Category

Daily Briefs

Oct 12
0

Daily Brief Singapore: Automera Pte Ltd, Yanlord Land and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Singaporean Biotech Startup Automera Secures US$16M Series A Financing
  • Morning Views Asia: China Hongqiao, Sunny Optical Technology Group, Yanlord Land

Singaporean Biotech Startup Automera Secures US$16M Series A Financing

By e27

  • Singapore-based biotechnology startup Automera has secured US$16 million in a Series A round of investment co-led by early-stage life science accelerator and investment firm Accelerator Life Science Partners (ALSP) and Temasek-backed venture builder ClavystBio.
  • EDBI, Xora Innovation, and other undisclosed investors also participated.
  • Automera was established by Associate Professor Michael Lazarou, Loong Wang, and Taiyang Zhang at Talo Labs in collaboration with ALSP.

Morning Views Asia: China Hongqiao, Sunny Optical Technology Group, Yanlord Land

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

💡 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


Oct 12
0

Daily Brief Indonesia: Bababos and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • East Ventures Leads $3m Round of Indonesian Raw Materials Platform

East Ventures Leads $3m Round of Indonesian Raw Materials Platform

By Tech in Asia

  • MSMEs play a big role in Indonesia’s economy. In 2019, the Indonesian government reported that there were 65.4 million MSMEs in Indonesia, constituting 60.5% of its GDP.
  • But for many of these small companies across the region, digitalization is still a new concept, and this provides opportunities for big tech companies as well as startups to fill the gap.
  • One such player is Indonesia-based Bababos, which targets SMEs in the manufacturing space. The startup operates a platform that matches these SMEs with suppliers of raw materials like steel, polymers, and chemicals.

💡 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


Oct 12
0

Daily Brief United States: S&P 500 INDEX and more

By | Daily Briefs, United States

In today’s briefing:

  • Growing Confidence That the Lows Are In; 4165-4200/200-Day MA on SPX Remains Key; Buys in Financials

Growing Confidence That the Lows Are In; 4165-4200/200-Day MA on SPX Remains Key; Buys in Financials

By Joe Jasper

  • We’ve discussed since late Sept increasing odds of a pullback to confluence of support at 4165-4200/the 200-day MA on SPX, and that if this support holds, it’s a normal pullback
  • Ongoing market dynamics allow us to be even more confident in our unchanged outlook; 4216 was the low for this pullback, with 4200 getting hit overnight (early Wednesday last week).
  • The broad equity market is not yet out of the woods, but as long as the SPX is above 4165-4200 and the 200-day MA, we are bullish.

💡 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


Oct 12
0

Daily Brief India: Raptee Energy Private Limited and more

By | Daily Briefs, India

In today’s briefing:

  • Ex-Tesla Exec’s EV Startup Charges Ahead with $3m Funding

Ex-Tesla Exec’s EV Startup Charges Ahead with $3m Funding

By Tech in Asia

  • In just five years, India’s electric-vehicle sector has surged, positioning the country to become the world’s largest EV market by 2030.
  • In addition to their cost and environmental advantages, EVs also enjoy tax benefits in India. However, despite having 3 million EVs on the road, the country hasn’t established standardized charging protocols for these vehicles.
  • With that in mind, Raptee said it is the first Indian EV startup to opt for the Combined Charging System Type 2 connectors, or CCS2. By integrating both AC and high-power DC charging, the system expedites the charging process, particularly at Level 3 charging stations.

💡 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


Oct 12
0

Daily Brief China: Shenzhen International, J&T Global Express, Ping An Healthcare and Technol, Yanlord Land and more

By | China, Daily Briefs

In today’s briefing:

  • Shenzhen Intl (152 HK): Conversation with Company Affirms 2H23 Outlook
  • J&T Global Express Pre-IPO – Thoughts on Valuation
  • Ping An Healthcare and Technology (1833.HK) – Valuation Could Fall Again Due to Clear Growth Ceiling
  • Morning Views Asia: China Hongqiao, Sunny Optical Technology Group, Yanlord Land

Shenzhen Intl (152 HK): Conversation with Company Affirms 2H23 Outlook

By Osbert Tang, CFA

  • Shenzhen International (152 HK) is well set to post a significant YoY and HoH growth in earnings in 2H23. Our discussion with the company confirmed this.  
  • Profit from Yicheng Qiwanli is expected to be booked and there will be profit upside from REIT listing with logistics hubs at Hangzhou and Guizhou as underlying assets.
  • Significant reduction in USD and HKD-denominated debt will reduce its exposure to foreign exchange losses as well as high interest rate, both will be reflected in 2H23.

