In today’s briefing:
- Bilibili (9626 HK): Implications of Dual Primary Listing
- Soon-To-Be Cashed-Up Jasmine After Broadband Sale
- Appier (4180) | Five Reasons to Remain Bullish
- Delta Taiwan Vs. Thailand Pairs Monitor: SET50 Index Driver, But Taiwan Margins Always Higher
- Launch of KRX/S&P ESG High Dividends Index
- Unity Software: The AppLovin Acquisition Story & Other Developments
- Roku Inc: The Buzz & Other System Enhancements
- Qorvo Inc: New Launches & Other Developments
Bilibili (9626 HK): Implications of Dual Primary Listing
- Earlier today, Bilibili (9626 HK) announced the voluntary conversion of its Secondary Listing on the HKEX (388 HK) to a Dual Primary Listing effective 3 October.
- Though the timing is tricky, this could result in the stock not being deleted from the Hang Seng China Enterprises Index (HSCEI INDEX) at the December rebalance.
- This could also lead to inflows at the December rebalance from Hang Seng China Enterprises Index (HSCEI INDEX) and Hang Seng Tech Index (HSTECH INDEX) trackers.
Soon-To-Be Cashed-Up Jasmine After Broadband Sale
- Jasmine International (JAS TB) is in the home straight to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in Jasmine Broadband Internet Infrastructure Fund (JASIF TB).
- With Bt 32.4bn in proceeds coming through the door, JAS would have net cash of ~Bt 24.8bn against a current market cap of ~Bt 24bn.
- This sounds like a situation worth a second look. So I look.
Appier (4180) | Five Reasons to Remain Bullish
- Appier provides AI software that helps large enterprises to grow and monetize their customer base.
- Using Appier’s AI analysis tools, brands can automate the way they interact with shoppers and create new business models more efficiently
- Business is booming, it is sheltered from macro headwinds and the TAM is expanding aggressively as Appier expands into key US/EMEA markets
Delta Taiwan Vs. Thailand Pairs Monitor: SET50 Index Driver, But Taiwan Margins Always Higher
- Since 2Q22 results end-July, Delta Thailand has risen 31% compared to a 3% rise for Delta Taiwan and a 2% rise for Thailand’s SET Index.
- Delta Taiwan’s gross margin has historically been consistently higher than Delta Thailand’s. Delta Thailand is a significant licensor of IP from its parent, which could be one reason.
- Historical data shows that the relative valuation can swing back over time and the current divergence of Delta Thailand vs. Delta Taiwan is historically extreme.
Launch of KRX/S&P ESG High Dividends Index
- KRX plans to launch KRX/S&P ESG High Dividends Index on 4 October. This index will be composed of stocks in KOSPI 200 which have high dividend yields and ESG scores.
- We provided a list of 20 stocks in KOSPI with high dividend yields with at least 500 billion won in market cap and those that have higher ESG scores.
- Amid a major downturn in the global stock markets, there is a greater emphasis on the preservation of capital and increasing capital allocation to higher dividend yielding stocks.
Unity Software: The AppLovin Acquisition Story & Other Developments
- Unity Software has been in the news for a number of reasons be it the ironSource acquisition or the management’s rejection of Applovin’s $20 billion acquisition offer.
- While Unity did surpass Wall Street expectations with respect to revenues, the company’s losses were wider than anticipated.
- On Oculus Quest, Unity Games accounted for 72% of the top-selling games and 80% of the top-performing VR games in July.
Roku Inc: The Buzz & Other System Enhancements
- Roku is witnessing a slow period as a significant slowdown is seen in TV advertising spending because of the macroeconomic environment that is pressuring the platform business growth of Roku in the short term.
- However, the active accounts of the company and the TV advertising market share of the company continue to increase.
- Roku remains differentiated by its unique assets, proprietary Roku TV OS, innovative advertisement platform for connected TV, and The Roku Channel.
Qorvo Inc: New Launches & Other Developments
- Qorvo delivered a strong performance in the last quarter with an all-around beat.
- For Matter-enabled applications, Qorvo launched an innovative development kit for the connected and gateway devices.
- Qorvo also received its foremost production order for the antenna solution that is MEMS-based in support of the high-end gaming smartphone.
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