In today’s briefing:
- Millie’s Library IPO Book Building Results Analysis
- ZJLD Group (6979 HK): More Near-Term Upside Expected
- JD.com Inc ADR: Collaboration With Gucci & Other Drivers
- Is Engagement Functioning Well with The “Engagement-Enhanced Passive” Approach Adopted by GPIF?
- Under Armour Inc.: Can The New UA Rewards Program Further Boost Revenue Growth? – Major Drivers
- Duplicate of Under Armour: New SlipSpeed Range For Athletes & Other Developments
Millie’s Library IPO Book Building Results Analysis
- Millie’s Library (418470 KS) announced its IPO book building results. The IPO price has been determined at 23,000 won which is at the high end of the IPO price range.
- A total of 1,915 institutions participated in this IPO survey and the demand ratio of 619.2 to 1.
- Our valuation analysis suggests base case target price of 31,769 won per share, which is 38% higher than the the IPO price of 23,000 won.
ZJLD Group (6979 HK): More Near-Term Upside Expected
- Since the inclusion in the Southbound Stock Connect 7 trading days ago, ZJLD Group (6979 HK)’s stock price is up 16%, suggesting strong interest from the southbound investors.
- ZJLD has one of the best channel inventory and distributor perception among all the sauce aroma baijiu brands currently.
- Expect further share price upside mainly from southbound buy, as the baijiu sector is one of the most followed sectors in A-share.
JD.com Inc ADR: Collaboration With Gucci & Other Drivers
- JD.com Inc. managed to surpass the revenue and earnings expectations of Wall Street.
- Service revenues grew, of which marketing and marketplace revenues were up.
- During the quarter, JD.com noticed strong user engagement trends, including higher purchase rates and ARPU on its app.
Is Engagement Functioning Well with The “Engagement-Enhanced Passive” Approach Adopted by GPIF?
- The GPIF employs a “passive enhanced engagement” approach, which is linked to TOPIX and engages in engagement activities with the portfolio companies. This approach should be examined for any challenges.
- The challenge is whether GPIF’s extremely low management fees can engage in deep engagement with a large number of portfolio companies to reduce tracking error from TOPIX.
- GPIF cites its inability to invest in equities in-house and the huge AUM as reasons for its bias toward passive funds. If this is an obstacle, reform should be considered.
Under Armour Inc.: Can The New UA Rewards Program Further Boost Revenue Growth? – Major Drivers
- Under Armour delivered a solid result and managed an all-around beat in the last quarter.
- Revenue decreased by 1% after considering the adverse effects of foreign exchange brought on by the strength of the US dollar.
- Direct-to-consumer revenue climbed 4% to $544 million, owing to strong results in the e-commerce and retail channels.
Duplicate of Under Armour: New SlipSpeed Range For Athletes & Other Developments
- Under Armour delivered a solid result and managed an all-around beat in the last quarter.
- Revenue decreased by 1% after considering the adverse effects of foreign exchange brought on by the strength of the US dollar.
- Direct-to-consumer revenue climbed 4% to $544 million, owing to strong results in the e-commerce and retail channels.
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