Smartkarma Content

Jun 08

Weekly Top Ten Equity Capital Markets – Jun 8, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing

By Sumeet Singh, Aequitas Research

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

2. Virgin Australia IPO – Not Terribly Exciting, After Significant Items Adjustment

By Sumeet Singh, Aequitas Research

Bain Capital is looking to raise around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
In this note, we look at the company’s past performance and provide our thoughts on valuations.

3. Kelun-Biotech Placement – Recent Run-Up Makes Its Tricky

By Akshat Shah, Aequitas Research

Sichuan Kelun-Biotech Biopharm (6990 HK) is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.
The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.
In this note, we will talk about the placement and run the deal through our ECM framework.

4. Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

By Akshat Shah, Aequitas Research

Wistron Corp (3231 TT) is looking to raise up to US$922m in its global depository receipts (GDRs) offering.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

5. Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter

By Nicholas Tan, Aequitas Research

Primo Global (367A JP) is looking to raise at least US$104m in its upcoming Japan IPO.
Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we look at the firm’s past performance.

6. Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

By Douglas Kim, Douglas Research Advisory

Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins.
Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown.

7. ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

By Sumeet Singh, Aequitas Research

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian Flavouring & Food (603288 CH) might launch its A/H listing this week.
On the placements front, there were a number of large deals across the region, with notable ones in ITC Ltd (ITC IN) and InterGlobe Aviation Ltd (INDIGO IN).

8. Aegis Vopak IPO: Anemic Demand

By Nicholas Tan, Aequitas Research

Aegis Vopak Terminals Ltd (1902844D IN) raised about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In our previous notes, we talked about the company’s historical performance, undertook a peer comparison and shared our thoughts on valuation. In this note, we talk about the trading dynamics.

9. Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook

By Xinyao (Criss) Wang

2024 is a milestone year. The weighted average ROE set a new high. Due to cost dilution brought by economies of scale, net profit growth was higher than revenue growth.
The risk of relying on a single category hasn’t been eliminated. Traditional advantages of offline channels are becoming saturated. There is a gap between channel structure and new consumer forces
Eastroc’s valuation is expected to be higher than the industry average and peers due to its higher growth rate, but investors needs to consider the H/A premium

10. Slide Holdings Insurance, Inc.(SLDE): Peeking at the IPO Prospectus of Another Florida Based Insurer

By IPO Boutique, IPO Boutique

They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
The strong performance of peers could provide a potential tailwind for this IPO.

Jun 08

Weekly Top Ten Event-Driven and Index Rebalance – Jun 8, 2025

By Smartkarma Content | Event-Driven and Index Rebalance

This weekly newsletter pulls together summaries of the top ten most-read Insights across Event-Driven and Index Rebalance on Smartkarma.

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1. [Japan M&A] Toyota Inds (6201) Proposed Takeover – It Looks Bad, and It’s Worse Than It Looks

By Travis Lundy, Quiddity Advisors

2wks ago I said “a deal could be announced near-term.” 2wks later we have a deal. But it is a bad deal for TICO minorities. Low price. Minimal transparency. Awful.
But if you dig through deal structure and economics, it is worse than it looks. It takes digging to understand how bad, and they could tell you, but they won’t.
The deal will take time. Things will be in limbo til then. And Toyota Group governance and capital allocation is conditional on this deal getting done, which is also bad.

2. Soul Patts & Brickworks: Index Impact of A$14bn Merger

By Brian Freitas, Periscope Analytics

Washington H. Soul Pattinson (SOL AU) and Brickworks Ltd (BKW AU) have executed a binding Combination Deed to implement an A$14bn merger that simplifies the company structure by eliminating crossholdings.
The merger ratio is a good one for Brickworks Ltd (BKW AU) shareholders and the benefits to both sets of shareholders should see the merger approved.
There will be large passive buying in Washington H. Soul Pattinson (SOL AU) from global and local index trackers and that could lead to short covering.

3. Toyota Industries (6201 JP): After a High, Comes the Low of a Takeunder

By Arun George, Global Equity Research Ltd

Toyota Industries (6201 JP) disclosed a preconditional tender offer from Toyota Fudosan at JPY16,300, a 23.3% premium to the undisturbed price but a 11.4% discount to last close.
While representing a pre-rumour all-time high, the offer is below the midpoint of the special committee IFA DCF valuation range. The Board has a neutral recommendation.
The offer undermines minorities as it lacks split pricing for the Toyota Motor (7203 JP) and its affiliates’ shareholding and likely undervalues the significant real estate holdings.

4. [Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance

By Travis Lundy, Quiddity Advisors

Pasona Group (2168 JP) is a “value stock.” It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback.
Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder.
This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical.

5. ESR (1821 HK): A Shareholder Register Look-Through

By David Blennerhassett, Quiddity Advisors

Today, I was the first analyst to gain access to ESR (1821 HK)‘s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L’Occitane (973 HK): Who Owns What, And When
It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register.

6. [Japan Buyback] Leopalace (8848 JP) – A Giant Buyback To Get Fortress Partially Out

By Travis Lundy, Quiddity Advisors

Leopalace21 Corp (8848 JP) had a giant oopsie in 2018-2021 where they lost ¥180bn over three years because of defective construction requiring repairs.
Murakami and others got involved. Leopalace got financing from FIG (shares/SARs/loan), Murakami bailed. Eventually Hikari Tsushin got in. Leopalace got FIG out of their loan, doing a refi through Mizuho.
Cash was up, cashflow is strong. Business is changed/revived. Now Leopalace is buying back SARs it sold to FIG. FIG will still own 26%. The future is potentially interesting. Still.

7. Soul Patts/Brickworks To Unwind Circularity

By David Blennerhassett, Quiddity Advisors

The cross-shareholding between Washington H. Soul Pattinson (SOL AU) (Soul Patts) and Brickworks Ltd (BKW AU) was established in 1969 to defend the companies from corporate raiders.
Perpetual pursued a case in the Federal Court of Australia, alleging that the cross-shareholding was oppressive to minority shareholders; however the claim was dismissed in 2017.
Today, via inter-conditional Schemes, the circularity is set to be unwound through a merger. Soul Patts currently owns 43.3% in Brickworks, and Brickworks 26% in Soul Patts.

