Category

Daily Briefs

Jul 04
0

Daily Brief Energy/Materials: Shougang Fushan Resources, Newmarket Corp, Agnico Eagle Mines , Axalta Coating Systems, Element Solutions , Valvoline and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident
  • NewMarket Corporation: The AMPAC Acquisition & Strengthening of Petroleum Additives Makes Us Bullish! – Major Drivers
  • Agnico Eagle Mines Ltd – Mining Monthly: June Edition
  • Axalta Coating Systems Ltd.: Its Asia Expansion & Strategic Market Positioning Is Driving Our Optimism! – Major Drivers
  • Element Solutions Inc: The Story Behind The Innovative Product Initiatives and Kuprion Integration! – Major Drivers
  • Valvoline Inc.: A Tale Of Enhanced Service Portfolio and Innovation! – Major Drivers

Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident

By Sameer Taneja

  • Shougang Fushan Resources (639 HK) is a play on strengthening coking coal prices with downside protection due to its net cash reserves of 1.1 bn USD (Vs. Mkt Cap 2.1).
  • At the lower end of the cost curve, its EBITDA margins have averaged 54% (last 16 years), with its lowest EBITDA number of 19% in FY15.
  • With an 80% payout, the company trades at a trailing yield of 9% (the average spot price assumed is 1900 RMB/ton).

NewMarket Corporation: The AMPAC Acquisition & Strengthening of Petroleum Additives Makes Us Bullish! – Major Drivers

By Baptista Research

  • NewMarket Corporation reported a solid performance in the first quarter of 2024, with notable developments in financial results and strategic actions aimed at expanding its business operations.
  • The company reported a net income of $108 million or $11.23 per share, reflecting an increase from $98 million or $10.09 per share in the same period the previous year.
  • The primary revenue generator, the petroleum additives segment, demonstrated a robust operating profit of $151 million up from $132 million in the first quarter of 2023, though it experienced a slight decline in sales from $700 million in the previous year to $677 million.

Agnico Eagle Mines Ltd – Mining Monthly: June Edition

By Atrium Research

  • Following back-to-back positive months and new all-time highs, gold closed down slightly in June, while the gold equities sold off more dramatically.
  • Silver fell more sharply than gold (down 9%) following the strong outperformance in May (up 14%), and silver equities followed suit.
  • Copper also dropped significantly in June, down 9% to $4.4/lb while the copper equities outperformed the metal slightly, down 7%.

Axalta Coating Systems Ltd.: Its Asia Expansion & Strategic Market Positioning Is Driving Our Optimism! – Major Drivers

By Baptista Research

  • Axalta Coating Systems reported a stable set of results for the first quarter of 2024.
  • The company demonstrated resilience through flat year-over-year net sales and a significant increase in Adjusted EBITDA, which was reported as a record for any first quarter in the history of Axalta Coating Systems.
  • The margins have shown a notable improvement, providing optimism for further growth potential.

Element Solutions Inc: The Story Behind The Innovative Product Initiatives and Kuprion Integration! – Major Drivers

By Baptista Research

  • Element Solutions Inc reported a positive start to 2024 with its Q1 results reflecting a mixed macroeconomic environment.
  • The company saw a modest organic sales growth of 1% year-over year, while the constant currency adjusted EBITDA grew by a robust 17%, demonstrating substantial margin expansion.
  • The Electronics segment appeared resilient, benefiting notably from recovery in high-margin semiconductor and circuitry businesses in Asia.

Valvoline Inc.: A Tale Of Enhanced Service Portfolio and Innovation! – Major Drivers

By Baptista Research

  • Valvoline’s performance in the second quarter of fiscal 2024 demonstrates robust growth and operational efficiency.
  • The company showed an impressive growth trajectory with system-wide store sales increasing by 13% to $746 million.
  • The expansion was complemented by a significant rise in profitability, evidenced by a 21% increase in adjusted EBITDA to $105 million and a notable jump in adjusted earnings per share (EPS), which increased over 60% to $0.37 per share.

