Category

Daily Briefs

Oct 20
0

Daily Brief Macro: Japan: The End of Japanification as Rising Nominal GDP Spurs Virtuous Circles and more

By | Daily Briefs, Macro

In today’s briefing:

  • Japan: The End of Japanification as Rising Nominal GDP Spurs Virtuous Circles
  • CX Daily: China Q3 GDP Beats Market Estimates Amid Pickup in Consumption
  • State-Owned Companies Buy Back Shares to Boost Investor Confidence

Japan: The End of Japanification as Rising Nominal GDP Spurs Virtuous Circles

By Prasenjit K. Basu

  • Ending a quarter-century of stagnation, Japan’s nominal GDP rose 3.04% in the year to Jun’23, with per capita nominal GDP up 3.51% and per capita real GDP 1.91%. 
  • With the decisive defeat of deflation, core CPI inflation was 2.8%YoY in Aug’23, enabling 21 consecutive months of YoY wage growth. The fiscal deficit likely declines to 3.5% of GDP.
  • Rebounding exports will restore a trade surplus this quarter, bolstering the current account surplus to 2.7% of GDP this year and 3.3% next. Stay overweight Japan. 

CX Daily: China Q3 GDP Beats Market Estimates Amid Pickup in Consumption

By Caixin Global

  • GDP /: China Q3 GDP beats market estimates amid pickup in consumption
  • Belt and Road Initiative /: Xi vows to further open up China at Belt and Road Forum
  • Buybacks /: State-owned companies buy back shares to boost investor confidence

State-Owned Companies Buy Back Shares to Boost Investor Confidence

By Caixin Global

  • About 50 Chinese state-owned companies are trying to bolster investor confidence by rolling out share buybacks or plans by big stockholders to expand their holdings after a series of other measures to prop up the stock market fell short.
  • China’s benchmark CSI 300 Index has dropped more than 6% this year, despite supportive government policies that included halving the stamp duty on stock trades and lowering the minimum ratio for stock purchases through margin financing in August.
  • The index gained 0.35% Tuesday.

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Oct 19
0

Daily Brief Industrials: Boeing Co, DL E&C , Triveni Turbine and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Boeing: Turbulent Times – [Business Breakdowns, EP.129]
  • Small Scale Share Swap Between DL E&C and DL Construction + Delisting
  • Triveni Turbine Ltd- Forensic Analysis

Boeing: Turbulent Times – [Business Breakdowns, EP.129]

By Business Breakdowns

  • Boeing is a globally recognized company in the aerospace industry that was founded in 1916 by William Boeing.
  • The company’s business model includes three segments: commercial, defense, and services, with the commercial segment being the largest, accounting for nearly 40% of its revenues.
  • Boeing has played a crucial role in the evolution of the aviation industry, from fabric airplanes to carbon fiber composite jetliners that can fly long distances without stopping.

This podcast is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Small Scale Share Swap Between DL E&C and DL Construction + Delisting

By Douglas Kim

  • On 18 October, DL E&C announced that it will conduct a small scale share swap with DL Construction to make it into a 100% wholly owned subsidiary.
  • We believe this merger share swap will have a positive impact on both DL E&C (375500 KS) and DL Construction (001880 KS) shares.
  • To prevent shares dilution, DL E&C plans to cancel the same number of treasury shares of common stock as the number of newly issued shares of DL E&C common stock.

Triveni Turbine Ltd- Forensic Analysis

By Nitin Mangal

  • Triveni Turbine (TRIV IN)  is one of the leading players in manufacturing of steam turbines, which in turn has uses across various energy intensive industries. 
  • The company has recovered well from covid, has a robust order book in conjuction with healthy financial position. Balance sheet is debt-free, high cash and lean WC cycle. 
  • The only possible risk that comes to the balance sheet would be of potential statutory disputes. The contingent liabilities remain under-stated.

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Oct 19
0

Daily Brief Utilities: Centrais Eletricas Brasilier and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Eletrobras – ESG Report – Lucror Analytics

Eletrobras – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Eletrobras’ ESG as “Strong”, in line with the Environmental pillar, while its Social and Governance scores are “Adequate”. Controversies are “Immaterial” and Disclosure is “Adequate”.

