All Posts By

Smartkarma Daily Briefs

Jul 14
0

Daily Brief ESG: Is It Difficult to Separate Business Relationships from Proxy Voting? and more

By | Daily Briefs, ESG

In today’s briefing:

  • Is It Difficult to Separate Business Relationships from Proxy Voting?

Is It Difficult to Separate Business Relationships from Proxy Voting?

By Aki Matsumoto

  • Competition little work because the portfolio company had advantage over competitors in business. This distorted competitive environment may have prevented the beneficiaries from receiving the benefits they should have received.
  • If the business was advanced by competitive advantage through the ownership of shares in the portfolio company, the beneficiaries may not have received the benefits that they should have received.
  • The question is whether the life insurers are exercising their voting rights properly for the benefit of the beneficiaries in the shares of client companies they hold.

💡 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


Jul 14
0

Daily Brief Thematic (Sector/Industry): Automotive: Rev Your Engines and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Automotive: Rev Your Engines

Automotive: Rev Your Engines

By Douglas O’Laughlin

  • I’m calling a very definitive bottom in Automotive semiconductor stocks. I’ve been mixed on automotive for quite some time, and as recently as April, I was bearish.
  • It all started when China decided to dump cheap EVs globally, which made me extremely concerned about Western automotive companies.
  • Hell, I’ve been bearish on WOLF since March of 2023 and wrote not one but two notes about how Silicon Carbide looks like it’s in a rough spot.

💡 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


Jul 14
0

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

By | Daily Briefs, ECM

In today’s briefing:

  • Hyundai Motor India IPO: The Bull Case
  • Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex
  • I-Scream Media IPO Preview

Hyundai Motor India IPO: The Bull Case

By Arun George

  • Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion. 
  • HMIL is India’s second largest passenger vehicle manufacturer, as measured by domestic passenger vehicle sales. It serves as Hyundai’s production and export hub for emerging markets.
  • The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile. 

Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

By Arun George

I-Scream Media IPO Preview

By Douglas Kim

  • I-Scream Media is getting ready to complete its IPO on KOSDAQ exchange in August. The IPO price range is from 32,000 won to 40,200 won. 
  • I-Scream Media is one of the the leading digital education platform companies in Korea. Its I-Scream S platform is used by more than 93% of elementary school classrooms in Korea.
  • Post IPO, Sigong Tech will have a 23.7% stake in I-Scream Media. Sigong Tech’s stake in I-Scream media (at high end of IPO value) is 157% of its market cap.

💡 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


Jul 14
0

Daily Brief Equity Bottom-Up: MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up
  • Ride-Hailing Operator Chenqi Drops on Hong Kong Debut
  • Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue
  • China Healthcare Weekly (July.14) – CXO’s Disputed Business Model, Remegen Shares Plunged, Kelun Bio
  • 10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers
  • Tianqi Warns of $670 Million-Plus Loss Over Lithium Price Plunge
  • Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers
  • Enjin (7370 JP): Full-year FY05/24 flash update
  • Endava plc: Focus on Core Modernization For Better AI Integration
  • Balchem Corporation: What Are The Challenges Faced In Animal Nutrition & Health? – Major Drivers

MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up

By Rikki Malik

  • While there may be still be some overhang once the rights shares start trading, this is a good entry point
  • Applications for 6.4 Billion excess rights shares received from 11 applications
  • Rights shares will start trading on Tuesday 16th of July

Ride-Hailing Operator Chenqi Drops on Hong Kong Debut

By Caixin Global

  • Chenqi Technology Ltd., operator of the ride-sharing platform OnTime, closed its first trading day in Hong Kong 3.14% below the offering price, after raising $124 million in its initial public offering.
  • Chenqi’s shares closed at HK$33.9 ($4.3) each, recovering from a 14% drop during its debut on the Hong Kong Stock Exchange. The company’s market cap stood at HK$6.92 billion.
  • Chenqi, also known as Ruqi Mobility, offered more than 30 million shares at HK$35 each in its IPO, raising a net HK$969 million.

Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue

By Tina Banerjee

  • Sam Chun Dang Pharm (000250 KS) secured exclusive 10-year contract to supply Eylea biosimilar (SCD411) to nine European countries. The company will receive 55% of gross sales of the product.
  • Last month, the company placed 500K shares (~2% of issued capital) to Shinhan Investment Securities to raise KRW71.4B. Proceeds will be utilized to fund the company’s global clinical trial cost.
  • The company has started exporting generic glaucoma eye drop to the U.S. and expects to start exporting at least two more generic ophthalmic products in the U.S. this year.

