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Smartkarma Daily Briefs

Daily Brief ESG: The Toyota Way Is Not to Rush and more

By | Daily Briefs, ESG

In today’s briefing:

  • The Toyota Way Is Not to Rush, but to Gain a Foothold and Proceed with Caution


The Toyota Way Is Not to Rush, but to Gain a Foothold and Proceed with Caution

By Aki Matsumoto

  • It’s unlikely that the transition to ‘company with audit committee’ will enhance the supervisory function, but it’s likely to speed up the decision-making process by delegating authority to executive directors.
  • Instead of achieving 30% female board member and moving to Company with US-type 3 Committees at once, Toyota will implement Toyota’s way firmly with BOD that is half independent directors.
  • The only way for Toyota, which faces several governance challenges, to uphold tradition of Toyoda family being at the top of management is to make the returns expected by investors.

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Daily Brief Thematic (Sector/Industry): Ohayo Japan | S&P 500 Claws Back Losses and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | S&P 500 Claws Back Losses
  • Japan Morning Connection: US Markets Well off the Lows Pointing to Better Start for JP
  • Singapore Banks – Credit Growth Overshadowed by Deposit Growth, New Monthly HFD
  • European Software: Fortnox (FNOX SS) Going Private – Might Makes Right


Ohayo Japan | S&P 500 Claws Back Losses

By Mark Chadwick

  • US stocks ended a turbulent March with a rebound as the S&P 500 rose 0.6% to 5,612 and the Dow Jones Industrial Average gained 1%, or roughly 400 points
  • Ricoh acquired an additional 44.4% stake in its U.S. subsidiary, Elixagen Scientific, on March 31, 2025, making it wholly owned
  • Independent Franchise Partners, a British investment firm, increased its stake in Shiseido to 6.25%, up from 5.2%

Japan Morning Connection: US Markets Well off the Lows Pointing to Better Start for JP

By Andrew Jackson

  • Watch Softbank after bullish comments from ARM that it expects 50% DC GPU market share this year.
  • Hegseth’s Japan trip concludes with no demand for higher defense spending.
  • Shiseido was sharply higher yesterday after activist announces larger stake in an easy squeeze.

Singapore Banks – Credit Growth Overshadowed by Deposit Growth, New Monthly HFD

By Daniel Tabbush

  • Newest monthly release from MAS gives insight into 1Q25 for Singapore’s banks and it is not particularly positive
  • The aggregate loan-to-deposit ratio (LDR) continues to move lower, a year ago it was 69.3% and now it’s at 67.3%
  • Singapore’s banks added deposits of SGD125bn in the past 12 months through February compared with SGD48bn of loans

European Software: Fortnox (FNOX SS) Going Private – Might Makes Right

By Gregory Ramirez

  • Fortnox has announced a public tender offer from EQT and First Kraft for SEK90 per share, valuing the company at SEK54.9bn, representing a 38% premium over the last closing price.   
  • The Fortnox deal signals a recovery in Software M&A activity in 2025. It highlights the growing trend of SaaS companies going private, following similar moves by other European SaaS firms.   
  • Despite the premium, some shareholders may be dissatisfied. Similar criticisms have arisen in other recent deals, but the offer might succeed due to Fortnox’s outstanding stock market performance.

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Daily Brief ECM: Chagee Holdings Limited (CHA): Peeking at the IPO Prospectus of China’s Premium Tea Brand and more

By | Daily Briefs, ECM

In today’s briefing:

  • Chagee Holdings Limited (CHA): Peeking at the IPO Prospectus of China’s Premium Tea Brand
  • QingSong Health Corporation – Pain Points of the Business Model and the Outlook
  • Maynilad Water Services Pre-IPO – The Positives – Key Infrastructure Provider


Chagee Holdings Limited (CHA): Peeking at the IPO Prospectus of China’s Premium Tea Brand

By IPO Boutique

  • As of December 31, 2024, their network comprised 6,440 teahouses, including 6,284 located in China.
  • Their net revenues increased by 844% to RMB4,640.2 million in 2023 from RMB491.7 million in 2022. 
  • We anticipate this company to set terms (share size, price range) and debut in the second half of April.

