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Smartkarma Daily Briefs

Feb 24
0

Daily Brief Japan: Sony Corp and more

By | Daily Briefs, Japan

In today’s briefing:

  • Sony Corporation: Expansion of smartphone market

Sony Corporation: Expansion of smartphone market

By Baptista Research

  • Based on the Q3 consolidated financial results announcement for Sony Group Corporation for FY 2023, the company showed considerable resilience against some difficult market conditions.
  • One critical highlight was the significant increase of 22% in consolidated sales for the quarter compared to the same quarter the previous fiscal year, reaching a record high of JPY 3,747.5 billion.
  • Notably, the operating income and net income also increased substantially year-on-year and reached the second-highest level on a quarterly basis.

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Feb 24
0

Daily Brief China: Trip.com Group , Lenovo and more

By | China, Daily Briefs

In today’s briefing:

  • Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary
  • Morning Views Asia: Lenovo

Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

By Joe Jasper

  • Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.
  • As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.
  • Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks

Morning Views Asia: Lenovo

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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Feb 24
0

Daily Brief TMT/Internet: Reddit , Taiwan Semiconductor (TSMC), Cisco Systems, Lenovo, Godaddy Inc Class A and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Reddit IPO Preview
  • TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.
  • Cisco Systems: How Successful Are Their Efforts Of Digging Into AI? – Major Drivers
  • Morning Views Asia: Lenovo
  • GoDaddy Inc: A Story Of Penetration of Existing Customer Base with Payment Services! – Major Drivers

Reddit IPO Preview

By Douglas Kim

  • Reddit is getting ready for an IPO in the United States in the next several weeks. It is expected that this IPO will be completed in March. 
  • The company was previously valued at US$10 billion in a funding round in 2021. It is expected that the company could sell about 10% of its shares in this IPO.
  • Reddit may be seeking a valuation of at least US$5 billion in this IPO, which would be nearly half its valuation it received in 2021 in a private funding round. 

TSMC (2330.TT; TSM.US): The Implications of Feb Sales, TSMC 2nd Japanese Fab and NVDA Stock Price.

By Patrick Liao

  • Usually, February is typically the month with the fewest working days of the year, and therefore, revenue is likely to be at its lowest as well.
  • We consider that the Taiwanese government may desire TSMC to build fabs in countries aligned with those who signed the “Wassenaar Arrangement.” 
  • The price hike of NVIDIA Corp (NVDA US) by US$785.38 on February 22 in the US market could signal an important development in the AI sector.

Cisco Systems: How Successful Are Their Efforts Of Digging Into AI? – Major Drivers

By Baptista Research

  • Cisco Systems Inc.’s fiscal second-quarter results demonstrated a mix of positives and negatives, balanced by the company’s flexible strategic route and shifting market conditions.
  • Revenue for the quarter edged at the high end of the company’s guidance range, owing to robust operating leverage across business segments that surpassed margin expectations and facilitated better-than-expected earnings per share.
  • A total of $2.8 billion value was returned to investors through dividends and share buybacks, evidencing Cisco’s ongoing commitment to its shareholders.

Morning Views Asia: Lenovo

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.

GoDaddy Inc: A Story Of Penetration of Existing Customer Base with Payment Services! – Major Drivers

By Baptista Research

  • In summarizing GoDaddy’s fourth quarter and annual 2023 results, it appears like the company has maintained a steady growth trajectory, particularly in its Applications & Commerce segment that achieved a 16% bookings growth.
  • The company has also successfully driven a 2023 normalized EBITDA margin that surpassed previous guidance due to its investment in growth and cost structure management.
  • 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.

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Feb 24
0

Daily Brief Industrials: Inox Wind Ltd, Latam Airlines Group SA, Lyft , Mainfreight Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Inox Wind Merger: Behind the Arbitrage
  • LATAM Group – Strong Momentum and Strategic Opportunities
  • Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! – Financial Forecasts
  • 115: Mainfreight, Ltd.