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Jul 04
0

Daily Brief TMT/Internet: Shinko Electric Industries, Taiwan Semiconductor (TSMC) – ADR, Blackcow Food Co Ltd A, Advanced Process Systems, Keywords Studios, SoundThinking and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Shinko Electric (6967) – Break/Gap Risk Early July 2024 Update
  • Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC
  • Tech Supply Chain Tracker (04-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.
  • Tech Supply Chain Tracker (03-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.
  • EQT/Keywords Studios: Scheme of Arrangement
  • Soundthinking Inc (SSTI) – Wednesday, Apr 3, 2024

Shinko Electric (6967) – Break/Gap Risk Early July 2024 Update

By Travis Lundy

  • When this deal was announced, it was light. But the timing, JSR influence, large-ish float, ensured FUD would make this trade wide. It traded wider.
  • Nearly 6mos ago, Shinko had much-underperformed peer Ibiden, meaning downside gap risk from undisturbed was negative as spreads were wide. I reco’d a buy. Then 16+wks ago, recommended taking profits.
  • Shinko had outperformed Ibiden, gross spreads had narrowed 5+% on JSR approval. Gross spread is now 4.6% but time is shorter so annualised is 10+% even out to December launch.

Taiwan Tech Weekly: Apple Hikes TSMC Orders on Strong IPhone 16 Hopes; Google Shifts AI Chip to TSMC

By Vincent Fernando, CFA

  • Apple Increasing Chip Orders with TSMC — Expecting iPhone 16 Sales to be Much Stronger Than iPhone 15 Thanks to AI
  • Google Said to be Shifting to TSMC from Samsung for Next Generation AI Mobile Phone Chips
  • This June 28th piece appears to be timely — Memory Monitor: Micron’s Shares May Be Falling But Results’ Industry Implications Are Positive

Tech Supply Chain Tracker (04-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

By Tech Supply Chain Tracker

  • Taiwan plans to release offshore wind regulations by 3Q24, boosting the renewable energy sector’s growth and investment opportunities.
  • Chinese investment in 8.6G OLED technology is boosting the South Korean display equipment industry, leading to potential economic growth.
  • VinFast’s Indian factory may open earlier than expected, while mobile device suppliers show interest in using edge AI to enhance the market.

Tech Supply Chain Tracker (03-Jul-2024): Taiwan to announce offshore wind rules by 3Q24.

By Tech Supply Chain Tracker

  • Taiwan set to release offshore wind regulations by 3Q24, opening doors for growth and innovation in the industry.
  • China’s significant investment in OLED technology boosts South Korean display equipment sector, creating opportunities for growth.
  • Telecoms facing challenges with slow 5G adoption, pushing them to adapt and transform strategies to overcome obstacles.

EQT/Keywords Studios: Scheme of Arrangement

By Jesus Rodriguez Aguilar

  • On 3 July, PUSU deadline, Bidco and Keywords Studios (KWS LN) have agreed to an acquisition to be carried out through a scheme of arrangement. 
  • Shareholders will receive 2,450p/share in cash, cum dividend, 66.7% premium, for 22.4x Fwd P/E. There’s a minimal number of irrevocables and just 7.57% of capital in letters of intent. 
  • I think the price is reasonable considering the recent challenges affecting the value of the stock, and deal will close. Spread is 2.45%/6.3% (gross/annualised, assuming settlement by 29 November). Long.

Soundthinking Inc (SSTI) – Wednesday, Apr 3, 2024

By Value Investors Club

  • Soundthinking (SSTI) is a SaaS company providing technology to law enforcement agencies for enhanced effectiveness
  • Market cap of $200 million and trading at 2x sales, considered cheap compared to growth potential
  • Company has history of 15% annual growth, 60% gross margins expected to increase with expansion, projected revenue growth of 15% over next three years, EBITDA margins expected to reach 32% by 2026, stock predicted to trade at $74 per share with 360% upside from current prices

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.

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Jul 04
0

Daily Brief Health Care: Raffles Medical Group, Emcure Pharmaceuticals, Eisai Co Ltd, UGenix Biotech, Roivant Sciences Ltd, Stevanato Group SpA, Apellis Pharmaceuticals, Vanda Pharmaceuticals, Medpace Holdings Inc, Natera Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Raffles Medical (RFMD SP): Loo Sees A Bargain
  • Emcure Pharmaceuticals Pre-IPO – Refiling Updates and Valuations
  • Eisai Co Ltd (4523 JP): New Competition Is Coming for Alzheimer’s Disease Drug; No Immediate Threat
  • Pre-IPO UGenix Biotech – Future Growth Potential Is Highly Uncertain
  • Roivant Sciences Ltd.: Focus on Immunological Innovations Through Immunovant & Other Pipeline Expansion! – Major Drivers
  • Stevanato Group S.p.A.: Leveraging Market Trends in Biologics and Self-Administration! – Major Drivers
  • Apellis Pharmaceuticals Inc.: Strategic Marketing and Direct-to-Consumer (DTC) Campaigns Changing The Game! – Major Drivers
  • Vanda Pharmaceuticals: Can It Attract Acquisition Interest After Future Pak’s Offer Withdrawal? – Major Drivers
  • Medpace Holdings Inc.: Will The Improved Bookings Environment Last? – Major Drivers
  • Natera Inc.: Why We Are Neutral Despite These 5 Massive Growth Drivers! – Financial Forecasts