QingSong Health Corporation – Pain Points of the Business Model and the Outlook

By Xinyao (Criss) Wang

  • The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.
  • Qingsong’s revenue structure has undergone significant changes. However, if Qingsong’s future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.
  • Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  

Maynilad Water Services Pre-IPO – The Positives – Key Infrastructure Provider

By Sumeet Singh

  • Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
  • MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
  • In this note, we talk about the positive aspects of the deal.

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Daily Brief Credit: Indika Energy – Earnings Flash – FY 2024 Results and more

By | Credit, Daily Briefs

In today’s briefing:

  • Indika Energy – Earnings Flash – FY 2024 Results
  • Longfor Group – Earnings Flash – FY 2024 Results


Indika Energy – Earnings Flash – FY 2024 Results

By Trung Nguyen

  • Indika Energy’s FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions from its investments in non-coal businesses so far.
  • The balance sheet worsened significantly during the year.
  • That said, liquidity remained sound.

Longfor Group – Earnings Flash – FY 2024 Results

By Leonard Law, CFA

  • Longfor Group’s FY 2024 results were acceptable.
  • The earnings decline was in line with expectations, driven by lower revenues and margins from the property development segment.
  • We project that Longfor’s contracted sales will continue declining in FY 2025, given the company’s slowdown in land bank replenishment.

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Daily Brief Event-Driven: BYD (1211 HK): God’s Eye & Potential HSTECH Index Inclusion and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • BYD (1211 HK): God’s Eye & Potential HSTECH Index Inclusion
  • Hanwha’s Surprise Gift Disclosure: Three Major Takeaways
  • Skyworth (751 HK): Another Buyback
  • Fat Inheritance Taxes for Hanwha Group Chairman Kim’s Three Sons Post Receiving Hanwha Corp Shares
  • A/H Premium Tracker (To 28 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening
  • HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again
  • (Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon
  • Danish or Not, UniCredit’s Consolidation Appetite Is Intact
  • Exploring Active Portfolio Ideas: Company Sales, Strategic Reviews, Buyouts and More
  • ANGI Spin-off Deep Dive


BYD (1211 HK): God’s Eye & Potential HSTECH Index Inclusion

By Brian Freitas


Hanwha’s Surprise Gift Disclosure: Three Major Takeaways

By Sanghyun Park

  • The chances of a Hanwha Corp-Hanwha Energy merger just dropped significantly. With the brothers now owning 43%, the merger’s effectively off.
  • The three brothers face a KRW 200B gift tax bill and need liquidity. They’ll raise cash via Hanwha Energy’s IPO, with the youngest brother set to sell a 10% stake.
  • Hanwha Corp will likely fund its Hanwha Aerospace rights issue through a rights offering, using KRW 1.3 trillion from Hanwha Energy, after shutting down merger rumors.

Skyworth (751 HK): Another Buyback

By Arun George

  • On 27 March, Skyworth Group Limited (751 HK) launched a conditional buyback to acquire a maximum of 350.0m shares (15.67% of outstanding) at HK$3.11, a 15.2% premium to undisturbed price.
  • Unlike the previous buybacks, the controlling shareholder can vote. Therefore, while the buyback offer is unattractive, the shareholder vote will pass. 
  • Based on the irrevocables, a 100% share minority participation rate implies a minimum proration of 37.84%. The actual proration was around twice the minimum proration for the previous two. 

Fat Inheritance Taxes for Hanwha Group Chairman Kim’s Three Sons Post Receiving Hanwha Corp Shares

By Douglas Kim

  • Hanwha Group Chairman Kim Seung-youn (born in 1952) made a major move to give 11.32% of his shares in Hanwha Corporation (000880 KS) to his three sons.
  • It is estimated that the three sons will need to pay nearly 222 billion won in inheritance taxes associated with receiving additional stakes in Hanwha Corp.
  • Because the three sons need to pay for the high amounts of inheritance taxes, Hanwha Corp is likely to raise the dividend payout in the next several years.

