Daily Briefs

I tally 51 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals this week: Makino Milling Machine Co (6135 JP)‘s hostile Offer; VCredit Holdings Ltd (2003 HK)‘s takeunder; Vesync (2148 HK)‘s Scheme, and Pentamaster International (1665 HK)‘s Scheme.
Key updates/news took place on: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Nec Networks & System Integr (1973 JP), and Suntec REIT (SUN SP).

Last Week in Event SPACE: Honda, Shanghai Henlius, Exedy, Arcadium Lithium

Honda (7267 JP) announced a HUGE ¥1.1trln buyback. At ~¥1500/share, this would increase EPS by 17+%. Buy the shares in the low ¥1,400s. Expect this to be a range trade.
Shanghai Henlius Biotech (2696 HK)‘s Circular is now out. Hoome straight and done deal.
Murakami-San has started selling Exedy Corp (7278 JP), earlier than expected. Best to get out first, ask questions later.

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Dec 29

Daily Brief Equity Bottom-Up: Grab Holdings (GRAB US) – Harvest Time and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Grab Holdings (GRAB US) – Harvest Time
GoTo Gojek Tokopedia (GOTO IJ) – Barbell Strategies and Fintech to Dominate in 2025
Edelweiss: Strong Q2FY25 | Focus on Value Unlocking
RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up
Nesco: Mixed Q2FY25, However Long-Term Prospects Remain Intact
SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings
InterDigital Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
Acuity Brands: The Intelligent Spaces Expansion & Other Major Drivers
JAMF Holdings: International Expansion Powering Our Bullishness! – Major Drivers
Lithia Motors: Product Diversity & Pricing Strategy As A Strategic Growth Enabler! – Major Drivers

Grab Holdings (GRAB US) – Harvest Time

Grab Holdings has expressed excitement for 2025, as it harvests the investments it has made in its laddered approach to new product offerings from Saver to Grab Unlimited in 2024.
Having grown transacting users in 2024 through its Saver offering, Grab will focus on growing its premium offers in 2025. Groceries should outperform along with its offline dining initiatives.
Grab will focus on lending growth at its DigiBanks in Malaysia, and Singapore in 2025 and will double down on its advertising offerings. Grab will book a 2025 net profit.

GoTo Gojek Tokopedia (GOTO IJ) – Barbell Strategies and Fintech to Dominate in 2025

GoTo Gojek Tokopedia remains optimistic for the coming year, with increasing focus on converting hemat users to take up more premium products and it expands its suite of fintech offerings.
Focus on profitability will remain core, with an emphasis on product-led initiatives such as GoFood Plus and GoFood Express, and increasing emphasis on growing its fintech offering across products.
GoTo is increasingly using AI to improve both the customer experience and improve efficiencies. Advertising will increasingly become a tool to improve take rates with Tokopedia providing valuable cash flow.

Edelweiss: Strong Q2FY25 | Focus on Value Unlocking

Edelweiss reported a strong Q2FY25 performance led by consistent scaling up of its businesses, especially the asset management businesses. Its insurance businesses are also growing rapidly but are loss-making currently.
The credit businesses are also growing well with the shift to the co-lending model. 75%+ of lending in NBFC is now being done through the co-lending model.
Edelweiss’ focus is on value unlocking and debt reduction. The asset management businesses are ripe for unlocking and Edelweiss is exploring a stake sale via IPO for its alternatives business.

RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up

The FMCG business continues to sustain annualized revenue of INR 500cr+ and with Q2FY25 revenue at INR 146cr, it is possible that annualized revenue may now sustain at INR 550cr+.
After having bottomed out a couple of quarters ago, the BPO business – Firstsource Solutions (“FSL”), is now performing strong with 6.9% QoQ and 22.7% YoY growth in revenue.
Revenue in the Sports business varies significantly each quarter based on scheduling of the sports events. Accordingly, in Q2FY25, revenues were not significant at INR 20cr.

Nesco: Mixed Q2FY25, However Long-Term Prospects Remain Intact

Q2FY25 performance was mixed. IT Parks segment reported good growth at 2.5% QoQ and 8.5% YoY. BEC growth was mediocre at 8.5% YoY; QoQ is not comparable due to seasonality.
Nesco Foods reported 10% YoY growth, which was decent but could have been better, given this business is relatively new and has significant potential. EBIT margin also declined YoY.
Nesco is venturing into expressway wayside amenities development and management business, which appears synergistic and has potential to provide additional growth lever going forward.

