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Smartkarma Daily Briefs

Feb 09
0

Daily Brief Australia: Qantas Airways and more

By | Australia, Daily Briefs

In today’s briefing:

  • Qantas – 1H24 to Provide Evidence of Margin Control

Qantas – 1H24 to Provide Evidence of Margin Control

By Neil Glynn

  • For 1H24 we model EBITDAR of A$2,396m, ahead of Visible Alpha consensus of A$2,273m, which represents an EBITDAR/ASK 35% higher than 1H19.
  • 1H24 will be important to help us better understand “normalised” unit cost levels, with inflation high to date, in part due to a 17% capacity deficit in 2H23.
  • Qantas has seen comparable inflation to the US majors but considerably higher profitability. This should enable it to invest in product, operational and customer service improvements while protecting margins.

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Feb 09
0

Daily Brief ECM: Thai Credit Bank IPO Trading – Half the Deal Already Spoken For and more

By | Daily Briefs, ECM

In today’s briefing:

  • Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid
  • Agilus Diagnostics Limited Pre-IPO – Still Recovering from COVID
  • SBFC Finance Lockup Expiry – Time to Cash in on Some Hefty Profits
  • Entero Healthcare IPO – Profitability Not Out of the Woods Yet

Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO.
  • TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
  • We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.

Agilus Diagnostics Limited Pre-IPO – Still Recovering from COVID

By Sumeet Singh

  • Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO.
  • Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
  • In this note, we look at the company’s past performance.

SBFC Finance Lockup Expiry – Time to Cash in on Some Hefty Profits

By Ethan Aw

  • SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024. 
  • SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

Entero Healthcare IPO – Profitability Not Out of the Woods Yet

By Clarence Chu

  • Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$193m in its India IPO.
  • Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.
  • In this note, we will look at the RHP updates, undertake a peer comparison, and share our thoughts on valuation.

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Feb 09
0

Daily Brief South Korea: Woori Financial Group , Korea Stock Exchange KOSPI 200, Kakao Games and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Investigating Potential Block Deals Involving Korea’s Financial Holding Companies
  • Quiddity Leaderboard KOSPI 200 Jun 24: L&F (066970) Likely To Miss Out on Fast Entry in March
  • Kakao Games: Put Options on CB Likely to Drive Lower Share Price

Investigating Potential Block Deals Involving Korea’s Financial Holding Companies

By Sanghyun Park

  • Stake sales by Affinity and Bearing PE are attractive due to the absence of special partnerships with Shinhan Financial Group, indicating favorable exit potential at current stock prices.
  • KB Financial draws attention due to Carlyle’s ₩240B EB investment in 2020. Carlyle can now convert to shares at ₩48,000/share, yielding 37.08%.
  • Woori Financial is intriguing. IMM PE and Eugene PE hold stakes, investing ₩450B and ₩386B respectively. Their yields are 32.55% and 10.45% respectively. No constraints on divestment.

Quiddity Leaderboard KOSPI 200 Jun 24: L&F (066970) Likely To Miss Out on Fast Entry in March

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.
  • There could be up to four changes in the KOSPI 200 index in the run up to the June 2024 index rebal event including an intra-review fast entry change.

Kakao Games: Put Options on CB Likely to Drive Lower Share Price

By Douglas Kim

  • One of the biggest risks facing Kakao Games is nearly 500 billion won that it may need to pay to investors that exercise their put options on CB.
  • The full exercise of the put options on CBs (500 billion won) could represent nearly 24% of Kakao Games’ market cap at current prices. 
  • The worst case for Kakao Games would be for the company to pay nearly 500 billion won at once by the end of March. 

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Feb 09
0

Daily Brief Credit: Morning Views Asia: Wynn Macau Ltd and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Wynn Macau Ltd

Morning Views Asia: Wynn Macau Ltd

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 09
0

Daily Brief Thailand: Thai Credit Bank PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid

Thai Credit Bank IPO Trading – Half the Deal Already Spoken For, the Other Half Should Be Liquid

By Clarence Chu

  • Thai Credit Bank PCL (3674238Z TB) raised around US$281m in its Thailand IPO.
  • TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
  • We had looked at the firm’s past performance and shared our thoughts on TCB’s valuation in earlier notes. In this note, we will look at the trading dynamics.