8. Makino Milling Machine (6135 JP): MBK’s Preconditional Offer Is Not the Likely Endgame

By Arun George, Global Equity Research Ltd

Makino Milling Machine Co (6135 JP) announced a preconditional tender offer from MBK Partners at JPY11,751, a 4.8% premium to last close and a 6.8% premium to Nidec’s withdrawn JPY11,000 offer.
The offer is broadly in line with the midpoint of the IFA DCF valuation range. The tender offer is expected to commence in early December.
Despite the offer resulting from an auction, there remains a medium probability that Nidec Corp (6594 JP) or a spurned white knight bidder (Candidate A) emerges with a higher offer.

9. Mayne Pharma (MYX AU): Twists and Turns as Cosette Chases a Get-Out-Of-Jail-Free Card

By Arun George, Global Equity Research Ltd

Mayne Pharma (MYX AU) disclosed that Cosette served a scheme termination notice. Mayne maintains that a material adverse clause was not breached and considers the termination notice invalid.
The Cosette MAC breach claims likely hinge on establishing that forecasts provided during due diligence are materially lower than the unaudited management accounts. Precedents do not favour Mayne.
While the last close price (A$4.48) is below the undisturbed price (HK$5.41), there remains downside. My estimated deal break valuation range is A$3.26-A$4.00.

10. NWD (17 HK): Markets Pricing In A Bust

By David Blennerhassett, Quiddity Advisors

0.052x P/B! That’s New World Development (17 HK)‘s current trailing P/B ratio; roughly a quarter of the next comparable real estate peer.
What’s new? The latest decline followed an announcement on the 30th May that it would defer payments on its perpetual bonds.
NWD’s 6.15% and 4.8% perpetuals fell to 23 cents and 15.5 cents on the dollar on 2nd June, suggesting the market is pricing in the possibility of a bust.

Jun 08

Weekly Top Ten Equity Derivatives – Jun 8, 2025

By Smartkarma Content | Equity Derivatives

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Derivatives on Smartkarma.

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1. Toyota Motor (7203 JP) Outlook Amid Uncertainty Over Toyota Industries Privatization Bid

By Nico Rosti, MRM Research

Travis Lundy and Arun George have recently written extensively about Toyota Industries (6201 JP) proposed takeover. Read the details in their insights.
Toyota Motor (7203 JP) is involved: 2 weeks ago we predicted a rally, and the rally did happen and went past our suggested profit target – time for an update.
Toyota Motor (7203 JP) at the end of last week was overbought, according to our model. Any catalyst could trigger a sell off from here but let’s analyze the models….

2. HSI Tactical Outlook: Buy This Dip

By Nico Rosti, MRM Research

After a 7-week rally the Hang Seng Index (HSI INDEX) last week gave up and close the week down (CC=-1 on our WEEKLY LONG model).
The pullback continued on Monday, reaching 22668 and in our WEEKLY LONG model this price support zone is oversold.
The pullback may continue, so in this insight we are going to offer some perspective on possible support zones where to buy. We think this setback is a buy opportunity.

3. KOSPI 200 Update: Market Moves After Lee Jae-Myung’s Victory

By Nico Rosti, MRM Research

Lee Jae-myung’s is projected to win the Presidential Elections in South Korea. The Democratic Party of Korea candidate said he wants to revive the economy and stabilize the stock market.
At the moment of writing (around midnight Singapore time) the KOSPI 200 INDEX‘s reaction is positive, the futures are rising towards the most recent, last week highs (363).
This is a quick review of our most recent KOSPI 200’s tactical setups, in light of the political news coming out of the polls.

4. TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

By Nico Rosti, MRM Research

As reported by Patrick Liao ,Taiwan Semiconductor (TSMC) (2330 TT) held its shareholders meetings on June 3rd, read the insight for the details.
The bottom lines emerging from the meeting are: no fear of tariffs, no fear of appreciation of the NT dollar, no fear of having their tech stolen in foreogn-based factories.
The stock rallied from June 3rd, closing at 998 on Thursday. Our model say the stock is not yet overbought, could rally higher.

5. Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds

By John Ley, Clifton Derivatives

Most major indices extended their April rally through May, but seasonal patterns suggest caution from here.
Implied volatility declined across most markets, but remains above historical medians in several key regions.
Vol premium analysis highlights a few standouts where short vol has historically outperformed.

6. Hong Kong Single Stock Options Weekly (June 02 – 06): Broad Gains as Option Activity Fades

By John Ley, Clifton Derivatives

A weekly roundup of key option and price metrics for Hong Kong single stocks.
Option volumes on par with the lowest levels seen over the past 6 months.
Implied volatility appears to have broadly settled around current levels.

7. Nifty 50 Tactical Outlook After RBI’s Steep Rate Cut

By Nico Rosti, MRM Research

The NIFTY Index rallied after RBI cuts key policy rate by 50 bps to 5.50%(but RBI governor said there is limited policy space from here).
Inflation forecast was cut to 3.7%; GDP growth forecast retained at 6.5, but Trump’s trade tariffs and the prospect of a global economic slowdown are generating uncertainty.
The NIFTY was already moving up in the last 2 days and accelerated sharply on Friday. But our model signals that the index is not overbought, it can go higher.

Jun 01

Weekly Top Ten Tech Hardware and Semiconductor – Jun 1, 2025

By Smartkarma Content | Tech Hardware and Semiconductor

This weekly newsletter pulls together summaries of the top ten most-read Insights across Tech Hardware and Semiconductor on Smartkarma.

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1. NVIDIA’s China Dilema Is Worse Than You Think…

By William Keating, Ingenuity

Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies & landing in Taiwan.
He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East
NVIDIA’s market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.

2. Semiconductor Tariffs. No Thanks, But If You Insist…

By William Keating, Ingenuity

A total of 154 submissions on proposed tariffs by the US authorities on semiconductors were received by the closing date of May 7, 2025
Key submissions were made by TSMC, Intel, Texas Instruments, Lam Research, Micron etc. Notable by their absence were Apple, AMD, Cadence, Synopsys, Broadcom, Marvell etc.
The submissions by key players were universally negative on any types of tariffs with many warnings about unintended consequences as well as the threat of reciprocal tariffs from other countries.

