Category

Daily Briefs

Mar 19
0

Daily Brief Financials: Kolte Patil Developers, Bajaj Finserv , Klarna Group, Biotech Growth Trust PLC/The, Henderson Land Development, NB Private Equity Partners and more

By | Daily Briefs, Financials

In today’s briefing:

  • Blackstone’s ₹1,800 Crore Residential Bet on Kolte-Patil
  • Bajaj Finserv Acquires Full Control of Bajaj Allianz Life & General Insurance
  • Klarna Group (KLAR): Peeking at the IPO Prospectus of the Next High Profile E-Commerce Company
  • The Biotech Growth Trust — Access to major innovation at low valuations
  • Asia Real Estate Tracker (18-Mar-2025): Henderson Land founder Lee Shau-Kee dies at 97.
  • NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

Blackstone’s ₹1,800 Crore Residential Bet on Kolte-Patil

By Nimish Maheshwari

  • Blackstone (BX US) is investing INR 1,800 crore to acquire a 66% stake in Kolte Patil Developers (KPDL IN), marking its first big move into India’s residential real estate market.
  • This deal signals rising institutional interest in India’s housing sector and sets the stage for a potential residential REIT, similar to Blackstone’s office REIT playbook.
  • The residential segment, long seen as fragmented and informal, may now see valuation re-ratings, increased M&A activity, and formalization driven by global capital.

Bajaj Finserv Acquires Full Control of Bajaj Allianz Life & General Insurance

By Nimish Maheshwari

  • Bajaj Finserv (BJFIN IN) has acquired Allianz’s 26% stake in both insurance JVs for INR 24,180 crore, gaining full control of Bajaj Allianz Life and General Insurance.
  • This unlocks platform-wide integration across lending, wealth, and insurance, setting Bajaj up as a full-stack financial services powerhouse with total strategic control.
  • With valuations set and consolidation likely, India’s insurance sector enters a new era- where scale, tech, and single ownership will drive future leadership.

Klarna Group (KLAR): Peeking at the IPO Prospectus of the Next High Profile E-Commerce Company

By IPO Boutique

  • Their total revenue was $1.90 billion, $2.28 billion, and $2.81 billion and their net profit (loss) was ($1.04 billion), ($244 million), and $21 million in 2022, 2023, and 2024, respectively.
  • The company was once valued at $46 billion in a SoftBank-led funding round. Klarna saw its valuation slashed by 85% in 2022 to $6.7 billion in its most recent fundraising.
  • The company made headlines when CNBC reported that Klarna will be the exclusive provider of buy now, pay later loans for Walmart (WMT US).

The Biotech Growth Trust — Access to major innovation at low valuations

By Edison Investment Research

The Biotech Growth Trust’s (BIOG’s) highly experienced managers, Geoff Hsu and Josh Golomb, are able to draw on the considerable resources of global healthcare specialist OrbiMed. BIOG’s performance has been particularly challenging as the managers favour emerging (less mature) biotech companies, which have fared particularly poorly versus the S&P 500 during the longest and largest ever industry drawdown. Hsu and Golomb believe that biotech share price weakness is disconnected from industry fundamentals, as company valuations suggest an industry lacking in innovation, which has historically been the biggest driver of biotech performance. This seems incongruous as the managers believe we are in a ‘golden era of innovation’ with important technological and medical breakthroughs and a continued high number of new product approvals across multiple disease areas. They believe that sentiment towards the most innovative biotech companies, with robust clinical data, will improve and that BIOG’s portfolio is very well positioned to capture this move.

Asia Real Estate Tracker (18-Mar-2025): Henderson Land founder Lee Shau-Kee dies at 97.

By Asia Real Estate Tracker

  • Lee Shau-Kee, the founder of Henderson Land, has passed away at the age of 97, leaving a significant legacy in the property industry.
  • Despite stimulus efforts, the Chinese property market continued to decline in February, posing challenges for investors and developers in the region.
  • Singapore experienced a surge in home sales, driven by demand for suburban projects, while M&G remains optimistic about the Japanese multi-family market and Australian student accommodations.

