Daily Briefs

Shell expects Q3 refining margins to drop 28.6% QoQ to USD 5.5/bbl, driven by a sharp decline in oil prices. However, improved chemical margins are anticipated to offer some relief.
Between 2023 and 2025, Shell plans to invest USD 10 billion to USD 15 billion in low-carbon solutions globally, with a strategic emphasis on LNG.
Shell projects LNG to account for 26% of energy sales by 2030, up from 22% in 2023, while oil products will decrease from 48% to 39%.

AIG: Rise, Fall, and Rebirth – [Business Breakdowns, EP.187]

By Business Breakdowns

The company required a $180 billion bailout from the US government during the financial crisis, but has since fully repaid it with interest.
Under Peter Zafino’s leadership, AIG has refocused its underwriting efforts, returning to profitability and divesting non-core businesses.
AIG has undergone a remarkable turnaround post-financial crisis, focusing on specialty insurance for top quartile industry returns

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

[Earnings Preview] TotalEnergies at Risk from Oil Price Decline, Better Gas Prices Offer Relief

TotalEnergies’ revenue is expected to fall 9.1% QoQ and 17.8% YoY in Q3, while its EPS is expected to rise 6.6% QoQ but fall 19.8% YoY.
TotalEnergies anticipates a decline in downstream profitability due to a 65.7% QoQ drop in European refining margins, though increased gas prices are expected to partially offset lower oil prices.
TotalEnergies raised its annual oil and gas output growth forecast to 3% through 2030. Targets natural gas to comprise 50% of its total sales mix by 2030.

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Oct 18

Daily Brief Event-Driven: Couche-Tard Execs in Tokyo and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Couche-Tard Execs in Tokyo, “Hoping” For Meetings But Really There To Hold a Press Conference
Samty (187A) Deal Looks Somewhat Vulnerable to Potential Interlopers
S&P/NZX 50 Index Rebalance: Tower (TWR) Replaces Arvida (ARV)
Beijing Capital Grand (1329 HK): Beijing Capital Land Offer?
Event Driven: Special Call Auction in Indian Holding Companies
Connecting the Dots Between Kum Yang’s Rights Offer & Global Index November Review
Korea Zinc’s 2.4% Treasury Shares – Devil Is In the Legal Loophole
Charter Hall Bumps With Final HPI Bid
Waystar Holding (WAY US): Clear WAY to One Global Index, Rocky Road to the Other.
Beijing Capital Grand (1329 HK): An Offer from Beijing Capital Land?

Couche-Tard Execs in Tokyo, “Hoping” For Meetings But Really There To Hold a Press Conference

By Travis Lundy

Alimentation Couche-Tard (ATD CN)‘s CEO, former CEO, CFO, and founder were in Tokyo today giving a press conference about their trip and designs on Seven & I Holdings (3382 JP).
There was some passive-aggressive behaviour. Their bid was better than 7&i’s plan. They said it was a high price. They said they wanted to meet management, the ITOs, the government.
None of that will win the hearts and minds of the Special Committee.

Samty (187A) Deal Looks Somewhat Vulnerable to Potential Interlopers

By Travis Lundy

The Hillhouse (Asia-based global PE firm) deal for SAMTY HOLDINGS Co Ltd (187A JP) has seen Samty shares trade tight to terms in the first three days of trading.
Some 7.5mm shares have traded. This is only 16% of shares out, but it is a much larger portion of Maximum Real World Float.
This begs the question of whether the deal could be put in jeopardy by the actions of one or two shareholders.

S&P/NZX 50 Index Rebalance: Tower (TWR) Replaces Arvida (ARV)

By Brian Freitas

Arvida (ARV NZ) will be deleted from the S&P/NZX 50 Index following its acquisition by Stonepeak Alps BidCo. Tower Ltd (TWR NZ) will be added to the index.
Passive NZX50 Index trackers will need to buy nearly 18m shares of Tower Ltd (TWR NZ) – that is over 26 days of ADV.
There has been a lot of positioning in Tower Ltd (TWR NZ) since Stonepeak’s offer for Arvida (ARV NZ). There should be enough supply for the passive trackers.

Beijing Capital Grand (1329 HK): Beijing Capital Land Offer?

Beijing Capital Grand (1329 HK) (BCG), a commercial property developer in China, is currently suspended pursuant to the Takeovers Code.
Beijing Capital Land Ltd H (2868 HK) (BCL) holds a 65.72% stake, having secured majority control in Juda International, as BCG was then known, in November 2013.
BCG has been a forgettable stock since 4Q16. Expect a forthcoming Scheme from BCL, perhaps at ~HK$0.75/share.

