In today’s briefing:
- Nanya Tech: Another Example of Capex Reduction, Major Share Price Divergence
- Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage
- Diageo ADR: Initiation of Coverage – Portfolio Split
- Unilever ADR: Initiation of Coverage – Recent Strategic Shift
Nanya Tech: Another Example of Capex Reduction, Major Share Price Divergence
- Nanya Technology recently reported 3Q22 results and its gross margin fell substantially, but this appears mostly digested into consensus estimates.
- The company also announced a major reduction in capex, which highlights the latest industry trend whereby supply/demand imbalances are being addressed by reduced capacity expansion.
- Nanya Technology has outperformed the TAIEX Semi Index by ~27% in less than three weeks.
Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage
- In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage.
- In general, more holdcos/quasi-holdcos have been outperforming the opcos in the past year, as compared to the previous years as more investors seek value-oriented, deep NAV discount stocks.
- We highlight 26 pair trades that involve Korean holdcos and opcos.
Diageo ADR: Initiation of Coverage – Portfolio Split
- This is our first report on global alcoholic beverage major, Diageo.
- Volume increased by 10%, while price/mix growth increased by 11 points, with pricing contributing to the balanced growth of the mid-single digits.
- Overall, they are well positioned for the spirits category’s sustained premiumization and market share increases within the overall beverage alcohol market.
Unilever ADR: Initiation of Coverage – Recent Strategic Shift
- This is our first report on global consumer goods giant, Unilever.
- The company had a decent performance in 2021 and its growth continues to build in its first-half performance.
- Unilever also uses its extensive market experience to deal with inflation.
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