Category

Daily Briefs

Nov 14
0

Daily Brief Event-Driven: Seven & I Holdings (3382 JP): The Rumoured MBO Price Underscores the Trapped Value and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Seven & I Holdings (3382 JP): The Rumoured MBO Price Underscores the Trapped Value
  • KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering
  • NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline
  • StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech
  • INDIA: Index Changes Due to the 45 New Additions to the F&O Segment
  • 7&I (3382 JP) – An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce
  • Go Digit IPO Lockup – Promoters and Investors Could Look to Sell in the US$2.1bn Release

Seven & I Holdings (3382 JP): The Rumoured MBO Price Underscores the Trapped Value

By Arun George

  • In response to media reports, Seven & I Holdings (3382 JP) confirmed receiving a non-binding proposal from Junro Ito (founder’s son) and Ito-Kogyo. No terms were disclosed.
  • Bloomberg suggests an MBO deal worth up to JPY9 trillion (US$58 billion), which implies an offer of JPY3,467.89, a 39.3% premium to the last close price.
  • The “white knight” MBO undermines Alimentation Couche-Tard (ATD CN)’s offer and is a proxy for the restructuring plan’s value. Couche-Tard will likely walk if a binding MBO proposal emerges.

KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering

By Brian Freitas

  • Kansai Electric Power (9503 JP) is looking to raise up to US$3.5bn via a primary offering and a sale of Treasury shares. Pricing date is between 26-29 November.
  • Kansai Electric Power (9503 JP) is among the better performing stocks from the Electric Utilities industry and trades at higher valuations compared to its peers.
  • There will be a fair bit of passive buying with around 29% of the offering being bought at the time of settlement of the shares.

NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

By Brian Freitas

  • NTPC Green Energy Ltd (2214556D IN) is looking to raise INR 100bn (US$1.19bn) in its IPO. That will value the company at INR 910bn (US$10.8bn) at the top end. 
  • The anchor allocations will be completed early next week, and the stock is expected to start trading on 27 November.
  • The stock will not get Fast Entry to global indices with the earliest inclusion scheduled for June 2025. So, limited passive buying in the medium-term.

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

By David Blennerhassett

  • Hanwha Corporation (000880 KS) is “expensive” on my monitor. But that doesn’t paint the whole picture. And what’s up with Genscript Biotech (1548 HK)‘s deconsolidation of Legend Biotech (LEGN US)?
  • Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech 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%.

INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

By Brian Freitas

7&I (3382 JP) – An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce

By Travis Lundy

  • Yesterday a news article from Bloomberg suggested 7&i was “considering” an MBO. Seven & I Holdings (3382 JP) later confirmed they had received a non-binding proposal from ITO Junro/family.
  • The initial number was ¥9trln. If market cap? High. If EV, too low. That would have implied a price just over the first “grossly inadequate” ACT price.
  • There is a lot we don’t know. This changes the landscape. It probably shifts the range trade, but it will shift more when we get more clarity on ITO-san’s price.

Go Digit IPO Lockup – Promoters and Investors Could Look to Sell in the US$2.1bn Release

By Sumeet Singh

  • Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
  • Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
  • In this note, we will talk about the lockup dynamics and possible placement.

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Nov 14
0

Daily Brief Equity Bottom-Up: Tencent (700 HK): 3Q24 and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Tencent (700 HK): 3Q24, Better Game Revenue and Better Gross Margins
  • Trump Trade: Korean Construction Vs Military Stocks Amid Potential End of War in Ukraine?
  • Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock
  • Episode 93: Arm/QCOM Earnings, Trump Presidency Impact on Semis, NVDA Preview
  • Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)
  • Never Too Late to Chase the Rally! Prologis, the World’s Leading Logistics Company
  • Paladin Pummelled 29% on Production Downgrade
  • SharkNinja Inc.: Its Efforts Towards Product Innovation & Diversification & Major Drivers
  • Tech Supply Chain Tracker (14-Nov-2024): Foxconn reforms boost Sharp’s profits.
  • Nexon (3659) | Down 17% on Quarterly Miss!

Tencent (700 HK): 3Q24, Better Game Revenue and Better Gross Margins

By Ming Lu

  • In 3Q24, game revenue increased by 13% YoY, higher than our estimate, 9% YoY.
  • The gross margins of all business lines improve in 3Q24, especially “others”.
  • We set the upside at 50% and the price target at HK$605 for the end of 2025. Buy.

Trump Trade: Korean Construction Vs Military Stocks Amid Potential End of War in Ukraine?

