Category

Daily Briefs

Oct 18
0

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

By | 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

By David Blennerhassett

  • 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
0

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

By | 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

By Douglas Kim

  • 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

By Douglas Kim

  • 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

By Douglas Kim

  • 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
0

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By | 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
0

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

By | 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

By Suhas Reddy

  • 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

By Suhas Reddy

  • 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
0

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

By | 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

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.

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
0

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

By | 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?

By David Blennerhassett

  • 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.

CR Beverage IPO: Forecasts and Valuation

By Shifara Samsudeen, ACMA, CGMA

  • China Resources Beverage (2460 HK)  plans to raise  US$650m at the upper end of the indicative IPO price range at a market capitalisation and EV of HK$34bn and HK$27bn respectively.
  • Though the company has a strong business model and fundamentals, the packaged drinking water market is intensely competitive creating a price war and dragging down growth rates.
  • CR Beverage is less diversified and has inferior margins compared to Nongfu Spring (9633 HK) , hence priced at a deep discount to its peer, making the IPO pricing attractive.

Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update

By Andrei Zakharov

  • Horizon Robotics, a Beijing-based fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, plans to raise ~$700M at the high end of the range at HK$3.99/share.
  • The IPO is expected to be between HK$3.73 and HK$3.99. However, the offer price may be, but is not expected to be, lower than the lower end of the range.
  • I believe that at the high end of the range, the company’s valuation is full, and I would await a share pull-back before becoming more positive on the stock.

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.

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

By Arun George

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Oct 18
0

Daily Brief Japan: Seven & I Holdings, SAMTY HOLDINGS Co Ltd, Intermestic, Hiday Hidaka, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

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
  • Intermestic IPO Trading – Drew a Strong Institutional Demand
  • Hiday Hidaka (7611 JP): Initial Report
  • No Disruption in Quarterly Disclosure Review, but a Few Companies Disclosed CF Statements in 1Q & 3Q

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. 

Intermestic IPO Trading – Drew a Strong Institutional Demand

By Clarence Chu

  • Intermestic (262A JP) raised around US$120m in its Japan IPO. 
  • Intermestic is an eyewear manufacturer of eyeglasses and eyeglass accessories in Japan.
  • We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.

Hiday Hidaka (7611 JP): Initial Report

By Shared Research

  • In FY02/24, revenue was JPY48.8bn (+27.8% YoY), operating profit was JPY4.6bn (+653.2% YoY), recurring profit was JPY4.8bn (+92.5% YoY), and net income was JPY3.2bn (+112.8% YoY).
  • The company attributed YoY revenue growth to the following factors.
  • First, customer count continued to grow after the March 2023 price hike.

No Disruption in Quarterly Disclosure Review, but a Few Companies Disclosed CF Statements in 1Q & 3Q

By Aki Matsumoto

  • The number of days to disclose first- and third-quarter financial results was 37.0 days, roughly the same timing as the previous year, regardless of whether reviews were conducted or not.
  • The larger market capitalization companies are more likely to conduct voluntary reviews, and the larger market capitalization companies are more positive about ensuring the reliability of their disclosure information.
  • Despite a slight increase from the previous year, only a little more than 10% of all companies disclosed cash flow statements in the first and third quarters.

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Oct 18
0

Most Read: China Traditional Chinese Medicine, Seven & I Holdings, Hyundai Rotem Company, Horizon Robotics, SGX Rubber Future TSR20, SAMTY HOLDINGS Co Ltd, K Bank, Tower Ltd and more

By | Daily Briefs, Most Read

In today’s briefing:

  • 7&I Holdings (3382 JP) – Artisan Writes Another Letter – Based on Content, They Should Sell Any Pop
  • TCM (570 HK): “Uncertain” To Spook Shares
  • Couche-Tard Execs in Tokyo, “Hoping” For Meetings But Really There To Hold a Press Conference
  • Korea: Stocks with Potential Passive Flows in November
  • Horizon Robotics IPO – Peers Are Down a Lot, Its Valuation Isn’t
  • Rubber Board Says Q1 FY25 Production Near Stable But ATMA Disputes
  • Samty (187A) Deal Looks Somewhat Vulnerable to Potential Interlopers
  • K Bank IPO Bookbuilding: To Price Lower than Low IPO Price Range or Even Potential Cancellation
  • Horizon Robotics (9660 HK) IPO: The Bull Case
  • S&P/NZX 50 Index Rebalance: Tower (TWR) Replaces Arvida (ARV)

7&I Holdings (3382 JP) – Artisan Writes Another Letter – Based on Content, They Should Sell Any Pop

By Travis Lundy

  • Some two weeks after it became apparent Alimentation Couche-Tard (ATD CN) had lobbied a bid in for Seven & I Holdings (3382 JP), Artisan Partners wrote a letter.  
  • It was full of misguided analysis, ungrounded insinuation of a general nature without specifying where they would have a problem. It seemed to be complaint for the sake of complaint.
  • Today another public letter. This time there are a couple of worthwhile suggestions, some accusations of fiduciary impropriety based on no evidence, and an implicit admission they should have sold?

TCM (570 HK): “Uncertain” To Spook Shares

By David Blennerhassett

  • China Traditional Chinese Medicine (570 HK) (TCM) will fall today. Perhaps a lot.
  • With two days left on the clock to secure the pre-conditions (18th October), the Offeror said “it remains uncertain” whether it can secure an extension from the investor group.
  • Such wording could be viewed as boilerplate SFC legalise. I would argue the use of “uncertain” is superfluous, unhelpful, and for investors, downright worrying. 

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. 

Korea: Stocks with Potential Passive Flows in November

By Brian Freitas

Horizon Robotics IPO – Peers Are Down a Lot, Its Valuation Isn’t

By Sumeet Singh

  • Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
  • Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

Rubber Board Says Q1 FY25 Production Near Stable But ATMA Disputes

By Vinod Nedumudy

  • Consumption declines by .3% to 356,000 tons in Q1 FY 25
  • ATMA says April-Sept 2024 production 37% lower year on year
  • ATMA asks Rubber Board to expedite data publishing

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. 

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

By Douglas Kim

  • 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.

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.

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. 

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Oct 18
0

Daily Brief Health Care: BioStem Technologies , Adicet Bio and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • BSEM: Study Validates Technology and Important Medicare Decision Reached
  • Adicet Bio Inc (ACET) – Thursday, Jul 18, 2024

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.

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
0

Daily Brief Utilities: APA Group, Veolia Environnement and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • APA Group Placement – While the Overhang Remains, Selldown Appears Well Flagged
  • Veolia Environnement S A (VEOEY) – Wednesday, Jul 17, 2024

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.

Veolia Environnement S A (VEOEY) – Wednesday, Jul 17, 2024

By Value Investors Club

  • Veolia is an attractive investment opportunity in waste and water management sectors
  • Currently trading at a low multiple with a 4.5% dividend yield, expected to provide a mid-teens IRR
  • Factors like recent stock sell-offs, potential cyclical recovery in Europe, and USD weakening could create an opportunistic time to invest

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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