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Smartkarma Daily Briefs

Jun 06
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Nvidia Surpasses $3 Trillion and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Nvidia Surpasses $3 Trillion
  • Thematic: India Elections and Crisis Investing
  • #12Business Buzz: Nvidia’s Stock Split, TotalEnergies’ UK Power Play, Tencent’s Singapore Shift
  • #8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

Ohayo Japan | Nvidia Surpasses $3 Trillion

By Mark Chadwick

  • The S&P 500 surged to a new high of 5,354.03, driven by Nvidia’s record-breaking performance and optimism around potential Federal Reserve rate cuts
  • Japanese space debris remover Astroscale achieved a $1 billion market valuation on its Tokyo Stock Exchange debut.
  • Shares of Lasertec fell 9% to 35,130 yen on June 5, closing 8% lower at 35,560 yen. The drop followed a report by Scorpion Capital alleging fraudulent accounting.

Thematic: India Elections and Crisis Investing

By Nimish Maheshwari

  • The Indian market saw correction due to a lower mandate for the ruling government in the current elections hinting towards moderate policy-level reforms. 
  • Election outcome is having impact on ruling government’s various agendas and reforms.
  • Historical trends suggest this crisis creates opportunities for long term investing

#12Business Buzz: Nvidia’s Stock Split, TotalEnergies’ UK Power Play, Tencent’s Singapore Shift

By Nimish Maheshwari

  • Nvidia’s stock soars 15%, aiming to make shares more accessible
  • TotalEnergies invests £450 million in UK power plant, enhancing renewables
  • Consolidation trend observed in Singapore’s office market amid tech shifts

#8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

By Sudarshan Bhandari

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Jun 06
0

Daily Brief ECM: Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April and more

By | Daily Briefs, ECM

In today’s briefing:

  • Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April
  • Sakura Internet Placement – Beneficiary of the AI-Wave Looking to Double Down
  • Webtoon Entertainment Pre-IPO – The Positives – Just Turned Profitable
  • Pre-IPO Midea Group H Share – Even in the Face of Challenges, There Is Still Investment Value
  • Webtoon Entertainment Pre-IPO – The Negatives – Korea Revenue Declined, JP Acquisition to the Rescue

Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

By Douglas Kim

  • On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  
  • The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.
  • A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024.

Sakura Internet Placement – Beneficiary of the AI-Wave Looking to Double Down

By Clarence Chu

  • Sakura internet (3778 JP) is looking to raise US$127m from its primary follow-on. Proceeds will be used towards purchasing GPU servers, and constructing new data center facilities.
  • While 11% of total shares outstanding are offered here, the deal would be easily digested by the market, representing just 0.8 days of its three month ADV.
  • In this note, we run the deal through our ECM framework and comment on deal dynamics.

Webtoon Entertainment Pre-IPO – The Positives – Just Turned Profitable

By Ethan Aw

  • Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
  • Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content. 
  • In this note, we talk about the positive aspects of the deal.

Pre-IPO Midea Group H Share – Even in the Face of Challenges, There Is Still Investment Value

By Xinyao (Criss) Wang

  • Although Midea’s performance keeps growing, it is difficult for the home appliance industry to return to rapidly growing incremental market as it was during the robust development of real estate.
  • As Midea’s To C business encounters growth bottleneck, To B business has become new performance driver and second growth curve, but several new businesses are facing challenges in 24Q1.
  • For mature leading enterprises in home appliance industry, a valuation of 10-20x PE is reasonable, which means market value of RMB370-740 billion, assuming 2024 net profit would reach RMB37 billion.

Webtoon Entertainment Pre-IPO – The Negatives – Korea Revenue Declined, JP Acquisition to the Rescue

By Ethan Aw

  • Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
  • Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
  • In this note, we talk about the not-so-positive aspects of the deal.

