Smartkarma Daily Briefs

• Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.
• The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).
• At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.

• A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP).
• In our earlier note, we talked about the placement and ran the deal through our ECM framework.
• In this note, we talk about the updates and share price performance since then.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, the coming week  to see two more listing, with both likely to do well.
• On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.

• Blue Moon started with a kitchen spray cleanser in 1994, but now focuses on liquid detergents in China
• While they have strong marketing and scale, their competitive advantages are weak compared to domestic competitor Liby
• Intensifying competition and various factors have led to a decline in Blue Moon’s market share, raising uncertainty about their future in the industry

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.

• Alimentation Couche-Tard is a global leader in convenience stores and gas stations, with a stable and recession-resistant business model.
• The company has a strong management team focused on consolidating the fragmented c-store industry and generating solid free cash flow.
• ATD stock is trading at a reasonable multiple with potential for mid-teens FCF per share growth, making it an attractive long-term 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.

• The fact that institutional investors consider whether a company has zero female board members when voting has led to decrease in the number of companies with zero female board members.
• Since fewer companies have zero female board members but a minority of companies have at least two female board members, achieving 30% female board members seems somewhat of a hurdle.
• While tenure and concurrent service of female board members are problematic, the starting point is to ensure that women have  a 30% voice on the board and to promote diversity.