Daily Brief Equity Bottom-Up: Smartkarma Corporate Webinar | MoneyHero Group: Driving Expansion and Innovation in Southeast Asia and more

For our next Corporate Webinar, we are glad to welcome MoneyHero Group’s CEO and Director, Mr Rohith Murthy and CFO, Mr Hao Qian.

In the upcoming webinar, Rohit and Hao will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Ishan Majumdar. The Corporate Webinar will include a live Q&A session.

This Corporate Webinar will be hosted on Tuesday, 13 August 2024, 15:00 SGT. 

About MoneyHero Group

MoneyHero Group connects people to a better financial future. The mission at MoneyHero Group is to make all of life’s financial decisions a time saving and rewarding experience. MoneyHero Group educates consumers about personal finance, helps them decide which products are best suited for their needs, and facilitates getting the product. They connect financial institutions with their target customers and help them achieve their customer acquisition objectives.

• Adani Enterprises (ADE IN) demerged its stake in its Food FMCG business of Adani Wilmar (AWLTD IN) to its shareholder.
• The demerger aims to comply with SEBI’s minimum public shareholding requirement, reducing promoter stake and enhancing public stake.
• This strategic move positions Adani Wilmar for focused growth, unlocking value for shareholders and reducing promoter selling pressure.

• In July, BYD’s deliveries increased by 31% YoY and Tesla’s deliveries in mainland China increased by 47% YoY.
• Alibaba Taobao will soften its “refund only” rule, but Alibaba Hellobike raised its usage price.
• New Oriental revenue increased by 32% YoY and TAL revenue increased by 50% YoY in the May quarter.

• Polyplex is the integrated packaging player with global manufacturing facilities catering global customers and wide industries with its wide product portfolios
• Polyplex saw a 70% jump in exports while there has been a significant jump in product prices and spreads
• Significant investment by an FMCG veteran into another packaging player at the bottom of the cycle further strengthens the thesis.

• China ETF flows were steady for the week, however Southbound Connect flows were negative for the first time since February.
• Prada S.P.A. (1913 HK)  shares standout in the luxury brand sector as Miu Miu sales surged.  WuXi AppTec (2359 HK) slightly beat estimates but still have BioSecure Act overhang.
• Property development firms Hang Lung Properties (101 HK) and Wharf Holdings (4 HK) were hurt by poor results, while New Oriental Education & Techn (9901 HK) saw earnings miss estimates.

• JITF Infralogistics (JITFIN IN) sells its railway wagon business to Texmaco Rail And Engineering for Rs 465 crore.
• The sale marks a strategic shift towards focusing on water and urban infrastructure segments, leveraging growing market demands and government initiatives.
• JITF’s strategic sale and focus on infrastructure position it for substantial growth, driven by its robust order book and government support.

• Arm’s revenue of $935M marks a 39.1% YoY increase, driven by a significant 70% rise in license revenue. Earnings of $0.40 exceeded expectations, reflecting a robust 67% YoY growth.
• Arm’s R&D investments in AI workloads drive future royalty growth, with v9 and compute subsystems enhancing licensing value amid strong AI demand, particularly in data centers.
• Shares dropped 13% as Q2 revenue guidance of $780M-$830M and FY25 revenue guidance of $3.8B-$4.1B were below market expectations.

• In an attempt to cover more companies, we shift gears from individual companies to sectoral analysis, focusing on alcoholic beverages in this insight.
• Companies in focus are United Spirits (UNSP IN), Radico Khaitan (RDCK IN) , Sula Vineyards (SULA IN) & United Breweries (UBBL IN). 
• UNSP remains the best among the pack in terms of earnings quality, and SULA occupies the other extreme. RDCK is chasing growth, and UBBL is facing challenges. 

• US-10 year treasury yield and Singapore 10-year bond yield are closely correlated
• Singapore real estate stocks’ trading performance are therefore related to expectation of a US rate cut
• We expect SG RE stocks will show stable industry fundamentals in upcoming results.  We like our trade idea to Long CLAR SP and SHORT Keppel REIT among S-REITs

• Flex Ltd. reported solid financial results, reflecting a combination of strategic positioning and operational resilience.
• The company delivered $6.3 billion in revenue for the quarter, slightly exceeding expectations, while achieving an adjusted operating margin of 4.8%.
• This translated into an adjusted earnings per share (EPS) of $0.51, which is a 9% increase year-over-year.