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

By Patrick Liao

SK Hynix (000660 KS)‘s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.
In the third quarter of 2024, SK Hynix (000660 KS) continued to surpass Samsung Electronics (005930 KS) net earnings based on their financial results.
Samsung Electronics (005930 KS) is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) – ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.

InterDigital Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers

InterDigital, Inc.’s third-quarter 2024 results reveal a blend of strategic progress and financial growth, marking a potentially positive trajectory for the company, though not without challenges.
Key achievements include surpassing their revenue, adjusted EBITDA, and EPS targets, which catalyzed an upward revision of their 2024 revenue guidance by $145 million to $860 million.
This growth is primarily attributed to new license agreements with major industry players like OPPO Group, which now includes coverage of their branded devices, thereby resolving pending litigations.

Acuity Brands: The Intelligent Spaces Expansion & Other Major Drivers

Acuity Brands, a prominent player in the lighting and building management industry, reported a solid performance for its fiscal 2024 fourth quarter and full year, showcasing both growth and strategic progress.
The company’s net sales reached $1 billion in the fourth quarter, marking a 2% year-over-year increase, driven by gains in its Lighting and Intelligent Spaces businesses.
This growth is attributed to their strong product vitality and strategic pricing, helping to manage costs effectively.

JAMF Holdings: International Expansion Powering Our Bullishness! – Major Drivers

Jamf, a leading software company specializing in Apple device management and security solutions, reported strong third-quarter 2024 results, surpassing revenue and non-GAAP operating income expectations.
The company’s year-over-year revenue growth reached 12%, with subscription revenue comprising a dominant 98% of total revenue.
Non-GAAP operating income rose significantly to $27.7 million, reflecting a margin improvement from 9% to 17%.

Lithia Motors: Product Diversity & Pricing Strategy As A Strategic Growth Enabler! – Major Drivers

Lithia Motors, a significant player in the automotive retail sector, reported its financial results for the third quarter of 2024, showcasing both strengths and challenges.
The company’s revenue for the quarter reached a record $9.2 billion, representing an impressive 11% increase from the same period last year.
This growth was attributed to strategic expansions, improvements in cost efficiencies, and operational execution.

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Dec 29

Daily Brief Macro: Three Presidents in One Month in South Korea – What’s Next? and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Three Presidents in One Month in South Korea – What’s Next?
U.S. November Core PCE Prices Significantly Softer than Core CPI

Three Presidents in One Month in South Korea – What’s Next?

By Douglas Kim

The acting South Korean President Han Duck-Soo was impeached by the South Korea’s Parliament on 27 December. Choi Sang-Mok (finance minister) is now the new, acting President of South Korea.
There could be multiple impeachments of acting Presidents in the next several weeks which would be unprecedented and raise further concerns about the lack of political stability in South Korea.
Amid all this political uncertainty, Yoon Suk-Yeol’s approval rating has been improving sharply to more than 30%.

U.S. November Core PCE Prices Significantly Softer than Core CPI

By Alex Ng

November PCE prices at 0.1% overall and core has sharply underperformed gains of 0.3% in both overall and core CP
It eases some of the inflationary concerns generated by two straight gains of 0.3% in September and October core PCE prices.
Gains of 0.3% in personal income and 0.4% in spending are also on the low side of consensus, though still respectable in real terms.

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Dec 29

Daily Brief South Korea: SK Hynix and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

By Patrick Liao

SK Hynix (000660 KS)‘s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.
In the third quarter of 2024, SK Hynix (000660 KS) continued to surpass Samsung Electronics (005930 KS) net earnings based on their financial results.
Samsung Electronics (005930 KS) is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) – ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.

