Category

Daily Briefs

Apr 09
0

Daily Brief South Korea: Samsung Electronics, Shinsung Delta Tech, NKMax, Orion Holdings and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin
  • Samsung Electronics Placement – Better Timing This Time Around
  • KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming
  • Special Changes in KOSDAQ 150: Deletion (NKMAX) + Addition (GI Innovation)
  • Orion Holdings: Updated NAV, Higher Dividend Yield, and Exhuma Catalyst

Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin

By Douglas Kim

  • After the market close on 8 April, it was reported that Lee Boo-Jin will sell 5,247,140 shares of Samsung Electronics in a block deal (up to 443 billion won).
  • The expected block deal sale price is 83,700 to 84,500 won per share, which represents a discount rate of up to 0.95% compared to the closing price on 8 April. 
  • We are positive on this block deal sale and on Samsung Electronics. We would take the deal. 

Samsung Electronics Placement – Better Timing This Time Around

By Sumeet Singh

  • KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of  Samsung Electronics (005930 KS).
  • The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.
  • In this note, we will run the deal through our ECM framework and talk about the recent updates.

KOSDAQ150 Index Rebalance Preview: Potential Adds Still Outperforming

By Brian Freitas

  • With nearly 85% of the review period complete, there could be 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
  • Prior to the June rebalance, C&C International (352480 KS) will replace CanariaBio (016790 KS) in the index following CanariaBio being listed as an Administrative Issue and an Investment Attention Issue.
  • The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index since the start of the review period. Lighten positions ahead of the end of the review period.

Special Changes in KOSDAQ 150: Deletion (NKMAX) + Addition (GI Innovation)

By Douglas Kim

  • On 8 April, the Korea Exchange announced special changes to KOSDAQ 150. NKMAX will be excluded from KOSDAQ 150 and it will be replaced by GI Innovation.
  • NKMAX was designated as “administrative issue” and “investment attention issue” on 8 April 2024, which resulted in the Korea Exchange deciding to remove this stock from KOSDAQ 150. 
  • We believe that this inclusion of GI Innovation in KOSDAQ 150 is likely to further positively impact its share price.

Orion Holdings: Updated NAV, Higher Dividend Yield, and Exhuma Catalyst

By Douglas Kim

  • Our NAV valuation suggests implied market cap of 1 trillion won or NAV per share of 15,983 won which is 11% higher than current price.
  • Orion Holdings has attractive dividend yields and payouts. The company’s dividend yield increased from 4.1% in 2021 to 4.6% in 2022 and 5.1% in 2023. 
  • The recent phenomenal performance of the movie Exhuma has resulted in a long-awaited revived positive sentiment on Showbox (which is 57.5% owned by Orion Holdings). 

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Apr 09
0

Daily Brief United States: Maxlinear Inc Class A, Bitcoin, Flowers Foods, Freshpet Inc, Cocoa Futures, Roivant Sciences Ltd, Natera Inc, WD-40 Company, Lancaster Colony, Odyssey Marine Exploration and more

By | Daily Briefs, United States

In today’s briefing:

  • Beaten Down Semiconductor Could be AI Play
  • Crypto Crisp: Bitcoin Leads the Market
  • Flower Foods: Highlighting the 4 Central Pillars of Its Growth Dynamics! – Major Drivers
  • Freshpet Inc.: Initiation Of Coverage – Healthy Expansion in North America & Europe And A Deep Analysis Of Its Business Strategy! – Major Drivers
  • The Cocoa Saga Continues – Be Careful
  • Roivant Sciences Ltd.: Initiation Of Coverage – Acquisition Of New Programs To Diversify In Biosciences! – Major Drivers
  • Natera Inc.: Initiation Of Coverage – Can It Successfully Leverage The Invitae Acquisition? – Major Drivers
  • WD-40 Company: Initiation Of Coverage – The 4 Key Elements Catalyzing Its Growth Revealed! – Financial Forecasts
  • Lancaster Colony Corporation: What Is The Impact of Affluent Consumers on Product Performance?
  • Odyssey Marine Exploration, Inc. – Urgency Around Seabed Mining Increases

