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Smartkarma Daily Briefs

Jan 24
0

Daily Brief Industrials: Recruit Holdings, Qantm Intellectual Property and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Recruit: More Challenges Ahead for HR Tech Business
  • QANTM Intellectual Property Ltd – Guidance for EPS of 20-25% Above Consensus

Recruit: More Challenges Ahead for HR Tech Business

By Shifara Samsudeen, ACMA, CGMA

  • Recruit’s share price had rallied 38% since November 2023 driven by the stake acquisition by the hedge fund ValueAct despite there being a decline in the company’s earnings.
  • Labour markets have further weakened in the December quarter while web traffic on Recruit’s job platforms Indeed and Glassdoor have significantly declined during the quarter.
  • Though Recruit Holdings (6098 JP) has guided for a decline in earnings, we think there is further downside to the company’s guidance.

QANTM Intellectual Property Ltd – Guidance for EPS of 20-25% Above Consensus

By Research as a Service (RaaS)

  • QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys, and Sortify.tm.
  • It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market, and has a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
  • The company has provided a trading update that it expects underlying EBITDA (post AASB 16) to be between 8% and 10% higher than the analyst estimate of $31m and that reported EPS will be between 20% and 25% higher than the analyst estimate of $0.081/share. 

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Jan 24
0

Daily Brief Energy/Materials: JSR Corp, EcoPro Materials, Calumet Specialty Products Par, PetroTal, Rent.com.au Ltd and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • JSR (4185) – Very Juicy Arb Return At Expected Timeline
  • A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024
  • Calumet Specialty Prods -Lp (CLMT) – Tuesday, Oct 24, 2023
  • PetroTal Corp (AIM: PTAL): FY24 Production Expected to Grow by 20%.
  • Rent.com.au Ltd – RentPay Payments Accelerating, $200m Milestone Passed

JSR (4185) – Very Juicy Arb Return At Expected Timeline

By Travis Lundy

  • Five weeks ago, JIC announced a delay in the commencement of the Tender Offer to buy JSR Corp (4185 JP), originally scheduled to start by end-December 2023. 
  • In the announcement, they said they expected the deal to start by end-February. In the press conference afterwards, JIC CEO Yokoo said “no particular issues with the Chinese regulator.” 
  • He then added he expected the deal to be done by March-end. Language is vague. I expect that means to start by then, but even then, annualised is now 30%.

A Sharp Downturn in Price Momentum of Rechargeable Battery Stocks in Korea in January 2024

By Douglas Kim

  • In this insight, we discuss the sharp share price declines of rechargeable battery related stocks in Korea so far in 2024. 
  • The top 20 market cap rechargeable battery related stocks in Korea are down on average 15.9% YTD, underperforming KOSPI which is down 6.7% in the same period.
  • Many rechargeable battery related names in Korea continue to have lofty valuations. The 20 rechargeable battery names are trading at median P/E of 79.7x in 2023 and 39x in 2024.

Calumet Specialty Prods -Lp (CLMT) – Tuesday, Oct 24, 2023

By Value Investors Club

Key points (machine generated)

  • Calumet is expected to experience positive catalysts in the next six months despite facing challenges such as its MLP structure, operational issues, and credibility concerns.
  • The company has the potential to generate significant EBITDA numbers from its Specialty and MRL divisions, indicating strong growth prospects.
  • The Performance Brands and legacy refinery businesses are also expected to contribute to EBITDA, assuming favorable market conditions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

PetroTal Corp (AIM: PTAL): FY24 Production Expected to Grow by 20%.

By Auctus Advisors

  • The FY24 production guidance stands at 16.5-17.5 mbbl/d (we forecasted 18.6 mbbl/d assuming a moderate dry season) with US$135 mm capex (broadly in line with our expectations of US$130 mm).
  • The FY24 production guidance assumes a dry season as severe as in 2023 with production of only 13 mbbl/d in 3Q24 and 17.5 mbbl/d in 4Q24.
  • The Ecuador export route through the OCP will be operational in October (2 mbbl/d) while a new route via Yurimaguas to Bayovar (2 mbbl/d) could be operational in July.

Rent.com.au Ltd – RentPay Payments Accelerating, $200m Milestone Passed

By Research as a Service (RaaS)

  • Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through its technology platform and a growing number of aligned transactional services.
  • The company has provided a trading update noting that its RentPay rental payments platform had now processed $200m in payments since its relaunch.
  • Achieving the $200m milestone comes just three months after passing the $150m mark, demonstrating a continued acceleration in the take-up of the platform. 

