Category

Daily Briefs

Nov 18
0

Daily Brief Health Care: Shanghai Henlius Biotech , SK Bioscience and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Merger Arb Mondays (18 Nov) – Henlius, GAPack, Xingda, Seven & I, Fuji Soft, NEC Networks, Macromill
  • Appointment of RFK Jr as the US Health Secretary and a Book Review Of “The Real Anthony Fauci”

Merger Arb Mondays (18 Nov) – Henlius, GAPack, Xingda, Seven & I, Fuji Soft, NEC Networks, Macromill

By Arun George

Appointment of RFK Jr as the US Health Secretary and a Book Review Of “The Real Anthony Fauci”

By Douglas Kim

  • In this insight, we provide some of the main highlights of the book “The Real Anthony Fauci”, which was written by Robert F. Kennedy Jr. (RFK Jr) in 2021.
  • We discuss how the appointment of RFK Jr could impact some of the major health care stocks in Korea, especially those that are involved in developing and producing vaccines.
  • Although the share prices of many Korean vaccines related stocks have declined materially in the past 2-3 years, RFK Jr becoming the next US Health Secretary could pose further headwinds.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief Thematic (Sector/Industry): Who Are Leading the Charge in the RNAissance of Medicine and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Who Are Leading the Charge in the RNAissance of Medicine
  • APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

Who Are Leading the Charge in the RNAissance of Medicine

By Pyari Menon

  • In this report we analyzed data from technical publications to review leadership in RNA related therapeutics. We have listed the top thirty.
  • In terms of quantity and quality of innovations Alnylam Pharmaceuticals (ALNY US)  and Moderna (MRNA US)  are best positioned. Among private companies Senda Biosciences screened well. 
  • Partnerships and acquisitions  between RNA startups and big pharma as well as between big pharma and big pharma highlight RNA’s potential versatility, risks and the necessity for RNA related exposure.

APAC Healthcare Weekly (Nov 17)- GenScript Biotech, Eisai, Otsuka, Daiichi Sankyo, Cellid, and Lunit

By Tina Banerjee

  • GenScript Biotech established operations site and logistics center in Australia. Eisai has received positive opinion from CHMP recommending approval of lecanemab. Otsuka forms JV to boost IV supply in US.
  • Lunit formed strategic alliance in France to expand AI solution deployment. Daiichi Sankyo and AstraZeneca submitted a new BLA for accelerated approval in the U.S. for datopotamab deruxtecan for NSCLC.
  • Cellid has completed recruiting and dosing all participants in its Phase 3 clinical trial of COVID-19 vaccine targeting Omicron variant. Alembic Pharmaceutical received FDA approval for hypertension drug.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief Equity Bottom-Up: Sea Ltd (SE US) – Firing Profitability On All Segments and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Sea Ltd (SE US) – Firing Profitability On All Segments
  • [Tencent (700 HK, BUY, TP HK$518) TP Change]: C3Q24 Review: Performance In-Line with Catalysts
  • 2024 High Conviction Update: Asahi Intecc (7747 JP)- Medical Division Drives Q1 Result
  • GXO Logistics Inc.: Expanding E-Fulfillment Capabilities to Set New Standards! – Major Drivers
  • Howmet Aerospace Inc.: Capitalizing on Explosive Commercial Aerospace Growth for 2025! – Major Drivers
  • Toyota Motor Corporation: Their Adaptation & Strategy in the Chinese Market Driving Our ‘Buy’ Rating! – Major Drivers
  • Cleveland-Cliffs Inc.: Can The Stelco Acquisition Be A Game Changer? – Major Drivers
  • Cirrus Logic Inc.: Will Its Expansion into Laptop Markets Bring A Shift In The Competitive Dynamics? – Major Drivers
  • AppLovin Corporation: Expansion into E-commerce As A Strategic Growth Enabler! – Major Drivers
  • Duolingo Inc.: Leveraging AI & User Engagement For A Competitive Edge! – Major Drivers

Sea Ltd (SE US) – Firing Profitability On All Segments

By Angus Mackintosh

  • In 3Q2024, Sea Ltd demonstrated its ability to turn a profit at Shopee, whilst booking strong growth, with sales & marketing kept well in check and active users increasing substantially.
  • E-Commerce registered higher take rates, through higher commissions, more paid advertising, and increasing levels of self-fulfilment through SPX Express, whilst Digital Financial Services saw a rapid acceleration in loan growth.
  • Digital Entertainment was back on form with strong growth in bookings, active users, ARPU, and adjusted EBITDA. Management remains confident about 4Q2024 and the outlook for 2025.