Raffles Medical (RFMD SP): Loo Sees A Bargain

By David Blennerhassett

  • Shares of integrated private healthcare provider Raffles Medical Group (RFMD SP) are currently languishing around a three low. RMG does look attractive compared to regional healthcare plays. 
  • FY23 numbers did no favours – top/bottom line y-o-y contraction of 14.1% and 37.1% respectively.  Yet its emerging China ops show promise. 
  • Of interest is Loo Choon Yong, RMG’s founder and major shareholder, who continues adding to his stake, and now holds 54.944%, up from 53.033% at the beginning of the year.

Emcure Pharmaceuticals Pre-IPO – Refiling Updates and Valuations

By Sumeet Singh

  • Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
  • Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
  • We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.

Eisai Co Ltd (4523 JP): New Competition Is Coming for Alzheimer’s Disease Drug; No Immediate Threat

By Tina Banerjee

  • On July 2, Eli Lilly & Co (LLY US) has received FDA approval for its Alzheimer’s disease drug Kisunla, which will compete head-on-head with Eisai Co Ltd (4523 JP)‘s Leqembi.  
  • Efficacy and indications of both the drugs are similar. Price comparison is tricky. However, Kisunla can be stopped when amyloid plaques are removed, which is not the case for Leqembi.
  • Eisai is not expected to face immediate competition and should comfortably meet Leqembi FY25 revenue target of ¥56.5B, including ¥43.5B from the U.S. Recently, Leqembi has been launched in China.

Pre-IPO UGenix Biotech – Future Growth Potential Is Highly Uncertain

By Xinyao (Criss) Wang

  • Although UGenix is a genetic technology company focusing on prenatal testing/precision oncology, it was the large-scale COVID-19 testing demand that made UGenix’s overall revenue grow rapidly, which, however, is unsustainable.
  • NIPT market size is far less than expected. The clinical need for NGS has not developed as rigid demand. Restrictions on companion diagnosis pricing indicate market space would be compressed.
  • The business of both prenatal testing and precision oncology are not easy. Due to uncertain commercialization outlook/profitability and other negative factors, UGenix’s stock price after IPO could underperform.

Roivant Sciences Ltd.: Focus on Immunological Innovations Through Immunovant & Other Pipeline Expansion! – Major Drivers

By Baptista Research

  • Roivant’s latest financial and business developments indicate both potential and challenges.
  • The company reported a series of product updates and financial adjustments aimed at fostering growth and efficiency.
  • Notably, Roivant’s executive team highlighted fiscal responsibility through renegotiations of Dermavant’s obligations, which are projected to reduce costs significantly.

Stevanato Group S.p.A.: Leveraging Market Trends in Biologics and Self-Administration! – Major Drivers

By Baptista Research

  • Stevanato Group’s first quarter 202rb performance underlined some critical challenges while also highlighting its robust positioning within the pharmaceutical supply sector.
  • In a period marred by the ripples of the pandemic induced stockpiling, Stevanato Group’s revenue saw a slight decrement of 1% year-over-year, totaling EUR 236 million.
  • This decline predominantly stemmed from the accelerated industry-wide destocking processes, particularly impacting their EZ-fill vials segment.

Apellis Pharmaceuticals Inc.: Strategic Marketing and Direct-to-Consumer (DTC) Campaigns Changing The Game! – Major Drivers

By Baptista Research

  • Apellis Pharmaceuticals experienced a strong start to the first quarter of 2024, showing significant growth particularly through its product SYFOVRE, which demonstrated impressive market uptake and robust sales growth.
  • SYFOVRE generated $137 million in net sales for the quarter, marking a 20% increase from the previous quarter.
  • This increase predominantly stemmed from accelerated demand as the product solidified its position in the market.

