Category

Daily Briefs

Oct 18
0

Daily Brief Energy/Materials: Beijing Capital Grand, Kum Yang , Korea Zinc, Pilbara Minerals, Shell PLC, TotalEnergies, Hawkins Inc, SGX Rubber Future TSR20 and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Beijing Capital Grand (1329 HK): Beijing Capital Land Offer?
  • Connecting the Dots Between Kum Yang’s Rights Offer & Global Index November Review
  • Korea Zinc’s 2.4% Treasury Shares – Devil Is In the Legal Loophole
  • Will Zijin Pay Up for this Copper Hopeful?
  • [Earnings Preview] Shell’s Refining Margins to Tighten in Q3; Upstream Output Gains to Soften Blow
  • [Earnings Preview] TotalEnergies at Risk from Oil Price Decline, Better Gas Prices Offer Relief
  • HWKN: Downgrading with Seasonal Peak
  • October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

Beijing Capital Grand (1329 HK): Beijing Capital Land Offer?

By David Blennerhassett

  • Beijing Capital Grand (1329 HK) (BCG), a commercial property developer in China, is currently suspended pursuant to the Takeovers Code. 
  • Beijing Capital Land Ltd H (2868 HK) (BCL) holds a 65.72% stake, having secured majority control in Juda International, as BCG was then known, in November 2013. 
  • BCG has been a forgettable stock since 4Q16. Expect a forthcoming Scheme from BCL, perhaps at ~HK$0.75/share.

Connecting the Dots Between Kum Yang’s Rights Offer & Global Index November Review

By Sanghyun Park

  • Personally, the key trading angle is Kum Yang’s exit, which could slash entry costs for the capital raise, with the review announcement dropping as stock rights trading starts.
  • Along with the usual hit to the pricing from index trackers unloading for rebalancing, there’s a strong chance their sell orders might also include stock rights.
  • From an entry cost perspective, this November review could trigger a sharp, short-term drop in costs due to stock rights dumping, similar to what we saw with CJ CGV.

Korea Zinc’s 2.4% Treasury Shares – Devil Is In the Legal Loophole

By Douglas Kim

  • Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of ‘6 months after treasury shares acquisition.
  • It would be nearly impossible for Korea Zinc to sell 2.4% of its treasury stock to an external friendly force and transform it into a friendly stake by February 2025.
  • Although MBK/Young Poong Alliance has the advantage right now in this M&A battle for Korea Zinc, it is by no means over.

Will Zijin Pay Up for this Copper Hopeful?

By Money of Mine

  • Pilbara Minerals announced the establishment of a $1 billion debt facility with a banking syndicate.
  • The company plans to use the facility to repay existing concessional debt and potentially make acquisitions.
  • The new facility offers more flexibility in terms of leverage ratios compared to existing debt agreements.

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

[Earnings Preview] Shell’s Refining Margins to Tighten in Q3; Upstream Output Gains to Soften Blow

By Suhas Reddy

  • Shell expects Q3 refining margins to drop 28.6% QoQ to USD 5.5/bbl, driven by a sharp decline in oil prices. However, improved chemical margins are anticipated to offer some relief.
  • Between 2023 and 2025, Shell plans to invest USD 10 billion to USD 15 billion in low-carbon solutions globally, with a strategic emphasis on LNG.
  • Shell projects LNG to account for 26% of energy sales by 2030, up from 22% in 2023, while oil products will decrease from 48% to 39%.

[Earnings Preview] TotalEnergies at Risk from Oil Price Decline, Better Gas Prices Offer Relief

By Suhas Reddy

  • TotalEnergies’ revenue is expected to fall 9.1% QoQ and 17.8% YoY in Q3, while its EPS is expected to rise 6.6% QoQ but fall 19.8% YoY. 
  • TotalEnergies anticipates a decline in downstream profitability due to a 65.7% QoQ drop in European refining margins, though increased gas prices are expected to partially offset lower oil prices.
  • TotalEnergies raised its annual oil and gas output growth forecast to 3% through 2030. Targets natural gas to comprise 50% of its total sales mix by 2030.