A/H Premium Tracker (To 28 Mar 2025):  AH Premia Still Falling; Expect Curve Torsion or AH Widening

By Travis Lundy

  • AH Premia bounce higher. Spread curve torsion was as expected. Narrow spreads saw Hs suffer more. Wide spreads saw H outperformance. 
  • The last few weeks I said warning signs were flashing and spreads could widen. This week they widened despite big SOUTHBOUND buying.
  • I expect the right thing to do is hunker down and be flat H/A risk.

HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again

By Travis Lundy

  • Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. This week was +HK$37bn.
  • That’s decent net buying still. Keeping that pace would mean a new record. It IS possible this excess flow is state-managed (or state-insisted as insurers up equity investment ratios).
  • Included is a summary of important China Stocks-relevant news as I saw it this week, but tariffs, retaliation, US growth prospects, etc will all matter more. 

(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon

By David Blennerhassett

  • For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.
  • The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.
  • The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .

Danish or Not, UniCredit’s Consolidation Appetite Is Intact

By Jesus Rodriguez Aguilar

  • Despite losing access to favorable capital treatment under the Danish Compromise, Banco BPM is proceeding with its Anima acquisition, leveraging mitigation measures to maintain a CET1 ratio above 13%.
  • UniCredit’s €14B all-share offer for Banco BPM moves forward despite ECB rejecting the Danish Compromise, with capital strength and shareholder backing keeping the deal on a strong trajectory.
  • CEO Andrea Orcel’s dealmaking expertise and UniCredit’s 42.9% share price rise since the bid increase confidence in the bank’s ability to complete the acquisition and extract long-term value.

Exploring Active Portfolio Ideas: Company Sales, Strategic Reviews, Buyouts and More

By Special Situation Investments

  • Lifeway Foods anticipates a sale to Danone, with AGM negotiations expected; SpringWorks Therapeutics in buyout talks with Merck KGaA.
  • Sage Therapeutics rejected Biogen’s offer, initiating strategic review; Kronos Bio undergoes strategic review post-trial discontinuation.
  • Microstrategy trades at NAV premium; OCI N.V. plans asset sales and dividends; Liquidia prepares for drug commercialization.

ANGI Spin-off Deep Dive

By Richard Howe

  • Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround that restored profitability and improved cash flow.

  • The first day of regular way trading will be April 1, 2025.

  • Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network), with an international segment spanning Europe and Canada.


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Daily Brief Equity Bottom-Up: Fast Retailing (9983) | Buying Opportunity Ahead of Q2 Results and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Fast Retailing (9983) | Buying Opportunity Ahead of Q2 Results
  • Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025
  • UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.
  • Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom
  • UiPath: A Tale Of Cloud Transition & SaaS Growth With An Astounding 98% Retention!
  • MIXI Inc. (2121 JP) – A Potentially Game-Changing Deal
  • TEGNA’s Bold Bet on AI & Automation To Expand Margins—Here’s What’s Coming Next!
  • C3.ai’s 460% Surge in Deals Signals a Breakout Moment—Is This the Best AI Stock to Buy Today?
  • Quick Takeout Idea: Dalata Hotel (DHG.IR) – Probably Gets Sold Soon
  • MasTec’s Clean Energy Boom: New Client Wins & Rising Margins Could Fuel Solid Growth In 2025!


Fast Retailing (9983) | Buying Opportunity Ahead of Q2 Results

By Mark Chadwick

  • Fast Retailing (9983 JP)  is set to report its second-quarter results on April 10, and we see an opportunity to buy ahead of a strong earnings release
  • We expect Fast Retailing to post Q2 sales of ¥905bn (+15% YoY), above consensus estimates of ¥881bn. EBIT projected at ¥133bn (+21% YoY), ahead of street expectations of ¥125bn.
  • Domestic Uniqlo monthly sales and quarterly results from global peers suggest strong sales momentum. 

