Category

Daily Briefs

Jul 08
0

Daily Brief Japan: Eisai Co Ltd, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Daily Briefs, Japan

In today’s briefing:

  • Eisai Co Ltd (4523 JP): Becomes the Best Alzheimer’s Disease Play After Full FDA Nod
  • Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed

Eisai Co Ltd (4523 JP): Becomes the Best Alzheimer’s Disease Play After Full FDA Nod

By Tina Banerjee

  • Eisai Co Ltd (4523 JP) has received FDA traditional approval for Leqembi injection for the treatment of Alzheimer’s Disease. Following the approval, CMS confirmed broader Medicare coverage for Leqembi.
  • Leqembi is the first and only approved treatment shown to reduce the rate of disease progression and to slow cognitive and functional decline in adults with Alzheimer’s Disease.
  • Eisai pegged peak sales of Leqembi at $7.3 billion in 2030. The projection is based on the company’s estimate that about 2.5M people will be eligible for treatment by 2030.

Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed

By Aki Matsumoto

  • It remains to be seen whether domestic institutional investors will support shareholder proposals on shareholder returns, which had low approval rate among domestic institutional investors at the previous year’s AGM.
  • If domestic institutional investors are voting in favor of shareholder proposals, it wouldn’t be surprising if more companies passed them. It’s doubtful that passive funds have the same voting practices.
  • There is concern about critical tone regarding the legally binding nature of the resolution of AGMs, which appears to come from companies feeling threatened by declining shareholdings by banks/business partners.

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Jul 08
0

Daily Brief TMT/Internet: Black Sesame Technologies, Robosense Technology, Amazon.com Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Black Sesame Pre-IPO: Earnings Show Strong Potential
  • RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed
  • Amazon: Monetary Conditions Are In The Driver’s Seat And Higher Margins Are Already Priced-In

Black Sesame Pre-IPO: Earnings Show Strong Potential

By Shifara Samsudeen, ACMA, CGMA

  • Chinese autonomous driving chip maker (SoCs) Black Sesame Technologies (BLACKSES HK) has filed for HKEx IPO and plans to raise around US$200m which will be spent on R&D and  commercialisation.
  • According to Frost & Sullivan, Black Sesame was ranked the third largest provider of automotive- grade high computing power SoCs, based on shipment in 2022.
  • The company is in early stages of commercialisation, and the top line has expanded significantly in 2022 with launch of SoCs in 2021. Black Sesame’s earnings show significant growth potential.

RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed

By Andrei Zakharov

  • RoboSense Technology, one of the leading providers of LiDAR sensor systems and AI perception software, filed for a Hong Kong IPO with J.P. Morgan and China Renaissance leading the offering.
  • RoboSense Technology is a high-growth mass producer of LiDAR products with mounting operating losses. The company is growing revenue in double digits and still has heavy losses.  
  • I believe RoboSense Technology IPO is risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals. Moreover, LiDAR stocks continue to underperform.

Amazon: Monetary Conditions Are In The Driver’s Seat And Higher Margins Are Already Priced-In

By Vladimir Dimitrov, CFA

  • Amazon has significantly underperformed the broader equity market, in spite of the recent rally.
  • The narrative for generative AI is strong, but the share price is currently driven by other factors.
  • Margin improvements are being priced-in, which significantly limits any potential upside, without monetary conditions becoming supportive.

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Jul 08
0

Daily Brief Energy/Materials: TOA Paint (Thailand), Bashundhara Paper Mills and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • TOA Paint (Thailand) (TOA TB) – An Unfortunate Turn of Events
  • Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML

TOA Paint (Thailand) (TOA TB) – An Unfortunate Turn of Events

By Angus Mackintosh

  • TOA Paint is Thailand’s leading decorative paints player with a 48% market share and a good track record but it has become caught up by association with STARK Corporation.
  • This looks like a guilt by association sell down given there are no visible business connections between STARK and TOA Paint but the eldest son of the family controls Stark.
  • The second son of the Patriarch is CEO of TOA Paint, which is otherwise enjoying a strong recovery in demand plus lower input costs. Valuations have declined to attractive levels. 

Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML

By Pranav Bhavsar

  • Olympic Industries (OLYMPI BD)  experienced weak 3Q earnings due to moderated growth, contraction of margins, and the impact of high inflation.
  • Square Textiles (SQTT BD) recorded weak 3Q numbers due to factors such as a decline in yarn production, increased energy costs, and decreased yarn prices in the international market.
  • Bashundhara Paper Mills (BPML BD)  delivered strong 3Q earnings driven by increased sales, leading to improved profitability.

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Jul 08
0

Daily Brief Health Care: Eisai Co Ltd and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Eisai Co Ltd (4523 JP): Becomes the Best Alzheimer’s Disease Play After Full FDA Nod

Eisai Co Ltd (4523 JP): Becomes the Best Alzheimer’s Disease Play After Full FDA Nod

By Tina Banerjee

  • Eisai Co Ltd (4523 JP) has received FDA traditional approval for Leqembi injection for the treatment of Alzheimer’s Disease. Following the approval, CMS confirmed broader Medicare coverage for Leqembi.
  • Leqembi is the first and only approved treatment shown to reduce the rate of disease progression and to slow cognitive and functional decline in adults with Alzheimer’s Disease.
  • Eisai pegged peak sales of Leqembi at $7.3 billion in 2030. The projection is based on the company’s estimate that about 2.5M people will be eligible for treatment by 2030.