Inox Wind Merger: Behind the Arbitrage

By Nitin Mangal

  • INOX India Limited (INOX IN) ( or IWL) and Inox Wind Energy (IWEL IN) (or IWEL) have announced a merger, where IWEL will be amalgamated with IWL
  • The share swap ratio in the scheme of amalgamation gives a very evident arbitrage opportunity. 
  • The arbitrage opportunity has become bigger than when announced in June 2023. While the strategy is still possible, we try to justify the market behaviour.

LATAM Group – Strong Momentum and Strategic Opportunities

By Neil Glynn

  • LATAM Group surprised the market with strong guidance for 2024 earnings growth following upgrades through 2023. We raise our 2024 EBITDAR 14% to $2.8bn.
  • A successful restructuring under Chapter 11, and market leadership in key regions, is paying off for LATAM as demand remains robust.
  • Such a strong recovery positions it to make further strategic gains, particularly with the risk that competitor GOL must shrink its fleet through its own CH11 processs.

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! – Financial Forecasts

By Baptista Research

  • Lyft’s positive financial performance and future expectations make it an attractive investment opportunity.
  • Lyft’s 2023 performance was marked by significant growth in the company’s rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.
  • This growth demonstrates the strong demand for Lyft’s service, which bodes well for its future performance.

115: Mainfreight, Ltd.

By Watchlist Investing

  • Mainfreight came on my radar thanks to Jessie Rancourt, a friend and fellow value investor, who mentioned it during a subscriber meetup a few months ago.
  • Mainfreight is in the supply chain logistics industry, an extremely broad category covering a huge segment of the world economy and harboring (pun intended) many niches and specialties.
  • I decided a look at the company would fit in well with my coverage of Old Dominion Freight Line (ODFL | Disclosure: None) in the U.S. less-than-truckload space and Triumph Financial (TFIN | Disclosure: Long) in the banking-cum-truckload finance space.

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Feb 24
0

Daily Brief Financials: Georgia Capital PLC and more

By | Daily Briefs, Financials

In today’s briefing:

  • Georgia Capital – FY23 NAV TR of 20% in sterling terms

Georgia Capital – FY23 NAV TR of 20% in sterling terms

By Edison Investment Research

Georgia Capital (GCAP) reported a Q423 NAV total return (TR) of 7.7% in Georgian lari (GEL) terms (3.4% in sterling terms), bringing the FY23 NAV TR to a strong 26.5% (20.4% in sterling terms). The considerable increase in the sterling share price of Bank of Georgia (BoG) was the main contributor, adding c 5.1% and 19.5% to GCAP’s opening NAV in Q423 and FY23, respectively. This was further assisted by positive revaluation of all large and investment-stage private holdings, except for the hospital business. In aggregate, GCAP’s private holdings added 1.9pp to its Q423 NAV TR. NAV-accretive buybacks of US$8.3m added a further 0.9pp.

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Feb 24
0

Daily Brief Consumer: Trip.com Group , Sony Corp, Instacart, Korea Stock Exchange KOSPI 200, Betterware de Mexico Sab de CV, Molson Coors Brewing Co B and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary
  • Sony Corporation: Expansion of smartphone market
  • Maplebear Inc (Instacart): A Tale Of Strong User Growth & Improving Customer Engagement! – Major Drivers
  • EQD | Where to BUY the KOSPI On The Upcoming Pullback
  • BWMX: Blowout 4Q, Dividend Raise Demonstrates Power of Model; Raising PT & EPS
  • Molson Coors Beverage Company: Its Market Share Growth in U.S. Industry A Big Green Flag? – Major Drivers

Hong Kong/China Finally Bottoming?; Bullish Outlook Intact; DXY Rolling Over; Buys in Discretionary

By Joe Jasper

  • Since early November 2023 we have been expecting global equities (MSCI ACWI) to stage a year-end rally that would continue into the early part of 2024.
  • As we progress through the “early part” of 2024, more global indexes and Sectors are breaking out and starting to participate in the upside. This is classic bull market behavior.
  • Our outlook remains bullish; continue to ride this trend higher, and treat pullbacks as buying opportunities. Actionable Themes: Hong Kong/China, Consumer Discretionary, Industrials, Energy/Coal, and Polish Banks