HWKN: Downgrading with Seasonal Peak

By Hamed Khorsand

  • HWKN has grown its water treatment business through acquisition leading to the segment becoming larger than the industrial business. The water treatment segment should become the largest sales generator.
  • We believe this growth through inorganic means has resulted in HWKN’s stock trading at a premium to the market and to HWKN’s historic levels. 
  • The seasonality the water treatment segment experiences should result in HWKN’s overall gross margin declining in the second half of fiscal 2025. 

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

By Farah Miller

  • Short-term 20-day MA remained elevated through September to mid-October 2024  
  • SIR20 traded at a discount to futures  
  • Processors in Thailand and Indonesia faced more margin pressure due to high raw material costs  
  • The forward curve shows October 2024 prices at their highest for the year

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Oct 18
0

Daily Brief Consumer: Seven & I Holdings, China Resources Beverage, Intermestic, Hiday Hidaka, TSE Tokyo Price Index TOPIX, Betterware de Mexico Sab de CV, Kimberly-Clark De Mexico-A and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Couche-Tard Execs in Tokyo, “Hoping” For Meetings But Really There To Hold a Press Conference
  • CR Beverage IPO: Forecasts and Valuation
  • Intermestic IPO Trading – Drew a Strong Institutional Demand
  • Hiday Hidaka (7611 JP): Initial Report
  • No Disruption in Quarterly Disclosure Review, but a Few Companies Disclosed CF Statements in 1Q & 3Q
  • Betterware de Mexico Sab de CV – 3Q Preview: Managing Through; Reiterate Buy, $22.50 PT
  • Actinver Research – Kimberly-Clark de Mexico: 3Q24 margin contraction as expected

Couche-Tard Execs in Tokyo, “Hoping” For Meetings But Really There To Hold a Press Conference

By Travis Lundy

  • Alimentation Couche-Tard (ATD CN)‘s CEO, former CEO, CFO, and founder were in Tokyo today giving a press conference about their trip and designs on Seven & I Holdings (3382 JP). 
  • There was some passive-aggressive behaviour. Their bid was better than 7&i’s plan. They said it was a high price. They said they wanted to meet management, the ITOs, the government. 
  • None of that will win the hearts and minds of the Special Committee. 

CR Beverage IPO: Forecasts and Valuation

By Shifara Samsudeen, ACMA, CGMA

  • China Resources Beverage (2460 HK)  plans to raise  US$650m at the upper end of the indicative IPO price range at a market capitalisation and EV of HK$34bn and HK$27bn respectively.
  • Though the company has a strong business model and fundamentals, the packaged drinking water market is intensely competitive creating a price war and dragging down growth rates.
  • CR Beverage is less diversified and has inferior margins compared to Nongfu Spring (9633 HK) , hence priced at a deep discount to its peer, making the IPO pricing attractive.

Intermestic IPO Trading – Drew a Strong Institutional Demand

By Clarence Chu

  • Intermestic (262A JP) raised around US$120m in its Japan IPO. 
  • Intermestic is an eyewear manufacturer of eyeglasses and eyeglass accessories in Japan.
  • We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.

Hiday Hidaka (7611 JP): Initial Report

By Shared Research

  • In FY02/24, revenue was JPY48.8bn (+27.8% YoY), operating profit was JPY4.6bn (+653.2% YoY), recurring profit was JPY4.8bn (+92.5% YoY), and net income was JPY3.2bn (+112.8% YoY).
  • The company attributed YoY revenue growth to the following factors.
  • First, customer count continued to grow after the March 2023 price hike.

No Disruption in Quarterly Disclosure Review, but a Few Companies Disclosed CF Statements in 1Q & 3Q

By Aki Matsumoto

  • The number of days to disclose first- and third-quarter financial results was 37.0 days, roughly the same timing as the previous year, regardless of whether reviews were conducted or not.
  • The larger market capitalization companies are more likely to conduct voluntary reviews, and the larger market capitalization companies are more positive about ensuring the reliability of their disclosure information.
  • Despite a slight increase from the previous year, only a little more than 10% of all companies disclosed cash flow statements in the first and third quarters.

Betterware de Mexico Sab de CV – 3Q Preview: Managing Through; Reiterate Buy, $22.50 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company reporting 3Q24 (September) results after the close on Thursday.
  • Although we believe 3Q results, especially at the Betterware division, were impacted by foreign exchange (“FX”) issues, we believe the company has continued to make material progress, with all divisions registering YoY top line growth.
  • Further, we believe management will reiterate 2024 annual guidance, as the company has been able to drive further expansion at JAFRA and we believe they have begun to respond to FX shifts by raising pricing at Betterware.

