In today’s briefing:
- Market Share Loss for Tesla Korea Accelerating in 1Q 2023
- Money Forward (3994) | Costs Under Control
- China Healthcare Weekly (Apr.14)- Surgical Robot VBP, Only 5 Biotech to Stand Out, Jafron Biomedical
- Okada Casino Momentum Signals an Entry Point Despite Legal Woes with Its Spac Hedge Fund Deal
- Calnex: De-Facto Standards for High-Speed Network Infrastructure Worldwide
Market Share Loss for Tesla Korea Accelerating in 1Q 2023
- The fact that Tesla Korea is losing its market share significantly in Korea portends increased challenges for Tesla Motors on a global basis.
- The number of new Tesla vehicles registered in Korea was 1,303 units in 1Q 2023, down 52% YoY.
- In this insight, we provide three major reasons for Tesla’s market share losses in Korea. We also provide Tesla Korea’s 2022 results analysis.
Money Forward (3994) | Costs Under Control
- Money Forward’s Q1 sales grew 43% YoY to 6.8 billion yen, which beat the top end of guidance (Y6.2-6.6b).
- EBITDA came in at minus 704 million yen, far ahead of guidance for -Y1.2-1.7b. Money Forward drastically curtailed hiring in the quarter.
- Money Forward’s stock has turned in a 26% performance so far this year. We believe the stock can continue to rally on focused cost control.
China Healthcare Weekly (Apr.14)- Surgical Robot VBP, Only 5 Biotech to Stand Out, Jafron Biomedical
- Anhui Province publicly solicits pre-bid data for the provincial centralized procurement of Class B large medical equipment, surgical robots included, which is worth investors’ attention.
- No more than five biotech would truly stand out in the future. We suggest investors focus on those biotech in the first echelon, rather than betting on riskier smaller ones.
- For Jafron, we analyzed some key points of the company. Due to the concerns, the temporary rebound in performance in 2023 is not enough to completely reverse the investment logic.
Okada Casino Momentum Signals an Entry Point Despite Legal Woes with Its Spac Hedge Fund Deal
- 26 Capital, a US hedge fund that has crafted an innovative spac deal to bring the leading Manila casino property into an IPO by this fall has stalled.
- The overall tone of recovery in Philippine gaming in this early post-covid era is speeding up and expected to meet or surpass baseline 1919 growth easily.
- We see an attractive entry point for Okada’s owner, Tokyo traded Universal Entertainment, based both on its strong performance and the ultimate success of the IPO.
Calnex: De-Facto Standards for High-Speed Network Infrastructure Worldwide
- Despite a micro-cap status, Calnex is the key player behind the evolution of high-speed network infrastructure on a truly global basis;
- The company has a market-dominant position at several critical points across the global telecoms ecosystem;
- The recent plunge in share price demonstrates Mr. Market’s short-termism and presents a good opportunity for incoming shareholders, in our opinion.
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