NB Private Equity Partners (NBPE): Update on: NAV, capital, Trump and interest rates

By Hardman & Co

  • We highlighted our capital markets day takeaways in CM day: 6 November fireworks; notably, i) positive market trends, ii) NB’s platform unique benefits, and iii) multiple levers for value creation.
  • In this note, we update investors on i) the latest NAV/portfolio, ii) NBPE’s revised capital allocation framework, iii) the potential impact of current Trump polices, and iv) the impact of interest rate expectations, which seem to evolve daily but which, in our view, have seen a trend of higher-for-longer forecasts.
  • The underlying message is that PE, and NBPE, reacts dynamically to changing conditions and has a track record of outperformance across a range of environments.

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Mar 18
0

Daily Brief Quantitative Analysis: Thailand Short Interest Weekly (Mar 14th): Advanced Info Service and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.
  • 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 Advanced Info Service, Carabao.

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Mar 18
0

Daily Brief Thematic (Sector/Industry): Trump Has Already Lost His Trade War and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Trump Has Already Lost His Trade War
  • Ohayo Japan | Stocks Close in the Green
  • Charted Insights: A Structural Shift; The Rise of Midcap and Small-Cap Allocations in India
  • Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines
  • Australia Banks – Insolvencies Data Published 17 March Suggests Far Worse Credit Metrics
  • China Consumption Plan: How Special Is This “Special Plan”?
  • India’s Space Ambitions and the Satellite Internet Revolution
  • Vedanta (VEDL IN) Set for Major Margin Expansion
  • Biopharma Week in Review – March 17, 2025
  • Furniture/Furnishings Weekly – Consumer Spending Slowdown

Trump Has Already Lost His Trade War

By Michael Allen

  • Flawed economic theory, poor execution, and fatal over-reach have crippled Trump’s chances of winning a Trade War before it even started.
  • Even with sound execution, the thought leaders behind Trump’s policy had predicted only a narrow path to success. Trump’s promises that it would be easy will backfire.
  • Historical precedents show tariffs can lead to massive political losses, and trading partners are exploiting this weakness in the U.S. position adroitly.

Ohayo Japan | Stocks Close in the Green

By Mark Chadwick

  • US stocks rebounded Monday, with the S&P 500 gaining 0.6%, the Dow Jones Industrial Average rising over 350 points, and the Nasdaq Composite up 0.3%
  • Berkshire Hathaway increased its holdings in five Japanese trading houses to nearly 10%, fulfilling Buffett’s pledge to gradually raise stakes.
  • NTT will invest 220 billion yen in its Indian operations from FY2025 to FY27, primarily in data centers

Charted Insights: A Structural Shift; The Rise of Midcap and Small-Cap Allocations in India

By Sudarshan Bhandari

  • India’s equity market has witnessed a noticeable shift in portfolio allocations, both among institutional and retail investors.
  • The traditional concentration in Nifty50 and top-decile large-cap companies is gradually increasing exposure toward midcap and small-cap stocks.
  • While this transition increases market depth and breadth, it also introduces new challenges around volatility and liquidity management, especially in sharp corrections.

Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

By Andrew Jackson

  • AI back in focus with NVDA’s Jensen set to deliver his keynote tomorrow.
  • Intel jumping with the new CEO looking to shake up its AI lineup and further trim the fat.
  • Buffet increasing stakes in the Trading Houses extremely well flagged so don’t expect much surprise.

Australia Banks – Insolvencies Data Published 17 March Suggests Far Worse Credit Metrics

By Daniel Tabbush

  • Newly released data on insolvencies in Australia suggests that bank credit metrics will come under pressure in current interim and possibly beyond
  • Construction insolvencies were highest and rose 25% YoY, accommodations and food services accelerated sharply rising 59% YoY, and next leading figure, also accelerated
  • CBA saw its NPL ratio rise from Dec 23 to Dec 24, and WBC released its 1Q25 to Dec 24 showing improving credit metrics. This may reverse.