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

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✓ Company Data and News
✓ Events & Webinars

Dec 29

Daily Brief Indonesia: GoTo Gojek Tokopedia Tbk PT and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

GoTo Gojek Tokopedia (GOTO IJ) – Barbell Strategies and Fintech to Dominate in 2025

GoTo Gojek Tokopedia (GOTO IJ) – Barbell Strategies and Fintech to Dominate in 2025

GoTo Gojek Tokopedia remains optimistic for the coming year, with increasing focus on converting hemat users to take up more premium products and it expands its suite of fintech offerings.
Focus on profitability will remain core, with an emphasis on product-led initiatives such as GoFood Plus and GoFood Express, and increasing emphasis on growing its fintech offering across products.
GoTo is increasingly using AI to improve both the customer experience and improve efficiencies. Advertising will increasingly become a tool to improve take rates with Tokopedia providing valuable cash flow.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Dec 29

Daily Brief Singapore: Grab Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Grab Holdings (GRAB US) – Harvest Time

Grab Holdings (GRAB US) – Harvest Time

Grab Holdings has expressed excitement for 2025, as it harvests the investments it has made in its laddered approach to new product offerings from Saver to Grab Unlimited in 2024.
Having grown transacting users in 2024 through its Saver offering, Grab will focus on growing its premium offers in 2025. Groceries should outperform along with its offline dining initiatives.
Grab will focus on lending growth at its DigiBanks in Malaysia, and Singapore in 2025 and will double down on its advertising offerings. Grab will book a 2025 net profit.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Dec 29

Daily Brief United States: Acuity Brands, Formfactor Inc, Global Business Travel Group I, GoodRx Holdings Inc, Helix Energy Solutions Group, Interdigital Inc, Itron Inc, Jamf Holding Corp, Lithia Motors Inc Cl A, Penumbra and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Acuity Brands: The Intelligent Spaces Expansion & Other Major Drivers
FormFactor Inc.: Diversification in Probe Cards As A Pivotal Growth Engine! – Major Drivers
Global Business Travel Group (GTB): Will Its Technological Innovations & Automation Be A Breakthrough Move? – Major Drivers
GoodRx Holdings: Can Its E-commerce Capabilities and Brand Drug Integration Help Tilt The Competitive Dynamics In Its Favor? – Major Drivers
Helix Energy Solutions: Expanding Robotics Segment For Unmatched Impact! – Major Drivers
InterDigital Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
Itron Inc.: Grid Edge Intelligence Expansion Fueling Our ‘Outperform’ Rating! – Major Drivers
JAMF Holdings: International Expansion Powering Our Bullishness! – Major Drivers
Lithia Motors: Product Diversity & Pricing Strategy As A Strategic Growth Enabler! – Major Drivers
Penumbra Inc.: An Insight Into Its Margin Expansion Opportunities & Other Major Drivers

Acuity Brands: The Intelligent Spaces Expansion & Other Major Drivers

Acuity Brands, a prominent player in the lighting and building management industry, reported a solid performance for its fiscal 2024 fourth quarter and full year, showcasing both growth and strategic progress.
The company’s net sales reached $1 billion in the fourth quarter, marking a 2% year-over-year increase, driven by gains in its Lighting and Intelligent Spaces businesses.
This growth is attributed to their strong product vitality and strategic pricing, helping to manage costs effectively.

FormFactor Inc.: Diversification in Probe Cards As A Pivotal Growth Engine! – Major Drivers

FormFactor’s third quarter 2024 earnings reflected strong performance driven by record revenues, surpassing prior expectations.
Both of the company’s segments contributed to this outcome, with standout results from the DRAM probe-card business.
Notably, FormFactor achieved an all-time high in DRAM probe-card revenue for the third consecutive quarter.

Global Business Travel Group (GTB): Will Its Technological Innovations & Automation Be A Breakthrough Move? – Major Drivers

American Express Global Business Travel (GBT) demonstrated strong financial performance in the third quarter of 2024.
The company experienced growth in demand for its offerings and managed to significantly increase its adjusted EBITDA by 23% to $118 million, with a notable margin expansion of 300 basis points.
This margin growth was supported by a focused approach on cost management and by leveraging operating efficiencies.

GoodRx Holdings: Can Its E-commerce Capabilities and Brand Drug Integration Help Tilt The Competitive Dynamics In Its Favor? – Major Drivers

In reviewing the most recent earnings for GoodRx Holdings, Inc., the company posted mixed results for the third quarter of 2024, highlighting both achievements and challenges.
GoodRx reported an 8% year-over-year increase in total revenue, reaching $195.3 million, with adjusted EBITDA growing 21% year-over-year, reflecting a higher-than-expected margin.
The company’s pharma manufacturer solutions segment showed substantial growth at 77% year-over-year, partially supported by the expansion of brand drug affordability programs.