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Feb 09
0

Daily Brief Event-Driven: China ETF Inflows & Impact: Concentrated and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • China ETF Inflows & Impact: Concentrated, Then Diversified; Central Huijin Steps Up
  • Dai-Ichi Life for Benefit One (2412) – We Have a Deal! Bumped Small
  • Pasona (2168) – Less Wrong Than Before But How Wrong Still Depends on Nambu-San
  • TCM (570 HK): We’ve Been Here Before
  • Benefit One (2412 JP): Dai-Ichi Life (8750 JP) Prevails with a JPY2,173 Offer
  • Investigating Potential Block Deals Involving Korea’s Financial Holding Companies
  • Quiddity Leaderboard KOSPI 200 Jun 24: L&F (066970) Likely To Miss Out on Fast Entry in March
  • Welbe (6556 JP): Polaris Capital-Backed MBO Tender Offer at JPY1,089
  • ITC Ltd (ITC IN): Impact of BAT’s Potential Stake Sale
  • JAPAN ACTIVISM:  Murakami-San Does a Rug-Pull on Pac Metals (5541)…. Again

China ETF Inflows & Impact: Concentrated, Then Diversified; Central Huijin Steps Up

By Brian Freitas

  • Nearly US$37bn has flowed into mainland China listed ETFs since 2 January and could be driven by the National Team supporting the market. Central Huijin has announced their ETF buying.
  • Most of the inflows have been focused on large cap indices including CSI 300, SSE50, CSI 500, CSI 1000, ChiNext, STAR50 and Chinext50 indices.
  • While the inflows were initially focused on the CSI 300, there has been a diversification recently with big inflows to the SSE50, CSI 500, CSI 1000 and ChiNext indices.

Dai-Ichi Life for Benefit One (2412) – We Have a Deal! Bumped Small

By Travis Lundy

  • Post-Close, the Nikkei carried a breathless headline that Dai Ichi Life Insurance (8750 JP) had agreed a deal for Pasona Group (2168 JP)‘s stake in Benefit One Inc (2412 JP). 
  • Not long afterwards, TDNet Filings provided Benefit One results, a change to BeneOne’s Opinion on the M3 Offer, and Board Resolution to Support/Recommend DIL’s TOB, now at ¥2,173 and ¥1,526/share.
  • Looks like a done deal. And this will also likely delay the start of the DIL Bid to 26-28 February timeframe.

Pasona (2168) – Less Wrong Than Before But How Wrong Still Depends on Nambu-San

By Travis Lundy

  • Today, Dai Ichi Life Insurance (8750 JP) announced a TOB for Benefit One Inc (2412 JP) having agreed a deal with Pasona Group (2168 JP) to sell into a buyback.
  • Pasona will get ¥1,526/share, and having agreed, it announced the expected special profit to be booked in the FY to 31 May 2024.
  • At ¥113.6bn on a consolidated basis (¥122.3bn on parent), less ¥1.165bn of associated costs, that’s ¥112.4bn at the lower end. That’s ¥2,870/share. Then there’s the rest of the business.

TCM (570 HK): We’ve Been Here Before

By David Blennerhassett

  • China Traditional Chinese Medicine (570 HK) (“TCM”) is the traditional Chinese medicine arm of SASAC-managed China National Pharmaceutical Group Corporation (CNPGC), one of the largest healthcare groups in China.
  • By my reckoning, TCM has fielded three Offers in the past decade, all from Sinopharm Hongkong, an indirect wholly-owned subsidiary of CNPGC and TCM’s major shareholder.
  • TCM was suspended “pursuant to the Code on Takeovers and Mergers” earlier today. The Real McCoy? A no-deal again from CNPGC/Sinopharm? And why didn’t the last Offers complete?

Benefit One (2412 JP): Dai-Ichi Life (8750 JP) Prevails with a JPY2,173 Offer

By Arun George

  • Benefit One Inc (2412 JP) has recommended Dai Ichi Life Insurance (8750 JP)’s revised offer of JPY2,173, a 2.4% and 90.1% premium to the previous offer and undisturbed price, respectively.
  • The Board and Pasona Group (2168 JP) secured the highest price. M3 Inc (2413 JP) tabled an alternative proposal but Pasona had concerns about the plan’s tax treatment.
  • Based on the irrevocables, the minimum acceptance condition requires a 31.6% minority acceptance rate, achievable due to the high premium and the competitive bidding process.  

