Category

Daily Briefs

Oct 13
0

Daily Brief Health Care: Genor Biopharma Holdings , QuantumPharm and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble
  • Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble

By Xinyao (Criss) Wang

  • Leading Chinese biotech firms are among the few sub-sectors sustaining rapid growth. However, RemeGen stands as a negative example, with its business model and investment rationale proving flawed.
  • “Increasing revenue without increasing profits” is actually a “denial” of a company’s business model. Even though the losses decreased in 24H1, this doesn’t change our negative expectations for Zai Lab.
  • Genor Biopharma and Edding Group are merging through a reverse takeover, benefiting both companies by boosting Genor’s valuation and allowing Edding to achieve its goal of going public.

Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

By Janaghan Jeyakumar, CFA

  • The HS HK-Listed Biotech Index (“Hang Seng Biotech Index”) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
  • In this insight, we take a look at the final rankings of potential ADDs/DELs and our capping flow expectations for the December 2024 index rebal event.
  • We expect two changes for the HSHKBIO index in December 2024. 

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief Financials: Haitong Securities Co Ltd (H), SDAX and more

By | Daily Briefs, Financials

In today’s briefing:

  • Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way
  • Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way

By David Blennerhassett

Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

By e27

  • Singapore-headquartered digital asset exchange SDAX has closed its US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company.
  • This follows a US$18 million Series B round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.
  • The new funds will be used for client acquisition and adding new business lines, such as wealth and fund management.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief TMT/Internet: United Microelectron Sp Adr and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.

UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.

By Patrick Liao

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 12
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Oct 11th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Oct 11th): Tencent, AIA, Samsonite International

Hong Kong Buybacks Weekly (Oct 11th): Tencent, AIA, Samsonite International

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 11th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Samsonite International (1910 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 12
0

Daily Brief ESG: Reducing Cross-Shareholdings Returns Companies to Basics of Sustained Growth in Shareholder Returns and more

By | Daily Briefs, ESG

In today’s briefing:

  • Reducing Cross-Shareholdings Returns Companies to Basics of Sustained Growth in Shareholder Returns
  • Best Secret (Schustermann & Borenstein) – ESG Report – Lucror Analytics

Reducing Cross-Shareholdings Returns Companies to Basics of Sustained Growth in Shareholder Returns

By Aki Matsumoto

  • Business portfolio reforms are lagging and improving profitability, the driver of ROE, will take more time. Further Reducing policy shareholdings and cash on hand are needed to improve capital profitability.
  • In days of cross-shareholdings, management tended to be less conscious of the goal of sustainable growth in shareholder interests because they need not listen to opinions of other minority shareholders.
  • Cross-Shareholdings have decreased, and management is now required to be more conscious of capital profitability. ”TSE’s request” will hopefully prevent this change from going backwards.

Best Secret (Schustermann & Borenstein) – ESG Report – Lucror Analytics

By Tanvi Arora

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

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 12
0

Daily Brief ECM: Hyundai Motor India IPO: The Investment Case and more

By | Daily Briefs, ECM

In today’s briefing:

  • Hyundai Motor India IPO: The Investment Case
  • Mouri Tech Pre-IPO Tearsheet
  • Varindera Constructions Pre-IPO Tearsheet

Hyundai Motor India IPO: The Investment Case

By Arun George

Mouri Tech Pre-IPO Tearsheet

By Rosita Fernandes

  • Mouri Tech Limited (MT IN) is planning to raise about US$179m through its upcoming IPO in India. The bookrunners for the deal are Nuvama Wealth, ICICI Securities, and JM Financial.
  • Mouri Tech Limited (MTL) is a global IT solutions provider focused on intelligent enterprise resource planning (iERP) and digital transformation services.
  • The company operates across four key areas: iERP, digital transformation, infrastructure services, and program management. MTL leverages advanced technologies.

