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Smartkarma Daily Briefs

Apr 16
0

Daily Brief Australia: Tietto Minerals Ltd, 5G Networks Ltd/Australia, Findi and more

By | Australia, Daily Briefs

In today’s briefing:

  • Tietto Minerals (TIE AU): Zhaojin’s Revised and Final Takeover Offer Remains Light
  • 5G Networks Limited (5GN) – Sunday, Jan 14, 2024
  • Findi Limited (FND) – Sunday, Jan 14, 2024

Tietto Minerals (TIE AU): Zhaojin’s Revised and Final Takeover Offer Remains Light

By Arun George

  • Tietto Minerals Ltd (TIE AU) has disclosed a revised conditional proposal from Zhaojin Mining Industry H (1818 HK) at A$0.68 per share, a 17.2% premium to the previous offer of A$0.58.
  • The offer is conditional on a 50.1% minimum acceptance condition (which can be waived). The offer is declared best and final. 
  • Despite the bump, the offer is below the IE’s valuation range of A$0.79 to A$0.93 per share. The IE’s valuation range would be around 25% higher at current gold prices. 

5G Networks Limited (5GN) – Sunday, Jan 14, 2024

By Value Investors Club

  • 5GN sold hosting business and 2/3 of domains business, resulting in over $100 million net gain
  • Company left with $84 million in cash after full debt repayment and transaction costs
  • Expected to generate $5 million in net income post-sale, plans to use cash for acquisitions, share buyback, and dividend, stock expected to rerate positively if targets met.

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.

Findi Limited (FND) – Sunday, Jan 14, 2024

By Value Investors Club

  • Findi is an illiquid Australian microcap company that controls TSI India, one of the largest owners and operators of ATMs in India
  • TSI India has shown signs of improvement and is expected to perform well in the future
  • Findi plans to list its operating business in India on the Indian stock market and issued convertible bonds in preparation for its IPO at a valuation of A$190.6 million

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 16
0

Daily Brief South Korea: Hanmi Science, Eubiologics and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Imminent Block Deals Involving Hanmi Science Shares Due to Inheritance Tax Payments
  • EuBiologics (206650 KS): Secular Sectoral Tailwind Is Not The Only Catalyst

Imminent Block Deals Involving Hanmi Science Shares Due to Inheritance Tax Payments

By Sanghyun Park

  • The local market anxiously awaits the family’s ability to pay by early May. Failure could prompt the Tax Service to sell their pledged stocks, including Hanmi Science shares.
  • Preventing Tax Service from selling Hanmi Science shares requires additional collateral, unlikely due to existing pledges. Rumor suggests mother and daughter may sell shares before May, followed by Tax Service.
  • Given negotiation uncertainty with KKR, it’s crucial to prepare for potential failure rather than solely relying on success, necessitating a pragmatic approach.

EuBiologics (206650 KS): Secular Sectoral Tailwind Is Not The Only Catalyst

By Tina Banerjee

  • Eubiologics (206650 KS) received UNICEF oral cholera vaccine order of KRW124B in 2024. This is nearly 1.9x higher than last year’s sales, making the case for record-high sales in 2024.
  • Eubiologics is not expecting any near-term competition. The company is boosting its production capability to 90M doses annually by 2025 from 33M doses currently.
  • Eubiologics is planning to enter the premium vaccine market, which should further accelerate the revenue growth and improve its margins. Recently, Bionote (377740 KS) has increased stake in Eubiologics.

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Apr 16
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

Valeura Energy (TSX: VLE): Three exploration wells deliver three discoveries

By Auctus Advisors

  • The Nong Yao-13 exploration well in the new Nong Yao D area that was targeting multiple zones has encountered >30 feet of new oil play across several new shallow intervals which have not been produced elsewhere on the concession.
  • These reservoirs are believed to be recurring across the Nong Yao D area.
  • The drilling result confirms that oil has successfully migrated into this area of the block (a factor that was seen to be a risk in the Nong Yao D area) and open the opportunity for further appraisal and exploration drilling in the vicinity to derisk sufficient volumes to justify a future development.

