In today’s briefing:
- TSMC Finishes 2023 With A Flourish
- Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024
- Korean Air: European Approval for Asiana Merger Reportedly Imminent
- China Healthcare Weekly (Jan.12) – Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco
TSMC Finishes 2023 With A Flourish
- Q423 revenues amounted to NT$625,529. In US$ terms, using TSMC’s projected exchange rate of 32, this translates to $19.55 billion, a ~13% increase QoQ, and a 2% decrease YoY.
- FY 2023 revenues amounted to NT$2,161.74 billion, down 4.5% YoY. In US$ terms, this amounted to $69.1 billion, an 8.8% decrease YoY and the first such YoY decrease since 2009
- While we foresee Q124 revenues being down 5-10% QoQ, we expect full year 2024 revenues to grow in the range of 5-10% YoY.
Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024
- Parent Genting Berhad Malaysia flagship properties doing well but many of its global holdings spur questions about asset allocation strategy.
- Genting Singapore, its integrated resort property Sentosa presents a strong buy story not only because it is undervalued here but because its prospects post covid are strong.
- GB’s US footprint by contrast poses questions about the hurdle rate of those huge investments to date given the intense competitive pressures in mature gaming markets.
Korean Air: European Approval for Asiana Merger Reportedly Imminent
- Reuters reported on the Friday that the European Commission is to accept concessions of four European route divestitures and the sale of Asiana’s cargo business.
- The EC had set a preliminary decision deadline of 14 February.
- US and Japanese approvals are still required, while it remains to be seen who might acquire Asiana Cargo.
China Healthcare Weekly (Jan.12) – Mainstream R&D Trend, Innovent, BeiGene, Sirnaomics, ImmuneOnco
- The entire R&D cycle involves multi-party cooperation, leveraging one’s strengths. So, it is not difficult to understand some of the choices made by domestic pharmaceutical companies (e.g. Innovent, BeiGene).
- Due to outdated technology, investment value of Sirnaomics is low, which means the likelihood of the company being acquired is also not high. We remain conservative about the outlook.
- ImmuneOnco’s stock price has performed much better-than-expected after IPO on HKEX. However, the endgame of ImmuneOnco’s market value could be only about RMB1.5 billion, which means large potential downside ahead.
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