Varindera Constructions Pre-IPO Tearsheet

By Akshat Shah

  • Varindera Constructions Ltd (1606813D IN)  is looking to raise about US$143m in its upcoming India IPO. The deal will be run by ICICI, Equirus and IIFL.
  • Varindera Constructions Limited (VCL) is an integrated engineering, procurement and construction (EPC) company undertaking construction projects with a focus on building constructions.
  • According to the CRISIL Report, it was one of the fastest growing construction companies in terms of revenue from operations, compared to major listed construction companies, over FY19-24.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 12
0

Daily Brief Thematic (Sector/Industry): Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024
  • AUCTUS ON FRIDAY – 11/10/2024
  • GEMWeekly (11 Oct 2024): China NDRC Underwhelms; South Korea Macro; Tencent, Baidu, Samsung

Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024

By William Keating

  • Seven Taiwan semi companies from our list of sixteen are now showing negative YoY monthly growth as of September 2024, up from just three a month earlier
  • Companies with a strong exposure to the AI Acceleration market are on track for strong revenue growth YoY in 2024. ASPEED is on track to double revenues this year. 
  • For many of the remainder, what tepid growth they had been experiencing may be starting to stall. Watch this space. 

AUCTUS ON FRIDAY – 11/10/2024

By Auctus Advisors

  • GeoPark (GPRK US)C; Target price US$26 per share: Downtime and blockades continue to impact production.
  • All eyes on Argentina – 3Q24 production was 33,215 boe/d with production in Colombia still impacted by downtime and blockades (we expected 34.6 mboe/d).
  • Production at Llanos-34 continues to decline.

GEMWeekly (11 Oct 2024): China NDRC Underwhelms; South Korea Macro; Tencent, Baidu, Samsung

By Wium Malan, CFA

  • The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
  • Macro data points: China NDRC press briefing, South Korean interest rates
  • Companies mentioned:Tencent (700 HK), Baidu (9888 HK), Samsung Electronics (005930 KS)

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 12
0

Daily Brief Event-Driven: Another Play to Consider: Spread Trading Korea Zinc Single-Stock Futures and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Another Play to Consider: Spread Trading Korea Zinc Single-Stock Futures
  • Korea Zinc Raises Share Buyback and Tender Offer Price to 890,000 Won
  • Hillhouse To Buy Out Minorities In Samty Holdings (187A) – Small Premium, High Leverage, Hmmm
  • EQD | The HSI Rally: Go LONG Now or Wait?
  • Esseco/Ercros: Green Light from Government

Another Play to Consider: Spread Trading Korea Zinc Single-Stock Futures

By Sanghyun Park

  • Another play is spread trading Korea Zinc single-stock futures: go long on the front-month and short on the farther-out contract to profit from price convergence.
  • The key is when longer-dated futures’ volume will rise and if the basis difference with front-month futures will create arbitrage opportunities. November’s volume seems more for hedging than arbitrage.
  • MBK is likely to launch a second tender offer, potentially extending the spread trading timeline and giving us more chances to hit sweet spots.

Korea Zinc Raises Share Buyback and Tender Offer Price to 890,000 Won

By Douglas Kim

  • Korea Zinc raised the share buyback and tender offer price from 830,000 won to 890,000 won. Korea Zinc’s share price closed up by only 0.6% today to 794,000 won. 
  • As a result, the amount of capital involved in this share buyback and tender offer would increase from 2.7 trillion won to 3.2 trillion won.
  • Despite higher share buyback/tender offer of Korea Zinc by Choi family, we believe that this fight for the control of Korea Zinc is increasingly in favor of MBK/Jang family.

Hillhouse To Buy Out Minorities In Samty Holdings (187A) – Small Premium, High Leverage, Hmmm

By Travis Lundy

  • Today, Hillhouse announced it would buy the 63% of SAMTY HOLDINGS Co Ltd (187A JP) not owned by Daiwa Securities Group (8601 JP) at an 18% premium. 
  • It’s a highly-levered real estate company. Huge inventory. Decent margins on sale so embedded profit sitting in inventory. Not a very big premium, but an all-time high. 
  • Retail including some large former insiders and passive own the vast bulk of the float here. The former get this done. Or not. 

EQD | The HSI Rally: Go LONG Now or Wait?