[Tencent (700 HK, BUY, TP HK$518) TP Change]: C3Q24 Review: Performance In-Line with Catalysts

By Ying Pan

  • Tencent reported C3Q24 revenue, IFRS operating profit, and IFRS net income in-line, in-line, 11% vs. our estimates and in-line, in-line, 18% vs. consensus. 
  • The bright spot is fintech transaction volume grew 10% YoY showing gain in market share, which coupled with rebound in consumption since October should rive recovery.
  • We raise TP by 2% to HK$518. Tencent is still our TOP PICK in an uncertain geopolitical environment with an upswing fundamental story.

2024 High Conviction Update: Asahi Intecc (7747 JP)- Medical Division Drives Q1 Result

By Tina Banerjee

  • Asahi Intecc (7747 JP) recorded 9% YoY revenue growth to ¥31B in Q1FY25. Revenue growth is attributable to the continued strong trajectory of medical division, which reported 10% YoY growth.
  • Strong rebound in China is key highlight for medical division performance. Revenue from China increased by a whopping 36% YoY and 44% QoQ to a record high of ¥9.3B.
  • Despite a better-than-expected Q1FY25, the company maintains full-year FY25 guidance, due to external factors such as currency movements as well as uncertainties in trends for net sales, productivity, and expenditure.

GXO Logistics Inc.: Expanding E-Fulfillment Capabilities to Set New Standards! – Major Drivers

By Baptista Research

  • GXO Logistics’ latest earnings for the third quarter of 2024 painted a mixed yet informative picture of its financial performance and strategic positioning.
  • The company reported record revenues of $3.2 billion, marking a substantial year-over-year increase of 28%.
  • This robust top-line growth is partially attributed to an organic revenue growth of 3%, which has shown a sequential upward trend throughout the fiscal year.

Howmet Aerospace Inc.: Capitalizing on Explosive Commercial Aerospace Growth for 2025! – Major Drivers

By Baptista Research

  • Howmet Aerospace’s third quarter 2024 results demonstrate significant performance gains amidst a complex operating environment.
  • The company’s revenue growth was substantial at 11% year-over-year, with commercial aerospace driving much of this improvement with a 17% increase in revenue.
  • The engine products and fasteners segments excelled, supported by robust structures performance.

Toyota Motor Corporation: Their Adaptation & Strategy in the Chinese Market Driving Our ‘Buy’ Rating! – Major Drivers

By Baptista Research

  • Toyota Motor Corporation has announced its fiscal year 2025 second-quarter financial results.
  • The company achieved an operating income of JPY 2.4642 trillion for the first half of the fiscal year, which was maintained close to the previous year despite some setbacks in production and increases in expenses.
  • While sales revenue touched JPY 23.2824 trillion, the net income of JPY 1.9071 trillion saw a significant decrease from the prior year, primarily due to exchange rate fluctuations which caused valuation losses in foreign currency assets.

Cleveland-Cliffs Inc.: Can The Stelco Acquisition Be A Game Changer? – Major Drivers

By Baptista Research

  • Cleveland-Cliffs presented its third-quarter 2024 results during a challenging period of weaker steel demand and pricing, largely attributed to reduced automotive production and high interest rates affecting consumer decisions.
  • The company’s acquisition of Stelco, a Canadian steelmaker, was a notable development during this period, promising operational agility and cost efficiency.Cleveland-Cliffs reported a quarterly adjusted EBITDA of $124 million on 3.8 million tons of shipments.
  • This was a decline from previous performance levels, which the company attributed to reduced activity in the automotive industry.

Cirrus Logic Inc.: Will Its Expansion into Laptop Markets Bring A Shift In The Competitive Dynamics? – Major Drivers

By Baptista Research

  • Cirrus Logic has reported strong financial performance for the second quarter of fiscal year 2025.
  • The company achieved record revenue and earnings per share, with revenue reaching $541.9 million.
  • This figure was near the upper end of their guidance range and reflects strong demand for components used in smartphones.

AppLovin Corporation: Expansion into E-commerce As A Strategic Growth Enabler! – Major Drivers

By Baptista Research

  • AppLovin’s latest earnings for the third quarter ending September 2024 provides a comprehensive overview of the company’s performance, strategic initiatives, and future growth prospects.
  • The company reported strong financial metrics with total revenue reaching $1.2 billion, marking a 39% year-over-year increase.
  • Adjusted EBITDA also rose significantly to $722 million, reflecting a 72% increase from the same period last year, and achieving a 60% adjusted EBITDA margin.

