In today’s briefing:
- KOSDAQ150 Ad Hoc Index Rebalance Preview: VAT Could Replace Lutronic
- Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report
- Kaken Pharmaceutical (4521 JP): Q1 Revenue Is Flat; Profit Falls; Bleak Outlook for FY24
- AmerisourceBergen Corporation: 4 Pillars Behind Their Revenue Growth! – Financial Forecasts
- Aspira Women’s Health, Inc. – Reports In-Line 2Q23
KOSDAQ150 Ad Hoc Index Rebalance Preview: VAT Could Replace Lutronic
- Following the two tender offers, Han & Co now holds more than 90% of the common shares in Lutronic Corp (085370 KS) and is looking to buy the remaining shares.
- Lutronic Corp (085370 KS) is a member of the KOSDAQ 150 Index and delisting would mean an index replacement. Value Added Technologies (043150 KS) is a potential inclusion.
- Value Added Technologies (043150 KS) has underperformed its peers and trades cheaper on nearly all valuation parameters.
Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report
- Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 at same level).
- Spreads could further widen in the short-term. Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.
- Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.
Kaken Pharmaceutical (4521 JP): Q1 Revenue Is Flat; Profit Falls; Bleak Outlook for FY24
- Kaken Pharmaceutical (4521 JP) reported muted operating performance for Q1FY24. Revenue was flat compared to year-ago quarter, while operating profit declined 19% YoY. Net profit decreased 14% YoY.
- The company has reiterated FY24 guidance of flat revenue and 5% YoY decline in operating profit. However, net profit is expected to increase 23% YoY in FY24 on low base.
- Kaken is not expected to see any immediate respite as the contribution from the new products will not compensate for the revenue loss from its top selling products.
AmerisourceBergen Corporation: 4 Pillars Behind Their Revenue Growth! – Financial Forecasts
- AmerisourceBergen Corporation managed to surpass the revenue and earnings expectations of Wall Street in the last quarter.
- The company observed continued progress across its businesses in the quarter, producing significant revenue growth.
- We give AmerisourceBergen Corporation a ‘Hold’ rating with a revised target price.
Aspira Women’s Health, Inc. – Reports In-Line 2Q23
Aspira Women’s Health reported in-line 2Q23 financial results. Revenues in the quarter were $2.5 million, below our estimate of $3.2 million.
EPS for the quarter was ($0.28), above our estimate of ($0.66).
AWH continues its good expense control, showing its ability to continue to grow revenue and test volumes, while keeping expenses well under control.
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