Helix Energy Solutions: Expanding Robotics Segment For Unmatched Impact! – Major Drivers

Helix Energy Solutions Group delivered solid third-quarter 2024 financial results marked by a combination of robust performance in key segments and some challenges.
The company’s revenue for the quarter was $342 million, with a gross profit of $66 million and net income of $29.5 million.
The adjusted EBITDA was reported at $88 million, and they generated a free cash flow of $53 million, indicative of strong cash management with available liquidity at $399 million.

InterDigital Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers

InterDigital, Inc.’s third-quarter 2024 results reveal a blend of strategic progress and financial growth, marking a potentially positive trajectory for the company, though not without challenges.
Key achievements include surpassing their revenue, adjusted EBITDA, and EPS targets, which catalyzed an upward revision of their 2024 revenue guidance by $145 million to $860 million.
This growth is primarily attributed to new license agreements with major industry players like OPPO Group, which now includes coverage of their branded devices, thereby resolving pending litigations.

Itron Inc.: Grid Edge Intelligence Expansion Fueling Our ‘Outperform’ Rating! – Major Drivers

Itron’s third quarter of 2024 displayed notable financial performance and a strategic focus on enhancing and expanding its market offerings in energy and water solutions.
Key financial results include total revenue of $615 million, marking a 10% increase year-over-year, with a notable improvement in gross margin to 34.1%.
This growth was supported by operational efficiencies and strategic shipments of customer orders.

JAMF Holdings: International Expansion Powering Our Bullishness! – Major Drivers

Jamf, a leading software company specializing in Apple device management and security solutions, reported strong third-quarter 2024 results, surpassing revenue and non-GAAP operating income expectations.
The company’s year-over-year revenue growth reached 12%, with subscription revenue comprising a dominant 98% of total revenue.
Non-GAAP operating income rose significantly to $27.7 million, reflecting a margin improvement from 9% to 17%.

Lithia Motors: Product Diversity & Pricing Strategy As A Strategic Growth Enabler! – Major Drivers

Lithia Motors, a significant player in the automotive retail sector, reported its financial results for the third quarter of 2024, showcasing both strengths and challenges.
The company’s revenue for the quarter reached a record $9.2 billion, representing an impressive 11% increase from the same period last year.
This growth was attributed to strategic expansions, improvements in cost efficiencies, and operational execution.

Penumbra Inc.: An Insight Into Its Margin Expansion Opportunities & Other Major Drivers

Penumbra reported a solid performance in its third quarter of 2024, with total revenue of $301 million, marking an 11.1% increase year-over-year on a reported basis, and 10.9% in constant currency.
The results show robust growth in the U.S. thrombectomy business, which rose by 21.2% year-over-year, driven significantly by advancements in their catheter technology, particularly with the Lightning Flash 2.0 and Lightning Bolt 7 products.
Despite this robust growth in the U.S., the company faced challenges internationally, with revenues decreasing slightly by 1.9% reported due to a notable reduction in sales within China.

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Dec 29

Daily Brief India: Edelweiss Financial Services, RPSG Ventures Limited, Nesco Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Edelweiss: Strong Q2FY25 | Focus on Value Unlocking
RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up
Nesco: Mixed Q2FY25, However Long-Term Prospects Remain Intact

Edelweiss: Strong Q2FY25 | Focus on Value Unlocking

Edelweiss reported a strong Q2FY25 performance led by consistent scaling up of its businesses, especially the asset management businesses. Its insurance businesses are also growing rapidly but are loss-making currently.
The credit businesses are also growing well with the shift to the co-lending model. 75%+ of lending in NBFC is now being done through the co-lending model.
Edelweiss’ focus is on value unlocking and debt reduction. The asset management businesses are ripe for unlocking and Edelweiss is exploring a stake sale via IPO for its alternatives business.

RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up

The FMCG business continues to sustain annualized revenue of INR 500cr+ and with Q2FY25 revenue at INR 146cr, it is possible that annualized revenue may now sustain at INR 550cr+.
After having bottomed out a couple of quarters ago, the BPO business – Firstsource Solutions (“FSL”), is now performing strong with 6.9% QoQ and 22.7% YoY growth in revenue.
Revenue in the Sports business varies significantly each quarter based on scheduling of the sports events. Accordingly, in Q2FY25, revenues were not significant at INR 20cr.