Sony Corporation: Expansion of smartphone market

By Baptista Research

  • Based on the Q3 consolidated financial results announcement for Sony Group Corporation for FY 2023, the company showed considerable resilience against some difficult market conditions.
  • One critical highlight was the significant increase of 22% in consolidated sales for the quarter compared to the same quarter the previous fiscal year, reaching a record high of JPY 3,747.5 billion.
  • Notably, the operating income and net income also increased substantially year-on-year and reached the second-highest level on a quarterly basis.

Maplebear Inc (Instacart): A Tale Of Strong User Growth & Improving Customer Engagement! – Major Drivers

By Baptista Research

  • Instacart recorded a robust fourth quarter in 2023 and an encouraging outlook for 2024.
  • The company attributes their success to the top-notch product experience they provide with a leading selection, quality, and speed.
  • New and expanded partnerships, such as those with Kroger and Costco, boost Instacart’s selection advantage with some of the most significant grocers in North America.

EQD | Where to BUY the KOSPI On The Upcoming Pullback

By Nico Rosti

  • The KOSPI 200 INDEX has been rallying since January 2022, roughly up +22.5%, the rally can continue, but soon there could be a pullback, possibly this coming week.
  • If the index falls from its current highs, where are the best support levels to go LONG again?
  • The price area between 355 and 345 is where the index could find support and resume the uptrend.

BWMX: Blowout 4Q, Dividend Raise Demonstrates Power of Model; Raising PT & EPS

By Small Cap Consumer Research

  • We are raising our price target for BWMX to $22.50 (from $17) increasing our 2024 top and bottom line projections and rolling out 2025 projections after Betterware de Mexico registered 4Q upside on virtually every level, with the Betterware division returning to YoY top line growth for the first time in eight quarters, and 9.6% YoY revenue growth for JAFRA Mexico with materially better than expected margins.
  • The company continued to reduce overall debt levels and raised the dividend rate by 25%, with initial 2024 guidance materially above Street expectations.
  • Management also confirmed the coming expansion of Betterware into the United States (in 2Q24) and first signs of a key turn at JAFRA USA. We believe Betterware is once again situated to drive material expansion, and we are increasing our 2023 revenue and EPS projections to Ps.

Molson Coors Beverage Company: Its Market Share Growth in U.S. Industry A Big Green Flag? – Major Drivers

By Baptista Research

  • Despite global challenges on the macroeconomic and industry fronts, the Molson Coors Beverage Company reported strong performance and growth during its Fourth Quarter and Fiscal Year 2023.
  • The company announced significant increases in global net revenue and bottom line, with a growth of over 9% and nearly 37% respectively.
  • This marks the company’s highest reported dollar results on record, surpassing the already impressive results of 2022.

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Feb 24
0

Daily Brief Industrials: Inox Wind Ltd, Latam Airlines Group SA, Lyft , Mainfreight Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Inox Wind Merger: Behind the Arbitrage
  • LATAM Group – Strong Momentum and Strategic Opportunities
  • Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! – Financial Forecasts
  • 115: Mainfreight, Ltd.

Inox Wind Merger: Behind the Arbitrage

By Nitin Mangal

  • INOX India Limited (INOX IN) ( or IWL) and Inox Wind Energy (IWEL IN) (or IWEL) have announced a merger, where IWEL will be amalgamated with IWL
  • The share swap ratio in the scheme of amalgamation gives a very evident arbitrage opportunity. 
  • The arbitrage opportunity has become bigger than when announced in June 2023. While the strategy is still possible, we try to justify the market behaviour.