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Apr 16
0

Daily Brief Singapore: Sea , CapitaLand Ascendas REIT, Hanwell Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sea Limited (SE) – Friday, Jan 12, 2024
  • S-REIT Pair Trade Idea: Long CLAR SP and SHORT Keppel REIT on Industry Fundamentals
  • Sam Goi continues to boost his stakes in PSC and GSH

Sea Limited (SE) – Friday, Jan 12, 2024

By Value Investors Club

  • Sea Limited is a gaming and e-commerce company in Southeast Asia that has experienced fluctuations in its stock price but has strong underlying business performance.
  • Founded in 2009 as Garena by CEO Forrest Li, the company rebranded to Sea Ltd in 2017 and gained access to a wide range of games through Tencent’s investment in 2010.
  • After achieving profitability in 2023, Sea Ltd is now focused on accelerating growth and drawing comparisons to Amazon’s early years.

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.

S-REIT Pair Trade Idea: Long CLAR SP and SHORT Keppel REIT on Industry Fundamentals

By Jacob Cheng

  • We look at Asia, and see where there are interesting trade idea.  While HK/CH see investors’ capitulation, there are some interesting ideas in Singapore
  • We focus on real estate and look at S-REITs, which just wrap up their 4Q 23 results.  We see divergence in terms of industry fundamentals
  • Within S-REITs, we like industrial and retail given stronger industry fundamentals and stable asset valuation

Sam Goi continues to boost his stakes in PSC and GSH

By Geoff Howie

  • Sam Goi continues to boost his stakes in PSC and GSH INSTITUTIONS were net sellers of Singapore stocks over the four trading sessions from Apr 5 to 11, with S$44 million of net institutional outflow, as 21 primary-listed companies conducted buybacks with a total consideration of S$25 million.
  • He acquired 144,700 shares of the company at S$0.352 per share, taking his total interest from 30.74 per cent to 30.77 per cent.
  • Goi also bought more shares of GSH Corporation, where he also serves as executive chairman.

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Apr 16
0

Daily Brief India: LTIMindtree, Adani Green Energy and more

By | Daily Briefs, India

In today’s briefing:

  • Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition
  • Morning Views Asia: Adani Green Energy

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

By Janaghan Jeyakumar, CFA

  • NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
  • In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.
  • There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.

Morning Views Asia: Adani Green Energy

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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Apr 16
0

Daily Brief United States: Bitcoin, Corn Active Contract, Emerson Electric Co, Cocoa Futures, Build A Bear Workshop, Douyu International Holdings, Lsi Industries and more

By | Daily Briefs, United States

In today’s briefing:

  • Crypto Crisp: Hong Kong Rhymes With Bitcoin and Ethereum ETFs
  • Corn Prices To Fire Up on Rising Energy Costs
  • Emerson Electric Co (EMR) – Monday, Jan 15, 2024
  • Inflation Surprises as Commodities Rip Higher
  • BBW: Management Meetings: Poised for Growth; Reiterate Buy Rating, $41 PT
  • Douyu Intl Hldings Ltd -Adr (DOYU) – Sunday, Jan 14, 2024
  • Lsi Industries Inc (LYTS) – Sunday, Jan 14, 2024

Crypto Crisp: Hong Kong Rhymes With Bitcoin and Ethereum ETFs

By Mads Eberhardt

  • The weekend did not go as expected.
  • The attack on Israel by Iran, which occurred overnight between Saturday and Sunday, had a noticeable impact on the crypto market.
  • This led to Bitcoin and Ethereum dropping by 8% and 12% respectively by Sunday.

Corn Prices To Fire Up on Rising Energy Costs

By Pranay Yadav

  • Corn prices are presently being pressured by ample supplies owing to the record US harvest.
  • Corn prices face an upside risk owing to elevated demand for ethanol and supply uncertainty from the South American harvest.
  • Premium for long-dated corn futures over near-term futures is on the rise. A calendar spread can be used to express this view. 

Emerson Electric Co (EMR) – Monday, Jan 15, 2024

By Value Investors Club

  • Emerson has undergone significant portfolio transformations, reducing from five business lines to two by 2021
  • Incoming CEO Lal Karsanbhai announced strategic actions including selling InSinkErator and a majority stake in Climate Tech, while acquiring stakes in AspenTech and National Instruments
  • These moves aimed to further position Emerson as a provider of commercial refrigeration systems, consumer controls, software for process industries, and digital test equipment.