By Nico Rosti

  • In our previous insight about the Hang Seng Index‘s we theorized a probable continuation of the rally in October, after some resistance, but the index just shoot up straight.
  • Resistance appeared last week, from an area considered a tail by our SHORT model, so it was not possible to make a forecast from there.
  • The question now is: can the index re-start to rally from here? Or will it pull back more this coming week?

Esseco/Ercros: Green Light from Government

By Jesus Rodriguez Aguilar

  • The Spanish government has approved Esseco’s bid for Ercros, after previously approving Bondalti’s offer in June, signaling a significant step in the ongoing takeover battle for the chemical company.
  • The next step lies with the CNMV, Spain’s stock market regulator, which must first approve Bondalti’s bid before considering Esseco’s. However, both bids have opposition from shareholders holding 27%.
  • Ercros is trading in line with comparables, but there’s potential for bidders to improve their offers, which is likely. Gross spread to Esseco’s offer is 2%. Reiterate long.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 12
0

Daily Brief Credit: Weekly Wrap – 11 Oct 2024 and more

By | Credit, Daily Briefs

In today’s briefing:

  • Weekly Wrap – 11 Oct 2024
  • Morning Views Asia: China Oil And Gas, Continuum Green Energy, China International Marine Containers A

Weekly Wrap – 11 Oct 2024

By Felix Fischer

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. China Oil And Gas
  2. ICTSI
  3. Pt Cikarang Listrindo Tbk
  4. Tata Motors Ltd
  5. Adani Green Energy

and more…

Morning Views Asia: China Oil And Gas, Continuum Green Energy, China International Marine Containers A

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.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 12
0

Daily Brief Equity Bottom-Up: Shift Inc (3697 JP): Full-year FY08/24 flash update and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Shift Inc (3697 JP): Full-year FY08/24 flash update
  • Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects
  • Japanese Midcap Banks – Three Key Picks
  • Tech News This Week. TSMC and Samsung
  • Mattr Corp: How to Transform an Industrial Business Through Rational Capital Allocation
  • Tesla: The Disney World for grown-ups
  • Hisamitsu Pharmaceutical (4530 JP): H1FY25 Witness Strong Growth; FY25 Guidance Reiterated
  • 3Q24 PC Shipments Are Flat YoY. Lenovo, Acer, Asus. Compal, Quanta, Wistron.
  • BRBR US: Expansion Of Product Formats & Revitalized Marketing Campaigns Catapulting Growth!
  • BFAM US: These Are The 4 Biggest Factors Impacting Its Performance In 2025 & Beyond!

Shift Inc (3697 JP): Full-year FY08/24 flash update

By Shared Research

  • In FY08/24, the company reported sales of JPY110.6bn (+25.7% YoY) and operating profit of JPY10.5bn (-8.9% YoY).
  • Software Testing Related Services segment sales reached JPY71.3bn (+22.4% YoY), with operating profit of JPY16.2bn (+11.4% YoY).
  • For FY08/25, the company forecasts sales of JPY130.0bn (+17.5% YoY) and operating profit of JPY13.5bn (+28.1% YoY).

Taiwan Tech Weekly: TSMC Taking More Samsung Customers; Hon Hai Unveils Major AI Projects

By Vincent Fernando, CFA

  • Samsung’s foundry business is losing more customers to TSMC, who is perceived as lower risk.
  • TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.
  • Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.

Japanese Midcap Banks – Three Key Picks

By Victor Galliano

  • We analyse ten Japanese midcap banks to target beneficiaries of the realization of strategic shareholdings, as well as beneficiaries of the improving interest rate outlook
  • We add Hachijuni Bank and Hokuhoku Financial to the buy list, based on the potential for realization of strategic holdings; these share-holdings are large relative to their respective market capitalizations
  • We maintain Gunma Bank on the buy list, primarily for its very strong gearing into the rising interest cycle and its attractive PE multiples

Tech News This Week. TSMC and Samsung

By Nicolas Baratte

  • Is Intel giving up on AI Accelerator (Gaudi)? Cutting orders first, refocusing on x86. 
  • TSMC CoWoS capacity, sharp wafer price increase, agreement with Amkor.
  • DRAM price outlook is not that bad, after a 2H24 slowdown. Samsung 2nm and 1.4nm, planning ahead despite poor yield rates.

