Daily Brief TMT/Internet: Mini Kospi 200 Futures, Kuaishou Technology, LG CNS, Taiwan Semiconductor (TSMC) – ADR, Cellnex Telecom Sau, Solid State PLC, UBTech Robotics and more

• It would be prudent to anticipate that a considerable portion of these 636 companies will indeed adjust their dividend record dates, effective from this year’s year-end dividends.
• One notable setup gaining attention is calendar spread trading for the KOSPI 200 futures in anticipation of an upward trend in the KOSPI 200 futures market towards the year’s end.
• This entails buying the near-month and selling the far-month, liquidating when the price difference reverts. Traders pay attention to potential far-month divergence due to the shift in dividend record dates.

For our next Corporate Webinar, we are glad to welcome Kuaishou Technology’s Head of Capital Market and Investor Relations, Matthew Huaxia Zhao.

In the upcoming webinar, Matthew will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Eric Wen . The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Tuesday, 12 December 2023, 17:00 SGT.

About Kuaishou Technology

Kuaishou is a leading content community and social platform with its mission to be the most customer-obsessed company in the world. Kuaishou has relentlessly been focusing on serving its customers and creating value for them through the continual innovation and optimization of its products and services. At Kuaishou, any user can chronicle and share their life experiences through short videos and live streams and showcase their talents. Working closely with content creators and businesses together, Kuaishou provides product and service offerings that address various user needs that arise naturally, including entertainment, online marketing services, e-commerce, online games, online knowledge-sharing, and more.

• This is our 9th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
• This insight will feature 50 of the biggest potential IPOs in Korea in 2024.
• These 50 IPOs in Korea are likely to represent more than 80% of all capital raised through IPOs in Korea next year.

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• Cellnex Telecom Sau (CLNX SM) plans to divest non-strategic assets in Ireland (for around €1.1 billion) and later in Austria in order to reduce its debt.
• The new strategy focuses on portfolio rationalisation due to the higher debt costs. Cellnex seeks expansion in certain markets, but without taking on too much debt.
• Using multiples EV/EBITDA, my base-case fair value estimate (pro-forma Ireland divestment) is €48.73; a reduction in leverage should drive multiple expansion. Long.

Solid State has confirmed the strong H124 performance, boosted by a full period contribution from Custom Power combined with the benefit of delivering the NATO contract. Despite the continuing challenges we expect organic growth to resume from the lower trend level of profit excluding the NATO uplift from H224. Following the recent 5% uplift for both revenue and PBT, FY24 guidance and market consensus estimates are unchanged.

• UBTech Robotics (1683374D HK) is looking to raise about US$200m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.
• UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
• We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.