By Douglas Kim

  • Although it is UNCERTAIN when the wars in Ukraine and the Middle East will end, if these wars indeed come to an end, this could POSITIVELY IMPACT Korean construction sector.
  • The end of the wars in Ukraine and the Middle East is likely to NEGATIVELY IMPACT the Korean military/defense sector. 
  • The major Korean construction companies have low valuation multiples. On the other hand, the major Korean military/defense companies have high valuation multiples.

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

By Devi Subhakesan

  • Sea (SE US) ‘s management expects all three business segments – ecommerce, financial services and entertainment – to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.
  • It’s GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
  • Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.

Episode 93: Arm/QCOM Earnings, Trump Presidency Impact on Semis, NVDA Preview

By The Circuit

  • ARM reported good numbers with steady guidance for the coming quarter.
  • Qualcomm’s earnings performed well, but concerns exist over rising costs and potential loss of customers.
  • Uncertainty surrounds US government policies on semiconductor manufacturing and trade with China, impacting industry players like Intel and Nvidia.

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

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)

By David Mudd

Never Too Late to Chase the Rally! Prologis, the World’s Leading Logistics Company

By Jacob Cheng

  • US market continues to see historical high; in the real estate space, we look at Prologis, the world’s largest logistics company
  • We like the sector on the back of strong structural demand drivers and depleting supply.  Logistics is the future and we think Prologis is the name to own
  • Broader real estate index is up 8.3% YTD, while PLD is down -15% YTD.  Valuation is attractive, we think PLD has room to catch up

Paladin Pummelled 29% on Production Downgrade

By Money of Mine

  • Paladin Energy faces water supply disruptions from NAM Water in Namibia, leading to a drop in guidance for Langer Heinrich uranium mine.
  • The company has adjusted its FY25 uranium production guidance from 4-4.2 million pounds to 3-3.6 million pounds.
  • Despite the challenges, Paladin Energy remains confident in meeting customer delivery obligations and has flexibility in contracts to manage the situation.

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

SharkNinja Inc.: Its Efforts Towards Product Innovation & Diversification & Major Drivers

By Baptista Research

  • SharkNinja’s third quarter of 2024 financial performance highlighted several strengths and strategic initiatives that point to its robust market position and growth trajectory, balanced by some areas of concern that underline potential risks.
  • Displaying a strong performance in adjusted net sales and adjusted EBITDA growth, SharkNinja reported substantial year-over-year increases, demonstrating resilience and strategic agility in a fluctuating economic environment.
  • The global teams’ efforts mirrored in a 35% rise in adjusted net sales and 26% growth in adjusted EBITDA, showcasing strong operational execution and market responsiveness.

Tech Supply Chain Tracker (14-Nov-2024): Foxconn reforms boost Sharp’s profits.

By Tech Supply Chain Tracker

  • Foxconn’s reforms at Sharp result in significant profit growth in 2Q24.
  • Taiwan supply chains brace for impact of Trump’s imminent global tariffs.
  • Apple to boost iPhone production in India following Trump victory, taking advantage of evolving global trade dynamics.

Nexon (3659) | Down 17% on Quarterly Miss!

By Mark Chadwick

  • Nexon’s 3Q24 earnings report saw its stock dip -17% as revenue missed guidance and foreign exchange losses weighed on the bottom line.
  • Nexon’s operating profit rose +11% y/y to ¥51 billion, with an operating margin of 38%
  • The stock is trading at 8.5x EBITDA, which makes it very attractive versus the sector

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Nov 14
0

Daily Brief Macro: Weather Favorable For Rubber In Thailand But Can Trouble Indonesia and more

By | Daily Briefs, Macro

In today’s briefing:

  • Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam
  • The Drill: A Look at Trump’s Policy and Their Impacts
  • US CPI Keeps December Cut Alive
  • Steno Signals #126: Disentangling the ECB Schnabel Speech – How Will QT Develop from Here?
  • At Any Rate: Treasury Futures Quarterly Roll

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam

By Vinod Nedumudy

  • Thailand likely to receive less rains in the coming one-month period  
  • Indonesia, Vietnam, Cambodia likely to have above normal rains  
  • WMO predicts 60% chances of La Nina developing

The Drill: A Look at Trump’s Policy and Their Impacts

By Ulrik Simmelholt

  • Before we get to Trump, we need to quickly discuss OPEC and their recent cut in demand forecasts.
  • This reduction hints at an unwillingness to increase production in the near future.
  • Saudi Arabia is key here, as it holds the largest excess capacity, and a production hike from them could swing the market and send prices below $50 USD in the blink of an eye.

