Category

Daily Briefs

Mar 29
0

Daily Brief Japan: Daihatsu Diesel Mfg, Cyberdyne Inc, Pia Corp and more

By | Daily Briefs, Japan

In today’s briefing:

  • Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
  • Cyberdyne (7779 JP) – Renewed Efforts to Drive Profitability
  • Pia Corp (4337 JP): Coverage Initiation

Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related

By Travis Lundy

  • Daihatsu Diesel Mfg (6023 JP) is down sharply today – much more than indices – as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well. 
  • A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US. 
  • The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.

Cyberdyne (7779 JP) – Renewed Efforts to Drive Profitability

By Astris Advisory Japan

  • Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).
  • Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&D.
  • We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26. 

Pia Corp (4337 JP): Coverage Initiation

By Shared Research

  • In FY03/24, revenue was JPY39.6bn (+20.8% YoY), operating profit JPY1.2bn (+47.4% YoY), recurring profit JPY922mn (+53.7% YoY), and net income attributable to owners of the parent JPY1.1bn (-21.0% YoY).
  • The Japanese leisure and audience entertainment market recovered, including in the live entertainment market.
  • In addition, major IT service providers such as LINE Ticket exited the market during the COVID-19 pandemic, reducing competitive pressure and providing a tailwind for the company.

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Mar 29
0

Most Read: Korea Stock Exchange KOSPI 200, Shinko Electric Industries, ENN Energy, BayCurrent Consulting , Baidu , NIO , Hanwha Corporation, Daihatsu Diesel Mfg, Samsung Electronics Pref Shares, Amentum Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Korea: Short Selling Is Back in March; Trade Ideas
  • Shinko Electric (6967) – Chicken and Logistics
  • ENN Energy (2688 HK) Privatization: Details & Index Implications
  • Nikkei 225 Index Rebalance: Positioning With a Few Days to Implementation
  • Changes to Hang Seng Methodology – Early Doors but $3bn a Side Across Major Indices
  • NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest
  • The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue
  • Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
  • The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?
  • 4 Spin-offs with Insider Buying

Korea: Short Selling Is Back in March; Trade Ideas

By Brian Freitas

  • Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
  • Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
  • There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.

Shinko Electric (6967) – Chicken and Logistics

By Travis Lundy

  • The Tender Offer closed end of last week. The bidder JICC-04 got 59.281mm shares. Most of what was left over – perhaps even more than 100%, was passive-owned.
  • More than 100%? How does that work? It works because of how the logistics goes. 
  • And right now, the reason why the stock is trading well through terms is a matter of Chicken and Logistics.

ENN Energy (2688 HK) Privatization: Details & Index Implications

By Brian Freitas

Nikkei 225 Index Rebalance: Positioning With a Few Days to Implementation

By Brian Freitas

Changes to Hang Seng Methodology – Early Doors but $3bn a Side Across Major Indices

By Travis Lundy

  • Janaghan Jeyakumar, CFA put out June rebal predictions on HSCEI, HSTECH, and Hang Seng Internet & Infotech on 17-Mar-25 (and 7 mainland indices 19-21 March) and…
  • …the Quiddity team put out its regular predictions of all 7 major HS indices and 11 mainland indices, but on 21-March after the close, the Hang Seng team updated methodology.
  • They changed the way float is calculated for Secondary Listings in Hang Seng indices. It affects only a few names, but this adds US$2.7bn of buying to three names.

NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest

By Sumeet Singh

  • NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
  • The shares haven’t done much this year or ever since they were listed.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue

By Sanghyun Park

  • Hanwha Corp’s chances of raising 1T KRW without a capital call are slim, likely channeling Hanwha Energy’s 1.3T KRW into Hanwha Corp intead of Hanwha Aero.
  • A shareholder-allotted rights issue from Hanwha Corp looks likely, and with short-selling resumption, it sets up a clean arbitrage play with low risk before the official announcement.
  • Timing is key—Hanwha’s using debt for now, but likely won’t delay long. Expect Hanwha Corp’s rights issue to follow Hanwha Aero’s, probably between June and July.

Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related

By Travis Lundy

  • Daihatsu Diesel Mfg (6023 JP) is down sharply today – much more than indices – as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well. 
  • A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US. 
  • The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.

The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?