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Oct 19
0

Daily Brief Energy/Materials: Youngpoong Paper Mfg, Lithium Power International, Seadrill and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Youngpoong Paper Mfg: Concerns About CFD Related Selling – Another Margin Call?
  • Lithium Power (LPI AU): Codelco’s Binding Offer at A$0.57
  • SDRL: The Calm Ahead of News Flow

Youngpoong Paper Mfg: Concerns About CFD Related Selling – Another Margin Call?

By Douglas Kim

  • Youngpoong Paper Mfg’s shares declined sharply by 30% to 33,900 won today, trading only 190k shares (3% of ADTV). 
  • There is high probability that this sell-off could be related to CFD related margin call. 
  • Daiyang Metal, the largest shareholder of Youngpoong Paper Mfg, also dropped limit down today. The Korea Exchange has temporarily suspended trading of both Youngpoong Paper and Daiyang Metal. 

Lithium Power (LPI AU): Codelco’s Binding Offer at A$0.57

By Arun George

  • Lithium Power International (LPI AU) has entered a scheme implementation deed with Corporacion Nacional del Cobre de Chile (Codelco) at A$0.57 per share, a 119.2% premium to the undisturbed price.  
  • Shareholders representing 32.47% of outstanding shares will vote in favour of the scheme. Forums suggest that retail shareholders are broadly resigned to accepting the offer.
  • The offer is conditional on FIRB approval. The scheme meeting will be held on 23 January 2024. At the last close, the gross spread was 7.5%. 

SDRL: The Calm Ahead of News Flow

By Hamed Khorsand

  • There has been little change in day rates since Seadrill (SDRL) reported second quarter results with the Company having two vessels with contracts expiring next month
  • The only news flow since SDRL reported second quarter results has been about the Company regularly buying back stock
  • The two vessels with contracts expiring are currently in different geographies

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Oct 19
0

Daily Brief TMT/Internet: Shinko Electric Industries, Money Forward , Douzone Bizon, Softbank Group, Hon Hai Precision Industry and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Shinko Electric (6967) Update – MitCorp In The Mix?
  • Shinko Electric (6967 JP): Bidders Circle for Fujitsu’s Stake
  • Money Forward (3994) | A Deep Dive into the Corporate Business
  • Douzone Bizon: Cooperating with Amazon Web Services to Enter the Global SaaS Market
  • SoftBank Group (9984 JP): More Downside Risk to the NAV than Upside Potential
  • Hon Hai Tech Day Takeaways: Nvidia Announces AI Factories Partnership; Competitive Advantage for EVs

Shinko Electric (6967) Update – MitCorp In The Mix?

By Travis Lundy

  • Yesterday about 5 minutes before the close, Shinko Electric Industries (6967 JP) went into kehai, rising 8.6%, then falling back to end + 3% on the day. 
  • This morning, the stock opened down 2%, rose 4%, fell 4%, then rose 4%. All in the first 45 minutes. Then it fell back 4% and ended down 2% today.
  • The proximate cause of all of this was a Reuters article out 5mins before the close yesterday suggesting Mitsubishi Corp (8058 JP) is considering bidding for Shinko Electric.

Shinko Electric (6967 JP): Bidders Circle for Fujitsu’s Stake

By Arun George

Money Forward (3994) | A Deep Dive into the Corporate Business

By Mark Chadwick

  • Money Forward’s Corporate SaaS business is thriving, with +44% year-over-year growth in ARR, a 139,000-strong customer base, and a healthy CAC-to-LTV ratio of 3.7x.
  • Despite strong fundamentals, the stock’s 20% decline is attributed to market fixation on quarterly earnings and concerns about rising interest rates.
  • The company’s untapped potential lies in the mid-market segment, where cross-selling opportunities across 18 paid products could significantly boost ARPA, tapping into a TAM estimated at $15 billion.