3. NVIDIA Q126. China Restrictions Bring QoQ Growth Screeching To A Halt

By William Keating, Ingenuity

NVIDIA reported Q1FY26 revenues of $44.1 billion, up 69% YoY and up 12% QoQ
NVIDIA forecasted current quarter revenues of $45.0 billion, marginally up QoQ and weighed down by the loss of around $8 billion in previously anticipated H20 revenues
Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China market was inevitable, even without US restrictions.

4. Latest US Restrictions On EDA Sales To China Tanks CDNS, SNPS

By William Keating, Ingenuity

CDNS, SNPS each fall >10% on the back of further US restrictions on sale to China
Both of their China revenues were around 10% in the most recent quarter, albeit in the case of CDNS, it was 15% in the year ago quarter
China’s domestic EDA ecosystem has grown significantly in recent years. These latest restrictions, if fully implemented, will simply serve to further accelerate its development

5. Silergy (6415.TT): Annual Growth Could Be Lower Than Earlier Expectation Of 20-25%.

By Patrick Liao

Looking ahead to the second quarter, Silergy Corp (6415 TT) did not provide specific guidance targets but emphasized that uncertainty in customers’ decisions regarding chip production locations could impact seasonal demand.
Despite short-term challenges, Silergy Corp (6415 TT) still anticipates 2025 to be a year of growth.
In terms of profitability, Silergy Corp (6415 TT) expects that capacity at Chinese foundries will approach full utilization, leading to supply chain tightness and helping maintain stable gross margins.

6. Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

By Vincent Fernando, CFA, Zero One

TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level
UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread
CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher

7. GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead.

By Patrick Liao

Globalwafers (6488 TT) held its shareholders’ meeting yesterday (May 26th).
Regarding the U.S. market, Globalwafers (6488 TT) noted that the U.S. government will impose tariffs on imported products, although the specific rates are still unknown.
Regarding the overall market conditions, the 12-inch silicon wafer market is currently performing significantly better than the 8-inch market, with higher utilization rates.

8. Taiwan Tech Weekly: Google’s Pixel Going All-In on TSMC; TSMC 2025 Symposium Key Take-Aways

By Vincent Fernando, CFA, Zero One

Google’s Pixel Chips to Go All-In on TSMC After Using Samsung Foundry Previously
TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today.
GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead.

9. PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches

By Vincent Fernando, CFA, Zero One

HP Results Show Commercial PC Growth is Resilient, AI PC Penetration Expanding
Key Industry Outlook Perspective — HP’s ZGX AI Station with NVIDIA Chips Marks the True Arrival of AI PCs… Locally Run LLMs Signal a Step-Change for PC Capabilities
Remain Structurally Long PC Makers on AI PC Upgrade Cycle — Emergence of New NVIDIA Blackwell-Powered Workstations Clarifying the Path for AI PCs to Deliver Step-Change Improvements in Value

Jun 01

Weekly Top Ten Equity Capital Markets – Jun 1, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. Schloss Bangalore IPO – Thoughts on Peer Comp and Valuation

By Akshat Shah, Aequitas Research

Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.

2. Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge

By Pranav Rao, Smartkarma

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 look at Korea’s compelling valuation versus AxJ equities, CATL’s blockbuster Hong Kong listing and its market implications, and explore copper’s price surge amidst Chinese demand
Want to dig deeper? Comment or message with the themes you think should be highlighted next

3. [Japan ECM] Financial Crossholders Offering Isuzu (7202) – Big Buyback Covers Most Of The Back End

By Travis Lundy, Quiddity Advisors

In line with the trend of financial institutions led by non-life insurers selling out of their cross-holdings, today we get an offering of shares held in Isuzu Motors (7202 JP).
Today we got an announcement of 29.28mm shares being offered by a dozen financial institutions and a greenshoe for 15% more. At a 10% discount from here it’s ¥57bn/US$400mm.
It is 16 days of ADV, which is big, but the company also announced a ¥50bn buyback from Pricing+6 to end of March 2026. That should stabilise things.

4. HK Strategy: Some Consumer IPO Pipelines and Their Proxies

By Osbert Tang, CFA

Hong Kong’s IPO market has gathered momentum lately, especially with the overwhelming response to CATL (3750 HK). Consumer IPOs are the next ones to gather interest.
Foshan Haitian Flavouring & Food Co (FHF HK) is the most imminent one, potentially seeking up to US$1bn. Without significant peers in Hong Kong, it should attract good attention.
The other interesting ones include Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH), Three Squirrels (TRS HK), and Eastroc Beverage Group (EBG HK).

5. Interglobe Aviation (Indigo) Placement – Another US$800m+ Deal by Co-Founder

By Akshat Shah, Aequitas Research

InterGlobe Aviation Ltd (INDIGO IN)‘s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

6. Foshan Haitian Flavouring H Share Listing: The Investment Case

By Arun George, Global Equity Research Ltd

Foshan Haitian Flavouring & Food (603288 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.
Foshan Haitian Flavouring & Food Company (FHF HK) has been China’s leading condiments company in terms of sales volume for 28 consecutive years.
The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.

7. Isuzu Motors Placement – Relatively Small Deal Along with Buyback

By Sumeet Singh, Aequitas Research

A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP).
Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.
In this note, we will talk about the placement and run the deal through our ECM framework.

8. Foshan Haitian Flavouring A/H Listing – PHIP Updates and Thoughts on A/H Premium

By Sumeet Singh, Aequitas Research

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.

9. ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony

By Sumeet Singh, Aequitas Research

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Pharmaceuticals (1276 HK) performance has paved the way for a slew of A/H listings to follow.
On the placements front, there was a large selldown in HD Hyundai Marine Solution (443060 KS) and a lockup release for Pony AI (PONY US) is coming up.

