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Aug 15, 2023 20 tweets 3 min read

* Country Garden
* Longfor Group
* Sino-Ocean
* R&F Properties
* Yango
* Dalian Wanda
* Yuzhou Group
* China Cinda Asset Management / Tianfang COUNTRY GARDEN $2007.HK

The company anticipates reporting a net loss ranging from 45 to 55 billion RMB for H1'23.

This is a stark contrast to the net profit of approximately 1.9 billion RMB recorded in H1'22.
Jun 12, 2023 10 tweets 4 min read
🟢 Malaysian Banks Screener 🔴

@galliano_victor and his team screen 6 large and mid-cap Malaysian banks’ core profitability, and their credit quality metrics, to better identify banks with good earnings growth prospects, and the potential to deliver sustainably improved returns. Image In terms of balance sheet, 4 out of 6 banks have sound capital adequacy ratios (which we define as December 2022 CET1 Ratio of 14%+). Image
Jun 12, 2023 9 tweets 2 min read
🇰🇷 🟢 Lutronic Corp $085370.KS

Hahn & Company, a major PE firm in Korea, disclosed it plans to delist Lutronic Corp through a public tender offer.

The tendering period ends on 14 July, and the payment date is 18 July.… Image This deal is relatively straightforward with minimal preconditions, and there is little possibility of a proxy battle, so the spread will likely remain tight.
Jun 12, 2023 6 tweets 3 min read
🧵Smartkarma #macro #threadoftheday

How the Treasury Refresh May Not Be Catastrophic
— Cam Hui @HumbleStudent

1/ Image The U.S. Treasury market is expected to see a flood of new issuance which would draw liquidity from the financial system and create headwinds for the price of risk assets.

2/ Image
Jun 12, 2023 6 tweets 3 min read
🧵Smartkarma #bottomup #threadoftheday

Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially
— Vincent Fernando, CFA


1/ Image TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.

2/ Image
Mar 28, 2023 5 tweets 2 min read

The US banking crisis and the Credit Suisse rescue have put bank stocks in the spotlight, for all the wrong reasons.

LatAm banks are not looking bad at all. 1/ The smaller Mexican BanBajio and BanRegio have negligible AFS MtM hits and very healthy core capital.

At the other extreme, BCI of Chile is weak on CET1 and has a bigger MtM hit to core capital, along with Credicorp. 2/
Mar 28, 2023 11 tweets 5 min read
Smartkarma's weekly review

(Don't forget to share)

1. Global liquidity and world wealth (via @crossbordercap) 2. Fed's balance sheet (via @biancoresearch)
Mar 27, 2023 7 tweets 2 min read

NICE I&S will likely complete the transfer schedule in early May, meaning that an ad-hoc change may occur before the regular rebalancing of the KOSDAQ 150 in June. 1/ If this really gets completed before the June regular rebalancing AND before SK Oceanplant's transfer listing schedule, the top reserved issue in NICE's INDUSTRIALS sector will be included. 2/
Mar 27, 2023 13 tweets 3 min read

Zydus $ZYDUSLIF.IN (the 5th largest pharmaceutical company in India) reported total revenue of INR43.6B, up by 20% YoY and 6% QoQ, in Q3FY23.

Key markets such as India and the U.S. continued to deliver robust performance. 1/ INDIA

The company’s India business comprising formulations and consumer wellness reported 13% YoY growth to INR16.4 billion, while the U.S. formulation business grew 29% YoY and 13% QoQ to INR19.3 billion. 2/
Mar 27, 2023 7 tweets 3 min read
EM fund exposure in the Tobacco industry group is on the rise.

After a multi-year drop in ownership, EM allocations bottomed out with just 13% of funds invested in April of last year. 1/ Since then, a growing number of active EM strategies are buying back in, with average weights moving to 0.31% and 19.26% of funds invested. 2/
Mar 27, 2023 6 tweets 3 min read
🧵Smartkarma #macro #threadoftheday

Bank Watch – Deutsche, Deustche Alles Ist Vorbei
— Andreas Steno @AndreasSteno

1/ Why is Deutsche Bank suddenly selling off violently again without a trigger?