Vanda Pharmaceuticals: Can It Attract Acquisition Interest After Future Pak’s Offer Withdrawal? – Major Drivers

By Baptista Research

  • Vanda Pharmaceuticals Inc., in its Q1 2024 results, showcased a mixed performance amidst its transition phase collaborating its existing products along with recent acquisitions.
  • The financial results reveal a decline in total revenues by 24% year-over-year to $47.5 million, primarily due to the impact of generic competition on its product HETLIOZ.
  • Despite this, there was a slight sequential increase in total revenues from the previous quarter, suggesting some stabilization in their financial outcomes.

Medpace Holdings Inc.: Will The Improved Bookings Environment Last? – Major Drivers

By Baptista Research

  • Medpace’s financial results for the first quarter of 2023 highlight a mixed scenario, reflecting both the opportunities and challenges inherent in the clinical contract research organization (CRO) industry.
  • The company reported that revenues reached $511 million for the quarter, marking a significant 17.7% increase on a year-over year basis.
  • This positive trajectory can be attributed to healthy demand for Medpace’s clinical research services, as demonstrated by the growth in ending backlog which stood at approximately $2.9 billion—an increase of 18.2% compared to the previous year.

Natera Inc.: Why We Are Neutral Despite These 5 Massive Growth Drivers! – Financial Forecasts

By Baptista Research

  • Natera, Inc., during its Q1 2024 discussion, presented results that indicate robust financial and operational achievements alongside a renewed forward outlook reflecting the company’s strong position in the genomic diagnostics market.
  • The company noted a significant increase in its revenue and volume growth across its diversified operational segments, which include oncology, organ health, and women’s health.
  • Notably, Natera, Inc. achieved a major corporate milestone by reaching cash flow breakeven in Q1, significantly ahead of schedule.

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Jul 04
0

Daily Brief Industrials: Timee Inc, Mineral Resources, Yangzijiang Shipbuilding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Timee (215A JP) IPO: The Bull Case
  • Mineral Resources: Unearthing Value – [Business Breakdowns, EP.172]
  • Yangzijiang Shipbuilding (YZJSGD SP): Cheaper than Peers with Index Inclusion Kicker

Timee (215A JP) IPO: The Bull Case

By Arun George

  • Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.   
  • Timee’s app allows users to work shifts as short as one hour at restaurants, convenience stores, and hotels, with quick payment for their work.   
  • The bull case rests on favourable market trends, best-in-class revenue growth, good retention rates, credible growth drivers, and top-quartile EBITDA margins.

Mineral Resources: Unearthing Value – [Business Breakdowns, EP.172]

By Business Breakdowns

  • Mineral Resources is a founder-led diversified infrastructure and mining business that has seen significant growth since its IPO.
  • The business is divided into two segments, with the infrastructure business, “Infraco,” playing a crucial role in the company’s success.
  • The company’s CEO believes they are just getting started and can grow to many multiples of their current size.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Yangzijiang Shipbuilding (YZJSGD SP): Cheaper than Peers with Index Inclusion Kicker

By Brian Freitas

  • The rally in Yangzijiang Shipbuilding (YZJSGD SP) over the last month should result in the stock being added to global passive portfolios late next month.
  • Yangzijiang Shipbuilding (YZJSGD SP) trades cheaper than peers on forward PE but there has been a big rally in the stock over the last month.
  • There has been an increase in cumulative excess volume since mid-May and there will be positioning for the event, but there could be further gains in the stock.

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Jul 04
0

Daily Brief Consumer: Toyota Motor, TSE Tokyo Price Index TOPIX, Cirrus Aircraft, Paradise Co Ltd, Sermsuk PCL, United Spirits, Newell Rubbermaid, Capri Holdings , Simply Good Foods Co, Nomad Foods and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Japan Cross-Shareholding – Summary Matrix – Over US$100bn of Selling in 118 Companies
  • The Challenge Is to Raise the Quality of Engagement. To Do So, Active Funds Need to Be Increased
  • Cirrus Aircraft IPO – Fundamentally Sound but Parent Still Under Sanction
  • Paradise: Expansion into High End Hotel Likely to Destroy Shareholder Value
  • Sermsuk (SSC TB): THBEV’s Delisting Offer
  • India Alcoholic Beverages: Growing in Pints And Quarts. IPO Adds a Valuation Kick
  • Newell Brands: A Solid Strategic Business Unit Performance and Innovation Implementation Drives Our Optimism!! – Major Drivers
  • Capri Holdings Limited: Why We Are Bullish Even If The Tapestry Acquisition Does Not Go Through! – Major Drivers
  • The Simply Good Foods Company: Acquisition of OWYN to Strengthen RTD Protein Shake Market Position & Other Major Drivers
  • Nomad Foods: These Are The 4 Pivotal Factors Driving Its Performance In 2024 & 2025!

