In today’s briefing:
- Bloomberry Resorts: Flagging the Philippine Casino Market’s Fastest Recovery in All of Asia
- The TJX Companies Inc.: Initiation of Coverage – Recent Macro & Key Drivers
- Estimating Fund Size Tracking KOSPI MID Cap Index
- Dollar General Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Dollar General Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- Constellation Brands Inc.: Initiation of Coverage – Financial Forecasts
- Constellation Brands Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Bloomberry Resorts: Flagging the Philippine Casino Market’s Fastest Recovery in All of Asia
- Last August 13th we urged investors to take a hard look at the spurt in the Philippine gaming market as soon as covid related shutdowns ended. Bloomberry traded at 7.1php.
- We reiterated our bullish view this past November 13th at 9.7php.
- Price at writing has fallen back to 7.50 indicates that conviction in the Philippine gaming recovery has not yet been recognized by investors in the space.
The TJX Companies Inc.: Initiation of Coverage – Recent Macro & Key Drivers
- This is our first report on TJX Companies is pleased with its third-quarter performance.
- The company once more produced solid profitability and a fantastic merchandise margin.
- We initiate coverage on the stock of The TJX Companies with a ‘Hold’ rating.
Estimating Fund Size Tracking KOSPI MID Cap Index
- About ₩3T trillion is presumed to flow from NPS to KOSPI MID. Then, ₩0.8T from local publicly raised funds should be sitting in KOSPI MID. Adding these two alone amounts ₩4T.
- Of course, this is ACTIVE. In other words, they do not need to proceed with universe changes due to rebalancing at the same pace as ETFs.
- Nevertheless, we should note that the domestic fund industry does not allow a large gap with BM. Hence, at least ₩4T of funds follow KOSPI MID quite tightly.
Dollar General Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Dollar General Corporation is a major discount retailer operating in the U.S.
- The company’s business has been impacted by inflation and the ongoing supply chain issues but it has managed a decent comp sales growth and market share growth of both consumable and non-consumable product sales in recent results.
- This includes challenges within the company’s supply chain, higher inventory shrink and damages, sales mix pressures, and everything that impacted gross margin.
Dollar General Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on major discount retailer, Dollar General Corporation.
- Its revenue growth was led by comp sales growth and in market share of both consumable and non-consumable product sales.
- Dollar General, during the quarter, experienced significantly higher cost pressures.
Constellation Brands Inc.: Initiation of Coverage – Financial Forecasts
- This is our first report on Constellation Brands, a dominant player in the international alcoholic beverage market, particularly the Mexican beer space.
- The buy rate increased in the quarter for both total wine categories and high-end beer in tracked channels.
- The beer business of the company remained well placed that continues to support the steady growth of the brands.
Constellation Brands Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Constellation Brands is a major player in the international alcoholic beverage market, particularly the Mexican beer space.
- The beer business of the company is well placed that continues to support the steady growth of the brands.
- Among other developments, Constellation Brands has recently reached a pact with The Wine Growth to divest a portion of the company’s premium and mainstream wine portfolio.
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