In today’s briefing:
- The Prosus/Naspers Ouroboros Spits Out Its Tail (Unwinds Cross-Holding to Go Back to Old Pair)
- Samsung Electronics (005930 KS): Ongoing Struggles with Technology Leaks and Governance Issues
- Potential Changes to NPS’s KOSDAQ Benchmark with the Launch of KOSDAQ Global Index ETFs
- Meta’s Achilles Heel(s)
- Sirclo Banks US$10.5M to Expand in Indonesia
- Oddity Tech IPO Preview: AI In The Beauty Industry
- ONEVIEW Raises US$2.9M in Seed Funding Round to Improve Bill Payment Experience
- Hmlet Co-Founder’s New Startup Bags $3.2m to Expand Globally
The Prosus/Naspers Ouroboros Spits Out Its Tail (Unwinds Cross-Holding to Go Back to Old Pair)
- In mid-September 2019, Naspers (NPN SJ) listed Prosus (PRX NA) on international markets, but the law required Naspers own 70+% of Prosus and it created a dual-layer NAV Discount Trade.
- In summer 2021, they announced an Exchange Offer, where Naspers holders could get Prosus, and Prosus would end up owning 49% of Naspers, creating a cross-holding circularity – an Ouroboros.
- In summer 2022, they launched open-ended buyback programmes, and they’ve bought back a lot. NOW they are unwinding the Ouroboros, going back to the pre-EO structure. buybacks will continue.
Samsung Electronics (005930 KS): Ongoing Struggles with Technology Leaks and Governance Issues
- Former Samsung executive attempted to construct replicated factory 1.5 km away from Samsung Electronics’ Chinese plant by stealing technology
- Prosecutors described this case as a leakage of “core national technologies”
- This technology theft incident falls under the category of risk oversight, and currently, Samsung Electronics’ company risk is rated at an extreme level of 4.0
Potential Changes to NPS’s KOSDAQ Benchmark with the Launch of KOSDAQ Global Index ETFs
- NPS has expressed concerns about the wide risk range of the KOSDAQ 150 index, and there has been speculation about whether they will take advantage of the KOSDAQ Global Index.
- The launch of these ETFs should be closely watched as it could potentially be a turning point in the investment patterns of local pension funds in KOSDAQ.
- It may be worth considering the constituents included in this index where the NPS ownership stake does not reach 5%.
Meta’s Achilles Heel(s)
- First some caveats: while we have all probably read Charlie Munger’s quote “I never allow myself to hold an opinion on anything that I don’t know the other side’s argument better than they do”, the reality is this is exceptionally uncommon and challenging.
- In fact, when investors mention risks about a company they like, they often deliberately choose strawman arguments from the other side and advertently or inadvertently ignore steelman arguments.
- I will try to avoid strawman bear cases (and boy there are many), and only outline the bear cases that indeed concern me as a shareholder.
Sirclo Banks US$10.5M to Expand in Indonesia
- Indonesian e-commerce enabler Sirclo Group has secured US$10.5 million in a Series C funding round from Vertex Ventures Southeast Asia and India.
- This takes the company’s total capital raised to approximately US$100 million, according to VentureCap Insights.
- Founded in 2013 by Brian Marshal, Sirclo provides omnichannel commerce solutions. It offers two main categories of solutions: entrepreneur solutions and enterprise solutions.
Oddity Tech IPO Preview: AI In The Beauty Industry
- Oddity Tech (ODD US) , innovative consumer-tech unicorn and a prominent player in the beauty industry, filed for a $100M U.S. IPO, with Goldman Sachs leading the offering.
- Founded in 2013 in Israel by CEO Mr. Holtzman and Chief Product Officer Ms. Holtzman-Erel, Oddity Tech (ODD US) wants to disrupt the global beauty and wellness market.
- Founder-Led company delivered profitable high-growth at a scale and has a rapidly growing user base. Given the company’s attractive fundamentals, Oddity Tech is bound to have a very successful IPO.
ONEVIEW Raises US$2.9M in Seed Funding Round to Improve Bill Payment Experience
- Singapore-based startup ONEVIEW today announced that it had raised S$4 million (US$2.9 million) in a seed funding round from ADERA Global; Beyon Connect, part of the Beyon Group; and Cumulo9 to transform the digital payments and communication landscape across Southeast Asia.
- In a press statement, the company said that it aims to set the benchmark for a digital post-box service that will greatly improve people’s lives.
- It aims to revolutionise bill payments by simplifying everyday digital communications with what it promised to be a more convenient, sustainable, and spam-free experience.
Hmlet Co-Founder’s New Startup Bags $3.2m to Expand Globally
- Hybr1d, a workforce management platform co-founded by Hmlet co-founder Yoan Kamalski, has raised US$3.2 million in pre-seed funding from Global Founders Capital, MS&AD, 468 Capital, and 1982 Ventures.
- Kamalski, who stepped down from his role as CEO of Hmlet in March 2021, established Hybr1d with Aditya Anand and Pauline Wetzer last year.
- His latest venture helps businesses automate and streamline their IT and HR processes, such as onboarding, procurement, and leave and attendance management.
💡 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
