Daily Brief Equity Bottom-Up: Vedant Fashions Ltd (Manyavar)- Forensic Analysis and more

• Vedant Fashions (MANYAVAR IN) , (VFL) had recently debuted on the bourse in 2022. 
• The company has grown to be one of the largest brands in the wedding/celebration apparel industry, boasting a network of 595 stores and 300+ franchises as of March 2022.
• When it comes to the forensics, there are slight grey areas observed with respect to the accounting complications. The insight also highlights key governance takeaways.

• Panasonic reported a 13% increase in sales and a 4% increase in net profit for fiscal 2023, driven by strong performance in its lifestyle, automotive, and connect segments.
• Panasonic expects to beat Street consensus operating profit forecasts, reflecting the recovery of auto demand and recognition of tax credits for its battery production
• Panasonic is a key beneficiary of continued expansion of EV market. Stock cheap at 8x EV/EBIT vs historical average of 11x

• Chinese electric-car giant BYD Co. got a green light from regulators to take over a bankrupt online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd. with plans to turn it into an auto insurance provider.
• The China Banking and Insurance Regulatory Commission (CBIRC) said Tuesday that it approved BYD’s 100% acquisition of E An Property & Casualty Insurance Co. Ltd.
• Chinese authorities seized the company three years ago.

• One of the biggest breakthroughs in the global EV rechargeable battery industry this year has been CATL and BYD’s launch of hybrid sodium-ion and lithium-ion batteries in 2H 2023.
• This is expected to take away market share from Korean EV battery makers including LG Energy Solution and Samsung SDI.
• It is expected that eventually, that sodium-ion batteries could be about 30-40% cheaper than conventional lithium-ion batteries.

• Beenos Inc (3328 JP), despite missing earnings and offering smaller-than-expected buybacks, is potentially a deeply undervalued investment.
• Beenos holds 38% of its market-cap in cash 14% in GoTo shares 72% in VC investments and 9% in investment securities, which amounts to over 133% of its current market-cap.
• Distributing these excess assets to investors could potentially generate more than 100% upside.

NagaCorp (3918 HK – US$3.5 billion) is a Hong Kong-listed casino operator based in Cambodia’s capital city of Phnom Penh.

Its two “NagaWorld” casinos with 480 gaming tables and 3,700 slot machines, and hotels with 2,700 rooms and related commercial properties.

What makes NagaWorld unique is that it has a monopoly on running casinos in a 200km radius of Phnom Penh, lasting until 2045.

• Q1’23 revenues of $1.84 billion, -12% QoQ ,- 5% YoY, but at the high end of the guided range
• Remains on track for >50% wafer capacity growth between 2021 and 2024
• Muted CY’23 outlook sends shares down ~10% by close. Buying opportunity?

• Fujifilm delivered its 4Q and full-year FY03/2023 results today. Revenue and OP increased 15.0% and 63.2% YoY to ¥764.7bn (vs consensus ¥715.7bn) and ¥70.4bn (vs consensus ¥62.5bn) respectively.
• The company’s full-year revenue and OP were above its own guidance as well as consensus, and we think FUJIFILM Holdings (4901 JP) ’s guidance for FY03/2024E is too conservative.
• The market continues to value Fujifilm as an imaging company and not in line with healthcare peers suggesting there is significant upside to the current valuation multiples.

• Shineway’s 23Q1 performance growth exceeded expectations, mainly driven by TCM formula granules products and injection products. A surge of COVID infection rate in China since 22Q4 was an important reason. 
• Based on data, revenue proportion of COVID-19 related products is not low. So, related sales growth in following quarters this year would decrease as the dividend period of pandemic ends.  
• As the growth of TCM formula granules is expected to offset the slowdown of COVID-19 TCM products, Shineway’s overall revenue growth would still be strong in 2023. Valuation isn’t cheap.

• kopi-C with Pan United’s Group Head of Corporate Development: “We are decarbonising the world with concrete” Jim Teh, Group Head of Corporate Development of Pan United, believes in fighting climate change by innovating in its concrete products.
• Pan-United Corporation Ltd (Pan-United) is a listed Asia-based technology company (SGX:P52) catalysing change in the ready-mix concrete and logistics space.