Event Driven: Special Call Auction in Indian Holding Companies

By Nimish Maheshwari

A special call auction shall be held on October 28, 2024 by BSE & NSE to discover hidden value in Investment Holding Companies.
BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session.
We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.

Connecting the Dots Between Kum Yang’s Rights Offer & Global Index November Review

By Sanghyun Park

Personally, the key trading angle is Kum Yang’s exit, which could slash entry costs for the capital raise, with the review announcement dropping as stock rights trading starts.
Along with the usual hit to the pricing from index trackers unloading for rebalancing, there’s a strong chance their sell orders might also include stock rights.
From an entry cost perspective, this November review could trigger a sharp, short-term drop in costs due to stock rights dumping, similar to what we saw with CJ CGV.

Korea Zinc’s 2.4% Treasury Shares – Devil Is In the Legal Loophole

Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of ‘6 months after treasury shares acquisition.
It would be nearly impossible for Korea Zinc to sell 2.4% of its treasury stock to an external friendly force and transform it into a friendly stake by February 2025.
Although MBK/Young Poong Alliance has the advantage right now in this M&A battle for Korea Zinc, it is by no means over.

Charter Hall Bumps With Final HPI Bid

Back on the 9th September, pub play Hotel Property Investments (HPI AU) announced – and summarily rejected – a A$3.65/share cash Offer from Charter Hall Retail Reit (CQR AU).
Charter Hall has now increased terms to A$3.85/share (best & final), a 17.7% premium to undisturbed. The Offer remains conditional on an 50.1% minimum acceptance condition. Charter Hall holds 14.7%.
HPI’s reported response? “While Charter Hall’s improved offer provides an attractive exit for shareholders, we remain committed to evaluating all options that deliver the best long-term value.“

Waystar Holding (WAY US): Clear WAY to One Global Index, Rocky Road to the Other.

By Dimitris Ioannidis

Waystar Holding (WAY US) is forecasted to pass the mcap and fcap thresholds for the small-cap segment and get added at the November 2024 review.
The company currently passes the higher regional mcap and fcap thresholds for the small-cap segment at the December 2024 review.
Waystar Holding (WAY US) risks failing the fcap threshold at the December 2024 review if the stock price falls back to the IPO price levels.

Beijing Capital Grand (1329 HK): An Offer from Beijing Capital Land?

By Arun George

Beijing Capital Grand (1329 HK) entered a trading halt based on the Hong Kong Code on Takeovers and Mergers.
It is likely that Beijing Capital Land Ltd H (2868 HK), the largest shareholder, is launching an offer primarily to acquire the stake from Sino-Ocean Group (3377 HK) receivers.
As this is a forced sale, an offer of around HK$0.70-0.75, a 20%- 30% premium to the last close, would be sufficient to gain an irrevocable from the receivers.

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Oct 18

Daily Brief Credit: Morning Views Asia: Vedanta Resources and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Morning Views Asia: Vedanta Resources

Morning Views Asia: Vedanta Resources

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.

Vedanta Resources

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Oct 18

Daily Brief Macro: China Watch: Time to play briefing bingo again.. and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

China Watch: Time to play briefing bingo again..
Ministry of Housing Press Conference – First Take
Apollo Explains How Big Tech Is Disrupting Credit Markets
BUY/SELL/HOLD: Hong Kong Stock Updates (October 15)
Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 18 Oct 2024
BRICS, BRI, and U.S. Tensions for China
EA Disinflates Enough For October Cut
ECB: Cuts On Coherent Dovish Signal
October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024
CX Daily: The Power Grid’s Solar and Wind Problem

China Watch: Time to play briefing bingo again..

By Andreas Steno

Welcome to our China Watch series, where we look at the Chinese case through the lens of Western investors.
Tomorrow, we will have another briefing aimed at boosting the property market, which is one of those tricky conundrums to deal with.
Housing starts have already dropped back 20 years, and the value of unsold homes and projects is sky-high.

