Category

Daily Briefs

Apr 21
0

Daily Brief Health Care: Marksans Pharma, Medikaloka Hermina, Intuitive Surgical and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Marksans Pharma- Forensic Analysis
  • Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy
  • Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

Marksans Pharma- Forensic Analysis

By Nitin Mangal

  • Marksans Pharma (MRKS IN) has done well in recent years, growing at 15.2% on a 5Y CAGR.  
  • The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.
  • However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.

Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy

By Angus Mackintosh

  • Medikaloka Hermina (HEAL IJ) booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising. 
  • The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth. 
  • Medikaloka Hermina is differentiated by its women & children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations. 

Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

By Tina Banerjee

  • In 1Q24, Intuitive Surgical (ISRG US) reported 11% YoY revenue growth to $1.89B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
  • Worldwide da Vinci procedures grew 16%, matching the higher end of prior guidance range. The company placed 313 da Vinci surgical systems, including eight newly approved da Vinci 5.
  • Even after considering blip in bariatric surgery, delayed tender in China, and no benefit of patient backlog, the company has raised 2024 worldwide da Vinci procedure growth guidance to 14–17%.

💡 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


Apr 21
0

Daily Brief Energy/Materials: Lynas Corp Ltd and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

By David Blennerhassett

💡 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


Apr 21
0

Daily Brief Industrials: Pasona Group, Evergreen Marine Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals
  • Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

By David Blennerhassett

Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

By Daniel Hellberg

  • Our analysis suggests container rate momentum remained +ive in March
  • Despite higher fuel expense, core container margins likely rose Y/Y in Q124
  • Our L/S pair trade? It’s worked, a little, but Evergreen shares have stayed firm

💡 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


Apr 21
0

Daily Brief Financials: Japan Hotel Reit Investment and more

By | Daily Briefs, Financials

In today’s briefing:

  • Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

By Jacob Cheng

  • USDJPY is breaking 154, almost 20-year high.  In general, weaker Yen is positive for investment in real estate as properties look cheaper from a foreign investor perspective
  • Yen weakness is also positive to tourism in Japan, as weak currency will drive tourist arrival and boost tourism
  • We like Japan Hotel REIT on the back of attractive valuation and weaker Yen.  We also like other Japan RE names like 8801 and 8802

💡 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


Apr 21
0

Most Read: Zijin Mining Group Co Ltd H, Shenyang Xingqi Pharmaceutical, Taiwan Semiconductor (TSMC), Azure Minerals, TDCX, KKR & Co, Doosan Robotics , Lynas Corp Ltd, Hollysys Automation Technologies and more

By | Daily Briefs, Most Read

In today’s briefing:

  • HSCEI Index Rebalance Preview: One Change or Two in June?
  • ChiNext/​​​ChiNext50 Index Rebalance Preview: Plenty of Overlap Between the Indices
  • TSMC. How To Turn Chicken Salad Into Chicken Sh*t
  • Azure Min’s (AZS AU)’s “Boost” As Gina Ups Stake in Lynas
  • TDCX (TDCX US)’s $7.20/Share Short-Form Merger
  • Quiddity Leaderboard S&P 500 June 2024 – Minimal Changes Expected but Intrareview Changes Possible
  • Quiddity Leaderboard KOSPI 200 Jun 24: Four Changes Likely
  • (Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX
  • Japan Weekly | Nikkei Takes a Dive
  • Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

HSCEI Index Rebalance Preview: One Change or Two in June?

By Brian Freitas

  • SenseTime Group (20 HK) is a potential deletion in June while Zijin Mining Group Co Ltd H (2899 HK) is a potential inclusion.
  • For yet another review, BeiGene (6160 HK) is a close add with the Velocity Test determining if the stock will be added to the index or not.
  • Estimated one-way turnover at the rebalance is 2.95% resulting in a one-way trade of HK$1.6bn. Official capping will be based off the close of trading on 4 June.

ChiNext/​​​ChiNext50 Index Rebalance Preview: Plenty of Overlap Between the Indices

By Brian Freitas

  • Nearing the end of the review period, we forecast 8 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index in June.
  • There are overlapping names for the two indices and some of the stocks will also have flows from the CSI Smallcap 500 Index – Shang (SH000905 INDEX) trackers.
  • The potential adds have outperformed the potential deletes between 9-10% for both indices over the last month with the deletes dropping a lot more than the adds.

TSMC. How To Turn Chicken Salad Into Chicken Sh*t

By William Keating

  • Q124 revenues of $18.87 billion, marginally above the high end of the guided range, up 12.9% YoY and down 3.8% QoQ. Guided Q224 +6% QoQ.  Maintained full year 2024 outlook
  • Unnecessary, minor downward revisions for semi & foundry growth, combined with confusion about the reason triggered an allergic reaction on the markets. TSMC down ~8% since.
  • SMCI plunged 23% by Friday close, ARM down 16.9%, NVIDIA down 10%, AMD & Micron down ~5% etc. Nice one, TSMC!