Mattr Corp: How to Transform an Industrial Business Through Rational Capital Allocation

By Contrarian Cashflows

  • In my latest portfolio update, I discussed the potential of investing in cyclical businesses and how shifts in a company’s business model or balance sheet can often go unnoticed by the market, creating compelling investment opportunities.
  • Today, I present Mattr Corp, a company that not only revamped its business model and balance sheet without receiving due recognition but also strategically repositioned itself within new end markets. This transformation aligns perfectly with all three of my key criteria for identifying attractive investments in cyclical stocks.
  • Mattr Corp., a Canadian industrial conglomerate, is undergoing a strategic transformation into an advanced engineering company by leveraging its extensive expertise and decades of experience in materials science for industrial applications.

Tesla: The Disney World for grown-ups

By Fallacy Alarm

  • Elon has given up on his ambitious targets. Or he has never seriously pursued them.

  • Tesla’s investor event “We, Robot” was nothing more than a theme park for adults who were there to indulge into an illusion for a night.

  • Why would they conduct such a ridiculous event that suggests that they have nothing up their sleeves that can create tens of billions of dollars of AI revenue soon? 

Hisamitsu Pharmaceutical (4530 JP): H1FY25 Witness Strong Growth; FY25 Guidance Reiterated

By Tina Banerjee

  • Hisamitsu Pharmaceutical Co (4530 JP) has reported double-digit revenue growth in H1FY25, mainly driven by 17% YoY growth in OTC pharmaceutical product, Salonpas. Net profit grew 8%.
  • Rx business revenues grew 5% as Zicthoru, Apohide etc clocked healthy numbers, while Mohrus product line continues to decline. Since Q1FY24, Zicthoru’s quarterly revenue run-rate has been surpassing ¥1B.
  • Hisamitsu has reiterated its FY25 guidance of ¥152B revenue, operating profit of ¥14.5B, and net profit of ¥15.8B. With H1FY25 progress rate, the company is expected to beat the guidance.

3Q24 PC Shipments Are Flat YoY. Lenovo, Acer, Asus. Compal, Quanta, Wistron.

By Nicolas Baratte

  • IDC reported 3Q24 PC shipments declining -2% YoY, Canalys an increase of +1%. Let’s call this flat. If 4Q24 is “average seasonal”, 2024 will reach ~265m, or the pre-Covid range. 
  • No AI fever, no accelerated replacement cycle, for now. If it happens, it will take time, ie compelling AI apps that only run locally and need a new PC.
  • In Asia, PC vendors: Lenovo, Acer, Asus. Taiwan ODM: Compal, Quanta, Wistron. Semi with high exposure: Novatek, Realtek. 

BRBR US: Expansion Of Product Formats & Revitalized Marketing Campaigns Catapulting Growth!

By Baptista Research

  • BellRing Brands recently reported its earnings for the third quarter of the fiscal year 2024.
  • The company, which is known for its Premier Protein and Dymatize brands, showcased a mixture of strengths and areas poised for improvement.
  • BellRing Brands has demonstrated robust growth, showing a notable increase in net sales and adjusted EBITDA, indicative of effective operational management and solid demand for its products.

BFAM US: These Are The 4 Biggest Factors Impacting Its Performance In 2025 & Beyond!

By Baptista Research

  • Bright Horizons Family Solutions, a renowned provider of child care, early education, and work-life servcies, recently reported a robust performance for the second quarter of 2024 in their latest earnings call.
  • CEO, Stephen Kramer, highlighted substantial revenue growth in full service and back-up care segments and a nearly 40% increase in adjusted EPS, surpassing the company’s expectations due to improved operational efficiency across all three segments.
  • In light of these results, the company has raised its full-year guidance for both revenue and EPS.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free