Smartkarma Daily Briefs

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 – Amer Sports (AS US), Ola Electric (1700674D IN) and Mixue Group (MIX HK) IPOs.
Event-Driven developments – Benefit One Inc (2412 JP), GUPPY’s Inc (5127 JP), T&K Toka Co Ltd (4636 JP), Weiqiao Textile Co (2698 HK), Genetron Holdings Ltd (GTH US).

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver’s seat.
China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom’s significantly cheaper valuation.
Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).

Sensata Technologies: Initiation of Coverage – The 4 Biggest Drivers Taking The Company Forward! – Financial Forecasts

This is our first report on sensor-based technology solutions provider, Sensata Technologies.
The dip in revenue was cited due to factors like market outgrowth slowing over the last 12 months and unfavorable movements in foreign currency.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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Jan 21

Daily Brief TMT/Internet: Tenable Holdings Inc, Allegro MicroSystems , Cambium Networks , Iridium Communications, Kyndryl Holdings , Teradata Corp, Varonis Systems, Alibaba (ADR), Workiva Inc, Braze Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Tenable Holdings: Initiation of Coverage – Unlock the Secrets Behind Tenable’s High Recurring Revenue and Sky-High Margins! – Major Drivers
Allegro MicroSystems: Initiation of Coverage – How Its Strategic Focus is Electrifying the Future of Transportation – Major Drivers
Cambium Networks Corporation – CFO Departure and 4Q23 Miss Driven by Distributor Incentives
Iridium Communications: Initiation of Coverage – Can It Capitalize On The IoT Explosion? – Major Drivers
Kyndryl Holdings: Initiation of Coverage – How Kyndryl Consult Is Shaping a New Era of Revenue Generation – Major Drivers
Teradata Corporation: Initiation of Coverage – Unleashing Cloud Potential! Why Its Cloud-Based Platform Is the Talk of the Tech World – Major Drivers
Varonis Systems: Initiation of Coverage – Can It Come Out A Winner From The SaaS Transition? – Major Drivers
ECM Weekly (21st Jan 2024) – Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia
Workiva Inc: Initiation of Coverage – Unveiling Their Winning Strategy in Turbulent Geopolitical and Economic Times – Major Drivers
Braze Inc: Initiation of Coverage – Discover How Braze’s Innovative Approach Is Setting New Industry Standards – Major Drivers

Tenable Holdings: Initiation of Coverage – Unlock the Secrets Behind Tenable’s High Recurring Revenue and Sky-High Margins! – Major Drivers

This is our first report on cyber exposure solutions provider, Tenable Networks.
The company’ Q3 2023 earnings highlighted steady financial performance, strong contributions from its platform products like Tenable One, and overall business growth, particularly in the public sector.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Allegro MicroSystems: Initiation of Coverage – How Its Strategic Focus is Electrifying the Future of Transportation – Major Drivers

This is our first report on sensor technology player, Allegro MicroSystems.
Sales in these strategic growth areas made up 56% of total sales, indicating a successful strategy execution focused on these specific sectors.
The company’s automotive revenues grew 31% year-over-year, with the electrification of vehicles and Advanced Driver Assistance Systems adoption being the main growth drivers.

Cambium Networks Corporation – CFO Departure and 4Q23 Miss Driven by Distributor Incentives

By Water Tower Research

On January 18, 2024, Cambium preannounced that 4Q23 revenue would likely come in at $40 million, below its guidance of $45.0-50.0 million provided on November 2, 2023.
This is the third revenue miss in a row.
Cambium stated that the revenue miss was driven by $11 million in distributor incentives in 4Q23.

Iridium Communications: Initiation of Coverage – Can It Capitalize On The IoT Explosion? – Major Drivers

This is our first report on mobile voice and data communications services provider, Iridium Communications.
The company’s Q3 2023 Earnings demonstrated both the company’s resilient growth and emerging challenges in an increasingly competitive environment.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Kyndryl Holdings: Initiation of Coverage – How Kyndryl Consult Is Shaping a New Era of Revenue Generation – Major Drivers

This is our first report on IT services company, Kyndryl.
This increase has been attributed to successful execution of its operations, demonstrating their ability to drive substantial profit growth in the company.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Teradata Corporation: Initiation of Coverage – Unleashing Cloud Potential! Why Its Cloud-Based Platform Is the Talk of the Tech World – Major Drivers

This is our first report on hybrid cloud analytics software provider, Teradata Corporation.
The company’s 2023 Q3 earnings were recently reported and the leading cloud analytics and data platform company had delivered another strong quarter and remained confident it would achieve its 2023 forecast.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Varonis Systems: Initiation of Coverage – Can It Come Out A Winner From The SaaS Transition? – Major Drivers

This is our first report on Varonis Systems, a company specializing in data security and analytics.
The company is navigating a pivotal shift in its business model, transitioning from traditional software offerings to a Software as a Service (SaaS) model.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

ECM Weekly (21st Jan 2024) – Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we continued our coverage of Amer Sports (AS US) and looked at Mixue Group Hong Kong filings.
Placements continued to trickle in throught the week, across the region, apart from Hong Kong.