China Consumption Plan: How Special Is This “Special Plan”?

By Rikki Malik

  • One key element was the linking of consumption to the wealth effect
  • Continuation of targeted support for certain vulnerable sections of society
  • Tactical changes as well as structural ones to support consumption longer-term

India’s Space Ambitions and the Satellite Internet Revolution

By Nimish Maheshwari

  • Jio and Airtel have partnered with SpaceX’s Starlink to bring satellite internet to India, aiming to bridge connectivity gaps in rural and remote regions.
  • This marks a turning point for India’s digital infrastructure: LEO satellites offer low-latency, high-speed internet without ground cables, transforming access for 500+ million unconnected Indians.
  • India’s digital future is no longer limited by terrain. With ISRO enabling private space manufacturing, expect satellite broadband to become a mainstream connectivity solution, not just a niche experiment.

Vedanta (VEDL IN) Set for Major Margin Expansion

By Rahul Jain

  • Alumina’s wild swings have turned favourably for Vedanta Ltd (VEDL IN) . Aluminium constituted about 40% 9MFY25 EBITDA and could see significant near-term margin expansion.
  • Alcoa (AA US)‘s over-reliance on external alumina sales implies it could face significant margin contraction in the near-term.
  • Valuation: Both VEDL and AA trade at about 10x fwd consensus earnings. VEDL also has >10% dividend yield in recent years making it a far attractive bet. 

Biopharma Week in Review – March 17, 2025

By Water Tower Research

  • Trump’s pick for CDC director, former Congressman Dave Weldon, had his nomination withdrawn just hours before the Senate committee hearing.
  • Weldon lacked sufficient support from Republicans to clear the committee, as he adhered to his anti-vaccine views more strongly than RFK Jr.
  • While vaccine makers (PFE, MRNA, BNTX, NVAX) rebounded briefly on the news, other federal actions kept the space under pressure, including the termination of NIH grants for research on vaccine hesitancy and uptake. 

Furniture/Furnishings Weekly – Consumer Spending Slowdown

By Water Tower Research

  • Consumer discretionary stocks hard hit in recent market action (Figure 1) as economic and policy/tariff uncertainty continue.
  • The WTR Commercial/Contract Furniture Index (- 3.7%), Residential Manufacturers & Suppliers Index (-1.2%), and Home Goods Retailers Index (-7.4%) all trailed the broader market indexes last week.
  • Consumer spending is trending down across all income levels as recession fears increase (1).

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Mar 18
0

Daily Brief ESG: SATS: Integrating WFS –Key to Acquisition Success and more

By | Daily Briefs, ESG

In today’s briefing:

  • SATS: Integrating WFS –Key to Acquisition Success
  • MBOs Will Rise, Even if Companies and Funds Are Sleeping in the Same Bed but Having Different Dreams

SATS: Integrating WFS –Key to Acquisition Success

By Tan Yee Peng

  • In September 2022, as the world began to rebound from COVID-era travel restrictions, Singapore-listed SATS Ltd. made waves with an audacious move.
  • With a market cap of SGD 4.5 billion, SATS announced plans to acquire global air cargo giant Worldwide Flight Services (“WFS”) for up to €1.3 billion (S$1.9 billion), valuing the deal at an enterprise value (“EV”) of €2.25 billion (S$3.1 billion).
  • The market reacted with skepticism, sending SATS’ share price plummeting by 35% as concerns over equity dilution and debt levels unsettled investors accustomed to steady dividends and strong returns.

MBOs Will Rise, Even if Companies and Funds Are Sleeping in the Same Bed but Having Different Dreams

By Aki Matsumoto

  • Even if a company goes private due to listing costs, it is good for investors to shift to a more share price-conscious management in order to maintain the listing.
  • Many companies want to take over management rights with the founding family, but find it not easy to continue as a publicly traded company and consider going private.
  • New problems lie ahead in the coming years between founding families who chose MBO to inherit the management control of “family business” and MBO funds who have to Exit.