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

By Douglas Kim

  • In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
  • Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
  • Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 

UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.

By Nicolas Baratte

  • Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done
  • TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.
  • Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?

Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

By Vincent Fernando, CFA

  • TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at ‘Taiwan Speed’
  • Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge
  • Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive 

UiPath: A Tale Of Cloud Transition & SaaS Growth With An Astounding 98% Retention!

By Baptista Research

  • UiPath reported its fourth-quarter and full-year fiscal 2025 financial performance, marking several high and low points that are critical for investors to examine as they consider their future involvement with the company.
  • On the positive side, UiPath achieved a quarterly revenue of $424 million, with only a slight impact from foreign exchange fluctuations.
  • For the full fiscal year, revenue increased to $1.43 billion, reflecting a 9% improvement year-over-year.

MIXI Inc. (2121 JP) – A Potentially Game-Changing Deal

By Astris Advisory Japan

  • MIXI has announced an all-cash deal worth ¥35.2bn for PointsBet Holdings (PBH), an Australian sports and racing online betting company operating in Australia and Canada.
  • The deal is due to close in mid-June 2025. We view this transaction as aligned with MIXI’s strategies of business diversification and overseas expansion, leveraging the expertise gained from TIPSTAR in Japan’s keirin and auto-race betting businesses to enter the Australian market, thereby accelerating the growth of both TIPSTAR and PointsBet.
  • MIXI is demonstrating a positive and active allocation of its capital, with a high intent to accelerate the development of its Sports business and make it a key earnings pillar.

TEGNA’s Bold Bet on AI & Automation To Expand Margins—Here’s What’s Coming Next!

By Baptista Research

  • TEGNA Inc. recently presented its fourth-quarter and full-year 2024 financial results, demonstrating both opportunities and challenges for potential investors.
  • The company reported a significant 20% year-over-year increase in total revenue for the fourth quarter, amounting to $871 million, primarily driven by political advertising revenues.
  • However, the political advertising performance nearly matched that of the 2020 election cycle, indicating the cyclical nature of this revenue stream.

C3.ai’s 460% Surge in Deals Signals a Breakout Moment—Is This the Best AI Stock to Buy Today?

By Baptista Research

  • C3.ai has exhibited a solid performance in the third fiscal quarter of 2025, ending January 31, 2025, with both positive developments and certain challenges.
  • The company reported total revenue of $98.8 million, representing a 26% increase year-over-year.
  • Subscription revenue, constituting the majority of its revenue, grew by 22% to $85.7 million.

Quick Takeout Idea: Dalata Hotel (DHG.IR) – Probably Gets Sold Soon

By Acid Investments

  • Dalata Hotel recently announced a formal sales process. Last few days have been really busy ;ppp and I’ve been using time on the road to conjure my “tin-foil hat” hypotheses and squeezing out whatever spare time I have to eke out this article.
  • Before going on, I’d like to highlight that amidst the market chaos, there seems to be a fair few interesting things popping – for e.g. last week, I highlighted DLTR selling off its FD stake and how DLTR deserved a rerating; in other news, Intel has also successfully divested its memory chip business (this time, IP and manpower) over to Sk Hynix, netting a ~1.9b cash infusion and also an indication of focus on its core “less-commoditized” logic chips business.
  • Tan Lip Bu also finished acquiring his 25m worth of shares at ~$23.96 per share. Yet, INTC has traded down with the rest of its boys, as the semicon indices continually to get smacked downwards. Exciting times ahead.

MasTec’s Clean Energy Boom: New Client Wins & Rising Margins Could Fuel Solid Growth In 2025!

By Baptista Research

  • MasTec Inc. has reported strong financial results for the fourth quarter and full year 2024.
  • The company’s performance exceeded expectations across several key metrics, including revenue, adjusted EBITDA, and earnings per share (EPS).
  • For the fourth quarter, MasTec achieved a revenue of $3.4 billion with an adjusted EBITDA of $271 million, marking a 20% year-over-year increase.

