Smartkarma Daily Briefs, Author at Smartkarma

Apr 28

Daily Brief Consumer: TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Few Companies Have Started to Move Yet, but Can They Raise R & D Investment to Regain Pricing Power?

Few Companies Have Started to Move Yet, but Can They Raise R & D Investment to Regain Pricing Power?

By Aki Matsumoto

Asset Turnover and ROA deteriorated as a result of accumulating cash on hand rather than investing. There was also insufficient R&D to create products that could have stronger pricing power.
Conditions are ripe for investment expansion, as demand for equipment replacement is rising due to long-standing CapEx restraints, and there is no need to accumulate more cash.
Companies are now in the stage of raising return on capital to increase reinvested cash flow from the stage of temporarily increasing earnings through price pass-through.

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Apr 27

Daily Brief South Korea: Korea Stock Exchange KOSPI 200 and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Korea Value-Up Guidelines Release Date Is Set for May 2nd

Korea Value-Up Guidelines Release Date Is Set for May 2nd

By Sanghyun Park

Chosun reports Korean financial authorities advance Value-up plan guidelines to May 2nd, citing momentum decline post-election. Chosun’s credibility enhances report validity.
Companies will commence Value-up-related disclosures in alignment with the guidelines within May. A dedicated Value-up website is set to launch in May.
The May 2nd guideline release date is crucial for Value-up momentum trading. Anticipate heightened volatility in Value-up stocks approaching this date.

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Apr 27

Daily Brief China: Eagle Nice (Intl) Hldgs, ByteDance, AGBA Group Holding and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Asian Dividend Gems: Eagle Nice International Holdings
TikTok Shop Faces Regulatory Hurdles in Bid to Become No. 1 in Vietnam, Expert Says
AGBA – A transformational deal

Asian Dividend Gems: Eagle Nice International Holdings

By Douglas Kim

Eagle Nice International Holdings’ dividend yield averaged 9.2% from FY 2019 to FY 2023. Its annual dividend payout averaged 72.2% in the same period.
Eagle Nice (Intl) Hldgs is mainly engaged in the design and manufacture of sportswear for adults and children on an OEM basis. Yue Yuen Industrial Holdings is the largest shareholder.
Eagle Nice Holdings also has attractive valuations and consistent growth in sales and profits.

TikTok Shop Faces Regulatory Hurdles in Bid to Become No. 1 in Vietnam, Expert Says

By Caixin Global

Regulatory risks could derail TikTok’s drive to become Vietnam’s No. 1 online marketplace, an industry expert said.
The ByteDance-owned short-video app launched TikTok Shop in Vietnam in April 2022 as part of its broader ambition to control 35% of Southeast Asia’s e-commerce market.
Since then, it has surpassed Alibaba-backed Lazada to become Vietnam’s second-largest online marketplace by gross merchandise volume — TikTok’s vendors sold about $1.3 billion worth of goods in the past six months, according to local media which cited data from local analytics firm Metric. Now, only Singapore-based Shopee stands between TikTok and the top spot.

AGBA – A transformational deal

By Edison Investment Research

On 18 April, AGBA announced a surprise deal to acquire 100% of Triller Corp, a global AI-driven social video platform, in an all-stock transaction. Triller is privately-owned but has been independently valued at US$3.2bn. AGBA’s management is using a US$4bn valuation for the combined entity, in which AGBA shareholders will own 20% and Triller shareholders 80%. Triller recorded FY23 revenues of US$45m on 450m user accounts and 2.2m creators but is loss-making. In FY23, AGBA reported revenues of US$54m and 400,000+ clients. The combined group expects synergies from expanding and marketing to Triller’s users and utilizing Triller’s AI, natural language processing (NLP) technology and digital marketing capabilities to drive growth in its Asian investment advisory business and fintech investments.

