Category

Daily Briefs

Jun 29
0

Daily Brief ECM: Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential and more

By | Daily Briefs, ECM

In today’s briefing:

  • Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential
  • Sanil Electric IPO Industry Analysis

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential

By Tina Banerjee

  • Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.
  • The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.
  • IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.  

Sanil Electric IPO Industry Analysis

By Douglas Kim

  • With the development of new and renewable energy, transmission and distribution network bottlenecks are worsening in many countries, and there is a strong demand for new transmission and distribution networks.
  • China is virtually excluded from competition for the US market. This situation has resulted in increased new orders for companies such as Sanil Electric. 
  • Our base case valuation of Sanil Electric is target price of 58,593 won, which is 95% higher than the high end of the IPO price range (30,000 won).

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Jun 29
0

Daily Brief Event-Driven: SK Square + SK Networks Merger Swap: A Guide to Pre-Merger Arb Spread Calculations and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • SK Square + SK Networks Merger Swap: A Guide to Pre-Merger Arb Spread Calculations
  • EQT/Keywords Studios: Lower Revised Offer
  • EQD | The Nikkei’s Rally May Be About To Restart
  • Esseco/Ercros: Bidding War

SK Square + SK Networks Merger Swap: A Guide to Pre-Merger Arb Spread Calculations

By Sanghyun Park

  • SK Square’s market cap exceeds SK Networks’ by over 10 times, qualifying this merger as small-scale. Thus, only SK Networks needs shareholder approval and grants appraisal rights solely to shareholders.
  • The current arbitrage spread for SK Networks’ appraisal rights is 1.95%, and for the swap, it’s 4.16%. These are nominal values excluding trading costs and taxes.
  • Today’s SK Square and SK Networks prices reflect arbitrage spreads. Yesterday’s 8% spread widened, focusing on narrowing appraisal rights and swap spreads, essential before next week’s announcement.

EQT/Keywords Studios: Lower Revised Offer

By Jesus Rodriguez Aguilar

  • On June 27, Keywords Studios (KWS LN) received an updated cash offer of 2,450p/share from EQT (3.9% lower than initial 2,550p), 66.7% premium, implied EV €2,405 million, 13.2x EV/fwd NTM EBITDA,
  • 22.4x Fwd P/E. The likelihood of a strategic buyer making an offer is low, while the offer from EQT is opportunistic, which will seek to merge Keywords with Virtuos.
  • The revised lower offer and the small extension to the PUSU deadline do not inspire optimism. Nevertheless, EQT remains a credible bidde. Gross spread stands at 5.9%. Maintain long.

EQD | The Nikkei’s Rally May Be About To Restart

By Nico Rosti

  • The Nikkei 225 Index rallied last week, and closed the week up.
  • Although slightly overbought, our models are not pointing to a SHORT opportunity here.
  • If the index pulls back this coming week, it may be a good idea to BUY, in order to take advantage of a possible reprise of the rally.

Esseco/Ercros: Bidding War

By Jesus Rodriguez Aguilar

  • Esseco, an Italian manufacturer of chlorine and sulfur-based chemicals,  has made a competing all-cash offer at €3.84/share, cum dividend, valuing 100% of Ercros (ECR SM)  at €351 million.
  • Putting 25e EBITDA of €70 million (source: IBES consensus), on the median of comparables, the stand-alone fair-value per share of Ercros is €4.4. Neither bid accounts for synergies. 
  • The strategic fit of Ercros for both bidders and its intrinsic value suggest a likely bidding war, given the scarcity of listed companies similar to Ercros. Reiterate long.