Azure Min’s (AZS AU)’s “Boost” As Gina Ups Stake in Lynas

By David Blennerhassett

  • On the 8th April, Azure Minerals (AZS AU) shareholders overwhelmingly approved the Sociedad Quimica y Minera (SQM US)/Gina Rhinehart’s Hancock transaction. Shares promptly closed down 7% on regulatory approval fears.
  • Those fears are unwarranted. China’s Tianqi Lithium would indirectly own just ~11% in Azure post-deal.  China has recently lifted anti-dumping tariffs on a range of Aussie products. FIRB won’t block.
  • An expected approval may have spurred Gina to buy more shares in Lynas (LYC AU). Why buy now if FIRB dings Azure; that outcome would push the whole sector lower.

TDCX (TDCX US)’s $7.20/Share Short-Form Merger

By David Blennerhassett

  • On the 2 January, TDCX (TDCX US), a Singapore-headquartered digital customer experience (CX) provider, announced it had received a preliminary non-binding proposal from Laurent Junique to be acquired at $6.60/ADS.  
  • On the 1st March, TDCX entered in a definitive agreement by way of a short form merger at US$7.20/ADS, a 48% premium to undisturbed.
  • As Laurent Junique holds 98.4% of the voting power, there is no shareholder vote on the merger. This is done. The Offer should close in the 2Q24.  

Quiddity Leaderboard S&P 500 June 2024 – Minimal Changes Expected but Intrareview Changes Possible

By Travis Lundy

  • The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
  • In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELs.

Quiddity Leaderboard KOSPI 200 Jun 24: Four Changes Likely

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.
  • We expect up to four changes in the KOSPI 200 index during the June 2024 index rebal event (down from 5 expected last month)  based on the latest available data.

(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

By David Blennerhassett

Japan Weekly | Nikkei Takes a Dive

By Mark Chadwick

  • Geopolitical concerns and disappointing ASML earnings were the key triggers for sharp pull back in equities this week
  • Next week in Japan, all eyes will be on the Bank of Japan and the continued weakness in the exchange rate. Earnings season just around the corner too
  • Semiconductor names were hit hard this week – Lasertec (-21%), Tokyo Electron (-15%) and Disco (-11%) sharply lower. 

Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

By Arun George

💡 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 Analytics and News
  • ✓ Events & Webinars
Sign Up for Free



Apr 21
0

Daily Brief Thematic (Sector/Industry): GEMWeekly (19 Apr 2024): China Macro Data; Baidu and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • GEMWeekly (19 Apr 2024): China Macro Data; Baidu, TSMC, SK Hynix

GEMWeekly (19 Apr 2024): China Macro Data; Baidu, TSMC, SK Hynix

By Wium Malan, CFA

  • The Global Emerging Markets Weekly summarizes the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
  • Macro data points: China loan growth, GDP growth, Industrial production, Retail sales, New home prices.
  • Companies mentioned:Baidu (9888 HK), Taiwan Semiconductor (TSMC) (2330 TT), SK Hynix (000660 KS)

💡 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


Apr 21
0

Daily Brief Equity Bottom-Up: TSMC. How To Turn Chicken Salad Into Chicken Sh*t and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • TSMC. How To Turn Chicken Salad Into Chicken Sh*t
  • Marksans Pharma- Forensic Analysis
  • Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy
  • Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)
  • Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE
  • Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

TSMC. How To Turn Chicken Salad Into Chicken Sh*t

By William Keating

  • Q124 revenues of $18.87 billion, marginally above the high end of the guided range, up 12.9% YoY and down 3.8% QoQ. Guided Q224 +6% QoQ.  Maintained full year 2024 outlook
  • Unnecessary, minor downward revisions for semi & foundry growth, combined with confusion about the reason triggered an allergic reaction on the markets. TSMC down ~8% since.
  • SMCI plunged 23% by Friday close, ARM down 16.9%, NVIDIA down 10%, AMD & Micron down ~5% etc. Nice one, TSMC!

Marksans Pharma- Forensic Analysis

By Nitin Mangal

  • Marksans Pharma (MRKS IN) has done well in recent years, growing at 15.2% on a 5Y CAGR.  
  • The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.
  • However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.

Medikaloka Hermina (HEAL IJ) – Increasing Patient Velocity and Occupancy

By Angus Mackintosh

  • Medikaloka Hermina (HEAL IJ) booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising. 
  • The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth. 
  • Medikaloka Hermina is differentiated by its women & children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations. 