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Jun 06
0

Daily Brief Credit: Morning Views Asia: China Jinmao Holdings and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: China Jinmao Holdings, NagaCorp Ltd, Citicore Renewable Energy, Yuexiu Property

Morning Views Asia: China Jinmao Holdings, NagaCorp Ltd, Citicore Renewable Energy, Yuexiu Property

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Jun 06
0

Daily Brief Event-Driven: SMFG Cross-Shareholding – At Least US$17bn of Cross-Shareholding to Sell and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • SMFG Cross-Shareholding – At Least US$17bn of Cross-Shareholding to Sell, Planning to Speed It Up
  • Asia Cement China (743 HK): A Low-Balled Offer Set up to Fail
  • Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries
  • CK Asset Holdings (1113 HK): First Down, Then Up?
  • Maxell (6810) Launches New MTMP, A “TSE ‘ATIMAoCoC&SP'” Notice, And A Buyback
  • Asia Cement (743 HK): $3.22/Share Offer – Really?
  • Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible

SMFG Cross-Shareholding – At Least US$17bn of Cross-Shareholding to Sell, Planning to Speed It Up

By Sumeet Singh

  • Following up on our earlier cross-shareholding notes, in this note we look at Sumitomo Mitsui Financial Group (8316 JP) cross-shareholding.
  • SMFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$17bn.
  • In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.

Asia Cement China (743 HK): A Low-Balled Offer Set up to Fail

By Arun George

  • Asia Cement China (743 HK) disclosed a Cayman scheme privatisation offer from Asia Cement (1102 TT) at HK$3.22. Including the dividend, the total offer is HK$3.26, 1.7% below the last close. 
  • The offer, which is final, is unattractive as it is materially below net cash and historical trading ranges. The disparity cannot be justified by the potential cash burn this year.
  • While no shareholder holds the 10% blocking stake, the high AGM minority participation rates and emerging retail opposition suggest a high chance of a deal break. 

Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

By Sanghyun Park

  • A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.
  • Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.
  • Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.

CK Asset Holdings (1113 HK): First Down, Then Up?

By Brian Freitas

  • CK Asset Holdings (1113 HK) has traded lower recently and shorts have exploded in the stock in the last few months.
  • CK Asset Holdings (1113 HK) has underperformed its peers in the last 6 months and trades cheaper on forward PE and price to book.
  • There will be passive selling in the stock in just over two weeks. There will be positioning, but not enough to meet passive supply. Expect a further move lower.

Maxell (6810) Launches New MTMP, A “TSE ‘ATIMAoCoC&SP'” Notice, And A Buyback

By Travis Lundy

  • Today, Maxell Ltd (6810 JP) announced its new MTMP “MEX26 – Commit to Value (CorporateValue,ProfitGrowth)” with lots of consultant-speak and corporate homily.
  • But they present a capital investment plan, and a capital return plan. These may interest investors. The buyback is the same size as 2019 and 2022. They popped and faded.
  • Todays tidbits were all announced during the lunch break today, and the stock popped 6% in the PM session on the news.

Asia Cement (743 HK): $3.22/Share Offer – Really?

By David Blennerhassett

  • After Chinese cement play Asia Cement China (743 HK) (ACC) was suspended on the 28th May, a punchy Offer from its parent Asia Cement (1102 TT) was expected. 
  • Not to be. Asia Cement is offering $3.22/share, best & final. A 3.01% discount to last close, ~ 45% premium to undisturbed, and a whopping 37% discount to net cash.
  • Asia Cement plus concert parties hold 73.38%, so a blocking stake at the Court Meeting is 2.662%. One (possible) aspect in Asia Cement’s favour is that ACC is not shortable.  

Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible

By Travis Lundy

  • The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • The rankings used for the June 2024 index rebal event will be decided based on the opening prices tomorrow (6th June 2024).
  • In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.