Mar 27, 2023 9 tweets 3 min read
SGX has launched futures (SGX Nikkei 225 Climate PAB Futures) on the Nikkei 225 Climate Change 1.5°C Target Index.

The newly launched futures are a green version of the Nikkei 225, with similar risk/return characteristics due to its high correlation and low tracking error. 1/ The SGX Nikkei 225 Climate PAB Futures will be available for round the clock trading every day (except for New Years day).

Investors in other SGX derivatives products will get cross-margining benefits.

Contract specs 👇 2/
Mar 27, 2023 6 tweets 3 min read
🧵Smartkarma #thread

Bank Watch – Deutsche, Deustche Alles Ist Vorbei
— Andreas Steno @AndreasSteno

1/ Image Why is Deutsche Bank suddenly selling off violently again without a trigger?

2/ Image
Mar 27, 2023 6 tweets 3 min read
🧵Smartkarma #thread

Money Watch: European Bank Loan Books Look Worse than US Peers
— Andreas Steno @AndreasSteno

1/ Image European liquidity risks are smaller than US liquidity risks due to tighter legislation

2/ Image
Feb 24, 2022 6 tweets 2 min read
🚨NET-NET ALERT: Motonic Corp $009680.KS net cash totals 432 billion won, or 148% of the company's market cap.

Yes, you read that correctly, investors are getting 1.4x IN CASH.

~~ Check out the full details in Douglas Kim's latest Insight (🔐): LINK IN BIO
Feb 23, 2022 10 tweets 3 min read
Everything you need to know about Farm Fresh Berhad $FF.MY upcoming ~US$240m Malaysia IPO ABOUT

Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy and plant-based products.

They operate an aggregate of ~5,400 acres of land spread across 5 dairy farms in Malaysia and 1 in Australia.
Feb 23, 2022 9 tweets 2 min read
Neon is the world's Kryptonite it would seem.

The noble gas is widely used in chip lithography, a critical part of the semicon supply chain.

Ukraine supplies about 70% of the world's neon gas, 40% of krypton and 30% xenon (ICSmart)

Unsurprisingly, prices have gone spaz👇🏽 According to Baiinfo, the price of neon gas (with a content of 99.99%) in China has risen rapidly from RMB 300 yuan/cubic meter in early October 2021 to the current 1700-1800 yuan/cubic meter.
Jan 24, 2022 7 tweets 2 min read
Here are some great liquidity short candidates by Eric Fernandez, CFA of @TwoRiversAnalyt

* HashiCorp Inc $HCP
* Fluence Energy $FLNC
* Rivian Auto $RIVN

* December IPO is down 21%
* Will need to raise capital soon
* SG&A totals 111% of quarterly sales
* Growth has slowed from 100% to 49%
Jan 24, 2022 8 tweets 2 min read
Voronoi $VOR.KS is getting ready to complete its IPO in Korea in March. The IPO offering base deal size is from ~US$84 million to ~US$109 million. ABOUT

Founded in 2015, Voronoi is developing treatments for tumors, degenerative brain diseases, and autoimmune diseases, including a genotype-directed therapy effective for tumors caused by mutations in kinases.
Jan 24, 2022 4 tweets 2 min read
Nippon Steel Corporation $5401.JP announced it will acquire stakes in GJ Steel Pcl $GJS.TB and G Steel Pcl $GSTEL.TB

Nippon Steel has signed share and purchase agreements with the alternative investment unit of Ares Management $ARES.US, the major shareholder of both steelmakers GJ STEEL PCL $GJS.TB

* GJSanufactures hot-rolled steel plate and related products, which can be divided into hot-rolled coil (98.26% of sales), tempered hot rolled coil, and hot-rolled pickled & oiled products.

* 99.32% of sales in 2020 were to domestic customers.
Jan 24, 2022 5 tweets 2 min read
Demand cheer and supply fear have become the major drivers behind crude's CL1 spike to 7-year highs. Crude rallied to seven-year highs last week on growing optimism over oil demand recovery coinciding with rising supply anxiety amid escalating geopolitical tensions and an oil pipeline accident in the Middle East.