10. Capitaland Ascendas REIT Placement: DPU and NAV Accretive

By Nicholas Tan, Aequitas Research

CapitaLand Ascendas REIT (CLAR SP) is looking to raise at least S$500M in a private placement, to fund the acquisition of some valuable properties.
These acquisitions will expand the firm’s portfolio exposure to Singapore and data centers.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

Jun 01

Weekly Top Ten Event-Driven and Index Rebalance – Jun 1, 2025

By Smartkarma Content | Event-Driven and Index Rebalance

This weekly newsletter pulls together summaries of the top ten most-read Insights across Event-Driven and Index Rebalance on Smartkarma.

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1. Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows

By Brian Freitas, Periscope Analytics

Horizon Robotics (9660 HK) will be added to Southbound Stock Connect from the start of trading today. Then there will be passive buying at the close on 20 June.
The lock up expiry in April will result in large buying from trackers of the Hang Seng TECH Index (HSTECH INDEX) and HSIII Index in September.
The stock will also be added to another large global index, though the timing on inclusion is not certain at the moment.

2. Zomato/Eternal: The BIG Passive Selling Starts

By Brian Freitas, Periscope Analytics

Following shareholder approval of the proposal to reduce the Foreign Ownership Limit from 100% to 49.5%, NSDL has updated the FOL. This starts the process of passive selling in Zomato.
Passives will sell US$350m at the close on Tuesday. There is a low probability of more selling later in the week. There will be bigger selling in August.
The size of the selling in August and beyond will depend on what foreign investors do in the stock till the end of June. Watch the red flag/ breach list.

3. [Japan Activism/M&A] Taiyo Holdings (4626) Now an MBO Target? KKR and One More Bidding

By Travis Lundy, Quiddity Advisors

Taiyo Holdings (4626 JP) has an interesting background, embroiled in a separate activist event via its equity affiliate sponsor Dic Corp (4631 JP), and recently an activist target itself.
Today a Bloomberg article said KKR and one other PE fund had made acquisition proposals via TOB. Taiyo confirmed, establishing a Special Committee. A deal is months away, at earliest.
Shares shot up to limit up, opened briefly, then resumed at limit up. The question here and now is valuation.

4. [Japan M&A] Makino Milling (6135) – MBK as White Knight Appears To Have Made a Binding Bid

By Travis Lundy, Quiddity Advisors

In December, Nidec Corp (6594 JP) made an unsolicited bid for Makino Milling Machine Co (6135 JP). Makino wanted more time. Nidec wanted to squeeze. Makino proposed a poison pill.
Makino appeared to act slowly but white knight bidders were mooted in the media. Nidec launched, but apparently approvals may have been hard. They withdrew. Makino cancelled the poison pill.
Shares fell sharply. Yesterday, they rose because it appears Effissimo owns 3%. Today, we got news post-close that MBK may be close to making an ¥11,000+ bid.

5. [Japan M&A] NTT To Buy Out SBI Sumishin Net Bank (7163) At a HUGE Price for Minorities

By Travis Lundy, Quiddity Advisors

Late Nov-2024, SBI Sumishin Net Bank (7163 JP) was trading ¥2,900, weekly mag Bunshun scooped a possible NTT Docomo deal. The stock popped, I was skeptical. It popped more.
At Q3 earnings, NTT seemed to downplay the possibility saying they wouldn’t overpay. SBI Sumshin fell. Then fell some more.
Today we get a deal whereby NTT buys out SBI Holdings (8473 JP)‘s 34% stake, and minorities, and partners with Sumitomo Mitsui Trust. Then a side deal with SBI.

6. Tsuruha (3391 JP)/Welcia (3141 JP): Vote Musings

By Arun George, Global Equity Research Ltd

Leading proxies recommend that Tsuruha Holdings (3391 JP) shareholders vote against the Tsuruha/Welcia Holdings (3141 JP) merger on 26 May.
The share exchange terms favour Welcia over Tsuruha shareholders. The Tsuruha vote will be close but likely to be approved. Long Tsuruha is the trade, irrespective of the vote.
For a vote pass, you are long synergies and a likely partial offer bump. For a fail, you are long an undemanding multiple and the optionality of a new bid.

7. A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

By Travis Lundy, Quiddity Advisors

AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) now 5% through. CATL 10% through will help.
It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

8. [Japan Activism/M&A] – Shareholders Approve Tsuruha/Welcia Merger – Now It’s Partial Offer+Synergies

By Travis Lundy, Quiddity Advisors

This morning the Nikkei reported shareholders of Welcia Holdings (3141 JP) and Tsuruha Holdings (3391 JP) approved their Merger. Activists opposed but it was going to be close at best.
As expected, Welcia shares popped, and the spread converged to 2% with Tsuruha falling back to just below ¥11,400. Some of this is unwind of speculative interest in Tsuruha.
The new yuhos are out, which shows roughly where we stand (as of end-Feb, and some updates). Now the trade is NEWCO vs Aeon’s interest and NEWCO vs World.

9. NIFTY Index Outlook (With an Eye on Zomato’s Passive Selling Starting…)

By Nico Rosti, MRM Research

As reported by Brian Freitas , one of the NIFTY Index (NIFTY INDEX) ‘s component (Zomato: Eternal (ETERNAL IN) ) will be subject to big passive selling beginning on Tuesday.
Let’s have a look at the NIFTY Index (NIFTY INDEX) to evaluate the tactical outlook according to our model.
Since our last BUY recommendation in a previous insight in early May, the index has made some progress uptrending, let’s see if the rally can continue…

10. [Quiddity Index] GMO (9449) Sub GMO Financial Gate (4051) Moves to TOPIX

By Travis Lundy, Quiddity Advisors

Today after the close, GMO Internet Group (9449 JP) subsidiary GMO Payment Gateway (3769 JP) announced its subsidiary GMO Financial Gate (4051 JP) would move to TSE Prime 5 June.
That means it moves to TOPIX at the close of trading 30 July 2025.
This growth stock appears to have “de-growthed” somewhat in stock price terms – trading near its IPO price from covid era, so it is worth a look.

Jun 01

Weekly Top Ten Equity Derivatives – Jun 1, 2025

By Smartkarma Content | Equity Derivatives

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Derivatives on Smartkarma.