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Jun 06
0

Daily Brief Equity Bottom-Up: China E-Commerce: Stabilizing Property Market Matters a Lot and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • China E-Commerce: Stabilizing Property Market Matters a Lot
  • UPDATE: China Medical System (CMS, 867 HK) – A Cheap Play on China’s Pending Health Care Crisis
  • Onewo (2602 HK):  Major Share Repurchase Mandate Announced (Up To HKD5.8bn, 20% Of Current MKT CAP)
  • Tech Supply Chain Tracker (06-Jun-2024): Foxconn Hyderabad factory to make Airpods from August.
  • Vanguard (5347.TT): Setup 12″ Fab in Singapore With 60% Stake, with NXP Investing Remaining 40%.
  • Intel’s Latest SCIP With Apollo. Yikes!
  • Raydium Semiconductor – Acceleration of Revenue in 1Q24 Has Positive Implications
  • Marvell Earnings
  • Lasertec (6920): Some of the Accusations Are Disgraceful, Some Not
  • CP Axtra (CPAXT TB) – Symbiotic Alliance

China E-Commerce: Stabilizing Property Market Matters a Lot

By Eric Chen

  • A stabilizing property market matters more than other factors such as industry rivalry and shareholder return policies for the performance of leading China e-commerce players in our view.
  • China’s worst property market downturn is probably behind us. This will gradually help restore consumer confidence and lift consumer propensity to spend, improving growth outlook for China e-commerce sector.
  • We believe China e-commerce players will in general benefit from a stabilizing housing market. Alibaba remains the most attractive play in the space. 

UPDATE: China Medical System (CMS, 867 HK) – A Cheap Play on China’s Pending Health Care Crisis

By Avien Pillay

  • A high disease burden, high demand for chronic treatment, and an ageing population makes China an excellent opportunity for an established pharma company.
  • With 1/3 of the market cap in cash, a healthy payout ratio, and a FPE of under 8, CMS is one of the bargain beneficiaries in the Chinese healthcare space.
  • The founder/CEO recently purchased 8m shares. He last bought shares in 2020-2021. The share price almost tripled afterwards.

Onewo (2602 HK):  Major Share Repurchase Mandate Announced (Up To HKD5.8bn, 20% Of Current MKT CAP)

By Steve Zhou, CFA

  • Onewo (2602 HK), a leading China property management company with the controlling shareholder being China Vanke (H) (2202 HK), announced a major share repurchase mandate last night.
  • The company intends to repurchase its shares in the open market up to HKD5.8bn, which is around 20% of the current market cap. 
  • The company is trading at 13x 2024E PE on around 15% net profit growth in 2024E, and at 5% forward dividend yield. 

Tech Supply Chain Tracker (06-Jun-2024): Foxconn Hyderabad factory to make Airpods from August.

By Tech Supply Chain Tracker

  • Foxconn’s Hyderabad factory to begin producing Airpods in August, as confirmed by Telangana official.
  • Qualcomm CEO backs Arm’s forecast of 50% Windows PC market share in 5 years.
  • UnaBiz achieves record-breaking 90% accuracy with AI-enabled Wi-Fi geolocation; Nvidia and Foxconn unveil advanced computing center in Taiwan. EU establishes AI office to enforce AI Act. Tower Semi awaits wafer fab approval in India post-elections. Win Semiconductors propelled by mobile phone surge into 2024.

Vanguard (5347.TT): Setup 12″ Fab in Singapore With 60% Stake, with NXP Investing Remaining 40%.

By Patrick Liao

  • Vanguard announce the establishment of a 12” Fab in Singapore with 60% stake, with Nxp Semiconductors Nv (NXPI US) will invest remaining 40%.  
  • The nodes produced will span from 40nm to 130nm, encompassing mixed-signal, PMIC, and analog ICs to support automotive, industrial, consumer, and mobile applications.  
  • Vanguard will uphold a healthy cash balance, along with large debt and a follow-up cash offering.

Intel’s Latest SCIP With Apollo. Yikes!

