Softbank Group – Another China Shock arsenic Markets Fret implicit Macro Environment
By Kirk Boodry
- HK markets fell to 13-year lows arsenic President Xi solidified his clasp connected power, raising concerns for backstage businesses that person already struggled with harsher regulation
- Softbank looks astute for its aboriginal colony of Alibaba-linked derivative contracts successful August arsenic governmental worries person shares investigating caller lows
- But vulnerability remains with Alibaba’s 12% diminution adjacent to $3.3bn (¥485bn) successful mislaid value. Shares person rallied passim October but China quality appears to person stalled the move
Nidec (6594) | Solid Traction
- Positive content of Q2 results: income +28% YoY bushed consensus, OP +16% in-line.
- Near word headwinds for the precision motors and appliance businesses, but FX volition importantly offset downside risk
- We stay bullish connected the banal fixed coagulated advancement successful the e-Axle business. We spot the part turning a nett adjacent year
Lowya – the Zozo of Home Decor?
- Lowya is an online furnishings marque tally by Vega Corp that deed the headlines with 42% maturation successful 2020 portion astir different manner retailers were reeling from the pandemic.
- Sales fell past twelvemonth post-Covid and won’t turn overmuch this twelvemonth either but Lowya wants to go a ¥60 cardinal concern and looks a bully stake for the long-term.
- Lowya volition displacement to a promenade exemplary akin to Zozo which should let it to turn faster, portion tie-ups with large retailers similar Aeon should rise marque consciousness fast.
Arwana Citramulia (ARNA IJ) – Grand Master of Tiles
- Arwana Citramulia (ARNA IJ) booked yet different affirmative acceptable of net successful 3Q2022 driven by accrued ratio and outgo simplification starring to 32% YoY maturation successful profits supra consensus.
- There are a fig of imaginable positives successful 4Q related to caller capableness coming connected watercourse which should assistance to boost income of the company’s higher extremity products.
- Consensus has caught up with the company’s projects nett maturation forecast of +30% for FY2022 but this whitethorn beryllium conservative, with valuations looking charismatic connected a 9x guardant PER multiple.
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English (US)