Douzone Bizon: Cooperating with Amazon Web Services to Enter the Global SaaS Market

By Douglas Kim

  • On 16 October, Douzone Bizon (012510 KS) announced that it is entering the global software-as-a service (SaaS) market in cooperation with Amazon Web Services (AWS). 
  • The agreement stipulates that Douzone Bizon will develop global SaaS through AWS support and enter overseas markets. 
  • We believe shares of Douzone Bizon have been oversold. Valuations have become more attractive and its cooperation with AWS is also likely to improve the company’s overseas sales and profits. 

SoftBank Group (9984 JP): More Downside Risk to the NAV than Upside Potential

By Victor Galliano

  • There is downside risk to SoftBank’s NAV, due to valuations relating to Arm and the Vision Funds including LatAm; on aggregate, these holdings account for 70% of group equity value
  • We believe that Arm’s super-premium valuation is unsustainable; there is lack of transparency on the valuations relating to the unlisted Vision Fund holdings, especially in SVF2
  • We estimate that SoftBank shares trade at a 44% NAV discount, tighter than the average at the end of the last eight quarters; add to this Arm’s current over valuation

Hon Hai Tech Day Takeaways: Nvidia Announces AI Factories Partnership; Competitive Advantage for EVs

By Vincent Fernando, CFA

  • Nvidia’s CEO Jensen Huang joined Hon Hai at its annual Tech Day yesterday, announcing  an expansion of their partnership into the development of AI factories that will produce new software.
  • Hon Hai unveiled its new ‘Model N’ EV, a van designed for logistics use cases. Its Model C SUV will have first customer deliveries in Taiwan in January 2024E.
  • The latest Nvidia partnership expansion announcement and EV developments will transform Hon Hai’s unique value proposition to automakers. We continue to expect nearly 50% upside for the shares.

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Oct 19
0

Daily Brief Health Care: Mitra Keluarga Karyasehat Tbk, VISEN Pharmaceuticals, Paradigm Biopharmaceuticals and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Medikaloka Hermina (HEAL IJ) – Starting Patients Young
  • Pre-IPO VISEN Pharmaceuticals – The Product Pipeline and the Key Risks
  • Paradigm Biopharmaceuticals (PAR AU): Positive Result from Phase 2 Trial; Satisfactory Cash Position

Medikaloka Hermina (HEAL IJ) – Starting Patients Young

By Angus Mackintosh

  • Medikaloka Hermina (HEAL IJ) remains a differentiated hospital player in Indonesia given its focus on the treatment of women and children plus its doctor partnership model in its hospitals.
  • The company booked a strong rebound in both inpatient and outpatient volumes in 1H2023, and we expect this to continue into 2H, with two new hospitals opened in 3Q2023.
  • Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to Mitra Keluarga Karyasehat Tbk (MIKA IJ) on 10.2x FY2024E EV/EBITDA. 

Pre-IPO VISEN Pharmaceuticals – The Product Pipeline and the Key Risks

By Xinyao (Criss) Wang

  • VISEN’s candidates are potential Best-In-Class or represent novel technologies, but they need to obtain doctors/authorities’ recognition.The competition pattern in growth hormone market would continue to deteriorate with increasing new entrants. 
  • Once the growth hormone market is taken seriously by the regulatory authorities, the industry’s growth momentum would be challenged. The actual market space could be greatly reduced as a result.
  • In front of competitors with strong sales system, commercialization is a big challenge for VISEN. The Company has yet to prove this.VBP news on rhGH would weigh on market sentiment.

Paradigm Biopharmaceuticals (PAR AU): Positive Result from Phase 2 Trial; Satisfactory Cash Position

By Tina Banerjee

  • Paradigm Biopharmaceuticals (PAR AU) announced phase 2 trial result, demonstrating that lead drug candidate, iPPS treats the symptoms of osteoarthritis as well as preserves and/or regenerates joint tissues.
  • This is significant from a commercial perspective because the disease modifying effects of iPPS observed in the phase 2 clinical trial are expected to support a greater reimbursement.
  • Paradigm’s cash position was bolstered by A$66M capital raise in Aug’22. As of June 30, 2023, the company has a cash balance of A$56.3M, which should provide runway through Q1FY25.