Japan Cross-Shareholding – Summary Matrix – Over US$100bn of Selling in 118 Companies

By Sumeet Singh

  • Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
  • Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
  • Of these, they have a combined stake of over US$1bn in 23 companies.

The Challenge Is to Raise the Quality of Engagement. To Do So, Active Funds Need to Be Increased

By Aki Matsumoto

  • The reason why investor engagement is effective is in the exercise of voting rights. Engagement is considered to have been effective around 2014, when foreign ownership exceeded 30%.
  • Engagement is generally effective in the funds entrusted to GPIF, according to the results of the study. GPIF should raise fees to allow investment managers to engage in fruitful engagement.
  • This tends to be a generic question for passive funds. If we expect engagement to be more effective in the future, we need to increase the number of active funds.

Cirrus Aircraft IPO – Fundamentally Sound but Parent Still Under Sanction

By Ethan Aw

  • Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO.
  • Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
  • In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.

Paradise: Expansion into High End Hotel Likely to Destroy Shareholder Value

By Douglas Kim

  • On 2 July, Paradise Co Ltd (034230 KS) announced that it will construct a new high end luxury hotel in Seoul spending about 500 billion won to 550 billion won. 
  • We believe that this construction of the new luxury hotel will have a negative impact on shares of Paradise. 
  • Rather than investing a large sum of money to build a new hotel, many investors would rather have preferred Paradise to increase share buybacks and dividends. 

Sermsuk (SSC TB): THBEV’s Delisting Offer

By David Blennerhassett

India Alcoholic Beverages: Growing in Pints And Quarts. IPO Adds a Valuation Kick

By Devi Subhakesan

  • Allied Blenders & Distillers‘ recent IPO spotlighted India’s alcoholic beverage sector, which bucks global trends with strong volume and value growth.
  • India is the third largest alcoholic beverage market globally, and the second largest for spirits. It is projected to grow at a CAGR of more than 10% over the near-term.
  • Incumbent players in this highly regulated sector can benefit from strong market moats and evolving growth opportunities if they can effectively navigate the highly regulated business  environment.

Newell Brands: A Solid Strategic Business Unit Performance and Innovation Implementation Drives Our Optimism!! – Major Drivers

By Baptista Research

  • Newell Brands displayed a strong performance in its first quarter of 2024, reflecting continued progress in its strategic turnaround efforts.
  • The company reported improvements across multiple metrics, including gross margin, operational efficiency, and core sales despite a challenging external environment.
  • Moreover, Newell Brands maintained its full-year outlook and highlighted ongoing focus on operational excellence and innovation.

Capri Holdings Limited: Why We Are Bullish Even If The Tapestry Acquisition Does Not Go Through! – Major Drivers

By Baptista Research

  • Capri Holdings Limited recently reported its financial performance for the fourth quarter and full fiscal year of 2023.
  • Despite facing numerous challenges, including an uncertain macroeconomic environment and specific difficulties in the Americas, the company managed to achieve high single-digit revenue growth and mid-single digit growth in earnings per share on a 52-week constant currency basis.
  • However, these figures fell short of the company’s initial expectations.

The Simply Good Foods Company: Acquisition of OWYN to Strengthen RTD Protein Shake Market Position & Other Major Drivers

By Baptista Research

  • The Simply Good Foods Company reported its fiscal third-quarter results for 2024, reflecting a combination of growth and investment strategies aimed at harnessing both immediate gains and longer-term opportunities.
  • The company’s results were favorable, with a reported net sales increase of 3.1% to $334.8 million, driven primarily by Quest’s volume growth.
  • Notably, retail takeaway across measured and unmeasured channels outpaced net sales growth, reaching approximately 5%.

Nomad Foods: These Are The 4 Pivotal Factors Driving Its Performance In 2024 & 2025!

