In today’s briefing:
- PT Metrodata Electronics (MTDL IJ) – Driving Digitalisation in Indonesia
- Is Kakao Cheap or Not? Actions Louder than Words
- KLA Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- Antengene (6996.HK) 22H1-Defective Business Model and Uncompetitive Pipeline; Bearish on the Outlook
PT Metrodata Electronics (MTDL IJ) – Driving Digitalisation in Indonesia
- PT Metrodata Electronics booked a solid set of 1H2022 given that although revenues decline -11% its net profit grew +11.7% supported by its solutions and consulting business.
- We expect a 2H2022 recovery given 2Q2022 was impacted by Lebaran and solutions & consulting continues to recover driven by banking, oil & gas, and telecoms sectors.
- This remains an interesting and unique play on the increasing digitalisation of the Indonesian corporate ecosystem. Valuations remain attractive on 9.5x FY2023E PER, with 2-year EPS CAGR of +over +25%.
Is Kakao Cheap or Not? Actions Louder than Words
- Why KakaoBank (323410 KS) , Kakao Games Corp (293490 KS) and Kakao Pay (377300 KS) were hit recently
- Aside from the sum of the 3, why Kakao Corp (035720 KS) is getting hit further
- Are near the bottom or is there more to go?
KLA Corporation: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on KLA Corporation, a well-known provider of process control and yield management solutions to the semiconductors industry and other electronics businesses.
- Strong customer demand across key product categories, macroeconomic uncertainties, and the effects of consumer demand are factors driving this performance.
- Despite macroeconomic and supply chain headwinds, KLA continues to focus on addressing the most pressing process control concerns.
Antengene (6996.HK) 22H1-Defective Business Model and Uncompetitive Pipeline; Bearish on the Outlook
- There’s an “insurmountable obstacle” to license-in business model. Antengene (6996 HK) has to go all the way to the end. Otherwise, Antengene won’t end up well.
- Considering the pipeline quality/speed of clinical advancement/high cost of license-in/fierce competition/just APAC rights/limited cash balance, the biggest problem Antengene has to face is how to “survive this winter” .
- Theoretically, Antengene is undervalued, so if willing to, investors could do short-term trade. However, due to the concerns, we are still bearish on Antengene’s outlook overall.
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