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Oct 19
0

Daily Brief Industrials: Boeing Co, DL E&C , Triveni Turbine and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Boeing: Turbulent Times – [Business Breakdowns, EP.129]
  • Small Scale Share Swap Between DL E&C and DL Construction + Delisting
  • Triveni Turbine Ltd- Forensic Analysis

Boeing: Turbulent Times – [Business Breakdowns, EP.129]

By Business Breakdowns

  • Boeing is a globally recognized company in the aerospace industry that was founded in 1916 by William Boeing.
  • The company’s business model includes three segments: commercial, defense, and services, with the commercial segment being the largest, accounting for nearly 40% of its revenues.
  • Boeing has played a crucial role in the evolution of the aviation industry, from fabric airplanes to carbon fiber composite jetliners that can fly long distances without stopping.

This podcast is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Small Scale Share Swap Between DL E&C and DL Construction + Delisting

By Douglas Kim

  • On 18 October, DL E&C announced that it will conduct a small scale share swap with DL Construction to make it into a 100% wholly owned subsidiary.
  • We believe this merger share swap will have a positive impact on both DL E&C (375500 KS) and DL Construction (001880 KS) shares.
  • To prevent shares dilution, DL E&C plans to cancel the same number of treasury shares of common stock as the number of newly issued shares of DL E&C common stock.

Triveni Turbine Ltd- Forensic Analysis

By Nitin Mangal

  • Triveni Turbine (TRIV IN)  is one of the leading players in manufacturing of steam turbines, which in turn has uses across various energy intensive industries. 
  • The company has recovered well from covid, has a robust order book in conjuction with healthy financial position. Balance sheet is debt-free, high cash and lean WC cycle. 
  • The only possible risk that comes to the balance sheet would be of potential statutory disputes. The contingent liabilities remain under-stated.

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Oct 19
0

Daily Brief Financials: Us Masters Residential Property Fund, Kenedix Office Investment Co, KB Financial, Indusind Bank, Sankei Real Estate, Country Garden Holdings Co, Housing and Urban Development Corporation Limited, Aroundtown , Philippine Stock Exchange, Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, Financials

In today’s briefing:

  • US Masters (URF AU): Almost Too Good To Be True
  • Kenedix J-REIT Family Merger – Still Room (But Less Time) To Move (Redux-Ish)
  • A Shift in TIGER Top 10 ETF December Rebalancing: KB Financial Newly In But Not Ecopro Co
  • IndusInd Bank (IIB IN): Passive Buying Coming Up as Foreign Room Crosses Key Threshold
  • Sponsor of Sankei Real Estate (2972) To Buy More Units in Revival Plan
  • Country Garden’s Offshore Debt Issuance Structure May Be Less Favorable than that of Evergrande
  • Hudco Oct 23 OFS – Momentum Has Been Strong, and Appears to Be Well Flagged
  • Quiddity Leaderboard-DAX Dec 23: Two Changes for MDAX and Two Changes for SDAX
  • Philippines Exchange (PSE PM): Deep Value Exchange With Growth Option Embedded
  • EQD | KOSPI 200 Frail WEEKLY Rally Is Ending

US Masters (URF AU): Almost Too Good To Be True

By David Blennerhassett

  • US Masters Residential Property Fund (URF AU), an ASX-listed real estate trust investing in single-family homes in gentrifying New York metropolitan neighbourhoods  – what could go wrong? 
  • Quite a lot, apparently. Shares are down bigly from the 2011 listing; the responsible entity faced ASIC-backed court proceedings for misleading clients; plus dissent emerged over appointing a new RE. 
  • URF is gradually offloading its entire portfolio, and buying back shares, which are trading at 0.49x price-to-book.  So, where’s the rub?

Kenedix J-REIT Family Merger – Still Room (But Less Time) To Move (Redux-Ish)

By Travis Lundy

  • A month ago I wrote there was still time, and room, to move on the Kenedix Merger. 
  • Now there’s less time, but the situation and relationships are better understood.
  • Tracking Excess Volume during the period since the announcement is interesting. And it may tell you less than you think.

