In today’s briefing:
- Asian Dividend Gems: Minsheng Education
- Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka
- IBJ (6071) – Aiming to Solidify Its Dominant Market Position
- Culp, Inc. – Updating 3Q Estimate Following WTR Conference Comment
Asian Dividend Gems: Minsheng Education
- Minsheng Education (1569 HK) is a highly undervalued Chinese education stock with high dividend yields. Market cap of the company has declined by nearly 90% from Jun 2018 to today.
- Minsheng Education’s dividend yield averaged 5.1% from 2020 to 2022. Estimated dividend yield is 14.6% in 2023.
- Minsheng Education mainly provides educational services in China. The company is one of the leaders of China’s private higher education industry.
Index Rebalance & ETF Flow Recap: ASX, KS200, KQ150, HSIII, STTF, L&F, Costa Group, Japan, Bud APAC
- The review period for a global index commenced last week and will run through this week as well.
- The announcement of the changes for the LQ45 Index should be announced in the coming week and will be implemented at the close on 31 January.
- Huge inflows to CSI 300 Index trackers during the week while there was a big outflow from Tracker Fund of Hong Kong (2800 HK).
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka
- I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals discussed this week on Smartkarma: Genetron Holdings Ltd (GTH US)‘s take-private transaction; andMedley (4480 JP)‘s buy out of GUPPY’s Inc (5127 JP).
- Key updates took place on: Orecorp (ORR AU), Weiqiao Textile (2698 HK), Benefit One (2412 JP), Taisho Pharmaceutical (4581 JP), T&K Toka (4636 JP), and Hollysys Automation Technologies (HOLI US).
IBJ (6071) – Aiming to Solidify Its Dominant Market Position
- Market leader positioning to consolidate – IBJ is a marriage consultancy service with strong brand equity, offering high-quality services delivered by human professionals.
- With an industry-leading membership base, affiliated marriage consulting firms within the IBJ network harness the economies of scale through the platform, ensuring a cost-effective approach to service delivery.
- It has a strong track record of sustainable free cash flow generation.
Culp, Inc. – Updating 3Q Estimate Following WTR Conference Comment
- Following Culp’s presentation at the WTR Furniture/Furnishings Virtual Conference, we are updating our 3Q estimates.
- CEO Robert Culp IV warned that 3Q operating income will fall short of previous expectations.
- The 3Q operating loss will approach $2.2 million, in line with the 2Q operating loss.
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