Actinver Research – Kimberly-Clark de Mexico: 3Q24 margin contraction as expected

By Actinver

  • Revenues of P$13.2bn were driven by growth across all segments.
  • Consolidated sales growth of 3.8% YoY was driven by Consumer and Away from Home (1% and 2%, respectively, yet below our estimates), while Exports surprised to the upside with a 25% YoY increase, driven by FX headwinds and hard roll sales.
  • Margins were mostly better than our cautious estimates, with EBITDA margin reaching 26.3%, still a YoY and QoQ contraction.

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Oct 18
0

Daily Brief Industrials: Grupo Aeroportuario del Pacifi, Driven Brands Holdings , Waaree Renewable Technologies and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Actinver Research – Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)
  • GrizzlyRock Capital’s Kyle Mowery on $DRVN’s goodco / badco thesis
  • Waaree Energies IPO Trading – Will Ride on Premier Energies IPO Wave

Actinver Research – Air Transport: Attractive Valuations Supported Solid Potential Returns (Sector Initiation)

By Actinver

  • During the last decades, the airport industry has proven to be resilient, having a traffic recovery from previous local or global crises such as September 11, in the EE.UU., SARS, and the financial crisis.
  • The COVID-19 pandemic was not the exception, and now the traffic recovery is within its traffic recovery corridor worldwide, reaching the pre-pandemic levels.
  • Although we expect 3Q24 quarterly results to be negatively impacted by total traffic contraction, overall total EBITDA will rise 15% YoY, mainly explained by a positive performance on VOLAR, ASUR, and GAP’s results.

GrizzlyRock Capital’s Kyle Mowery on $DRVN’s goodco / badco thesis

By Yet Another Value Podcast

  • Tigus provides a clear view of industries and companies for research
  • Kyle Mowry discusses Driven Brands as a complex but interesting investment
  • Driven Brands offers a combination of private equity control and public market liquidity, leading to potential mispricing and alpha opportunity

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Waaree Energies IPO Trading – Will Ride on Premier Energies IPO Wave

By Sumeet Singh

  • Waaree Energies is looking to raise up to US$514m in its India IPO.
  • Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
  • We have looked at the company’s past performance in our earlier note. In this note, we talk about the RHP updates and valuations.

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Oct 17
0

Daily Brief ESG: Fair for Managers Who Are Protected by Cross-Shareholding and Get Inflated Payout Due to Weak Yen? and more

By | Daily Briefs, ESG

In today’s briefing:

  • Fair for Managers Who Are Protected by Cross-Shareholding and Get Inflated Payout Due to Weak Yen?
  • Clarios – ESG Report – Lucror Analytics
  • SIG Plc – ESG Report – Lucror Analytics

Fair for Managers Who Are Protected by Cross-Shareholding and Get Inflated Payout Due to Weak Yen?

By Aki Matsumoto

  • It’s understandable that compensation is paid for managing a global business and achieving significant growth, but it’s also paid for bloated performance in yen terms due to the weak yen.
  • Employee engagement is very important for value-added products and more money should be spent on human capital. Otherwise, higher profit margins are unlikely to be achieved.
  • The election of directors at AGMs rarely results in rejection of the company’s proposal. Cross-shareholdings should be reduced so that managers whose “employment” is protected by cross-shareholdings don’t receive commensurate compensation.

Clarios – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Clarios’ ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Adequate”.

SIG Plc – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess SIG plc’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Adequate”.

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Oct 17
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Chip Stocks Rebound and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Chip Stocks Rebound
  • Japan Morning Connection: More Downside for SPE on ASML and Potential US Curbs for Huawei Suppliers
  • What Is Chinese Government Waiting for to Stimulate Its Economy?
  • # 65 India Insight: BlackRock Jio Financial PV, Tata Group 5 Lakh Jobs, Indian Oil Biogas Production

Ohayo Japan | Chip Stocks Rebound

By Mark Chadwick

  • U.S. stocks surged on Wednesday, with the Dow Jones Industrial Average rising nearly 350 points (0.8%) to a record 43,077
  • Chip stocks rebounded, led by Nvidia’s 3.1% recovery after ASML’s cut to its 2025 sales forecast initially dented confidence in AI-related stocks.
  • Sony acquired Kinatrax, a U.S. company specializing in athlete movement analysis using high-speed cameras.

