Smartkarma Daily Briefs

• In this insight, we take a look at our final expectations for ADDs/DELs for the T50 and T100 indices for the June 2024 index rebal event.
• Today is the base date for the T50/100 June 2024 index review and there are some changes to our expectations since my last insight roughly a month ago.
• We see one change for the T50 index and three changes for the T100 index.

• An overlooked old economy sector in Asia ripe for a comeback
• Industry dynamics will provide  a long-term tailwind for the company
• Opportunity created by  deletion from an index and corporate restructuring

• Deere & Co.’s Q2 results revealed a decline in net sales and revenues with a noticeable impact from more challenging market conditions, particularly in the agriculture sector.
• Net sales have gone down by 15% to $13.61 billion while net income attributable to the company reached $2.37 billion or $8.53 per diluted share.
• Breaking it down by business segments, the Production and Precision Ag business reported net sales of $6.581 billion, a decline of 16% compared to the same period last year.

• Grab, a Singapore-based technology company offering ride-hailing transport, food delivery, and payment solutions, leveraged its vast user base of more than 2 million drivers and 63 million downloads in the fourth quarter of 2021.
• Its financial performance for the first quarter of 2024 shows strong growth in several key areas, such as its delivery and mobility services, its financial services, and its strategic initiatives to sustain and generate growth.
• In the first quarter of 2024, Grab’s revenue grew by 24% year over year and 29% in constant currency terms, reaching $653 million.

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.

• GMR Hyderabad International Airport
• Lippo Karawaci

• Copart, Inc., reported Q3 fiscal 2024 results showing a promising trend in the total loss frequency rate, driven by a decrease in used vehicle prices and an increase in repair costs.
• This rate reverted to pre-pandemic levels during Q3 as used vehicle prices fell by 14% YoY, while repair costs remained high due to labor challenges and the complexity of vehicle repairs.
• The company’s Insurance business has grown its volume by 6.8% YoY, as the frequency and magnitude of storm-related activity have increased.

• RaaS has published an update report on IP services group QANTM Intellectual Property (ASX:QIP) following its update on earnings guidance, incorporating the impact of transaction costs on reported EPS in FY24.
• QIP said that as a result of transaction costs it expects to incur up to 30 June in relation to the Scheme of Arrangement with Adamantem Capital, FY24 EPS is now expected to be from $0.075 to $0.08/share.
• The company also provided a new underlying EBITDA range of $33.0m to $33.5m, noting there has been no material change to underlying trading conditions.

• In this insight, we take a look at our final expectations for ADDs/DELs for the T50 and T100 indices for the June 2024 index rebal event.
• Today is the base date for the T50/100 June 2024 index review and there are some changes to our expectations since my last insight roughly a month ago.
• We see one change for the T50 index and three changes for the T100 index.

• An overlooked old economy sector in Asia ripe for a comeback
• Industry dynamics will provide  a long-term tailwind for the company
• Opportunity created by  deletion from an index and corporate restructuring

• Deere & Co.’s Q2 results revealed a decline in net sales and revenues with a noticeable impact from more challenging market conditions, particularly in the agriculture sector.
• Net sales have gone down by 15% to $13.61 billion while net income attributable to the company reached $2.37 billion or $8.53 per diluted share.
• Breaking it down by business segments, the Production and Precision Ag business reported net sales of $6.581 billion, a decline of 16% compared to the same period last year.

• Grab, a Singapore-based technology company offering ride-hailing transport, food delivery, and payment solutions, leveraged its vast user base of more than 2 million drivers and 63 million downloads in the fourth quarter of 2021.
• Its financial performance for the first quarter of 2024 shows strong growth in several key areas, such as its delivery and mobility services, its financial services, and its strategic initiatives to sustain and generate growth.
• In the first quarter of 2024, Grab’s revenue grew by 24% year over year and 29% in constant currency terms, reaching $653 million.

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.

• GMR Hyderabad International Airport
• Lippo Karawaci

• Copart, Inc., reported Q3 fiscal 2024 results showing a promising trend in the total loss frequency rate, driven by a decrease in used vehicle prices and an increase in repair costs.
• This rate reverted to pre-pandemic levels during Q3 as used vehicle prices fell by 14% YoY, while repair costs remained high due to labor challenges and the complexity of vehicle repairs.
• The company’s Insurance business has grown its volume by 6.8% YoY, as the frequency and magnitude of storm-related activity have increased.

• RaaS has published an update report on IP services group QANTM Intellectual Property (ASX:QIP) following its update on earnings guidance, incorporating the impact of transaction costs on reported EPS in FY24.
• QIP said that as a result of transaction costs it expects to incur up to 30 June in relation to the Scheme of Arrangement with Adamantem Capital, FY24 EPS is now expected to be from $0.075 to $0.08/share.
• The company also provided a new underlying EBITDA range of $33.0m to $33.5m, noting there has been no material change to underlying trading conditions.