Beaten Down Semiconductor Could be AI Play

By Douglas O’Laughlin

  • Maxlinear has probably been among this semiconductor cycle’s worst companies, if not the worst.
  • I think that it might be time to give them a fresh look.
  • Maxlinear was founded in 2003 in Carlsbad, California, by eight engineers. Today, Kishore Seendripu (CEO/Chairmen) and Curtis Ling (CTO) are still founders and work at the company. Maxlinear is a fabless company focused on mixed-signal products in the semiconductor industry.

Crypto Crisp: Bitcoin Leads the Market

By Mads Eberhardt

  • Greetings from a sunny Copenhagen, where it feels like summer is just around the corner, and the warm weather seems to be spreading to the crypto market as well.
  • Bitcoin has risen by approximately 4.5%, reaching $72,250, and Ethereum has seen an increase of nearly 4%, up to $3,620 during the same timeframe.
  • We would like to reiterate our optimistic outlook from last week, as highlighted in both Crypto Crisp and Crypto Moves #22.

Flower Foods: Highlighting the 4 Central Pillars of Its Growth Dynamics! – Major Drivers

By Baptista Research

  • Flowers Foods continued to show resilience in a challenging consumer environment in the fourth quarter and full year of 2023.
  • The company’s brands gained unit and dollar share for the first time since Q1 2022.
  • Dave’s Killer Bread was particularly noteworthy, reaching $1 billion in retail sales and growing unit volume by 10%.

Freshpet Inc.: Initiation Of Coverage – Healthy Expansion in North America & Europe And A Deep Analysis Of Its Business Strategy! – Major Drivers

By Baptista Research

  • Freshpet Inc. delivered robust performance for the fiscal year 2023 and the fourth quarter, notching a significant growth in net sales and improving profitability.
  • The management believes the pet food company reached an inflection point in its journey towards becoming a profitable business in the fresh/frozen segment of the pet food market.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

The Cocoa Saga Continues – Be Careful

By The Commodity Report

  • Top Commodity Trader is Long Cocoa Pierre Andurand’s hedge fund bet on higher cocoa prices ahead of a massive surge last month, according to a Bloomberg article.
  • Andurand said his firm expects cocoa-beans production globally to be down at least 18% on an annual basis, compared to most analysts’ expectations of 10-11%.
  • “This means that we will finish the year with the lowest stocks-to-grinding ratio ever, and potentially run out of inventories late in the year,” he added.

Roivant Sciences Ltd.: Initiation Of Coverage – Acquisition Of New Programs To Diversify In Biosciences! – Major Drivers

By Baptista Research

  • This is our first report on Roivant.
  • The company’s Q3 2023 earnings were decent and the neutral positives can be highlighted from the continuous growth of VTAMA, ROIV’s best-selling branded topical in psoriasis, recording over 300,000 prescriptions and revenues of $20.7 million.
  • Additionally, the pipeline for Roivant has compelling developments, with brepocitinib showing promising potential in orphan rheumatology.

Natera Inc.: Initiation Of Coverage – Can It Successfully Leverage The Invitae Acquisition? – Major Drivers

By Baptista Research

  • Natera, Inc.’s latest quarterly earnings reveal positive growth prospects and the firm’s commitment to maintaining momentum in their healthcare ventures.
  • The company saw a rise in revenue, reaching $311 million for Q4, a substantial growth of 43% over the same period in 2022.
  • Furthermore, its full-year revenues were reported at $1.08 billion, up by more than 30% compared to the previous year.

WD-40 Company: Initiation Of Coverage – The 4 Key Elements Catalyzing Its Growth Revealed! – Financial Forecasts

By Baptista Research

  • WD-40 Company had a decent result for the first quarter of the fiscal year 2024.
  • Notably, the company achieved robust revenue growth with net sales reaching $140.4 million, signifying a 12% increase from the corresponding period of the previous fiscal year.
  • This growth also aligns with the company’s FY’24 guidance and long-term growth predictions, a sign of the company’s resilience and adaptability in a highly competitive marketplace.