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Daily Brief Macro: HEM: Fear of Fear Itself and more

By | Daily Briefs, Macro

In today’s briefing:

  • HEM: Fear of Fear Itself
  • The Month Ahead: Key Events in April
  • WTI’s Recovery Wavers While Henry Hub Regains Momentum
  • Rough Waters subsiding
  • [IO Technicals Weekly 2025/13]: Bullish Momentum Builds as IV Eases
  • Asian Alpha Hedge Fund (AAHF): INTRODUCTION
  • Trump-Russia-China: The Bigger Game


HEM: Fear of Fear Itself

By Phil Rush

  • US surveys indicate a fear of tariffs and DOGE, leading to a negative sentiment.
  • Despite these fears, resilient labour markets suggest that concerns may be exaggerated.
  • There is an expectation of reversing unnecessary easing in 2026 due to high underlying price and wage inflation.

The Month Ahead: Key Events in April

By Gaudenz Schneider

  • Central Bank Rate Decisions in Australia, India, and South Korea.
  • Tariffs: US reciprocal tariffs effective from 2 April; secondary tariffs are now a factor.
  • Holidays: Good Friday is an exchange holiday in Hong Kong, Australia, India, and the US. Several other national holidays throughout the region.

WTI’s Recovery Wavers While Henry Hub Regains Momentum

By Suhas Reddy

  • WTI rebounded in March due to geopolitical risks, but oversupply concerns and Trump’s unpredictable policies may limit further gains as OPEC increases output from April.
  • Henry Hub rallied in 2025, driven by strong LNG demand, supply constraints, and below-average inventories, positioning it for sustained support despite short-term volatility.
  • Henry Hub’s technicals indicate a potential bullish reversal, while WTI’s bullish momentum shows signs of weakening, suggesting divergent trends in the near term.

Rough Waters subsiding

By Mark Tinker

  • We often compare investing to sailing; investors can sit in safe harbour (cash) or they can venture out in most, if not all, weather.
  • Sometimes it requires a lot of tacking and trimming sails to seemingly achieve very little as the winds and tides fight each other, sometimes it is, as they say, plain sailing and the best thing to do is stick on the same course.
  • Obviously, and to extend the metaphor, fishing boats need to sail to where the most fish are and sometimes that means going to places where the weather is less predictable.


[IO Technicals Weekly 2025/13]: Bullish Momentum Builds as IV Eases

By Pranay Yadav

  • SGX IO Futures rose $2.25/ton over the week, closing at $102.25/ton, buoyed by seasonal steel demand and technical support above 9D and 21D DMAs.
  • Implied volatility in iron ore options fell sharply YoY (ATM IV -36%, 10-delta puts -41%), making long volatility positions more affordable.
  • Futures and options open interest rose 6.85% WoW, with Financial Institutions increasing net long positions, reinforcing bullish positioning.

Asian Alpha Hedge Fund (AAHF): INTRODUCTION

By David Mudd

  • The Asian Alpha Hedge Fund (AAHF) returned 31.66% in the first quarter of 2025.  At 3/31/25 the portfolio had a gross position of 172% and a net position of +5.89%. 
  • The fund’s outperformance was attributed to high alpha generation and country allocation/positioning.  The portfolio gained from its long positions in Hong Kong and shorts in Japan.
  • At the end of March, we reduced our long positions in Hong tech names and covered short positions in Japanese steel companies. 

Trump-Russia-China: The Bigger Game

By Sharmila Whelan

  • Investors should be targeting US multinationals that had a presence in Russia pre-war.
  • Despite recent hiccups and Trump’s ire with Putin, expect a peace deal to be struck, for the US to lead Russia’s re-integrations into the world economy.
  • Breaking the Russia-China alliance is the bigger game at play here for Trump/. 

