All Posts By

Smartkarma Daily Briefs

Mar 09
0

Daily Brief Equity Bottom-Up: Copper Is the New “GOLD”: India’s Rush for Rare Minerals and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Copper Is the New “GOLD”: India’s Rush for Rare Minerals
  • Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers
  • Permian Resources Corporation: Initiation Of Coverage – 5 Major Drivers
  • Jazz Pharmaceuticals: Zanidatamab’s Future Progression & 4 Other Drivers
  • Karuna Therapeutics: Is The Bidding Battle Underway?
  • Tokyo Electron (8035): Q3 FY03/24 Update
  • Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? – Major Drivers
  • Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? – Key Drivers
  • 3Q Follow-Up – Copro-Holdings (7059 Jp)
  • Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! – Major Drivers

Copper Is the New “GOLD”: India’s Rush for Rare Minerals

By Nimish Maheshwari

  • Copper, known as the “red metal” and vital in modern civilization, has seen a significant surge in demand globally, especially in sectors like electrical, electronics, construction, and transportation.
  • Global and Indian reserves of copper, use cases, production process and government push towards Copper mining and overall analysis of existing new entrants in the industry.
  • India possessing only 0.25% of the world’s reserves, the overall view from mining to distribution and consumption of copper across India and companies involved in the space.

Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers

By Baptista Research

  • The recent earnings of Baidu indicated solid performance for the fiscal year 2023.
  • An extremely neutral analysis reveals several positives.
  • The total revenue for Baidu Core’s total revenue for the year increased by 8% year-over-year, indicating strong financial resilience.

Permian Resources Corporation: Initiation Of Coverage – 5 Major Drivers

By Baptista Research

  • This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.
  • The company reported its Q4 and full-year 2023 earnings with significant growth and progress.
  • The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.

Jazz Pharmaceuticals: Zanidatamab’s Future Progression & 4 Other Drivers

By Baptista Research

  • Jazz Pharmaceuticals reported a strong financial year in 2023, with overall revenues surpassing $3.8 billion.
  • This performance was primarily driven by the growth of key products in the company’s portfolio – Xywav, Epidiolex and Rylaze, which collectively accounted for a 27% year-over-year increase in revenue.
  • The company’s sleep therapeutic area contributed more than $1.9 billion in annual revenue, indicating a strong demand for its offerings given the high prevalence of sleep related disorders.

Karuna Therapeutics: Is The Bidding Battle Underway?

By Andrei Zakharov

  • In December 2023, American multinational pharmaceutical company Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330 per share in cash, implying a total equity value of $14B.
  • The special meeting of Karuna’s shareholders to be held on March 12, 2023, to consider and vote on various proposals necessary to approve upcoming M&A deal.
  • I expect the bidding battle among big pharma to acquire Karuna Therapeutics and its valuable pipeline of transformative medicines to treat schizophrenia and psychosis in Alzheimer’s disease.

Tokyo Electron (8035): Q3 FY03/24 Update

By Shared Research

  • Tokyo Electron (8035 JP) is a global manufacturer of semiconductor production equipment (SPE).
  • In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.
  • Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.

Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? – Major Drivers

By Baptista Research

  • Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior year.
  • This milestone was the result of four quarterly sales records, including $1.96 billion for the fourth quarter.
  • The company also achieved an annual gross margin record of 51.9%.

Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? – Key Drivers

By Baptista Research

  • Autodesk demonstrated strong performance in the fourth quarter and full year results of fiscal 2024 with 14% constant currency revenue growth in Q4.
  • The report reflects Autodesk’s resilience and discipline manifested through its subscription business model, product diversification, and robust customer base.
  • The company’s diversified consumer base spans various regions and industries, enabling balanced growth.

3Q Follow-Up – Copro-Holdings (7059 Jp)

By Sessa Investment Research

  • COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.
  • Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).
  • COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects. 

Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! – Major Drivers

By Baptista Research

  • Monolithic Power Systems (MPS) enters 2024 with a cautiously optimistic outlook, following a record revenue of $1.82 billion for the full year of 2023, marking its 12th consecutive year of revenue growth.
  • The highlights of MPS’ performance in 2023 were the consistent execution, continuous innovation, and robust customer focus.
  • However, the visibility beyond the current quarter remains limited due to uncertain customer ordering patterns reflecting overall economic uncertainty.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief Macro: After Bitcoin’s Stunning Rally. What Next? and more

By | Daily Briefs, Macro

In today’s briefing:

  • After Bitcoin’s Stunning Rally. What Next?
  • The Weekly Market Monitor – These Two All-Time Highs Are No Coincidence!
  • Portfolio Watch: Sea of cyclical green

After Bitcoin’s Stunning Rally. What Next?

By Pranay Yadav

  • BTC tailwinds remain strong with strong ETF demand driving spot buying. 
  • Volatile price action last week caused sharp liquidations and flushed leverage from BTC markets, since then, BTC has traded in a narrowing range
  • During periods of consolidation, BTC/ETH spread has favored ETH and during sharp moves, it has favored BTC. 

The Weekly Market Monitor – These Two All-Time Highs Are No Coincidence!

By Jeroen Blokland

  • Bitcoin AND gold made new all-time highs, which is by no means a coincidence. Gold’s market cap is now over USD 16 trillion, which is important for two reasons.
  • The Fed has multiple reasons to cut rates even though GDP growth is resilient, including bank defaults, the commercial real estate crisis, and evaporating liquidity.
  • The ECB should cut rates, too; it runs the risk of getting in on the action too late.

Portfolio Watch: Sea of cyclical green

By Elias Lisberg Glistrup

  • Welcome to our latest edition of Portfolio Watch, our weekly deep-dive into prevailing market trends and our portfolio strategies.
  • In this updated iteration of our series, we’ll explore the latest updates in both our Macro Alpha Portfolio and our Digital Assets Portfolio.
  • Additionally, we’re excited to announce that we’re just about ready to introduce to you our quantitative portfolio.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief Australia: Eureka Group Holdings and more

By | Australia, Daily Briefs

In today’s briefing:

  • Eureka Group (EGH AU): Aspen’s Offer Is A Non-Starter

Eureka Group (EGH AU): Aspen’s Offer Is A Non-Starter

By David Blennerhassett

  • On the 23 January, Aspen (APZ AU) improved its scrip terms to 0.26 Aspen shares per Eureka (EGH AU) share, up from 0.225 Aspen shares on the 2 March 2023.
  • Two weeks later, Eureka said they still had not received a formal Offer. Aspen has now released its Bidder’s Statement. Its Offer has a 50.1% acceptance condition.
  • Complicating the Offer was the recent disclosures from FDC Group that it held a 12.89% stake, preventing Aspen compulsory acquiring shares.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief Singapore: BRC Asia Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry”

kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry”

By Geoff Howie

  • kopi-C with BRC Asia’s CEO: “We’ve become the leader in Singapore’s reinforcing steel fabrication industry’” After becoming one of Singapore’s largest reinforcing steel fabricators through an acquisition, BRC Asia plans to extend its reach to other markets.
  • Incorporated in 1938, BRC Asia Limited (“BRC”) is a leading Pan-Asia prefabricated reinforcing steel solutions provider headquartered in Singapore and listed on the Singapore Stock Exchange.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief India: Hindustan Copper and more

By | Daily Briefs, India

In today’s briefing:

  • Copper Is the New “GOLD”: India’s Rush for Rare Minerals

Copper Is the New “GOLD”: India’s Rush for Rare Minerals

By Nimish Maheshwari

  • Copper, known as the “red metal” and vital in modern civilization, has seen a significant surge in demand globally, especially in sectors like electrical, electronics, construction, and transportation.
  • Global and Indian reserves of copper, use cases, production process and government push towards Copper mining and overall analysis of existing new entrants in the industry.
  • India possessing only 0.25% of the world’s reserves, the overall view from mining to distribution and consumption of copper across India and companies involved in the space.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief South Korea: Hanon Systems, Classys and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Local Observations on Carlyle’s Possible Buyout of Hanon Systems
  • Classys: One of Korea’s Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends

Local Observations on Carlyle’s Possible Buyout of Hanon Systems

By Sanghyun Park

  • Carlyle’s renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.
  • Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn & Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.
  • Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.

Classys: One of Korea’s Top Beauty Medical Device Makers + Higher Shares Cancellation and Dividends

By Douglas Kim

  • Classys is one of the top beauty medical device companies in Korea. Classys’ main products include Shurink Universe and Volnewmer.
  • We have a positive view of Classys (214150 KS). Classys is trading at relatively reasonable valuations, considering the company’s strong growth in sales and profits.
  • On 28 February, Classys announced a shareholder return amount of 38 billion won (including share cancellation of about 25 billion won and dividend payout of 13 billion won).

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief United States: Astera Labs , Avangrid , Permian Resources , Karuna Therapeutics Inc, Skechers Usa Inc Cl A, Monolithic Power Systems, Inc, Jm Smucker Co, Nutanix Inc, Autodesk Inc, Culp Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside
  • Iberdrola/Avangrid: Logical Move
  • Permian Resources Corporation: Initiation Of Coverage – 5 Major Drivers
  • Karuna Therapeutics: Is The Bidding Battle Underway?
  • Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? – Major Drivers
  • Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! – Major Drivers
  • The J. M. Smucker Company: Initiation Of Coverage – Core Business Strategy & 5 Key Performance Drivers – Financial Forecasts
  • Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? – Major Drivers
  • Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? – Key Drivers
  • Culp, Inc. – Lower Near-Term Expectations; Culp Likely to Restructure

Astera Labs IPO Valuation Update: Multiples Appear Rich, Limited Post-IPO Upside

By Andrei Zakharov

  • Astera Labs, which offers connectivity solutions tailored for AI accelerators, GPUs, FPGAs and other high-performance computing platforms, announced terms for its IPO today.
  • California-Based semiconductor company plans to raise ~$392M by offering ~14.8M shares at a price range of $27 to $30. Selling stockholders offer ~3M shares of common stock in this IPO.  
  • At the midpoint of the proposed price range, Astera Labs would command a fully diluted market value of $5B, above their last private round of $3.15B.

Iberdrola/Avangrid: Logical Move

By Jesus Rodriguez Aguilar

  • Iberdrola SA (IBE SM) launches a $34.25/share cash offer to acquire the minorities (18.4%) in its US subsidiary Avangrid (AGR US). Premium is 6.8%, and the cost c. $2.5 billion.
  • The market was awaiting this move since the cancellation of the PNM deal, which explains the recent rise in the share price of Avangrid.
  • Gross spread is 4.5%. It seems investors are buying in the hope of an offer sweetening, knowing that Iberdrola has some cash available to spend from the profitable Mexico exit.

Permian Resources Corporation: Initiation Of Coverage – 5 Major Drivers

By Baptista Research

  • This is our first report on Permian Resources, a Delaware-based independent oil and natural gas company.
  • The company reported its Q4 and full-year 2023 earnings with significant growth and progress.
  • The company finished the year delivering industry-leading returns, exceeding both internal and external expectations.

Karuna Therapeutics: Is The Bidding Battle Underway?

By Andrei Zakharov

  • In December 2023, American multinational pharmaceutical company Bristol Myers Squibb has agreed to acquire Karuna Therapeutics for $330 per share in cash, implying a total equity value of $14B.
  • The special meeting of Karuna’s shareholders to be held on March 12, 2023, to consider and vote on various proposals necessary to approve upcoming M&A deal.
  • I expect the bidding battle among big pharma to acquire Karuna Therapeutics and its valuable pipeline of transformative medicines to treat schizophrenia and psychosis in Alzheimer’s disease.

Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? – Major Drivers

By Baptista Research

  • Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior year.
  • This milestone was the result of four quarterly sales records, including $1.96 billion for the fourth quarter.
  • The company also achieved an annual gross margin record of 51.9%.

Monolithic Power Systems: Increasing Power Requirements for Newly Introduced AI Products Changing The Game! – Major Drivers

By Baptista Research

  • Monolithic Power Systems (MPS) enters 2024 with a cautiously optimistic outlook, following a record revenue of $1.82 billion for the full year of 2023, marking its 12th consecutive year of revenue growth.
  • The highlights of MPS’ performance in 2023 were the consistent execution, continuous innovation, and robust customer focus.
  • However, the visibility beyond the current quarter remains limited due to uncertain customer ordering patterns reflecting overall economic uncertainty.

The J. M. Smucker Company: Initiation Of Coverage – Core Business Strategy & 5 Key Performance Drivers – Financial Forecasts

By Baptista Research

  • This is our first report on food and beverage major, J. M. Smucker.
  • In its 3rd quarter earnings for fiscal year 2024, J. M. Smucker Company (Smucker) effectively outlined promising growth indicators across its portfolio, validated the strategic maneuvering of its product mix, and reaffirmed confidence in its forecasting.
  • On the surface, company executives displayed a marginal optimism, with the company reporting 6% comparable sales growth.

Nutanix Inc.: What Are The 3 Biggest Challenges On Its Path? – Major Drivers

By Baptista Research

  • Over the quarter, Nutanix reported record revenue of $565 million, which surpassed guidance expectations, as well as an impressive annual recurring revenue (ARR) increment of 26% YoY reaching $1.74 billion.
  • Besides solid financial performance, the company also accomplished its first GAAP operating profitability in Q2 which showcased the effective workings of their subscription model.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Autodesk Inc.: Implementation of The New Transactional Model A Potential Game Changer? – Key Drivers

By Baptista Research

  • Autodesk demonstrated strong performance in the fourth quarter and full year results of fiscal 2024 with 14% constant currency revenue growth in Q4.
  • The report reflects Autodesk’s resilience and discipline manifested through its subscription business model, product diversification, and robust customer base.
  • The company’s diversified consumer base spans various regions and industries, enabling balanced growth.

Culp, Inc. – Lower Near-Term Expectations; Culp Likely to Restructure

By Water Tower Research

  • We are cutting estimates on Culp, responding to weak demand, and bracing for a restructuring in 4QFY24.
  • Culp’s 3QFY24 earnings report, issued Wednesday after the close, highlighted improved revenue and operating results, Y/Y and sequentially.
  • Consolidated sales were $60.4 million, up 15% Y/Y and 3% sequentially, aided by a calendar shift in the Chinese New Year from 3Q to 4Q.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief Indonesia: Delta Dunia Makmur and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics

Delta Dunia Makmur – Event Flash – Tender Offer And Consent Solicitation – Lucror Analytics

By Trung Nguyen

Delta Dunia Makmur has launched a tender offer for the USD 7.75% 2026 notes (USD 365.7 mn outstanding), with a concurrent consent solicitation. We recommend that noteholders tender their bonds, and close our “Buy” call on the BUMAIJ 7.75 ’26s.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief China: Baidu, Shanghai Zhida Technology Development Co Ltd, NetEase and more

By | China, Daily Briefs

In today’s briefing:

  • Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers
  • Shanghai Zhida Technology Development Pre-IPO Tearsheet
  • NetEase Inc.: How The Company Has Built A Robust Gaming Ecosystem! – Major Drivers

Baidu Inc.: Are Its Investments In Gen AI and LLM Paying Off? – Major Drivers

By Baptista Research

  • The recent earnings of Baidu indicated solid performance for the fiscal year 2023.
  • An extremely neutral analysis reveals several positives.
  • The total revenue for Baidu Core’s total revenue for the year increased by 8% year-over-year, indicating strong financial resilience.