A Shift in TIGER Top 10 ETF December Rebalancing: KB Financial Newly In But Not Ecopro Co

By Sanghyun Park

  • While Ecopro Co’s stock has undergone significant corrections since August, KB Financial has sustained an upward trajectory, leading to a significant reversal in float-adjusted market cap.
  • The current disparity between the two exceeds ₩2T, making it challenging to anticipate another reversal until the screening period.
  • Ecopro Co and LG Energy Solution also warrant attention due to the narrow gap in their float-adjusted market capitalization. We should monitor any changes in their market capitalization moving forward.

IndusInd Bank (IIB IN): Passive Buying Coming Up as Foreign Room Crosses Key Threshold

By Brian Freitas

  • Foreign investors sold ~5.7m shares of Indusind Bank (IIB IN) from July to September. That selling has pushed foreign room above the key 15% threshold.
  • With foreign room crossing 15%, passive trackers will need to buy a chunk of Indusind Bank (IIB IN) stock at the end of November.
  • There will be positioning on Indusind Bank (IIB IN) though it appears some of that was taken off in the last couple of days.

Sponsor of Sankei Real Estate (2972) To Buy More Units in Revival Plan

By Travis Lundy

  • On 16 October, the Asset Management Co of Sankei Real Estate (2972 JP) announced earnings, the execution of a Revival Plan, and said the sponsor, Sankei Building would buy more.
  • They’ll buy for up to 220 days starting sometime before Feb-end. Presumably after the Revival Plan transactions have been executed. 
  • The REIT is cheap to peers. It is small to peers. It needs some reviving. But when a sponsor promises to buy, it pays to take a look. 

Country Garden’s Offshore Debt Issuance Structure May Be Less Favorable than that of Evergrande

By Fern Wang

  • Country Garden’s offshore debt default is happening. Its time to investor to revisit their position as restructuring is looming.
  • Investors may not have any access to Country Garden’s onshore assets under its current offshore issuance structure.
  • Evergrande’s offshore debt issuing structure could be more favourable compared to that of Country Garden in bankruptcy, depending on how the court interprets its Keepwell agreement.

Hudco Oct 23 OFS – Momentum Has Been Strong, and Appears to Be Well Flagged

By Clarence Chu

  • The Government of India (GoI) is looking to raise up to US$130m from trimming its stake in Housing and Urban Development Corporation Limited (HUDCO IN). 
  • The base deal includes a 3.5% stake sale, with an option to double it up to 7%. The selldown is targeted at meeting SEBI’s minimum public float requirements of 25%. 
  • At 7.5 days of three month ADV, the deal isn’t a very large one for the firm to digest.

Quiddity Leaderboard-DAX Dec 23: Two Changes for MDAX and Two Changes for SDAX

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.
  • Currently, I see two index changes for the MDAX index and two index changes for the SDAX index.
  • I do not see any changes for the DAX index in December 2023.

Philippines Exchange (PSE PM): Deep Value Exchange With Growth Option Embedded

By Sameer Taneja

  • Philippine Stock Exchange (PSE PM) is a monopoly making >60%>/45% EBITDA/NPAT margins across its history with ex-cash ROCE’s >30% (cash at five bn pesos is 33% of market cap).
  • With a relatively low penetration of brokerage accounts (1.5%), an underowned market with 100mn USD volume, and low fee structures, there is ample low-hanging fruit on earnings growth.
  • The stock trades at 18x PE (9x ex-cash and real estate). With an 80-100% payout, the dividend yield is 5-6%, so you are paid to wait for future catalysts. Our meeting with management in Manila last week gives us added confidence. 

EQD | KOSPI 200 Frail WEEKLY Rally Is Ending

By Nico Rosti

  • The KOSPI 200 Index is currently rising for the 3rd week in a row and approaching the Q2 WEEKLY resistance level, but it’s a very weak rally.
  • Between 329 and 331 there id a good area to go SHORT, the index could fall for 2-3 weeks from here, into early November.
  • A negative close in October would be =3 months down in a row (CC=-3), November in that case would have good odds for a rebound and close up.