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.

Inflation Surprises as Commodities Rip Higher

By The Commodity Report

  • Last week’s inflation data surprised market participants on the upside. CPI YoY: 3,2% vs. 3,1% estimate. Core CPI m/m: 0,4% vs 0,3% estimated
  • Even larger was the upside surprise in the PPI data. Friends of the 70s double-dip inflation scenario will probably love this chart.
  • Take a closer look at the 70s and how inflation recovered before it take of in the late 70s for another rip higher.

BBW: Management Meetings: Poised for Growth; Reiterate Buy Rating, $41 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after meeting with management in their St.
  • Louis headquarters.
  • We believe there remain multiple near and longer term growth opportunities for the company, as they expand the product, places and prices they offer “Furry friends” and further leverage the trusted Build-a-Bear brand name.

Douyu Intl Hldings Ltd -Adr (DOYU) – Sunday, Jan 14, 2024

By Value Investors Club

  • Douyu, a Chinese gaming livestreaming platform with Tencent as a major stakeholder, is facing challenges from competition and a stagnant market growth.
  • The company has cut costs and is now operating at breakeven, with a significant amount of cash in US dollars available for distribution or capital allocation.
  • Despite the risks associated with the stock and sector, Douyu presents a potentially attractive investment opportunity as its stock is trading at only 28% of its net cash value.

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.

Lsi Industries Inc (LYTS) – Sunday, Jan 14, 2024

By Value Investors Club

  • LSI Industries, Inc. (LYTS) provides corporate visual image solutions in various markets through its Lighting and Graphic segments
  • The company focuses on maintaining a strong balance sheet and generating sustainable free cash flow to drive up share price
  • Management’s dedication to shareholder value makes LSI Industries an attractive investment opportunity with a double-digit FCF yield

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 16
0

Daily Brief Japan: Rorze Corp, TSE Tokyo Price Index TOPIX, Kokusai Electric , JPY and more

By | Daily Briefs, Japan

In today’s briefing:

  • Rorze (6323) | Outperforming Expectations Despite 200% Share Price Rally
  • Doesn’t Cooperation Rather than Competition Slow the Pace of Improvement in Disclosure in English?
  • Kokusai Electric IPO Lock-Up – KKR Will Be Tempted by the US$2.7bn Release but Might Have to Wait
  • Comment on Exchange Rate USD/JPY – March 29, 2024

Rorze (6323) | Outperforming Expectations Despite 200% Share Price Rally

By Mark Chadwick

  • Rorze exceeds expectations in FY2/24 with a 6% revenue beat and an 11% surpass in operating profit, setting a record-high revenue of 28 billion yen in 4Q FY2/24.
  • FY2/25 revenue guidance of 120 billion yen marks a 12% beat against analyst estimates, with operating profit expected to hit 32 billion yen, outperforming expectations by 10%.
  • Rorze’s stock, though no longer deeply undervalued, remains reasonably priced at 16.5x NTM EBIT, indicating strong potential for earnings growth-driven future upside.

Doesn’t Cooperation Rather than Competition Slow the Pace of Improvement in Disclosure in English?

By Aki Matsumoto

  • TSE officially announced that it will request prime market listed companies to simultaneously disclose two documents, financial statements and timely disclosure information, in Japanese and English from April 2025.”
  • Given the characteristics of Japanese companies, which tend to implement only minimum requirements, few companies will engage in English language disclosure in their annual securities reports, which wasn’t explicitly stated.
  • Rather than improving the quality of the market to make it easier for global investors to trade, TSE has set efforts targets to match the speed of the slowest ship.

Kokusai Electric IPO Lock-Up – KKR Will Be Tempted by the US$2.7bn Release but Might Have to Wait

By Sumeet Singh

  • KKR raised around US$730m via selling some stake in Kokusai Electric (6525 JP) Japan IPO in Sep 2023. Its remaining stake will be released from its IPO linked lockup soon.
  • KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
  • In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.