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Jun 29
0

Daily Brief Equity Bottom-Up: Broadcom’s AI-Driven Growth Signals Upside Amid Stock Split Surges and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Broadcom’s AI-Driven Growth Signals Upside Amid Stock Split Surges
  • Bank Rakyat Indonesia (BBRI IJ) – Special Mention on the Turn
  • Ecocare Indo Pasifik (HYGN IJ) – Hygiene Is a Secular Growth Story in Indonesia
  • The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity
  • Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024
  • Grab Holdings (GRAB US) – Facing Off the Competition
  • Rajshree Polypack (RPPL): All Set for a Strong FY25
  • Jyoti Resins and Adhesives- Forensic Analysis
  • Mattel Inc.: Will The Focus On Entertainment Vertical Expansion Lead To A Jump In Revenues? – Major Drivers
  • RANI: GLP-2 Deal Announced

Broadcom’s AI-Driven Growth Signals Upside Amid Stock Split Surges

By Uttkarsh Kohli

  • Broadcom’s Strong Q2 Performance: Broadcom’s Q2 revenue surged 43% year-over-year to USD 12.5 billion, driven by AI demand and VMware contributions.
  • Dominance in AI ASIC Market: Broadcom holds a 60% market share in AI-specific integrated circuits, serving major clients like Alphabet and Meta.
  • Lead up to Stock Split Upside Potential: Mega caps have seen an average 17% outperformance relative to S&P 500 from announcement to actual stock split, signaling sharp upside for Broadcom.

Bank Rakyat Indonesia (BBRI IJ) – Special Mention on the Turn

By Angus Mackintosh

  • Bank Rakyat Indonesia (BBRI IJ) have seen a significant correction on the back of concerns over credit quality, as provisions increased in 1Q2024, the bank addressed its problem micro-loans
  • The bank is addressing these loans with some further provisions likely over the coming quarter but special mention loans should plateau in July signifying a turn. 
  • Bank Rakyat Indonesia will slow micro-lending and grow corporate loans this year to address the cost of credit. Profits will likely be flat and dividend payout up. Valuations are attractive.

Ecocare Indo Pasifik (HYGN IJ) – Hygiene Is a Secular Growth Story in Indonesia

By Angus Mackintosh

  • Recently listed Ecocare Indo Pasifik (HYGN IJ) is a small-cap with significant potential as a leader in hygiene services in Indonesia, which is a segment with a secular growth story.
  • The company operates a rental model which means recurrent revenues with a high retention rate and annual price increases in a market with high barriers to entry. 
  • Ecocare Indo Pasifik (HYGN IJ) has entered the pest control market with services that can be offered to its existing 13,000 corporate customers, with cleaning services as an additional add-on. 

The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity

By Sudarshan Bhandari

  • Rising exports, as it has higher margins and Growth in Non-Auto sectors
  • Acquisition of ACIL, JMT auto, TSUYO, and Multitech Auto will drive revenue
  • Reducing dependency on a single product or categories and single customer

Tech Supply Chain Tracker (29-Jun-2024): Notebook shipment update May 2024

By Tech Supply Chain Tracker

  • South Korean battery makers stand to benefit from Tesla’s production issues with 46800 cells, boosting profitability in May 2024.
  • STMicro and Panasonic Cycle Tech team up to introduce AI technology in e-bikes, making safety enhancements more affordable and accessible.
  • Axelera AI secures US$68 million for global expansion in AI, recognizing computing as the new currency and focusing on growth in the tech industry.

Grab Holdings (GRAB US) – Facing Off the Competition

By Angus Mackintosh

  • Grab Holdings (GRAB US) continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.
  • Competition from new players in Singapore is evident but given Grab’s market position, which allows it to virtually guarantee driver’s daily income, whilst competition often affects smaller players more.
  • Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold. 

Rajshree Polypack (RPPL): All Set for a Strong FY25

By Ankit Agrawal, CFA

  • RPPL executed well in FY24 with sales volume growth at 18% YoY. However, sudden and significant contraction in raw material prices dampened FY24 sales value growth to just 9% YoY.
  • Exports sustained its quarterly run-rate of INR 10cr+ in Q4FY24, resulting in FY24 aggregate exports sales at INR 42cr. Exports contributed 15% of revenues in FY24 vs 5% in FY23.
  • RPPL is also making good progress with its new initiatives. Its Olive Ecopak venture began commercial production in Mar 2024. Its injection molding segment is also scaling up well.

Jyoti Resins and Adhesives- Forensic Analysis

By Nitin Mangal

  • Jyoti Resins and Adhesives (JRA IN) engages in manufacturing of synthetic wood adhesives under ‘Euro’ brand and claims to be the second largest player in its respective market.
  • While on ground, Euro has gained good traction and has received positive feedbacks, there are however several takeaways noticed on the forensic end.
  • These include Lack of clarity on revenue figures, low FA base, lack of disclosures of important accounting policies such as leases and customer rewards, etc.

