Smartkarma Daily Briefs, Author at Smartkarma

Apr 21

Daily Brief United States: Hollysys Automation Technologies, Intuitive Surgical and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine
Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

By Arun George

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: Kokusai Electric (6525 JP) and J&T Global Express (1519 HK) lock-ups. HD Hyundai Marine Solution (443060 KS), ZEEKR (ZK US) and Sichuan Baicha Baidao Industrial (2555 HK) IPOs.
Event-Driven developments: Hollysys Automation Technologies (HOLI US), Shinko Electric Industries (6967 JP), Inageya Co Ltd (8182 JP), Hang Lung Properties (101 HK), Tietto Minerals Ltd (TIE AU).

Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

By Tina Banerjee

In 1Q24, Intuitive Surgical (ISRG US) reported 11% YoY revenue growth to $1.89B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
Worldwide da Vinci procedures grew 16%, matching the higher end of prior guidance range. The company placed 313 da Vinci surgical systems, including eight newly approved da Vinci 5.
Even after considering blip in bariatric surgery, delayed tender in China, and no benefit of patient backlog, the company has raised 2024 worldwide da Vinci procedure growth guidance to 14–17%.

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief Indonesia: Medikaloka Hermina and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy

Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy

By Angus Mackintosh

Medikaloka Hermina (HEAL IJ) booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising.
The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth.
Medikaloka Hermina is differentiated by its women & children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations.

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief India: Marksans Pharma and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Marksans Pharma- Forensic Analysis

Marksans Pharma- Forensic Analysis

By Nitin Mangal

Marksans Pharma (MRKS IN) has done well in recent years, growing at 15.2% on a 5Y CAGR.
The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.
However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief Japan: Pasona Group, Japan Hotel Reit Investment and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals
Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

By David Blennerhassett

Pasona (2168 JP)will pay out 10-20% of the extraordinary gain from the Benefit One (2412 JP) sale. It will take its sweet time doing so. For no apparent reason.
Hang Lung Properties (101 HK)‘s first-ever scrip dividend provides the means for the Chan Family to indirectly chip away at minorities.
Hollysys Automation Technologies (HOLI US) accountant resignation announcement is a nothing burger. An update on PRC regulatory approvals would be welcome about now though.

Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

By Jacob Cheng

USDJPY is breaking 154, almost 20-year high. In general, weaker Yen is positive for investment in real estate as properties look cheaper from a foreign investor perspective
Yen weakness is also positive to tourism in Japan, as weak currency will drive tourist arrival and boost tourism
We like Japan Hotel REIT on the back of attractive valuation and weaker Yen. We also like other Japan RE names like 8801 and 8802

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief Industrials: Pasona Group, Evergreen Marine Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals
Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

By David Blennerhassett

Pasona (2168 JP)will pay out 10-20% of the extraordinary gain from the Benefit One (2412 JP) sale. It will take its sweet time doing so. For no apparent reason.
Hang Lung Properties (101 HK)‘s first-ever scrip dividend provides the means for the Chan Family to indirectly chip away at minorities.
Hollysys Automation Technologies (HOLI US) accountant resignation announcement is a nothing burger. An update on PRC regulatory approvals would be welcome about now though.

Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

By Daniel Hellberg

Our analysis suggests container rate momentum remained +ive in March
Despite higher fuel expense, core container margins likely rose Y/Y in Q124
Our L/S pair trade? It’s worked, a little, but Evergreen shares have stayed firm

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC), Hollysys Automation Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

TSMC. How To Turn Chicken Salad Into Chicken Sh*t
Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

TSMC. How To Turn Chicken Salad Into Chicken Sh*t

By William Keating

Q124 revenues of $18.87 billion, marginally above the high end of the guided range, up 12.9% YoY and down 3.8% QoQ. Guided Q224 +6% QoQ. Maintained full year 2024 outlook
Unnecessary, minor downward revisions for semi & foundry growth, combined with confusion about the reason triggered an allergic reaction on the markets. TSMC down ~8% since.
SMCI plunged 23% by Friday close, ARM down 16.9%, NVIDIA down 10%, AMD & Micron down ~5% etc. Nice one, TSMC!

Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

By Arun George

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: Kokusai Electric (6525 JP) and J&T Global Express (1519 HK) lock-ups. HD Hyundai Marine Solution (443060 KS), ZEEKR (ZK US) and Sichuan Baicha Baidao Industrial (2555 HK) IPOs.
Event-Driven developments: Hollysys Automation Technologies (HOLI US), Shinko Electric Industries (6967 JP), Inageya Co Ltd (8182 JP), Hang Lung Properties (101 HK), Tietto Minerals Ltd (TIE AU).

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief Health Care: Marksans Pharma, Medikaloka Hermina, Intuitive Surgical and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Marksans Pharma- Forensic Analysis
Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy
Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

Marksans Pharma- Forensic Analysis

By Nitin Mangal

Marksans Pharma (MRKS IN) has done well in recent years, growing at 15.2% on a 5Y CAGR.
The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.
However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.

Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy

By Angus Mackintosh

Medikaloka Hermina (HEAL IJ) booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising.
The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth.
Medikaloka Hermina is differentiated by its women & children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations.

Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

By Tina Banerjee

In 1Q24, Intuitive Surgical (ISRG US) reported 11% YoY revenue growth to $1.89B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
Worldwide da Vinci procedures grew 16%, matching the higher end of prior guidance range. The company placed 313 da Vinci surgical systems, including eight newly approved da Vinci 5.
Even after considering blip in bariatric surgery, delayed tender in China, and no benefit of patient backlog, the company has raised 2024 worldwide da Vinci procedure growth guidance to 14–17%.

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief Energy/Materials: Lynas Corp Ltd and more

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

In today’s briefing:

(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

By David Blennerhassett

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.
No new deals were discussed on Smartkarma this week; although a Lynas Corp Ltd (LYC AU) / MP Materials Corp (MP US)tie-in (again) rumoured.
Key updates took place on: Azure Minerals (AZS AU), Tietto Minerals (TIE AU), JSR Corp (4185 JP), Shinko Electric (6967 JP), TDCX (TDCX US), and Hollysys Automation Technologies (HOLI US).

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief Industrials: Pasona Group, Evergreen Marine Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals
Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

By David Blennerhassett

Pasona (2168 JP)will pay out 10-20% of the extraordinary gain from the Benefit One (2412 JP) sale. It will take its sweet time doing so. For no apparent reason.
Hang Lung Properties (101 HK)‘s first-ever scrip dividend provides the means for the Chan Family to indirectly chip away at minorities.
Hollysys Automation Technologies (HOLI US) accountant resignation announcement is a nothing burger. An update on PRC regulatory approvals would be welcome about now though.

Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

By Daniel Hellberg

Our analysis suggests container rate momentum remained +ive in March
Despite higher fuel expense, core container margins likely rose Y/Y in Q124
Our L/S pair trade? It’s worked, a little, but Evergreen shares have stayed firm

💡 Before it’s here, it’s on Smartkarma

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

Apr 21

Daily Brief Financials: Japan Hotel Reit Investment and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

By Jacob Cheng

USDJPY is breaking 154, almost 20-year high. In general, weaker Yen is positive for investment in real estate as properties look cheaper from a foreign investor perspective
Yen weakness is also positive to tourism in Japan, as weak currency will drive tourist arrival and boost tourism
We like Japan Hotel REIT on the back of attractive valuation and weaker Yen. We also like other Japan RE names like 8801 and 8802

💡 Before it’s here, it’s on Smartkarma

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

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