In today’s briefing:
- Taiwan Dual-Listings Monitor: TSMC Returning to Higher Trading Range? ASE’s Two Upcoming Events
- Weekly Consumer Tales: Cross Border Comm Crisis-Midea Upsized-LG Elecs’ Upside-Platform Workers Law
- COSCO Shipping Energy (1138 HK): Better Safety Margin Now
- A Potential October Strike at US East & Gulf Coast Container Ports Is Unlikely to Be Impactful
- Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – September 2024
- BirdDog Technology Limited – A refocussed opportunity
Taiwan Dual-Listings Monitor: TSMC Returning to Higher Trading Range? ASE’s Two Upcoming Events
- TSMC: +16.6% Premium; Returning to the 15 – 20% Trading Range?
- UMC: +0.5% Premium; Near the Middle of the Historical Trading Range
- ASE: +5.2% Premium; Participating in Two Investor Conferences in Next Two Weeks
Weekly Consumer Tales: Cross Border Comm Crisis-Midea Upsized-LG Elecs’ Upside-Platform Workers Law
- Welcome to Consumer Tales & Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.
- Temu, (owned by PDD US), and Shein might need to rethink their US strategies if a new rule stops overseas shipments of tariffed products from bypassing US customs duty.
- Singapore passed a groundbreaking law last week to protect gig workers. Other countries may follow suit and this could adversely impact margins. Take note: Meituan (3690 HK) , Zomato (ZOMATO IN)
COSCO Shipping Energy (1138 HK): Better Safety Margin Now
- The P/B multiple of Cosco Shipping Energy Transportation (H) (1138 HK) has pulled back to 0.8x now, from 1.3x three months ago. The risk-reward payoff has improved.
- Historically, there is no long-term correlation between oil prices and share prices. Hence, we should not be overfocused on the recent pullback in oil prices.
- Although the market consensus is high, FY24 should still see growth. The 3Q24 VLCC spot rate is 27.4% higher YoY, potentially boosting quarterly results and sustaining a high FY24 yield.
A Potential October Strike at US East & Gulf Coast Container Ports Is Unlikely to Be Impactful
- Workers at US East/Gulf Coast ports could strike without new contract by Oct 1st
- But data suggest importers have been boosting inventory over past few months
- Although US West Coast port workers support ILA, they’re unlikely to strike
Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – September 2024
- We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
- Our top picks are Perfect Medical Health (1830 HK), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and Ginebra San Miguel (GSMI PM).
- We update recent results for Philippines names and Uchi Technologies (UCHI MK), which recently declared earnings.
BirdDog Technology Limited – A refocussed opportunity
- RaaS has initiated coverage of video software and hardware technology group BirdDog Technology (ASX:BDT) with a base case valuation of $0.27/share, representing 335% potential upside to the current share price.
- A challenging FY24 is now behind the business and the causes of the problems have been addressed and resolved, in our view.
- BDT invested heavily in R&D through the downturn with the investment program set to yield results on a strong revenue uptick from the release of multiple new products across several categories.
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