Mattel Inc.: Will The Focus On Entertainment Vertical Expansion Lead To A Jump In Revenues? – Major Drivers

By Baptista Research

  • Mattel Inc.’s first quarter 2024 financial results reflected a mixed performance, demonstrating resilience in some areas while facing challenges in others.
  • The company reported a slight decline in net sales, down 1% both as reported and in constant currency, totaling $810 million for the quarter.
  • Despite the dip in sales, Mattel showed considerable strength in profitability metrics.

RANI: GLP-2 Deal Announced

By Zacks Small Cap Research

  • Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
  • Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
  • Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

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Jun 29
0

Daily Brief Macro: Southern Copper: In a League of Its Own and more

By | Daily Briefs, Macro

In today’s briefing:

  • Southern Copper: In a League of Its Own
  • Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 28 Jun 2024
  • Does Modest Increase in Debt Level of France and Japan Create Problem for Their Economies?
  • HEW: Holding Patterns
  • Biden’s Catastrophic Debate Likely to Lead to 1968-Repeat; Can It End Differently?
  • The Heat Is On: News Flow and Sentiment in HONG KONG
  • CX Daily: China’s Popular Plastic Bag Replacement Is Less Green Than It Seems

Southern Copper: In a League of Its Own

By Sameer Taneja

  • Southern Copper (SCCO US) in the equity space is the best way to play bullish copper long-term with its long-term (10-year) ROCE of >22% 
  • With low-cost production assets in Peru and Mexico, the company has managed EBITDA margins of> 39% across the cycle (last 15 years) and averaging 50%.
  • A 100% payout results in a dividend yield of 3.5%. We believe there is a price for everything, and in the event of a 20% correction, it would be attractive.

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 28 Jun 2024

By Dr. Jim Walker

  • Japanese Yen: The yen has significantly weakened, leading the US to label Japan as a potential currency manipulator; interest rate differentials and potential sales of US Treasuries are key factors.
  • Singapore Inflation: Inflation remains high at 3.1%, with historical parallels suggesting potential appreciation of the Singapore dollar by 4-5% if inflation doesn’t fall below 2%.
  • US Economic Indicators: Despite perceptions of a strong economy, recent US activity indicators, including manufacturing and services, show persistent weaknesses.

Does Modest Increase in Debt Level of France and Japan Create Problem for Their Economies?

By Alex Ng

  • France and Japan have seen a large increase in total non-financial sector debt/GDP since 2007, though these have been exceeded by China.  What are the consequences of this build up? 
  • Most of the surge in debt/GDP in Japan and 40% in France is due to higher government debt.
  • The adverse impact of higher debt and debt servicing on France’s and Japan’s economies should be small given a property crash or anti Euro government are avoided.

HEW: Holding Patterns

By Phil Rush

  • Central banks in Sweden, Mexico, and the Philippines have maintained their rates this week, with EA activity remaining stable according to ESI survey data, and political campaigns nearing their end.
  • The upcoming week is expected to be quieter with no significant central bank decisions on the horizon.
  • EA inflation data on Tuesday and US payrolls on Friday are the key events to watch, with the latter potentially having a larger impact on global markets.

Biden’s Catastrophic Debate Likely to Lead to 1968-Repeat; Can It End Differently?

By Prasenjit K. Basu

  • Pres. Biden’s disastrous debate performance (in which he looked senile and cognitively incapacitated) has led Democrats to call on him to step aside in favour of an alternate Democrat nominee.
  • In 1968, LBJ stepped aside before most primaries, and VP Humphrey won nomination at the convention. He lost the general mainly because third party candidate Wallace ate into Democrat votes. 
  • Trump landslide would be inflationary (because of 10% tariffs on all imports, more on China), plus the embarrassment of having a convicted felon as president. Near-term negative for US. 

The Heat Is On: News Flow and Sentiment in HONG KONG

By David Mudd

  • China ETF flows in June continued to show positive momentum while other categories remained flat.  Southbound Connect Flows were positive while Northbound Connect recorded a Net Sell.
  • Midea Real Estate Holdings jumped on plans to privatize its property development business
  • Shanghai Microport fell after launching a share placement at a 15% discount.  The share price  is hitting all time lows.