Comment on Exchange Rate USD/JPY – March 29, 2024

By VRS (Valuation & Research Specialists)

  • During the period under consideration, i.e. February 28 th , 2024 to March 29th, 2024, the USD/JPY pair fluctuated between 146 and 152 Yen per 1 Dollar.
  • The MA-10 line at the beginning of the period considered was moving above the MA-20 line. From March 7 th until March 22 nd , the MA-10 line trend changed and was moving below the MA-20.
  • By the end of the examined period, the MA-10 line ended up above the MA-20 line.

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Apr 16
0

Daily Brief China: Sichuan Baicha Baidao Industrial, Nongfu Spring , Horizon Robotics, Activision Blizzard, J&T Global Express , Travelsky Technology Ltd H, Innovent Biologics Inc and more

By | China, Daily Briefs

In today’s briefing:

  • Baicha Baidao (2555 HK) IPO: Valuation Insights
  • Nongfu Spring (9633 HK): Criticism Not a Concern, Strong Performance, But Flat Price, Buy
  • Horizon Robotics IPO Preview: “Journey Together”, Strong Business Position and Market Share Gains
  • China Consumption Weekly (15Apr2024): NetEase, Activision Blizzard, Li Auto, Alibaba, Feihe, Uniqlo
  • Sichuan Baicha Baidao IPO – Doesn’t Offer a Discount to Peers
  • J&T Global Express Q124 Operating Stats: One Step Forward for Disclosure, & One Step Back
  • Travelsky (696 HK | HOLD | TP:HKD9.92): Domestic Travel Will Support Growth
  • 2024 High Conviction Update: Innovent (1801.HK) – Breakeven Is Still on Track Despite Soaring Costs

Baicha Baidao (2555 HK) IPO: Valuation Insights

By Arun George

Nongfu Spring (9633 HK): Criticism Not a Concern, Strong Performance, But Flat Price, Buy

By Ming Lu

  • We believe the criticism against Nongfu Spring will eventually help the company.
  • Catching the trend of sugar free, tea revenue surged by 83% in 2023.
  • The company achieved higher growth and higher margin, but its stock price is still flat.

Horizon Robotics IPO Preview: “Journey Together”, Strong Business Position and Market Share Gains

By Andrei Zakharov

  • Horizon Robotics, a consumer-centric and fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, filed for an IPO and plans to raise up to $500M in Hong Kong.
  • Horizon Robotics was founded in 2015 by Dr. Yu Kai, Dr. Chang Huang, Ms. Feiwen Tao, and a group of scientists and tech entrepreneurs. 
  • I have a positive view of an upcoming IPO and believe Horizon Robotics is in a great position to capitalize on rapidly growing smart vehicles market in China and worldwide.

China Consumption Weekly (15Apr2024): NetEase, Activision Blizzard, Li Auto, Alibaba, Feihe, Uniqlo

By Ming Lu

  • NetEase will be Activision Blizzard’s agency in China again after a divorce more than a year ago.
  • Alibaba’s cloud service plans to reduce its overseas price offers by 23% on average.
  • Infant formula companies, such as Feihe and Ausnutria, suffered from revenue shrinkage in 2023.

Sichuan Baicha Baidao IPO – Doesn’t Offer a Discount to Peers

By Sumeet Singh

  • Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO.
  • SBBI sells new-style tea drinks through its ChaPanda stores. According to F&S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
  • We have looked at the company’s performance in our past note. In this note, we talk about valuations

J&T Global Express Q124 Operating Stats: One Step Forward for Disclosure, & One Step Back

By Daniel Hellberg

  • On April 9, J&T disclosed operating stats from Q124 — a positive surprise
  • We welcome the disclosure, but J&T should also explain X-border’s demise
  • We believe J&T’s China operation remains far less profitable than its peers’

Travelsky (696 HK | HOLD | TP:HKD9.92): Domestic Travel Will Support Growth

By Mohshin Aziz

  • Travelsky Technology Ltd H (696 HK) Jan-Feb operational data strong, volume processed by domestic +45% YoY and international by +52% YoY; much higher than the consensus 2024 forecast of 15%  
  • Traffic among the Big 3 Chinese airlines was up 46% YoY (-9% MoM) in March to +8% vs 2019. Domestic traffic rose 19% YoY (-11% MoM) to +24% vs 2019
  • TP of HKD9.92 (+8% UPSIDE) is based on 2024 PE 14.8x (1SD below mean). The upside is uncompelling, but we advocate a HOLD as traffic growth is stronger than consensus   