China Healthcare Weekly (July.14) – CXO’s Disputed Business Model, Remegen Shares Plunged, Kelun Bio

By Xinyao (Criss) Wang

  • One “unique” feature of China’s CXOs is that they like investment more than drug R&D business, but the investment-driven model will result in “interest-to-conflict”, which actually “crosses the line”.
  • RemeGen’s shares plummet last week. In current situation of investors’ lack of confidence/trust in RemeGen, stock price may not have hit bottom yet, so no need to rush to bottom-fish.
  • For Kelun Bio, if SKB264 fails to deliver good data, valuation would face the risk of pullback. After the lock-up expiry, there could be opportunity to buy at lower price.

10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers

By Baptista Research

  • 10x Genomics recently disclosed its financial results for the first quarter ended March 31, 2024, showcasing a revenue increase of 5% to $141 million.
  • The company’s earnings overview indicates a mixed performance with significant developments in its product offerings that could influence its future market positioning, financial health, and competitive edge.
  • Positively, 10x Genomics reported robust growth in its spatial biology segment, primarily fueled by its Visium franchise and the launch of Visium HD.

Tianqi Warns of $670 Million-Plus Loss Over Lithium Price Plunge

By Caixin Global

  • Chinese lithium giant Tianqi Lithium Corp. (002466.SZ -1.01%) is forecasting a net loss exceeding $670 million for the first half of the year as plummeting lithium prices hurt the bottom line of producers of this essential battery raw material.
  • Tianqi said Tuesday that it anticipates a significant net loss of between 4.9 billion yuan and 5.5 billion yuan ($674 million and $756 million) for the six-month period.
  • This includes a projected net loss of between 983 million yuan and 1.6 billion yuan for the second quarter, which is narrower than the 4 billion-yuan loss reported in the first quarte

Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers

By Baptista Research

  • Gentex Corporation reported its financial results for the first quarter of 2024, revealing a mixed outlook tempered by challenges in the global auto industry yet bolstered by strategic advancements and product development.
  • Net sales saw a 7% increase to $590.2 million compared to the same period last year, a performance that came notwithstanding a 3% drop in light vehicle production in the company’s primary markets.
  • This discrepancy highlights Gentex’s ability to outperform the broader market, largely attributable to increased take rates of advanced features like Full Display Mirrors and growth in the auto-dimming mirror sector.

Enjin (7370 JP): Full-year FY05/24 flash update

By Shared Research

  • FY05/24 revenue was JPY3.3bn, operating profit JPY1.0bn, recurring profit JPY1.1bn, and net income JPY749mn, all down YoY.
  • Enjin’s FY05/25 forecast: revenue JPY2.7bn, operating profit JPY548mn, recurring profit JPY548mn, and net income JPY380mn, all expected to decline YoY.
  • Enjin revised its medium-term business plan due to HR challenges and plans to release updated targets reflecting the current environment.

Endava plc: Focus on Core Modernization For Better AI Integration

By Baptista Research

  • Endava’s recent fiscal performance and strategic initiatives highlight a dynamic period for the company as it navigates a challenging economic landscape marked by cautious client spending and macroeconomic uncertainties.
  • The third-quarter results for the fiscal year 2024 saw a revenue figure of GBP 174.4 million, which represents an 11.8% decrease in constant currency terms year-over-year from GBP 203.5 million.
  • This performance was within the expected guidance range but underscored the challenges faced by the technology services sector broadly.

Balchem Corporation: What Are The Challenges Faced In Animal Nutrition & Health? – Major Drivers

By Baptista Research

  • Balchem Corporation’s first quarter of 2024 displayed commendable performance with a blend of robust financial metrics and strategic corporate initiatives.
  • Revenues increased by 3.1% to $240 million, indicative of heightened product demand and expanded market reach.
  • This was accompanied by an impressive 11.4% growth in gross margin dollars, with a significant margin expansion to 34%.

💡 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


Jul 14
0

Daily Brief Event-Driven: Last Week in Event SPACE: Toyota and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric
  • (Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium

Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

By David Blennerhassett

  • The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by Aisin (7259 JP) but moves have come fast and furious.
  • Apparently minorities are grumbling to the SFC about the low-balled Offer for Asia Cement China (743 HK). And for good reason. The best course of action? Vote against the Scheme.
  • Hanwha Corporation (000880 KS) is trading at a steep NAV discount. And the controlling family is making  a partial Offer to gain majority control. 

(Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium

By David Blennerhassett

💡 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


Jul 14
0

Daily Brief Macro: Portfolio Watch: Be our guest to jump the great rotation bandwagon and more

By | Daily Briefs, Macro

In today’s briefing:

  • Portfolio Watch: Be our guest to jump the great rotation bandwagon
  • China’s Above-Forecast Jun Export Is No Way to Cheer

Portfolio Watch: Be our guest to jump the great rotation bandwagon

By Andreas Steno

  • What a week in markets after the uber-dovish inflation print yesterday, which saw huge rotation within the equity markets as well as action in both FX and commodities.
  • In the equity space, we saw the biggest outperformance of the Russell 2000 against the Nasdaq since early 2021.
  • Yesterday’s rotation was driven by hedge funds facing a short squeeze on their small-cap and RE hedges as yields came down.