CX Daily: China’s Popular Plastic Bag Replacement Is Less Green Than It Seems

By Caixin Global

  • Bags / In Depth: China’s popular plastic bag replacement is less green than it seems Li Jingjing is a firm believer in making use of whatever’s around her.
  • Corruption /: Two of China’s former defense ministers expelled from Communist Party
  • Personnel /: ‘Big Six’ bank executive looks set to become Everbright Bank’s new president

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Jun 28
0

Daily Brief Thailand: Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Valeura Energy (TSX: VLE): Operational Blip Offers an Opportunity for Investors

Valeura Energy (TSX: VLE): Operational Blip Offers an Opportunity for Investors

By Auctus Advisors

  • Production at Wassana has been suspended following the discovery of a crack within one of the MOPU’s steel jack-up legs that could pose a risk to the structural integrity of the MOPU.
  • The company is conducting further inspections and analysis to plan next steps.
  • Further visibility is expected in the coming weeks.

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Jun 28
0

Daily Brief Australia: ASX Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • ASX – Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

ASX – Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

By Daniel Tabbush

  • ASX is seeing the number of listed companies in decline, although there are some positives with average daily turnover and secondary listings.
  • Higher costs are keeping positives from reaching the bottom line fully, with costs to revenue are now 40% in 1H24 where this was 29% in recent interim periods.
  • Capex plans for ASX and sticky inflationary figures on staff costs, the current year and following year net profit can see reasonable pressure.

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Jun 28
0

Daily Brief South Korea: LG Electronics, Ilooda, Webtoon Entertainment, Kolmar Korea Holdings and more

By | Daily Briefs, South Korea

In today’s briefing:

  • LG Electronics’ Indian Subsidiary Is Gearing up for an IPO on the Indian Stock Market
  • Arb Spread Has Opened Today in Classys & Ilooda Merger Swap: Checking Trade Feasibility
  • Webtoon Entertainment IPO Trading – Not Cheap Given the Lack of Growth
  • Kolmar Holdings: Aggressive Plans to Cancel Outstanding Shares + Improving Returns to Shareholders

LG Electronics’ Indian Subsidiary Is Gearing up for an IPO on the Indian Stock Market

By Sanghyun Park

  • LG Electronics’ Indian subsidiary, fully owned, saw 2023 sales grow 17% to ₩3.3T and net profit rise 14% to ₩231.3B, driven by strong appliance demand.
  • LG Electronics aims for a ₩5T-₩6T valuation, planning to sell 15-20% of their Indian subsidiary to raise at least $500M.
  • LG Electronics plans to invest the $500M raised into their EV components business, moving quickly with the IPO due to urgent funding needs in the downturn-hit sector.

Arb Spread Has Opened Today in Classys & Ilooda Merger Swap: Checking Trade Feasibility

By Sanghyun Park

  • The spread is appealing, and Classys’ shorting instrument’s liquidity issue shouldn’t be critical with a manageable position size. The concern is shareholder approval and the stock purchase cost under ₩30B.
  • Despite cancellation risks, there are reasons to stay interested. Bain Capital aims to merge with Ilooda to boost Classys’ valuation, suggesting the merger may proceed even if ₩30B is exceeded.
  • The deadline for dissenting votes and appraisal rights at Ilooda’s meeting is July 8th, ex-rights date July 9th. Shareholders’ meeting: August 13th; rights exercise: August 13th to September 2nd.

Webtoon Entertainment IPO Trading – Not Cheap Given the Lack of Growth

By Ethan Aw

  • Webtoon Entertainment (WBTN US) raised around US$315m in its US IPO, after pricing the deal at the top of the range at US$21/share.
  • Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
  • In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.

Kolmar Holdings: Aggressive Plans to Cancel Outstanding Shares + Improving Returns to Shareholders

By Douglas Kim

  • On 26 June, Kolmar Holdings announced it plans to cancel 2.5 million treasury shares (6.7% of outstanding shares) as part of its participation in the corporate value-up program.
  • Previously, Kolmar Holdings announced that it would return more than 50% of its net profit to shareholders in accordance with the shareholder return policy announced in July 2023. 
  • According to our NAV analysis, it suggests an implied NAV of 555 billion won or NAV per share of 15,088 won, which represents a 39% upside from current price.

