Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Safety / Cover Story: China’s safety problem with illegal buildings </li><li>Davos / Climate envoys from China, U.S. expected to meet at Davos</li><li>Shanghai / Shanghai’s economy pounded in April by Covid lockdowns</li></ul>

Safety / Cover Story: China’s safety problem with illegal buildings Davos / Climate envoys from China, U.S. expected to meet at DavosShanghai / Shanghai’s economy pounded in April by Covid lockdowns

CX Daily: China’s Safety Problem With Illegal Buildings

<ul><li>In Depth: Metaverse trailblazers hope to make real money from virtual people</li><li>Caixin Explains: Why China needs an overarching financial stability law</li><li>13 officials punished after investigation into case of ‘caged woman’</li></ul>

In Depth: Metaverse trailblazers hope to make real money from virtual peopleCaixin Explains: Why China needs an overarching financial stability law13 officials punished after investigation into case of ‘caged woman’

CX Daily: Metaverse Trailblazers Hope To Make Real Money From Virtual People

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.</li>
<li>For SK Shieldus and OneStore, we took the mid-points of the IPO price ranges and applied SK Square's post IPO ownership stakes, respectively. </li>
<li>SK Square's CEO Park Jung-Ho announced that the SK Group is interested in investing in Arm Holdings. SK Group is well positioned to participate in the investment of ARM Holdings. </li>
</ul>


Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.
For SK Shieldus and OneStore, we took the mid-points of the IPO price ranges and applied SK Square's post IPO ownership stakes, respectively. 
SK Square's CEO Park Jung-Ho announced that the SK Group is interested in investing in Arm Holdings. SK Group is well positioned to participate in the investment of ARM Holdings. 


SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Shares are now up 1% in the quarter despite investment losses as 87% of assets are US$-linked</li>
<li>A recovery for Alibaba, reports of ARM monetization and the $2bn sale of its stake in Cruise has eased leverage concerns with LTV back to 22% and CDS prices falling</li>
<li>This report includes detail on Softbank dollar exposure, calculations for LTV on a quarterly and daily basis and updates to our usual NAV discount/VF performance tables</li>
</ul>


Shares are now up 1% in the quarter despite investment losses as 87% of assets are US$-linked
A recovery for Alibaba, reports of ARM monetization and the $2bn sale of its stake in Cruise has eased leverage concerns with LTV back to 22% and CDS prices falling
This report includes detail on Softbank dollar exposure, calculations for LTV on a quarterly and daily basis and updates to our usual NAV discount/VF performance tables


Softbank Group - A Strong Dollar Is Good News with 87% of Assets Overseas

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>Softbank is apparently trying to garner a $50bn valuation for Arm at its IPO and secure $8bn in margin loans on the back of that.</li>
<li>We think that is a stretch though it is certainly not impossible that it would succeed. </li>
<li>However, in terms of real value we suspect Arm could be worth less than $10bn and articulate why below.</li>
</ul>


Softbank is apparently trying to garner a $50bn valuation for Arm at its IPO and secure $8bn in margin loans on the back of that.
We think that is a stretch though it is certainly not impossible that it would succeed. 
However, in terms of real value we suspect Arm could be worth less than $10bn and articulate why below.


Softbank – Why We Think Arm Is Worth Less Than $10bn

United Kingdom

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

CX Daily: China’s Safety Problem With Illegal Buildings

Safety / Cover Story: China’s safety problem with illegal buildings. Davos / Climate envoys from China, U.S. expected to meet at Davos

Caixin Global

CX Daily: Metaverse Trailblazers Hope To Make Real Money From Virtual People

In Depth: Metaverse trailblazers hope to make real money from virtual people. Caixin Explains: Why China needs an overarching financial stability law

Caixin Global

SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?

Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.

Douglas Kim

Softbank Group - A Strong Dollar Is Good News with 87% of Assets Overseas

With 87% of assets dollar-linked, Softbank benefits from a strong dollar and the latter's recent move to six-year highs leaves SB up QTD. Leverage...

Kirk Boodry

Softbank – Why We Think Arm Is Worth Less Than $10bn

Softbank is apparently trying to garner a $50bn valuation for Arm and secure $8bn in margin loans on the back of that but in terms of real value we...

Mio Kato

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