Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/sysmex-corp" target="_blank" data-smartkarma-citation="entities:19333:1" rel="noopener">Sysmex Corp (6869 JP)</a> revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.</li>
<li>Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.</li>
<li>For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.</li>
</ul>


In FY25, Sysmex Corp (6869 JP) revenue rose 10% YoY to ¥509B. Operating profit margin expanded 20bps to 17.2%. Amid rising costs, favorable Fx impact of ¥8.6B drove the margin.
Sales grew across regions as instrument installed increased and use of reagents multiplied. America’s volatile margin is a concern, amid the fact that Japan remains the major margin contributor.
For FY26, Sysmex has guided for revenue of ¥535B (+5% YoY). The company has factored in the impact of tariff estimating annual cost of sales impact of approximately ¥3B-4B.


Sysmex Corp (6869 JP): Forex to Take Some Sheen Away off Growth in FY26; Japan Still Remains Key

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: Statistical analysis of a relative value opportunity in the Australian Oil &amp; Gas industry between <a href="https://www.smartkarma.com/entities/ampol-ltd" target="_blank" data-smartkarma-citation="entities:345:1" rel="noopener">Ampol (ALD AU)</a> and <a href="https://www.smartkarma.com/entities/woodside-energy-group-ltd" target="_blank" data-smartkarma-citation="entities:13190:1" rel="noopener">Woodside Energy Group Ltd (WDS AU)</a>.</li>
<li>
Highlights: Going long Ampol and short Woodside targets an 8% return to the statistical mean reversion level.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: Statistical analysis of a relative value opportunity in the Australian Oil &amp; Gas industry between Ampol (ALD AU) and Woodside Energy Group Ltd (WDS AU).

Highlights: Going long Ampol and short Woodside targets an 8% return to the statistical mean reversion level.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Ampol (ALD AU) Vs. Woodside Energy (WDS AU): Fueling an Aussie Mean-Reversion Trade

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>We initiated research on the China property management sector.  The PMC sector is characterized by its asset light nature, stable recurring revenue as well as net cash balance sheet</li>
<li>The relationship between PMCs and parent developer is multi-faceted.  Although PMCs are fundamentally safer, we think investors need to restore their confidence in developers first for re-rating to occur</li>
<li>For investors with higher risk tolerance, we think LONG CR MixC and LONG COPL (both backed by SOE developers) offer a favourable risk-reward profile</li>
</ul>


We initiated research on the China property management sector.  The PMC sector is characterized by its asset light nature, stable recurring revenue as well as net cash balance sheet
The relationship between PMCs and parent developer is multi-faceted.  Although PMCs are fundamentally safer, we think investors need to restore their confidence in developers first for re-rating to occur
For investors with higher risk tolerance, we think LONG CR MixC and LONG COPL (both backed by SOE developers) offer a favourable risk-reward profile


China Property Management Sector: Navigating Turbulence for Investment Opportunities

Materials| Industrials |Commodities

Rahul Jain

<ul>
<li>JFE Holdings rebounded from COVID-era losses to deliver peak earnings in FY22, followed by a gradual normalization through FY25, with stable steel volumes but declining margins amid weak domestic demand.</li>
<li>The group is investing ¥970B (~$6.5B) through FY2030 across decarbonization, product upgrades (e.g., electrical steel, galvanizing), and overseas downstream expansion to sustain competitiveness.</li>
<li>Adjusting for its ₹910B (~¥1.7T) JSW stake, ~30% of EV, JFE trades at just 2.7x EV/EBITDA—deeply discounted vs peers like Nippon Steel and POSCO.</li>
</ul>


JFE Holdings rebounded from COVID-era losses to deliver peak earnings in FY22, followed by a gradual normalization through FY25, with stable steel volumes but declining margins amid weak domestic demand.
The group is investing ¥970B (~$6.5B) through FY2030 across decarbonization, product upgrades (e.g., electrical steel, galvanizing), and overseas downstream expansion to sustain competitiveness.
Adjusting for its ₹910B (~¥1.7T) JSW stake, ~30% of EV, JFE trades at just 2.7x EV/EBITDA—deeply discounted vs peers like Nippon Steel and POSCO.


JFE Holdings (5411 JP) – Stable Core, Strategic JSW Stake, and Deep-Value Opportunity

<ul>
<li>
Context: Statistical analysis of a relative value opportunity between <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> and <a href="https://www.smartkarma.com/entities/capricorn-metals-ltd" target="_blank" data-smartkarma-citation="entities:10775:1" rel="noopener">Capricorn Metals (CMM AU)</a>, two Australian gold miners.</li>
<li>
Highlights: Going long Perseus Mining and short Capricorn Metals targets a 9% return to the statistical mean reversion level, with Perseus offering cheaper valuations and higher growth.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: Statistical analysis of a relative value opportunity between Perseus Mining (PRU AU) and Capricorn Metals (CMM AU), two Australian gold miners.

Highlights: Going long Perseus Mining and short Capricorn Metals targets a 9% return to the statistical mean reversion level, with Perseus offering cheaper valuations and higher growth.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Perseus Mining Vs. Capricorn Metals: Striking Gold with Statistical Arbitrage