By William Keating

  • Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity related to Intel’s Fab 34
  • This deal follows a similar mid-2022 deal with Brookfield to co-invest in two new leading edge fabs in Arizona at a cost of up to $30 billion
  • Why make the deal with Fab 34 in Ireland instead of the Ohio fab under construction?

Raydium Semiconductor – Acceleration of Revenue in 1Q24 Has Positive Implications

By Daniel Tabbush

  • Surge in revenue during 1Q24 may have implications for a return to strong profit growth
  • There is no evidence of structurally weaker core costs, like COGS and SGA and even R&D
  • ROE is now above 20% and this after it large capital raising in FY22

Marvell Earnings

By Douglas O’Laughlin

  • Marvell had a pretty solid result and guided to sequentially better revenue.

  • The market didn’t like this, but I thought, looking through the result, I liked this result quite a bit. Shares did not.

  • Marvell Technology reports Q1 EPS $0.24 ex-items vs FactSet $0.24.

Lasertec (6920): Some of the Accusations Are Disgraceful, Some Not

By Michael Allen

  • Lasertec shares dropped nearly 8% following a scathing 53-page report by Scorpion Capital, accusing management of “colossal fraud.” 
  • The SC report is shrill, in our view, and therefore, we think we add value by contributing a second opinion. 
  • In our view, Lasertec is due for a correction even if SC’s report is inundated by hyperbole.

CP Axtra (CPAXT TB) – Symbiotic Alliance

By Angus Mackintosh

  • CP Axtra (CPAXT TB) is a merger upon a merger combining the Makro wholesale business and the Lotus hypermarket and supermarket businesses, along with a hybrid mall operation. 
  • The combined entity continues to realise operational synergies in sourcing and logistics, with a strong B2B element. Omnichannel makes up more than 16% of sales and is growing rapidly.
  • CP Axtra (CPAXT TB) provides an alternative retail exposure to its parent CP ALL (CPALL TB) with ongoing restructuring benefits still to be realised. Valuations look attractive relative to growth.  

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Jun 06
0

Daily Brief Macro: India Politics: Setback for Modi Heralds Era of Uncertain Coalition Politics and more

By | Daily Briefs, Macro

In today’s briefing:

  • India Politics: Setback for Modi Heralds Era of Uncertain Coalition Politics
  • Is that It? Commodity Bull Market Over?
  • NDA (Not BJP) Wins 3rd Consecutive Term; Economic Reform Will Still Gain
  • OPEC’s Hint at Easing Production Cuts Sends Oil Prices Tanking
  • Inflation Synchronisation
  • Philippines CPI Inflation 3.9% y-o-y (consensus 4.0%) in May-24
  • CX Daily: Chinese Lithium Giant’s Chile Headache Telling of Growing Global Resource Protectionism
  • EM Watch: The China bet and the copper story are both old hat by now
  • Canada Policy Interest Rate 4.75% (consensus 4.75%) in Jun-24

India Politics: Setback for Modi Heralds Era of Uncertain Coalition Politics

By Manu Bhaskaran

  • The ruling BJP suffered major losses in the recent elections. It fell short of an overall majority and will have to rely on regional partners to form the next government. 
  • Consolidation of the anti-BJP vote under the aegis of the INDIA coalition delivered dividends, but voters also were not enthused by Modi’s economic and social campaign rhetoric. 
  • Expect short-term uncertainty as the major blocs attempt to cobble together parliamentary majorities. But more political checks and balances would be good for India. 

Is that It? Commodity Bull Market Over?