By Sanghyun Park

  • Chosun reports that some Samsung affiliates are exploring tax-free dividends at the operational level, with execs reportedly briefed on the idea.
  • Surprisingly, regulators and politicians haven’t objected to tax-free dividends, which ironically align with the value-up policy. The delay in Samsung’s value-up announcements may be due to this decision.
  • It’s unclear if Samsung Electronics and Life will drop tax-free dividends, but if regulators approve, they could introduce it suddenly in their value-up updates, especially with Lee Jae-yong’s cash crunch.

4 Spin-offs with Insider Buying

By Richard Howe

  • One factor that I closely follow in the spin-off universe is insider buying.
  • Here’s what Peter Lynch wrote about insiders and spin-offs in One Up on Wall Street: [Spin-offs] are a fertile area for amateur investors…….A month or two after the spinoff is completed, you can check to see if there is heavy insider buying among the new officers and directors.
  • There are four names in my universe that have interesting insider activity.

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Mar 28
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Mar 21st): Sigma Pharmaceuticals and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Mar 21st): Sigma Pharmaceuticals, Transurban, Woolworths, ANZ, Amcor
  • Hong Kong Buybacks Weekly (Mar 28th): Tencent, Kuaishou, Cosco Shipping

ASX Short Interest Weekly (Mar 21st): Sigma Pharmaceuticals, Transurban, Woolworths, ANZ, Amcor

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Mar 21st (reported today) which has an aggregated short interest worth USD22.8bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Sigma Pharmaceuticals, Transurban, Woolworths, ANZ, Amcor, National Australia Bank, Westpac, Paladin Energy.

Hong Kong Buybacks Weekly (Mar 28th): Tencent, Kuaishou, Cosco Shipping

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 28th 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), Kuaishou (1024 HK), Cosco Shipping (1919 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were CNBM (3323 HK), Tencent (700 HK), Kuaishou (1024 HK).

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Mar 28
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Wall Street Brakes as Tariffs Hit and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Wall Street Brakes as Tariffs Hit
  • India’s Power Surge: What Is Fueling the Demand Boom in 2025?
  • #127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties
  • Japan Morning Connection: US Auto Tariffs Shaking Markets but Ex-Date May Lure Buyers Back in Japan

Ohayo Japan | Wall Street Brakes as Tariffs Hit

By Mark Chadwick

  • Stocks fell as investors reacted to Trump’s new 25% tariffs on foreign automakers, set for April 2. General Motors dropped over 7%, Ford nearly 4%
  • Hertz and Avis shares surged over 20% as investors anticipated higher fleet values due to new U.S. auto tariffs.
  • TOWA unveiled a three-year plan targeting 71 billion yen in sales and 8 billion yen in operating profit by March 2028, driven by AI semiconductor demand in Asia

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

By Nimish Maheshwari

  • India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.
  • Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.
  • The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.

#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

By Sudarshan Bhandari

  • The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.
  • Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.
  • India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.

Japan Morning Connection: US Auto Tariffs Shaking Markets but Ex-Date May Lure Buyers Back in Japan

By Andrew Jackson

  • Tech is off the menu for most as CoreWeave shakes AI sentiment further.
  • Japanese autos largely priced in the tariff news yesterday, although big dividends up for grabs may see renewed interest.
  • Japan set for another day of duck-and-cover with the rotation back towards domestic defensive set to continue.

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Mar 28
0

Daily Brief ESG: Keppel Infrastructure Trust (KIT) – An Erosion of Trust and more

By | Daily Briefs, ESG

In today’s briefing:

  • Keppel Infrastructure Trust (KIT) – An Erosion of Trust
  • What It Takes to Bring Back Overseas Investors once They Have Left ….

Keppel Infrastructure Trust (KIT) – An Erosion of Trust

By Tan Yee Peng

  • Incentives drive behavior. Designing a good fee structure is paramount in managing potential conflicts of interests.
  • This is all the more important in Singapore’s REIT and Business Trust sector, where the use of external manager and Trustee Manager is the norm.
  • This is in sharp contrast to all for profit companies, where internal management teams manage the businesses for the benefit of all (or most) shareholders.

What It Takes to Bring Back Overseas Investors once They Have Left ….