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Mar 18
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Nickel Industries, West China Cement, China Hongqiao
  • In the US, the March (preliminary) University of Michigan consumer sentiment fell to 57.9 (63.0 e / 64.7 p), declining for three consecutive months and reaching the lowest level since November 2022.
  • Many consumers cited the high uncertainty around policy and other economic factors, as frequent gyrations in economic policies make it very difficult for consumers to plan for the future, according to Surveys of Consumers director Joanne Hsu.

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Mar 18
0

Daily Brief ECM: JX Advance Metals IPO Trading – Demand Wasn’t Great and more

By | Daily Briefs, ECM

In today’s briefing:

  • JX Advance Metals IPO Trading – Demand Wasn’t Great
  • DN Solutions IPO: OC’s Out, but the Hit-And-Run Setup Post-Listing Is Still in Play
  • Apollo: Connoisseurs of Complexity – [Business Breakdowns, EP.208]
  • Klarna IPO Preview
  • Hinge Health (HNGE): Peeking at the Prospectus of the Next Software/Healthcare IPO
  • Pharmaceuticals (维升药业) IPO: Valuation and Book Building
  • Pre-IPO Anjoy Foods Group – Only Successful Internationalization Can Support High Valuation

JX Advance Metals IPO Trading – Demand Wasn’t Great

By Sumeet Singh

  • JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
  • JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
  • We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.

DN Solutions IPO: OC’s Out, but the Hit-And-Run Setup Post-Listing Is Still in Play

By Sanghyun Park

  • Wild card here is the FSS—they’re eyeing a shadow listing risk for DN Automotive (007340 KS). If they push for a revision, a 2-week delay busts the 135-day limit.
  • 14x PE looks cheap, but comps are shaky—LS Electric’s AI play, Fanuc’s scale advantage, and DMG MORI’s automation pivot all make direct comparisons a stretch.
  • DN Solutions is a pure-play machine tool name, making comps shaky. This IPO’s shaping up like an LG CNS rerun—solid numbers, fair valuation, but a weak growth story.

Apollo: Connoisseurs of Complexity – [Business Breakdowns, EP.208]

By Business Breakdowns

  • Analyst and writer based in New York discusses the evolution of financial markets and reflects on personal experiences with Apollo
  • Apollo is known for its hard work and talent in protecting their capital, with a focus on complexity and balance sheet analysis
  • Apollo is a global alternative asset manager with around 750 billion in total AUM, divided into yield, hybrid, and equity strategies, making it one of the top players in the industry

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

Klarna IPO Preview

By Douglas Kim

  • Klarna is seeking to raise more than $1 billion in the IPO and targeting more than $15 billion in the listing.
  • Klarna’s operating margin improved from -51.5% in 2022 to -14.2% in 2023, and -4.3% in 2024.
  • Klarna generated revenue of US$2.8 billion (up 23.5% YoY) and operating loss of US$121 million in 2024 (versus operating loss of US$323 million in 2023).

Hinge Health (HNGE): Peeking at the Prospectus of the Next Software/Healthcare IPO

By IPO Boutique

  • They have designed their platform to address a broad spectrum of Musculoskeletal system (MSK) care—from acute injury, to chronic pain, to post-surgical rehabilitation.
  • As of December 31, 2024, they had over 532,000 members and more than 2,250 clients, compared to approximately 371,000 members and approximately 1,650 clients as of December 31, 2023.
  • Their revenue was $390.4 million and $292.7 million for the years ended December 31, 2024 and 2023, respectively, representing a year-over-year growth rate of 33%.

Pharmaceuticals (维升药业) IPO: Valuation and Book Building

By Ke Yan, CFA, FRM

  • Visen Pharmaceuticals is looking at raising up to USD 100m to list in Hong Kong.
  • In an apparently downsized deal, the company is trying to sell at a blue sky valuation.
  • We disagree with its valuation and noted that tones have turned bearish in its offering documents.