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Apr 27

Daily Brief United States: Intel Corp, Alphabet, ATN International, Ethereum, Wex Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intel. Just Check Back In Again In 2026
Alphabet 1Q’24 Update
ATNI: Show Me Story of Free Cash Flow
Crypto Moves #25 – Ethereum Restaking: Potential is Not Risk-Free
Wex Inc (WEX) – Friday, Jan 26, 2024

Intel. Just Check Back In Again In 2026

By William Keating

Q124 revenue was $12.7 billion, down 17.5% QoQ but up 9% YoY.
Q224 revenue forecast of just $13 billion & vague promise of full year YoY growth disappoints
Capacity constraints on wafer level assembly limited Meteor Lake shipments. So much for a maniacal focus on execution.

Alphabet 1Q’24 Update

By MBI Deep Dives

Despite following Big Tech closely for the last 5 years, this sentence from today’s call still somewhat surprised me!
The scale and the height of success of Google truly boggles my mind.
Over the last year or so, Google has had its fair share of skeptics, including yours truly.

ATNI: Show Me Story of Free Cash Flow

By Hamed Khorsand

ATNI is trading at approximately 35 percent discount to tangible book value after reporting first quarter results with negative free cash flow and reducing adjusted EBITDA guidance by 4.4 percent.
ATNI experienced delays in securing government contracts in the quarter and slower process in growing commercial broadband accounts.
ATNI is forecasting adjusted EBITDA of $190 million to $200 million leading to calculation of positive free cash flow.

Crypto Moves #25 – Ethereum Restaking: Potential is Not Risk-Free

By Mads Eberhardt

Every day, 32.5 million Ether, valued at more than $100 billion, are used as collateral to verify transactions, propose blocks, and protect the Ethereum blockchain from external attacks by acting as validators.
These Ethereum validators consequently hold substantial influence over the network.
To manage this influence wielded by Ethereum stakers, the network has the capability to slash validators.

Wex Inc (WEX) – Friday, Jan 26, 2024

By Value Investors Club

WEX is a payments company trading at a discount to its historical valuation, with a P/E of 12.5x
WEX operates in three segments including Mobility and Corporate Payments, with a market cap of $9bn
WEX’s growth is driven by share gains, technology add-ons, and price increases, making it an attractive investment opportunity

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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Apr 27

Daily Brief India: Ganesh Benzoplast and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Promoter Family Feud and Fund Diversion : A Rare Saga of Governance Issue at Ganesh Benzoplast

Promoter Family Feud and Fund Diversion : A Rare Saga of Governance Issue at Ganesh Benzoplast

By Nimish Maheshwari

GBL was touted as a turnaround story as few investors have shown faith by infusing the funds for further expansion
In a rare instance, one of the promoter member fraudlently took the loan of 45 crores in the name of the company
What lies ahead is the case possible fund diversion and promoter family feud

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Apr 27

Daily Brief Japan: Roland DG Corp, Fanuc Corp, Astellas Pharma and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Taiyo Pacific Overbids Brother for Roland DG (6789)
Fanuc (6954 JP): Guidance Points Down, but the Market Sees Recovery
Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue

Taiyo Pacific Overbids Brother for Roland DG (6789)

By Travis Lundy

Originally, Brother Industries (6448 JP) wanted to buy Roland DG Corp (6789 JP). Roland invited others to bid, didn’t tell Brother, then said Taiyo Pacific’s ¥5,035 bid won.
That was low. Weeks later, Brother lobbed a ¥5,200 overbid. They are going through the approvals process but it isn’t clear Brother is negotiating.
Taiyo has extended and extended and shown up in interviews. Now it has overbid at ¥5,370.

Fanuc (6954 JP): Guidance Points Down, but the Market Sees Recovery

By Scott Foster

Fanuc was up 4.7% this past week as the market reacted to a slight uptick in orders and transparently conservative guidance.
The book-to-bill ratio remained below 1.0 in 4Q of FY Mar-24, but was up from 3Q, which appears to have been the low point in the cycle.
Inflation and ongoing inventory adjustments indicate a slow recovery, but demand for automation from traditional markets and new opportunities in aerospace and other industries should support long-term growth.

Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue

By Tina Banerjee

Astellas Pharma (4503 JP) reported ¥85B revenue increase in FY24 over FY23, while Fx impacted the revenue positively by ¥96B. In local currency terms, the U.S. revenue declined 5% YoY.
FY24 operating and net profit declined 80%+, due to amortization and impairment loss of intangible assets. Astellas is changing accounting policy to smoothen core operating and net profits in FY25.
For FY25, Astellas guided for just 3% revenue growth. Core operating profit is expected to decline 10%, while net profit is anticipated to take a bigger hit and decrease 17%.