Investigating Potential Block Deals Involving Korea’s Financial Holding Companies

By Sanghyun Park

  • Stake sales by Affinity and Bearing PE are attractive due to the absence of special partnerships with Shinhan Financial Group, indicating favorable exit potential at current stock prices.
  • KB Financial draws attention due to Carlyle’s ₩240B EB investment in 2020. Carlyle can now convert to shares at ₩48,000/share, yielding 37.08%.
  • Woori Financial is intriguing. IMM PE and Eugene PE hold stakes, investing ₩450B and ₩386B respectively. Their yields are 32.55% and 10.45% respectively. No constraints on divestment.

Quiddity Leaderboard KOSPI 200 Jun 24: L&F (066970) Likely To Miss Out on Fast Entry in March

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.
  • There could be up to four changes in the KOSPI 200 index in the run up to the June 2024 index rebal event including an intra-review fast entry change.

Welbe (6556 JP): Polaris Capital-Backed MBO Tender Offer at JPY1,089

By Arun George

  • Welbe Inc (6556 JP) has recommended a Polaris Capital-sponsored MBO tender offer of JPY1,089 per share, a 30.0% premium to the undisturbed price (8 February). 
  • The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 46.67% ownership ratio. 
  • Based on the irrevocables, the minimum acceptance condition requires a 30.1% minority acceptance rate. While a knockout offer, the acceptance condition is achievable. 

ITC Ltd (ITC IN): Impact of BAT’s Potential Stake Sale

By Brian Freitas

  • British American Tobacco (BATS LN) owns 29.03% of ITC Ltd (ITC IN) and could sell a portion of its stake. But BAT will hold at least 25% of the company.
  • British American Tobacco (BATS LN) paring its stake could also lead to SUUTI gradually reducing its own holding in the company.
  • Any stake sales would not result in buying from global passive trackers while there will be small buying from local index trackers. Increased float could pressure the stock.

JAPAN ACTIVISM:  Murakami-San Does a Rug-Pull on Pac Metals (5541)…. Again

By Travis Lundy

  • A couple of weeks ago I wrote here about noted activist Murakami-san and his new 5+% position in Pacific Metals (5541 JP). I warned it might be a rug pull. 
  • It turns out, from subsequent filings, that it may have been a rug pull. This isn’t the first time. It isn’t even the first time on this stock. 
  • That said, there are goings on here, and it pays to watch them. 

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Feb 09
0

Daily Brief Equity Bottom-Up: EDU/TAL:  China Tutoring – Here Comes The Policy Tailwind and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • EDU/TAL:  China Tutoring – Here Comes The Policy Tailwind
  • Alibaba (BABA US): Upzised Share Repurchase to Support Share Price
  • SMIC (981.HK): The GM Reaches a New Low of 9-11% in 1Q24F, Despite Revenue Growing by 2% QoQ.
  • [Meituan (3690 HK, SELL, TP HK$57) Rating Change]: No Quick Skip to the Near-Term Pressures
  • The Paytm Saga: A Tale of Non-Compliance and Controversy
  • Indian Banks Screener: Bank of Baroda Remains the Value Pick, HDFC Bank Is the Quality Name
  • Qantas – 1H24 to Provide Evidence of Margin Control
  • Teradyne Inc.: Diversification into AI and Robotics Could Catalyze Growth! – Major Drivers
  • The Reality of Mixed Reality
  • Disney Q1 Earnings: Finally Ready to Take Share from Netflix

EDU/TAL:  China Tutoring – Here Comes The Policy Tailwind

By Steve Zhou, CFA

  • Today, after Hong Kong market close, the Ministry of Education issued a new draft regulation on K12 tutoring. 
  • I have written before on New Oriental Education & Techn (EDU US) and China Beststudy that there is now a equilibrium reached between all parties on tutoring in China. 
  • The new draft regulation basically puts it into concrete policy, which should alleviate investor concern on the sector. 