By Rikki Malik

  • Recent signs of economic weakness in the US is a believable narrative for the current weakness
  • OPEC +  announcement on increasing production adds to the noise
  • Weakness spreads from the energy sector to other commodity sectors

NDA (Not BJP) Wins 3rd Consecutive Term; Economic Reform Will Still Gain

By Prasenjit K. Basu

  • The National Democratic Alliance (NDA) led by PM Narendra Modi won its 3rd consecutive parliamentary majority (293 seats) although BJP fell short of a majority (unlike in 2014 and 2019).
  • Modi will take office on Friday, but will be dependent on the 16 and 12 MPs of Chandrababu Naidu’s TDP and Nitish Kumar’s JD(U) respectively, CMs of Andhra and Bihar. 
  • Naidu is an economic reformer, who’s likely to support labour-market reform and privatisation. BJP’s social agenda (UCC, single nationwide election) will need to be shelved, but economic reform will advance. 

OPEC’s Hint at Easing Production Cuts Sends Oil Prices Tanking

By Suhas Reddy

  • OPEC+ decided to extend production cuts to the end of 2025. It also plans to ease voluntary output cuts starting this October.
  • Easing hints sent oil prices tanking, shedding 5% over two days. Weak demand and ample supply thanks to overproduction by OPEC+ members lend little price support.
  • Summer driving season will ramp up gasoline demand. Weather might dampen demand, but panic buying will more than offset the demand pullback.

Inflation Synchronisation

By Phil Rush

  • The resilience of US inflation relative to the UK and EA has raised talk of decoupling and is feeding monetary policy divergence this summer.
  • Price changes are unusually synchronised, and the US looks more likely to be ahead of Europe than breaking away, limiting the potential for sustained differences.
  • Correlations remain high across spectral frequencies. A temporary decoupling is possible but would be a generational event that we doubt the fundamentals will justify.

Philippines CPI Inflation 3.9% y-o-y (consensus 4.0%) in May-24

By Heteronomics AI

  • Philippine CPI inflation in May 2024 reached 3.9% year-on-year, the highest since November 2023, but slightly below the 4.0% consensus and the historic average, indicating moderated inflationary pressures.
  • Despite the rising headline rate, core inflation slowed to 3.1%.
  • Producer Price Index (PPI) inflation contracted by -0.77% in April 2024, suggesting that reduced upstream cost pressures may temper future CPI inflation increases.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

CX Daily: Chinese Lithium Giant’s Chile Headache Telling of Growing Global Resource Protectionism

By Caixin Global

  • Lithium / In Depth: Chinese lithium giant’s Chile headache telling of growing global resource protectionism 
  • Ukraine /Beijing rebuts claim it is pressuring countries to skip Ukraine peace summit
  • Pension /In Depth: China’s pension finance push falls on deaf ears

EM Watch: The China bet and the copper story are both old hat by now

By Andreas Steno

  • Welcome to our weekly EM editorial where we travel across the liquid EM markets in the context of recent developments in USD markets.
  • ISM Services jumped back to 53.8—time to put that recession chatter to bed for a few months again?
  • Bloomberg’s latest alarmist piece on “business employment dynamics” showing a net job loss in Q3 of last year is probably the worst analysis I have read in a while.

Canada Policy Interest Rate 4.75% (consensus 4.75%) in Jun-24

By Heteronomics AI

  • The Bank of Canada reduced its policy interest rate by 25 basis points to 4.75%, aligning with the economic consensus, driven by increased confidence in achieving the 2% inflation target.
  • Economic growth resumed in Canada with a 1.7% GDP increase in Q1 2024, while CPI inflation eased to 2.7%, supported by declining core inflation measures and narrower price increase breadth across CPI components.
  • The Bank will closely monitor core inflation, demand-supply balance, and wage dynamics, with the potential for further rate cuts if inflation continues to ease and confidence in reaching the 2% target solidifies, balanced against the risk of prematurely loosening monetary policy.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Jun 06
0

Daily Brief Thailand: CP Axtra and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP Axtra (CPAXT TB) – Symbiotic Alliance

CP Axtra (CPAXT TB) – Symbiotic Alliance

By Angus Mackintosh

  • CP Axtra (CPAXT TB) is a merger upon a merger combining the Makro wholesale business and the Lotus hypermarket and supermarket businesses, along with a hybrid mall operation. 
  • The combined entity continues to realise operational synergies in sourcing and logistics, with a strong B2B element. Omnichannel makes up more than 16% of sales and is growing rapidly.
  • CP Axtra (CPAXT TB) provides an alternative retail exposure to its parent CP ALL (CPALL TB) with ongoing restructuring benefits still to be realised. Valuations look attractive relative to growth.  