Lancaster Colony Corporation: What Is The Impact of Affluent Consumers on Product Performance?

By Baptista Research

  • Lancaster Colony Corporation has reported record financial results for their fiscal second quarter ending December 31, 2023.
  • Consolidated net sales saw an increase of 1.8% to $485.9 million, gross profit went up by 19% to $121.5 million, and operating income increased 28.1% to $65.8 million.
  • The retail segment contributed to a net sale growth of 2%, driven by volume gains for their successful licensing program, increased demand for products like New York Bakery frozen garlic bread and Reames frozen egg noodles, and the continued strong performance of their carryover pricing strategy.

Odyssey Marine Exploration, Inc. – Urgency Around Seabed Mining Increases

By Water Tower Research

  • Industry needs batteries and batteries need metals. As numerous studies have concluded, even with slightly slower than previously anticipated growth in EV adoption and renewable energy (wind and solar) buildout, demand for metals going into lithium batteries is expected to exceed current estimates for said metals’ production as early as 2026-28.
  • The implied need to find and develop sufficient new resources of these metals to satisfy the expected demand has become a major focus for battery and auto OEMs, as well as governments set on the path to electrification of their economies.
  • More plentiful, less harmful. Many industry and investment banks’ reports also conclude that traditional terrestrial resources in the development or even exploration phase currently are not sufficient to meet the expected demand, suggesting other unconventional resources require commercial development.

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Apr 09
0

Daily Brief Indonesia: Ace Hardware Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Ace Hardware Indonesia (ACES IJ) – New Product Cycles and Formats

Ace Hardware Indonesia (ACES IJ) – New Product Cycles and Formats

By Angus Mackintosh

  • Ace Hardware Indonesia (ACES IJ) results revealed a positive finish to 2023 and an optimistic outlook for 2024, with new store rollout and shorter promotion periods set to boost sales.
  • ACES continues to roll out its new format stores and renovate existing stores with a positive result, with 20 stores expected to be renovated in 2024 and 15-20 new stores,
  • The company has seen strong momentum in 2M2024 with +10% SSSG and remains confident about the outlook, with positive guidance for growth. Valuations remain attractive versus history. 

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Apr 09
0

Daily Brief India: Aster DM Healthcare Ltd, Gland Pharma Ltd, P N Gadgil Jewellers and more

By | Daily Briefs, India

In today’s briefing:

  • Aster DM Healthcare’s Special Dividend & Restructuring
  • Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market
  • P N Gadgil Jewellers Pre-IPO Tearsheet

Aster DM Healthcare’s Special Dividend & Restructuring

By Nimish Maheshwari

  • Aster DM Healthcare Ltd (ASTERDM IN) completes a significant restructuring, separating its India and GCC operations, with a consortium led by Fajr Capital acquiring a 65% stake in Aster GCC. 
  • The substantial cash consideration received provides financial flexibility for further investments, debt reduction, or strategic opportunities.
  • Explore the implications of Aster’s restructuring on shareholder value, with a special dividend of INR 110 to INR 120 per share planned.

Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market

By Tina Banerjee

  • Gland Pharma Ltd (GLAND IN) reported mid-single-digit revenue and EPS growth in its base business (ex-Cenexi) during 9M FY24. The company is confident to end FY24 on a high note.
  • Gland Pharma starts FY25 on a strong note with gaining U.S. approval for eribulin mesylate injection, used for breast cancer that has spread to other parts of the body.
  • Over the next 12–15 months, Gland Pharma is poised for enhanced geographical foot-print in Europe through Cenexi. The addressable CDMO business opportunity is estimated at €4B.