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Jan 24
0

Daily Brief TMT/Internet: Shinko Electric Industries, L&F Co Ltd, Zee Entertainment Enterprises, S&P 500 INDEX, nCino, Kuaishou Technology, Marathon Digital Holdings, Silicon Laboratories, Vontier Corp, Power Integrations and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Shinko Electric (6967 JP): Tender Offer Risk/Reward
  • KOSPI200 Index Rebalance (March): Fast Entry for PoscoDX; Will L&F Make It Too?
  • Zee Entertainment- What Lies Ahead?
  • Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?
  • nCino Inc: Initiation of Coverage – How nCino’s Digital Solutions are Capturing the Financial Market! – Major Drivers
  • [Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth
  • Marathon Digital Holdings: Initiation of Coverage – The Power of Smart Cash Management! How Its Financial Strategy is Winning in the Crypto World! – Major Drivers
  • Silicon Labs: Initiation of Coverage – What Is The Core Business Strategy Driving Growth?
  • Vontier Corporation: Initiation of Coverage – Its 6 Biggest Growth Catalysts! – Financial Forecasts
  • Power Integrations: Initiation of Coverage – Design Wins Defying Odds! How Power Integrations Is Capturing the Tech Market Amidst Challenges! – Major Drivers

Shinko Electric (6967 JP): Tender Offer Risk/Reward

By Arun George

  • Shinko Electric Industries (6967 JP)‘s pre-conditional tender offer from the JIC alliance is JPY5,920 per share. Since the deal announcement, the gross spread has averaged 8.3%.
  • The wide gross spread reflects the risk in satisfying the pre-conditions related to country approvals, particularly China and shareholder approval, due to Ibiden Co Ltd (4062 JP)’s re-rating.
  • Ibiden’s re-rating is not necessarily an issue. JIC’s confidence in securing SAMR approval for the JSR Corp (4185 JP) transaction by March is a positive for Shinko’s SAMR approval. 

KOSPI200 Index Rebalance (March): Fast Entry for PoscoDX; Will L&F Make It Too?

By Brian Freitas

Zee Entertainment- What Lies Ahead?

By Nitin Mangal

  • We have been covering Zee Entertainment Enterprises (Z IN) during the entire merger saga and had already highlighted several financial and governance issues with the entire group.
  • The $10 bn merger deal with Sony has now been terminated but it is not a surprise to us, considering the events that were unraveled in the last two years.
  • But where does ZEEL go from here is a question that lacks some clarity. There are uncertainties looming around and ZEEL can face further brunt. 

Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

By Joe Jasper

  • The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.
  • This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.
  • Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking & Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ

nCino Inc: Initiation of Coverage – How nCino’s Digital Solutions are Capturing the Financial Market! – Major Drivers

By Baptista Research

  • This is our first report on SaaS player, nCino Inc.
  • The company’s third quarter fiscal 2024 performance presented both opportunities and challenges in the midst of a complex economic environment.
  • The company announced a significant product win in relation to a consumer lending deal with an enterprise bank in the United States of over $200 billion.

[Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth

By Ying Pan

  • We expect Kuaishou to report C4Q23 revenue, IFRS op. profit and IFRS net income in-line, 34% and 29% vs. consensus, thanks to margin improvements;
  • Playlet continued to generate significant organic traffic, leading to decreasing sales marketing cost and growth in advertising inventories. We further expect AI to drive playlet market expansions;
  • E-Commerce GMV growth was robust. Kuaishou will likely increase take rate in the future. We maintain BUY and raise TP to HK$79, implying an 17x PE.

Marathon Digital Holdings: Initiation of Coverage – The Power of Smart Cash Management! How Its Financial Strategy is Winning in the Crypto World! – Major Drivers

By Baptista Research

  • This is our first report on Marathon Digital Holdings, a renowned cryptocurrency technology company.
  • Improved operational efficiency also resulted in a lower cost per bitcoin mined and a drop in all-in cost per coin.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Silicon Labs: Initiation of Coverage – What Is The Core Business Strategy Driving Growth?

By Baptista Research

  • This is our first report on fabless semiconductors player, Silicon Labs.
  • The third quarter of 2023 has been a difficult period for Silicon Labs amidst a backdrop of weak demand and heightened inventory levels.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Vontier Corporation: Initiation of Coverage – Its 6 Biggest Growth Catalysts! – Financial Forecasts

By Baptista Research

  • This is our first report on critical technical equipment, components, software, and services provider, Vontier Corporation.
  • The company, in its latest earnings, exhibited noteworthy progress in its strategies and performance for the third quarter.
  • The top-line performance recorded for the quarter outperformed expectations with baseline core revenue growth of 10%, reflecting gains from the company’s connected mobility strategy.