Workiva Inc: Initiation of Coverage – Unveiling Their Winning Strategy in Turbulent Geopolitical and Economic Times – Major Drivers

This is our first report on Workiva Inc., a leading provider of solutions for enterprise productivity.
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.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Braze Inc: Initiation of Coverage – Discover How Braze’s Innovative Approach Is Setting New Industry Standards – Major Drivers

This is our first report on customer engagement platform operator, Braze Inc.
The company’s Q3 2024 earnings highlighted consistent YoY growth, despite a challenging macroeconomic environment, with its operating efficiency throughout the business.
Non-GAAP gross margin improved by 170 basis points YoY, and non-GAAP operating margin exceeded last year’s third quarter by 1,100 basis points.

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Jan 21

Daily Brief Consumer: Minsheng Education, Budweiser Brewing APAC , Weiqiao Textile Co, IBJ, Culp Inc and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Asian Dividend Gems: Minsheng Education
Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka
IBJ (6071) – Aiming to Solidify Its Dominant Market Position
Culp, Inc. – Updating 3Q Estimate Following WTR Conference Comment

Asian Dividend Gems: Minsheng Education

By Douglas Kim

Minsheng Education (1569 HK) is a highly undervalued Chinese education stock with high dividend yields. Market cap of the company has declined by nearly 90% from Jun 2018 to today.
Minsheng Education’s dividend yield averaged 5.1% from 2020 to 2022. Estimated dividend yield is 14.6% in 2023.
Minsheng Education mainly provides educational services in China. The company is one of the leaders of China’s private higher education industry.

Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

By Brian Freitas

The review period for a global index commenced last week and will run through this week as well.
The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.
Huge inflows to CSI 300 Index trackers during the week while there was a big outflow from Tracker Fund of Hong Kong (2800 HK).

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week on Smartkarma: Genetron Holdings Ltd (GTH US)‘s take-private transaction; andMedley (4480 JP)‘s buy out of GUPPY’s Inc (5127 JP).
Key updates took place on: Orecorp (ORR AU), Weiqiao Textile (2698 HK), Benefit One (2412 JP), Taisho Pharmaceutical (4581 JP), T&K Toka (4636 JP), and Hollysys Automation Technologies (HOLI US).

IBJ (6071) – Aiming to Solidify Its Dominant Market Position

By Astris Advisory Japan

Market leader positioning to consolidate – IBJ is a marriage consultancy service with strong brand equity, offering high-quality services delivered by human professionals.
With an industry-leading membership base, affiliated marriage consulting firms within the IBJ network harness the economies of scale through the platform, ensuring a cost-effective approach to service delivery.
It has a strong track record of sustainable free cash flow generation.

Culp, Inc. – Updating 3Q Estimate Following WTR Conference Comment

By Water Tower Research

Following Culp’s presentation at the WTR Furniture/Furnishings Virtual Conference, we are updating our 3Q estimates.
CEO Robert Culp IV warned that 3Q operating income will fall short of previous expectations.
The 3Q operating loss will approach $2.2 million, in line with the 2Q operating loss.

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Jan 21

Daily Brief Financials: Activia Properties and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Activia Properties (3279) – Short-Term Higher-Impact Buyback on Better Fundamental Results

Activia Properties (3279) – Short-Term Higher-Impact Buyback on Better Fundamental Results

By Travis Lundy

Activia Properties (3279 JP) announced results Wednesday. Higher DPU on better rental income looks to continue next period, but an asset disposal will produce some drag ahead.
Activia Properties also announced a buyback of 10% of ADV for the next four months.
The REIT is slightly cheap to peers. Yield spread to JGBs is high which is good. It needs to be 10% higher to restart accretive equity offerings.

