In today’s briefing:
- Money Forward (3994) | Net Sales +40%
- Mainland Connect NORTHBOUND Flows (To 12 Apr 2024): NB A Net Seller; Flows See Semi/Tech Buys
- Nanya Technology Sees DRAM Industry Pricing Rising Through 2024E; But Is Underperforming Financially
- Vodafone Idea Placement – Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues
Money Forward (3994) | Net Sales +40%
- Money Forward reported Q1 results. Net sales rose 40% YoY to 9.5 billion yen
- Money Forward saw a big jump in profitability, which puts the company on track to meet full year guidance
- The stock has risen around 30% since January. We still see around 7% upside to our target valuation
Mainland Connect NORTHBOUND Flows (To 12 Apr 2024): NB A Net Seller; Flows See Semi/Tech Buys
- The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
- Last week saw NORTHBOUND net SELL RMB 11.5bn of A-shares on low-ish volume. A-shares underperformed H-shares quite dramatically, giving back gains from two weeks ago.
- This week saw considerable net buying of semiconductor technology names. I expect that to continue.
Nanya Technology Sees DRAM Industry Pricing Rising Through 2024E; But Is Underperforming Financially
- Latest Nanya Tech results showed weak margin rebound. Gross margin rebounded but remained below zero.
- Nanya expects DRAM pricing improvement through 2024E; due to demand for AI related memory products reducing capacity for other DRAM products rather than improvement for Nanya’s main Consumer segment.
- Micron is reportedly increasing prices post Taiwan earthquake and this is positive, but we see Nanya’s 2024E consensus margin expectations set at a high bar and the stock isn’t cheap.
Vodafone Idea Placement – Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues
- Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
- The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
- In this note, we will run the deal through our ECM framework and talk about the deal dynamics.
💡 Before it’s here, it’s on Smartkarma
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