LATAM Group – Strong Momentum and Strategic Opportunities

By Neil Glynn

  • LATAM Group surprised the market with strong guidance for 2024 earnings growth following upgrades through 2023. We raise our 2024 EBITDAR 14% to $2.8bn.
  • A successful restructuring under Chapter 11, and market leadership in key regions, is paying off for LATAM as demand remains robust.
  • Such a strong recovery positions it to make further strategic gains, particularly with the risk that competitor GOL must shrink its fleet through its own CH11 processs.

Lyft Inc: Expanding Portfolio through Strategic Partnerships & 5 Major Growth Drivers! – Financial Forecasts

By Baptista Research

  • Lyft’s positive financial performance and future expectations make it an attractive investment opportunity.
  • Lyft’s 2023 performance was marked by significant growth in the company’s rideshare service, with gross bookings reaching an all-time high, ride growth accelerating each quarter and ending the year up 26% in Q4.
  • This growth demonstrates the strong demand for Lyft’s service, which bodes well for its future performance.

115: Mainfreight, Ltd.

By Watchlist Investing

  • Mainfreight came on my radar thanks to Jessie Rancourt, a friend and fellow value investor, who mentioned it during a subscriber meetup a few months ago.
  • Mainfreight is in the supply chain logistics industry, an extremely broad category covering a huge segment of the world economy and harboring (pun intended) many niches and specialties.
  • I decided a look at the company would fit in well with my coverage of Old Dominion Freight Line (ODFL | Disclosure: None) in the U.S. less-than-truckload space and Triumph Financial (TFIN | Disclosure: Long) in the banking-cum-truckload finance space.

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Feb 24
0

Daily Brief Energy/Materials: Crude Oil, Deep Value Driller, Occidental Petroleum, Pulsar Helium and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Buildup in US Crude Inventory Slows Amid Expectations of a Pick up in Refinery Utilisation Levels
  • Deep Value Driller (DVD) – Thursday, Nov 23, 2023
  • Occidental Petroleum Corporation: Enhanced Oil Recovery (EOR) and Growth Strategy In 2024! – Major Drivers
  • Pulsar Helium Inc. (TSX-V: PLSR): Result of High Impact Well Expected First Week of March

Buildup in US Crude Inventory Slows Amid Expectations of a Pick up in Refinery Utilisation Levels

By Suhas Reddy

  • US commercial crude inventory buildup slows down and comes below analyst estimates.
  • US oil rig count is anticipated to remain flat in 2024 and crude production is expected to slightly pick up due to better productivity.
  • Demand is expected to rise in the near term as US refineries may start increasing utilisation rates given forecasts of warmer weather.

Deep Value Driller (DVD) – Thursday, Nov 23, 2023

By Value Investors Club

Key points

  • Oslo-listed company focused on residual value of a 7th generation UDW drillship acquired at low cost before offshore market downturn
  • Market cap of USD 187 million with potential for dividends and special payouts
  • Secured charter contract with Saipem, poised to generate significant revenue and deliver solid returns for investors

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.

Occidental Petroleum Corporation: Enhanced Oil Recovery (EOR) and Growth Strategy In 2024! – Major Drivers

By Baptista Research

  • Occidental Petroleum’s Q4 2023 has displayed a robust performance in recent quarters, achieving a strong free cash flow of $5.5 billion.
  • Significantly, this has facilitated the company in paying dividends, repurchasing common shares, and investing back into the business.
  • The primary driver of this achievement is accredited to technical expertise, leading-edge technologies, and innovation, showcasing the company’s operational strength.

Pulsar Helium Inc. (TSX-V: PLSR): Result of High Impact Well Expected First Week of March

By Auctus Advisors

  • The drilling of the Jetstream #1 helium appraisal well at Topaz is taking longer than anticipated due to drilling fluid losses in a void section above the reservoir.
  • This prevents fluid circulation and the recovery of drill cuttings to the surface.
  • • The Company has made the decision to pivot from drilling with water, to drilling with air.