Ministry of Housing Press Conference – First Take

By Rikki Malik

Representatives of all relevant major Ministries showed up and had their say
As is now usual from these events some positives as well as some disappointment
Further steps taken to put a floor under the property market

Apollo Explains How Big Tech Is Disrupting Credit Markets

By Odd Lots

Stock market dominated by big tech companies, increasing importance of tech companies in equity market
S&P 500 becoming more like the Nasdaq due to tech dominance
Tech companies moving towards project-based financing and increasing interest in credit market, with potential for substantial returns in opportunistic credit opportunities

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

BUY/SELL/HOLD: Hong Kong Stock Updates (October 15)

By David Mudd

Healthcare sector continues to gain momentum in Hong Kong market during pullback with materials and energy sectors lagging.
Value and Liquidity factors have outperformed since stimulus announcement in September.
Anta Sports Products (2020 HK) , JD Health International (6618 HK) and Sands China (1928 HK) were rated as BUY as analysts turn toward China consumption plays as future winners.

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 18 Oct 2024

By Dr. Jim Walker

Observed significant economic activity at Tattersalls horse sales despite lower UK inflation, suggesting stable interest rates.
Several Asian countries, excluding Indonesia, implemented interest rate cuts, showing varied economic responses.
China’s gradual easing aligns with expectations, while Vietnam’s surprising GDP growth raises questions about statistical accuracy.

BRICS, BRI, and U.S. Tensions for China

By Alex Ng

BRICS can provide a political buffer but not economic, as BRICS are still searching for practical areas for cooperation.
However, Donald Trump universal tariffs threats could focus BRICS on more intra EM trade.
BRI has already helped to redirect China exports to EM countries, despite the slowdown in new lending to BRI countries.

EA Disinflates Enough For October Cut

By Phil Rush

Euro area headline and services inflation were trimmed in the final prints for October, reinforcing the disinflationary imperative in the ECB’s decision to cut rates again.
The news on underlying inflation was mixed between countries and measures. Things broadly remain close to target-consistent levels but need not stay like that.
We remain concerned about potential over-extrapolation and focus on disinflationary data points, although that seems unlikely to change in time to block a December cut.

ECB: Cuts On Coherent Dovish Signal

By Phil Rush

Surprisingly steep disinflation and drops in the PMIs shocked expectations for the ECB’s October meeting, which were matched by the realised 25bp rate cut.
The coherent story of disappointment magnified the strength of the signal enough for the ECB to act. Much more data will be available by the December decision.
No commitments were made to act or not, but the hurdle is lower with a forecast to communicate the totality of the news. We expect a cut then before the pace slows.

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

By Farah Miller

Short-term 20-day MA remained elevated through September to mid-October 2024
SIR20 traded at a discount to futures
Processors in Thailand and Indonesia faced more margin pressure due to high raw material costs
The forward curve shows October 2024 prices at their highest for the year

CX Daily: The Power Grid’s Solar and Wind Problem

By Caixin Global

Energy / Caixin Explains: The power grid’s solar and wind problem
Korean Peninsula /Analysis: How tensions on the Korean Peninsula exploded with the loss of two symbolic links
Payments /: UnionPay teams up with Vietnam partner to boost cross-border QR payments

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Oct 18

Daily Brief Australia: APA Group, Hotel Property Investments, Pilbara Minerals and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

APA Group Placement – While the Overhang Remains, Selldown Appears Well Flagged
Charter Hall Bumps With Final HPI Bid
Will Zijin Pay Up for this Copper Hopeful?

APA Group Placement – While the Overhang Remains, Selldown Appears Well Flagged

By Clarence Chu

Unisuper is looking to raise A$500m (US$333m) via trimming a portion of its stake in APA Group (APA AU).
The deal will be a large one to digest at 24 days of the stock’s three month ADV.
In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

Charter Hall Bumps With Final HPI Bid

Back on the 9th September, pub play Hotel Property Investments (HPI AU) announced – and summarily rejected – a A$3.65/share cash Offer from Charter Hall Retail Reit (CQR AU).
Charter Hall has now increased terms to A$3.85/share (best & final), a 17.7% premium to undisturbed. The Offer remains conditional on an 50.1% minimum acceptance condition. Charter Hall holds 14.7%.
HPI’s reported response? “While Charter Hall’s improved offer provides an attractive exit for shareholders, we remain committed to evaluating all options that deliver the best long-term value.“

Will Zijin Pay Up for this Copper Hopeful?

By Money of Mine

Pilbara Minerals announced the establishment of a $1 billion debt facility with a banking syndicate.
The company plans to use the facility to repay existing concessional debt and potentially make acquisitions.
The new facility offers more flexibility in terms of leverage ratios compared to existing debt agreements.