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Jun 28
0

Daily Brief Indonesia: Sariguna Primatirta Tbk PT and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Sariguna Primatirta (CLEO IJ) – Crystal Clear

Sariguna Primatirta (CLEO IJ) – Crystal Clear

By Angus Mackintosh

  • Sariguna Primatirta (CLEO IJ) is Indonesia’s fastest growing bottled water players with an edge over competition is that it sells “pure” water, which is filtered using nanotechnology from the US. 
  • The company sell both gallon and bottled water in sustainable innovative packaging and has a well-developed distribution coverage. It continues to build new factories to drive future growth across Indonesia. 
  • Sariguna Primatirta (CLEO IJ) is a rising star in the consumer staples space in Indonesia, with a strong track record in executing its expansion. Valuations are attractive versus growth.

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Jun 28
0

Daily Brief United States: NVIDIA Corp, Micron Technology, Tesla , Anthropic, Copper, Confluent, VanEck Gold Miners ETF/USA, Simpson Manufacturing Co, Inc, Jabil Circuit, Visa and more

By | Daily Briefs, United States

In today’s briefing:

  • Episode 73: Nvidia’s Moment, and The “Platformization” of GPUs
  • Memory Monitor: Micron’s Shares May Be Falling But Results’ Industry Implications Are Positive
  • Tesla Charges Ahead: Energy Storage Leader Drives Record Revenue in Booming Industry
  • Dario Amodei CEO of Anthropic: Claude, New Models, AI Safety and Economic Impact
  • Copper Primer: What We Like About Copper And What to Play
  • Confluent Inc (CFLT) – Thursday, Mar 28, 2024
  • Vaneck Gold Miners Etf (GDX) – Thursday, Mar 28, 2024
  • Simpson Manufacturing Co.: Will The Expansion of Capacity Amid Strong North American Growth Pay Off? – Major Drivers
  • Jabil Inc.: How Much Will Their Revenues Grow Given The Focus On AI & Data Center Markets? – Major Drivers
  • Payment Companies – Updated Sector Overview and Potential IPOs

Episode 73: Nvidia’s Moment, and The “Platformization” of GPUs

By The Circuit

  • Nvidia surpasses $3 trillion valuation, a first in semiconductor industry
  • Company’s rapid growth raises concerns about stock market dynamics
  • Debate on Nvidia’s dominance in AI computing and comparisons to past tech industry booms.

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

Memory Monitor: Micron’s Shares May Be Falling But Results’ Industry Implications Are Positive

By Vincent Fernando, CFA

  • Data Centers — Traditional Data Center Recovery Starting; In Addition to HBM Demand, SSD Memory Seeing Strength for AI Applications
  • PCs — Upcycle to Accelerate “Late CY2024E”, Driven by Windows 12 and End of Windows 10
  • Mobile Devices — Moderate Growth in CY2024E; Potential for Smartphone Upgrade Cycle Acceleration

Tesla Charges Ahead: Energy Storage Leader Drives Record Revenue in Booming Industry

By Uttkarsh Kohli

  • Tesla Tops Storage: Tesla dominates North American battery storage (25% market share) as renewables rise, deploying a record 4,053 MWh in Q1 2024.
  • Explosive Industry Growth: U.S. battery storage market projected for a staggering 30.5% CAGR until 2030, driven by clean energy transition.
  • Forefront of Innovation: CATL revealed TENER, a mass-producible energy storage system with zero degradation for five years achieving 430Wh/L density. Innovation to continue fueling growth.