Alibaba (BABA US): Upzised Share Repurchase to Support Share Price

By Eric Chen

  • Alibaba reported a largely in-line December quarter as lower take rate and widened loss from international commerce businesses resulted in pressured bottom line.
  • The results also suggest a persisting pattern of China consumers trading down, which – along with the company’s ongoing internal overhaul – will continue to be headwind in 1H24.
  • That said, we see increase of US$25 billion share repurchase program and dividend policy to well support share price at current valuation. 

SMIC (981.HK): The GM Reaches a New Low of 9-11% in 1Q24F, Despite Revenue Growing by 2% QoQ.

By Patrick Liao

  • The 1Q24F outlook is still showing a decline, with a slightly increase in revenue of 2% QoQ. However, the GM is expected to decrease to 9-11% from 16.4% in 4Q23.
  • Management predicts that there will be a double U-shaped recovery in 2024F. Revenue in 2024F is expected to grow annually by mid-single-digit.
  • The main areas of growth for SMIC in 2024F will be in mobile phones, smart homes, IoT, and computing.

[Meituan (3690 HK, SELL, TP HK$57) Rating Change]: No Quick Skip to the Near-Term Pressures

By Ying Pan

  • We expect Meituan continue under pressure in the medium term due to the intensified competition with Douyin, and Meituan’s low price defending strategy in both food delivery and IHT businesses.
  • Our non-IFRS net profit is roughly in-line with consensus in 4Q23 but 20%/25% lower than consensus in 2024/25.
  • We downgrade the stock to SELL rating and cut TP to HK$57/share.

The Paytm Saga: A Tale of Non-Compliance and Controversy

By Nimish Maheshwari

  • Paytm Payments Bank faces regulatory scrutiny and compliance challenges, impacting its trajectory and profitability amid ongoing supervisory action by the RBI.
  • With significant restrictions on operations and revenue streams, Paytm navigates a complex financial landscape, highlighting resilience amidst regulatory uncertainties and governance concerns.
  • Despite proactive measures, including partnership diversification and service continuity, Paytm’s future hinges on addressing compliance lapses and fostering transparent governance to regain trust in the fintech sector.

Indian Banks Screener: Bank of Baroda Remains the Value Pick, HDFC Bank Is the Quality Name

By Victor Galliano

  • We retain Bank of Baroda as the value Indian bank, despite its strong share performance, for its modest valuations, healthy ROE and further improvements in delinquency metrics
  • HDFC Bank remains out of favour with the market but we retain it as a buy, with its potential for medium term gains post-merger and its strong balance sheet
  • Axis bank remains on our watchlist; we remain negative on State Bank of India for its delinquency risks, low core capital ratio and limited progress on returns

Qantas – 1H24 to Provide Evidence of Margin Control

By Neil Glynn

  • For 1H24 we model EBITDAR of A$2,396m, ahead of Visible Alpha consensus of A$2,273m, which represents an EBITDAR/ASK 35% higher than 1H19.
  • 1H24 will be important to help us better understand “normalised” unit cost levels, with inflation high to date, in part due to a 17% capacity deficit in 2H23.
  • Qantas has seen comparable inflation to the US majors but considerably higher profitability. This should enable it to invest in product, operational and customer service improvements while protecting margins.

Teradyne Inc.: Diversification into AI and Robotics Could Catalyze Growth! – Major Drivers

By Baptista Research

  • In the fourth quarter of 2023, Teradyne, a provider of computer-controlled configurations, and collaborative robots, reported financial results in line with its guidance.
  • The company highlighted strong performance in the Memory Test sector, which saw the double year-over-year revenue from DRAM testers due to HBM demand, and in the Industrial Automation marketplace.
  • Additionally, Teradyne experienced robust growth sequentially in sales from its Robotics team, as it elevated shipments to meet the record backlog of its UR20 Cobot at Universal Robots.

The Reality of Mixed Reality

By Investment Talk

  • The world does not need another opinion on the Vision Pro, the Apple mixed reality device whose launch coincided with Meta earnings, but I will share mine so I can understand my thought process in the future.
  • I have the right to be wrong. The revenue share of Meta’s FRL is so small it might seem redundant to give it so much limelight.
  • But, directionally, it’s an important category for the company. With a launch of this scale, the hyperbole and sensationalism rhyme with things we’ve seen in decades past.

