Katrina Hamlin
ReutersBreakingviews
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Past articles by Katrina:
CATL’s woes will sap others’ batteries too – Breakingviews
The $130 bln battery maker goofed in the first quarter: net profit fell 24% and it revealed a 1.8 bln yuan derivative liability. Shrinking margins suggest its size isn’t a protection against supply chain chaos and commodity price hikes. It’s even worse news for smaller rivals. → Read More
China is missing wildcard in $2.5 bln casino SPAC – Breakingviews
Japan’s Universal Entertainment plans to float its Okada Manila resort through a shell company run by former Sands director Jason Ader. A modest valuation will hold appeal for such a fast-developing market. China’s closed borders, however, make it a deceptively risky bet. → Read More
Online jackpot tempts ambitious $2.9 bln bet – Breakingviews
Australia-based Aristocrat is paying a chunky 58% premium to buy UK gambling software maker Playtech. The tech-related stakes are big, but plans to close in some areas will come at a cost. Backlash against giddy growth in online wagering also lowers the odds of financial success. → Read More
Star steeled for its own Crown duel with watchdogs – Breakingviews
The market knocked 25% off the Aussie casino operator’s market value after a media exposé suggested it may yet face a corporate governance crisis akin to James Packer’s. But Star is better prepared, and a pandemic proved it can weather a crisis. Investors could roll the dice. → Read More
Big Brother’s tighter grip exposes poor Macau bets – Breakingviews
Authorities want more influence over casinos and their dividends. That may reduce investor rewards but is hardly a surprise: Beijing tolerates betting because it can control the enclave. A 25% hit to Wynn Macau’s and Sands China’s value suggest shareholders miscalculate the odds. → Read More
Nio share sale copies one of Tesla’s better tricks – Breakingviews
The electric-car maker plans to boost its balance sheet by raising $2 bln, despite rising sales and a chunky cash pile. Like Elon Musk last year, CEO William Li is raising funds while he can, not when he needs to. That’s wise: Rich valuations make both vulnerable to setbacks. → Read More
Jakarta’s battery drive is on a bumpy road
Hyundai and LG are among those investing to make electric vehicle batteries in Indonesia. The nickel producer is limiting exports as it claws up the resource value chain but its long timeline to electrification means technologies may be disrupted before there is enough demand. → Read More
Star’s $7 bln fold exposes Crown’s poor gambling – Breakingviews
The casino company has withdrawn an offer for its embattled Australian rival. Crown has proven reluctant to engage with Star and competing bidder Blackstone even while watchdogs dig deeper into its governance failings. It risks subjecting shareholders to a painful losing streak. → Read More
Great Wall Motor is all thrills, no frills – Breakingviews
The $54 bln Chinese automaker’s no-nonsense approach tripled earnings in the first half. Its affordable conventional designs are crowd-pleasers, while smart bets on battery technology are goosing the valuation. Shareholders in flashier rivals like Geely might take note. → Read More
Green goals will milk more Kiwi-like finance fixes – Breakingviews
New Zealand needs 13% fewer cows to help hit emissions targets. That lends urgency to dairy giant Fonterra’s plan to restructure its cooperative as farms grapple with environmental crises. Suppliers and their balance sheets will be a key battle front in the war on climate change. → Read More
Car-charging deal curbs SPAC sticker shock – Breakingviews
Australia-based Tritium’s $1.7 bln blank-cheque merger includes bold revenue predictions typical of such tie-ups. But it values the manufacturer of electric-vehicle fast chargers at a decent discount to rivals and isn’t raising extra cash. The relative thriftiness is welcome. → Read More
SJM is only edging out of Stanley Ho’s shadow – Breakingviews
A year after the death of its founder, the $7.2 bln Macau casino company has yet to open a new flagship resort, its market share is the lowest among peers and the board needs a shake-up. Daughter and Chair Daisy Ho has her work cut out to make sure the house wins again. → Read More
Blackstone fights time more than Oaktree for Crown – Breakingviews
It’s hard to see value in Oaktree’s plan to fund a buyback of founder James Packer’s 37% stake in the Aussie casino operator. And yet Blackstone is willing to absorb more regulatory risk. That suggests concern that as Crown’s crisis ebbs, the $6 bln bid’s appeal may too. → Read More
Nio and rivals take their race off-road – Breakingviews
China’s Tesla is revving R&D spending back up after slamming on the brakes last year. BYD and others are scrambling to do the same. Investing in new ideas is crucial for growth down the road. But it also makes it harder to know when Nio will fit into its $64 bln valuation. → Read More
Xiaomi becomes ultimate electric-car test driver – Breakingviews
The smartphone maker is spending $10 bln to expand into smart vehicles. There are no shortcuts to success. But it has ample resources, manufacturing experience and a formidable founder, Lei Jun. If Xiaomi falters, it could prompt other tech industry EV wannabes to steer clear. → Read More
Geely’s electric drive is all over the road – Breakingviews
A new battery-vehicle unit could help the $29 bln carmaker and its Li Shufu-owned parent compete with startups like Nio. But they’re also chasing a luxury brand, contract manufacturing and a novel share-ownership scheme while shifting CEOs. A more focused route would be better. → Read More
Reckitt Benckiser cleans up spilt milk in China – Breakingviews
The company will exit the increasingly competitive infant-formula market, selling its Chinese unit for over $2 bln, Reuters reports. That’s less than half the price it paid in 2017, Jefferies calculates. Boss Laxman Narasimhan would have suffered much worse had he soldiered on. → Read More
Panasonic turning dial too far on $6.5 bln deal – Breakingviews
After paring some sprawl, the electronics giant may now buy the rest of supply-chain software developer Blue Yonder. The faster-growing tech would help lift profitability, but at a hefty price of 40 times forecast EBITDA. Some $2 bln of erased market value speaks to the overload. → Read More
Home offices risk a diversity disaster – Breakingviews
Women are likely to embrace flexible work policies in the post-pandemic new normal. That could threaten prospects for promotion, an earlier study of China’s $24 bln Trip shows. Employers need to manage the bias, or efforts to be enlightened will deliver the opposite result. → Read More
Nio risks running low on power on Europe road trip – Breakingviews
The $78 bln electric-car maker’s net loss halved in 2020 as revenue doubled and costs fell. It has plenty of cash, too. But sales growth has slowed. And founder William Li’s plan to drive into Europe will be expensive, and hard for a Chinese luxury brand, sapping recent progress. → Read More