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Jun 06
0

Daily Brief South Korea: Shift Up, Hyundai Motor, Webtoon Entertainment and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April
  • Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries
  • Webtoon Entertainment Pre-IPO – The Positives – Just Turned Profitable
  • Webtoon Entertainment Pre-IPO – The Negatives – Korea Revenue Declined, JP Acquisition to the Rescue

Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

By Douglas Kim

  • On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.  
  • The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.
  • A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024.

Value-Up Tax Support Revealed by End of June: Local Market Eyes Corporate Tax Cut Beneficiaries

By Sanghyun Park

  • A high-ranking official from the local financial regulatory authority has confirmed to several local media outlets that the tax benefits for the value-up program will be unveiled this month.
  • Corporate tax cuts and separate taxation on dividend income will be included. The short-term impact at the time of the announcement will likely be more significant for corporate tax cuts.
  • Local market is focused on screening large companies within the KOSPI 200 that have substantial pre-tax profits in anticipation of the corporate tax cut momentum to be announced this month.

Webtoon Entertainment Pre-IPO – The Positives – Just Turned Profitable

By Ethan Aw

  • Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
  • Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content. 
  • In this note, we talk about the positive aspects of the deal.

Webtoon Entertainment Pre-IPO – The Negatives – Korea Revenue Declined, JP Acquisition to the Rescue

By Ethan Aw

  • Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
  • Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
  • In this note, we talk about the not-so-positive aspects of the deal.

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Jun 06
0

Daily Brief United States: Comerica Inc, Intel Corp, Marvell Technology , Crude Oil, Pioneer Power Solutions , Astera Labs , Liberty Latin America , IN8bio , ProShares Bitcoin Strategy ETF, Quipt Home Medical Corp and more

By | Daily Briefs, United States

In today’s briefing:

  • Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible
  • Intel’s Latest SCIP With Apollo. Yikes!
  • Marvell Earnings
  • OPEC’s Hint at Easing Production Cuts Sends Oil Prices Tanking
  • Pioneer Power Solutions Inc (PPSI) – Wednesday, Mar 6, 2024
  • Astera Labs: 1Q’FY24 GAAP Net Loss Could Disappoint Investors, Selling Stockholders Offer ~3M Shares
  • Liberty Latin America Ltd (LILAK) – Wednesday, Mar 6, 2024
  • INAB: INB-200 Update at ASCO24
  • Bitcoin (BTC) – Wednesday, Mar 6, 2024
  • Quipt Home Medical Corp (QIPT) – Wednesday, Mar 6, 2024

Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible

By Travis Lundy

  • The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • The rankings used for the June 2024 index rebal event will be decided based on the opening prices tomorrow (6th June 2024).
  • In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.

Intel’s Latest SCIP With Apollo. Yikes!

By William Keating

  • Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity related to Intel’s Fab 34
  • This deal follows a similar mid-2022 deal with Brookfield to co-invest in two new leading edge fabs in Arizona at a cost of up to $30 billion
  • Why make the deal with Fab 34 in Ireland instead of the Ohio fab under construction?

Marvell Earnings

By Douglas O’Laughlin

  • Marvell had a pretty solid result and guided to sequentially better revenue.

  • The market didn’t like this, but I thought, looking through the result, I liked this result quite a bit. Shares did not.

  • Marvell Technology reports Q1 EPS $0.24 ex-items vs FactSet $0.24.