2024 High Conviction Update: Innovent (1801.HK) – Breakeven Is Still on Track Despite Soaring Costs

By Xinyao (Criss) Wang

  • 23H2 net loss significantly widened as cost control was not as tight as in 23H1. Expenses would remain high in 2024, since Innovent would continue expanding team in CVM field.
  • Innovent may think that not many players will join the competition of weight loss drug in short-term, but the actual commercialization of mazdutide after launch could be full of uncertainties.
  • It’s already good for Innovent to be breakeven in 2025. If Innovent breaks even in 2024, it will exceed expectations.Considering major policy shift, Innovent could experience a leap in valuation.

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Apr 16
0

Daily Brief ESG: Doesn’t Cooperation Rather than Competition Slow the Pace of Improvement in Disclosure in English? and more

By | Daily Briefs, ESG

In today’s briefing:

  • Doesn’t Cooperation Rather than Competition Slow the Pace of Improvement in Disclosure in English?

Doesn’t Cooperation Rather than Competition Slow the Pace of Improvement in Disclosure in English?

By Aki Matsumoto

  • TSE officially announced that it will request prime market listed companies to simultaneously disclose two documents, financial statements and timely disclosure information, in Japanese and English from April 2025.”
  • Given the characteristics of Japanese companies, which tend to implement only minimum requirements, few companies will engage in English language disclosure in their annual securities reports, which wasn’t explicitly stated.
  • Rather than improving the quality of the market to make it easier for global investors to trade, TSE has set efforts targets to match the speed of the slowest ship.

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Apr 16
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Escalating Tensions and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Escalating Tensions
  • The S&P 500 Report: Performance, Profitability, Sentiment & More – #Ed 5
  • How Electric Utilities Will Handle Booming AI Datacenter Demand
  • Suite Deal | Apr 14, 2024
  • Weekly Sustainable Investing Surveyor – Week Ended April 12, 2024

Ohayo Japan | Escalating Tensions

By Mark Chadwick

  • The Dow Jones Industrial Average marked its sixth consecutive decline amidst fears of further conflict escalation
  • The yen slipped to the mid-154 range against the dollar on Monday, marking its lowest level since June 1990
  • Sony Group is preparing to unveil a more potent PS5 console, possibly by the end of this year.

The S&P 500 Report: Performance, Profitability, Sentiment & More – #Ed 5

By Maverick Equity Research

  • Zooming out first for a big picture perspective – helpful away from the news & chatter:
  • Bears Make Headlines & Lose Money, Bulls Make Money! As always … !
  • The bear case sounds very smart very often, only problem is, it’s quite rarely right … !

How Electric Utilities Will Handle Booming AI Datacenter Demand

By Odd Lots

  • The conversation revolves around the significant energy consumption of AI data centers and the potential consequences of this trend
  • Tech companies are facing the challenge of balancing their energy needs with their sustainability commitments
  • Brian Janus, a former energy hire at Microsoft and now co-founder of Cloverleaf Infrastructure, provides insight into this issue and potential solutions

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Suite Deal | Apr 14, 2024

By subSPAC

  • The last week of SPACs was packed with deals, IPOs, and other activity.
  • A SPAC is set to take a hotel chain public, and another blank-cheque firm is set to merge with an investment platform.
  • Also, the former CEO of a SPAC merging with Trump’s social media company sues the firm while a serial SPAC sponsor loses half his fortune as dealmaking slows down.

Weekly Sustainable Investing Surveyor – Week Ended April 12, 2024

By Water Tower Research

  • The WTR Sustainable Index was up down 2.0% W/W versus the S&P 500 Index (down 1.6%), the Russell 2000 Index (down 2.9%), and the Nasdaq Index (down 0.6%).
  • Energy Technology (12.4% of the index) was down by 4.6%, while Industrial Climate and Ag Technology (57.1% of the index) was down by 1.9%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (24.1% of index) was down 2.2%.
  • Top 10 Performers: WAVE, AMRS, ZEV, TPCS, KULR, VIEW, CRGE, NHHH, EAF, AGX

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