Japan Morning Connection: More Downside for SPE on ASML and Potential US Curbs for Huawei Suppliers

By Andrew Jackson

  • US restrictions for Huawei suppliers has the potential for block exports for a variety of non-leading-edge chipmaking equipment to China. 
  • ASML confirms its EUV slowdown which is negative for Hoya Corp as a leading global supplier of EUV mask blanks. Lasertec -13.4% yesterday, although it may struggle to rebound 
  • PM Ishiba making an offering at the Yasukuni Shrine has the potential to rile China, although Japan’s tourist arrivals in Sep hit +26% above 2019 pre-CV levels. 

What Is Chinese Government Waiting for to Stimulate Its Economy?

By Eric Wen

  • It has become evident that Chinese economy needs stimulus. But why is it not happening? The latest by NDRC and MOF suggests US rate and presidential election are the keys;
  • What has come forward in the forms of local government debt swap and bank reserve injection is similar to fueling a liquid-fueled missile. Once it starts, it can’t roll back;
  • The biggest swing factor from US presidential election is the Trump Tariff, which can cut China’s GDP growth by half. The fueling hopefully can handle impact of such magnitude.

# 65 India Insight: BlackRock Jio Financial PV, Tata Group 5 Lakh Jobs, Indian Oil Biogas Production

By Sudarshan Bhandari

  • BlackRock and Jio Financial Discuss Private Credit Venture in India
  • Tata Group to Create 5,00,000 Jobs in next Five Years
  • Indian Oil and Ever Enviro Partner for Compressed Biogas Production

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Oct 17
0

Daily Brief ECM: Wa Inc (7683 JP) – Equity Offering and more

By | Daily Briefs, ECM

In today’s briefing:

  • Wa Inc (7683 JP) – Equity Offering, and TOPIX Inclusion But Very Lopsided Register
  • BenQ BM Pre-IPO – Core Operations Are Steady but Has Been Losing Market Share
  • JD Industrials Pre-IPO – Refiling Updates – Few Hits, Few Misses
  • AUB Group Placement – Well Flagged Selldown Will Clear the Overhang
  • Horizon Robotics IPO – Peers Are Down a Lot, Its Valuation Isn’t
  • NTPC Green Pre-IPO – The Negatives – Competitive Marketspace and Some Risks to Watch

Wa Inc (7683 JP) – Equity Offering, and TOPIX Inclusion But Very Lopsided Register

By Travis Lundy

  • Yesterday WA Inc (7683 JP) announced that on the five year anniversary of its listing in 2019, the stock would move to TSE Prime on 1 November 2024
  • They also announced a secondary offering of 2.86mm shares including greenshoe. That’s 15% of shares out but the offering will double total float. This is almost a re-IPO.
  • This will lead to a TOPIX inclusion on 27 December which will be smaller than the offering. This will be all retail. 

BenQ BM Pre-IPO – Core Operations Are Steady but Has Been Losing Market Share

By Nicholas Tan

  • BenQ BM Holding Cayman Corp. (BBHC HK) is looking to raise at least $US100m in its upcoming Hong Kong IPO. 
  • It is a leading private for-profit general hospital group in mainland China, operating two general hospitals – Nanjing BenQ Hospital and Suzhou BenQ Hospital.
  • In this note, we look at the firm’s past performance.

JD Industrials Pre-IPO – Refiling Updates – Few Hits, Few Misses

By Sumeet Singh

  • JD Industrial Technology is looking to raise about US$1bn in its upcoming HK IPO.
  • JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
  • We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.

AUB Group Placement – Well Flagged Selldown Will Clear the Overhang

By Clarence Chu

  • Odyssey is looking to raise A$277m (US$186m) from selling its entire stake in AUB Group Limited (AUB AU).
  • The PE has been invested since May 2022 with its stake subjected to a two-year escrow period. There have been media reports surrounding the selldown over the past few months.
  • In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

Horizon Robotics IPO – Peers Are Down a Lot, Its Valuation Isn’t

By Sumeet Singh

  • Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
  • Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

NTPC Green Pre-IPO – The Negatives – Competitive Marketspace and Some Risks to Watch

By Clarence Chu

  • NTPC Green Energy Ltd (2214556D IN) is looking to raise around US$1.2bn in its upcoming India IPO.
  • NTPC Green Energy Limited (NGEL) is a renewable energy public sector enterprise and a wholly owned subsidiary of NTPC Limited, a Maharatna central public sector enterprise (PSU).
  • In this note, we will talk about the not so positive aspects of the deal.