Monthly Container Shipping Tracker | March Volumes Strong | Q1 Margins Likely Up Y/Y (April 2024)

By Daniel Hellberg

  • Our analysis suggests container rate momentum remained +ive in March
  • Despite higher fuel expense, core container margins likely rose Y/Y in Q124
  • Our L/S pair trade? It’s worked, a little, but Evergreen shares have stayed firm

Short Note: USDJPY Breaking 154: Positive for RE, Buy Japan Hotel REIT, Buy Japan RE

By Jacob Cheng

  • USDJPY is breaking 154, almost 20-year high.  In general, weaker Yen is positive for investment in real estate as properties look cheaper from a foreign investor perspective
  • Yen weakness is also positive to tourism in Japan, as weak currency will drive tourist arrival and boost tourism
  • We like Japan Hotel REIT on the back of attractive valuation and weaker Yen.  We also like other Japan RE names like 8801 and 8802

Intuitive Surgical (ISRG US): Beat-And-Raise 1Q24; Rising Demand for Robotic Surgery Propels Growth

By Tina Banerjee

  • In 1Q24, Intuitive Surgical (ISRG US) reported 11% YoY revenue growth to $1.89B, driven by growth in da Vinci procedure volume and an increase in the installed base of systems.
  • Worldwide da Vinci procedures grew 16%, matching the higher end of prior guidance range. The company placed 313 da Vinci surgical systems, including eight newly approved da Vinci 5.
  • Even after considering blip in bariatric surgery, delayed tender in China, and no benefit of patient backlog, the company has raised 2024 worldwide da Vinci procedure growth guidance to 14–17%.

💡 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


Apr 21
0

Daily Brief Event-Driven: (Mostly) Asia-Pac M&A: Lynas and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX
  • Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine
  • Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

By David Blennerhassett

Weekly Deals Digest (21 Apr) – Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

By Arun George

Last Week in Event SPACE: Pasona/Benefit One, Hang Lung Properties, Hollysys, Azure Minerals

By David Blennerhassett

💡 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


Apr 21
0

Daily Brief Macro: Macro Overview: A Review of Recent Events Impacting Our Investment Themes and more

By | Daily Briefs, Macro

In today’s briefing:

  • Macro Overview: A Review of Recent Events Impacting Our Investment Themes

Macro Overview: A Review of Recent Events Impacting Our Investment Themes

By Rikki Malik

  • Federal Reserve “shocks’ markets by taking early rate cuts off the table
  • New tactics in the Russia/Ukraine war do not bode well for lower oil prices
  • China releases  Q1 GDP data  which is “stronger” than expected 

💡 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


Apr 21
0

Top 10 Highlights from the APAC PE, VC and Startup Ecosystem this Week – 21 Apr 2024

By | Private Markets, Smartkarma Newswire

Top ten highlights from the APAC PE, VC, and startup ecosystem this week:

  1. **India’s General Elections Kick Off**: India has begun the world’s largest democratic exercise with voting opening in the first phase of the general elections. Results will be revealed on June 4, determining Prime Minister Narendra Modi’s fate.
  2. **Investment Trends in Indian Startups**: Private equity and venture capital investments in Indian startups dropped to $2.61 billion in Q1 2024, down 11% from the previous quarter. Megadeals saw a significant 65% sequential decrease.
  3. **Anticipation for Bitcoin Halving**: Bitcoin underwent its halving event this week, reducing the issuance of new tokens by half. This event, occurring roughly every four years, is closely watched by the cryptocurrency community.
  4. **LP-GP Updates**: Various investment firms like Jebsen Capital, Shinhan Venture Investment, and Kamet Capital have secured significant funding commitments and closed-end funds, while others like TPG Asia VIII and Wavemaker Partners have received substantial investments.
  5. **Top Deals of the Week**: Major deals include Microsoft’s $1.5 billion investment in AI firm G42 and US private equity firm Warburg Pincus’ investment in Vietnam-based hospital group Xuyen A. The sale of Invictus International School and Abu Dhabi Islamic Bank’s stake in Indonesia’s Bank Syariah Indonesia are also making headlines.
  6. **Interviews with Industry Leaders**: Insights shared by Ruchira Shukla and Karthik Chandrasekar of VC firm Synapses, Ashish Agrawal from EQT Private Capital Asia, and Nicolas Travis from skincare brand Allies of Skin shed light on current market trends and investment opportunities.
  7. **Deep Dives into Market Dynamics**: Examining the potential resurgence of the Hong Kong stock market and Vietnamese EV maker VinFast’s expansion plans in Indonesia provide deeper insights into specific market sectors.
  8. **Climate Investments**: Climate tech startups in Vietnam are attracting venture funding, while global initiatives like the joint loan commitment by BII and FMO to BECIS in Asia and BlueOrchard’s climate insurance private equity fund are making significant strides in sustainable investments.
  9. **Breakthrough Energy Initiatives**: Bill Gates’ Breakthrough Energy’s programme in Singapore aims to promote early-stage climate technologies, while Indian companies like GPS Renewables and Ecozen secure substantial funding for clean energy projects.
  10. **Upcoming Event Alert**: Join the exclusive event “Road to IPO: What does it take?” on May 3 in Singapore, organized by in partnership with leading financial firms. Gain insights into the journey to a public listing and mark your calendars for this must-attend event. Stay tuned for more updates next week!

APAC Private Markets Research

Explore latest Insights on APAC Private Markets on Smartkarma

Explore Now

Disclaimer:This article by is general in nature and based on publicly available information and not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material. While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
Have feedback on this article? Concerned about the content? Get in touch with us directly.

 

💡 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 Analytics and News
  • ✓ Events & Webinars
Sign Up for Free

Also, check out the latest in ECM Research on Smartkarma