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Apr 27

Most Read: Toyota Industries, Deep Yellow Ltd, Keisei Electric Railway Co, Asahi Intecc, Mimasu Semiconductor Industry, Anglo American, Korea Stock Exchange KOSPI 200, Eagle Nice (Intl) Hldgs, Roland DG Corp, Engie SA and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Denso’s Big Multi-Year Toyota Industries (6201) Selldown
S&P/ASX Index Rebalance Preview: Potential Changes from Now to June
Activist Palliser Re-Engages on Keisei Electric (9009) But The Oppty Remains Unconvincing
Japan – Increase in Shorts & Potential Passive Selling in May
18yrs Later, Shin-Etsu Chem Takes Out Sub Mimasu Semi (8155) – Cheap But Whatchagonnado?
BHP/Anglo American: A Decarbonising Solution
Korea Value-Up Guidelines Release Date Is Set for May 2nd
Asian Dividend Gems: Eagle Nice International Holdings
Taiyo Pacific Overbids Brother for Roland DG (6789)
Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow

Denso’s Big Multi-Year Toyota Industries (6201) Selldown

By Travis Lundy

We knew this was coming. We did not know HOW it was coming. The news today has to be seen as a bit of a disappointment.
Why is it a disappointment? Toyota Industries (6201 JP) is not buying back a big chunk, and there is no offering to oblige new investors to take a look.
This is long, slow, leakage on a company which is not overwhelmingly cheap, where it requires good governance to get out well, and even then…

S&P/ASX Index Rebalance Preview: Potential Changes from Now to June

By Brian Freitas

With three-quarters of the review period complete, there could be a bunch of changes across the S&P/ASX family of indices in June.
The Red 5 Ltd (RED AU) / Silver Lake Resources (SLR AU) merger could lead to an ad hoc change prior to the implementation of the June rebalance.
There will be 1.6-25 days of ADV to buy from passives in the inclusions while the impact on the deletions will range between 0.8-11 days of ADV.

Activist Palliser Re-Engages on Keisei Electric (9009) But The Oppty Remains Unconvincing

By Travis Lundy

Last October, activist Palliser Capital launched a campaign (presentation) on well-known “stub trade” Keisei Electric Railway Co (9009 JP) with a stake of about 1.6%.
The proposal? Monetise a decent stake in Oriental Land (4661 JP), repurchase shares, and invest for growth. Keisei responded 6-8 weeks ago with a buyback and 1% OLC stake sale.
I thought that was time to bail. That was it. But now, Palliser has re-engaged. Today a press release (Japanese/English) and a Letter to the Board.

Japan – Increase in Shorts & Potential Passive Selling in May

By Brian Freitas

There are a bunch of stocks that have underperformed the Nikkei 225 (NKY INDEX) and their peers and could be deleted from global passive portfolios in May.
The deletion from passive portfolios will lead to a liquidity event at the end of May where passive trackers will need to sell multiple days of ADV.
Shorts have been built up on all the stocks over the last few months and the extent of the positioning varies across stocks.

18yrs Later, Shin-Etsu Chem Takes Out Sub Mimasu Semi (8155) – Cheap But Whatchagonnado?

By Travis Lundy

Shin Etsu Chemical (4063 JP), owner of a 44% stake in Mimasu Semiconductor Industry (8155 JP), has announced a Tender Offer to take out minorities in Mimasu.
This is not surprising. They bought in 19 years ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. But it’s too cheap.
Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 52%. Then they need a bit to get them to 67% but it should be straightforward.

BHP/Anglo American: A Decarbonising Solution

By David Blennerhassett

BHP (BHP AU)‘s all-scrip unsolicited Offer for Anglo American (AAL LN), zeroes in on AAL’s copper assets as demand for the metal increases for use in EVs and renewable power.
The proposal has been labelled highly opportunistic by some shareholders and South African politicians. And that the value of AAL’s Chilian/Peruvian copper mines are obscured by its sprawling business interests.
The Offer remains conditional and non-binding. A transaction hinges off AAL spinning off its South African iron ore and platinum businesses. Expect AAL to reject terms, but remain engaged.

