In today’s briefing:
- Retrospectively Reviewing Prop Traders Vs. Retail on T±4 Ex-Date
- BliBli (BELI IJ) – A Very Different Animal
- Tata-owned BigBasket adds $200m funding to cart
- Is the Solution to the Problem to Make the AGM Attractive?
- Charter Communications Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Honeys: Sweet Profit in a Downturn
- Chinese driverless car firm nets nearly $100m series B money
- Charter Communications Inc.: Initiation of Coverage – Strong Barriers To Entry & Other Drivers
- Sysco Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- Sysco Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
Retrospectively Reviewing Prop Traders Vs. Retail on T±4 Ex-Date
- This year is less intense compared to previous years. However, given this year’s overall market returns and the lower visibility of yearend dividends, it is still a reasonably aggressive flow.
- Most of this PROP flow should have been dividend hunting aimed at the distortion of ex-date price correction caused by RETAIL’s tax avoidance-driven selling flow.
- The performance of the individual stock position strategy (entering on T-4~1 ex-date) might not have been as juicy as expected, but it still managed to deliver a positive return.
BliBli (BELI IJ) – A Very Different Animal
- Blibli (BELI IJ) is a very different animal from its listed peers given its omnichannel approach and its large 1P business plus a substantial private-public institutional B2B business.
- The company’s IPO was a relative success, raising US$508m in fresh funds, and the share price is still above the IPO price after listing on 8th November.
- Blibli (BELI IJ) is still loss-making but has a strong backer in the Djarum Group. Its travel business could move to profitability quite rapidly and Ranch is there already.
Tata-owned BigBasket adds $200m funding to cart
- BigBasket, an India-based online grocery player owned by conglomerate Tata Sons, has raised US$200 million at a US$3.2 billion valuation, the platform’s co-founder and CEO Hari Menon told Tech in Asia.
- Founded from a small office in Bengaluru in 2011 by Menon and four other partners, V S Sudhakar, Vipul Parek, Abhinay Choudhari, and V S Ramesh, BigBasket was acquired by Tata Sons through its subsidiary Tata Digital in 2021.
- Largely focusing on online grocery, BigBasket has also expanded to quick commerce via BB Now and subscription-based service via BB Daily.
Is the Solution to the Problem to Make the AGM Attractive?
- Since many companies struggle to meet quorum requirements for AGMs, many companies mail accompanying documents along with the voting form in paper form, even though Companies Act has been amended.
- The use of DX, such as hybrid shareholder meetings and online voting, comes to mind to meet quorum requirements for shareholder meetings, and this will help reduce administrative costs.
- The fundamental issue, however, is that there are many conventional AGMs with little appeal and little substance, such as few managers whom we would really like to hear speak live.
Charter Communications Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Charter Communications is one of the leading cable operators and broadband connectivity companies in the U.S.
- The company’s recent financial performance has been tepid despite consistent additions of new Internet customers throughout the year.
- They further offer the nation’s fastest Internet, WiFi, and mobile speeds when combined with WiFi, all while saving consumers thousands of dollars a year or serving them.
Honeys: Sweet Profit in a Downturn
- Honeys is proving a resilient provider of low-cost women’s basic fashions in Japan.
- While it struggled after losing the fickle younger fan base five years ago, Honeys has bounced back through careful control of costs that has kept prices down.
- Along with Workman and Shimamura, Honeys looks to be one of the longer-term beneficiaries of the shift to discount apparel, particularly in rising operating margins.
Chinese driverless car firm nets nearly $100m series B money
- Freetech Intelligent Systems, a China-based autonomous driving firm, has raised nearly US$100 million in its series B round, Nikkei Asia reported.
- Chaos Investment led the round, with TCL Industries Holdings, BAIC Capital, and Hengxu Capital participating, among other investors.
- Founded in 2016, Freetech creates a full-stack solution for autonomous vehicles, creating both software and hardware components to power cars.
Charter Communications Inc.: Initiation of Coverage – Strong Barriers To Entry & Other Drivers
- This is our first report on Charter Communications, one of the largest cable operators and broadband connectivity companies in the U.S.
- The company delivered a disappointing set of results in the quarter failing to meet Wall Street expectations in terms of revenues as well as earnings.
- The company also had around 4.7 million mobile lines at the end of the quarter.
Sysco Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on Sysco Corporation, one of the largest foodservice distribution companies in the U.S.
- Sysco delivered a mixed set of results for this quarter, surpassing revenue expectations of Wall Street with continued positive momentum in its business.
- The market share gains continued in the quarter, with the company posting 1.4 times sales growth in the industry.
Sysco Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Sysco Corporation is one of the largest foodservice distribution companies in the U.S.
- The company’s financial performance has shown a simultaneous recovery along with the foodservice sector after the pandemic.
- Restaurant partners of the company continue to be resilient, and its travel hospitality and industry and business segment has regularly posted improvements in financial performance.
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