reports
- Jonathan Moreland
- Jonathan Moreland
VAC MARRIOTT VACATIONS WORLDWIDE CORPORATION
PSEC PROSPECT CAPITAL CORPORATION
ORCL ORACLE CORPORATION
NG. NOVAGOLD RESOURCES INC.
MERC MERCER INTERNATIONAL INC.
WELL WELLTOWER INC.
CEVA CEVA INC.
CDTX CIDARA THERAPEUTICS
PZG PARAMOUNT GOLD NEVADA CORP.
NXRT NEXPOINT RESIDENTIAL TRUST INC.
GIII G-III APPAREL GROUP LTD.
OXM OXFORD INDUSTRIES INC.
THO THOR INDUSTRIES INC.
GRF EAGLE CAPITAL GROWTH FUND INC
CRVL CORVEL CORP.
SVRA SAVARA
CLRB CELLECTAR BIOSCIENCES
ELTP ELITE PHARMACEUTICALS INC
RSSS RESEARCH SOLUTIONS
BWB BRIDGEWATER BANCSHARES
DOMO DOMO INCORPORATED
FGBI FIRST GUARANTY BANCSHARES
PVH PHILLIPS-VAN HEUSEN CORPORATION
AMPY AMPLIFY ENERGY
INLX INTELLINETICS
FRHC INC.
CMTV FREEDOM HOLDING CORP
RZLT COMMUNITY BANCORP INC. VT
KYMR REZOLUTE
WSC INC.
BTBT KYMERA THERAPEUTICS
TERN WILLSCOT MOBILE MINI HOLDINGS CORP
NUVB BIT DIGITAL (N SHARES)
CTO TERNS PHARMACEUTICALS
VERA NUVATION BIO INC (A)
IMRX CONSOLIDATED-TOMOKA LAND CO
XLO VERA THERAPEUTICS INC
SSBK IMMUNEERING CORP
PMNT XILIO THERAPEUTICS INC
NYC SOUTHERN STATES BANCSHARES INC
ACTU PERFECT MOMENT LTD.
SUNS NEW YORK CITY REIT
MBRX INC.
LION ACTUATE THERAPEUTICS INC.
HYMC SUNRISE REALTY TRUST
THAR MOLECULIN BIOTECH INC.
FGEN LIONSGATE STUDIOS CORP
CCIF HYCROFT MINING HOLDING CORPORATION
BTCS THARIMMUNE INC.
FIBROGEN INC.
CARLYLE CREDIT INCOME FUND
TOUCHIT TECHNOLOGIES
- Jonathan Moreland
- Antoine Legault
- Matthew Bryson
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
TSEM TOWER SEMICONDUCTOR LTD
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Lindsay Whipp
- Lindsay Whipp
PSA Healthcare Technology / Medtech: JMDC (4483 JT) – Could Valuations...
JMDC shares have rallied +56% since 7 April pushing EV/OP above 20x. However, shares are still half of what they were vs the 2021 peak. With the company in good shape to improve margins over the next three years thanks to an improving sales mix and balance of clients, and the IT Service sector being back in vogue in the Japanese market, we think it is possible that valuations might take a back seat.
- Pierre FerraguÊ
- Pelham Smithers
- Chris Hoare
Japanese Telcos Q4 FY24 review: Inflationary telco market
Japan’s mobile sector accelerated again in Q4 and we think is heading to above inflation. With both KDDI and DCM recently announcing price increases the environment is increasingly benign and should be helped by NTT’s recent acquisition of SBI Sumishin Net Bank. Our recent trip to Japan highlighted how positive the environment is; NTT stays our preferred pick, with KDDI closely behind.
- Pelham Smithers
- Lindsay Whipp
- Chris Hoare
NTT (Buy, TP: ¥215, +38%) NTT to acquire SBI Sumishin Bank and a mino...
As has been widely rumoured, NTT has offered to acquire up to 66% of SBI Sumishin Bank (7163-JP), in a bid to strengthen its financial services offering. The offer price (¥3,615) represents a 10% premium to yesterday’s price, but actually around 10% below today’s closing price.
- Chris Hoare
- Chris Hoare
NTT (Buy, TP: ¥215, +44%) NTT offers to buy out NTT Data – Quick thou...