By Baptista Research

  • Nomad Foods, a prominent player in the frozen foods industry, experienced a mixed first quarter in 2024, balancing resilience in certain metrics with notable challenges typical of the consumer goods sector amidst a complex economic landscape.
  • The company reported a slight net sales increase of 1.1% and organic sales growth of 0.3%, aided by favorable foreign exchange rates.
  • Impressively, Nomad Foods has maintained positive organic sales growth for seven consecutive quarters.

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Jul 04
0

Daily Brief Financials: ESR Group , Blackrock Inc, China Vanke , Affirm Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • ESR Group (1821 HK): Consortium’s Expansion Talks Suggest Progress
  • Best Of: BlackRock Goes All in on Infrastructure
  • Morning Views Asia: China Vanke , Lippo Malls Indonesia Retail Trust
  • Affirm Holdings Inc.: Emergent Payment Models

ESR Group (1821 HK): Consortium’s Expansion Talks Suggest Progress

By Arun George

  • Bloomberg reports that the bidding consortium is in talks to bring in other partners, such as QIA, PIF, and CPP Investment Board, to aid in privatising ESR Group (1821 HK).
  • Warburg Pincus and OMERS have blocking stakes for a Cayman scheme. Warburg Pincus is seemingly supportive, and the consortium’s expansion talks suggest confidence in meeting OMERS’ price expectations.
  • Our best guess is that an offer is around HK$14.00. ESR’s current valuation is undemanding, with its forward EV/EBITDA multiple at a 40% discount compared to the median peers’ multiple.

Best Of: BlackRock Goes All in on Infrastructure

By Behind the Money

  • Blackrock is a massive asset management firm with $10 trillion in assets under management
  • Blackrock recently made a transformative acquisition of Global Infrastructure Partners (GIP)
  • The deal has wide-ranging effects for the private capital industry and is a wake-up call for Wall Street firms to rethink their strategies and partnerships

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Morning Views Asia: China Vanke , Lippo Malls Indonesia Retail Trust

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.

Affirm Holdings Inc.: Emergent Payment Models

By Baptista Research

  • Affirm Holdings Inc. reported a strong fiscal third quarter for 2024, reflecting robust growth and strategic initiatives that seem to be paying off, while also highlighting areas that warrant caution.
  • Firstly, the positives emerging from the quarter include notable advancements in volume growth.
  • Gross Merchandise Volume (GMV) increased by 36%, which is compelling evidence of the company’s capability to attract and retain users despite a competitive landscape.

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Jul 04
0

Daily Brief Australia: Mineral Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • Mineral Resources: Unearthing Value – [Business Breakdowns, EP.172]

Mineral Resources: Unearthing Value – [Business Breakdowns, EP.172]

By Business Breakdowns

  • Mineral Resources is a founder-led diversified infrastructure and mining business that has seen significant growth since its IPO.
  • The business is divided into two segments, with the infrastructure business, “Infraco,” playing a crucial role in the company’s success.
  • The company’s CEO believes they are just getting started and can grow to many multiples of their current size.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Jul 04
0

Daily Brief Thailand: Sermsuk PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Sermsuk (SSC TB): THBEV’s Delisting Offer

Sermsuk (SSC TB): THBEV’s Delisting Offer

By David Blennerhassett

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Jul 04
0

Daily Brief South Korea: Paradise Co Ltd and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Paradise: Expansion into High End Hotel Likely to Destroy Shareholder Value

Paradise: Expansion into High End Hotel Likely to Destroy Shareholder Value

By Douglas Kim

  • On 2 July, Paradise Co Ltd (034230 KS) announced that it will construct a new high end luxury hotel in Seoul spending about 500 billion won to 550 billion won. 
  • We believe that this construction of the new luxury hotel will have a negative impact on shares of Paradise. 
  • Rather than investing a large sum of money to build a new hotel, many investors would rather have preferred Paradise to increase share buybacks and dividends. 

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Jul 04
0

Daily Brief Indonesia: Barito Renewables Energy and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • StubWorld: Barito Renewables (BREN IJ) – This Too Shall Pop

StubWorld: Barito Renewables (BREN IJ) – This Too Shall Pop

By David Blennerhassett

  • Barito Pacific (BRPT IJ)‘s 64.7% stake in Barito Renewables Energy (BREN IJ) (now Indonesia’s largest company by market cap), is worth 8x its market cap. That’s unsustainable.
  • Preceding my comments on the Barito complex are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

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