Nesco: Mixed Q2FY25, However Long-Term Prospects Remain Intact

Q2FY25 performance was mixed. IT Parks segment reported good growth at 2.5% QoQ and 8.5% YoY. BEC growth was mediocre at 8.5% YoY; QoQ is not comparable due to seasonality.
Nesco Foods reported 10% YoY growth, which was decent but could have been better, given this business is relatively new and has significant potential. EBIT margin also declined YoY.
Nesco is venturing into expressway wayside amenities development and management business, which appears synergistic and has potential to provide additional growth lever going forward.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Personalised Alerts
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✓ Company Data and News
✓ Events & Webinars

Dec 29

Daily Brief China: Vesync, Qingdao Haier Biomedical Lt, China Southern Airlines and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Vesync (2148 HK): The Yang Family’s Scheme Offer Is Light but Likely Done
China Healthcare Weekly (Dec.29) – Haier Biomedical Plans to Merge with and Absorb Shanghai RAAS
Monthly Chinese Tourism Tracker | Outbound, Domestic Both Solid | TCOM: 2024’s Best (December 2024)

Vesync (2148 HK): The Yang Family’s Scheme Offer Is Light but Likely Done

By Arun George

Vesync (2148 HK) disclosed a Cayman scheme privatisation offer from the Yang family at HK$5.60, a 33.3% premium to the last close price of HK$4.20. The offer is final.
While the offer is marginally above the IPO price, it is light compared to sell-side price targets, peer multiples and historical trading ranges.
Nevertheless, the scrip option, irrevocables and no disinterested shareholder holding a blocking stake facilitate the scheme vote. The offer could be completed by May.

China Healthcare Weekly (Dec.29) – Haier Biomedical Plans to Merge with and Absorb Shanghai RAAS

By Xinyao (Criss) Wang

Haier Biomedical plans to merge with and absorb Shanghai RAAS through the issuance of shares, and both parties have signed a letter of intent for the potential merger.
Haier’s acquisition of RAAS helps connect the software and hardware of the blood industry and strengthen the company’s dominant position in the entire industry chain in the blood products industry.
The market value/financial performance of these two are far apart. If the acquisition is completed, it will help Haier improve financial performance, which is obviously more beneficial for Haier.

Monthly Chinese Tourism Tracker | Outbound, Domestic Both Solid | TCOM: 2024’s Best (December 2024)

By Daniel Hellberg

Almost two years into China’s travel recovery, November outbound activity grew strongly
Domestic air travel demand also showed solid growth, has accelerated since Spring ’24
Trip.com best performing stock in this group in ’24, but it no longer offers much value

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Dec 29

Daily Brief Japan: TSE Tokyo Price Index TOPIX, Nec Networks & System Integr, Honda Motor and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

There Are Still Very Many Companies with High Cash on Hand Relative to Sales
(Mostly) Asia-Pac M&A: Makino, Henlius, GAPack, Nec Networks, Suntec REIT, VCredit, Pentamaster
Last Week in Event SPACE: Honda, Shanghai Henlius, Exedy, Arcadium Lithium

There Are Still Very Many Companies with High Cash on Hand Relative to Sales

By Aki Matsumoto

Of course, it’s desirable to be able to use cash to find effective investments, but it is important to return cash on hand with an immediate impact on ROE improvement.
Looking at all listed companies, there are a great many companies that have a large amount of cash on hand relative to sales.
Denso’s measures to reduce policy shareholdings plus share buybacks will directly improve ROE, even if the background was a desire to stem the rise in foreign shareholdings.

(Mostly) Asia-Pac M&A: Makino, Henlius, GAPack, Nec Networks, Suntec REIT, VCredit, Pentamaster

I tally 51 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals this week: Makino Milling Machine Co (6135 JP)‘s hostile Offer; VCredit Holdings Ltd (2003 HK)‘s takeunder; Vesync (2148 HK)‘s Scheme, and Pentamaster International (1665 HK)‘s Scheme.
Key updates/news took place on: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Nec Networks & System Integr (1973 JP), and Suntec REIT (SUN SP).

Last Week in Event SPACE: Honda, Shanghai Henlius, Exedy, Arcadium Lithium