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Unpaywalled by Smartkarma | 03-Jan

Unpaywalled by Smartkarma
Unpaywalled by Smartkarma | 03-Jan
By Smartkarma • Issue #1 • View online
Unpaywalled is a smorgasbord of unpaywalled Insight from Smartkarma, the Independent Investment Research Network.

01 INSIGHTS
Trending, unpaywalled analysis
Taste Gourmet is a restaurant operator trading at 5.8x FY22 PE (4x PE ex-cash) with 29% of its market cap in cash and a 9% dividend yield. This is a great global reopening play.
Ebara Foods (2819) is a well-known packaged foods maker in Japan. Long been controlled by one family, the baton passed this year. A buyback, move to TSE Standard and valuation all scream setup.
NKE is likely to report a double-digit YoY decline in China Retail & Wholesale due to excess inventory, weak demand as a result of COVID, and slow consumption trends.
5G connectivity is expected to spawn new businesses and services across several sectors. We review the technological positioning of companies competing in various parts of the 5G technology stack.
Weekly update: TSLA, NIO and XPEV Q4 China deliveries are likely to exceed 92,000, 38,000, and 24,000, respectively.
Historically, DELETEs underperform peers and index from announcement to event date, including an initial jump weaker. This time they saw initial strength, but fell hard on the last day.
We are more bullish on Weibo (WB US) at a 15x forward consensus P/E valuation, though there is lukewarm interest in its Hong Kong public offering.
02 ORIGINALS
Exclusive, in-depth analysis commissioned by Smartkarma
Sangfor delivered revenue CAGR of 32.9% and GP margins at 73.9%. The revenue growth and high GP margins are testament to Sangfor’s strong product differentiation, which should support its valuation.
Detailed analysis of the cybersecurity disruptors in Asia and the major drivers of this growing market.
We discuss some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.
03 EVENTS
RSVP to join upcoming events. Subscribe for recordings
On 22 December, 5pm SGT, join us as we welcome Insight Provider Eric Fernandez, CFA, who will outline his top US short ideas based on his unique framework and models.
On December 15, 5pm SGT, join us as we welcome Michael Causton, who will cover changes in Japanese consumer spending and how they and Covid will impact the market in the next 5 years.
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Smartkarma

A smorgasbord of unpaywalled Insight from Smartkarma, the Independent Investment Research Network

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