Power Integrations: Initiation of Coverage – Design Wins Defying Odds! How Power Integrations Is Capturing the Tech Market Amidst Challenges! – Major Drivers

By Baptista Research

  • This is our first report on analog and mixed-signal integrated circuits manufacturer, Power Integrations.
  • The company’ Q3 2021 Financial Results depict a mixed picture with modest sequential growth but a contraction in sales year-over-year.
  • For Q4, Power Integrations expects a sequential decrease to $90 million at the midpoint of the range, largely reflecting broad-based weakness echoed by industry peers amid challenging macroeconomic conditions.

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Jan 24
0

Daily Brief Industrials: Recruit Holdings, Qantm Intellectual Property and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Recruit: More Challenges Ahead for HR Tech Business
  • QANTM Intellectual Property Ltd – Guidance for EPS of 20-25% Above Consensus

Recruit: More Challenges Ahead for HR Tech Business

By Shifara Samsudeen, ACMA, CGMA

  • Recruit’s share price had rallied 38% since November 2023 driven by the stake acquisition by the hedge fund ValueAct despite there being a decline in the company’s earnings.
  • Labour markets have further weakened in the December quarter while web traffic on Recruit’s job platforms Indeed and Glassdoor have significantly declined during the quarter.
  • Though Recruit Holdings (6098 JP) has guided for a decline in earnings, we think there is further downside to the company’s guidance.

QANTM Intellectual Property Ltd – Guidance for EPS of 20-25% Above Consensus

By Research as a Service (RaaS)

  • QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys, and Sortify.tm.
  • It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market, and has a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
  • The company has provided a trading update that it expects underlying EBITDA (post AASB 16) to be between 8% and 10% higher than the analyst estimate of $31m and that reported EPS will be between 20% and 25% higher than the analyst estimate of $0.081/share. 

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Jan 24
0

Daily Brief Financials: Bank of Jiangsu , Eureka Group Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • SSE50 Index Rebalance Preview: Financials Staging a Comeback as Expected Trade Tops US$2bn
  • Eureka Group (EGH AU): Aspen’s Sweetened Offer

SSE50 Index Rebalance Preview: Financials Staging a Comeback as Expected Trade Tops US$2bn

By Brian Freitas

  • Completing three-quarters of the review period, 6 stocks are in inclusion zone and 9 in deletion zone. However, there can be a maximum of 5 changes at a review.
  • We estimate a one-way turnover of 6.8% at the June rebalance leading to a one-way trade of CNY 7.35bn (US$1.02bn). Index arb balances could increase the impact on the stocks.
  • The potential adds have outperformed the potential deletes and the SSE50 Index (SSE50 INDEX) over the last few months and could continue to do so as positioning builds up.

Eureka Group (EGH AU): Aspen’s Sweetened Offer

By David Blennerhassett

  • On the 2 March 2023, Aspen Group (APZ AU) made an all-scrip NBIO for Eureka Group (EGH AU), a senior accommodation rental play. The implied A$0.399/share Offer was subsequently rejected.  
  • Aspen held 13.7% of shares out at the time, having acquired the stake in December 2022. Aspen has returned with all-scrip off-market Offer with an improved implied price of A$0.431/share. 
  • The Offer is contingent of Aspen getting to 50.1% of shares out. Eureka said it hasn’t received a formal approach. I think they’ll ask for more gruel.

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Jan 24
0

Daily Brief Health Care: New Horizon Health , Shouhui Tech, Johnson & Johnson, SIGA Technologies and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • New Horizon Health: Positive Alert, Upgrades ’23 Revenue Guidance
  • Pre-IPO Shouhui Tech – The Business Outlook and Stock Price Performance Are Not Optimistic
  • Johnson & Johnson’s Covid-19 Operations
  • SIGA Technologies – New captain to steer the ship

New Horizon Health: Positive Alert, Upgrades ’23 Revenue Guidance

By Ke Yan, CFA, FRM

  • New Horizon Health announced a positive profit alert yesterday after market close and held a conference call.
  • We participated in the call and spoke with the management to understand the recent developments.
  • The company upgraded ’23 revenue guidance and provided revenue guidance for ’24.

