Smartkarma Daily Briefs

Fancl Corp (4921 JP) recommended Kirin Holdings (2503 JP)’s tender offer of JPY2,690, a 42.7% premium to the undisturbed price.
The timing looks opportunistic as Fancl’s shares are down 20% YTD. The offer period is from 17 June to 29 July.
While the offer is attractive vs peer multiples, it is light vs historical trading ranges. Securing the required acceptance rate could prove challenging as the offer price is light.

Block Deal Sale of 3.6% Shares of Enchem

By Douglas Kim

After the market close on 14 June, it was reported that Woori PE/other investors will be selling 705,384 shares of Enchem in a block deal, representing 3.6% of outstanding shares.
The block deal discount rate ranges from 6.9% to 8.92%, resulting in potential block deal sale price of 270,500 won to 276,500 won.
We would not subscribe to this block deal and we are concerned about the valuations of Enchem after a sharp share price appreciation this year.

Great Eastern Holdings (GE SP): Playbook as OCBC Offer Declared Final, IFA Opines NOT Fair

Great Eastern Holdings (GE SP) IFA opines that the OCBC (OCBC SP) S$25.60 offer is NOT fair but reasonable as it is below the valuation range of S$28.87-S$36.19 per share.
In response, OCBC declared the price final, and the final closing date is 12 July. Great Eastern will likely breach free float requirements and be suspended when the offer closes.
The offer will likely follow the Boustead Projects/Boustead Singapore blueprint, where SGX RegCo eventually (took seven months) enabled dissenters to receive a fair offer with a 24% uplift.

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

I tally 50 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)‘s Tender offer, A8 New Media (800 HK)‘s Scheme, and Jeisys Medical (287410 KS)‘s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire & Cable (5809 JP).

MV Australia A-REITs Index Rebalance: Abacus Storage King Deleted (Finally!)

Abacus Storage King (ASK AU) will be deleted from the Vaneck Vectors Australian Property ETF (MVA AU) in June. There are float changes and capping changes too.
Estimated one-way turnover is 3.33% and will result in a one-way trade of A$19m. There are a couple of stocks with over 1x ADV to trade.
There has been a recent spike in shorts on Abacus Storage King (ASK AU) but passive selling will be larger than the short interest.

MV Global Rare Earth/Strategic Metals Index Rebalance: Two Deletions & Other Changes

Core Lithium Ltd (CXO AU) and Piedmont Lithium (PLL US) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close on 21 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 6.4% and in a one-way trade of US$28m.
The largest inflows will be in Sociedad Quimica y Minera de Chile (SQM US), Pilbara Minerals (PLS AU), Arcadium Lithium (ALTM US), Lithium Americas (LAC US) and Sigma Lithium (SGML).

MV US Listed Semiconductor 25 Index Rebalance: US$1bn to Sell in NVIDIA

There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in June but there are a lot of float and capping changes.
There is US$1bn to sell in NVIDIA Corp (NVDA US) while there will be passive buying in Advanced Micro Devices (AMD US) and Intel Corp (INTC US).
The selling in NVIDIA Corp (NVDA US) will offset part of the potential passive buying from Technology Select Sector SPDR (XLK US) and other similar ETFs.

Weekly Deals Digest (16 Jun) – Sun Corp, Fancl, Tatsuta, Great Eastern, A8, Webtoon, Shift Up

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: MMG (1208 HK) US$1.2 billion rights issue. Shift Up (462870 KS) and Webtoon Entertainment (WBTN US) IPOs.
Event-Driven developments: Sun Corp (6736 JP), Fancl Corp (4921 JP), Tatsuta Electric Wire & Cable (5809 JP), Great Eastern Holdings (GE SP), A8 New Media (800 HK), Bapcor.

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)‘s 20th June AGM. If Kan’s re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns.

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Jun 16

Daily Brief Industrials: Keisei Electric Railway Co, Donaldson Co and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii
Donaldson Company Inc.: Initiation of Coverage – Expansion in Life Sciences Sector & Other Major Drivers

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)‘s 20th June AGM. If Kan’s re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns.