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1. Alibaba (9988 HK): Unpacking the Week’s Savvy Top Options Trades

By Gaudenz Schneider

Over the past five trading days, Alibaba Group Holding (9988 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Popular Strategies: Over 35% of all strategies are Calendar or Diagonal Spreads. Bullish and bearish views prevail at equal rates, with very few market-neutral views expressed.
Top Trades: Some market participants were betting on a short term re-bound after the post-earnings drop. Others take a bearish view with finely calibrated medium-term hedges. Trade-examples are presented.

2. Alibaba (9988 HK): Navigating Post-Earnings Volatility

By Gaudenz Schneider

Implied Volatility Trends:Alibaba Group Holding’s (9988 HK) one-month implied volatility has significantly receded to the 37th percentile after its 15 May earnings, reflecting a substantial implied vola crush.
Skew and Term Structure Dynamics: The implied volatility term structure is now slightly upward-sloping with longer-dated options commanding a small premium. Skew dynamics indicate cheaper puts.
Open Interest Distribution: Liquidity is greatest in the June and September expiries. Short term strikes are concentrated near or at the money.

3. HDFC Bank Tactical View: Inflection Point or Just a Pause?

By Nico Rosti, MRM Research

HDFC Bank (HDFCB IN) is navigating a mix of positive growth indicators and emerging regulatory challenges but average 12-month target is ₹2,194, with estimates ranging from ₹1,627 to ₹2,793.
Consensus rating: predominantly “Buy” from major brokerages, including ICICI Securities and Motilal Oswal, citing strong loan growth and stable asset quality.
The stock’s strong fundamentals and growth outlook remain intact, but momentum has stalled in recent weeks following the sharp rally we correctly anticipated from January 14, 2025.

4. CATL (3750.HK): Rich Vols, Strong Start, and a Tactical Hedge

By John Ley, Clifton Derivatives

CATL’s options debut in Hong Kong has been active, with strong Call interest and rising open interest suggesting early investor enthusiasm.
Implied vols are holding firm post-listing and appear rich —potentially justifiable given the trading dynamics and catalysts.
We recommend a tactical hedge structure that skews return favourably, targeting recent highs and protecting against downside drift.

5. China Mobile (941 HK) Poised for Pullback: A Tactical Low-Cost Options Play With High Upside

By Gaudenz Schneider

With a 5-week rally China Mobile (941 HK) is in overbought territory and quantitative models flag potential for a pullback.
Options may be underpricing the downside risk, creating an attractive opportunity to buy cheap options with high payoff potential.
This Insight outlines an option strategy combining quantitative signals with volatility analysis.

6. KOSPI 200 Tactical Outlook After Index Rebalancing

By Nico Rosti, MRM Research

Korea Exchange announced its KOSPI 200 rebalance changes on 27 May, Sanghyun Park and Douglas Kim wrote extensively about this, here we want to focus purely on the tactical strategy.
The KOSPI 200 INDEX pulled back last week, then surged on Monday and stagnated on Tuesday, the index has plenty of room to go higher according to our model.
According to our model, the number of rallies vastly offset the number of pullbacks when this pattern is encountered (=pullbacks are rare), this could be read as a bullish indication.

7. HSI Index Options Weekly (May 26-30): Choppy Tape, One Strike Rules Them All

By John Ley, Clifton Derivatives

HSI traded sideways for a third straight week as macro headlines swirled and tariffs turned internally litigious.
Volatility drifted lower, with 1M implied vol dropping below its 1-year median for the first time in months.
Call volumes were significantly higher led by one strike in particular.

8. All Eyes On Nvidia (NVDA US): Post-Earnings Outlook and Profit Targets

By Nico Rosti, MRM Research

By the time this insight is published, NVIDIA Corp (NVDA US) will have reported earnings. Our model does not rely on fundamentals or news, so the forecast is made in advance.
The stock pulled back last week, mild pullback, not oversold, ideally a buy-the-dip opportunity. Support targets: 123-112
If the stock rallies, the rally could last 3 weeks and reach 156. Read the detailed analysis in the insight.

9. Nifty Index Options Weekly (May 26 – 30): Rally Pauses, Vol Holds at Elevated Levels

By John Ley, Clifton Derivatives

Nifty had limited movement this week with the rally off the April low stalling out.
Elevated volatility metrics contrast with an otherwise quiet tape over the past week. We recommend taking some chips off the table, taking advantage of vol levels.
Nifty has given up about 1/2 its outperformance vs the SP500 over the past couple of weeks.

10. TLT – From Hedge to Risk Asset: Behavior Continues to Shift

By John Ley, Clifton Derivatives

TLT is showing signs of shifting behavior, no longer acting like a classic flight-to-quality asset.
One-Month implied vol sits above average, though not at extreme levels.
The evolving vol structure suggests caution for those expecting traditional bond market flight to quality behavior.

