Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises <em>and</em> outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Q1 results in line; full-year OP guidance ¥218bn, ~3.5% below street consensus</li>
<li>Order intake surging +37% YoY signals demand recovery, but is priced in at 22x EV/EBITDA vs. 10-year average 17x</li>
<li>Balance sheet remains overcapitalised; no new announcement on capital returns</li>
</ul>


Q1 results in line; full-year OP guidance ¥218bn, ~3.5% below street consensus
Order intake surging +37% YoY signals demand recovery, but is priced in at 22x EV/EBITDA vs. 10-year average 17x
Balance sheet remains overcapitalised; no new announcement on capital returns


FANUC (6954 JP) | In Line Quarter; Valuation Leaves Little Room for Excitement

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

<ul>
<li>Fanuc seeing several ups and downs after a record breaking May for the stock. </li>
<li>Although some risks remain such as tariff risks, and cost risks related to oil price and geopolitical risks, it may be an opportune time for volatility strategies.</li>
<li>Fanuc's cash flows, and cash reserve policy keep the company resilient to short term effects.  </li>
</ul>


Fanuc seeing several ups and downs after a record breaking May for the stock. 
Although some risks remain such as tariff risks, and cost risks related to oil price and geopolitical risks, it may be an opportune time for volatility strategies.
Fanuc's cash flows, and cash reserve policy keep the company resilient to short term effects.  


Trading Fanuc's Volatility Smile: AI Robotics, Tariff Risks, and the DEC26 Option Strategy

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Robotphoenix Intelligent Technology / Equity Capital Markets

Robotphoenix Intelligent Technology (6871 HK)

<ul>
<li>To raise HK$679.2m of net proceeds, <a href="https://www.smartkarma.com/entities/robotphoenix-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48807:1" rel="noopener">Robotphoenix Intelligent Technology (6871 HK)</a>'s IPO is small. But this dedicated industrial robotics company is worth a bet.</li>
<li>Although losses have been increasing for FY23-25, with a 3-year forward revenue CAGR of 35.2%, they should peak in FY27 and start to reduce in FY28.</li>
<li>We calculate a fair P/S of 13.7-15.5x for FY26, translating into a price of HK$34.3-38.6, or 12.5-26.5% upside from the IPO price. </li>
</ul>


To raise HK$679.2m of net proceeds, Robotphoenix Intelligent Technology (6871 HK)'s IPO is small. But this dedicated industrial robotics company is worth a bet.
Although losses have been increasing for FY23-25, with a 3-year forward revenue CAGR of 35.2%, they should peak in FY27 and start to reduce in FY28.
We calculate a fair P/S of 13.7-15.5x for FY26, translating into a price of HK$34.3-38.6, or 12.5-26.5% upside from the IPO price. 


Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 2,000+ insights published on Smartkarma.</li>
<li>In this cut, we examine the windfall for brokers amid market volatility and other tailwinds, index rule changes to accommodate megacap IPOs, and the prospects in markets for physical AI.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 2,000+ insights published on Smartkarma.
In this cut, we examine the windfall for brokers amid market volatility and other tailwinds, index rule changes to accommodate megacap IPOs, and the prospects in markets for physical AI.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

Japan

FANUC CORPORATION manufactures factory automation (FA) systems and equipments, and robots. The Company's products include computerized numerically-controlled (CNC) equipment, servo motors, laser systems, industrial robots, wire-cut electric discharge machines, and CNC drill.  Fanuc participates in a joint venture with General Electric in the FA field.

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Fanuc Corp Unsp Adr (FANUY US)

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

FANUC (6954 JP) | In Line Quarter; Valuation Leaves Little Room for Excitement

Q1 results meet expectations, but full-year guidance slightly below street consensus. Surging order intake signals demand recovery, but stock is...

Mark Chadwick

Trading Fanuc's Volatility Smile: AI Robotics, Tariff Risks, and the DEC26 Option Strategy

Fanuc's robots recently do not share the spotlight with more active AI stocks. Sales reliability, strong balance sheet policies, and consistent...

Jay Cameron

Robotphoenix (6871) IPO: Worth a Bet

Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Osbert Tang, CFA

Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

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EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

FANUC (6954 JP) | In Line Quarter; Valuation Leaves Little Room for Excitement

​Q1 results meet expectations, but full-year guidance slightly below street consensus. Surging order intake signals demand recovery, but stock is...

Mark Chadwick

Trading Fanuc's Volatility Smile: AI Robotics, Tariff Risks, and the DEC26 Option Strategy

Fanuc's robots recently do not share the spotlight with more active AI stocks. Sales reliability, strong balance sheet policies, and consistent...

Jay Cameron

Robotphoenix (6871) IPO: Worth a Bet

​Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Osbert Tang, CFA

Curator's Cut: Brokering Records, Race to SpaceX & The Rise of Physical AI

​This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....

Pranav Rao

Q1 results meet expectations, but full-year guidance slightly below street consensus. Surging order intake signals demand recovery, but stock is...

Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

This Curator’s Cut highlights windfall for brokers amidst market volatility, index rule changes for megacap IPOs, and prospects for physical AI....