Donaldson Company Inc.: Initiation of Coverage – Expansion in Life Sciences Sector & Other Major Drivers

Donaldson Company’s third quarter fiscal 2024 results illuminate a company adeptly navigating its competitive landscape and growth avenues, albeit with nuances across different segments and geographies that invite a more tempered enthusiasm.
The reported 6% increase in total sales to a record $928 million and a 22% increase in EPS to a record $0.92, alongside an operating margin at a more than decade-high, succinctly encapsulate the firm’s short-term operational success.
In Mobile Solutions, notable volume growth driven by the aftermarket business has surpassed pricing gains, which points to robust market performance and potentially sustainable revenue streams from recurrent business.

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Jun 16

Daily Brief Energy/Materials: Lynas Corp Ltd, Gold and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

MV Global Rare Earth/Strategic Metals Index Rebalance: Two Deletions & Other Changes
Gold Feels Heavy. Uptrend Intact but Better Cost Basis in near Term

MV Global Rare Earth/Strategic Metals Index Rebalance: Two Deletions & Other Changes

Core Lithium Ltd (CXO AU) and Piedmont Lithium (PLL US) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close on 21 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 6.4% and in a one-way trade of US$28m.
The largest inflows will be in Sociedad Quimica y Minera de Chile (SQM US), Pilbara Minerals (PLS AU), Arcadium Lithium (ALTM US), Lithium Americas (LAC US) and Sigma Lithium (SGML).

Gold Feels Heavy. Uptrend Intact but Better Cost Basis in near Term

By Douglas Busch

Gold MONTHLY chart records back-to-back bearish shooting stars in April and May.
Steel stocks possibly bottoming on incessant tariff talks creating opportunity.
Silver looks technically better than gold and likely to outshine precious metal into year-end.

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Jun 16

Daily Brief Consumer: Sun Corp, IDP Education, TSE Tokyo Price Index TOPIX, Dollar Tree Inc, Five Below, Lululemon Athletica, Ollie’S Bargain Outlet Holdings, Pvh Corp, Bausch + Lomb, Wyndham Hotels & Resorts and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Weekly Deals Digest (16 Jun) – Sun Corp, Fancl, Tatsuta, Great Eastern, A8, Webtoon, Shift Up
MV Australia Equal Weight Index Rebalance: IDP Education (IEL) & Lendlease Group (LLC) Out
Reducing Policy Shareholdings May Be a Sign of Seriousness to Improve Management
Dollar Tree Inc.: E-commerce & Digital Experience Optimization & Other Major Drivers
Five Below Inc.: How The Management Is Enhancing Margins Through Strategic Cost Management? – Major Drivers
Lululemon Athletica Inc.: Enhanced Technology Infrastructure & Data Analytics Aiding Their Growth! – Major Drivers
Ollie’s Bargain Outlet Holdings: Expansion of Store Network & 3 Pivotal Drivers
PVH Corp.: Optimization of Direct-to-Consumer (DTC) Channels & Other Major Drivers
Bausch + Lomb Corporation: Strategic Product Integration and Sales Force Realignment! – Major Drivers
Wyndham Hotels & Resorts: Franchise Growth & Development Strategy & Other Major Drivers

Weekly Deals Digest (16 Jun) – Sun Corp, Fancl, Tatsuta, Great Eastern, A8, Webtoon, Shift Up

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: MMG (1208 HK) US$1.2 billion rights issue. Shift Up (462870 KS) and Webtoon Entertainment (WBTN US) IPOs.
Event-Driven developments: Sun Corp (6736 JP), Fancl Corp (4921 JP), Tatsuta Electric Wire & Cable (5809 JP), Great Eastern Holdings (GE SP), A8 New Media (800 HK), Bapcor.

MV Australia Equal Weight Index Rebalance: IDP Education (IEL) & Lendlease Group (LLC) Out

IDP Education (IEL AU) and Lendlease Group (LLC AU) will be deleted from the MV Australia Equal Weight Index at the June rebalance.
Constituent, float and capping changes will result in a one-way turnover of 5% and in a round-trip trade of A$228m.
There are many stocks from the S&P/ASX index family that will have same way or opposing flows from VanEck Vectors Australian Equal Weight ETF (MVW AU).

Reducing Policy Shareholdings May Be a Sign of Seriousness to Improve Management

By Aki Matsumoto

Although few shareholder proposals will be passed, companies that receive shareholder proposals and don’t like the attention are likely to seek compromise and come to terms with shareholders before AGM.
Companies with low valuations have significantly lower ROE, ROA, market capitalization, and foreign ownership. In order to raise valuations, the first step should be to increase return on capital.
Companies with higher valuations can be expected to have begun to steer their board operations in an improved direction. Policy shareholding reductions can be considered as seriousness toward management improvement.