Jun 01

Entities 34501-34600

By Smartkarma Content | Entity Directory

Entity	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Fundamental Intl L/C (FNDF US, FNDF)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Fundamental Intl S/C (FNDC US, FNDC)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Fundamental U.S. Broad (FNDB US, FNDB.P, FNDB)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Fundamental U.S. Large Company Index ETF (FNDX US, FNDX)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Fundamental U.S. Small (FNDA US, FNDA)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Intermediate-Term U.S. (SCHR US, SCHR)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab International Dividend (SCHY US, SCHY.P, SCHY)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab International Equity ET (SCHF US, SCHF.P, SCHF)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab International Small-Cap Equity ETF (SCHC US, SCHC)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Long-Term Us Treasury (SCHQ US, SCHQ.P, SCHQ)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Short-Term Us Treas (SCHO US, SCHO)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Us Aggregate Bond Etf (SCHZ US, SCHZ)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab US Broad Market ETF (SCHB US, SCHB.P, SCHB)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab US Dividend Equity ETF (SCHD US, SCHD.P, SCHD)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab US Large-Cap ETF (SCHX US, SCHX.P, SCHX)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab U.S. Large-Cap Growth E (SCHG US, SCHG.P, SCHG)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab Us Large-Cap Value (SCHV US, SCHV)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab U.S. Mid-Cap ETF (SCHM US, SCHM)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab U.S. REIT ETF (SCHH US, SCHH)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab US Small-Cap ETF (SCHA US, SCHA.P, SCHA)	Insights	Analytics	News	Discussion	Filings	Reports
Schwab US TIPS ETF (SCHP US, SCHP.P, SCHP)	Insights	Analytics	News	Discussion	Filings	Reports
Schweiter Technologies Ag (SWTQ SW, SWTQ.S, SWTQ.SW)	Insights	Analytics	News	Discussion	Filings	Reports
Sciclone Pharmaceuticals (6600 HK, 6600.HK)	Insights	Analytics	News	Discussion	Filings	Reports
Scicom (Msc) (SCIC MK, SCICOM, SCCM.KL, 0099.KL)	Insights	Analytics	News	Discussion	Filings	Reports
SciDev (SDV AU, SDV.AX)	Insights	Analytics	News	Discussion	Filings	Reports
Science (SAG LN, SAGS.L, SAG.L)	Insights	Analytics	News	Discussion	Filings	Reports
Science 37 Holdings (SNCE US, SNCE.OQ, SNCE)	Insights	Analytics	News	Discussion	Filings	Reports
Science Applications Inte (SAIC US, SAIC.N, SAIC)	Insights	Analytics	News	Discussion	Filings	Reports
Science Arts Inc (4412 JP, 4412.T)	Insights	Analytics	News	Discussion	Filings	Reports
Scienjoy Holding Corp (SJ US, SJ.OQ, SJ)	Insights	Analytics	News	Discussion	Filings	Reports
Scientech Corp (3583 TT, 3583.TW)	Insights	Analytics	News	Discussion	Filings	Reports
Scientex Bhd (SCI MK, SCIENTX, STIK.KL, 4731.KL)	Insights	Analytics	News	Discussion	Filings	Reports
Scientific Games Corp A (SGMS US, SGMS.O, SGMS)	Insights	Analytics	News	Discussion	Filings	Reports
SciGen Ltd (SIE AU, SIE.AX)	Insights	Analytics	News	Discussion	Filings	Reports
Scigineer Inc (6031 JP, 6031.T)	Insights	Analytics	News	Discussion	Filings	Reports
Scilex Holding (SCLX US, SCLX.OQ, SCLX)	Insights	Analytics	News	Discussion	Filings	Reports
Scimee Sci & Tech (300425 CH, 300425.SZ)	Insights	Analytics	News	Discussion	Filings	Reports
Scinex Corp (2376 JP, 2376.T)	Insights	Analytics	News	Discussion	Filings	Reports
Scinopharm Taiwan (1789 TT, 1789.TW)	Insights	Analytics	News	Discussion	Filings	Reports
Scintronix Corp (SCIN SP, T20.SI)	Insights	Analytics	News	Discussion	Filings	Reports
Sci Pharmtech (4119 TT, 4119.TW)	Insights	Analytics	News	Discussion	Filings	Reports
Sciplay Corporation (SCPL US, SCPL)	Insights	Analytics	News	Discussion	Filings	Reports
Sciquest Inc (SQI US, SQI)	Insights	Analytics	News	Discussion	Filings	Reports
SciSparc (SPRC US, SPRC.OQ, SPRC)	Insights	Analytics	News	Discussion	Filings	Reports
Scisys Group PLC (SSY LN, SSY.L)	Insights	Analytics	News	Discussion	Filings	Reports
Scivision Biotech (1786 TT, 1786.TW)	Insights	Analytics	News	Discussion	Filings	Reports
Scivita Medical Technology (SMT HK)	Insights	Analytics	News	Discussion	Filings	Reports
Scomi Energy Services (SES MK, SCOMIES, SCES.KL, 7045.KL)	Insights	Analytics	News	Discussion	Filings	Reports
Scomi Engineering (SEB MK, SCOMIEN, SMNG.KL, 7366.KL)	Insights	Analytics	News	Discussion	Filings	Reports
Scomi Group Bhd (SGB MK, SCOMI, SCOI.KL, 7158.KL)	Insights	Analytics	News	Discussion	Filings	Reports
S Connect (096630 KS, A096630, 096630.KQ)	Insights	Analytics	News	Discussion	Filings	Reports
Scooters India (SCTR IN, 505141, SCOO.BO, SCOOTER.BO)	Insights	Analytics	News	Discussion	Filings	Reports
Scope Industries (SCP MK, SCOPE, SCPE.KL, 0028.KL)	Insights	Analytics	News	Discussion	Filings	Reports
Scopus Biopharma (SCPS US, SCPS.PK, SCPS)	Insights	Analytics	News	Discussion	Filings	Reports
Scorpion Minerals (SCN AU, SCN.AX)	Insights	Analytics	News	Discussion	Filings	Reports
Scorpio Tankers (STNG US, STNG.N, STNG)	Insights	Analytics	News	Discussion	Filings	Reports
Scorpius Holdings (SCPX US, SCPX.A, SCPX)	Insights	Analytics	News	Discussion	Filings	Reports
SCOR SE (SCR FP, SCOR.PA, SCR.PA)	Insights	Analytics	News	Discussion	Filings	Reports
ScotGems Plc (SGEM LN, SGEM.L)	Insights	Analytics	News	Discussion	Filings	Reports
Scotgold Resources (SGZ AU, SGZ.AX)	Insights	Analytics	News	Discussion	Filings	Reports
Scottish American Inv Comp (SCAM LN, SCAM.L)	Insights	Analytics	News	Discussion	Filings	Reports
Scottish Investment Trust Plc (SCIN LN, SCIN.L)	Insights	Analytics	News	Discussion	Filings	Reports
Scottish Mortgage Investment Trust (SMT LN, SMT.L)	Insights	Analytics	News	Discussion	Filings	Reports
Scottish Oriental Smaller Companies Trust PLC (SST LN, SST.L)	Insights	Analytics	News	Discussion	Filings	Reports
Scottish Pacific (SCO AU, SCO.AX)	Insights	Analytics	News	Discussion	Filings	Reports
Scottish Salmon Co Plc (SSC NO, SSC.OL)	Insights	Analytics	News	Discussion	Filings	Reports
Scotts Miracle-Gro Co Cl A (SMG US, SMG.N, SMG)	Insights	Analytics	News	Discussion	Filings	Reports
Scott Technology (SCT NZ, SCT.NZ)	Insights	Analytics	News	Discussion	Filings	Reports
Scout24 AG (G24 GR, G24N.DE, G24.F)	Insights	Analytics	News	Discussion	Filings	Reports
Scout Security Ltd (SCT AU, SCT.AX)	Insights	Analytics	News	Discussion	Filings	Reports
scPharmaceuticals Inc (SCPH US, SCPH.O, SCPH)	Insights	Analytics	News	Discussion	Filings	Reports
ScPrime (SCP CURNCY, SCP-USD)	Insights	Analytics	News	Discussion	Filings	Reports
Screaming Eagle Acquisition (SCRM US, SCRM)	Insights	Analytics	News	Discussion	Filings	Reports
Screaming Eagle Acquisition (SCRMU US, SCRMU.OQ, SCRMU)	Insights	Analytics	News	Discussion	Filings	Reports
SCREEN Holdings (7735 JP, 7735.T)	Insights	Analytics	News	Discussion	Filings	Reports
Scripps Networks Inter Cl A (SNI US, SNI.O, SNI)	Insights	Analytics	News	Discussion	Filings	Reports
Scroll Corp (8005 JP, 8005.T)	Insights	Analytics	News	Discussion	Filings	Reports
Scsk Corp (9719 JP, 9719.T)	Insights	Analytics	News	Discussion	Filings	Reports
Scud Group Ltd (1399 HK, 1399.HK)	Insights	Analytics	News	Discussion	Filings	Reports
Scully Royalty (SRL US, SRL.N, SRL)	Insights	Analytics	News	Discussion	Filings	Reports
Sculptor Acquisition Corp I (SCUA US)	Insights	Analytics	News	Discussion	Filings	Reports
Sculptor Acquisition I (SCUA/U US, SCUA.U, SCUAU.N, SCUAU)	Insights	Analytics	News	Discussion	Filings	Reports
Sculptor Capital Management In (SCU US, SCU.N, SCU)	Insights	Analytics	News	Discussion	Filings	Reports
Sculture International Holdings (1255 HK, 1255.HK)	Insights	Analytics	News	Discussion	Filings	Reports
SCVX Corp (SCVX US, SCVX.N, SCVX)	Insights	Analytics	News	Discussion	Filings	Reports
SCWorx (WORX US, WORX.OQ, WORX)	Insights	Analytics	News	Discussion	Filings	Reports
SCYNEXIS (SCYX US, SCYX.OQ, SCYX)	Insights	Analytics	News	Discussion	Filings	Reports
SDAX (SDAX12 SP)	Insights	Analytics	News	Discussion	Filings	Reports
SD Biosensor (137310 KS, 137310.KS)	Insights	Analytics	News	Discussion	Filings	Reports
SD Biotechnologies (217480 KS, 217480.KQ)	Insights	Analytics	News	Discussion	Filings	Reports
SDCL EDGE Acquisition (SEDA/U US, SEDA.U, SEDAU.N, SEDAU)	Insights	Analytics	News	Discussion	Filings	Reports
SDCL EDGE Acquisition Corp (SEDA US)	Insights	Analytics	News	Discussion	Filings	Reports
S&D Co Ltd (260970 KS, 260970.KQ)	Insights	Analytics	News	Discussion	Filings	Reports
Sd Entertainment (4650 JP, 4650.T)	Insights	Analytics	News	Discussion	Filings	Reports
SDIC Capital (600061 CH, 600061.SS)	Insights	Analytics	News	Discussion	Filings	Reports
SDI Corporation (2351 TT, 2351.TW)	Insights	Analytics	News	Discussion	Filings	Reports
SDIC Power Holdings (600886 CH, 600886.SS)	Insights	Analytics	News	Discussion	Filings	Reports
Sdic Xinji Energy Co A (601918 CH, 601918.SS)	Insights	Analytics	News	Discussion	Filings	Reports
Sdic Zhonglu Fruit Juice -A (600962 CH, 600962.SS)	Insights	Analytics	News	Discussion	Filings	Reports
SDI Group (SDI LN, SDI.L)	Insights	Analytics	News	Discussion	Filings	Reports