Disney Q1 Earnings: Finally Ready to Take Share from Netflix

By Value Investing

  • Imagine a racetrack with 10 horses. The first two horses (NFLX and DIS) are peeling away from everyone else; with NFLX still having a sizeable lead over DIS.
  • But the stage is set for DIS to start accelerating faster than NFLX.
  • This is how I would describe the US Media sector today, and Disney’s Q1 results released yesterday only serves to bolster that narrative.

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Feb 09
0

Daily Brief Singapore: VolitionRX Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • VolitionRx – Snaring sepsis, with early NETs detection

VolitionRx – Snaring sepsis, with early NETs detection

By Edison Investment Research

VolitionRx continues to make headway in growing a body of clinical evidence to build Nu.Q® NETs as a potential breakthrough tool in sepsis. These efforts, coupled with its CE mark in Europe, are a strong foundation in rapid and simplified sepsis detection that seeks to address the limitations and complexities of the current standard of care. Sepsis (immune-system triggered organ dysfunction) has a worrisome prevalence, affecting c 50 million per year with a mortality rate of c 20–25%, exceeding the combination of many leading cancers. Further, every hour of delayed treatment increases the chances of mortality of this preventable condition by c 8%. In this note we recap VolitionRx’s recent clinical updates, as we look forward to near-term improvements in early sepsis detection.

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Feb 09
0

Daily Brief United States: Apple , Teradyne Inc, The Walt Disney Co, Super Micro Computer, Whirlpool Corp, Spirit Airlines, Starbucks Corp, Qualcomm Inc, Microsoft Corp, Bitcoin and more

By | Daily Briefs, United States

In today’s briefing:

  • The Reality of Mixed Reality
  • Teradyne Inc.: Diversification into AI and Robotics Could Catalyze Growth! – Major Drivers
  • Disney Q1 Earnings: Finally Ready to Take Share from Netflix
  • Super Micro Computer: Initiation of Coverage – Unlocking the Power of AI with Green Computing – Why Investors Can’t Afford to Miss Out! – Major Drivers
  • Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day? – Major Drivers
  • Spirit Airlines – Summer 2024 a Critical Test of Organic Recovery Prospects
  • Starbucks Corporation: Substantial Growth Through New Store Openings & Innovation! – Major Drivers
  • Qualcomm Incorporated: Heavy Investments in On-Device AI and IoT And 5 Major Drivers
  • Microsoft Corporation: AI Infrastructure Investments & Growing Cloud Demand Are Indicators Of A Bright Future – Major Drivers
  • Crypto Moves #14 – It’s Not About What’s There, But What Isn’t

The Reality of Mixed Reality

By Investment Talk

  • The world does not need another opinion on the Vision Pro, the Apple mixed reality device whose launch coincided with Meta earnings, but I will share mine so I can understand my thought process in the future.
  • I have the right to be wrong. The revenue share of Meta’s FRL is so small it might seem redundant to give it so much limelight.
  • But, directionally, it’s an important category for the company. With a launch of this scale, the hyperbole and sensationalism rhyme with things we’ve seen in decades past.

Teradyne Inc.: Diversification into AI and Robotics Could Catalyze Growth! – Major Drivers

By Baptista Research

  • In the fourth quarter of 2023, Teradyne, a provider of computer-controlled configurations, and collaborative robots, reported financial results in line with its guidance.
  • The company highlighted strong performance in the Memory Test sector, which saw the double year-over-year revenue from DRAM testers due to HBM demand, and in the Industrial Automation marketplace.
  • Additionally, Teradyne experienced robust growth sequentially in sales from its Robotics team, as it elevated shipments to meet the record backlog of its UR20 Cobot at Universal Robots.

Disney Q1 Earnings: Finally Ready to Take Share from Netflix

By Value Investing

  • Imagine a racetrack with 10 horses. The first two horses (NFLX and DIS) are peeling away from everyone else; with NFLX still having a sizeable lead over DIS.
  • But the stage is set for DIS to start accelerating faster than NFLX.
  • This is how I would describe the US Media sector today, and Disney’s Q1 results released yesterday only serves to bolster that narrative.

