sales and net buying of a bunch of ETFs.
  • Some banks and energy names were top net inflows as a percentage of ADV. This week was heavy for SOUTHBOUND, quiet for foreigners, next week may be quiet for both.

Mainland Connect NORTHBOUND Flows (To 22 Dec 23): CATL Is the BIG BUY This Week

By Travis Lundy

  • 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 2.2bn of A-shares on sharply lighter activity. Quieter all week.
  • Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp

By David Blennerhassett

Last Week in Event SPACE: Benefit One, Hankook, Toyo Construction, Hanwha, Tsuruha, Livent/Allkem

By David Blennerhassett

  • Stay long Benefit One (2412 JP). Dai-Ichi Life can pay more, if pushed on pricing. May not be huge, but it could be a few percent or even 10%. 
  • Hankook & Company (000240 KS)‘s family feud goes public. The public tender looks set to fail. Coal in stockings all-round.
  • If you had any Toyo Construction (1890 JP) left over from the rally up to ¥1,300+, get out. There may be a better opportunity later, but not here.

Weekly Deals Digest (24 Dec) – Benefit One, JSR, Weiqiao Textile, A2B, Adbri, Azure, Link, Probiotec

By Arun George

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Dec 24
0

Daily Brief Macro: FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals and more

By | Daily Briefs, Macro

In today’s briefing:

  • FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals
  • Thinking About, Thinking About Central Banks … And Liquidity
  • Fed Policy Pivot: Forerunner to Further Capitulation in the Great Game of Chicken?

FTC Under Lina Khan Is Armed with Shrewd Regulatory Arsenal Against Anti-Competitive M&A Deals

By Suhas Reddy

  • The Federal Trust Commission (FTC) and Department of Justice (DoJ) issued new guidelines for mergers and acquisitions addressing modern market realities.
  • Guidelines are aimed at preventing large corporations in highly concentrated markets from acquiring current and/or potential competitors with a view to monopolising their industries.
  • The new guidelines give regulators better ammunition to scrutinise vertical and cross mergers, giving them much needed “teeth” to challenge “clever” M&A transactions.

Thinking About, Thinking About Central Banks … And Liquidity

By Michael J. Howell

  • Global Liquidity cycle is rising and set to hit a peak sometime around late-2025. This is bullish for risk assets
  • The timing of the recovery from October 2022 aligns with past cycles, but its scale is far less. Things need to speed up.
  • The US Fed has been a key culprit in keeping liquidity conditions too tight for too long. 2024 will see a significant ease from US policy-makers

Fed Policy Pivot: Forerunner to Further Capitulation in the Great Game of Chicken?

By Said Desaque

  • The faster-than-expected decline in inflation in 2023 has forced the Fed to lower real interest rates next year, partly due its assessment of the neutral level remaining unchanged at 0.5%.
  • History suggests that Fed policy pivots followed by a rapid succession of interest rate reductions have not prevented recessions. US equity and bond investors are still embracing a soft-landing outcome.
  • By capitulating to the demands of financial markets to pivot its policy stance, the Fed faces the risk of encountering more pressure to ease further at a later juncture.

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Dec 24
0

Top 10 Highlights from the APAC PE, VC and Startup Ecosystem this Week – 24 Dec 2023

By | Private Markets, Smartkarma Newswire

Top ten highlights from the APAC PE, VC, and startup ecosystem this week:

  1. General Atlantic is reportedly in talks to acquire Actis, an infrastructure investor.
  2. Capsquare Asia Partners, a PE firm based in Indonesia, is looking to raise $250 million for its third growth fund.
  3. Manulife Investment Management sees India and Japan as standout markets, presenting investment opportunities.
  4. Tikehau Capital and Nikko Asset Management are in discussions for an alliance and potential joint venture in Asian private markets.
  5. Novo Tellus, a Singapore-based PE firm, has closed its third fund at $510 million, exceeding its target.
  6. International Finance Corporation (IFC) is investing $50 million in A.P. Moller Capital’s latest infrastructure fund.
  7. Amicus Capital, an Indian PE firm, receives $40 million from the European Investment Bank for investments in small and medium enterprises.
  8. Healthcare investment firm Vivo Capital has closed an RMB-denominated fund at almost 10 billion yuan.
  9. GL Capital Group, led by former Novartis China head Jeffrey Li, has raised $162.5 million for its fourth USD-denominated PE fund.
  10. OCBC, a Singaporean lender, plans to create a $500 million fund to finance decarbonization-related businesses in Southeast Asia.

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