Dollar Tree Inc.: E-commerce & Digital Experience Optimization & Other Major Drivers

Dollar Tree’s financial results for the first quarter of fiscal 2024 reflected a mixed performance amid operational challenges and strategic undertakings.
In terms of expansion, Dollar Tree highlighted their proactive steps toward aggressive growth, including acquisition opportunities such as purchasing stores from the $0.99 only bankruptcy.
Furthermore, the consolidation of its Family Dollar stores indicated a strategic reshaping, aiming at focusing resources on more profitable ventures while delving into a formal review of strategic alternatives for the Family Dollar business.

Five Below Inc.: How The Management Is Enhancing Margins Through Strategic Cost Management? – Major Drivers

Five Below reported mixed financial outcomes in the first quarter of 2024, encountering challenges reflected in a total sales growth of 12% paired with a comparable sales decrease of 2.3%.
Adjusted earnings per share stood at $0.60, aligning with the lower spectrum of the company’s expectations.
This performance highlights particular strengths and vulnerabilities in Five Below’s operational and strategic positioning within the retail sector.

Lululemon Athletica Inc.: Enhanced Technology Infrastructure & Data Analytics Aiding Their Growth! – Major Drivers

Lululemon Athletica Inc. recently shared its performance for the first quarter of 2024, showcasing a mixed set of results that present both opportunities and challenges for potential investors.
Starting with the highlights, Lululemon achieved a 10% increase in total revenue, hitting 11% growth in constant currency terms.
This growth was bolstered by a significant rise in international markets, particularly in China Mainland and the rest of the world, which saw increases of 52% and 30% respectively in constant currency.

Ollie’s Bargain Outlet Holdings: Expansion of Store Network & 3 Pivotal Drivers

Ollie’s Bargain Outlet showcased a robust performance in the first quarter of fiscal year 2024, reflecting a strong execution of its business strategies amid challenging market conditions.
The company delivered an overall 11% increase in net sales, totaling $509 million, driven by new store growth and a 3% uptick in comparable store sales.
Adjusted earnings per share rose by 49% to $0.73, exceeding expectations.

PVH Corp.: Optimization of Direct-to-Consumer (DTC) Channels & Other Major Drivers

PVH Corp. delivered mixed results in the first quarter of 2024, exhibiting robust performance in some sectors while facing challenges in others due to the volatile macroeconomic environment.
The company continued its strategic shift toward focusing on its Calvin Klein and Tommy Hilfiger brands, emphasizing high-margin direct-to consumer (DTC) sales and reducing exposure to lower-margin wholesale channels.
This pivot is part of PVH Corp.’s long-term vision to transform into a leading brand lifestyle powerhouse.

Bausch + Lomb Corporation: Strategic Product Integration and Sales Force Realignment! – Major Drivers

At Bausch + Lomb, the results for the first quarter of 2024 denote a significant advancement, manifesting a 20% constant currency revenue growth, accelerated by the robust performance across its various business units and geographical regions.
This demonstrates a diversified growth model that is not heavily reliant on a single product line or market.
The company’s strategic initiatives to invigorate its operational efficiency, innovation, and product launches are turning fruitful, enhancing its financial and market position.

Wyndham Hotels & Resorts: Franchise Growth & Development Strategy & Other Major Drivers

Wyndham Hotels & Resorts has released their first-quarter 2024 results, which reflect a blend of advanced growth metrics coupled with challenges in specific segments.
The company reported substantial room openings globally, where openings increased by 27% year-over-year, marking the largest Q1 openings since the company went public.
Notably, in the U.S., both sequential and yearly improvement was observed, driven by a 3.3% growth in the midscale and above segments.

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Jun 16

Daily Brief Utilities: Nextera Energy, Atmos Energy, Vistra and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

NextEra Energy Inc.: Initiation of Coverage – A Blend of Stability and Growth in Renewable Energy! – Major Drivers
Atmos Energy Corporation: Initiation of Coverage – Sustained Growth Through Strategic Investments and Regulatory Support! – Major Drivers
Vistra Corp.: Initiation of Coverage – How They Are Navigating Market Volatility and Competitive Pressures? – Major Drivers

NextEra Energy Inc.: Initiation of Coverage – A Blend of Stability and Growth in Renewable Energy! – Major Drivers

A combination of strong demand growth, portfolio diversification, and strategic expansion has helped NextEra Energy post solid financial results for the first quarter of 2024.
The company reported an 8.3% year-over-year increase in adjusted earnings per share, driven largely by the performance of its Florida Power & Light Company (FPL) and Energy Resources segments.
FPL’s earnings per share increased $0.04 year-over-year, the primary driver being a growth of approximately 11.5% in the company’s regulatory capital year-over-year.