By Aki Matsumoto

  • Since the ROE of Japanese companies is lower than that of U.S. and European companies, few companies become the companies of choice for long-term investors to invest in.
  • Overseas investors bought significant overbought of Japanese equities in previous year, in the hope that the shift to inflation would trigger an improving ROE as they used their cash reserves.
  • Simply using cash on hand for shareholder returns doesn’t create value. To bring investors back, the key is to let them know that it won’t take much to see results.

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Mar 28
0

Daily Brief Credit: Health And Happiness (H&H) – Earnings Flash – FY 2024 Results – Lucror Analytics and more

By | Credit, Daily Briefs

In today’s briefing:

  • Health And Happiness (H&H) – Earnings Flash – FY 2024 Results – Lucror Analytics
  • Lucror Analytics – Morning Views Asia

Health And Happiness (H&H) – Earnings Flash – FY 2024 Results – Lucror Analytics

By Leonard Law, CFA

  • Health and Happiness’ (H&H) FY 2024 results were soft, as the company continued to report weaker earnings and margins from the Baby Nutrition & Care (BNC) business in Mainland China.
  • The weakness was only partly offset by continued growth in the Adult Nutrition & Care (ANC) and Pet Nutrition & Care (PNC) segments.
  • Positively, management guided for the infant milk formula business in Mainland China to improve during H1/25 (after a 25% revenue decline in FY 2024), supported by completion of the transition to new Guobiao regulatory standards as well as continued market share gains.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Pakuwon Jati, Bharti Airtel, China Jinmao
  • US President Donald Trump has signed an executive order to impose 25% tariffs on imports of automobiles and auto parts from April 2 nd, saying that “what we’re going to be doing is a 25% tariff for all cars that are not made in the United States”.
  • European Commission President Ursula von der Leyen said she deeply regrets the US tariff decision, and will continue to seek negotiated solutions while safeguarding the bloc’s economic interests.

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Mar 28
0

Daily Brief ECM: NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest and more

By | Daily Briefs, ECM

In today’s briefing:

  • NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest
  • The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue
  • A/H Premiums and past A/H Listings Performance Data – Mixed Results but Size Matters
  • Eco-Shop Marketing Pre-IPO – Deserving a Premium Valuation
  • CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed
  • D’Alba Global IPO Valuation Analysis

NIO HK Placement – Lots of Reasons to Avoid and Only One to Invest

By Sumeet Singh

  • NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
  • The shares haven’t done much this year or ever since they were listed.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue

By Sanghyun Park

  • Hanwha Corp’s chances of raising 1T KRW without a capital call are slim, likely channeling Hanwha Energy’s 1.3T KRW into Hanwha Corp intead of Hanwha Aero.
  • A shareholder-allotted rights issue from Hanwha Corp looks likely, and with short-selling resumption, it sets up a clean arbitrage play with low risk before the official announcement.
  • Timing is key—Hanwha’s using debt for now, but likely won’t delay long. Expect Hanwha Corp’s rights issue to follow Hanwha Aero’s, probably between June and July.

A/H Premiums and past A/H Listings Performance Data – Mixed Results but Size Matters

By Sumeet Singh

  • Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.
  • We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.
  • Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.

Eco-Shop Marketing Pre-IPO – Deserving a Premium Valuation

By Nicholas Tan

  • Eco-Shop Marketing (ECO MY) is looking to raise about US$226m in its upcoming Malaysia IPO.
  • It is the largest dollar chain in Malaysia, as per the number of stores it operates, as of 31 October 2024.
  • We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.

CoreWeave Inc. (CRWV): IPO Terms Being Reworked at Eleventh Hour; Caution Needed

By IPO Boutique

  • According to sources, the deal is being reworked with significant share size reduction and a downwardly-revised price.
  • Ultimately, a smaller size transaction with a more attractive valuation will make this IPO easier to digest. 
  • We lack conviction in this IPO at this time and believe that investors looking to have a long-term position in the company may be better suited as an aftermarket participant. 

D’Alba Global IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025. 
  • We believe d’Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps. 
  • Our base case valuation of d’Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range. 

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Mar 28
0

Daily Brief Event-Driven: Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN
  • FSS Surprisingly Halts Hanwha Aerospace’s Rights Offering Capital Raise Temporarily
  • Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer
  • Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes
  • Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43
  • Policy Shift: Inocsa Makes a Premium Move on Catalana Occidente

Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN

By Travis Lundy

  • Hugely cash-rich Cookpad Inc (2193 JP) wouldn’t hit my radar except for two things. 1) it was the target of Melco Holdings (6676 JP) chairman Maki-san a few years ago…
  • And 2) they did a huge buyback last year which pumped up the stock very bigly. 
  • Maki-San appears long gone from the shares, but now they are doing another big buyback. Just as bigly. But there are new nuances this year.

