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Alibaba Group Holding (BABA US) plans to raise around US$13bn (including over-allocation) via a secondary listing in Hong Kong.
I have covered some aspects of the deal in my earlier notes: Alibaba IPO/Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing, Alibaba IPO/Secondary Listing - Proposed Stock Connect Changes Might Throw a Spanner in the Works, and Alibaba IPO/Secondary Listing - What does one need to do with the US ADR while waiting for the HK listing?
In relative terms, the deal is small considering Baba’s market cap, the number of shares that will be issued...
Quality Houses (QH TB/BUY/Bt2.60/Target: Bt3.40)
Set to see a better quarter in 4Q19.
KCE Electronics (KCE TB/SELL/Bt17.10/Target: Bt11.20)
Earnings should remain weak in the near-term.
Our credit view of Tokyo Electric Power Company Holdings, Inc., reflecting the ongoing support it receives from the central government to pay for its Fukushima-related costs.
2019 年 11 月 14 日、 東京、 ムーディーズ・ ジャパン株式会社（ 以下「ムーディーズ」. 行する債券に A1 の格付付与を公表した。 本邦法令上の格付付与日は 2019 年 11 月 14 日である。 格付. ・福岡市 2019 年度第 8 回公募公債（ 5 年）.
Our credit view of Bright Scholar, reflecting its established position in international and bilingual schools for Chinese students, and its recurring strong cash flow and low leverage.
BEC World PCL (BEC TB/BUY/Bt6.60/Target: Bt10.00)
2020 earnings expected to turn around.
Anta announced its plan to dispose part of its majority stake in Amer Sports to its
senior management and two PE funds. The transaction further incentivises Anta’s
management while bolstering its advisory circle with more knowledgeable industry
experts. With the sale valuation priced at the original cost while Anta retains both
majority control and ownership, there should be a neutral impact on share price.
Maintain BUY and target price of HK$81.00.
Despite growing competition and the tough retail environment, we expect Woolworths, Coles and Wesfarmers to maintain broadly constant credit metrics for fiscal 2020.
Vinythai (VNT TB/BUY/Bt24.60/Target: Bt30.70)
3Q19: Results in line with our estimate; outlook remains resilient.
Federal Court of Australia Approves Sundance’s Re-Domiciliation and Lodgement of Court Orders With ASIC
DENVER, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Sundance Energy Australia Limited (ASX: SEA) (NASDAQ: SNDE) (the “Company” or “Sundance”) is pleased to announce that the Federal Court of Australia ("Court") has today made orders approving the scheme of arrangement in relation to the Company's proposed re-domiciliation from Australia to the United States ("Scheme"), under which Sundance Energy Inc. ("Holdco") will become the ultimate parent company of the Sundance group of companies following th...
Srisawad Corp (SAWAD TB/SELL/Bt63.25/Target: Bt58.00)
3Q19: Results in line with our expectation.
SUN TV NETWORK: Weak earnings; Outlook hazySUN TV NETWORK: Weak earnings; Outlook hazy(SUNTV IN, Mkt Cap USD2.6b, CMP INR470, TP INR525, 12% Upside, Buy)** Weak ad/subscription performance: 2QFY20 performance was weak; revenue/PAT grew just 6%/4% YoY. While domestic ad growth declined 1.5% YoY, domestic subscription grew 17% YoY due to the accounting change. Sun TV has started reporting gross numbers in the NTO regime, but on a QoQ basis, the run-rate has remained flat, highlighting potential market share loss. Opex (incl. depreciation/amortization) was up 60% YoY even after factoring in INR33...
BHEL: Disappoints on execution; working capital deteriorates further
(BHEL IN, Mkt Cap USD2.6b, CMP INR55, TP INR52, 5% Downside, Neutral)
Provision reversal supports margins, offsetting weak execution: Sales declined 8.2% YoY to INR62.3b (our estimate: INR71.3b) in 2QFY20. Gross margin shrank 420bp YoY to 37.2%. Net provisions were at -INR760m, leading to a 44% YoY decline in other expenses. Thus, EBITDA margin came in at 4.3% v/s our estimate of 3.5%, leading to a 10.8% YoY jump in EBITDA to INR2.7b. On account of higher interest expense of INR1.2b (+72% YoY), PBT declined 39% YoY to ...
CADILA HEALTH: Traction improves in US sales; Consumer wellness drags profitability
(CDH IN, Mkt Cap USD3.2b, CMP INR225, TP INR265, 18% Upside, Buy)
Addition in Consumer Wellness segment (Heinz portfolio) leads revenue growth: 2QFY20 sales at INR33.6b (in-line) were up 13.7% YoY, largely led by the Consumer Wellness business (sales at INR3.2b YoY v/s INR1.4b last year). API business also supported growth to some extent (+17.9% YoY to INR1b). India formulations grew 10.4% YoY to INR9.8b (30% of sales) for the quarter. US sales at INR14.5b (45% of sales) were up 9.7% YoY. EM sales grew 7...
AUROBINDO PHARMA: Sales uptrend continues led by US/Europe; regulatory headwinds remain
(ARBP IN, Mkt Cap USD3.5b, CMP INR433, TP INR500, 15% Upside, Buy)
Superior execution in US/acquisition contribution drive revenues: Sales were up 18% YoY to INR56b (our estimate: INR54.2b) in 2QFY20, largely led by the US (+27.3% YoY to INR28b) and Europe (+21.2% YoY to INR14b). New launches, higher sales in existing products and also sales from acquired entity provided momentum during the quarter. Growth markets grew at a subdued rate of 3.8% YoY to INR3b, while ARV/API sales were down 2.5%/1.3% Yo...
MUTHOOT FINANCE: Tepid quarter on growth, but outlook betterMUTHOOT FINANCE: Tepid quarter on growth, but outlook better(MUTH IN, Mkt Cap USD3.6b, CMP INR650, TP INR715, 10% Upside, Neutral)** 2QFY20 PBT increased 41% YoY to INR10.5b, driven by one-off strong GNPL recoveries, which led to income of INR2b. Excluding this one-time income, PBT grew 14% YoY to INR8.5b. PAT for the quarter was INR8.6b, driven by 18% tax rate.** Company took a cautious stance on growth due to tightness in liquidity. As a result, AUM was broadly flat QoQ (up 11% YoY) at INR357b. However, MUTH has raised USD450m senio...
SAPPE (SAPPE TB/BUY/Bt23.80/Target: Bt31.00)
3Q19: Decent earnings.
Kingsoft Corp (3888 HK/HOLD/HK$18.48/Target: HK$19.60): 3Q19: Top-line beat with improved operating margin; remain cautious on game performance.
Link REIT (823 HK/BUY/HK$81.10/Target: HK$98.85): 1HFY20: Within expectations; special dividend sustains high DPU growth.
Tencent Holdings (700 HK/BUY/HK$327.40/Target: HK$412.00): 3Q19: Fintech margin improvement drives margin recovery, strong deferred revenue growth.
Anta Sports (2020 HK/BUY/HK$75.65/Target: HK$81.00): Partial sale of Amer to recruit advisors and incentivise management.
Jacobson Pharma (2633 HK/BUY/HK...
Samart Corporation (SAMART TB/BUY/Bt7.05/Target: Bt10.50)
3Q19: Posts strong earnings.
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