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Oct 17
0

Daily Brief Credit: Morning Views Asia: Adani Green Energy and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Adani Green Energy, Anton Oilfield

Morning Views Asia: Adani Green Energy, Anton Oilfield

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Oct 17
0

Daily Brief Event-Driven: Japan: Potential Passive Selling in November and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Japan: Potential Passive Selling in November
  • China Traditional Chinese Medicine (570 HK): Theatre of the Absurd
  • 7&I Holdings (3382 JP) – Artisan Writes Another Letter – Based on Content, They Should Sell Any Pop
  • GJS/Haitong Merger Musings
  • Clean Energy & Global Water ETFs: Changes for Asia & Impact
  • TCM (570 HK): “Uncertain” To Spook Shares
  • Korea: Stocks with Potential Passive Flows in November
  • CR Sanjiu (000999.CH) To Acquire Tasly (600535.CH) Update – This Is Already a Done Deal
  • Liquid Universe of European Ordinary and Preferred Shares: October‘24 Report

Japan: Potential Passive Selling in November

By Brian Freitas

  • Up to 9 stocks could be deleted from global passive portfolios in November. The deletion will lead to liquidity events where trackers will need to sell multiple days of ADV.
  • There has been a buildup of shorts on nearly all these stocks though the extent of the pre-positioning varies.
  • The increase in shorts is smaller than the estimated passive selling, though there is a fair amount of variability across the names.

China Traditional Chinese Medicine (570 HK): Theatre of the Absurd

By Arun George

  • China Traditional Chinese Medicine (570 HK)’s monthly update notes that the consortium has secured SAMR approval and made progress in obtaining the other regulatory approvals. 
  • As expected, the precondition will not be satisfied before the 18 October long stop date. Unexpectedly, whether the consortium members will consent to the extension remains uncertain.
  • The extension will be forthcoming as the delay is procedural, there is a reputational risk from a deal break, the time investment is significant, and the warning was legally required.

7&I Holdings (3382 JP) – Artisan Writes Another Letter – Based on Content, They Should Sell Any Pop

By Travis Lundy

  • Some two weeks after it became apparent Alimentation Couche-Tard (ATD CN) had lobbied a bid in for Seven & I Holdings (3382 JP), Artisan Partners wrote a letter.  
  • It was full of misguided analysis, ungrounded insinuation of a general nature without specifying where they would have a problem. It seemed to be complaint for the sake of complaint.
  • Today another public letter. This time there are a couple of worthwhile suggestions, some accusations of fiduciary impropriety based on no evidence, and an implicit admission they should have sold?

GJS/Haitong Merger Musings

By David Blennerhassett

  • Back in March, the CSRC said it aimed to “form two to three investment banks and institutions with international competitiveness and market leadership by 2035″.
  • Last week’s announced merger between China’s leading state-backed brokerages, Guotai Junan Securities (2611 HK) and Haitong (6837 HK), is a move in that direction. Expect more scrip mergers to follow. 
  • There have also been some media reports that the GJS/Haitong terms disadvantage holders of other Hong Kong broker stocks if potentially acquired in a merger. It’s not quite that simple. 

Clean Energy & Global Water ETFs: Changes for Asia & Impact

By Brian Freitas

TCM (570 HK): “Uncertain” To Spook Shares

By David Blennerhassett

  • China Traditional Chinese Medicine (570 HK) (TCM) will fall today. Perhaps a lot.
  • With two days left on the clock to secure the pre-conditions (18th October), the Offeror said “it remains uncertain” whether it can secure an extension from the investor group.
  • Such wording could be viewed as boilerplate SFC legalise. I would argue the use of “uncertain” is superfluous, unhelpful, and for investors, downright worrying. 