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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Oct 18

Daily Brief South Korea: K Bank, Kum Yang , Korea Zinc, CK Solution and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

K Bank IPO Bookbuilding: To Price Lower than Low IPO Price Range or Even Potential Cancellation
Connecting the Dots Between Kum Yang’s Rights Offer & Global Index November Review
Korea Zinc’s 2.4% Treasury Shares – Devil Is In the Legal Loophole
CK Solution IPO Preview

K Bank IPO Bookbuilding: To Price Lower than Low IPO Price Range or Even Potential Cancellation

Chosun Business Daily mentioned that K Bank IPO book building results among institutional investors have been very poor so far.
As a result, the bankers and K Bank are currently considering on potentially reducing the IPO price to about 8,500 won or even cancelling the IPO altogether.
Our base case valuation of K Bank is target price of 9,151 won per share. Even if the IPO is priced at 8,500 won, we would pass on this IPO.

Connecting the Dots Between Kum Yang’s Rights Offer & Global Index November Review

By Sanghyun Park

Personally, the key trading angle is Kum Yang’s exit, which could slash entry costs for the capital raise, with the review announcement dropping as stock rights trading starts.
Along with the usual hit to the pricing from index trackers unloading for rebalancing, there’s a strong chance their sell orders might also include stock rights.
From an entry cost perspective, this November review could trigger a sharp, short-term drop in costs due to stock rights dumping, similar to what we saw with CJ CGV.

Korea Zinc’s 2.4% Treasury Shares – Devil Is In the Legal Loophole

Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of ‘6 months after treasury shares acquisition.
It would be nearly impossible for Korea Zinc to sell 2.4% of its treasury stock to an external friendly force and transform it into a friendly stake by February 2025.
Although MBK/Young Poong Alliance has the advantage right now in this M&A battle for Korea Zinc, it is by no means over.

CK Solution IPO Preview

CK Solution is getting ready to complete its IPO in KOSPI in November. Its IPO price range is from 15,700 won to 18,000 won.
The IPO offering amount ranges from 49.4 billion won to 56.6 billion won. The book building for the institutional investors lasts from 4 to 8 November.
CK Solution specializes in dry room system for the rechargeable batteries manufacturing process. Rechargeable battery sector accounted for 92.9% of total sales in 1H 2024 followed by semiconductor (3.1%).

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Oct 18

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

By Farah Miller

Short-term 20-day MA remained elevated through September to mid-October 2024
SIR20 traded at a discount to futures
Processors in Thailand and Indonesia faced more margin pressure due to high raw material costs
The forward curve shows October 2024 prices at their highest for the year

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Oct 18

Daily Brief United States: Waystar Holding, Shell PLC, American International Group, TotalEnergies, BioStem Technologies , Hawkins Inc, Driven Brands Holdings , Adicet Bio and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Waystar Holding (WAY US): Clear WAY to One Global Index, Rocky Road to the Other.
[Earnings Preview] Shell’s Refining Margins to Tighten in Q3; Upstream Output Gains to Soften Blow
AIG: Rise, Fall, and Rebirth – [Business Breakdowns, EP.187]
[Earnings Preview] TotalEnergies at Risk from Oil Price Decline, Better Gas Prices Offer Relief
BSEM: Study Validates Technology and Important Medicare Decision Reached
HWKN: Downgrading with Seasonal Peak
GrizzlyRock Capital’s Kyle Mowery on $DRVN’s goodco / badco thesis
Adicet Bio Inc (ACET) – Thursday, Jul 18, 2024

Waystar Holding (WAY US): Clear WAY to One Global Index, Rocky Road to the Other.

By Dimitris Ioannidis

Waystar Holding (WAY US) is forecasted to pass the mcap and fcap thresholds for the small-cap segment and get added at the November 2024 review.
The company currently passes the higher regional mcap and fcap thresholds for the small-cap segment at the December 2024 review.
Waystar Holding (WAY US) risks failing the fcap threshold at the December 2024 review if the stock price falls back to the IPO price levels.

[Earnings Preview] Shell’s Refining Margins to Tighten in Q3; Upstream Output Gains to Soften Blow

Shell expects Q3 refining margins to drop 28.6% QoQ to USD 5.5/bbl, driven by a sharp decline in oil prices. However, improved chemical margins are anticipated to offer some relief.
Between 2023 and 2025, Shell plans to invest USD 10 billion to USD 15 billion in low-carbon solutions globally, with a strategic emphasis on LNG.
Shell projects LNG to account for 26% of energy sales by 2030, up from 22% in 2023, while oil products will decrease from 48% to 39%.