US CPI Keeps December Cut Alive

By Phil Rush

  • US inflation’s unsurprising October print should reassure market expectations for a December rate cut after pricing became overextended by post-election exuberance.
  • Although the seasonally adjusted rates annualised above the target again, unadjusted rates are trending at dovishly subdued levels, with no headline exceptions since April.
  • These numbers are arguably old news but don’t discourage a December cut. The shocks from Trump policies won’t hit until 2025 and pre-empting them seems too presumptive.

Steno Signals #126: Disentangling the ECB Schnabel Speech – How Will QT Develop from Here?

By Andreas Steno

  • We’re at a critical juncture in sovereign bond markets, with liquidity running razor-thin and the game changing fast.
  • German Bunds, traditionally rock-solid, are now trading through swaps and nearing zero on cross-currency swaps (ESTRON/SOFR) – a first in modern market history.
  • The takeaway? Major central banks, especially the ECB, are pressing too hard on QT, and the markets are about to hit back hard if they don’t ease up soon.

At Any Rate: Treasury Futures Quarterly Roll

By At Any Rate

  • Discussion on US elections and Fed policy implications
  • Impact of policy uncertainty on calendar spreads and wild card options
  • Investor positioning and its influence on various bond contracts

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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Nov 14
0

Daily Brief South Korea: Hyundai Engineering & Construction and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Trump Trade: Korean Construction Vs Military Stocks Amid Potential End of War in Ukraine?

Trump Trade: Korean Construction Vs Military Stocks Amid Potential End of War in Ukraine?

By Douglas Kim

  • Although it is UNCERTAIN when the wars in Ukraine and the Middle East will end, if these wars indeed come to an end, this could POSITIVELY IMPACT Korean construction sector.
  • The end of the wars in Ukraine and the Middle East is likely to NEGATIVELY IMPACT the Korean military/defense sector. 
  • The major Korean construction companies have low valuation multiples. On the other hand, the major Korean military/defense companies have high valuation multiples.

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Nov 14
0

Daily Brief Japan: Seven & I Holdings, Kansai Electric Power, Nexon, Tokyo Electron, Azoom, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Seven & I Holdings (3382 JP): The Rumoured MBO Price Underscores the Trapped Value
  • Kansai Electric (9503 JP) – HUGE Equity Offering To Stuff Retail
  • Kansai Electric Placement – A US$3.5bn Raising Which Doesn’t Appear Well Flagged
  • KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering
  • Kansai Electric Power (9503 JP): A US$3.5 Billion Primary/Secondary Offering
  • Nexon (3659) | Down 17% on Quarterly Miss!
  • Tokyo Electron (8035 JP): 1H FY03/25 flash update
  • 7&I (3382 JP) – An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce
  • Azoom (3496 JP): Full-year FY09/24 flash update
  • Parent-Subsidiary Listings Are a Microcosm of Japanese Stocks: Change to Value-Creation Is Long Away

Seven & I Holdings (3382 JP): The Rumoured MBO Price Underscores the Trapped Value

By Arun George

  • In response to media reports, Seven & I Holdings (3382 JP) confirmed receiving a non-binding proposal from Junro Ito (founder’s son) and Ito-Kogyo. No terms were disclosed.
  • Bloomberg suggests an MBO deal worth up to JPY9 trillion (US$58 billion), which implies an offer of JPY3,467.89, a 39.3% premium to the last close price.
  • The “white knight” MBO undermines Alimentation Couche-Tard (ATD CN)’s offer and is a proxy for the restructuring plan’s value. Couche-Tard will likely walk if a binding MBO proposal emerges.

Kansai Electric (9503 JP) – HUGE Equity Offering To Stuff Retail

By Travis Lundy

  • The past few years, large equity offerings have either been IPOs or secondary offerings (without dilution). Today we get a big dilutive secondary offering from Kansai Electric Power (9503 JP). 
  • This is ~223mm shares or roughly ¥530bn against a current market cap of ¥2.1+trln. A 25% increase in share count. It is quite dilutive, but the stock is not rich.
  • Because dilutive, not overly-well-flagged, and mostly retail, this could get hammered. The div is not high enough to make it attractive, so one has to appreciate high earnings yield.