J&T Global Express Pre-IPO – Thoughts on Valuation

By Sumeet Singh

  • J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
  • As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
  • We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.

Ping An Healthcare and Technology (1833.HK) – Valuation Could Fall Again Due to Clear Growth Ceiling

By Xinyao (Criss) Wang

  • PAGD successfully narrowed net loss. It seems that the Company doesn’t mind “sacrificing” revenue scale, which could be considered “a necessary price” to pay for the transition to 2B model.
  • PAGD mainly rely on Ping An Group channels to acquire B-end and F-end users, but based on our calculation, PAGD would encounter an obvious growth ceiling at certain revenue scale.
  • Although PAGD could achieve breakeven by divesting businesses with low strategic synergies and effective cost control, the Company’s long-term growth potential and prospects remain uncertain, leading to discounted valuation.  

Morning Views Asia: China Hongqiao, Sunny Optical Technology Group, Yanlord Land

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

💡 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


Oct 12
0

Daily Brief Japan: JMDC , Kokusai Electric , Ryohin Keikaku, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • JMDC (4483) Partial Offer Results – Tough Tender, I’d Watch For “THE Block” (Maybe)
  • Kokusai Electric IPO: Lower Price Range Is Reasonable
  • Ryohin Keikaku: Expecting FY24 OP Guidance of ¥55.0bn
  • Board Diversity Also Confuses Ends with Means

JMDC (4483) Partial Offer Results – Tough Tender, I’d Watch For “THE Block” (Maybe)

By Travis Lundy

  • Results for the Omron Corp (6645 JP) Partial Tender Offer for JMDC (4483 JP) are out. 
  • The Pro-Ration was 51.63%, at the lower end of my initial estimate of 50-58% range, and at the higher end of my revised range (42-56%).
  • The pro-ration, the nature of the shapes (technical term) tendered, and what that suggests for Noritsu Koki’s position suggests the back end could be more squeezy than not.

Kokusai Electric IPO: Lower Price Range Is Reasonable

By Arun George

Ryohin Keikaku: Expecting FY24 OP Guidance of ¥55.0bn

By Oshadhi Kumarasiri

  • Ryohin Keikaku (7453 JP) will announce FQ4 results on October 13th; we expect earnings to beat consensus by ¥2-3bn, potentially boosting stock performance.
  • FY24 OP guidance at around ¥55bn could be a catalyst for significant upside potential in the short term.
  • The current share price of approximately ¥1,800 per share supports an annual OP of roughly ¥30bn, indicating nearly 100% upside potential with FY24 guidance.

Board Diversity Also Confuses Ends with Means

By Aki Matsumoto

  • With few women in managerial positions, the reality is that for the time being female directors are forced to appoint candidates from outside the company.
  • Two companies is the limit for a monthly board meeting with agenda preliminarily reviewed; investors should oppose proposals to elect candidates who hold board positions at three or more companies.
  • The main idea is to promote board diversity for making strategic decisions based on diverse values, but it has become a numbers matching exercise to achieve % of female board members.

💡 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


Oct 11
0

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

By | Daily Briefs, ESG

In today’s briefing:

  • Embraer – ESG Report – Lucror Analytics

Embraer – 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 Embraer’s ESG as “Adequate”, in line with its “Adequate” Environmental and Governance scores. The company has a “Strong” score for the Social pillar. Controversies are “Immaterial” and Disclosure is “Strong”.