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May 25

Weekly Top Ten Tech Hardware and Semiconductor – May 25, 2025

By Smartkarma Content | Tech Hardware and Semiconductor

This weekly newsletter pulls together summaries of the top ten most-read Insights across Tech Hardware and Semiconductor on Smartkarma.

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1. Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location

By Patrick Liao

NVIDIA Corp (NVDA US) CEO Jensen Huang visited Taiwan to attend the COMPUTEX Taipei International Computer Exhibition.
Meanwhile, NVIDIA continues expanding its workforce, recently opening over a thousand job vacancies globally.
Throughout his speech, Huang repeatedly mentioned Taiwan. He opened with “Hello Taiwan,” noting that both of his parents were present in the audience, highlighting his personal connection to Taiwan.

2. US Middle East AI Splurge. A Bold Move But Also A Curious Affair

By William Keating, Ingenuity

AMD & NVIDIA both pocket deals to equip 500MW data centers in Saudi Arabia over the next 5 years.
UAE announced plans to build 5GW of data centre capacity with local champion G42 leading the charge. Microsoft and Cerebras were notable by their absence last week.
The Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue.

3. TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today.

By Patrick Liao

TSMC explained that the growing demand for autonomous driving technologies in smartphones, PCs, IoT devices, and the automotive industry is driving the development of its N4/N3 and N6RF process technologies.
TSMC announced that the A14 process, which will adopt the new NanoFlex Pro technology, is scheduled to begin production in 2028.
TSMC plans to launch CoWoS-L with 5.5x reticle size in 2026 and surpass current CoWoS limitations with 9.5x reticle size by 2027.