P N Gadgil Jewellers Pre-IPO Tearsheet

By Ethan Aw

  • P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and BOB Capital. 
  • P N Gadgil Jewellers (PNGJ from hereon) is an Indian organized jewellery player. According to Technopak, it is the second largest among prominent organized jewellery players in Maharashtra. 
  • Its product offerings include traditional jewellery for special occasions such as weddings, engagements and festivities and modern and jewellery designs for everyday wear purpose, in gold, diamond, silver and platinum.

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Apr 09
0

Daily Brief China: Hainan Jinpan Smart Technology, Greentown China, Kayou, BenQ BM Holding Cayman Corp and more

By | China, Daily Briefs

In today’s briefing:

  • STAR100 Index Rebalance Preview: 10 Changes as Potential Adds Outperform
  • Morning Views Asia: Greentown China
  • Kayou Pre-IPO – The Positives – Strong FY22 Growth
  • BenQ BM Holding Cayman Corp Pre-IPO Tearsheet

STAR100 Index Rebalance Preview: 10 Changes as Potential Adds Outperform

By Brian Freitas

  • The review period for the June rebalance ends 30 April. We expect the changes to be announced 31 May with the implementation taking place after the close on 14 June.
  • We forecast 10 changes for the index, including migrations between the STAR 100 Index and the SSE STAR50 (STAR50 INDEX). 
  • Excluding the migrations, the potential adds have outperformed the potential deletes over the last few months and that could continue as we head to the end of the review period.

Morning Views Asia: Greentown China

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.

Kayou Pre-IPO – The Positives – Strong FY22 Growth

By Sumeet Singh

  • Kayou is looking to raise up to US$500m in its upcoming HK IPO.
  • Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
  • In this note, we talk about the positive aspects of the deal.

BenQ BM Holding Cayman Corp Pre-IPO Tearsheet

By Clarence Chu

  • BenQ BM Holding Cayman Corp (2228515D KY) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC and Citigroup.
  • BenQ BM Holding Cayman Corp (BenQ BM) is a general hospital operator.
  • As of Dec 2023, BenQ BM owned and operated two hospitals, with a total combined GFA of approximately 380,000 sqm and 1,850 registered beds.

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Apr 09
0

Daily Brief Japan: Riso Kyoiku, Ryohin Keikaku and more

By | Daily Briefs, Japan

In today’s briefing:

  • Riso Kyoiku (4714) Partial Tender (¥320/Sh) Followed by Third Party Dilution To Get Hulic to 51%
  • Riso Kyoiku (4714 JP): Hulic (3003 JP)’s Partial Tender Offer
  • Sep24 Nikkei 225 Rebal – Now 1 ADD, 1 DELETE; Fastie+TEL Still Where the Fun Is

Riso Kyoiku (4714) Partial Tender (¥320/Sh) Followed by Third Party Dilution To Get Hulic to 51%

By Travis Lundy

  • Today, cram school operator Riso Kyoiku (4714 JP) and 20% owner real estate developer Hulic Co Ltd (3003 JP) amended their Capital and Business Alliance agreement. 
  • Hulic will buy 25.5% of shares out in a Partial Offer at +43.5% vs last. Then post-tender, they will buy shares at last from the company to go to 51.%
  • The founder will sell his 10%. The rest is interesting. It’s a high ROE high div stock. Some own it from higher. Pro-ration is tough to estimate. But we try.

Riso Kyoiku (4714 JP): Hulic (3003 JP)’s Partial Tender Offer

By Arun George

  • Riso Kyoiku (4714 JP) announced a partial tender offer and third-party allotment with Hulic Co Ltd (3003 JP), the largest shareholder. Hulic aims to make Riso Kyoiku a consolidated subsidiary.  
  • The offer is for a maximum of 39.4 million shares (23.15% post-allotment ownership ratio) at JPY320 per share, a 46.8% premium to the undisturbed price (5 April).
  • Irrevocable (from the founder and Chairman) represents a 9.26% post-allotment ownership ratio. The offer is light, but there is no minimum acceptance condition. 