FSS Surprisingly Halts Hanwha Aerospace’s Rights Offering Capital Raise Temporarily

By Douglas Kim

  • After the market close on 27 March, the Financial Supervisory Service (FSS) surprisingly announced a temporary halt to the 3.6 trillion won rights offering capital raise of Hanwha Aerospace. 
  • The FSS has requested a correction report to the massive paid-in capital increase securities report submitted by Hanwha Aerospace on 20 March.
  • While there could be a short term pop to Hanwha Aerospace’s stock tomorrow, we continue remain negative on Hanwha Aerospace over next 1 year mainly due to its stretched valuations

Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

By Arun George

  • Sinarmas Land (SML SP) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
  • The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
  • The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances. 

Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
  • We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. 
  • The official index changes will be announced after the close on Friday 6th June 2025.

Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43

By Arun George

  • Domain Holdings Australia (DHG AU) announced a final non-binding proposal from Costar Group (CSGP US) at A$4.43, a 5.5% premium to the previous A$4.20 offer.
  • The scheme vote is low-risk as Nine Entertainment Co Holdings (NEC AU) seems supportive. Nine suggested that the revised price would result in after-tax cash proceeds of A$1.4 billion.
  • While attractive to precedent transaction multiples, the revised offer remains light compared to peer multiples. Nevertheless, expect a binding proposal to be forthcoming. 

Policy Shift: Inocsa Makes a Premium Move on Catalana Occidente

By Jesus Rodriguez Aguilar

  • Inocsa offers €50 per share for GCO, representing an 18.3% premium, aiming to consolidate control and delist the company from the Spanish stock exchange if thresholds are met.
  • GCO reported €623 million in FY 2024 net income, with strong solvency (242%) and leading positions in traditional and credit insurance across Spain and over 50 international markets.
  • With a fair value near €50.68/share and solid fundamentals, minority shareholders receive a full but not generous offer, lacking a typical control premium often seen in similar takeovers.

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Mar 28
0

Daily Brief Equity Bottom-Up: Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug
  • Transformers & Rectifiers (India) Ltd- Ambitious Targets
  • Tesla’s Full Self-Driving Trial in China Delayed by Regulatory Checks
  • Retail’s last barbarian takes on Walgreens Boots
  • The Wendy’s Company: International Expansion
  • Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.
  • Qualys’ TotalAI Could Disrupt Cybersecurity – Here’s Why CISOs Are Scrambling to Get On Board!
  • Why Brad Jacobs Is Spending $11 Billion on a Roofing Supply Business
  • Asia Real Estate Tracker (27-Mar-2025): Rava hires Blackstone MDs to lead Japan.
  • Diageo CEO: Shifting Drinking Trends, Brand Innovation, and Cultural Change

Jiangsu Hengrui Medicine (600276 CH) Signs Deal With Merck For a New Class of Cardiovascular Drug

By Tina Banerjee

  • Jiangsu Hengrui Medicine (600276 CH) and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.
  • Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.
  • Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.

Transformers & Rectifiers (India) Ltd- Ambitious Targets

By Nitin Mangal

  • Transformers & Rectifiers (India) Ltd (TRIL IN)  is a prominent player in the manufacturing of transformers and reactors with the largest private sector facility in India producting diverse product range
  • With three transformer manufacturing facilities, the company has embarked on a capex spree, with planned additions of ~30,000-35,000 MVA. 
  • Taking about forensics, the company has faced concerns with regarding liquidity, issuance of a stop-deal notice and stop payment by a major customer, write offs, etc.

Tesla’s Full Self-Driving Trial in China Delayed by Regulatory Checks

By Caixin Global

  • Tesla’s highly anticipated trial launch of its Full Self-Driving (FSD) system in China has suffered a setback, as some users report not receiving the feature update due to a delay in regulatory approval.
  • Tesla China said Monday that it is working to secure government approval for both software and hardware under new national guidelines issued by China’s Ministry of Industry and Information Technology and the State Administration for Market Regulation.
  • The company said the trial will resume once all preparations are complete.