Pre-IPO Anjoy Foods Group – Only Successful Internationalization Can Support High Valuation

By Xinyao (Criss) Wang

  • From the characteristics of quick-frozen food industry, companies usually have low pricing power. Since barriers to entry and exit are low, in the long run, the profits will be meager.
  • Anjoy’s core business model is to develop the sinking market through distributors who have been operating for many years. Revenue growth shows an upward trend, but growth momentum is decreasing.
  • Anjoy is facing performance growth pressure in China market, as well as uncertainties in terms of internationalization. High valuation becomes sustainable only when Anjoy successfully enters international markets.

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Mar 18
0

Daily Brief Macro: EU: Defence Spending and more

By | Daily Briefs, Macro

In today’s briefing:

  • EU: Defence Spending
  • Why the uranium shorts are wrong (Guy Keller interview)
  • Global FX: Traversing the USD tariff smile
  • MacroVoices #471 Tian Yang: Tariffs Will Continue Until Morale Improves
  • IRGMA Raises Alarm Over Dumping Of Inferior Gloves Into India
  • Reason to Overweight Malaysia
  • EM Fixed Income Focus: See no evil, hear no evil: EM is not yet pricing a lot of growth downside
  • 212: The Role of Low-Carbon Opportunities In The Infrastructure Investment Landscape
  • Global Rates: Where next for European rate markets?
  • The Week Ahead – Grappling With Uncertainty

EU: Defence Spending

By Alastair Newton

  • The EU is dealing with two crucial deadlines related to defence spending.
  • The Commission is set to present its full loans-for-arms proposal to a divided European Council on 20 March.
  • On 24 March, the ‘old’ Bundestag will step down, making it more difficult to ease Germany’s debt brake.

Why the uranium shorts are wrong (Guy Keller interview)

By Money of Mine

  • The conversation focuses on the current state of the uranium market, with a emphasis on short interest and sentiment towards uranium stocks.
  • Guy discusses the reasons behind the consensus short uranium position among hedge funds, and how it originated from thematic responses and shifts in the market.
  • Despite the negative sentiment and high short interest, Guy remains optimistic about the potential for a sentiment shift in the uranium market.

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

Global FX: Traversing the USD tariff smile

By At Any Rate

  • Revised eurodollar forecast up to 116, more bearish on the dollar
  • Erosion of US exceptionalism due to tariff policy blowback
  • Introduction of new conceptual framework called the dollar tariff smile to understand FX reaction to tariffs

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

MacroVoices #471 Tian Yang: Tariffs Will Continue Until Morale Improves

By Macro Voices

  • Stock market experienced a significant decline on Monday, prompting thoughts of hedging downside risk with options back in February.
  • There are still strategies using options to manage risk and repair portfolios, as discussed in upcoming webinar.
  • Variant Perception CEO Tian Yang discusses macro environment, impact of Trump’s policies, and the economy in interview with Macro Voices host Eric Townsend.

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

IRGMA Raises Alarm Over Dumping Of Inferior Gloves Into India

By Vinod Nedumudy

  •  Dumping of gloves from Malaysia, Thailand, Vietnam into India alleged  
  •  IRGMA petitions Indian Government for intervention to stop  
  • DGTR recommends ADD on imports of titanium dioxide from China

Reason to Overweight Malaysia

By Sharmila Whelan

  • Overweight Malaysian equites but hedge against the US dollar. The bias is toward high tech, AI, industrials and consumer discretionary stocks.
  • The Malaysian business cycle is set to strengthen. The profit cycle is stabilising. The investment upcycle is supported by rising FDI and infrastructure spending. 
  • Expect the Johor-Singapore Special Economic Zone agreement will give fresh impetus by hastening economic integration and moving Malaysia up the value-added chain.