Duolingo Inc.: Leveraging AI & User Engagement For A Competitive Edge! – Major Drivers

By Baptista Research

  • Duolingo, a prominent player in the online language learning space, has reported its financial results for the third quarter of 2024, outlining both strengths and areas to watch.
  • The company demonstrated robust growth in key metrics, including a 54% year-over-year increase in daily active users (DAUs), with its Family Plan onboarding 21% of its subscriber base.
  • This impressive user growth, particularly after a high growth rate in previous years, suggests that Duolingo continues to successfully engage its expanding user base.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief Event-Driven: HK Connect SOUTHBOUND Flows (To 15 Nov 2024); Tech Bought and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 15 Nov 2024); Tech Bought, High-Div SOEs Sold or Ignored, Again
  • China Healthcare Weekly (Nov.17) – TCM VBP New Updates, CR Boya Completes Acquisition of Green Cross
  • Weekly Deals Digest (17 Nov) – Seven & I, Fuji Soft, Nishimoto, Macromill, CPMC, KEPCO, SF Holding
  • FXI Rebalance Preview: One Change in December as Shorts Spike
  • A/H Premium Tracker (To 15 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors
  • Fuji Soft (9749 JP): KKR Bumps to JPY9,451 as Bain Left High and Dry
  • (Mostly) Asia-Pac M&A: Agro Kanesho, Nishimoto, Chita Kogyo, Macromill, Silk Logistics, Avarga, MAHB
  • Last Week in Event SPACE: Seven & I, PA Gooddoctor, Nec Networks, Genscript/Legend, ASM PT, Hanwha
  • China A50 ETFs Rebalance Preview: One Change to Close Out the Year

HK Connect SOUTHBOUND Flows (To 15 Nov 2024); Tech Bought, High-Div SOEs Sold or Ignored, Again

By Travis Lundy

  • SOUTHBOUND gross trading activity still high. Net buying very strong. 7 names traded more than US$1bn. Last week I said tech would continue to be bought. It was.
  • The trend continues to net sales of ETFs and high div SOEs. Net buying is very, very broad-based. Tracker Fund of Hong Kong (2800 HK) is batted around like crazy.
  • I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don’t compete in the US.

China Healthcare Weekly (Nov.17) – TCM VBP New Updates, CR Boya Completes Acquisition of Green Cross

By Xinyao (Criss) Wang

  • The new round of national TCM decoction pieces VBP has started. We think the overall price reduction would be relatively mild, and the impact on related TCM enterprises is limited.
  • The NHSA will vigorously promote the expansion of TCM VBP, which is another challenge for TCM injections. But the impact on exclusive TCM varieties and innovative TCM injections is smaller.
  • CR Boya has completed the acquisition of 100% equity of Green Cross and has included it in the scope of consolidated financial statements starting from November. Future M&As will continue.

Weekly Deals Digest (17 Nov) – Seven & I, Fuji Soft, Nishimoto, Macromill, CPMC, KEPCO, SF Holding

By Arun George

FXI Rebalance Preview: One Change in December as Shorts Spike

By Brian Freitas

A/H Premium Tracker (To 15 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

By Travis Lundy

  • Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes bounced, and net buying was both large and broad-based.
  • Stocks in HK and mainland markets fell heavily with HK’s main indices down 6-7% and China’s blue chip indices down 3.3-3.6% (CSI 500 – 4.8%). 
  • Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of “disappointing” lack of stimulus measures.

Fuji Soft (9749 JP): KKR Bumps to JPY9,451 as Bain Left High and Dry

By Arun George

  • KKR & Co (KKR US) has secured the Fuji Soft Inc (9749 JP) Board’s unanimous support by bumping its second tender offer to JPY9,451, a JPY1 premium to Bain’s JPY9,450 offer. 
  • The Board is claiming a “fiduciary duty” win as it has secured a higher offer from KKR but paradoxically signalling that it will not negotiate a bump from Bain.  
  • Bain will likely walk rather than try to win the Board’s support by revising terms. At the last close, the gross spread to KKR’s offer is 3.7%.