Korea Value-Up Guidelines Release Date Is Set for May 2nd

By Sanghyun Park

Chosun reports Korean financial authorities advance Value-up plan guidelines to May 2nd, citing momentum decline post-election. Chosun’s credibility enhances report validity.
Companies will commence Value-up-related disclosures in alignment with the guidelines within May. A dedicated Value-up website is set to launch in May.
The May 2nd guideline release date is crucial for Value-up momentum trading. Anticipate heightened volatility in Value-up stocks approaching this date.

Asian Dividend Gems: Eagle Nice International Holdings

By Douglas Kim

Eagle Nice International Holdings’ dividend yield averaged 9.2% from FY 2019 to FY 2023. Its annual dividend payout averaged 72.2% in the same period.
Eagle Nice (Intl) Hldgs is mainly engaged in the design and manufacture of sportswear for adults and children on an OEM basis. Yue Yuen Industrial Holdings is the largest shareholder.
Eagle Nice Holdings also has attractive valuations and consistent growth in sales and profits.

Taiyo Pacific Overbids Brother for Roland DG (6789)

By Travis Lundy

Originally, Brother Industries (6448 JP) wanted to buy Roland DG Corp (6789 JP). Roland invited others to bid, didn’t tell Brother, then said Taiyo Pacific’s ¥5,035 bid won.
That was low. Weeks later, Brother lobbed a ¥5,200 overbid. They are going through the approvals process but it isn’t clear Brother is negotiating.
Taiyo has extended and extended and shown up in interviews. Now it has overbid at ¥5,370.

Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow

By Janaghan Jeyakumar, CFA

The ES50 Index is one of the most highly-tracked and followed indices in Europe and the annual index review takes place in September every year.
This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2024.

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Apr 27

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Apr 26th): Hang Seng Bank and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

Hong Kong Buybacks Weekly (Apr 26th): Hang Seng Bank, Xiaomi, Wuxi Biologics
ASX Short Interest Weekly (Apr 19th): Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group

Hong Kong Buybacks Weekly (Apr 26th): Hang Seng Bank, Xiaomi, Wuxi Biologics

By Ke Yan, CFA, FRM

We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hang Seng Bank (11 HK), Xiaomi (1810 HK), Wuxi Biologics (2269 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), CK Asset (1113 HK).

ASX Short Interest Weekly (Apr 19th): Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of ASX Stocks as of Apr 19th (reported today) which has an aggregated short interest worth USD18.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group.

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Apr 27

Daily Brief Thematic (Sector/Industry): Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers
Japan Weekly | Earnings Reports Dictate Stock Moves
[Blue Lotus Daily – TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN
AUCTUS ON FRIDAY – 26/04/2024
[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ

Widening Crack Spreads Enable Oil Refiners to Outdo Oil Explorers

By Suhas Reddy

This paper contrasts performance of integrated oil exploration and refining firms (“Explorers”) with oil refineries (“Refiners”).
Hypothesis is that Refiners outperform Explorers when the crack spread widens. Back testing based on select firms proves the hypothesis.
This paper posits that Refiners will outdo Explorers when crack spreads tear based on historical performance.

Japan Weekly | Earnings Reports Dictate Stock Moves

By Mark Chadwick

For the week, the Nikkei ended up 2.34%, while the Topix gained 2.29%.
Japan’s 10-year government bond yield reached six-month highs, exceeding 0.9%, amidst the BOJ’s unchanged interest rates.
Shares of Zeon rose by +17% this week after the company reported 4Q3/24 operating profits of ¥4.5 bn, surpassing analyst estimates

[Blue Lotus Daily – TMT Update]:JD US/BABA US/2618 HK/6690 HK/000333 SH/000651 SH/1810HK/700HK/SHEIN

By Ying Pan

JD/BABA/2618.HK/6690.HK/000333.SH/000651.SH/1810.HK: Some cities have begun to roll out “Trade Old in for New” home appliance subsidies (+)
700 HK: Source suggested that <Black Myth: Wukong> will commence pre-sales on Tencent’s WeGame platform on May 19th.(+)
SHEIN: SHEIN launches support for self-operating 3P merchants in Europe (+)

AUCTUS ON FRIDAY – 26/04/2024

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel.
In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence.
The annulment, if not contested, will result in reversion to the 2018 legislation enabling oil as well as gas within the d 363C.R .AX permit to be exploited.