EM Fixed Income Focus: See no evil, hear no evil: EM is not yet pricing a lot of growth downside

By At Any Rate

  • Discussion about concerns regarding a U.S. recession or growth slowdown
  • Analysis of historical mentions of recession in news media compared to current levels
  • Evaluation of EM credit market sensitivity to recessionary risks and market moves so far

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

212: The Role of Low-Carbon Opportunities In The Infrastructure Investment Landscape

By The Bid

  • Public markets offer opportunities for long-term growth potential in renewable energy investments
  • Infrastructure is essential for decarbonizing power generation and addressing global electricity demand
  • Public markets provide liquidity, diversification, income, and potentially better valuations for investing in infrastructure compared to private markets

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

Global Rates: Where next for European rate markets?

By At Any Rate

  • A deal on the German fiscal package has been reached and is expected to be voted through in Parliament next week, leading to higher defense spending and revised growth forecast expectations.
  • The massive sell-off in bund yields following the announcement can be attributed to higher ECB policy rate expectations, increased defense spending across the region, and term premium pricing.
  • The revision of ECB terminal rate expectations and steepening of the money market forwards have put upward pressure on German yields, but the term premium may gradually fade, leading to a lower yield target of around 240-250 basis points by mid to late this year.

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

The Week Ahead – Grappling With Uncertainty

By Nomura – The Week Ahead

  • Expectations for on-hold decision at upcoming FOMC meeting, with continued emphasis on patience from the Fed
  • BoE likely to pause cutting cycle with similar forward guidance, while Bank of Japan expected to skip hiking cycle
  • Fed focused on potential inflationary impact of tariffs, balancing risks of growth and price increases in uncertain environment.

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 18
0

Daily Brief Event-Driven: HKBN (1310 HK): Another Sing Tao Article as Speculation Swirls on MBK’s Loan Notes Conversion and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • HKBN (1310 HK): Another Sing Tao Article as Speculation Swirls on MBK’s Loan Notes Conversion
  • The Backdrop Behind Today’s Pivot in Samsung’s Playbook
  • Fengxiang (9977 HK): Privatisation by PAG?
  • Canvest (1381 HK): Precondition Satisfied
  • A Potential Family Feud At Dongjin Semichem Post Death of Founder Lee?
  • DN Solutions IPO: Index Inclusion Timing Depends on Lock-Up Expiry Schedule
  • StubWorld: Matheson Looks Stretched

HKBN (1310 HK): Another Sing Tao Article as Speculation Swirls on MBK’s Loan Notes Conversion

By Arun George

  • A new Sing Tao Daily article on HKBN Ltd (1310 HK) claims that China Mobile (941 HK)’s offer is a stalemate, and a potential I Squared offer faces regulatory challenges. 
  • The article is being unduly alarmist. The concerns raised on the China Mobile offer remain premature, and there remains a medium-to-high probability of a competing offer from I Squared. 
  • Last Friday, MBK converted its vendor loan notes (VLN) into shares, which could signal that an I Squared competing offer is imminent. 

The Backdrop Behind Today’s Pivot in Samsung’s Playbook

By Sanghyun Park

  • Jay Lee flipping the switch signals Samsung’s pivot—no more playing defense, no more legal jitters. Market’s reading this as full send on the next phase.
  • Near-Term, Samsung’s pushing hard—NVIDIA’s HBM qual tests are in focus. With NVIDIA’s event this week, traders are watching for bullish signals after earlier cautious moves.
  • The real juice? Samsung might drop a bold value-up play and a no-nonsense shareholder message. The prime launchpad: AGM day, this Wednesday, 19th, 9 AM.

Fengxiang (9977 HK): Privatisation by PAG?

By Arun George

  • Shandong Fengxiang (9977 HK) entered a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers.” PAG, the controlling shareholder, likely aims to privatise Fengxiang. 
  • The offer will likely be structured as a privatisation by merger by absorption requiring approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders rejection). 
  • The presence of several substantial shareholders necessitates a reasonable offer. An offer of HK$1.80-2.00 (a 21%—33% premium to the last close) could win over these shareholders’ backing.

