In today’s briefing:
- Crackdown on Live-Streaming E-Commerce Could Derail The Recovery of Japanese Cosmetics
- NAV Analysis of LG Chem Suggests Excessive Selling Overdone
- Porton Pharma Solutions (300363.CH) – Not Easy to Get into the First Tier
- XPER: Multiple Shots on Goal, Upgrading to Top Pick
- XPER: Multiple Shots on Goal, Upgrading to Top Pick
Crackdown on Live-Streaming E-Commerce Could Derail The Recovery of Japanese Cosmetics
- With life getting back to the usual ways following changes due to COVID-19, the Japanese cosmetics sector was expected to experience an uplift in earnings, mainly through inbound demand.
- However, the extension of China’s common prosperity crackdowns to the live-streaming e-commerce business, could more than offset a possible recovery in inbound demand.
- Thus, we fear that there is additional downside risk to Japanese cosmetics multiples in the short term.
NAV Analysis of LG Chem Suggests Excessive Selling Overdone
- Why has LG Chem’s share price fallen so much in the past two months and why is this falling trend likely to be near its end?
- With the IPO bookbuilding of LG Energy Solution only a week away, many investors are placing a greater positive emphasis on the potential value of LG Energy Solution.
- Our base case NAV analysis of LG Chem is 744,246 won, which is 20.4% higher than the current price. We assume 424,093 won for LG Energy Solution target price.
Porton Pharma Solutions (300363.CH) – Not Easy to Get into the First Tier
- Porton made a successful turnaround and the CGT business layout is also in the right direction. The US$217 million new order would improve the certainties of its 2022 performance.
- The concerns on potential deterioration of international relations and the broken logic in CXO sector also apply to Porton Pharma Solutions (300363 CH), which should be aware of by investors.
- So, there is a long way to go for Porton to truly get into the first tier. It may not be a good buying point currently considering the high valuation.
XPER: Multiple Shots on Goal, Upgrading to Top Pick
- XPER starts 2022 with a baseline free cash flow that is receiving little investor attention after the Company spent 2021 investing in its product offering
- XPER has multiple shots to achieve greater free cash flow in 2022. From AutoStage and AutoSense to hybrid bonding and content streaming intellectual property
- The steps XPER took in 2021 did not achieve triumphant revenue and free cash flow events to garner investor attention in the same year, but sets up 2022 for growth
XPER: Multiple Shots on Goal, Upgrading to Top Pick
- XPER starts 2022 with a baseline free cash flow that is receiving little investor attention after the Company spent 2021 investing in its product offering
- XPER has multiple shots to achieve greater free cash flow in 2022. From AutoStage and AutoSense to hybrid bonding and content streaming intellectual property
- The steps XPER took in 2021 did not achieve triumphant revenue and free cash flow events to garner investor attention in the same year, but sets up 2022 for growth
Related tickers: Shiseido Company (4911.T), LG Chem Ltd (051910.KS), Porton Pharma Solutions (300363.SZ), Xperi (TSRA.O), Xperi (TSRA.O)
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