Kansai Electric Placement – A US$3.5bn Raising Which Doesn’t Appear Well Flagged

By Sumeet Singh

  • Kansai Electric Power (9503 JP) plans to raise up to US$3.5bn (including over-allocation) to partly fund its investment plans.
  • This will be a large deal for the stock to digest and doesn’t appear to have been particularly well flagged.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering

By Brian Freitas

  • Kansai Electric Power (9503 JP) is looking to raise up to US$3.5bn via a primary offering and a sale of Treasury shares. Pricing date is between 26-29 November.
  • Kansai Electric Power (9503 JP) is among the better performing stocks from the Electric Utilities industry and trades at higher valuations compared to its peers.
  • There will be a fair bit of passive buying with around 29% of the offering being bought at the time of settlement of the shares.

Kansai Electric Power (9503 JP): A US$3.5 Billion Primary/Secondary Offering

By Arun George

  • Kansai Electric Power (9503 JP) has announced primary and secondary offerings of up to 223.1 million shares (including overallotment) and a third-party allotment of 29.1 million shares.
  • JPY239.9 billion of proceeds will be used to improve energy efficiency and decarbonisation, while other funds will be used for data centres, renewable energy and overseas investments.
  • Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 26 and 29 November (likely 26 November).

Nexon (3659) | Down 17% on Quarterly Miss!

By Mark Chadwick

  • Nexon’s 3Q24 earnings report saw its stock dip -17% as revenue missed guidance and foreign exchange losses weighed on the bottom line.
  • Nexon’s operating profit rose +11% y/y to ¥51 billion, with an operating margin of 38%
  • The stock is trading at 8.5x EBITDA, which makes it very attractive versus the sector

Tokyo Electron (8035 JP): 1H FY03/25 flash update

By Shared Research

  • In 1H FY03/25, the company reported revenue of JPY1.12tn, operating profit of JPY313.9bn, and net income of JPY243.9bn.
  • The revised full-year forecast for FY03/25 includes revenue of JPY2.40tn and operating profit of JPY680.0bn.
  • The company announced a JPY70.0bn share buyback plan, acquiring up to 3.5mn shares, representing 0.8% of outstanding shares.

7&I (3382 JP) – An ITO Family MBO? With Itochu? At ¥9trln? Maybe. Information Is Scarce

By Travis Lundy

  • Yesterday a news article from Bloomberg suggested 7&i was “considering” an MBO. Seven & I Holdings (3382 JP) later confirmed they had received a non-binding proposal from ITO Junro/family.
  • The initial number was ¥9trln. If market cap? High. If EV, too low. That would have implied a price just over the first “grossly inadequate” ACT price.
  • There is a lot we don’t know. This changes the landscape. It probably shifts the range trade, but it will shift more when we get more clarity on ITO-san’s price.

Azoom (3496 JP): Full-year FY09/24 flash update

By Shared Research

  • Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.
  • The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.
  • Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.

Parent-Subsidiary Listings Are a Microcosm of Japanese Stocks: Change to Value-Creation Is Long Away

By Aki Matsumoto

  • Listed subsidiaries decrease but increase if equity method listed companies are included. Many companies haven’t fully exercised treatment of subsidiaries, selling only a little of their shares to below 50%.
  • Many parent companies that own listed subsidiaries and equity-method listed companies have placed cash in subsidiaries or equity-method companies without increasing their own stock prices.
  • Although companies have changed their mindset somewhat, they haven’t changed their management to effectively use cash to create value, which is the reason for the low valuations of Japanese stocks.

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Nov 14
0

Daily Brief China: Genscript Biotech, Tencent, Sands China, BeiGene , Silergy Corp, Kuaishou Technology and more

By | China, Daily Briefs

In today’s briefing:

  • StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech
  • Tencent (700 HK): 3Q24, Better Game Revenue and Better Gross Margins
  • Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)
  • BeiGene (6160.HK/​BGNE.US) 24Q3 – Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth
  • Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.
  • [Kuaishou (1024 HK, BUY, TP HK$75) Preview]: C3Q24 Preview: Solid Growth and Faster Growth Ahead

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

By David Blennerhassett

  • Hanwha Corporation (000880 KS) is “expensive” on my monitor. But that doesn’t paint the whole picture. And what’s up with Genscript Biotech (1548 HK)‘s deconsolidation of Legend Biotech (LEGN US)?
  • Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech 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%.

Tencent (700 HK): 3Q24, Better Game Revenue and Better Gross Margins

By Ming Lu

  • In 3Q24, game revenue increased by 13% YoY, higher than our estimate, 9% YoY.
  • The gross margins of all business lines improve in 3Q24, especially “others”.
  • We set the upside at 50% and the price target at HK$605 for the end of 2025. Buy.