💡 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


Oct 11
0

Daily Brief Private Markets: Rainforest Secures US$21.5M Funding and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Rainforest Secures US$21.5M Funding, Reports 9x Growth in FY2022 Revenue
  • Peak XV Leads $12m Round in Startup that Simplifies Visa Applications
  • Aampe Attracts US$7.5M to Turn Apps’ Marketing Messaging into a Personalised Experience
  • Vertex Ventures Leads Indian D2C Beauty Startup’s $20m Series B

Rainforest Secures US$21.5M Funding, Reports 9x Growth in FY2022 Revenue

By e27

  • Singapore-based e-commerce aggregator Rainforest has raised US$21.5 million in a convertible note round from existing investors, including Canopy Tropics, Monks Hill Ventures, Insignia Venture Partners, and January Capital.
  • This brings the company’s total funding (debt and equity) to over US$100 million.
  • Rainforest plans to use the funds to acquire new e-commerce brands, improve the platform capabilities to accelerate channel expansion, and for geographical expansion and product development.

Peak XV Leads $12m Round in Startup that Simplifies Visa Applications

By Tech in Asia

  • For many who don’t hold powerful passports, securing a travel visa often comes with cumbersome paperwork, prolonged waiting periods, and substantial costs, thus posing a significant barrier to international travel.
  • One startup is bidding to solve this problem. Launched in 2021, Atlys allows users to apply for visas from anywhere in the world through its platform.
  • Aside from unifying the process in one place, the platform helps predict visa processing time while reducing rejection rates.

Aampe Attracts US$7.5M to Turn Apps’ Marketing Messaging into a Personalised Experience

By e27

  • Aampe, an AI-native user engagement platform for consumer mobile apps, has secured a US$7.5 million pre-Series A funding round led by Matrix Partners India and Peak XV Partners.
  • This brings the US- and Singapore-based startup’s total funding raised to date to US$9.3 million.
  • The new capital will support product development and fuel growth.

Vertex Ventures Leads Indian D2C Beauty Startup’s $20m Series B

By Tech in Asia

  • With rising urbanization and increased social media exposure to global beauty trends, India’s beauty and personal care market is now set to hit US$38 billion in value by 2028.
  • A big part of that growth has come from direct-to-consumer brands: in the past four to five years, over 80 of them have emerged, accompanied by a wave of investments.
  • One of these D2C players is Pilgrim, which recently raised US$20 million in a series B funding round led by Vertex Ventures Southeast Asia and India. 

💡 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


Oct 11
0

Daily Brief Quantitative Analysis: HK Short Interest Weekly: Wuxi Bio and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.
  • Top short increases and decreases were tabulated for one week and four week period. 
  • We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.

💡 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


Oct 11
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | SPX +0.5%; Pause in Rates; Son Tells Japan to Embrace AI and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | SPX +0.5%; Pause in Rates; Son Tells Japan to Embrace AI
  • Samsung and SK Hynix China Factories Win U.S. Waivers

Ohayo Japan | SPX +0.5%; Pause in Rates; Son Tells Japan to Embrace AI

By Mark Chadwick

  • OVERNIGHT: The S&P 500 rose for a third consecutive day, buoyed by Amazon’s Prime subscriber sale and a bullish forecast from PepsiCo.
  • TODAY: Mitsubishi Elec/Denso to invest $1b in Coherent’s SIC business; SONY PS Slim
  • JAPAN X: According to Masayoshi Son, AI is not the enemy but a friend and partner in propelling Japan forward.

Samsung and SK Hynix China Factories Win U.S. Waivers

By Caixin Global

  • The U.S. cleared Samsung Electronics Co. and SK Hynix Inc. to supply U.S. chip equipment to their China factories without a separate approval process, South Korea’s presidential office said Monday.
  • The two South Korean companies received notification that the decision takes effect immediately, South Korea’s presidential economic adviser Choi Sang-mok told reporters Monday at a briefing, according to the Yonhap News Agency.
  • SK Hynix and Samsung both have major production operations in China, where imports of advanced semiconductor manufacturing equipment and high-performance graphics processing units (GPUs) from the U.S. have been limited under sweeping restrictions rolled out by the Biden administration last October.

💡 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