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  • ✓ Events & Webinars
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Jul 08
0

Daily Brief Financials: Taishin Financial Holding, Agile Property Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • Taishin – Monthly Profit Surge at +253% in May Suggests Strong Quarterly Numbers
  • Weekly Wrap – 07 Jul 2023

Taishin – Monthly Profit Surge at +253% in May Suggests Strong Quarterly Numbers

By Daniel Tabbush

  • The monthly profit figures at Taishin are rising substantially, suggesting a strong 2Q23
  • Taishin’s LDR had declined dramatically in 1Q23, monthly figures may suggest expansion
  • With declining credit costs, to match lower NPLs, the outlook for Taishin’s profit is strong

Weekly Wrap – 07 Jul 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. Greentown China
  2. First Pacific Co
  3. Vedanta Resources
  4. China Jinmao Holdings
  5. Lifestyle International Holdings

and more…

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  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jul 08
0

Daily Brief Consumer: Delta Djakarta, Lululemon Athletica, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Delta Djakarta (DLTA IJ): Cheaper Higher Yield Option to Multi Bintang
  • Lululemon: Underestimated Is An Understatement
  • Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed

Delta Djakarta (DLTA IJ): Cheaper Higher Yield Option to Multi Bintang

By Sameer Taneja

  • Delta Djakarta (DLTA IJ) is a cheaper small-cap option to play the recovery of tourism in Indonesia instead of Multi Bintang Indonesia (MLBI IJ) 
  • It’s 5Yr/10Yr average ROCE is 22%/29% lower than MLBI IJ due to the high net cash on the balance sheet, ~25% of the market capitalization.
  • Trading at 11x PE and 10% dividend yield on normalized earnings (Assuming a 110% payout ratio since the 5 Yr average is 120%), the stock is super cheap.

Lululemon: Underestimated Is An Understatement

By Pearl Gray Equity and Research

  • The company’s international sales growth is somewhat of a hidden asset, as the arena is underserved.
  • Lululemon’s regional brand exposure is expanding with new store openings.
  • The stock is theoretically undervalued, which is why the stock is undervalued.

Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed

By Aki Matsumoto

  • It remains to be seen whether domestic institutional investors will support shareholder proposals on shareholder returns, which had low approval rate among domestic institutional investors at the previous year’s AGM.
  • If domestic institutional investors are voting in favor of shareholder proposals, it wouldn’t be surprising if more companies passed them. It’s doubtful that passive funds have the same voting practices.
  • There is concern about critical tone regarding the legally binding nature of the resolution of AGMs, which appears to come from companies feeling threatened by declining shareholdings by banks/business partners.

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Jul 08
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Jul 7th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Jul 7th): Tencent, AIA, Kuaishou Technology

Hong Kong Buybacks Weekly (Jul 7th): Tencent, AIA, Kuaishou Technology

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 7th 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), Kuaishou Technology (1024 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), CK Asset (1113 HK).

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Jul 08
0

Daily Brief ESG: Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed and more

By | Daily Briefs, ESG

In today’s briefing:

  • Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed

Although It Is Commendable that Voting Behavior of Some Domestic Institutional Investors Has Changed

By Aki Matsumoto

  • It remains to be seen whether domestic institutional investors will support shareholder proposals on shareholder returns, which had low approval rate among domestic institutional investors at the previous year’s AGM.
  • If domestic institutional investors are voting in favor of shareholder proposals, it wouldn’t be surprising if more companies passed them. It’s doubtful that passive funds have the same voting practices.
  • There is concern about critical tone regarding the legally binding nature of the resolution of AGMs, which appears to come from companies feeling threatened by declining shareholdings by banks/business partners.

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

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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


Jul 08
0

Daily Brief ECM: Black Sesame Pre-IPO: Earnings Show Strong Potential and more

By | Daily Briefs, ECM

In today’s briefing:

  • Black Sesame Pre-IPO: Earnings Show Strong Potential
  • RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed

Black Sesame Pre-IPO: Earnings Show Strong Potential

By Shifara Samsudeen, ACMA, CGMA

  • Chinese autonomous driving chip maker (SoCs) Black Sesame Technologies (BLACKSES HK) has filed for HKEx IPO and plans to raise around US$200m which will be spent on R&D and  commercialisation.
  • According to Frost & Sullivan, Black Sesame was ranked the third largest provider of automotive- grade high computing power SoCs, based on shipment in 2022.
  • The company is in early stages of commercialisation, and the top line has expanded significantly in 2022 with launch of SoCs in 2021. Black Sesame’s earnings show significant growth potential.

RoboSense Technology: A Risky IPO As LiDAR Stocks Underperformed

By Andrei Zakharov

  • RoboSense Technology, one of the leading providers of LiDAR sensor systems and AI perception software, filed for a Hong Kong IPO with J.P. Morgan and China Renaissance leading the offering.
  • RoboSense Technology is a high-growth mass producer of LiDAR products with mounting operating losses. The company is growing revenue in double digits and still has heavy losses.  
  • I believe RoboSense Technology IPO is risky due to the company’s high cash burn rate, fierce competition, pricing pressure and unhealthy fundamentals. Moreover, LiDAR stocks continue to underperform.

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

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  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jul 08
0

Daily Brief Credit: Weekly Wrap – 07 Jul 2023 and more

By | Credit, Daily Briefs

In today’s briefing:

  • Weekly Wrap – 07 Jul 2023

Weekly Wrap – 07 Jul 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. Greentown China
  2. First Pacific Co
  3. Vedanta Resources
  4. China Jinmao Holdings
  5. Lifestyle International Holdings

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