Shanghai Zhida Technology Development Pre-IPO Tearsheet

By Clarence Chu

  • Shanghai Zhida Technology Development Co Ltd (SZTD HK) is looking to raise about US$130m in its upcoming Hong Kong IPO. Shenwan Hongyuan is the sole bookrunner.
  • Shanghai Zhida Technology Development (SZTD) is a provider of electric vehicle (EV) home charging solutions.
  • As per F&S, the firm was the world’s largest provider of EV home charging solutions in terms of sales volume of home EV chargers over its track record period.

NetEase Inc.: How The Company Has Built A Robust Gaming Ecosystem! – Major Drivers

By Baptista Research

  • The NetEase Q4 earnings revealed several strengths and weaknesses in the company.
  • On the positives, NetEase reported a 7% increase in total net revenue for 2023 to RMB 103.5 billion (USD 14.6 billion), driven by momentum across its businesses.
  • The revenue growth was attributed mainly to increased revenue contribution from the launch of new games such as Justice Mobile, and sustainably developed titles like Egg Party.

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

Sign Up for Free

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
Sign Up for Free


Mar 09
0

Daily Brief Japan: Nippon Express Holdings, Tokyo Electron, COPRO-HOLDINGS Co Ltd, Tsuruha Holdings, Eisai Co Ltd, Frontier Management Inc and more

By | Daily Briefs, Japan

In today’s briefing:

  • Nippon Express (9147 JP): The Current Playbook
  • Tokyo Electron (8035): Q3 FY03/24 Update
  • 3Q Follow-Up – Copro-Holdings (7059 Jp)
  • Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance
  • Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi
  • 4Q Follow-Up – Frontier Management Inc. (7038 JP)

Nippon Express (9147 JP): The Current Playbook

By Arun George

  • Since the US$260 million secondary placement announcement, Nippon Express Holdings (9147 JP) shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).
  • Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.
  • The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Tokyo Electron (8035): Q3 FY03/24 Update

By Shared Research

  • Tokyo Electron (8035 JP) is a global manufacturer of semiconductor production equipment (SPE).
  • In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.
  • Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.

3Q Follow-Up – Copro-Holdings (7059 Jp)

By Sessa Investment Research

  • COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.
  • Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).
  • COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects. 

Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance

By Shared Research

  • Tsuruha Holdings (3391 JP) , established in 1929, operates a chain of drugstores.
  • In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.
  • In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.

Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi

By Tina Banerjee

  • Eisai Co Ltd (4523 JP) has come out with ambitious revenue target for Alzheimer’s disease drug Leqembi with new estimates for global eligible patient population and potential indication expansions.
  • By FY27, Eisai expects Leqembi can generate revenue of ¥290B (~$2B) worldwide. Leqembi revenue can potentially ballooned to a whopping ¥1.6T (~$10.8B) by FY33, according to the company.
  • Through January, Eisai could reach just 2,000 patients in the U.S. versus target of 10K patients by March. The sluggish progress of Leqembi makes Eisai’s target difficult to achieve.

4Q Follow-Up – Frontier Management Inc. (7038 JP)

By Sessa Investment Research

  • The financial results were strong, as shown in the table below, and exceeded the company’s forecasts.
  • The M&A Advisory Business was particularly strong in the 4Q, recovering from soft sales slightly down in the first 3 quarters, returning to 8% growth YoY in the 4Q.
  • Sales by other main business segments remained firm, with the Management Consulting Business rising 17% YoY and the Revitalization Support Business up 174% YoY .

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

Sign Up for Free

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
Sign Up for Free