Pre-IPO Shouhui Tech – The Business Outlook and Stock Price Performance Are Not Optimistic

By Xinyao (Criss) Wang

  • The essence of Shouhui’s business model is to “sell insurance” rather than provide services with technological attributes. So, Shouhui has relatively single business composition and lacks diversified sources of revenue.
  • The trend of “disintermediation” is becoming increasingly evident, which may lead to customers deciding to purchase insurance directly from insurance companies not from Shouhui, resulting declining demand for Shouhui’s services/products.
  • The business nature of insurance is incompatible with the Internet’s pursuit of rapid expansion. Cooling “Internet +insurance” investment in recent years proves the decline of market’s enthusiasm for this business.

Johnson & Johnson’s Covid-19 Operations

By Calcbench

  • Like everyone else on the planet, Calcbench has been relieved to see the covid-19 pandemic recede into the background of daily life.
  • Now, however, Johnson & Johnson ’s latest earnings report gives us a glimpse of what that fade means for corporate earnings.
  • J&J ($JNJ) filed its earnings report on Tuesday morning .

SIGA Technologies – New captain to steer the ship

By Edison Investment Research

SIGA Technologies has appointed Dr Diem Nguyen as its new chief executive officer (CEO), effective 27 January 2024. She will be spearheading the company efforts to expand its commercial operations, following the retirement of incumbent CEO, Dr Phil Gomez (who had announced plans to retire in January 2023). Dr Nguyen has over 25 years of experience in the pharmaceutical industry and joins from Xalud Therapeutics, a clinical-stage biotechnology company, where she was the CEO. Prior to Xalud, she served as executive vice president of PPD Inc, a global contract research organization (CRO) and had previously been associated with Pfizer across various commercial roles. We expect SIGA to benefit from her broad industry exposure and commercial know-how in scaling the international footprint of SIGA’s antiviral treatment, TPOXX, the only approved antiviral treatment for smallpox globally.

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Jan 24
0

Daily Brief Consumer: Weiqiao Textile Co, Amer Sports , Texwinca Holdings, TSE Tokyo Price Index TOPIX, Guming Holdings, Build A Bear Workshop, Cash Converters Intl, FirstCry and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Weiqiao Textile (2698 HK): Vote on 8 March
  • Amer Sports IPO – Deal Updates and Thoughts on Valuation
  • Texwinca (321 HK): Even Cheaper Than Pacific Textiles (1382 HK)
  • CG Watch, Which Made Great Strides Will Be Tested Next Time for Substantial Governance Improvements
  • Guming Holdings (Goodme) Pre-IPO – The Negatives – Growth Sustainability Remains a Question Mark
  • BBW: Snapping the Store: Glisten Glistens, Valentines & Skoosherz Impressive
  • Cash Converters International – Rejuvenated and Growing
  • Brainbees Solutions (FirstCry) Pre-IPO – The Negatives – Not All of It Fits Together

Weiqiao Textile (2698 HK): Vote on 8 March

By Arun George

  • Weiqiao Textile Co (2698 HK)’s IFA opines that Weiqiao Chuangye’s privatisation offer of HK$3.50 per H Share, a 104.7% premium to the undisturbed price, is fair and reasonable. 
  • Despite amassing a blocking stake, Prudence’s ongoing buying supports the view that it intends to play the spread rather than block the deal.
  • Despite the offer being below net cash, this is a done deal. At the last close and for the 28 March payment, the gross/annualised spread is 1.7%/10.2%. 

Amer Sports IPO – Deal Updates and Thoughts on Valuation

By Sumeet Singh

  • Amer Sports (AS US) now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the Anta-led consortium.
  • Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
  • We have looked at the company’s performance in our past note. In this note, we talk about valuations.

Texwinca (321 HK): Even Cheaper Than Pacific Textiles (1382 HK)

By David Blennerhassett

CG Watch, Which Made Great Strides Will Be Tested Next Time for Substantial Governance Improvements

By Aki Matsumoto

  • Government ministries, agencies and the TSE want to raise the value of the Tokyo market, even if it means using the opinions of overseas investors, including activist investors.
  • Companies with high foreign ownership and large market capitalization are proactive in corporate governance efforts, while many other companies are passive, indicating that differences in efforts among companies are significant.
  • Thanks to the revision of the Corporate Governance Code, corporate governance practices have improved mainly in terms of formal criteria, and now substantive improvements are required.

Guming Holdings (Goodme) Pre-IPO – The Negatives – Growth Sustainability Remains a Question Mark

By Clarence Chu

  • Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
  • Guming Holdings (Guming) is a maker of freshly-made beverages in China.
  • In this note, we will talk about the not so positive aspects of the deal.