Korea: Stocks with Potential Passive Flows in November

By Brian Freitas

CR Sanjiu (000999.CH) To Acquire Tasly (600535.CH) Update – This Is Already a Done Deal

By Xinyao (Criss) Wang

  • Since Tasly’s performance growth has long stagnated and Yan Kaijing has no better way to turn the situation around, selling Tasly to SOE and cashing out becomes a good choice.
  • Upon completion of all approvals (e.g. the SASAC, SAMR, shareholders’ meeting of CR Sanjiu, etc.), the deal aims to be completed in 25Q1. We think the deal will get up.
  • Tasly’s share price should be at least higher than RMB14.85/share based on the cash transfer price. Its P/E would reach 30 in the future after the integration with CR Sanjiu.

Liquid Universe of European Ordinary and Preferred Shares: October‘24 Report

By Jesus Rodriguez Aguilar

  • Since mid-September, share-price spreads have generally widened across our European liquid universe of ordinary and preferred shares (9 have tightened, 10 widened).
  • Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe, Volkswagen.
  • Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal.

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Oct 17
0

Daily Brief Equity Bottom-Up: Smartkarma Corporate Webinar | UMP Healthcare: Undervalued Gem in Hong Kong’s Healthcare Market and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Smartkarma Corporate Webinar | UMP Healthcare: Undervalued Gem in Hong Kong’s Healthcare Market
  • ASML Tanks Semis On Tepid 2025 Outlook
  • BYD (1211 HK) Quick Note: Company and Industry Sales Up by 46% YoY and 51% YoY
  • ASML 3Q24: The Huge Reset Is Mostly the Result of Company’s Miscalculations
  • Dr Wu Skincare (6523) – Thursday, Jul 18, 2024
  • KYEC (2449.TT): 4Q24 Outlook Brightening; NVDA Will Become #1 Client in 2025
  • Tech Supply Chain Tracker (17-Oct-2024): Hyundai races to catch up in global AV competition.
  • Masimo Corporation: Expansion into Consumer Health Products & Other Major Drivers
  • Daiichi Sankyo (4568 JP) Valuation Update – Are We There Yet?
  • GENOVA (9341 JP): 70% Rally Over the Last Two Months; Here’s Why Outperformance to Continue

Smartkarma Corporate Webinar | UMP Healthcare: Undervalued Gem in Hong Kong’s Healthcare Market

By Smartkarma Research

For our next Corporate Webinar, we are glad to welcome UMP Healthcare’s Chief Financial Officer and Company Secretary, Patrick Cheung. 

In the upcoming webinar, Patrick will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Sameer Taneja. The Corporate Webinar will include a live Q&A session.

The webinar will be hosted on Wednesday, 23 October 2024, 15:00 SGT/HKT.

About UMP Healthcare

Founded in 1990, UMP Healthcare is a medical group listed on the main board of the Hong Kong Stock Exchange (stock code 722. HK) and is one of the leading comprehensive healthcare service platforms in the Hong Kong market. They are committed to “providing comprehensive, diversified, and coordinated care for everyone” by creating a network of high-quality and effective medical services for patients, payers, providers, and partners.
 
Along with providing healthcare services that address a wide range of individual needs, UMP closely works with more than 2,000 local and international businesses and insurance organizations to establish and administer corporate healthcare benefit programs for members. The medical service network spans over 1,000 self-owned and affiliated institutions across Hong Kong, Macau, and Mainland China, offering services such as family medicine, specialist consultation, dental care, diagnostic imaging and laboratory testing, preventive medicine and health examination, physical therapy, day surgery, and endoscopy, among others. In 2024, the annual volume of outpatient visits under UMP exceeded 1.3 million.

ASML Tanks Semis On Tepid 2025 Outlook

By William Keating

  • ASML reported revenues of €7.5 billion, +19% QoQ and +11.9% YoY. This was €200 million above the high end of the guided range. Q424 guided to €9 billion
  • Logic Fab delays and a collapse in sales to China caused ASML to reduce their 2025 forecast to the low end of the €30 -€40 billion guided in November 2022
  • Despite these challenges, ASML’s latest forecast still implies 16% YoY growth in 2025

BYD (1211 HK) Quick Note: Company and Industry Sales Up by 46% YoY and 51% YoY

By Ming Lu

  • BYD’s deliveries growth accelerated to 36% YoY in Aug and 46% YoY Sep.
  • The whole domestic NEV (New Energy vehicle) market has been accelerating for for the entire third quarter.
  • We believe the EU and the US market are not concerns, as both domestic and other emerging markets are promising.