China’s Above-Forecast Jun Export Is No Way to Cheer

By Alex Ng

  • China’s Jun export rises by 8.6% year-on-year, above the consensus 8.0% and breaking 15-month new high.
  • We believe the trade figures in June is no point for the economy to cheer up, despite good export number.
  • The decline in imports by 2.3%yoy shows that the local consumption upgrade plan is not working well and the economy reverts to the reliance on exports again to sustain growth.

💡 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


Jul 14
0

Daily Brief Australia: Altium Ltd, MMG and more

By | Australia, Daily Briefs

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium
  • MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up

(Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium

By David Blennerhassett

MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up

By Rikki Malik

  • While there may be still be some overhang once the rights shares start trading, this is a good entry point
  • Applications for 6.4 Billion excess rights shares received from 11 applications
  • Rights shares will start trading on Tuesday 16th of July

💡 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


Jul 14
0

Daily Brief South Korea: Sigong Tech, Sam Chun Dang Pharm and more

By | Daily Briefs, South Korea

In today’s briefing:

  • I-Scream Media IPO Preview
  • Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue

I-Scream Media IPO Preview

By Douglas Kim

  • I-Scream Media is getting ready to complete its IPO on KOSDAQ exchange in August. The IPO price range is from 32,000 won to 40,200 won. 
  • I-Scream Media is one of the the leading digital education platform companies in Korea. Its I-Scream S platform is used by more than 93% of elementary school classrooms in Korea.
  • Post IPO, Sigong Tech will have a 23.7% stake in I-Scream Media. Sigong Tech’s stake in I-Scream media (at high end of IPO value) is 157% of its market cap.

Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue

By Tina Banerjee

  • Sam Chun Dang Pharm (000250 KS) secured exclusive 10-year contract to supply Eylea biosimilar (SCD411) to nine European countries. The company will receive 55% of gross sales of the product.
  • Last month, the company placed 500K shares (~2% of issued capital) to Shinhan Investment Securities to raise KRW71.4B. Proceeds will be utilized to fund the company’s global clinical trial cost.
  • The company has started exporting generic glaucoma eye drop to the U.S. and expects to start exporting at least two more generic ophthalmic products in the U.S. this year.

💡 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


Jul 14
0

Daily Brief United States: 10X Genomics, Gentex Corp, Blueprint Medicines, frontdoor Inc, Halozyme Therapeutics, Hilton Grand Vacations, Louisiana Pacific, Marathon Digital Holdings, Merit Medical Systems, nCino and more

By | Daily Briefs, United States

In today’s briefing:

  • 10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers
  • Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers
  • Blueprint Medicines: How Are They Executing Portfolio Diversification through Pipeline Development? – Major Drivers
  • frontdoor Inc.: Brand Revitalization & Marketing Strategy A Game Changer! – Major Drivers
  • Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! – Major Drivers
  • Hilton Grand Vacations Inc.: Strategic Acquisitions & Synergy Realization Driving Our Optimism! – Major Drivers
  • Louisiana-Pacific Corporation: Will Their Efforts Towards Optimization of Production and Operational Efficiency Improve The Bottom-Line? – Major Drivers
  • Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers
  • Merit Medical Systems Inc.: FDA Approval & Commercial Strategy for WRAPSODY & Other Major Drivers
  • nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers

10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers

By Baptista Research

  • 10x Genomics recently disclosed its financial results for the first quarter ended March 31, 2024, showcasing a revenue increase of 5% to $141 million.
  • The company’s earnings overview indicates a mixed performance with significant developments in its product offerings that could influence its future market positioning, financial health, and competitive edge.
  • Positively, 10x Genomics reported robust growth in its spatial biology segment, primarily fueled by its Visium franchise and the launch of Visium HD.

Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers

By Baptista Research

  • Gentex Corporation reported its financial results for the first quarter of 2024, revealing a mixed outlook tempered by challenges in the global auto industry yet bolstered by strategic advancements and product development.
  • Net sales saw a 7% increase to $590.2 million compared to the same period last year, a performance that came notwithstanding a 3% drop in light vehicle production in the company’s primary markets.
  • This discrepancy highlights Gentex’s ability to outperform the broader market, largely attributable to increased take rates of advanced features like Full Display Mirrors and growth in the auto-dimming mirror sector.

