In today’s briefing:
- Alibaba’s Eddie Wu, Strategic Leader or Ma’s Partner?
- 2024 IPOs Pipeline Worldwide (Top 100 Companies)
- Midea (000333 CH): Positive Read-Through From Gree’s Profit Alert
- Sumber Alfaria Trijaya (AMRT IJ) – Rationalising the Lawson Buildout
- Carnival Corp’s Per Passenger Revenue
Alibaba’s Eddie Wu, Strategic Leader or Ma’s Partner?
- In the latest wave of management changes, Eddie Wu, Jack Ma’s trusted associate has staged a comeback, securing pivotal roles.
- We believe this is not a mere coincidence. Jack Ma seems to be orchestrating moves from behind the scenes, with Eddie Wu strategically positioned to represent his influence.
- The Chinese government’s reaction to Jack Ma’s increased involvement may impact Alibaba Group Holding (9988 HK)‘s price performance in the short term.
2024 IPOs Pipeline Worldwide (Top 100 Companies)
- This is our 5th annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
- After weak global IPO markets in 2022 and 2023, the near term trend for global IPOs continues to remain lackluster.
- For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year.
Midea (000333 CH): Positive Read-Through From Gree’s Profit Alert
- Gree Electric Appliances (000651 CH) announced a profit alert for FY22 yesterday. Net profit is expected to increase 10.2% – 19.6% yoy for the whole year.
- The resilient result of Gree should alleviate concerns of the market that Midea is too correlated with China’s new home sales.
- The stock is trading at 10x 2024E earnings compared to an average of 13x over the last 10 years, with earnings likely growing at a high-single-digit pace.
Sumber Alfaria Trijaya (AMRT IJ) – Rationalising the Lawson Buildout
- Sumber Alfaria Trijaya has decided to pare back the velocity of the expansion of Lawson convenience stores as it consolidates its leading position and maximises efficiencies.
- 4Q2023 saw slower growth in November but December should be stronger, whilst its store expansion for 2023 reached 1,700 new stores, with plans for around 1,300 new stores in 2024.
- Sumber Alfaria Trijaya remains the best way to play the minimarket space in Indonesia. 4Q 2023 numbers should provide a positive catalyst given it is the seasonally high quarter.
Carnival Corp’s Per Passenger Revenue
- Lots of financial analysts and other Calcbench users might be wishing they could sail away on a tropical cruise as we enter the holiday slow season, so perhaps it’s a good time to visit Carnival Corp. ($CCL) and the company’s latest financial performance.
- Carnival filed its latest quarterly (and fiscal year-end) earnings release on Thursday, and top-line numbers looked pretty good for a company still recovering from the pandemic’s apocalyptic effects four years ago.
- Quarterly revenue jumped 40.6 percent from the year-ago period, to $5.4 billion; annual revenue soared 77.5 percent to $21.6 billion.
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