Daily Briefs

• A recent meeting with Global Digital Niaga (BELI IJ) looking at its longer-term strategy confirmed its differentiated standing, with a keen focus on an omnichannel strategy across key verticals.
• The restructuring of its 1P business is yielding positive returns and higher margins, whilst its 3P business is being driven by strong performance from tiket.com, with offline stores performing well.
• BELI recently opened a new 100,000 sqm distribution centre, which will further underpin its logistics excellence and improve delivery times even further. Valuations are attractive with profitability ahead in FY2025.

• Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.
• India’s wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.
• Nuvama’s edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.

• We update our views on ten Japanese midcap banks targeting attractively valued beneficiaries of the realization of big strategic shareholdings, as well as beneficiaries of the improving interest rate outlook
• We re-iterate our buys on Hachijuni Bank and Hokuhoku Financial; there is potential to realize their large strategic holdings relative to their market capitalizations combined with their attractive PTBV ratios
• We take Gunma Bank off the buy list, replacing it with Iyogin; Iyogin has a constructive mix of large strategic holdings, attractive valuations and healthy gearing to higher interest rates

• Celltrion Inc (068270 KS) announced meaningful increase in dividends (including both cash and stock dividends).
• Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024, this will be 150% higher than the average stock dividend in the past three years.
• Celltrion will also pay out cash DPS of 750 won for shareholders as of record in 2024, which is more than double the average DPS in the past three years. 

• JD.com is a profitable Chinese e-commerce company trading below its cash value
• Despite challenges in China’s retail market and competition from rivals, JD.com offers a potential 2x-3x upside over the next two years
• Stock has fallen approximately 20% since last write-up, presenting a good opportunity for investors

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Operating revenue increased by 78.3% YoY to JPY3.3bn, driven by sales of TDM-621 across multiple regions.
• Operating loss narrowed to JPY532mn, with a recurring loss of JPY798mn and a net loss of JPY806mn.
• US sales grew 151.4% YoY, achieving profitability; Europe and Japan also reported significant YoY sales growth.

• Kaspi superapp offers strong growth potential in Kazakhstan and plans for expansion into other countries
• Led by a top-notch management team with significant ownership stake and operates with high margins
• Despite concerns about investing in emerging markets, the authors see Kaspi as a compelling long-term investment opportunity with impressive growth potential

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Nvidia Corp. on Tuesday asserted its commitment to fair competition, after China’s market regulators opened an antitrust investigation into the U.S. chip giant over suspected violations linked to a 2020 deal.
• The probe, announced on Monday by the State Administration for Market Regulation (SAMR), concerns Nvidia’s compliance with the country’s Anti-Monopoly Law and conditions tied to its $6.9 billion acquisition of Israeli network-equipment maker Mellanox Technologies Ltd.
• The deal — the largest acquisition Nvidia has ever made — faced intense scrutiny from Chinese regulators, who conditionally approved it after nearly a year-long process.

• Samsung Display appoints new VP to lead strategic product realignment, driving focus on key areas.
• BYD expands EV production in Europe, while Gotion aims for battery growth in Morocco and Slovakia.
• Google unveils Gemini 2.0 and next-gen TPU Trillium, ushering in the era of AI agents; Morris Chang shares insights on Intel’s leadership crisis. Samsung shifts 2,000 engineers to Pyeongtaek to tackle HBM hurdles.

• OCI undergoing solvent liquidation process, sparking interest in updating story and economics
• Focus on latest updates on OCI and PF capital structure, equity thesis, credit thesis
• Multiple disposal transactions in past 10 months, including sale of businesses and retaining European nitrogen business

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.