In today’s briefing:
- Taiwan Dividend+ Index Rebal Trades – Offsets Other Index Risk
- Samsung C&T: Soundly Beat Consensus Operating Profit Estimates by 68% in 3Q 2022
- Sinotrans (598 HK): Showing Its Sustained Resilience
- Raytheon Technologies: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (10/22)
Taiwan Dividend+ Index Rebal Trades – Offsets Other Index Risk
- The FTSE Taiwan Dividend+ Index is a fabulously interesting index from an index prediction trading standpoint. Because it works off negative momentum, the bias risk is different from normal indices.
- And there is a turn. That turn is where what had been bad becomes good, becomes very good, then turns bad again.
- This insight proposes a basket to buy, and a basket to short, and if the basket to buy ends up not going in, it is a high quality problem.
Samsung C&T: Soundly Beat Consensus Operating Profit Estimates by 68% in 3Q 2022
- Samsung C&T had outstanding results that soundly beat consensus estimates in 3Q 2022.
- Samsung C&T generated operating profit of 796.8 billion won in 3Q 2022, up 465% YoY and 67.7% higher than the consensus estimates.
- The strong growth of sales and operating profit was led by the biologics, construction, fashion, and resort businesses.
Sinotrans (598 HK): Showing Its Sustained Resilience
- Sinotrans (598 HK) delivered sustained healthy earnings in 3Q22, with reported profit rose 32.7% and recurring one up 13.2%. They are resilient given the adverse market environment.
- Gross margin expansion and higher gross profit showed that lower freight rate has not had significant impact on profitability. DHL-Sinotrans’ contribution also recovered sequentially.
- It cancelled the 0.62% of shares that it bought back, providing enhancement to forward EPS. The 9M22 result equals 91% of full-year consensus, suggesting room for earnings upgrade.
Raytheon Technologies: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (10/22)
- Raytheon Technologies delivered a mixed set of results missing out on Wall Street’s revenue expectations but managed an earnings beat.
- The company had a strong quarter for commercial aerospace, and it continues to view quite strong demand for its products and services.
- We provided the stock of Raytheon Technologies with a ‘Hold’ rating with a revision in the target price.
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