Smartkarma Daily Briefs, Author at Smartkarma

Mar 03

Daily Brief Thematic (Sector/Industry): Semiconductor WFE 2023 In Review and more

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

In today’s briefing:

Semiconductor WFE 2023 In Review, 2024 Outlook
GEMWeekly (1 Mar 2024): China, India Macro; Ant, Alibaba, NetEase, Reliance Industries

Semiconductor WFE 2023 In Review, 2024 Outlook

By William Keating

2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year
We forecast 2024 WFE revenues to grow modestly by around 5% YoY
China’s WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea

GEMWeekly (1 Mar 2024): China, India Macro; Ant, Alibaba, NetEase, Reliance Industries

By Wium Malan, CFA

The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
Macro data points: China PMI data, India GDP growth data
Companies mentioned:Ant Group (6688 HK), Alibaba Group Holding (9988 HK), NetEase (9999 HK), Reliance Industries (RIL IN)

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Mar 03

Daily Brief Equity Bottom-Up: Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024 and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024

Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024

By Tina Banerjee

Celltrion Inc (068270 KS) has reported 12% YoY growth in its core business of biosimilars in 2023. Growth was mainly driven by new portfolios including Remsima SC and Yuflyma.
Operating profit and operating margin improved slightly YoY, led by an increase in high-margin biosimilar sales. Biosimilar products contributed 67% of total revenue in 2023, up from 57% in 2022.
The company is targeting more than 60% global sales growth to KRW3.5 trillion in 2024. Celltrion is eyeing KRW1.6 trillion EBITDA and more than 40% EBITDA margin in 2024.

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Mar 03

Daily Brief Event-Driven: S&P500 Index Rebalance: SPCY Additions & Large Impact and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

S&P500 Index Rebalance: SPCY Additions & Large Impact
(Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing
Weekly Deals Digest (03 Mar) – Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM
Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM
Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia
Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

S&P500 Index Rebalance: SPCY Additions & Large Impact

By Brian Freitas

Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Whirlpool Corp (WHR US) and Zions Bancorporation (ZION US) in the S&P 500 INDEX at the close on 15 March.
There are a bunch of inclusions, deletions and migrations across the S&P 500 INDEX (SPX INDEX), the S&P Midcap 400 Index, and the S&P SmallCap 600 Index.
The largest flows will be in the S&P 500 INDEX (SPX INDEX) adds and the largest impact in the adds to the S&P SmallCap 600 Index.

(Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing

By David Blennerhassett

I tally 54 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week on Smartkarma (possible four): Offers for Alumina (AWC AU), Superloop (SLC AU) & Qantm Intellectual (QIP AU); Samsonite (1910 HK)‘s ESR (1821 HK)‘s rumoured approaches.
Key updates took place on APM Human Services Internation (APM AU), Adbri (ABC AU), CSR Ltd (CSR AU), Weiqiao Textile Co (2698 HK), and Outsourcing Inc (2427 JP).

Weekly Deals Digest (03 Mar) – Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

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: Toei Animation (4816 JP)‘s prices its US$550 million secondary offering and Trial Holdings (5882 JP) IPO.
Event-Driven developments: Aozora Bank Ltd (8304 JP), Outsourcing Inc (2427 JP), Tsuruha Holdings (3391 JP), Samsonite (1910 HK), Alumina Ltd (AWC AU), APM Human Services Internation (APM AU).

Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

By Brian Freitas

The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.
The SSE STAR50 (STAR50 INDEX) and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.
Another week of inflows for the iShares Emerging Markets ex-China (EMXC US) ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

By David Blennerhassett

Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)‘s buyback is a means to get crossholders out, therefore, it may not have much direct market impact.
Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) – this is done.
Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue “Bond-Type Class Shares.” First reaction: You wot, mate?

Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

By Janaghan Jeyakumar, CFA

The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.
There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.
There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.

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Mar 03

Daily Brief South Korea: Celltrion Inc and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024

Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024

By Tina Banerjee

Celltrion Inc (068270 KS) has reported 12% YoY growth in its core business of biosimilars in 2023. Growth was mainly driven by new portfolios including Remsima SC and Yuflyma.
Operating profit and operating margin improved slightly YoY, led by an increase in high-margin biosimilar sales. Biosimilar products contributed 67% of total revenue in 2023, up from 57% in 2022.
The company is targeting more than 60% global sales growth to KRW3.5 trillion in 2024. Celltrion is eyeing KRW1.6 trillion EBITDA and more than 40% EBITDA margin in 2024.

💡 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

Mar 03

Daily Brief Australia: Qbe Insurance and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

By Janaghan Jeyakumar, CFA

The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.
There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.
There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.

💡 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

Mar 03

Daily Brief India: Pet Centric Pvt and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

India pet care startup scores $15m to help first-time owners

India pet care startup scores $15m to help first-time owners

By Tech in Asia

In India, demand for pets is on the rise – so much so that the country’s pet care market is estimated to reach US$1.9 billion by 2030. However, that also means an influx of first-time pet owners who don’t always know how to take care of their charges.
That’s where companies like Supertails come in.
An India-based pet care startup, Supertails addresses the needs of inexperienced owners by offering a holistic platform for pet care in India.