OPEC’s Hint at Easing Production Cuts Sends Oil Prices Tanking

By Suhas Reddy

  • OPEC+ decided to extend production cuts to the end of 2025. It also plans to ease voluntary output cuts starting this October.
  • Easing hints sent oil prices tanking, shedding 5% over two days. Weak demand and ample supply thanks to overproduction by OPEC+ members lend little price support.
  • Summer driving season will ramp up gasoline demand. Weather might dampen demand, but panic buying will more than offset the demand pullback.

Pioneer Power Solutions Inc (PPSI) – Wednesday, Mar 6, 2024

By Value Investors Club

  • PPSI is a micro-cap electrical-power management company with profitable growth potential
  • Stock is currently undervalued, trading at an estimated 5x 2024 P/E compared to a potential 15x multiple
  • Analyst believes company could triple in value within the next year as market catches up to its true potential

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Astera Labs: 1Q’FY24 GAAP Net Loss Could Disappoint Investors, Selling Stockholders Offer ~3M Shares

By Andrei Zakharov

  • Astera Labs announced financial results for 1Q’FY24 in May. According to IPO prospectus, ~5.9M shares became eligible for sale following public release of earnings for the first quarter of FY24.
  • The high-growth semiconductor company filed form S-8 on May 8, 2024. The selling stockholders, including current employees and service providers, offered additional ~3M shares as early lock-up expired.
  • Astera Labs shares currently trade at rich multiples of ~37x EV/FY24E Revenue and ~25x EV/FY25E Revenue on my revised forecasts.

Liberty Latin America Ltd (LILAK) – Wednesday, Mar 6, 2024

By Value Investors Club

  • LILAK has experienced a decline in funds and lack of investor interest, leading to its lowest stock price ever
  • Challenges include leverage and delayed synergies from an acquisition
  • Despite this, the company has promising mid-term guidance of over $1 billion in free cash flow, with plans for stock buybacks and deleveraging, making it a potential investment opportunity for growth and recovery.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

INAB: INB-200 Update at ASCO24

By Zacks Small Cap Research

  • IN8Bio is a clinical-stage, oncology-focused biotechnology company using ?d T cells against solid and hematological tumors.
  • Its pipeline is built on the DeltEx platform & drug resistant immunotherapy (DRI) technology which have produced clinical candidates targeting leukemia & GBM.
  • INB-100 is evaluating leukemia in a Ph1 study, while INB-200 & INB-400 are Ph1 and Ph2 assets evaluating GBM.

Bitcoin (BTC) – Wednesday, Mar 6, 2024

By Value Investors Club

  • Author reflects on investment in bitcoin and ethereum during crypto bottom
  • Despite fourth crypto winter, author remains optimistic about potential for growth
  • Author believes in helping others make money in volatile market through insights and advice

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Quipt Home Medical Corp (QIPT) – Wednesday, Mar 6, 2024

By Value Investors Club

  • Quipt is the 5th largest home medical equipment provider in the US, specializing in respiratory equipment and consumables for patients in a home setting.
  • The company operates out of 125 locations in 26 states, with dual listings in Canada and the US.
  • Despite a 26% increase in share count and $70 million rise in debt, Quipt’s stock price has fallen by 4% due to concerns about potential competition from GLP-1s and a Civil Investigative Demand regarding possible false claims to government healthcare programs.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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Jun 06
0

Daily Brief Singapore: Singtel and more

By | Daily Briefs, Singapore

In today’s briefing:

  • kopi-C with Singtel’s Group CFO: ‘We create an impact in the lives of more than 700 million people’

kopi-C with Singtel’s Group CFO: ‘We create an impact in the lives of more than 700 million people’

By Geoff Howie

  • kopi-C with Singtel’s Group CFO: ‘We create an impact in the lives of more than 700 million people’ With its new Singtel28 plan, Singtel is racing ahead to extend its lead in connectivity, digital services and digital infrastructure.
  • For businesses, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber security capabilities.

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