As rumoured, NTT has offered to buy out the minorities (~42.3%) of NTT Data via a tender offer, at a 34% premium, or ¥4,000 per share. This is a slightly lower premium than we would have expected and implies a transaction value for the minority stake of ¥2.4tn (USD 16.5bn). Quick thoughts below.
- Lindsay Whipp
PSA Research & Consulting Services: BayCurrent (6532 JT) Update 2025
BayCurrent (6532 JT) is a pure-play Japanese IT and management consultancy company which is growing sales faster than the broader market, thanks to robust hiring, and a strategy of increasing the number of its core clients. Increasing hiring by around +20% YoY is limiting utilisation growth, but we expect gradual improvement from FY26. Spending on IT is a long-term investment in efficiency and a solution to labour shortages, both of which need addressing in Japan. This places IT Service sector c...
- Jonathan Moreland
TBK TRIUMPH BANCORP INC.
RDNT RADNET INC.
PBF PBF ENERGY INC. CLASS A
ORCL ORACLE CORPORATION
OMI OWENS & MINOR INC.
NEOG NEOGEN CORPORATION
MOD MODINE MANUFACTURING COMPANY
LGND LIGAND PHARMACEUTICALS INCORPORATED
KEY KEYCORP
CVGW CALAVO GROWERS INC.
CBRL CRACKER BARREL OLD COUNTRY STORE INC.
LPG DORIAN LPG
IRIX IRIDEX CORP.
USB US BANCORP
WHF WHITEFIELD
ADC AGREE REALTY CORPORATION
CNFR CONIFER HOLDINGS
MSM MSC INDUSTRIAL DIRECT CO. INC. CLASS A
LIND LINDBLAD EXPEDITIONS HOLDINGS
KYN KAYNE ANDERSON MLP INVESTMENT CO.
ALOT ASTRONOVA INC.
FBK FB FINANCIAL CORPORATION
IIFw MORGAN STANLEY INDIA INVESTMENT FUND INC.
FEIM FREQUENCY ELECTRONICS INC.
MAV PIONEER MUNICIPAL HIGH INCOME ADVANTAGE TRUST
MHI PIONEER MUNICIPAL HIGH INCOME TRUST
ESQ ESQUIRE FINANCIAL HOLDINGS
BCDA BIOCARDIA
MCFT MASTERCRAFT BOAT HOLDINGS
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
PKE PARK AEROSPACE CORPORATION
DYNR DYNARESOURCE INC.
ALLY GMAC LLC
LPI LAREDO PETROLEUM INC.
KROS KEROS THERAPEUTICS
ASAN ASANA
PCVX VAXCYTE
NUVB NUVATION BIO INC (A)
SMMT SUMMIT THERAPEUTICS INC
BYRN BYRNA TECHNOLOGIES INC
UPST UPSTART HOLDINGS
HUMA HUMACYTE INC
BFZ BLACKROCK CALIF MUN INCOME TRUST
PEPG PEPGEN INC
PROK PROKIDNEY CORP.
GTE GRAN TIERRA ENERGY INC.
SBGI SINCLAIR INC
MIO PIONEER MUN HIGH INCOME OPPORTUNITIES FD INC
DMA DESTRA MULTI ALTERNATIVE FUND
ADVM ADVERUM BIOTECHNOLOGIES INC.
NUTX NUTEX HEALTH INC
SCND SCIENTIFIC INDUSTRIES INC
BATRK LIBERTY MEDIA CORPORATION
NBY NOVABAY PHARMACEUTICALS INC.
- Jonathan Moreland
ORCL ORACLE CORPORATION
NEOG NEOGEN CORPORATION
KEY KEYCORP
FLWS 1-800-FLOWERS.COM CL A
RCII RENT-A-CENTER INC
ESQ ESQUIRE FINANCIAL HOLDINGS
MCFT MASTERCRAFT BOAT HOLDINGS
CCO CLEAR CHANNEL OUTDOOR HOLDINGS INC
PKE PARK AEROSPACE CORPORATION
ALLY GMAC LLC
UAN CVR PARTNERS LP
BYRN BYRNA TECHNOLOGIES INC
BTMD HAYMAKER ACQUISITION CORP III
GTE GRAN TIERRA ENERGY INC.
CVI CVR ENERGY
BATRK INC.
LIBERTY MEDIA CORPORATION
- Antoine Legault
- Matthew Bryson
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
TSEM TOWER SEMICONDUCTOR LTD
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Lindsay Whipp
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