(Mostly) Asia-Pac M&A: Agro Kanesho, Nishimoto, Chita Kogyo, Macromill, Silk Logistics, Avarga, MAHB

By David Blennerhassett

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Nec Networks, Genscript/Legend, ASM PT, Hanwha

By David Blennerhassett

China A50 ETFs Rebalance Preview: One Change to Close Out the Year

By Brian Freitas

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief Macro: Trump Vs. Powell: LET THE GAMES BEGIN and more

By | Daily Briefs, Macro

In today’s briefing:

  • Trump Vs. Powell: LET THE GAMES BEGIN

Trump Vs. Powell: LET THE GAMES BEGIN

By David Mudd

  • Trump and Powell have had an acrimonious relationship since Trump’s first term and that continues today.
  • Trump’s fiscal policies will create crosscurrents for the US economy and run counter to Powell’s objectives as chairman of the Fed.
  • Although tariffs can be implemented quickly, they must run concurrently with other policies to restrain their inflationary effects on the US economy.  Other policies will take longer to implement.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief Quantitative Analysis: A-H Premium Weekly (Nov 15th):Chalco and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • A-H Premium Weekly (Nov 15th):Chalco, CICC, HUAHONG GROUP, CanSinoBIO
  • HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso
  • Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

A-H Premium Weekly (Nov 15th):Chalco, CICC, HUAHONG GROUP, CanSinoBIO

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 150 stocks over the last week. The average A-H premium was 104.8% as of Nov 15th.
  • The average A-H premium changed by 6.9ppt week-on-week, led by financials, information technology, consumer discretionary and offset by communication services.
  • We highlight weekly changes in A-H premium for Chalco, CICC, HUAHONG GROUP, CanSinoBIO.

HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Nov 8th.
  • Top short increases and decreases were tabulated for one week and four week period. 
  • We highlight short changes in Xpeng, Citic Sec, Anta Sports, HSBC, Mnso.

Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 15th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief ECM: SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider and more

By | Daily Briefs, ECM

In today’s briefing:

  • SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider
  • Pony AI IPO Pricing: The Bottom Of a Range Looks Reasonable After WeRide’s Mixed Debut

SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

By Daniel Hellberg

  • SF Holding’s domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
  • SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
  • When will SF Holdings’ varied international operations — and there are a few of them — begin to pull their own weight, in terms of profitability and growth?

Pony AI IPO Pricing: The Bottom Of a Range Looks Reasonable After WeRide’s Mixed Debut

By Andrei Zakharov

  • Pony AI, a China’s robotaxi operator and self-driving technology company, plans to raise up to $360M in upcoming IPO and concurrent private placements.
  • Pony AI is expected to IPO next week. The company’s amended F-1 puts the price range per ADS at $11.00-$13.00, implying a market cap of ~$4.2B at the midpoint.
  • I believe Pony AI may price its IPO at the bottom of a range after WeRide’s mixed debut. IPO valuation suggests a drop from last round valuation of ~$8.5B.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief China: Jiangxi Boya Bio Pharmaceutical, S.F. Holding, Alibaba Group Holding , Yankuang Energy Group, China International Capital Corporation, Tencent, NAURA Technology Group, Pony AI, Bilibili and more

By | China, Daily Briefs

In today’s briefing:

  • China Healthcare Weekly (Nov.17) – TCM VBP New Updates, CR Boya Completes Acquisition of Green Cross
  • SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider
  • HK Connect SOUTHBOUND Flows (To 15 Nov 2024); Tech Bought, High-Div SOEs Sold or Ignored, Again
  • FXI Rebalance Preview: One Change in December as Shorts Spike
  • A/H Premium Tracker (To 15 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors
  • [Tencent (700 HK, BUY, TP HK$518) TP Change]: C3Q24 Review: Performance In-Line with Catalysts
  • China A50 ETFs Rebalance Preview: One Change to Close Out the Year
  • Pony AI IPO Pricing: The Bottom Of a Range Looks Reasonable After WeRide’s Mixed Debut
  • [Bilibili (BILI US, BUY, TP US$22) TP Change]: C3Q24 Review: Traffic Growth Bodes Well for Future

China Healthcare Weekly (Nov.17) – TCM VBP New Updates, CR Boya Completes Acquisition of Green Cross

By Xinyao (Criss) Wang

  • The new round of national TCM decoction pieces VBP has started. We think the overall price reduction would be relatively mild, and the impact on related TCM enterprises is limited.
  • The NHSA will vigorously promote the expansion of TCM VBP, which is another challenge for TCM injections. But the impact on exclusive TCM varieties and innovative TCM injections is smaller.
  • CR Boya has completed the acquisition of 100% equity of Green Cross and has included it in the scope of consolidated financial statements starting from November. Future M&As will continue.

SF Holding Pre-IPO: Three Important Issues for Long-Term Investors to Consider

By Daniel Hellberg

  • SF Holding’s domestic parcel volumes have grown slower than overall market volumes recently; is this strategic, or simply a loss of share?
  • SF Holding is not closely aligned with any of the large online retail platforms in China; ultimately, is this independence an advantage or a disadvantage?
  • When will SF Holdings’ varied international operations — and there are a few of them — begin to pull their own weight, in terms of profitability and growth?