AIG: Rise, Fall, and Rebirth – [Business Breakdowns, EP.187]

By Business Breakdowns

The company required a $180 billion bailout from the US government during the financial crisis, but has since fully repaid it with interest.
Under Peter Zafino’s leadership, AIG has refocused its underwriting efforts, returning to profitability and divesting non-core businesses.
AIG has undergone a remarkable turnaround post-financial crisis, focusing on specialty insurance for top quartile industry returns

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

[Earnings Preview] TotalEnergies at Risk from Oil Price Decline, Better Gas Prices Offer Relief

TotalEnergies’ revenue is expected to fall 9.1% QoQ and 17.8% YoY in Q3, while its EPS is expected to rise 6.6% QoQ but fall 19.8% YoY.
TotalEnergies anticipates a decline in downstream profitability due to a 65.7% QoQ drop in European refining margins, though increased gas prices are expected to partially offset lower oil prices.
TotalEnergies raised its annual oil and gas output growth forecast to 3% through 2030. Targets natural gas to comprise 50% of its total sales mix by 2030.

BSEM: Study Validates Technology and Important Medicare Decision Reached

By Zacks Small Cap Research

BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
The company announced testing results for its core BioRetain technology that showed the superiority of the treatment over the traditional standard of care.
Additionally, the company received national pricing from Medicare for its Vendaje AC product.

HWKN: Downgrading with Seasonal Peak

By Hamed Khorsand

HWKN has grown its water treatment business through acquisition leading to the segment becoming larger than the industrial business. The water treatment segment should become the largest sales generator.
We believe this growth through inorganic means has resulted in HWKN’s stock trading at a premium to the market and to HWKN’s historic levels.
The seasonality the water treatment segment experiences should result in HWKN’s overall gross margin declining in the second half of fiscal 2025.

GrizzlyRock Capital’s Kyle Mowery on $DRVN’s goodco / badco thesis

By Yet Another Value Podcast

Tigus provides a clear view of industries and companies for research
Kyle Mowry discusses Driven Brands as a complex but interesting investment
Driven Brands offers a combination of private equity control and public market liquidity, leading to potential mispricing and alpha opportunity

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

Adicet Bio Inc (ACET) – Thursday, Jul 18, 2024

By Value Investors Club

Adicet Bio is a biotech company working on developing an off-the-shelf CD20 gamma delta CAR-T cell therapy for autoimmune diseases, particularly lupus nephritis
The company also has gamma delta CAR-T programs targeting various cancers, with value inflection data points expected in 2024 and 2025
Despite trading at a negative enterprise value, Adicet has significant cash reserves and a manageable quarterly spend, making its equity potentially underpriced compared to peers, with the potential success of its autoimmune program leading to a stock re-rating.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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Oct 18

Daily Brief India: NIFTY Index, Seazen (Formerly Future Land), Waaree Renewable Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Event Driven: Special Call Auction in Indian Holding Companies
Morning Views Asia: Vedanta Resources
Waaree Energies IPO Trading – Will Ride on Premier Energies IPO Wave

Event Driven: Special Call Auction in Indian Holding Companies

By Nimish Maheshwari

A special call auction shall be held on October 28, 2024 by BSE & NSE to discover hidden value in Investment Holding Companies.
BSE and NSE came out with the list of 8-9 Companies that are eligible for this special session.
We calculated the upside left in these companies using the Current price with 30% discount: 3 Companies with more than 100% upside.

Morning Views Asia: Vedanta Resources

By Leonard Law, CFA

Vedanta Resources

Waaree Energies IPO Trading – Will Ride on Premier Energies IPO Wave

By Sumeet Singh

Waaree Energies is looking to raise up to US$514m in its India IPO.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the RHP updates and valuations.

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Oct 18

Daily Brief China: Horizon Robotics, Beijing Capital Grand, China Resources Beverage, Seazen (Formerly Future Land) and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Horizon Robotics (9660 HK) IPO: The Bull Case
Beijing Capital Grand (1329 HK): Beijing Capital Land Offer?
CR Beverage IPO: Forecasts and Valuation
Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update
Morning Views Asia: Vedanta Resources
Beijing Capital Grand (1329 HK): An Offer from Beijing Capital Land?

Horizon Robotics (9660 HK) IPO: The Bull Case

By Arun George

Horizon Robotics (9660 HK), a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.
Horizon ranked fourth among all global ADAS and AD solution providers in China by solution installation volume in 2023 and 1H24, with a market share of 9.3% and 15.4%, respectively.
The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong balance sheet.

Beijing Capital Grand (1329 HK): Beijing Capital Land Offer?