Category

Daily Briefs

Dec 16
0

Daily Brief Singapore: Yuexiu Real Estate Investment Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Weekly Wrap – 15 Dec 2023

Weekly Wrap – 15 Dec 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. NagaCorp Ltd
  2. China Jinmao Holdings
  3. Hopson Development
  4. Greentown China
  5. Seazen (Formerly Future Land)

and more…

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Dec 16
0

Daily Brief South Korea: Doosan Robotics , Hankook & Company and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review
  • MBK Partners Raises Tender Offer Price of Hankook and Co to 24,000 Won

Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review

By Sanghyun Park

  • With recent surges in EcoPro Materials and Doosan Robotics, it’s crucial for their potential inclusion in the February Global Index review. No other names approach the threshold.
  • Depending on classification, Ecopro Materials may get a free-float rate from 15% to 20%, while Doosan Robotics may receive a rate from 20% to 30%.
  • With max free-float rates (20% and 30%), both meet Cutoffs. At minimum rates, Doosan Robotics needs over a 20% increase, while Ecopro Materials slightly exceeds Cutoffs.

MBK Partners Raises Tender Offer Price of Hankook and Co to 24,000 Won

By Douglas Kim

  • After market close on 15 December, MBK Partners raised the tender offer price of Hankook & Company by 20% to 24,000 won, which is now 51.4% higher than current price. 
  • With Cho Yang-Rae’s recent acquisition of shares, Cho Hyun-beom, Cho Yang-rae, and related parties now own about 45.6% of Hankook & Co, up from 42.9% previously. 
  • MBK Partners has requested an official investigation by the FSS, claiming that Cho Yang-rae and HY have violated the Capital Markets Act by recently purchasing shares of Hankook & Co.

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Dec 16
0

Daily Brief India: HealthCare Global Enterprises and more

By | Daily Briefs, India

In today’s briefing:

  • HCG: Scaling Up Well | On Track for a Solid FY25

HCG: Scaling Up Well | On Track for a Solid FY25

By Ankit Agrawal, CFA

  • HCG reported a strong Q2FY4 with revenue growth of 16% YoY and 5.7% QoQ. EBITDA margin expanded 120bp QoQ to reach 17.8%.
  • Emerging centers are scaling up well with revenue growing at 29% YoY in Q2FY24. Matured centers’ revenue also grew at a healthy pace of 13% YoY.
  • HCG is continuing to upgrade infrastructure of existing hospitals. It added 3 robotic surgery machines across 3 centers. It operationalized 4 new LINACs and plans to install six more LINACs. 

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Dec 16
0

Daily Brief United States: FedEx Corp, Xperi, Ocean Power Technologies and more

By | Daily Briefs, United States

In today’s briefing:

  • FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence
  • XPER: The Sense Behind the Cents
  • Ocean Power Technologies, Inc. – 2QFY24 Results: Revenue Increases 193%

FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence

By Mohshin Aziz

  • FedEx Corp (FDX US) (FedEx) will release its 2QFY24 results on 19 Dec after market close. Closely watched as it is the bellwether for global trade and commerce  
  • Cost reduction initiatives has delivered, and resurgence in e-commerce activities across Asia Pacific could potentially provide positive earnings surprise    
  • Target price US$299 (7% UPSIDE) based on 15x CY2024 PE (FedEx’s historical mean). Our recommendation is to give FedEx a miss, too little upside for the risk 

XPER: The Sense Behind the Cents

By Hamed Khorsand

  • XPER is streamlining its operations by divesting its AutoSense and image sensing product lines to strategically refocus on the burgeoning entertainment sector
  • XPER is selling AutoSense and the image sensor business to Tobii for $42.7 million plus a performance fee
  • XPER estimates revenue loss from the divesture would be approximately $30 million with adjusted EBITDA moving up

Ocean Power Technologies, Inc. – 2QFY24 Results: Revenue Increases 193%

By Water Tower Research

  • Ocean Power Technologies reported 2QFY24 revenue of $0.9 million, up 193% Y/Y from $0.3 million in 2QFY23, driven by sales of WAM-V autonomous vehicles, the contract with the Department of Energy (DOE), and an increase in strategic consulting services.
  • The previous quarter had revenue of $0.2 million from leased boats.
  • The company reported 2QFY24 gross profit of $0.5 million, compared with a profit of $39,000 in 2QFY23.

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Dec 16
0

Daily Brief China: Sands China, Vinda International, Yuexiu Real Estate Investment Trust and more

By | China, Daily Briefs

In today’s briefing:

  • StubWorld: LVS To Up Stake In Sands. Melco Back To Square One
  • Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50
  • Weekly Wrap – 15 Dec 2023
  • Weekly Wrap – 15 Dec 2023

StubWorld: LVS To Up Stake In Sands. Melco Back To Square One

By David Blennerhassett

Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

By Arun George

  • Vinda International (3331 HK) has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April). 
  • The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.
  • Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk. 

