Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
Transformed into a Data &amp; Analytics Powerhouse: The acquisition of Refinitiv has fundamentally shifted LSEG's business model, with approximately 70% of revenue now derived from Data &amp; Analytics. This provides a significant base of recurring, subscription-based revenue, enhancing earnings visibility and resilience.</li>
 <li>
Significant Growth and Synergies Offset by Margin Pressure: While the Refinitiv deal has propelled revenue growth, it has also led to a notable decline in net income and profit margins due to integration costs and the absorption of a lower-margin business. Realizing cost and revenue synergies is the key catalyst for future margin expansion.</li>
 <li>
Premium Valuation Reflects Strategic Shift: LSEG trades at a significant premium to many of its exchange peers, particularly on a P/E basis. This valuation is underpinned by its transformation into a high-growth, data-centric financial infrastructure provider, with strong cash flow generation and a strategic partnership with Microsoft poised to capitalize on AI and cloud trends.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Transformed into a Data &amp; Analytics Powerhouse: The acquisition of Refinitiv has fundamentally shifted LSEG's business model, with approximately 70% of revenue now derived from Data &amp; Analytics. This provides a significant base of recurring, subscription-based revenue, enhancing earnings visibility and resilience.
  
Significant Growth and Synergies Offset by Margin Pressure: While the Refinitiv deal has propelled revenue growth, it has also led to a notable decline in net income and profit margins due to integration costs and the absorption of a lower-margin business. Realizing cost and revenue synergies is the key catalyst for future margin expansion.
  
Premium Valuation Reflects Strategic Shift: LSEG trades at a significant premium to many of its exchange peers, particularly on a P/E basis. This valuation is underpinned by its transformation into a high-growth, data-centric financial infrastructure provider, with strong cash flow generation and a strategic partnership with Microsoft poised to capitalize on AI and cloud trends.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: London Stock Exchange (LSEG LN) - Sep 2025

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/deutsche-post-ag" target="_blank" data-smartkarma-citation="entities:21608:1" rel="noopener">Deutsche Post (DHL GR)</a> and <a href="https://www.smartkarma.com/entities/reckitt-benckiser-group-plc" target="_blank" data-smartkarma-citation="entities:22105:1" rel="noopener">Reckitt Benckiser (RKT LN)</a> are the top two candidates for deletion with 7-9% below the exit threshold. Forecasted supply is $200m and 2 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/intesa-sanpaolo-spa" target="_blank" data-smartkarma-citation="entities:21200:1" rel="noopener">Intesa Sanpaolo (ISP IM)</a> and <a href="https://www.smartkarma.com/entities/london-stock-exchange-group" target="_blank" data-smartkarma-citation="entities:22034:1" rel="noopener">London Stock Exchange (LSEG LN)</a> are the top two candidates for addition by replacement. Forecasted demand is $330m and 1-2 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/banco-bilbao-vizcaya-argentari" target="_blank" data-smartkarma-citation="entities:21251:1" rel="noopener"></a>The highest ranked between <a href="https://www.smartkarma.com/entities/banco-bilbao-vizcaya-argentari" target="_blank" data-smartkarma-citation="entities:21251:1" rel="noopener">Banco Bilbao Vizcaya Argentaria (BBVA SM)</a> and <a href="https://www.smartkarma.com/entities/industria-de-diseno-textil-sa" target="_blank" data-smartkarma-citation="entities:21278:1" rel="noopener">Industria De Diseno Textil (ITX SM)</a> could become the third addition, conditional on the deletion of <a href="https://www.smartkarma.com/entities/basf-se" target="_blank" data-smartkarma-citation="entities:21585:1" rel="noopener">BASF (BAS GR)</a>.</li>
</ul>



Deutsche Post (DHL GR) and Reckitt Benckiser (RKT LN) are the top two candidates for deletion with 7-9% below the exit threshold. Forecasted supply is $200m and 2 ADV.

Intesa Sanpaolo (ISP IM) and London Stock Exchange (LSEG LN) are the top two candidates for addition by replacement. Forecasted demand is $330m and 1-2 ADV.

The highest ranked between Banco Bilbao Vizcaya Argentaria (BBVA SM) and Industria De Diseno Textil (ITX SM) could become the third addition, conditional on the deletion of BASF (BAS GR).


STOXX Europe 50: DHL's $200M Departure, ISP and LSEG Deliver Instead

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>ASX is seeing the number of listed companies in decline, although there are some positives with average daily turnover and secondary listings. </li>
<li>Higher costs are keeping positives from reaching the bottom line fully, with costs to revenue are now 40% in 1H24 where this was 29% in recent interim periods.</li>
<li>Capex plans for ASX and sticky inflationary figures on staff costs, the current year and following year net profit can see reasonable pressure.</li>
</ul>


ASX is seeing the number of listed companies in decline, although there are some positives with average daily turnover and secondary listings. 
Higher costs are keeping positives from reaching the bottom line fully, with costs to revenue are now 40% in 1H24 where this was 29% in recent interim periods.
Capex plans for ASX and sticky inflationary figures on staff costs, the current year and following year net profit can see reasonable pressure.


ASX - Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A stock that should benefit from the resumption of Japan's bull market</li>
<li>Utility type stock poised to rerate  as a growth narrative starts</li>
<li>The stock has recently broken out of its 18 month downtrend</li>
</ul>


A stock that should benefit from the resumption of Japan's bull market
Utility type stock poised to rerate  as a growth narrative starts
The stock has recently broken out of its 18 month downtrend


From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

United Kingdom

London Stock Exchange Group plc is the United Kingdom's primary stock exchange. The LSE provides markets that facilitate the raising of capital and the trading of corporate securities, access to a trading environment, as well as real-time pricing and reference information services worldwide.  Market coverage includes equities, derivatives and fixed-interest securities.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

London Stock Exchange (LSEG LN)

Primer: London Stock Exchange (LSEG LN) - Sep 2025

Transformed into a Data & Analytics Powerhouse: The acquisition of Refinitiv has fundamentally shifted LSEG's business model, with...

αSK

STOXX Europe 50: DHL's $200M Departure, ISP and LSEG Deliver Instead

SX5P September 2024 Announcement: LSEG and ISP were the announced additions. DHL and RKT were the announced deletions. SX5E September 2024...

Dimitris Ioannidis

ASX - Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

ASX is seeing listed companies in decline. Higher avg T/O and secondary capital raised is not fully showing at bottom line. Costs remain high, and...

Daniel Tabbush

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

The operator of Japanese exchanges is poised to benefit from the country's bull market resurgence as it breaks out of a prolonged downtrend.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)