Retail’s last barbarian takes on Walgreens Boots

By Behind the Money

  • Walgreens Boots Alliance has seen their stock price decimated over the last decade due to competition from E-commerce retailers like Amazon.
  • Sycamore Partners is taking Walgreens Boots private in a $24 billion leveraged buyout, their first foray into the healthcare sector.
  • Major private equity firms have been cautious of retail buyouts due to potential bad publicity and shifting priorities towards other investments.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Wendy’s Company: International Expansion

By Baptista Research

  • The Wendy’s Company reported its fiscal 2024 fourth quarter and full-year results, highlighting a range of strategic initiatives and financial metrics.
  • The company experienced a 5.4% increase in global system-wide sales on a constant currency basis during the fourth quarter, driven largely by same-restaurant sales growth in the U.S. and internationally.
  • This was bolstered by innovative menu offerings and strategic partnerships, such as the collaboration with Paramount on SpongeBob’s 25th anniversary, which contributed significantly to sales.

Tech Supply Chain Tracker (28-Mar-2025): US and China in robotic race.

By Tech Supply Chain Tracker

  • US and China are fiercely competing in the development of humanoid robots, with China’s DeepSeek V3 setting new standards in AI technology on Apple’s Mac Studio.
  • A Dell executive cautions against the hype surrounding AI, emphasizing the critical need for a strategic approach and proposing a two-question reality check at the AI EXPO 2025.
  • Vietnam responds to US trade surplus and tariff concerns by reducing tariffs and approving StarLink, showcasing the country’s efforts to address economic challenges.

Qualys’ TotalAI Could Disrupt Cybersecurity – Here’s Why CISOs Are Scrambling to Get On Board!

By Baptista Research

  • Qualys, Inc., a pioneer in software-as-a-service (SaaS) security, recently shared its fourth-quarter 2024 financial results and strategic updates, marking its 25th anniversary.
  • The company’s CEO, Sumedh Thakar, emphasized the transformation and rebranding efforts that have strengthened Qualys’ position in the cybersecurity sector.
  • Their platform, initially focused on vulnerability scanning, has evolved into a comprehensive risk analytics and quantification solution, leveraging AI to provide an integrated risk management workflow for customers.

Why Brad Jacobs Is Spending $11 Billion on a Roofing Supply Business

By Odd Lots

  • Brad Jacobs’ company QXO acquired Beacon Roofing for $11 billion in all cash deal
  • Beacon Roofing is a distributor specializing in roofing and waterproofing products.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Asia Real Estate Tracker (27-Mar-2025): Rava hires Blackstone MDs to lead Japan.

By Asia Real Estate Tracker

  • Rava has enlisted Blackstone MDs to spearhead growth in Japan, highlighting their intent to expand operations in the region.
  • GreenFort and Gaw have partnered to explore land lease opportunities in Australia, with a focus on showcasing their collaboration on MTD TV.
  • SC Capital, based in Singapore, has successfully closed their sixth APAC fund at $900M, demonstrating their commitment to making opportunistic investments in the region.

Diageo CEO: Shifting Drinking Trends, Brand Innovation, and Cultural Change

By In Good Company with Nicolai Tangen

  • Consumer discretionary wallets for alcoholic beverages are less than 2% and affected by economic pressures
  • Gen Z is moderating their alcohol consumption but still engaging in zebra striping behavior
  • Socializing dynamics are shifting towards more at-home and third space occasions, leading to the rise of RTDs and diverse formats in the industry

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Mar 28
0

Daily Brief Macro: US Tariffs: No Fooling! and more

By | Daily Briefs, Macro

In today’s briefing:

  • US Tariffs: No Fooling!
  • Global copper markets navigate trade flow shifts and smelting challenges
  • Market Movers: Key Dates at a Glance (31 March- 6 April)
  • Tariffs, Tapering, and Tectonic Shifts: Markets Brace for April | The New Barbarians #013
  • China Property: 2025 “Draw The Line” Forecasts for New Home Sales – Results
  • Chinese Consumers Are More Confident and Willing to Spend, Survey Shows
  • Norway: Rates Held At 4.5% (Consensus 4.5%) in Mar-25
  • CX Daily: U.S. Targets Chinese Shipping to ‘Resurrect’ Domestic Industry
  • Higher Returns, Lower Volume In Year Beginning For Vietnam Rubber
  • Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 28 Mar 2025

US Tariffs: No Fooling!