HK Connect SOUTHBOUND Flows (To 15 Nov 2024); Tech Bought, High-Div SOEs Sold or Ignored, Again

By Travis Lundy

  • SOUTHBOUND gross trading activity still high. Net buying very strong. 7 names traded more than US$1bn. Last week I said tech would continue to be bought. It was.
  • The trend continues to net sales of ETFs and high div SOEs. Net buying is very, very broad-based. Tracker Fund of Hong Kong (2800 HK) is batted around like crazy.
  • I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don’t compete in the US.

FXI Rebalance Preview: One Change in December as Shorts Spike

By Brian Freitas

A/H Premium Tracker (To 15 Nov 2024): AH Premia Rise Sharply; Hs Shellacked Vs As In Most Sectors

By Travis Lundy

  • Huge volumes continue to be traded on the mainland share markets. SOUTHBOUND volumes bounced, and net buying was both large and broad-based.
  • Stocks in HK and mainland markets fell heavily with HK’s main indices down 6-7% and China’s blue chip indices down 3.3-3.6% (CSI 500 – 4.8%). 
  • Within H/A Pairs, after outperforming the HK/mainland spread for weeks, spreads got shellacked. Worst week in a long time (-3.7%), perhaps on the back of “disappointing” lack of stimulus measures.

[Tencent (700 HK, BUY, TP HK$518) TP Change]: C3Q24 Review: Performance In-Line with Catalysts

By Ying Pan

  • Tencent reported C3Q24 revenue, IFRS operating profit, and IFRS net income in-line, in-line, 11% vs. our estimates and in-line, in-line, 18% vs. consensus. 
  • The bright spot is fintech transaction volume grew 10% YoY showing gain in market share, which coupled with rebound in consumption since October should rive recovery.
  • We raise TP by 2% to HK$518. Tencent is still our TOP PICK in an uncertain geopolitical environment with an upswing fundamental story.

China A50 ETFs Rebalance Preview: One Change to Close Out the Year

By Brian Freitas

Pony AI IPO Pricing: The Bottom Of a Range Looks Reasonable After WeRide’s Mixed Debut

By Andrei Zakharov

  • Pony AI, a China’s robotaxi operator and self-driving technology company, plans to raise up to $360M in upcoming IPO and concurrent private placements.
  • Pony AI is expected to IPO next week. The company’s amended F-1 puts the price range per ADS at $11.00-$13.00, implying a market cap of ~$4.2B at the midpoint.
  • I believe Pony AI may price its IPO at the bottom of a range after WeRide’s mixed debut. IPO valuation suggests a drop from last round valuation of ~$8.5B.

[Bilibili (BILI US, BUY, TP US$22) TP Change]: C3Q24 Review: Traffic Growth Bodes Well for Future

By Ying Pan

  • Bilibili (BILI) reported C3Q24 revenue and GAAP net income 2.1%, 18% vs. our estimates and 2.5%, 24% vs. consensus. 
  • We believe the market oversold on BILI because its traffic was rebounding in accelerating fashion, which shall benefit from a consumption recovery now visible into C1Q25. 
  • We maintained our BUY rating and raised our TP to US$22. BILI is our mid-cap TOP PICK.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief Thailand: Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Fabrinet – Fabrinet: An Insight Into Its Automotive & Industrial Innovation & Other Major Drivers

Fabrinet – Fabrinet: An Insight Into Its Automotive & Industrial Innovation & Other Major Drivers

By Baptista Research

  • Fabrinet’s first-quarter results for fiscal year 2025 reveal both promising growth and challenges.
  • With a revenue of $804 million, the company surpassed the upper end of its guidance range, representing a 17% year-over-year increase and a 7% sequential rise from the previous quarter.
  • This growth was driven by significant performances in its major operating segments, particularly in optical communications.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Nov 17
0

Daily Brief Singapore: Sea and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sea Ltd (SE US) – Firing Profitability On All Segments

Sea Ltd (SE US) – Firing Profitability On All Segments

By Angus Mackintosh

  • In 3Q2024, Sea Ltd demonstrated its ability to turn a profit at Shopee, whilst booking strong growth, with sales & marketing kept well in check and active users increasing substantially.
  • E-Commerce registered higher take rates, through higher commissions, more paid advertising, and increasing levels of self-fulfilment through SPX Express, whilst Digital Financial Services saw a rapid acceleration in loan growth.
  • Digital Entertainment was back on form with strong growth in bookings, active users, ARPU, and adjusted EBITDA. Management remains confident about 4Q2024 and the outlook for 2025.

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free