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 13)

By David Mudd

BeiGene (6160.HK/​BGNE.US) 24Q3 – Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

By Xinyao (Criss) Wang

  • BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence. 
  • BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast – Full year revenue would reach about US$3.7 billion.
  • BeiGene’s performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for BeiGene is US$18.5-27.5 billion. 

Silergy (6415.TT): It Will Grow in 4Q24, While Auto Is Expected to Grow to 15% by the End of 2025.

By Patrick Liao

  • In the 3rd quarter of 2024, revenue was NT$4,284 million, the gross margin (GM) was 55%, the operating profit margin (OPM) was 24%, and the net margin was 15%.  
  • The Gen-4 product line is ramping up and is expected to contribute around 4% of total revenue by the end of 2025. 
  • Chinese current economic stimulus programs may impact demand in the Consumer segment.  

[Kuaishou (1024 HK, BUY, TP HK$75) Preview]: C3Q24 Preview: Solid Growth and Faster Growth Ahead

By Ying Pan

  • We expect Kuaishou to report C3Q24 revenue, IFRS operating profit and IFRS net income in-line, 5.9%, and 7.0% vs. consensus.
  • The quarter is marked by robust advertising but moderated GMV growth due to weak consumption. 
  • We maintain our BUY rating and TP of HK$75 . 

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Nov 14
0

Daily Brief Singapore: SGX Rubber Future TSR20, Sea , Boustead Singapore Limited, Lundin Gold Inc and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam
  • Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock
  • Boustead: A Real Deep Value Play
  • kopi-C with Fortress Minerals’ CEO: ‘Our goal is to be a great Malaysian mining company’

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam

By Vinod Nedumudy

  • Thailand likely to receive less rains in the coming one-month period  
  • Indonesia, Vietnam, Cambodia likely to have above normal rains  
  • WMO predicts 60% chances of La Nina developing

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

By Devi Subhakesan

  • Sea (SE US) ‘s management expects all three business segments – ecommerce, financial services and entertainment – to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.
  • It’s GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
  • Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.

Boustead: A Real Deep Value Play

By Pyari Menon

  • Given Boustead Singapore Limited (BOCS SP) operating metrics just a minimal 1-2% growth through cycles should offer at least 50% upside.
  • Boustead is a solid investment with diversified exposure in energy, geospatial, and real estate sectors, with a focus on sustainability, and steady project pipeline supporting long-term visibility.
  • Boustead Singapore Limited (BOCS SP) is a deep value play, which prioritizes stability and risk mitigation over aggressive growth. 

kopi-C with Fortress Minerals’ CEO: ‘Our goal is to be a great Malaysian mining company’

By Geoff Howie

  • Ivan Chee, chief executive officer of iron ore producer Fortress Minerals, shares how it is innovating and diversifying into copper, a key material in green technologies, for its next stage of growth For Malaysian mining and iron ore producing company Fortress Minerals, the industrial boom since the end of the Covid-19 pandemic has been good for business.
  • The firm supplies iron ore to steel mills to make various products, and currently sells over 600,000 wet metric tonnes (WMT) of iron ore per year.

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Nov 14
0

Daily Brief Indonesia: SGX Rubber Future TSR20 and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam

By Vinod Nedumudy

  • Thailand likely to receive less rains in the coming one-month period  
  • Indonesia, Vietnam, Cambodia likely to have above normal rains  
  • WMO predicts 60% chances of La Nina developing

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Nov 14
0

Daily Brief Thailand: GMM Music, Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • GMM Group Pre-IPO: Tuning into Thailand’s Digital Music Boom
  • Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

GMM Group Pre-IPO: Tuning into Thailand’s Digital Music Boom

By Nicholas Tan

  • GMM Music (2465778D TB) is looking to raise at least US $100m in its upcoming Thai IPO.
  • It is part of the largest, sprawling, public listed media conglomerate, GMM Grammy, and  operates a pure play music business covering the entire value chain.
  • In this note, we look at the firm’s past performance.

Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
  • In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
  • We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.

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Nov 14
0

Daily Brief Australia: Paladin Energy and more

By | Australia, Daily Briefs

In today’s briefing:

  • Paladin Pummelled 29% on Production Downgrade

Paladin Pummelled 29% on Production Downgrade

By Money of Mine

  • Paladin Energy faces water supply disruptions from NAM Water in Namibia, leading to a drop in guidance for Langer Heinrich uranium mine.
  • The company has adjusted its FY25 uranium production guidance from 4-4.2 million pounds to 3-3.6 million pounds.
  • Despite the challenges, Paladin Energy remains confident in meeting customer delivery obligations and has flexibility in contracts to manage the situation.

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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