Blueprint Medicines: How Are They Executing Portfolio Diversification through Pipeline Development? – Major Drivers

By Baptista Research

  • Blueprint Medicines Corporation recently discussed its first-quarter financial results for 2024, emphasizing the robust launch of AYVAKIT in indolent systemic mastocytosis (ISM).
  • While outlining its continuing growth and strategic initiatives, the company highlighted strengths across various fronts but also acknowledged ongoing challenges and strategic investments.
  • Blueprint Medicines reported notable revenue growth driven primarily by AYVAKIT, its product for treating ISM.

frontdoor Inc.: Brand Revitalization & Marketing Strategy A Game Changer! – Major Drivers

By Baptista Research

  • Frontdoor, Inc. has reported a promising first quarter of 2024, revealing solid financial performance and operational improvements despite external market challenges.
  • The company recorded a 3% increase in revenue reaching $378 million.
  • This growth was accompanied by a substantial increase in gross margin, which rose by 510 basis points to 51%, and a 33% rise in adjusted EBITDA, setting a new record for the first quarter at $71 million.

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! – Major Drivers

By Baptista Research

  • Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and projected guidance for the remainder of the year.
  • Key drivers of optimism included consistent royalty revenue growth, anticipated milestone payments, and robust projections for earnings before interest, taxes, depreciation, and amortization (EBITDA).
  • With these foundational elements, Halozyme is poised for a promising financial trajectory, reinforced by ongoing business developments and strategic partnerships.

Hilton Grand Vacations Inc.: Strategic Acquisitions & Synergy Realization Driving Our Optimism! – Major Drivers

By Baptista Research

  • Hilton Grand Vacations reported results for the first quarter of 2024 with several positive financial and operational highlights that reflect strengths in its strategy and company growth, along with some remaining challenges related to customer behavior and macroeconomic conditions.
  • Starting with the positive elements, Hilton Grand Vacations exhibited robust adjusted EBITDA figures, although specific numbers were not provided, it was evident the company’s margins remained solid.
  • Notably, reported contract sales for the quarter stood at $631 million, attributed partly to the recent Bluegreen acquisition which concluded in January.

Louisiana-Pacific Corporation: Will Their Efforts Towards Optimization of Production and Operational Efficiency Improve The Bottom-Line? – Major Drivers

By Baptista Research

  • Louisiana-Pacific Corporation showcased a robust performance in the first quarter of 2024, notably driven by strong outcomes from both the Siding and OSB (Oriented Strand Board) segments.
  • The company recorded sales of $724 million, marking a 24% increase year-over-year, while adjusted EBITDA surged to $182 million, up $116 million from the first quarter of 2023.
  • The growth in the Siding segment was particularly notable, with a 9% increase in revenue driven by a compound effect of increased net selling prices and higher volumes.

Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers

By Baptista Research

  • Marathon Digital Holdings recently reported their first quarter 2024 results, revealing a substantial transformation and strategic reorientation of their business model.
  • The company has shifted from primarily an asset-light bitcoin mining operation into a diversified global entity focusing on digital asset computations with a strong emphasis on sustainability and inclusivity.
  • A significant highlight of the quarter was Marathon’s acquisition and integration of fully owned bitcoin mining sites, a critical step towards gaining direct operational control and optimizing cost efficiencies.

Merit Medical Systems Inc.: FDA Approval & Commercial Strategy for WRAPSODY & Other Major Drivers

By Baptista Research

  • Merit Medical Systems experienced a robust first quarter in fiscal year 2024, exhibiting revenue growth of 8.7% year-over-year on a GAAP basis and 9.3% on a constant currency basis, resulting in total revenue of $323.5 million.
  • This performance exceeded the company’s initial projections, primarily driven by solid organic growth and contributions from acquired products.
  • Specifically, the Cardiovascular segment spearheaded this upward trend with a 9% increase, complemented by a 6% uptick in the Endoscopy segment.

nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers

By Baptista Research

  • nCino, an advanced cloud-based software for financial institutions, has reported its first quarter fiscal year 2025 financial results, showing a year-over-year increase in total revenues to $128.1 million, which signifies a 13% rise from the previous year.
  • Subscription revenues, forming 86% of total revenues, grew similarly by 13% to $110.4 million.
  • Growth across various sectors of the business, especially in the U.S. enterprise and community and regional markets, contributed to these improved financial metrics.

💡 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


Jul 14
0

Daily Brief India: Hyundai Motor India and more

By | Daily Briefs, India

In today’s briefing:

  • Hyundai Motor India IPO: The Bull Case

Hyundai Motor India IPO: The Bull Case

By Arun George

  • Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion. 
  • HMIL is India’s second largest passenger vehicle manufacturer, as measured by domestic passenger vehicle sales. It serves as Hyundai’s production and export hub for emerging markets.
  • The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile. 

💡 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