Dario Amodei CEO of Anthropic: Claude, New Models, AI Safety and Economic Impact

By In Good Company with Nicolai Tangen

  • Anthropic is releasing a new, highly intelligent and powerful model in the near future
  • Developments in interpretability of AI models are progressing, allowing for greater understanding of decision-making processes
  • Progress in understanding AI models is happening rapidly, but keeping pace with the complexity of new models remains a challenge

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

Copper Primer: What We Like About Copper And What to Play

By Sameer Taneja

Confluent Inc (CFLT) – Thursday, Mar 28, 2024

By Value Investors Club

  • Confluent (CFLT) is an infrastructure software company offering managed data streaming and processing services
  • The company went public in 2019 and has experienced a decrease in stock price, presenting a potential opportunity for rerating
  • Confluent’s strong product story around Apache Flink and usage by companies like FedEx and Uber position it for future growth

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.

Vaneck Gold Miners Etf (GDX) – Thursday, Mar 28, 2024

By Value Investors Club

  • Author recommends buying a basket of gold miners via GDX
  • Bullish on price of gold and miners, predicting period of out-performance
  • Targeting GDX’s previous peaks in low $40’s and potential “parity” target of $45

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.

Simpson Manufacturing Co.: Will The Expansion of Capacity Amid Strong North American Growth Pay Off? – Major Drivers

By Baptista Research

  • Simpson Manufacturing Company showcased mixed results in its First Quarter 2024 financial performance amidst a challenging housing market landscape particularly marked by variability in the U.S. and Europe.
  • The company reported a modest year-over-year decline in net sales totaling $530.6 million.
  • Despite increased sales volumes in North America, which rose by 8% due to a flat U.S. housing market, broad gains were offset by the timing and calculation of volume discounts connected with previous price reductions.

Jabil Inc.: How Much Will Their Revenues Grow Given The Focus On AI & Data Center Markets? – Major Drivers

By Baptista Research

  • Jabil recently disclosed its financial outcomes for the third quarter of the fiscal year 2024, delivering robust figures that reflect its strategic maneuvers and adjustment to changing market dynamics.
  • The company posted revenues of approximately $6.8 billion, surpassing expectations by $265 million.
  • This was aided by significant contributions from the connected devices and networking and storage sectors, which outperformed anticipations.

Payment Companies – Updated Sector Overview and Potential IPOs

By Victor Galliano

  • We update Klarna’s and Stripe’s IPO valuations based on recent share transactions; Indian payments company Pine Labs is also reported to be looking to IPO
  • Our 2Q24 recommended shares performance was very mixed, with it being a mainly challenging quarter for long investors in payment companies
  • We retain Visa as a core holding and also keep PagSeguro and Shift4 as buys, replacing PayPal with European value play Nexi; we keep our sell rating on Affirm

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Jun 28
0

Daily Brief India: LG Electronics, Dr. Reddy’s Laboratories, Adani Ports & Special Economic Zone and more

By | Daily Briefs, India

In today’s briefing:

  • Initial Thoughts on LG Electronics India IPO
  • Dr. Reddy’s Laboratories (DRRD IN): Nicotinell Acquisition to Fortify Consumer Healthcare Business
  • Morning Views Asia: Adani Ports & Special Economic Zone, Bharti Airtel

Initial Thoughts on LG Electronics India IPO

By Douglas Kim

  • According to local media, LG Electronics is reviewing for a potential IPO of LG Electronics India. LG Electronics has approached JP Morgan and Morgan Stanley to be potential IPO underwriters.
  • If LG Electronics’ Indian subsidiary is listed, it is expected to be able to raise at least $500 million from the stock market.
  • Post IPO, the market value of LG Electronics India is estimated to be between $2.1 billion (3 trillion won) and $4.3 billion (6 trillion won).

Dr. Reddy’s Laboratories (DRRD IN): Nicotinell Acquisition to Fortify Consumer Healthcare Business

By Tina Banerjee

  • Dr. Reddy’s Laboratories (DRRD IN) has signed a definitive agreement with Haleon (HLN LN) to acquire latter’s global portfolio of consumer healthcare brands in the nicotine replacement therapy outside US.
  • The company will acquire the portfolio for a total consideration of £500M ($633M). In 2023, the portfolio generated ~£217M ($274M) revenue. Purchase consideration values the business at EV/sales of 2.3x.
  • The acquisition will not stretch the balance sheet as Dr. Reddy’s has a cash balance of $990M as on March 31, 2024. The transaction is expected to complete in 4Q24.

Morning Views Asia: Adani Ports & Special Economic Zone, Bharti Airtel

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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