Weekly Wrap – 15 Dec 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. NagaCorp Ltd
  2. China Jinmao Holdings
  3. Hopson Development
  4. Greentown China
  5. Seazen (Formerly Future Land)

and more…

Weekly Wrap – 15 Dec 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. NagaCorp Ltd
  2. China Jinmao Holdings
  3. Hopson Development
  4. Greentown China
  5. Seazen (Formerly Future Land)

and more…

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Dec 16
0

Daily Brief Japan: Japan Exchange Group, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Global Exchanges – Japan Exchange Is Our 2024 High Conviction Call
  • Future Human Resource Strategy to Mobilize Power Regardless of Age, Gender, or Nationality

Global Exchanges – Japan Exchange Is Our 2024 High Conviction Call

By Victor Galliano

  • We rate Japan Exchange as our 2024 high conviction buy in exchanges, for its attractive valuations, as well as its potential for increased market activity and big data revenue growth
  • We believe that Japan Exchange is the exception to the rule that DM exchanges need to diversify their revenue bases, as it is under less de-regulatory pressure
  • We also stick with Hong Kong Exchange as the deep value pick, as well as Deutsche Borse; we remain negative on Coinbase

Future Human Resource Strategy to Mobilize Power Regardless of Age, Gender, or Nationality

By Aki Matsumoto

  • An increasing number of companies rehire senior employees until age 65 to address labor shortages and pass on skills, but there are challenges in retaining senior employees and maintaining loyalty.
  • Daikin is expected to be effective in motivating senior employees and passing on skills in terms of extending employment to age 65 without lowering wages. 
  • Daikin’s board members are older, so they fully understood that age was not an obstacle to senior employee success. On the other hand, Daikin faces many challenges in diversity.

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Dec 16
0

Most Read: JD.com Inc (ADR), Hankook & Company, Bharat Heavy Electricals, Shinko Electric Industries, Vinda International, Posco DX, Sands China, Doosan Robotics , Samsung C&T and more

By | Daily Briefs, Most Read

In today’s briefing:

  • NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade
  • Elder Brother Cho Hyun-Sik Joins Hands With MBK Partners to Tender Offer Hankook & Co. Shares
  • NIFTY200 Momentum30 Index Rebalance: 18 Changes a Side, 58% Turnover, Momentum Intact
  • Shinko Electric (6967) Takeover:  Initial Break/Gap Risk Analysis
  • Vinda (3331 HK): Tanoto’s Firm Offer
  • KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer
  • StubWorld: LVS To Up Stake In Sands. Melco Back To Square One
  • Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review
  • Whitebox Goes Activist on Samsung C&T
  • Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

NASDAQ 100 Index Rebalance: 6 Regular Changes + 1 Adhoc Change; US$37bn to Trade

By Brian Freitas

  • There were 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. Then another ad hoc change was added on top of that.
  • Impact on the inclusions ranges from 1-8 days of ADV to buy, while the impact on the deletions varies from 0.7-2.6 days of ADV to sell.
  • Apart from the constituent changes, there are expected to be inflows in Tesla Motors and Broadcom and outflows from Apple, Microsoft, Amazon.com and NVIDIA.

Elder Brother Cho Hyun-Sik Joins Hands With MBK Partners to Tender Offer Hankook & Co. Shares

By Douglas Kim

  • Cho Hyun-Sik has joined hands with MBK Partners to make a tender offer for shares of Hankook & Co for a minimum of 20.35% and maximum of 27.32% stake.
  • The tender offer price is 20,000 won which is 18.9% higher than the closing price of 16,820 won on Monday.
  • Chairman Cho Hyun-Bum may try to find a strategic ally to launch his own tender offer of Hankook & Co shares at even higher tender offer price than 20,000 won.

NIFTY200 Momentum30 Index Rebalance: 18 Changes a Side, 58% Turnover, Momentum Intact

By Brian Freitas

  • There are 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December. We had forecast all the index changes.
  • Estimated one-way turnover is 57.7% resulting in a one-way trade of INR 21.75bn (US$261m). 8 stocks have over 1x ADV to trade; 21 stocks have atleast 0.5x ADV to trade.
  • The adds have continued to outperform the deletes and the index and there could be further outperformance heading into year-end and buying from passive trackers.

Shinko Electric (6967) Takeover:  Initial Break/Gap Risk Analysis

By Travis Lundy

  • The JIC Deal for Shinko Electric Industries (6967 JP) has been announced and is, as expected, trading wide. 
  • 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.
  • There’s more positioning risk than fundamental risk at this point. And the FUD and Flows have specific timing in this case which makes thing different than JSR. Worth thinking about.