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Daily Brief Utilities: Maynilad Water Services and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Maynilad Water Services Pre-IPO – The Positives – Key Infrastructure Provider


Maynilad Water Services Pre-IPO – The Positives – Key Infrastructure Provider

By Sumeet Singh

  • Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
  • MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
  • In this note, we talk about the positive aspects of the deal.

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Daily Brief Industrials: Hanwha Corporation, Korean Air Lines, Weichai Power Co Ltd H, Mastec Inc, Dongfang Electric, Aaon Inc, Arcadis NV, Stantec , Esab , Middleby Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Fat Inheritance Taxes for Hanwha Group Chairman Kim’s Three Sons Post Receiving Hanwha Corp Shares
  • Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025
  • HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again
  • MasTec’s Clean Energy Boom: New Client Wins & Rising Margins Could Fuel Solid Growth In 2025!
  • Dongfang Electric (1072 HK): Returning to Growth in 1Q25 Despite Weak FY24
  • Can AAON Capitalize On The Data Center Boom With Game-Changing $1 Billion Expansion Plan?
  • What’s New(s) in Amsterdam – 31 March (KPN | Arcadis)
  • Stantec Eyes A Water Infrastructure Boom — But Execution Delays & Cost Pressures Weigh On Performance!
  • ESAB Goes Global: Strategic Strikes in Brazil, Bangladesh & Beyond Set Stage For Future Expansion!
  • Middleby Corporation Is On A Buying Spree—Is M&A The ONLY Feasible Way For Them To Grow?


Fat Inheritance Taxes for Hanwha Group Chairman Kim’s Three Sons Post Receiving Hanwha Corp Shares

By Douglas Kim

  • Hanwha Group Chairman Kim Seung-youn (born in 1952) made a major move to give 11.32% of his shares in Hanwha Corporation (000880 KS) to his three sons.
  • It is estimated that the three sons will need to pay nearly 222 billion won in inheritance taxes associated with receiving additional stakes in Hanwha Corp.
  • Because the three sons need to pay for the high amounts of inheritance taxes, Hanwha Corp is likely to raise the dividend payout in the next several years.

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

By Douglas Kim

  • In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
  • Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
  • Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 

HK Connect SOUTHBOUND Flows (To 28 Mar 2025); Banks and Divs Bought Again

By Travis Lundy

  • Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. This week was +HK$37bn.
  • That’s decent net buying still. Keeping that pace would mean a new record. It IS possible this excess flow is state-managed (or state-insisted as insurers up equity investment ratios).
  • Included is a summary of important China Stocks-relevant news as I saw it this week, but tariffs, retaliation, US growth prospects, etc will all matter more. 

MasTec’s Clean Energy Boom: New Client Wins & Rising Margins Could Fuel Solid Growth In 2025!

By Baptista Research

  • MasTec Inc. has reported strong financial results for the fourth quarter and full year 2024.
  • The company’s performance exceeded expectations across several key metrics, including revenue, adjusted EBITDA, and earnings per share (EPS).
  • For the fourth quarter, MasTec achieved a revenue of $3.4 billion with an adjusted EBITDA of $271 million, marking a 20% year-over-year increase.

Dongfang Electric (1072 HK): Returning to Growth in 1Q25 Despite Weak FY24

By Osbert Tang, CFA

  • Dongfang Electric (1072 HK)‘s 1Q25 express report suggested earnings may increase 15-25% YoY, reversing the YoY decline in 4Q24 and FY24. This is encouraging. 
  • Its signs record new orders in FY24, fuelling its order backlog to Rmb152.6bn, which equals 2x the FY25F revenue. 2H24 new order momentum is better than 1H24.
  • The pending A-share placement, while diluting EPS, will enhance book value for the H-share holders. Its 6.4x PER and 7.3% dividend yield are inexpensive.

Can AAON Capitalize On The Data Center Boom With Game-Changing $1 Billion Expansion Plan?

By Baptista Research

  • AAON, Inc.’s recent earnings for the fourth quarter of 2024 provided investors with a detailed overview of the company’s financial performance, strategic initiatives, and outlook.
  • The company, which boasts a strong position in the heating and cooling industry, highlighted both its achievements and challenges during the year.
  • On the positive side, AAON reported a substantial increase in bookings and backlog, signaling strong future demand.