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Feb 24
0

Daily Brief Health Care: Alteogen Inc, Davita Healthcare Partners, Incyte Corp, Iqvia Holdings and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst
  • DaVita Inc: 5 Biggest Catalysts Of Their Future Growth! – Financial Forecasts
  • Incyte Corporation: Significant Clinical Progress in Pipeline Programs & Other Major Developments – Financial Forecasts
  • IQVIA Holdings: Industry Tailwinds: Rising EBP Funding and Traction in Oncology Space! – Major Drivers

Alteogen (196170 KS): Modified License Agreement For Major Platform Technology Is A Hard Catalyst

By Tina Banerjee

  • Alteogen Inc (196170 KS) has modified the existing license agreement with Merck. Revised terms of the agreement grant Merck exclusive global right to ALT-B4 for a specific product group, pembrolizumab.
  • Under the terms of the revised agreement, Alteogen will receive an upfront payment of $20M from Merck. Alteogen will also receive additional milestone payment of up to $432M.
  • Approval of Alteogen’s first proprietary product, Tergase (expected in early 2024) will be the next major catalyst for the company.  

DaVita Inc: 5 Biggest Catalysts Of Their Future Growth! – Financial Forecasts

By Baptista Research

  • DaVita, a healthcare company specializing in kidney care and dialysis services, highlights its successful performance for the financial year of 2023 due to strengthening investment on the company’s platform.
  • Notably, despite external challenges, the company experienced significant growth with a 20% year-over-year rise in adjusted operating income, a 28% increase in adjusted EPS, and a return of the leverage ratio back to the target range.
  • The company outperformed its annual profitability targets for integrated kidney care and anticipates reaching break-even or better performance by 2026.

Incyte Corporation: Significant Clinical Progress in Pipeline Programs & Other Major Developments – Financial Forecasts

By Baptista Research

  • Incyte Corporation’s 2023 earnings have been marked by the firm’s strong performance following a 14% increase in product and royalty revenues compared to 2022, reaching $3.7 billion.
  • A significant milestone was achieved in the fourth quarter when total product and royalty revenue reached $1 billion for the first time.
  • This growth has primarily been driven by the continued growth of Jakafi and the successful launch of Opzelura.

IQVIA Holdings: Industry Tailwinds: Rising EBP Funding and Traction in Oncology Space! – Major Drivers

By Baptista Research

  • IQVIA displayed a strong performance in the fourth quarter of 2023.
  • CEO Ari Bousbib highlighted that net new bookings for the quarter exceeded $2.8 billion, marking the second largest quarter in the company’s history.
  • The business booked $10.7 billion of net new business in the year, including record-high service bookings of $8.4 billion.

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Feb 23
0

Most Read: China Traditional Chinese Medicine, Azure Minerals, Sea , NVIDIA Corp, Samsung C&T, CSR Ltd, Delta Electronics Thailand , Workday Inc Class A, Jusung Engineering and more

By | Daily Briefs, Most Read

In today’s briefing:

  • China Traditional Chinese Medicine (570.HK) – New Information on Privatization
  • TCM (570 HK): Sinopharm’s $4.60/Share Offer
  • Azure (AZS AU): MinRes’ Discounted Exit
  • Sea Will Release Its Q4 2023 Earnings Report Soon
  • From Nvidia Results to See Supply Chain Stories?
  • The Launch of 1st Corporate Value Up ETF on 27 February – Focus on Low PBR and Cash Flow
  • CSR (CSR AU): Saint Gobain’s $9/Share NBIO
  • Delta Electronics (DELTA TB / 2308 TT): More Downside from Here
  • Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR
  • FnGuide Semiconductor Top10 Index Rebalance Preview: One Change Likely; Close Among Potential Adds

China Traditional Chinese Medicine (570.HK) – New Information on Privatization

By Xinyao (Criss) Wang

  • Since China TCM doesn’t deny the rumors so far after the trading halt, privatization is becoming likely this time.Rumor said formal negotiations may not begin until after the Lantern Festival.
  • CNPGC may not want to pay high prices on privatization.Weak sentiment/share price may help with the negotiations.But the key is to obtain the consent of other shareholders, especially Ping An.
  • There’s underlying logic for Taiji Group to drive this privatization. A price of higher than HKD5.1 is possible. If the price could reach HKD6 (or higher), it has exceeded expectations.