Atmos Energy Corporation: Initiation of Coverage – Sustained Growth Through Strategic Investments and Regulatory Support! – Major Drivers

Atmos Energy Corporation has provided an update on their fiscal 2024 second quarter results in their latest earnings call.
The company reported a year-to-date net income of $743 million and has revised their fiscal 2024 earnings per share guidance to a range of $6.70 to $6.80, indicating a sound financial performance.
The company attributes their performance to the commitment and hard work of its employees in modernizing their natural gas distribution, transmission and storage systems, and providing reliable service to their 3.4 million customers.

Vistra Corp.: Initiation of Coverage – How They Are Navigating Market Volatility and Competitive Pressures? – Major Drivers

Vistra Energy’s first quarter 2024 earnings revealed a company with a positive outlook for long-term growth, yet with some challenges ahead.
Positive remarks were made on improved market dynamics in the power sector and a significant increase in long-term outlook for the company.
A substantial execution plan was also presented, primarily focused on delivering reliable, affordable, and sustainable power amidst increasing power demands.

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Jun 16

Daily Brief TMT/Internet: NVIDIA Corp, Avnet Inc, Guidewire Software, Littelfuse Inc, Ma Com Technology Solutions, Smartsheet Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

MV US Listed Semiconductor 25 Index Rebalance: US$1bn to Sell in NVIDIA
Avnet Inc.: New Launches
Guidewire Software Inc.: A Tale Of Strategic Focus on Modernization and Generative AI! – Major Drivers
Littelfuse Inc.: Will Its Increased Design Win Momentum Last? – Major Drivers
MACOM Technology Solutions: How They Are Strengthening Market Presence in Data Centers and Telecom! – Major Drivers
Smartsheet Inc.: Focus on Artificial Intelligence (AI) and User Engagement! – Major Drivers

MV US Listed Semiconductor 25 Index Rebalance: US$1bn to Sell in NVIDIA

There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in June but there are a lot of float and capping changes.
There is US$1bn to sell in NVIDIA Corp (NVDA US) while there will be passive buying in Advanced Micro Devices (AMD US) and Intel Corp (INTC US).
The selling in NVIDIA Corp (NVDA US) will offset part of the potential passive buying from Technology Select Sector SPDR (XLK US) and other similar ETFs.

Avnet Inc.: New Launches

Avnet delivered mixed financial results in its third quarter of fiscal year 2024.
While the company met the strategic objectives and forecasts laid out for the period, several nuances within the report reveal the complex environment in which the company is currently operating.
Avnet reported a revenue of $5.7 billion for the quarter, a figure that aligns with company projections but represents a significant decline compared to the previous year’s figures.

Guidewire Software Inc.: A Tale Of Strategic Focus on Modernization and Generative AI! – Major Drivers

Guidewire recently disclosed its results for the third quarter of fiscal year 2024, which exhibited a strong operational performance and positive strategic developments.
The company, which provides insurance software, expressed confidence in its cloud-based offerings and reported significant progress in both customer traction and financial metrics.
During this quarter, Guidewire saw substantial customer adoption, evidenced by the closure of eight InsuranceSuite Cloud deals, bringing the year-to-date tally to 24—an increase of 33% year-over-year.

Littelfuse Inc.: Will Its Increased Design Win Momentum Last? – Major Drivers

Littelfuse, a global leader in circuit protection, reported its first quarter 2024 results which reflect a balanced narrative of progressing through challenges while capitalizing on long-term growth opportunities.
The company continues to execute its strategies amid an evolving macroeconomic context, emphasizing diversification and operational efficiency which has been pivotal in navigating high inflation and uncertain market conditions.
Littelfuse reported a drop in revenue by 12% year-over-year, attributing much of this decline to ongoing inventory adjustments across its channels and weaker end-market demands particularly noted in the Electronics and Industrial segments.