Super Micro Computer: Initiation of Coverage – Unlocking the Power of AI with Green Computing – Why Investors Can’t Afford to Miss Out! – Major Drivers

By Baptista Research

  • This is our first report on one of the fastest growing high-performance server and storage solutions providers, Super Micro Computer Inc.
  • The company reported a record-breaking fiscal second quarter performance for 2024, with a revenue of $3.66 billion and an earnings per share of $5.59, marking a 103% increase from last year.
  • This is the first time the company has crossed the $3 billion mark in quarterly revenue, which surpassed even the total annual revenue collected in 2021.

Whirlpool Corporation: Improving Prospects In North America & Cost Reduction Efforts Saving The Day? – Major Drivers

By Baptista Research

  • The Whirlpool Corporation released its fourth-quarter 2023 earnings and reported progressive achievements, including gaining over 1% market share in North America, reducing its net costs by $800M, and signing significant transactions with Arçelik.
  • However, the Whirlpool Corporation did acknowledge areas where it didn’t meet expectations, specifically citing increased promotional pressure which negatively impacted EBIT margins, and a failure to reduce inventories quickly, weighing on the full cash flow.
  • 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.

Spirit Airlines – Summer 2024 a Critical Test of Organic Recovery Prospects

By Neil Glynn

  • Spirit Airlines finished 2023 as expected and highlights improving pricing momentum in early 2024 which should drive some margin recovery.
  • However, we still expect EBITDAR/ASM to finish 2024 down 72% on 2019, with a maximum 50% deficit required to avoid escalating debt. This drives a focus on Chapter 11 risk.
  • Management is adamant liquidity is sufficient to allow it to recover but significant margin gains, led by pricing expansion despite aggressive growth plans, are required for financial sustainability.

Starbucks Corporation: Substantial Growth Through New Store Openings & Innovation! – Major Drivers

By Baptista Research

  • Starbucks Corporation on its First Quarter Fiscal Year 2024 earnings call provided a detailed account of the firm’s financial performance and future projections, endorsing its growth strategy despite short-term challenges.
  • Positively, the company managed to increase its Q1 total company revenue by 8% year-over-year to a record $9.4 billion.
  • Further, the firm’s global comparable store sales witnessed a growth of 5% year-over-year, backed by a 5% comp growth in North America and a 10% comp growth in China.

Qualcomm Incorporated: Heavy Investments in On-Device AI and IoT And 5 Major Drivers

By Baptista Research

  • Qualcomm has reported its Q1 fiscal year 2024 results, highlighting robust revenue growth across various business segments.
  • In the first fiscal quarter, non-GAAP revenues reached $9.9 billion and non-GAAP earnings per share were $2.75 which is above the high end of the company’s guidance.
  • Healthy Android demand coupled with momentum in automotive drove revenues of $8.4 billion from the chipset business, while the licensing business posted revenues of $1.5 billion.

Microsoft Corporation: AI Infrastructure Investments & Growing Cloud Demand Are Indicators Of A Bright Future – Major Drivers

By Baptista Research

  • Microsoft Corporation reported strong financial performance for its second quarter fiscal year 2024.
  • The company attributed this success primarily to the continued growth of its Microsoft Cloud segment, which surpassed $33 billion in revenue, marking a 24% increase.
  • Microsoft Cloud’s success largely stemmed from the efficient application of Artificial Intelligence across different sectors.

Crypto Moves #14 – It’s Not About What’s There, But What Isn’t

By Mads Eberhardt

  • Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice.
  • Yesterday’s celebration of our spot-on prediction resulted in today’s hangover of mine.
  • Interestingly, in Denmark, there is a custom of referring to Thursday as ‘little Friday’ when we go out drinking on those days.

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Feb 09
0

Daily Brief Crypto: Crypto Moves #14 – It’s Not About What’s There and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Crypto Moves #14 – It’s Not About What’s There, But What Isn’t

Crypto Moves #14 – It’s Not About What’s There, But What Isn’t

By Mads Eberhardt

  • Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice.
  • Yesterday’s celebration of our spot-on prediction resulted in today’s hangover of mine.
  • Interestingly, in Denmark, there is a custom of referring to Thursday as ‘little Friday’ when we go out drinking on those days.

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

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