Canvest (1381 HK): Precondition Satisfied

By Arun George

  • Grandblue Environment Co A (600323 CH) has satisfied the precondition related to its privatisation offer for Canvest Environmental Protection Group (1381 HK). 
  • The offer remains attractive despite the re-rating of peers since announcing the deal. The vote risk is low as the two shareholders holding blocking stakes will be supportive. 
  • This is a done deal. At the last close, the gross/annualised spread for a mid-June payment is 3.8%/13.0%. 

A Potential Family Feud At Dongjin Semichem Post Death of Founder Lee?

By Douglas Kim

  • After the death of Dongjin Semichem’s founder Lee on 25 February, the company has yet to reveal the details of the succession plan.
  • There is a potential for a family feud between the two sons of founder Lee if indeed there was no will directing the late chairman Lee’s ownership of Dongjin Holdings.
  • A potential family feud for the control of Dongjin Semichem could lead to a grab for shares by both the family members as well as the general investors.

DN Solutions IPO: Index Inclusion Timing Depends on Lock-Up Expiry Schedule

By Brian Freitas

  • DN Solutions (298440 KS) is looking to raise up to KRW 1,573bn (US$1.08bn), valuing the company at KRW 5.66 trillion (US$3.9bn) at the top end of the IPO price range.
  • The highest probability of DN Solutions being added to the KOSPI200 Index is at the June 2026 rebalance. The stock needs to move 60% higher to be added in December 2025.
  • Inclusion in global indices could commence in August/November and will depend on institutional investor lock-up schedules. Flows are small unless the stock moves higher and is included in bigger indices.

StubWorld: Matheson Looks Stretched

By David Blennerhassett

  • Jardine Matheson Holdings (JM SP) posted a 11% drop in FY24 underlying profit; but has promptly gained 9% since.
  • Preceding my comments on Matheson are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

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Mar 18
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Daily Brief Equity Bottom-Up: Tokyo Electron (8035 JP): Buy if You’re Not Afraid of Recession and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Tokyo Electron (8035 JP): Buy if You’re Not Afraid of Recession
  • Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth
  • Hyundai India’s ₹31,500 Cr Related-Party Deal Sparks Governance Debate
  • WuXi AppTec (2359 HK): In-Line 2024 Performance; Announces Dividend and A Share Buyback Plan
  • Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.
  • Monster Beverage Corporation: An Insight Into Its Market Share Dynamics
  • Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!
  • UnitedHealth: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!
  • LE: Snapping the Catalog: Reaching the Next Level; Reiterate Buy, $20 PT
  • Macbee Planet (7095 JP) – Focus on Volume-First Growth Strategy

Tokyo Electron (8035 JP): Buy if You’re Not Afraid of Recession

By Scott Foster

  • After dropping by half, Tokyo Electron’s share price has bounced. But it is still vulnerable to cutbacks in AI-related investments and tariff-induced recession.
  • A positive scenario has net profit rising by 8% in FY Mar-26. In a negative scenario, it drops by 25%. We take the positive view.
  • Innovations in manufacturing point toward a big step up in profit margins by the end of the decade. But watch out for a cyclical downturn between now and then.

Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.
  • EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.
  • COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.

Hyundai India’s ₹31,500 Cr Related-Party Deal Sparks Governance Debate

By Nimish Maheshwari

  • Hyundai Motor India (HYUNDAI IN) has proposed seven related-party transactions worth over INR 31,500 crore, just months after its record-breaking IPO.
  • Proxy advisors are sharply divided, with concerns around valuation, transparency, and fairness, raising governance red flags for a newly listed company.
  • Despite likely approval due to promoter holding, investor trust hinges on how Hyundai communicates and ensures accountability post-IPO.