Vinda (3331 HK): Tanoto’s Firm Offer

By David Blennerhassett

  • Back on the 27 April, personal hygiene play Vinda International (3331 HK) announced its controlling shareholder Essity (ESSITYB SS) would commence a strategic review of its 51.59% ownership.
  • That spurred, allegedly, a variety of suitors including Brazil’s Suzano, the world’s largest hardwood pulp producer, Bain Capital, CVC Capital, DCP Capital, and Indonesia’s Tanoto family.
  • And the Tanoto’s have now emerged with a HK$23.50 pre-conditional Offer. The key risk is PRC regulatory approval . Elsewhere, this is a done deal. 

KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer

By Brian Freitas

StubWorld: LVS To Up Stake In Sands. Melco Back To Square One

By David Blennerhassett

Investigating Float Rate Issues of Ecopro Materials & Doosan Robotics for Global Index Feb Review

By Sanghyun Park

  • With recent surges in EcoPro Materials and Doosan Robotics, it’s crucial for their potential inclusion in the February Global Index review. No other names approach the threshold.
  • Depending on classification, Ecopro Materials may get a free-float rate from 15% to 20%, while Doosan Robotics may receive a rate from 20% to 30%.
  • With max free-float rates (20% and 30%), both meet Cutoffs. At minimum rates, Doosan Robotics needs over a 20% increase, while Ecopro Materials slightly exceeds Cutoffs.

Whitebox Goes Activist on Samsung C&T

By Douglas Kim

  • On 14 December, it was reported that US based Whitebox Advisors has started an activist campaign on Samsung C&T (028260 KS).
  • Whitebox estimates that Samsung C&T’s stock price is about 68% undervalued compared to its NAV.
  • In addition to Whitebox, there are two other foreign investors including Palliser Capital and City of London Investment Management that have requested Samsung C&T to improve corporate governance.

Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

By Arun George

  • Vinda International (3331 HK) has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April). 
  • The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.
  • Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk. 

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Dec 16
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Dec 15th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Dec 15th): Tencent, AIA, Wuxi Biologics

Hong Kong Buybacks Weekly (Dec 15th): Tencent, AIA, Wuxi Biologics

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 15th 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), AIA (1299 HK), Wuxi Biologics (2269 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), China Petroleum & Chemical (386 HK).

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Dec 16
0

Daily Brief ESG: Future Human Resource Strategy to Mobilize Power Regardless of Age and more

By | Daily Briefs, ESG

In today’s briefing:

  • Future Human Resource Strategy to Mobilize Power Regardless of Age, Gender, or Nationality

Future Human Resource Strategy to Mobilize Power Regardless of Age, Gender, or Nationality

By Aki Matsumoto

  • An increasing number of companies rehire senior employees until age 65 to address labor shortages and pass on skills, but there are challenges in retaining senior employees and maintaining loyalty.
  • Daikin is expected to be effective in motivating senior employees and passing on skills in terms of extending employment to age 65 without lowering wages. 
  • Daikin’s board members are older, so they fully understood that age was not an obstacle to senior employee success. On the other hand, Daikin faces many challenges in diversity.

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Dec 16
0

Daily Brief Thematic (Sector/Industry): [Blue Lotus Daily – TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • [Blue Lotus Daily – TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK
  • Japan Weekly | Advantest, Ibiden, Recruit, Infroneer, Glosel
  • [Blue Lotus Daily]：LKNCY/1211 HK/300750 CH/TSLA/9995 HK

[Blue Lotus Daily – TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK

By Ying Pan

  • AMZN/PDD/Shein: Amazon launches new supply chain solution for China merchants (+/-/-)
  • JD/2618 HK: Richard Liu Qiangdong responds to article written by internal employee (+/+)
  • 772 HK/700 HK: Yuewen will acquire Tencent Comics business line and related IP for 600 million RMB. (+/+) 

Japan Weekly | Advantest, Ibiden, Recruit, Infroneer, Glosel

By Mark Chadwick

  • Market Watch: Japanese equities made minor gains as US Fed indicated potential rate cuts in 2024. BOJ next week, but no changes anticipated
  • Major Movers: Outsourcing leaps on MBO; Advantest +15% as Semicon Japan gets underway; Ibiden beneficiary of improved tech sentiment
  • Activist Watch: New positions for Murakami in Glosel; Nippon Active Value watching Fuji Media more closely; fresh interest in Goodspeed, the car dealer

[Blue Lotus Daily]：LKNCY/1211 HK/300750 CH/TSLA/9995 HK

By Eric Wen

  • 9995 HK：Chinese BsAb ADC developer wins US$8.4 billion license out deal from Bristol-Myers Squibb(-)
  • LKNCY: Luckin Coffee raised subsidy to franchisees in winter season(-)
  • 1211.HK/300750.CH: LGES signs multi-hundred-million dollar contract with Poland electric bus manufacturer(-)

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