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Jan 21

Daily Brief Health Care: GUPPY’s Inc, Genetron Holdings Ltd, China Resources Pharmaceutical and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

GUPPY’s (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250
Genetron (GTH US): Wide Spread Ahead of the 21 February Vote
China Healthcare Weekly (Jan.19) – Bottom Fish A-Share?/“Style” of FDA/Pharma’s Key Benchmark/3320HK

GUPPY’s (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250

GUPPY’s Inc (5127 JP) has recommended Medley (4480 JP)’s tender offer of JPY3,250 per share, an 81.0% premium to the undisturbed price (19 January).
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 10.19% ownership ratio.
Despite the premium, the offer is light vs the IFA DCF valuation. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is achievable.

Genetron (GTH US): Wide Spread Ahead of the 21 February Vote

Genetron Holdings Ltd (GTH US) shareholders will vote on the consortium’s US$4.08 per ADS offer on 21 February. The offer is light in comparison to historical trading ranges.
Completion is conditional on shareholder approval, dissenting shareholders representing less than 15% of outstanding shares and regulatory approvals (NDRC, MoC and SAFE).
Despite the light offer, the completion conditions should be met. At the last close price and end of March completion, the gross and annualised spread is 7.7% and 45.5%, respectively.

China Healthcare Weekly (Jan.19) – Bottom Fish A-Share?/“Style” of FDA/Pharma’s Key Benchmark/3320HK

By Xinyao (Criss) Wang

As more and more China’s drugs successfully obtained FDA approval, we analyzed the “style” of the US FDA, aiming to help investors understand the prospects of domestic companies’ internationalization strategies.
For mature pharmaceutical companies, we analyzed the benchmarks for some key financial indicators in terms of both revenue and cost. On these basis, companies’ profit performance would be decent.
As a top pharmaceutical SOE, China Resources Pharmaceutical (CRP) wouldn’t go bankrupt.This is the bottom line.Together with stable dividends, CRP is a worthwhile investment target to hold in bear market.

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Jan 21

Daily Brief Quantitative Analysis: TWSE Foreign Holding Weekly (Jan 19th): TSMC and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai
TWSE Short Interest Weekly (Jan 19th): Acer, Yageo, Quanta Computer, Faraday Tech, Asia Vital

TWSE Foreign Holding Weekly (Jan 19th): TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai

By Ke Yan, CFA, FRM

We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 19th which has an aggregated holding worth USD714.3bn.
We estimate that foreign flows to be outflows of USD1,083mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Quanta Computer, Delta Elec, Global Unichip, Hon Hai, Umc, Alchip Tech.

TWSE Short Interest Weekly (Jan 19th): Acer, Yageo, Quanta Computer, Faraday Tech, Asia Vital

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of TWSE Stocks as of Jan 19th which has an aggregated short interest worth USD13.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Acer, Yageo, Quanta Computer, Faraday Tech, Asia Vital, Gigabyte Tech.

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Jan 21

Daily Brief Thematic (Sector/Industry): US Banks – Flat Line Loans and more

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

In today’s briefing:

US Banks – Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative
GEMWeekly (19 Jan 2024): China Macro; Baidu, Tencent, ByteDance
What to Expect In SK Hynix and Samsung Earnings Calls

US Banks – Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative

By Daniel Tabbush

US banks show flat lining loan growth, and continued very high growth in Jumbo time deposits, borrowings. Total deposits though, remain in contraction.
With the liability shift away from checking accounts, loan growth at near zero YoY will not help net interest income growth. Most recent two weeks’ data, loans declined USD58bn.
Our sample of 36 US banks shows net interest income has just turned negative in 4Q23, and its pace of decline should worsen considerably, in coming quarters.

GEMWeekly (19 Jan 2024): China Macro; Baidu, Tencent, ByteDance

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’s GDP growth, industrial production, and retail sales data
Companies mentioned:Baidu (9888 HK), Tencent (700 HK), ByteDance (1439927D CH)

What to Expect In SK Hynix and Samsung Earnings Calls

By Jim Handy

SK hynix’ earnings call has been scheduled for 9:00 AM Korea, January 25, and Samsung’s for 10:00 AM Korea, January 31. What can investors expect to hear?
Three indicators have provided a preview of the two calls’ directions: WSTS, Spot Pricing, and Micron’s earnings call one month earlier.
The news for the market is positive, so expect to hear that these companies are making progress towards regaining profitability in semiconductors.

