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

Event-Driven

Agricultural Bank Of China / Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market</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 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Arbs Go A-H, Copper Plays & China's Property Pulse

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Declining Chinese inventory and rising premiums bode well for the copper price.</li>
<li>Speculative interest, as per the COT reports, is low, providing room for new buyers.</li>
<li>Infrastructure and defence spending are on the rise in most regions of the world</li>
</ul>


Declining Chinese inventory and rising premiums bode well for the copper price.
Speculative interest, as per the COT reports, is low, providing room for new buyers.
Infrastructure and defence spending are on the rise in most regions of the world


From Rust to Riches: The Next Copper Boom

Equity Bottom-Up

<ul>
<li>While there may be still be some overhang once the rights shares start trading, this is a good entry point</li>
<li>Applications for 6.4 Billion excess rights shares received from 11 applications</li>
<li>Rights shares will start trading on Tuesday 16th of July</li>
</ul>


While there may be still be some overhang once the rights shares start trading, this is a good entry point
Applications for 6.4 Billion excess rights shares received from 11 applications
Rights shares will start trading on Tuesday 16th of July


MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.</li>
<li>Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.</li>
<li>Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.</li>
</ul>


Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.


Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Japan

Sumitomo Metal Mining Co., Ltd. develops and mines non-ferrous metals in Japan and overseas.  The Company's primary products include copper, gold, silver, nickel, lead, and zinc.  The Company refines, produces, and sells precious metals.  Sumitomo Metal Mining also produces and markets electronic & housing construction materials and provides civil engineering works.

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Sumitomo Metal Mining (5713 JP)

Curator's Cut: Arbs Go A-H, Copper Plays & China's Property Pulse

In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market.

Pranav Rao

From Rust to Riches: The Next Copper Boom

Copper has now broken decisively through $5/lb on new cycle lows for the USD last night. $1208 MMG Ltd is nearing $4 resistance, and we would take...

Rikki Malik

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Arbs Go A-H, Copper Plays & China's Property Pulse

In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market.

Pranav Rao

From Rust to Riches: The Next Copper Boom

Copper has now broken decisively through $5/lb on new cycle lows for the USD last night. $1208 MMG Ltd is nearing $4 resistance, and we would take...

Rikki Malik

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

​Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

​Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...