Sep24 Nikkei 225 Rebal – Now 1 ADD, 1 DELETE; Fastie+TEL Still Where the Fun Is

By Travis Lundy

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Apr 09
0

Most Read: Riso Kyoiku, Zijin Mining Group Co Ltd H, Ryohin Keikaku, Azure Minerals, APM Human Services, Samsung Electronics and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Azure Min (AZS AU): Trading Wide Ahead Of 8th April Vote
  • Riso Kyoiku (4714) Partial Tender (¥320/Sh) Followed by Third Party Dilution To Get Hulic to 51%
  • HSCEI Index Rebalance Preview: One Change or Two in June?
  • Riso Kyoiku (4714 JP): Hulic (3003 JP)’s Partial Tender Offer
  • Sep24 Nikkei 225 Rebal – Now 1 ADD, 1 DELETE; Fastie+TEL Still Where the Fun Is
  • Azure Minerals (AZS AU): FIRB Approval Concerns Are Overdone
  • APM (APM AU): Madison Dearborn’s “Disappointing” NBIO
  • Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin
  • Samsung Electronics Placement – Better Timing This Time Around
  • S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

Azure Min (AZS AU): Trading Wide Ahead Of 8th April Vote

By David Blennerhassett

  • Back on the 19th Dec, Sociedad Quimica y Minera (SQM/B CI)/Hancock offered Azure Minerals (AZS AU) shareholders A$3.70/share by way of a Scheme, a ~52% premium to the undisturbed price.
  • Creasy Group (12.64%) and Delphi Group (10.15%) gave irrevocables. Mineral Resources (MIN AU)‘s 14.5% stake was unclear; but they exited on the 21 Feb. “Arbitrageurs should arb. Corporations should Corp“.
  • The Transaction Booklet is now out with a Scheme Meeting on the 8th April. The IE says fair. Expected implementation on the 18 April.

Riso Kyoiku (4714) Partial Tender (¥320/Sh) Followed by Third Party Dilution To Get Hulic to 51%

By Travis Lundy

  • Today, cram school operator Riso Kyoiku (4714 JP) and 20% owner real estate developer Hulic Co Ltd (3003 JP) amended their Capital and Business Alliance agreement. 
  • Hulic will buy 25.5% of shares out in a Partial Offer at +43.5% vs last. Then post-tender, they will buy shares at last from the company to go to 51.%
  • The founder will sell his 10%. The rest is interesting. It’s a high ROE high div stock. Some own it from higher. Pro-ration is tough to estimate. But we try.

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.

Riso Kyoiku (4714 JP): Hulic (3003 JP)’s Partial Tender Offer

By Arun George

  • Riso Kyoiku (4714 JP) announced a partial tender offer and third-party allotment with Hulic Co Ltd (3003 JP), the largest shareholder. Hulic aims to make Riso Kyoiku a consolidated subsidiary.  
  • The offer is for a maximum of 39.4 million shares (23.15% post-allotment ownership ratio) at JPY320 per share, a 46.8% premium to the undisturbed price (5 April).
  • Irrevocable (from the founder and Chairman) represents a 9.26% post-allotment ownership ratio. The offer is light, but there is no minimum acceptance condition. 

Sep24 Nikkei 225 Rebal – Now 1 ADD, 1 DELETE; Fastie+TEL Still Where the Fun Is

By Travis Lundy

Azure Minerals (AZS AU): FIRB Approval Concerns Are Overdone

By Arun George

APM (APM AU): Madison Dearborn’s “Disappointing” NBIO

By David Blennerhassett

  • On the 28th Feb, PE-outfit CVC Asia Pacific bumped its NBIO to A$2.00/share, and was granted exclusive due diligence. On the 27th Mar, CVC said they were “unable to proceed“. 
  • Today, the 8th April, Madison Dearborn Partners, holding ~29%, has pitched an non-indicative, non-binding Offer at A$1.40/share, in cash, by way of a Scheme. An unlisted scrip option is available.
  • A key condition is APM Human Services (APM AU)‘s executive-chair Megan Wynne, founding related parties, and key management, electing scrip. The Independent Board Committee reckons the Offer Price is disappointing.