[Blue Lotus Daily]:9926HK/1801HK/BGNE US/9995HK/LI US/1810HK/1211HK/NIO US/XPEVUS/300274SZ/ 300750SZ

By Eric Wen

9926 HK/1801 HK/BGNE US/9995 HK: Stablization of insulin NDRL price suspected major changes in medical insurance policies(///////)
LI US/1810 HK/1211 HK/NIO US/XPEV US: In the 16th week of 2024, the growth rate of new energy vehicles slowed down, LI showed negative growth, AITO rebounded, Xiaomi fell back（/////////）
1810 HK/XPEV US/NIO US/LI US: Takeaways from Xiaomi Investor Conference (+/-/-/-)

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Apr 27

Daily Brief Event-Driven: BHP/Anglo American: A Decarbonising Solution and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

BHP/Anglo American: A Decarbonising Solution
Korea Value-Up Guidelines Release Date Is Set for May 2nd
Taiyo Pacific Overbids Brother for Roland DG (6789)
Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow
I Squared & TDR Win the Long Battle for Applus at the Final Auction

BHP/Anglo American: A Decarbonising Solution

By David Blennerhassett

BHP (BHP AU)‘s all-scrip unsolicited Offer for Anglo American (AAL LN), zeroes in on AAL’s copper assets as demand for the metal increases for use in EVs and renewable power.
The proposal has been labelled highly opportunistic by some shareholders and South African politicians. And that the value of AAL’s Chilian/Peruvian copper mines are obscured by its sprawling business interests.
The Offer remains conditional and non-binding. A transaction hinges off AAL spinning off its South African iron ore and platinum businesses. Expect AAL to reject terms, but remain engaged.

Korea Value-Up Guidelines Release Date Is Set for May 2nd

By Sanghyun Park

Chosun reports Korean financial authorities advance Value-up plan guidelines to May 2nd, citing momentum decline post-election. Chosun’s credibility enhances report validity.
Companies will commence Value-up-related disclosures in alignment with the guidelines within May. A dedicated Value-up website is set to launch in May.
The May 2nd guideline release date is crucial for Value-up momentum trading. Anticipate heightened volatility in Value-up stocks approaching this date.

Taiyo Pacific Overbids Brother for Roland DG (6789)

By Travis Lundy

Originally, Brother Industries (6448 JP) wanted to buy Roland DG Corp (6789 JP). Roland invited others to bid, didn’t tell Brother, then said Taiyo Pacific’s ¥5,035 bid won.
That was low. Weeks later, Brother lobbed a ¥5,200 overbid. They are going through the approvals process but it isn’t clear Brother is negotiating.
Taiyo has extended and extended and shown up in interviews. Now it has overbid at ¥5,370.

Quiddity Leaderboard ES50 Sep 24: Engie Gets Closer to a US$1.1bn Index Inflow

By Janaghan Jeyakumar, CFA

The ES50 Index is one of the most highly-tracked and followed indices in Europe and the annual index review takes place in September every year.
This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
In this insight, we take a look the names leading the race to become ADDs/DELs for the upcoming index review in September 2024.

I Squared & TDR Win the Long Battle for Applus at the Final Auction

By Jesus Rodriguez Aguilar

I Squared and TDR presented a final offer price of €12.78/share in cash, marking a 16.2% increase over their prior bid and surpassing Apollo Global Management’s final offer of €12.51/share.
The winning offer values the share capital at €1,649 million (7.3x EV/Fwd NTM EBITDA, 13.2x Fwd P/E), 34% above Apollo’s initial offer.
Gross spread is 0.2%. Settlement could happen around 27 May, with 3.7% estimated annual return.

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