In today’s briefing:
- Merger Arb Mondays (05 Sep) – Link Admin, Ramsay, Genex, ResApp, Infomedia, DTAC/True, Giordano
- M-DAQ: A B2B FX Solutions Specialist
- Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars
- Moglix: An E-Commerce Platform for B2B Procurement
- Nium: Southeast Asia’s First B2B Payment Unicorn
- Seiko Epson (6724) | Home Printing Running Out of Ink
- Cloudflare ($NET)
Merger Arb Mondays (05 Sep) – Link Admin, Ramsay, Genex, ResApp, Infomedia, DTAC/True, Giordano
- We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
- Highest spreads – 21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Ramsay Health Care (RHC AU), Infomedia Ltd (IFM AU), Link Administration (LNK AU), True Corp Pcl (TRUE TB).
- Lowest spreads – MyDeal.com.au Ltd (MYD AU), MACA Ltd (MLD AU), Nearmap Ltd (NEA AU), Dongzheng Automotive Finance (2718 HK), Link Net (LINK IJ), Tassal (TGR AU), Frasers Hospitality Trust.
M-DAQ: A B2B FX Solutions Specialist
- M-DAQ is an FX solutions specialist that builds OTT applications to facilitate cross-border business and transactions for various industries.
- The company was reported to have processed ~S$10bn gross transactions and raked in ~S$46m revenue in FY19.
- The company already broke-even back in 2018 and now has a solid, blue-chip shareholder base.
Taiwan Tech Weekly: More Nvidia Issues, Broadcom Surprises, Yulon Soars
- US bans high end chip sales to China, Nvidia shares sink in reaction, as do Nvida suppliers and the overall sector.
- Broadcom’s fiscal Q3 results beat expectations and its optimistic outlook bucks the industry trend.
- Yulon motors soars 9%; its JV with Hon Hai has received 10,000 EV pre-orders in two days.
Moglix: An E-Commerce Platform for B2B Procurement
- Moglix is an India-based e-commerce platform for B2B procurement of industrial supplies.
- The company has been actively expanding into the supply chain financing space in recent years by leveraging its supply chain network and expertise.
- The company was valued at $2.6bn in its last capital raise in Jan 2022.
Nium: Southeast Asia’s First B2B Payment Unicorn
- Nium is a global B2B payment platform that embeds an ecosystem of financial services for its clients: Banking-as-a-Service & Crypto-as-a-Service.
- The company was valued at $2bn based on its latest capital raise and is expected to generate a run-rate revenue of $100m in 2022.
- A “payment + ecosystem/services” business model rather than just processing cross-border payments likely provides the right value proposition for users.
Seiko Epson (6724) | Home Printing Running Out of Ink
- Seiko Epson has been one of the better performing tech stocks during 2022
- We believe that the stock benefited from COVID-related stay-at-home demand for printers
- We now turn Bearish as the Covid boost should dissipate, while the PC market has taken a turn for the worse
Cloudflare ($NET)
- Over the last few weeks I have been picking away at the book “The Master and His Emissary”.
- Within, Ian McGilchrist analyzes the differences between the two hemispheres of the brain (the right and the left), explaining how their inherent functionalities may drive the contradictions we all feel in human existence.
- Without going into too much depth here (I encourage you to read his work instead), I found myself struck by the idea of The Belief in One Truth.
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