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Jan 21

Daily Brief ECM: ECM Weekly (21st Jan 2024) – Mixue and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

ECM Weekly (21st Jan 2024) – Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

ECM Weekly (21st Jan 2024) – Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we continued our coverage of Amer Sports (AS US) and looked at Mixue Group Hong Kong filings.
Placements continued to trickle in throught the week, across the region, apart from Hong Kong.

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

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✓ Company Data and News
✓ Events & Webinars

Jan 21

Daily Brief Event-Driven: GUPPY’s (5127 JP): Medley (4480 JP) Tender Offer at JPY3 and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

GUPPY’s (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250
Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka
Genetron (GTH US): Wide Spread Ahead of the 21 February Vote
Activia Properties (3279) – Short-Term Higher-Impact Buyback on Better Fundamental Results
Weekly Deals Digest (21 Jan) – Benefit One, GUPPY’s, T&K Toka, Weiqiao, Genetron, Amer Sports
Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

GUPPY’s (5127 JP): Medley (4480 JP) Tender Offer at JPY3,250

GUPPY’s Inc (5127 JP) has recommended Medley (4480 JP)’s tender offer of JPY3,250 per share, an 81.0% premium to the undisturbed price (19 January).
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 10.19% ownership ratio.
Despite the premium, the offer is light vs the IFA DCF valuation. Based on the irrevocables, the minimum acceptance condition requires a 23.4% minority acceptance rate, which is achievable.

Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC

By Brian Freitas

The review period for a global index commenced last week and will run through this week as well.
The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.
Huge inflows to CSI 300 Index trackers during the week while there was a big outflow from Tracker Fund of Hong Kong (2800 HK).

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week on Smartkarma: Genetron Holdings Ltd (GTH US)‘s take-private transaction; andMedley (4480 JP)‘s buy out of GUPPY’s Inc (5127 JP).
Key updates took place on: Orecorp (ORR AU), Weiqiao Textile (2698 HK), Benefit One (2412 JP), Taisho Pharmaceutical (4581 JP), T&K Toka (4636 JP), and Hollysys Automation Technologies (HOLI US).

Genetron (GTH US): Wide Spread Ahead of the 21 February Vote

Genetron Holdings Ltd (GTH US) shareholders will vote on the consortium’s US$4.08 per ADS offer on 21 February. The offer is light in comparison to historical trading ranges.
Completion is conditional on shareholder approval, dissenting shareholders representing less than 15% of outstanding shares and regulatory approvals (NDRC, MoC and SAFE).
Despite the light offer, the completion conditions should be met. At the last close price and end of March completion, the gross and annualised spread is 7.7% and 45.5%, respectively.

Activia Properties (3279) – Short-Term Higher-Impact Buyback on Better Fundamental Results

By Travis Lundy

Activia Properties (3279 JP) announced results Wednesday. Higher DPU on better rental income looks to continue next period, but an asset disposal will produce some drag ahead.
Activia Properties also announced a buyback of 10% of ADV for the next four months.
The REIT is slightly cheap to peers. Yield spread to JGBs is high which is good. It needs to be 10% higher to restart accretive equity offerings.

Weekly Deals Digest (21 Jan) – Benefit One, GUPPY’s, T&K Toka, Weiqiao, Genetron, Amer Sports

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 – Amer Sports (AS US), Ola Electric (1700674D IN) and Mixue Group (MIX HK) IPOs.
Event-Driven developments – Benefit One Inc (2412 JP), GUPPY’s Inc (5127 JP), T&K Toka Co Ltd (4636 JP), Weiqiao Textile Co (2698 HK), Genetron Holdings Ltd (GTH US).

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver’s seat.
China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom’s significantly cheaper valuation.
Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).

💡 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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✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jan 21

Daily Brief Equity Bottom-Up: Asian Dividend Gems: Minsheng Education and more

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

In today’s briefing:

Asian Dividend Gems: Minsheng Education
IBJ (6071) – Aiming to Solidify Its Dominant Market Position
Tenable Holdings: Initiation of Coverage – Unlock the Secrets Behind Tenable’s High Recurring Revenue and Sky-High Margins! – Major Drivers
China Healthcare Weekly (Jan.19) – Bottom Fish A-Share?/“Style” of FDA/Pharma’s Key Benchmark/3320HK
Allegro MicroSystems: Initiation of Coverage – How Its Strategic Focus is Electrifying the Future of Transportation – Major Drivers
Kyndryl Holdings: Initiation of Coverage – How Kyndryl Consult Is Shaping a New Era of Revenue Generation – Major Drivers
Sensata Technologies: Initiation of Coverage – The 4 Biggest Drivers Taking The Company Forward! – Financial Forecasts
Teradata Corporation: Initiation of Coverage – Unleashing Cloud Potential! Why Its Cloud-Based Platform Is the Talk of the Tech World – Major Drivers
Varonis Systems: Initiation of Coverage – Can It Come Out A Winner From The SaaS Transition? – Major Drivers
Workiva Inc: Initiation of Coverage – Unveiling Their Winning Strategy in Turbulent Geopolitical and Economic Times – Major Drivers