ASML 3Q24: The Huge Reset Is Mostly the Result of Company’s Miscalculations

By Nicolas Baratte

  • Comments focus on low bookings in 3Q24. The reset is much larger than this. ASML has capacity for 90 low-NA EUV machines in 2025-26. Demand in 2025 is below 50.
  • Bullish 2025-28 guidance (revenue / capacity) provided by ASML end of 2022 is finally resetting. 2025 Consensus Net Income forecast could reset by ~20%, 2026 by ~30%.
  • ASML finally factors in 1) weak end demand in all segments except for AI 2) Fab push out or cancellation  3) China accelerated Capex and over capacity are slowing.

Dr Wu Skincare (6523) – Thursday, Jul 18, 2024

By Value Investors Club

  • Dr. Wu Skincare is a leading skincare brand from developed Asia known for its skin vitamins and strong financial performance
  • Despite not being cheap from a tangible NAV perspective, the brand is considered undervalued with high margins, ROE, and cash returns to shareholders
  • Dr. Wu, structured as a pure marketing company with no manufacturing, has top market share in key sales channels in Taiwan and continues to grow and maintain a 5% dividend yield

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.

KYEC (2449.TT): 4Q24 Outlook Brightening; NVDA Will Become #1 Client in 2025

By Patrick Liao

Tech Supply Chain Tracker (17-Oct-2024): Hyundai races to catch up in global AV competition.

By Tech Supply Chain Tracker

  • Hyundai is competing against the US and China in the global autonomous vehicle market, trying to keep up with the latest technological developments.
  • Tesla’s new Robotaxi and self-driving bus have been unveiled, but doubts linger about whether they will be commercially successful in the long run.
  • TsangYow is planning for growth as Asian markets recover, with a Malaysian plant set to launch in 2027. HK startups are utilizing AI for growth in education and tourism sectors.

Masimo Corporation: Expansion into Consumer Health Products & Other Major Drivers

By Baptista Research

  • Masimo Corporation’s second quarter of 2024 earnings conference call came with updates that carry implications of both strength and ongoing challenges.
  • The company, primarily known for its healthcare technologies, showed a robust performance in its healthcare segment, with a noticeable 23% year-on-year growth in healthcare revenues, totaling $344 million for the quarter.
  • This growth is supported by a 29% increase in consumables and service revenue, reflecting strong demand for Masimo sensors, driven by hospital conversions and normalization of installations.

Daiichi Sankyo (4568 JP) Valuation Update – Are We There Yet?

By Avien Pillay

  • At a 51 NPE, Daiichi Sankyo was priced for perfection.
  • We do like their focus on the high growth oncology segment, however, we felt that the valuation left no room for error.
  • Post the two disappointing trial announcements, at a 39 NPE, the valuation is become more palatable and getting closer to our mid-thirties target entry point.

GENOVA (9341 JP): 70% Rally Over the Last Two Months; Here’s Why Outperformance to Continue

By Tina Banerjee

  • GENOVA (9341 JP) recorded better-than-expected sales and operating profit in Q1FY25, driven by continued strong demand. With the progress achieved in Q1FY25, the company is expected to beat H1FY25 guidance.
  • Medical Platform business has been experiencing steady growth in both the number of articles and page views, leading to creation of multiple contracts and improve the platform’s unit contract price.  
  • The company had 14K customers for the Medical Platform Business and the Smart Clinic Business in Q1FY25, a mere 8% of its estimated potential customer base of 173K clinics.

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Oct 17
0

Daily Brief Crypto: Digital Asset Landscape Primer: Part 1 and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Digital Asset Landscape Primer: Part 1

Digital Asset Landscape Primer: Part 1

By Christopher Rosa

  • Blockchain Basics: Blockchain is a decentralized ledger recording transactions without a central authority. Participants validate and store immutable, transparent data, ensuring trust and security throughout the network.
  • Blockchain Layers: The blockchain ecosystem consists of Layer 1 (core blockchain), Layer 2 (scaling solutions), and Layer 3 (applications), all working together to enable secure, scalable interactions with blockchain technology.
  • Key Concepts: Blockchain principles include immutability (data cannot be changed), permissionless participation (open to anyone), and decentralization (no single entity controls the system), ensuring security, transparency, and trust across networks.

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