In today’s briefing:
- Rakuten Bank (5838 JP) – Attractive Versus Domestic Neobank Peers, with Added Technical Support
- CR Land 1109 HK: Another SOE Play on China Prop – Dual Growth Engine from DP and IP Mall Business
- Safe | May 27, 2023
- ETH Liquidity Shows Positive Trend
- MCX Ltd- Forensic Analysis
Rakuten Bank (5838 JP) – Attractive Versus Domestic Neobank Peers, with Added Technical Support
- Rakuten Bank’s imminent TOPIX index inclusion is a further share price support, to a neobank with a fundamentally attractive outlook
- Rakuten Bank trades on a LTM PE multiple of 10.9x, LTM PBV ratio of 1.5x and an ROE of 13.8%, the best ROE to PBV ratio of its neobank peers
- Aside from its premium long-run growth prospects and low prospective PEG ratio, Rakuten Bank is also the lowest cost to serve Japanese neobank
CR Land 1109 HK: Another SOE Play on China Prop – Dual Growth Engine from DP and IP Mall Business
- Besides COLI, we also like CRL, being another SOE play (no bankruptcy risk), with dual growth engine from residential development business and shopping mall business
- Major share price drivers includes its contract sales trend, retail sales, rental performance as well as property policy from government
- CRL is trading HKD30, there is no placement risk until it trades at HKD HKD39 (P/B =1x). We recommend buying if stock trades <HKD35 as a technical indicator
Safe | May 27, 2023
- The Web3 era, characterised by a decentralised internet and blockchain technology, presents opportunities and challenges in equal measure.
- Prominent among these challenges are security and usability issues, which demand a high degree of attention and innovativeness.
- Safe, formerly known as Gnosis Safe, a programmable smart contract account, stands at the forefront of this innovation, offering a multitude of benefits that greatly enhance the user experience overall.
ETH Liquidity Shows Positive Trend
- Since the collapse of FTX last year, there has been little good news on the liquidity front for crypto assets.
- The shutdown of the Signet and SEN fiat settlement networks in the US severely impacted market makers operational efficiency.
- This can be seen in 2% market depth for ETH, which dipped in March and has failed to recover to pre-FTX levels.
MCX Ltd- Forensic Analysis
- Multi Commodity Exchange India (MCX IN) has been having troubles at the bottom-line due to transaction fees, delay of commodity derivatives platform, etc. which is not totally within its control.
- However what warrants attention is the investment yield that has dropped considerably in FY22, coupled with the non-traceable interest income from the bank deposits, which has affected the margins.
- Other forensic takeaways include no-provisioning of doubtful debts and misstatement of cash flows.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