By Alastair Newton

  • The announcement of individual reciprocal tariff rates for US trading patterns on 2 April is a significant event for investors.
  • This announcement is part of a drive to re-industrialise America.
  • Despite its significance, this could merely represent the initial stages of a prolonged trade war.

Global copper markets navigate trade flow shifts and smelting challenges

By Commodities Focus

  • Copper pricing reporter Han Lu, sulfuric acid reporter Ong Jialun, and China content reporter Lucy Tang share insights on copper market trends and trade flows
  • China copper concentrates assessments have hit negative levels in 2025 due to tight supply and growing demand from China and India
  • Smelters are running at production losses due to low TCRC but continue to buy in the market to meet output targets and maintain production levels

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Market Movers: Key Dates at a Glance (31 March- 6 April)

By Gaudenz Schneider

  • Australia: RBA rate decision on 1 April. Expect no change.
  • Japan: Nikkei 225 rebalancing effective 31 March at the close.
  • US reciprocal tariffs will keep everyone on their toes on 2 April.

Tariffs, Tapering, and Tectonic Shifts: Markets Brace for April | The New Barbarians #013

By William Mann

  • Podcast delayed, markets rebounded last week, led by news of reduced impact of Trump’s tariffs
  • Fed slowed pace of quantitative tightening, reducing pressure on treasury market liquidity
  • Bitcoin and gold prices fluctuate, Chinese stocks rebound, DAX up 20% year to date, US equities impacted by tariffs and job losses

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

China Property: 2025 “Draw The Line” Forecasts for New Home Sales – Results

By Robert Ciemniak

  • This is a quick note with the results of Real Estate Foresight’s annual ‘Draw the Line’ survey, which focused on China’s new home sales for 2025
  • Responses concentrate in the -5% to -10% range but vary from -20% to +20%, vs -14% actual for 2024
  • Jan-Feb 2025 actual figure published mid-March by NBS shows an improvement from -14% to -12% (12 months rolling vs prior 12 months)

Chinese Consumers Are More Confident and Willing to Spend, Survey Shows

By Caixin Global

  • Confidence among consumers in China’s large and midsize cities is returning and willingness to spend is increasing, with more people feeling financially better off and expecting higher incomes this year, a new survey shows, suggesting government stimulus measures that started in September are having an impact.
  • However, while attitudes on income and spending have improved, more survey respondents said prices have been rising over the past few months and sentiment toward the property market remains weak, according to the latest quarterly survey of consumers by German investment bank Deutsche Bank AG.
  • The survey was conducted during the first quarter among individuals aged 18 to 65 in first- and second-tier cities.

Norway: Rates Held At 4.5% (Consensus 4.5%) in Mar-25

By Heteronomics AI

  • The Norges Bank held the policy rate at 4.5%, consistent with expectations, as inflation accelerated to 3.6% in February, well above prior forecasts, prompting delays in the signalled rate cuts.
  • Strong wage growth, broad-based price pressures, and resilient domestic activity led the Committee to judge that a restrictive policy stance remains warranted for longer.
  • The policy rate is now projected to fall to 4.0% by year-end, but heightened uncertainty around inflation and global trade developments will shape the timing and extent of future easing.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

CX Daily: U.S. Targets Chinese Shipping to ‘Resurrect’ Domestic Industry

By Caixin Global

  • Shipping /In Depth: U.S. targets Chinese shipping to ‘resurrect’ domestic industry
  • Social workers /In Depth: The social workers helping patients navigate China’s health care system
  • Tesla /: Tesla’s Full Self-Driving trial in China delayed by regulatory checks

Higher Returns, Lower Volume In Year Beginning For Vietnam Rubber

By Vinod Nedumudy

  • Rubber worth US$341 million exported in January 2025
  • Companies initiate moves to cash in on higher rubber prices
  • Tariff war may come to Vietnam’s advantage

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 28 Mar 2025

By Dr. Jim Walker

  • US recession risks persist despite no immediate red flags, with soft economic data and potential weakness in services if government spending cuts materialize.

  • Japan’s economy remains stagnant, with weak consumption, declining business investment, and diminishing benefits from a weaker Yen.

  • China shows early signs of recovery, with industrial profits stabilizing after last year’s declines, while India’s rate cuts could provide further market support.

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