In today’s briefing:
- Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside
- Last Week in Event SPACE: Tata Motors, Origin Energy, OZ Minerals, Toshiba
- Etsy Inc: New Image Search Feature & Other Developments
Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside
- No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far.
- Besides estimated max Rmb6 per share, or HKD6.5 per share special dividend 2022E, shareholders may get more cash dividends in the next few years
- Our enterprise value analysis shows Brilliance China’s fair value could be as high as HHD21.9 per share, including estimated HKD6.5 per share special dividend 2022E.
Last Week in Event SPACE: Tata Motors, Origin Energy, OZ Minerals, Toshiba
- Tata Motors Ltd (TTMT IN) will eliminate its ADS program. This is another potentially juicy trade.
- Canada’s Brookfield, along with EIG look to take over Origin Energy (ORG AU), one of Australia’s largest energy companies.
- This OZ Minerals Ltd (OZL AU) trade is fundamentally a bit short gamma on copper. If copper takes another dive, then it may no longer be interesting to be long.
Etsy Inc: New Image Search Feature & Other Developments
- Etsy reported a strong set of results that were beyond market expectations with a strong adjusted EBITDA margin and growth in revenue.
- Also, it had some early incorporation of buyer interests and taste to create more personalized and predictable recommendations.
- The company held Etsy Up: Holiday edition, its foremost global holiday kickoff event for sellers all over the world.
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