MACOM Technology Solutions: How They Are Strengthening Market Presence in Data Centers and Telecom! – Major Drivers

MACOM’s financial results for the second fiscal quarter of 2024 reflect a healthy and profitable business environment, with continuing investments aimed at future growth opportunities.
The company reported a revenue of $181.2 million, a 15.3% sequential increase, and adjusted EPS of $0.59 per diluted share.
These figures are indicative of MACOM’s robust performance, particularly in the Industrial and Defense (I&D) and telecom sectors, demonstrating strong existing operations and the added financial benefits from the recent acquisition of an RF business.

Smartsheet Inc.: Focus on Artificial Intelligence (AI) and User Engagement! – Major Drivers

Smartsheet has reported a strong start to the fiscal year 2025 with a number of positive developments, though there are areas that warrant close observation as the company moves forward with its new initiatives.
Smartsheet’s growth narrative continues to strengthen with a reported annualized recurring revenue (ARR) of $1.056 billion, marking an increase of 19% year-over-year.
This growth has been buoyed by a significant increase in the number of customers contributing more than $100,000 to Smartsheet’s ARR, indicating robust customer expansion and deeper penetration within existing accounts.

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Jun 16

Daily Brief Financials: Great Eastern Holdings, Abacus Storage King, Vinhomes and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Great Eastern Holdings (GE SP): Playbook as OCBC Offer Declared Final, IFA Opines NOT Fair
MV Australia A-REITs Index Rebalance: Abacus Storage King Deleted (Finally!)
MarketVector Vietnam Local Index Rebalance: Two Adds and Other Changes

Great Eastern Holdings (GE SP): Playbook as OCBC Offer Declared Final, IFA Opines NOT Fair

Great Eastern Holdings (GE SP) IFA opines that the OCBC (OCBC SP) S$25.60 offer is NOT fair but reasonable as it is below the valuation range of S$28.87-S$36.19 per share.
In response, OCBC declared the price final, and the final closing date is 12 July. Great Eastern will likely breach free float requirements and be suspended when the offer closes.
The offer will likely follow the Boustead Projects/Boustead Singapore blueprint, where SGX RegCo eventually (took seven months) enabled dissenters to receive a fair offer with a 24% uplift.

MV Australia A-REITs Index Rebalance: Abacus Storage King Deleted (Finally!)

Abacus Storage King (ASK AU) will be deleted from the Vaneck Vectors Australian Property ETF (MVA AU) in June. There are float changes and capping changes too.
Estimated one-way turnover is 3.33% and will result in a one-way trade of A$19m. There are a couple of stocks with over 1x ADV to trade.
There has been a recent spike in shorts on Abacus Storage King (ASK AU) but passive selling will be larger than the short interest.

MarketVector Vietnam Local Index Rebalance: Two Adds and Other Changes

Viettel Construction (CTR VN) and EVN Finance (EVF VN) will be added to the MarketVector Vietnam Local Index at the close on 21 June.
Estimated one-way turnover is 5.2% and that results in a one-way trade of US$27m. There are 3 stocks with more than 1x ADV to buy from passives.
There will be over US$1m to buy in Vinhomes (VHM VN), Bank for Foreign Trade of Vietnam (VCB VN) and Vingroup Jsc (VIC VN).

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Jun 16

Daily Brief Health Care: Jeisys Medical, Medipal Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric
Medipal Holdings (7459 JP): Mixed FY24 Result; Growth to Continue in FY25; Buyback Plan Announced

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

I tally 50 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)‘s Tender offer, A8 New Media (800 HK)‘s Scheme, and Jeisys Medical (287410 KS)‘s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire & Cable (5809 JP).

Medipal Holdings (7459 JP): Mixed FY24 Result; Growth to Continue in FY25; Buyback Plan Announced

By Tina Banerjee

Medipal Holdings (7459 JP) reported FY24 result, with revenue and net profit beating and operating profit missing guidance. FY24 revenue increased 6% YoY, driven by growth across all business segments.
The company is anticipating an upturn in revenue and operating profit in FY25. However, FY25 net profit is expected to fall due to the absence of extraordinary income.
The company has announced a share buy-back plan to purchase up to 2.5M shares for ¥5B from May 15, 2024 to August 30, 2024.

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Jun 16

Daily Brief Industrials: Keisei Electric Railway Co, Donaldson Co and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii
Donaldson Company Inc.: Initiation of Coverage – Expansion in Life Sciences Sector & Other Major Drivers

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)‘s 20th June AGM. If Kan’s re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns.

Donaldson Company Inc.: Initiation of Coverage – Expansion in Life Sciences Sector & Other Major Drivers