💡 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

Mar 03

Daily Brief United States: Box Inc Class A, Samsonite and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

S&P500 Index Rebalance: SPCY Additions & Large Impact
(Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing

S&P500 Index Rebalance: SPCY Additions & Large Impact

By Brian Freitas

Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Whirlpool Corp (WHR US) and Zions Bancorporation (ZION US) in the S&P 500 INDEX at the close on 15 March.
There are a bunch of inclusions, deletions and migrations across the S&P 500 INDEX (SPX INDEX), the S&P Midcap 400 Index, and the S&P SmallCap 600 Index.
The largest flows will be in the S&P 500 INDEX (SPX INDEX) adds and the largest impact in the adds to the S&P SmallCap 600 Index.

(Mostly) Assia-Pac M&A: Alumina, Superloop, Qantm, Samsonite, ESR, APM , Adbri, CSR, Outsourcing

By David Blennerhassett

I tally 54 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week on Smartkarma (possible four): Offers for Alumina (AWC AU), Superloop (SLC AU) & Qantm Intellectual (QIP AU); Samsonite (1910 HK)‘s ESR (1821 HK)‘s rumoured approaches.
Key updates took place on APM Human Services Internation (APM AU), Adbri (ABC AU), CSR Ltd (CSR AU), Weiqiao Textile Co (2698 HK), and Outsourcing Inc (2427 JP).

💡 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

Mar 03

Daily Brief China: Yankuang Energy Group, MediConCen and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM
MediConCen bags US$6.85M to take its AI, blockchain-powered insurtech platform to SEA | e27

Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

By Brian Freitas

The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.
The SSE STAR50 (STAR50 INDEX) and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.
Another week of inflows for the iShares Emerging Markets ex-China (EMXC US) ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!

MediConCen bags US$6.85M to take its AI, blockchain-powered insurtech platform to SEA | e27

By e27

Hong Kong-based MediConCen, a startup automating insurance claims using AI and blockchain, has raised US$6.85 million in its latest Series A round.
HSBC Asset Management led this round, with support from existing investors G&M Capital and ParticleX and new investor Wings Capital Ventures.
Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report This brings MediConCen’s total raise to US$12.7 million.

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

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Mar 03

Daily Brief Singapore: Startale Labs , Amperesand , Prefer , UNOAsia and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Singapore-based web3 startup nets $3.5m funding
NTU-incubated startup Amperesand charges ahead with funding
Prefer scores US$2M funding to take its bean-free coffee brand to Philippines | e27
UNOAsia secures US$32.1M to provide digital banking services in Philippines | e27

Singapore-based web3 startup nets $3.5m funding

By Tech in Asia

Startale Labs, a Singapore-based Web3 startup, has raised US$3.5 million in a series A follow-up round, according to Alternatives.pe.
UVM Signum Blockchain Fund, Sony Network, and Samsung Next Ventures were some of the investors in the round, which was raised at a post-money valuation of US$63.5 million.
Founded in January 2023, Startale Labs specializes in Web3 infrastructure development. Helmed by Sota Watanabe, the company creates core infrastructure and applications for Web3 that is integrated onto the Astar Network blockchain.

NTU-incubated startup Amperesand charges ahead with funding

By Tech in Asia

Amperesand, a Singapore-based electrical infrastructure company, has raised over US$12.4 million in seed funding.
Xora Innovation, Temasek’s deeptech early-stage investment platform, co-led the round with venture capital firm Material Impact.
TDK Ventures, the venture arm of Japanese electronics firm TDK, also participated, along with Foothill Ventures.

Prefer scores US$2M funding to take its bean-free coffee brand to Philippines | e27

By e27

Prefer, a bean-free coffee startup in Singapore, has raised US$2 million in seed funding led by Forge Ventures.
500 Global, A*ccelerate, Better Bite Ventures, Sopoong Ventures, SEEDS Capital, Entrepreneur First, and Pickup Coffee also participated in the round.
The capital allows Prefer to make significant investments in growing the capacity of its production facility, expanding its ground coffee and ready-to-drink bottled beverages across Asia Pacific, starting with Singapore and the Philippines.

UNOAsia secures US$32.1M to provide digital banking services in Philippines | e27

By e27

UNOAsia, the company behind UNO Digital Bank in the Philippines, has raised US$32.1 million in a pre-Series B investment round comprising equity and debt.
The investors include Gateway Partners, Creador Private Equity, and Nextinfinity Management.
This round brings UNOAsia’s total raise to approximately US$75 million.

💡 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

Mar 03

Daily Brief Japan: Aozora Bank Ltd, Keisei Electric Railway Co, Nippon Express Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Weekly Deals Digest (03 Mar) – Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM
Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia
Nippon Express (9147 JP): A US$260 Million Secondary Offering

Weekly Deals Digest (03 Mar) – Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM

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: Toei Animation (4816 JP)‘s prices its US$550 million secondary offering and Trial Holdings (5882 JP) IPO.
Event-Driven developments: Aozora Bank Ltd (8304 JP), Outsourcing Inc (2427 JP), Tsuruha Holdings (3391 JP), Samsonite (1910 HK), Alumina Ltd (AWC AU), APM Human Services Internation (APM AU).

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

By David Blennerhassett

Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)‘s buyback is a means to get crossholders out, therefore, it may not have much direct market impact.
Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) – this is done.
Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue “Bond-Type Class Shares.” First reaction: You wot, mate?

Nippon Express (9147 JP): A US$260 Million Secondary Offering

By Arun George

Nippon Express Holdings (9147 JP) has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.
The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers’ overtime in April 2024, which is widely known as the ‘2024 Problem’.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).

💡 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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