4. Taiwan Tech Weekly: COMPUTEX 2025 Kicks Off — Nvidia CEO Unveils Taiwan AI Supercomputer Investment

By Vincent Fernando, CFA, Zero One

COMPUTEX 2025 Kicks Off — Nvidia CEO unveils Taiwan AI Supercomputer investment plan with Hon Hai, TSMC as key partners.
Nvidia Opens Up Ecosystem with new “NVLink Fusion” — A strategic move to cement long-term platform dominance.
PC Monitor — Asus Results Warn of Coming Slowdown; PCs’ Next Edge AI Shift

5. Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

By Vincent Fernando, CFA, Zero One

TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher
ASE: +6.0% Premium; Near Level to Go Short the ADR Spread
ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread

6. TSMC (2330.TT; TSM.US): Xiaomi Launch “Surge O1” With 3nm.

By Patrick Liao

Xiaomi to launch strategic new products on the 22nd, including the new SoC chip “Surge O1”.
Xiaomi Surge O1 at a glance: benchmark scores suggest it’s a strong rival to MediaTek and Qualcomm.
While Xiaomi has not confirmed the chip’s foundry partner, we believe it is very likely manufactured by Taiwan Semiconductor (TSMC) – ADR (TSM US).

7. AMD. Adding $6 Billion Buyback & Authorizing 78% Increase In Share Count. But Why?

By William Keating, Ingenuity

Following its AGM on May 13 last, AMD announced a new $6 billion share repurchase program, despite still having $4 billion remaining on the previous buyback program
The AGM also approved a proposal to authorize a 78% increase in the company’s share count, from 2.25 billion to 4 billion shares
It’s a bold move on AMD’s part and it reawakens memories of the company’s acquisition of Xilinx back in 2022 in a $35 billion all stock deal. Deja vu ?

8. TSMC (2330.TT; TSM.US): TSMC’s Arizona Subsidiary Sent a Letter in Response to the U.S. Authorities.

By Patrick Liao

The U.S. Department of Commerce’s Bureau of Industry and Security (U.S. BIS) recently released a series of public consultations regarding Section 232 related to semiconductors.
TSMC stated that any import measures should not create uncertainty for existing semiconductor investments.
Any measures taken by the U.S. government should not undermine the national security policy objectives of the U.S. government, including advanced semiconductor production at TSMC Arizona.

9. PC Monitor: Asus Results Warn of Coming Slowdown; PCs’ Next Edge AI Shift

By Vincent Fernando, CFA, Zero One

ASUS beat 1Q25 expectations, but flagged tariff risks and a potential PC demand slowdown in 2H25 as consumers front-load purchases ahead of pricing uncertainty.
PC segment growth outperformed the market, led by >30% YoY gains in commercial PCs and strong momentum in AI-capable and gaming systems.
On-Device AI execution is emerging as the next PC evolution; Asus is preparing for this shift with GX10 edge devices and deeper integration of AI across product lines.

May 25

Weekly Top Ten Equity Capital Markets – May 25, 2025

By Smartkarma Content | Equity Capital Markets

This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.

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1. GMO Internet (4784) – Squeeze-Able So Squeezing, Offering Likely Gets Pulled – AVOID LIKE THE PLAGUE

By Travis Lundy, Quiddity Advisors

GMO Internet (4784 JP) was created by the reverse takeover of a listed cad/media company by its parent company’s “internet infrastructure” business. GMO Internet Group ended up with ~98%.
In the process, the stock rose 500%. Now, as part of its promise to the TSE allowing TSE Prime membership for the extraordinarily low-float target, the parent is offering shares.
The squeeze has it at 180x Dec25e EPS, 111x EBIT, 70x book. The offering likely gets pulled and the stock isn’t shortable… so what next? Pain, and an ECLWO.

2. CATL A/H Trading – Strong Demand, Upsized, Included in Short-Sell List

By Sumeet Singh, Aequitas Research

Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.
Contemporary Amperex Technology (3750 HK) is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.

3. GMO Internet Placement: Extremely Overvalued at the Moment

By Nicholas Tan, Aequitas Research

GMO Internet Group (9449 JP) is looking to sell its 33.4% stake in its subsidiary GMO Internet (4784 JP) to meet free-float requirements.
Shares are very overvalued at the moment and should be worth a mere fraction of its current trading value.
We have looked at the company’s deal dynamics in our earlier notes. In this note, we discuss the firm’s outlook as well as valuation.

4. Jiangsu Hengrui Pharma H Share Listing (1276 HK): Trading Debut

By Arun George, Global Equity Research Ltd

Jiangsu Hengrui Pharmaceuticals (1276 HK) priced its H Share at HK$44.05 to raise HK$9,890.1 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
The timing of the H Share listing is fortuitous, as the peers have materially re-rated since the prospectus was released on 15 May.
Hengrui had the highest oversubscription rates among recent large AH listings. The AH discount implied by the offer is attractive.

5. CATL H Share Listing (3750 HK) IPO: Trading Debut

By Arun George, Global Equity Research Ltd

Contemporary Amperex Technology (3750 HK) priced its H Share at HK$263 to raise HK$35,657.2 million (US$4.6 billion) in gross proceeds. The H Share will be listed tomorrow.
The H Share listing price implies an AH discount of 6.6% at the A Share price of RMB63.51. This compares to Midea Group (300 HK)‘s AH discount of 4.7%.
CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is attractive.

6. Eastroc Beverage A/H Listing – Energized – Fast Growth, Better Margins

By Sumeet Singh, Aequitas Research

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost & Sullivan (F&S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

7. ECM Weekly (19 May 2025) – CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

By Sumeet Singh, Aequitas Research

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Medicine (600276 CH) will remain in the spotlight in the coming week as well.
On the placements front, Japan deals appear to be picking up again.

8. HD Hyundai Marine Placement – Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

By Sumeet Singh, Aequitas Research

KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
KKR had come out of its IPO linked lockup in Nov 2024 and had tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
In this note, we will talk about the placement and run the deal through our ECM framework

9. Hanwha Aerospace: Higher Rights Offering Price and Amount

By Douglas Kim, Douglas Research Advisory

On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average price, and the closing price on the base date.

10. PegBio 派格生物 IPO: A Hardsell but Mostly Done Deal

By Ke Yan, CFA, FRM, Aequitas Research

PegBio, a China-based near commercial stage biotech company, launched its IPO to raise up to US$39m via a Hong Kong listing.
We have previously covered the company’s fundamentals and valuation. We highlight issues of the company.
In this note, we look at the deal term. We think the valuation is demanding, but the company managed to get support from local government facilitate its listing.

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