Samsung Electronics: Block Deal Sale of 5.2 Million Shares by Lee Boo-Jin

By Douglas Kim

  • After the market close on 8 April, it was reported that Lee Boo-Jin will sell 5,247,140 shares of Samsung Electronics in a block deal (up to 443 billion won).
  • The expected block deal sale price is 83,700 to 84,500 won per share, which represents a discount rate of up to 0.95% compared to the closing price on 8 April. 
  • We are positive on this block deal sale and on Samsung Electronics. We would take the deal. 

Samsung Electronics Placement – Better Timing This Time Around

By Sumeet Singh

  • KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of  Samsung Electronics (005930 KS).
  • The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.
  • In this note, we will run the deal through our ECM framework and talk about the recent updates.

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

By Kyle Rudden

  • New SGX climate-related disclosure requirements based on ISSB’s standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.
  • The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.
  • Motivated by a strong “business case” for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

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Apr 09
0

Daily Brief Thematic (Sector/Industry): S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes
  • Thematic Report : Is It Time to Bet on Indian Large Caps?
  • Ohayo Japan | Oil Cools; Shin-Etsu to Build New Japan Plant
  • India Elections | Pandits from Phalodi
  • 2024 Capital Market Outlook – Seize the Historic Opportunity of the Upcoming Dollar Reset
  • The Highlights – Cannabis News for the Week Ending April 5, 2024
  • Furniture/Furnishings Weekly – Office Index Outperforms

S-REITs: Climate Disclosures and Inclusion in ESG-Related Equity Indexes

By Kyle Rudden

  • New SGX climate-related disclosure requirements based on ISSB’s standards are more stringent than current requirements, most notably regarding mandatory Scope 3 emissions reporting.
  • The implications for S-REITs are significant. Real Estate is one of the most emissions-intensive sectors, and Scope 3 emissions comprise 85-95% of total emissions for real estate companies.
  • Motivated by a strong “business case” for best-in-class climate performance and transparency, many S-REITs are ahead of the curve, evidenced by prominence in climate-related indexes.

Thematic Report : Is It Time to Bet on Indian Large Caps?

By Sudarshan Bhandari

  • When will large-cap stocks rally? Will large-cap stocks outperform mid-caps and small-caps in 2024?  
  • To answer this we have taken a look at certain fundamental parameters which can help you to make an overall informed decision.
  • Interesting fact on large caps – As of FY22, the top 20 companies in India generate 80% of the total profits generated by India Inc

Ohayo Japan | Oil Cools; Shin-Etsu to Build New Japan Plant

By Mark Chadwick

  • Stocks closed Monday with minimal changes amid rising interest rates and anticipation of key U.S. inflation data
  • The number of companies listed on the Tokyo Stock Exchange’s Prime market has decreased by 20% since the market restructuring two years ago
  • Shin-Etsu Chemical Co Ltd (4063): Shin-Etsu Chemical will construct its first new plant in Japan in 56 years, aiming to bolster semiconductor supply chains

India Elections | Pandits from Phalodi

By Pranav Bhavsar

  • We visit the small, sandy town of Phalodi known for its betting market known as “Satta Bazaar”. 
  • The people of Phalodi bet on anything and have been known for making accurate predictions about major events like the Elections. 
  • The pundits anticipate more traction in terms of their seat estimates starting from April 10th, 2024. The tentative estimates currently stand at 330-340 seats for the BJP.

2024 Capital Market Outlook – Seize the Historic Opportunity of the Upcoming Dollar Reset

By Xinyao (Criss) Wang

  • When there are not enough assets in the US to “store” the huge amount of dollar liquidity, the dollar reset would begin once the rate hike cycle peaks.
  • The depreciation of dollar would be inevitable. The US commercial real estate default is drawing near. The climax of the US dollar’s troubles could come in 2026 and 2027.
  • We don’t recommend investors and countries/regions to continue holding all dollar-denominated bonds, but instead switch to commodities and physical assets. We hope that investors can control risks ahead of time.