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Oct 19
0

Daily Brief Consumer: Descente Ltd, MGM China Holdings, Zomato, Las Vegas Sands, Sariguna Primatirta Tbk PT, Pendragon PLC and more

By | Consumer, Daily Briefs

In today’s briefing:

  • ANTA Sports Investor Day Targets DESCENTE (8114) For Growth
  • Macau Casinos: MGM China Looks Solid
  • India – Free Float Changes to Drive Passive Inflows
  • Las Vegas Sands: A Clear Cut Buy on the Dip Strategy as Asia Gaming Recovery Gains Strength
  • Sariguna Primatirta (CLEO IJ) – Pure Water with a Sustainable Edge
  • AutoNation Drops from the Race

ANTA Sports Investor Day Targets DESCENTE (8114) For Growth

By Travis Lundy

  • Yesterday, Anta Sports Products (2020 HK) held its Investor Day in Beijing. They talked about Descente Ltd (8114 JP) and their plans. 
  • The presentation made by the Descente China Chairman talked about the evolution of performance and the target for 2026, suggesting higher profit now and growth going forward than market expectations. 
  • None of this changes my outlook for why Itochu Corp (8001 JP) is buying Descente shares in the market. And the stock is going up.

Macau Casinos: MGM China Looks Solid

By David Blennerhassett

  • Macau’s mass GGR in 3Q23, including slots, was down just 6.7% on 3Q19 levels, but up 11.1% quarter-on-quarter.
  • The shifting regulatory sands across the gaming landscape has resulted in VIP baccarat revenue accounting for 24% of GGR in 3Q23, down from 43.8% in 3Q19, and 64.6% in 3Q13.
  • All concessionaires have been impacted by the collapse of the junket industry. But those who relied less on VIP flow have fared better on a comparative basis.

India – Free Float Changes to Drive Passive Inflows

By Brian Freitas

  • Over the last few weeks, companies in India have been disclosing their shareholding pattern as of end-September. There are a few companies with significant float changes from end-March and/or end-June.
  • The changes in free float could be reflected in domestic and global indices over the next couple of months resulting in action from passive trackers.
  • We find 9 stocks where there could be inflows with passive trackers needing to buy over 1 day of ADV on most stocks.

Las Vegas Sands: A Clear Cut Buy on the Dip Strategy as Asia Gaming Recovery Gains Strength

By Howard J Klein

  • Our long held strong conviction on  LVS has not faltered despite its chronically undervalued.
  • Monthly gross gaming win trends do not reflect sagging China economy.
  • Imminent 3Q23  earnings release may well  hold upside surprises. We sense a beat.

Sariguna Primatirta (CLEO IJ) – Pure Water with a Sustainable Edge

By Angus Mackintosh

  • Sariguna Primatirta (CLEO IJ) is a differentiated bottled water player in Indonesia producing pure water using nano-technology, with around 5% market share but with significant upside given low penetration. 
  • The company has established a long-term growth record over the past six years and booked +14.9% sales growth and +23.2% net profit growth, driven by increased demand and new products.
  • CLEO continues to expand its manufacturing and distribution to cover more areas of the country. It also has an increasingly sustainable edge and valuations are reasonable relative to growth. 

AutoNation Drops from the Race

By Jesus Rodriguez Aguilar

  • On 17 October, Autonation Inc (AN US) also withdrew its proposal for Pendragon PLC (PDG LN). Lithia’s deal is likely to obtain shareholder’s approval, for lack of a better offer.
  • Holding on would mean receiving 24.5p and staying in a small cap SaaS, whose shares are implicitly valued at 6.5p, instead of the 10.9p that Pendragon claims it is worth.
  • Readacross: Hedin, AutoNation, or someone else, could take a closer look at Vertu Motors (VTU LN).

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Oct 19
0

Daily Brief ESG: Eletrobras – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Eletrobras – ESG Report – Lucror Analytics
  • China Jinmao – ESG Report – Lucror Analytics

Eletrobras – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Eletrobras’ ESG as “Strong”, in line with the Environmental pillar, while its Social and Governance scores are “Adequate”. Controversies are “Immaterial” and Disclosure is “Adequate”.

China Jinmao – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess China Jinmao’s ESG as “Adequate”, in line with the company’s Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Strong”.

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