WuXi AppTec (2359 HK): In-Line 2024 Performance; Announces Dividend and A Share Buyback Plan

By Tina Banerjee

  • WuXi AppTec (2359 HK) has reported 2024 result, with revenue reaching RMB39.2M, in-line with guidance of RMB38.3–40.5B. Excluding Covid-19 commercial project, 2024 revenue represents 5% YoY growth.
  • The company has announced a cash dividend of RMB9.8 and a special dividend of RMB3.5 for every 10 shares. Wuxi AppTech has also proposed RMB 1B buyback plan (for A-shares).
  • Based on the current backlog, Wuxi AppTech expects continuing operations revenue to resume double-digit growth of 10–15% YoY in 2025, targeting to deliver a total revenue of RMB41.5–43.0B.

Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.

By Tech Supply Chain Tracker

  • Tesla has strengthened ties with Baidu amid the US-Sino tech crossfire, showcasing the complex dynamics between the two countries.
  • China achieves a breakthrough in semiconductor technology with EUV, while lawmakers propose anonymous semiconductor purchases to secure the industry.
  • VCI Global’s plan to establish India’s first semiconductor wire plant in Chennai marks a significant milestone for the tech industry in the country, with Alibaba’s Tongyi Qianwen aiming to revolutionize China’s AI.

Monster Beverage Corporation: An Insight Into Its Market Share Dynamics

By Baptista Research

  • Monster Beverage Company’s recent quarterly and full-year earnings provide insight into both the strengths and challenges faced by the company in a dynamic and competitive market.
  • The company reported record quarterly net sales of $1.81 billion, reflecting a 4.7% increase over the prior year, or 7.8% on a foreign currency-adjusted basis.
  • This growth was fueled by a strong performance in the global energy drink market, with particular strength in regions like EMEA and Asia-Pacific, where growth rates reached double digits.

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

By Baptista Research

  • Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.
  • Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.
  • The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.

UnitedHealth: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!

By Baptista Research

  • UnitedHealth Group’s fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite significant challenges.
  • Revenues exceeded $400 billion, with an adjusted earnings per share of $27.66, aligning with the company’s projections.
  • Notably, the medical care ratio was 150 basis points above the initial outlook, mainly due to a mix change of the people served, a more rapid acceleration in certain high-cost medication prescriptions, and coding intensity shifts in hospitals.

LE: Snapping the Catalog: Reaching the Next Level; Reiterate Buy, $20 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, projections and $20 price target for Lands’ End after reviewing the March catalog.
  • With the March “The Power of Pretty” theme, Lands’ End has taken the next major step in creating a lifestyle driven catalog which can serve as a guide for multiple categories, offerings and looks for the Lands’ End shopper.
  • Focusing on both “The Power” and “The Pretty” of many categories, the March catalog offers multiple complete looks.

Macbee Planet (7095 JP) – Focus on Volume-First Growth Strategy

By Astris Advisory Japan

  • Emphasizing sales volume expansion – Q1-3 FY4/25 results indicated strong sales volume growth at 32.2% YoY, as the company continued diversifying into market sectors such as medical, recruitment and finance.
  • Although prioritizing growth has meant a shift in the customer mix away from traditionally high margin brick-and-mortar in-store experiences, we believe this strategic shift is positive given their larger addressable markets.
  • The company revised its FY4/25 guidance, providing greater clarity over the short term, and highlighted its medium-term expectations for sustained double-digit growth.

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Mar 18
0

Daily Brief Australia: Ricegrowers Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Ricegrowers Ltd – Big picture strategy consistent with peer group

Ricegrowers Ltd – Big picture strategy consistent with peer group

By Research as a Service (RaaS)

  • Following the February 2025 reporting season, we look at key changes to consensus estimates, share price movements and outlook commentary relevant to Ricegrowers Limited, trading as SunRice (ASX:SGLLV).
  • Across our selected peer group there have been four consensus EPS upgrades (SHV, LGL, EBRO and BGA) and four downgrades (GNC, TWE, RIC and ELD) since December 2024.
  • The average peer share price has declined 6% over the past three months against a similar decline in the ASX200 and 2% decline for SGLLV.

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