The Highlights – Cannabis News for the Week Ending April 5, 2024

By Water Tower Research

  • In a volatile week, the US cannabis MSOS ETF gained 1.10%, while the global YOLO ETF climbed 3.92% on continued strength of select Canadian names.
  • YTD, MSOS is +49.70% and YOLO is +39.47%.
  • AYR Wellness (CSE: AYR, OTCQX: AYRWF) finished at +8.47% and had the strongest week among the larger operators. 

Furniture/Furnishings Weekly – Office Index Outperforms

By Water Tower Research

  • The Water Tower Research Office Index posted the best relative performance of the week, up 1.6%, compared with the other indexes, which fell between 1% and 2.8%.
  • Both the Residential Manufacturers (-4.4%) and Home Goods Retailers (-5.1%) had rough weeks on a relatively quiet news front.
  • Bassett reported its 1QFY24 results, missing our revenue and EPS estimates.

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Apr 09
0

Daily Brief Credit: Morning Views Asia: Greentown China and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Greentown China

Morning Views Asia: Greentown China

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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Apr 09
0

Daily Brief ECM: Samsung Electronics Placement – Better Timing This Time Around and more

By | Daily Briefs, ECM

In today’s briefing:

  • Samsung Electronics Placement – Better Timing This Time Around
  • Ansell Placement – Undertaking a Large Acquisition as Sector Headwinds Remain
  • P N Gadgil Jewellers Pre-IPO Tearsheet
  • Kayou Pre-IPO – The Positives – Strong FY22 Growth
  • BenQ BM Holding Cayman Corp Pre-IPO Tearsheet

Samsung Electronics Placement – Better Timing This Time Around

By Sumeet Singh

  • KEB Hana Bank, on behalf of Lee Boo-Jin, is looking to raise up to US$325m via selling 0.1% of  Samsung Electronics (005930 KS).
  • The deal appears to be somewhat well flagged and the company recently reported better operating numbers for 1Q24.
  • In this note, we will run the deal through our ECM framework and talk about the recent updates.

Ansell Placement – Undertaking a Large Acquisition as Sector Headwinds Remain

By Clarence Chu

  • Ansell Ltd (ANN AU) is looking to raise US$262m in its primary follow-on to partially fund its acquisition of KCPPE.
  • Despite the firm having been on an acquisition spree, it remains uncertain to us if the market has been factoring in such a large one. 
  • The deal would be a large one to digest, representing 52.5 days of the stock’s three month ADV.

P N Gadgil Jewellers Pre-IPO Tearsheet

By Ethan Aw

  • P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its upcoming India IPO. The deal will be run by Motilal Oswal, Nuvama and BOB Capital. 
  • P N Gadgil Jewellers (PNGJ from hereon) is an Indian organized jewellery player. According to Technopak, it is the second largest among prominent organized jewellery players in Maharashtra. 
  • Its product offerings include traditional jewellery for special occasions such as weddings, engagements and festivities and modern and jewellery designs for everyday wear purpose, in gold, diamond, silver and platinum.

Kayou Pre-IPO – The Positives – Strong FY22 Growth

By Sumeet Singh

  • Kayou is looking to raise up to US$500m in its upcoming HK IPO.
  • Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
  • In this note, we talk about the positive aspects of the deal.

BenQ BM Holding Cayman Corp Pre-IPO Tearsheet

By Clarence Chu

  • BenQ BM Holding Cayman Corp (2228515D KY) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC and Citigroup.
  • BenQ BM Holding Cayman Corp (BenQ BM) is a general hospital operator.
  • As of Dec 2023, BenQ BM owned and operated two hospitals, with a total combined GFA of approximately 380,000 sqm and 1,850 registered beds.

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