BBW: Snapping the Store: Glisten Glistens, Valentines & Skoosherz Impressive

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $41 price target and projections for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.
  • January is a key month for Build-A-Bear, as the company enjoys material traffic from gift card purchases post-Xmas and almost immediately thereafter shifts to the key Valentine’s Day season.
  • As such, we are reiterating our Buy rating and $41 price target for BBW.

Cash Converters International – Rejuvenated and Growing

By Research as a Service (RaaS)

  • Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.
  • It derives its revenue from personal loans, vehicle finance, sale of goods and store services.
  • In recent years, the business has faced both company specific and industry headwinds involving litigation and regulatory scrutiny, but it has worked through those and evolved into a highly regulated, well-run profitable business with a clear strategic direction and multi- layered growth opportunities. 

Brainbees Solutions (FirstCry) Pre-IPO – The Negatives – Not All of It Fits Together

By Sumeet Singh

  • FirstCry is looking to raise up to US$700m in its upcoming India IPO.
  • FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
  • In this note, we talk about the not-so-positive aspects of the deal.

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Jan 24
0

Daily Brief ESG: CG Watch and more

By | Daily Briefs, ESG

In today’s briefing:

  • CG Watch, Which Made Great Strides Will Be Tested Next Time for Substantial Governance Improvements

CG Watch, Which Made Great Strides Will Be Tested Next Time for Substantial Governance Improvements

By Aki Matsumoto

  • Government ministries, agencies and the TSE want to raise the value of the Tokyo market, even if it means using the opinions of overseas investors, including activist investors.
  • Companies with high foreign ownership and large market capitalization are proactive in corporate governance efforts, while many other companies are passive, indicating that differences in efforts among companies are significant.
  • Thanks to the revision of the Corporate Governance Code, corporate governance practices have improved mainly in terms of formal criteria, and now substantive improvements are required.

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Jan 24
0

Daily Brief Thematic (Sector/Industry): [Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • [Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK
  • [Blue Lotus Daily – TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

[Blue Lotus Daily]: LKNCY/MNSO/300750 CH/1211 HK

By Eric Wen

  • LKNCY: Luckin Coffee will launch Moutai flavored chocolate milk on next Monday, purposing at destocking(+)
  • MNSO: Takeaways from Miniso Investor Day, “IP” is the key term(+)
  • 300750 CH: CATL’s Shenxing Long Life took marke share from SVOLT to win NETA L series of Hozon(+)

[Blue Lotus Daily – TMT Update]:TCOM/1024 HK/3690 HK/780 HK/PDD/ZTO/1519 HK/SHEIN/AMZN/SE/CPNG/MELI

By Ying Pan

  • TCOM/1024 HK/3690 HK/780 HK: Ctrip cooperate with Kuaishou to promote traveling products(+/+/-/-)
  • PDD/ZTO/1519 HK: PDD partners with ZTO and J&T for upcoming “Open during Spring Festival” event (+/+/+)
  • PDD/ SHEIN/ AMZN/ SE/ CPNG/ MELI: Temu planning to add 3P model (+/-)

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Jan 24
0

Daily Brief ECM: Pre-IPO Shouhui Tech – The Business Outlook and Stock Price Performance Are Not Optimistic and more

By | Daily Briefs, ECM

In today’s briefing:

  • Pre-IPO Shouhui Tech – The Business Outlook and Stock Price Performance Are Not Optimistic
  • Guming Holdings (Goodme) Pre-IPO – The Negatives – Growth Sustainability Remains a Question Mark

Pre-IPO Shouhui Tech – The Business Outlook and Stock Price Performance Are Not Optimistic

By Xinyao (Criss) Wang

  • The essence of Shouhui’s business model is to “sell insurance” rather than provide services with technological attributes. So, Shouhui has relatively single business composition and lacks diversified sources of revenue.
  • The trend of “disintermediation” is becoming increasingly evident, which may lead to customers deciding to purchase insurance directly from insurance companies not from Shouhui, resulting declining demand for Shouhui’s services/products.
  • The business nature of insurance is incompatible with the Internet’s pursuit of rapid expansion. Cooling “Internet +insurance” investment in recent years proves the decline of market’s enthusiasm for this business.

Guming Holdings (Goodme) Pre-IPO – The Negatives – Growth Sustainability Remains a Question Mark

By Clarence Chu

  • Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
  • Guming Holdings (Guming) is a maker of freshly-made beverages in China.
  • In this note, we will talk about the not so positive aspects of the deal.

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