TCM (570 HK): Sinopharm’s $4.60/Share Offer

By David Blennerhassett

  • $4.60/Share. That’s the number – by way of a Scheme – that only matters. Below the recently rumoured $6/share, and $5.10/share a little over three years ago. Terms are final.
  • As widely expected, the Offeror is SASAC-managed China National Pharmaceutical Group Corporation (CNPGC), indirectly owning 32.46% in China Traditional Chinese Medicine (570 HK) (TCM) via Sinopharm Group Hongkong,
  • Optically, the Offer price appears light. But this should still get up. TCM is trading rich to peers. No other competing bidder will emerge. Expect regulatory pre-cons to be fast-tracked.

Azure (AZS AU): MinRes’ Discounted Exit

By David Blennerhassett

  • JPMorgan is placing MinRes (MIN AU)‘s 14.5% stake in Azure Minerals (AZS AU) at A$3.42/share, a 5% discount to last close and a 7.6% discount to the A$3.70/share Scheme price. 
  • It was reported last month that MinRes, who paid up to ~A$4.00/share for some of its stake, was looking to exit. But cash now vs. ~8% more in two months?
  • Given the recent rout in lithium and nickel prices, one wonders if a MAC landmine lurks. Or, quite simply, MinRes just needs the cash. Expect Azure to fall tomorrow.

Sea Will Release Its Q4 2023 Earnings Report Soon

By Simon Torring

  • Shopee – Sea’s largest business unit and Southeast Asia’s largest e-commerce platform – has reported negative EBITDA for most of the 8 or so years since its launch. 

  • Investors now however appear to be looking for earnings growth. In 7 of the last 9 quarterly earnings reports, investors have rewarded the company every time it has reported earnings growth (its share price has gone up in the day after the release), and penalized when it has not.

  • Based on our analysis (and subject to the disclaimer included below), we expect Shopee’s GMV and Revenue to improve in Q4 2023 (as compared to the previous quarter) along with its EBITDA, although earnings will likely remain in negative territory.

From Nvidia Results to See Supply Chain Stories?

By Andrew Lu

  • Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
  • TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
  • We attribute Nvidia customers’ sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.

The Launch of 1st Corporate Value Up ETF on 27 February – Focus on Low PBR and Cash Flow

By Douglas Kim

  • Samsung Asset Management announced today that it will be launching the first Corporate Value Up ETF on 27 February. It will focus on low PBR and positive cash flow generators.
  • This ETF which will be called KoAct Dividend Growth Active ETF. There are about 45 stocks that are expected to be included in this ETF. 
  • Among the 92 companies in KOSPI 200 that are trading at less than 1x PBR, those that generate positive free cash flow are outperforming significantly. 

CSR (CSR AU): Saint Gobain’s $9/Share NBIO

By David Blennerhassett

  • Cie De Saint-Gobain (SGO FP) is offering CSR (CSR AU) shareholders A$9/share by way of a Scheme, a 34% premium to last close. That’s a knockout price.
  • The Offer is indicative. Confirmatory due diligence is ongoing. CSR board has, not surprisingly “unanimously resolved to pursue the offer at an agreed price of A$9.00“. 
  • A firm offer would be subject to FIRB and shareholder approval. Neither should pose an issue. Assuming a firm Offer is shortly forthcoming, this could be wrapped up late-July

Delta Electronics (DELTA TB / 2308 TT): More Downside from Here

By Brian Freitas

Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR

By Travis Lundy

  • The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • The index is reviewed quarterly. The next review will be in March 2024 and the evaluation date for the rankings for the constituent selection process is 29th February 2024.
  • In this insight, we take a look at Potential ADDs and Potential DELs for the rebalance. We estimate US$13.1bn one-way flow on 3 ADDs and 3 DELs.

FnGuide Semiconductor Top10 Index Rebalance Preview: One Change Likely; Close Among Potential Adds

By Brian Freitas

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