Asian Dividend Gems: Minsheng Education

By Douglas Kim

Minsheng Education (1569 HK) is a highly undervalued Chinese education stock with high dividend yields. Market cap of the company has declined by nearly 90% from Jun 2018 to today.
Minsheng Education’s dividend yield averaged 5.1% from 2020 to 2022. Estimated dividend yield is 14.6% in 2023.
Minsheng Education mainly provides educational services in China. The company is one of the leaders of China’s private higher education industry.

IBJ (6071) – Aiming to Solidify Its Dominant Market Position

By Astris Advisory Japan

Market leader positioning to consolidate – IBJ is a marriage consultancy service with strong brand equity, offering high-quality services delivered by human professionals.
With an industry-leading membership base, affiliated marriage consulting firms within the IBJ network harness the economies of scale through the platform, ensuring a cost-effective approach to service delivery.
It has a strong track record of sustainable free cash flow generation.

Tenable Holdings: Initiation of Coverage – Unlock the Secrets Behind Tenable’s High Recurring Revenue and Sky-High Margins! – Major Drivers

This is our first report on cyber exposure solutions provider, Tenable Networks.
The company’ Q3 2023 earnings highlighted steady financial performance, strong contributions from its platform products like Tenable One, and overall business growth, particularly in the public sector.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

China Healthcare Weekly (Jan.19) – Bottom Fish A-Share?/“Style” of FDA/Pharma’s Key Benchmark/3320HK

By Xinyao (Criss) Wang

As more and more China’s drugs successfully obtained FDA approval, we analyzed the “style” of the US FDA, aiming to help investors understand the prospects of domestic companies’ internationalization strategies.
For mature pharmaceutical companies, we analyzed the benchmarks for some key financial indicators in terms of both revenue and cost. On these basis, companies’ profit performance would be decent.
As a top pharmaceutical SOE, China Resources Pharmaceutical (CRP) wouldn’t go bankrupt.This is the bottom line.Together with stable dividends, CRP is a worthwhile investment target to hold in bear market.

Allegro MicroSystems: Initiation of Coverage – How Its Strategic Focus is Electrifying the Future of Transportation – Major Drivers

This is our first report on sensor technology player, Allegro MicroSystems.
Sales in these strategic growth areas made up 56% of total sales, indicating a successful strategy execution focused on these specific sectors.
The company’s automotive revenues grew 31% year-over-year, with the electrification of vehicles and Advanced Driver Assistance Systems adoption being the main growth drivers.

Kyndryl Holdings: Initiation of Coverage – How Kyndryl Consult Is Shaping a New Era of Revenue Generation – Major Drivers

This is our first report on IT services company, Kyndryl.
This increase has been attributed to successful execution of its operations, demonstrating their ability to drive substantial profit growth in the company.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Sensata Technologies: Initiation of Coverage – The 4 Biggest Drivers Taking The Company Forward! – Financial Forecasts

This is our first report on sensor-based technology solutions provider, Sensata Technologies.
The dip in revenue was cited due to factors like market outgrowth slowing over the last 12 months and unfavorable movements in foreign currency.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Teradata Corporation: Initiation of Coverage – Unleashing Cloud Potential! Why Its Cloud-Based Platform Is the Talk of the Tech World – Major Drivers

This is our first report on hybrid cloud analytics software provider, Teradata Corporation.
The company’s 2023 Q3 earnings were recently reported and the leading cloud analytics and data platform company had delivered another strong quarter and remained confident it would achieve its 2023 forecast.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Varonis Systems: Initiation of Coverage – Can It Come Out A Winner From The SaaS Transition? – Major Drivers

This is our first report on Varonis Systems, a company specializing in data security and analytics.
The company is navigating a pivotal shift in its business model, transitioning from traditional software offerings to a Software as a Service (SaaS) model.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Workiva Inc: Initiation of Coverage – Unveiling Their Winning Strategy in Turbulent Geopolitical and Economic Times – Major Drivers