What’s New(s) in Amsterdam – 31 March (KPN | Arcadis)

By The IDEA!

  • In this edition: • KPN | Liberty Global hints on acquiring optical fibre network in the Netherlands • Arcadis | awarded major rail project contract in the UK

Stantec Eyes A Water Infrastructure Boom — But Execution Delays & Cost Pressures Weigh On Performance!

By Baptista Research

  • Stantec Inc.’s latest financial results highlight a year of robust growth and strategic strength, marked by impressive revenue increases and solid performance across its key geographies.
  • For the full year 2024, Stantec reported record net revenues of $5.9 billion, constituting a 15.8% growth compared to the previous year.
  • This comprised 7.4% organic growth and 7.5% acquisition growth, underscoring the company’s effective strategy in combining steady organic development with strategic acquisitions.

ESAB Goes Global: Strategic Strikes in Brazil, Bangladesh & Beyond Set Stage For Future Expansion!

By Baptista Research

  • ESAB demonstrated a robust financial performance in the fourth quarter of 2024, concluding a year of sustained execution and strategic growth initiatives.
  • The company achieved record fourth-quarter profits and adjusted EBITDA margins, which expanded by 90 basis points to reach 20.3%.
  • Despite flat organic growth, the margins underscore ESAB’s commitment to the EBX continuous improvement system, which facilitated operational enhancements and cost efficiencies.

Middleby Corporation Is On A Buying Spree—Is M&A The ONLY Feasible Way For Them To Grow?

By Baptista Research

  • The Middleby Corporation has recently reported on various strategic changes and an earnings summary for the fourth quarter of 2024.
  • The company announced its decision to spin off its Food Processing business to form a separate publicly traded entity, aiming to create two distinct companies: Middleby Corporation focusing on commercial and residential kitchen equipment, and Middleby Food Processing.
  • This move is expected to allow each business to sharpen its strategic and operational focus, optimize capital structure, and align more strategically with its respective market opportunities.

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Daily Brief Energy/Materials: Hanwha Corporation, Amcor , Natural Gas, Iron Ore, Phillips 66, Indika Energy, Michelmersh Brick Holdings, Capitan Silver and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Hanwha’s Surprise Gift Disclosure: Three Major Takeaways
  • Amcor’s $8B+ Berry Pick: A Juicy Shake-Up for the US Index
  • WTI’s Recovery Wavers While Henry Hub Regains Momentum
  • [IO Technicals Weekly 2025/13]: Bullish Momentum Builds as IV Eases
  • Phillips 66 Gets a Wake-Up Call From Activist Investor — Why Elliott Investments’ Intervention Could Unlock Value!
  • Indika Energy – Earnings Flash – FY 2024 Results
  • Michelmersh Brick Holdings — FY24 a nadir, but FY25 looks more promising
  • CAPT: Drilling Commences at the Cruz De Plata Project


Hanwha’s Surprise Gift Disclosure: Three Major Takeaways

By Sanghyun Park

  • The chances of a Hanwha Corp-Hanwha Energy merger just dropped significantly. With the brothers now owning 43%, the merger’s effectively off.
  • The three brothers face a KRW 200B gift tax bill and need liquidity. They’ll raise cash via Hanwha Energy’s IPO, with the youngest brother set to sell a 10% stake.
  • Hanwha Corp will likely fund its Hanwha Aerospace rights issue through a rights offering, using KRW 1.3 trillion from Hanwha Energy, after shutting down merger rumors.

Amcor’s $8B+ Berry Pick: A Juicy Shake-Up for the US Index

By Harry Kalfas


WTI’s Recovery Wavers While Henry Hub Regains Momentum

By Suhas Reddy

  • WTI rebounded in March due to geopolitical risks, but oversupply concerns and Trump’s unpredictable policies may limit further gains as OPEC increases output from April.
  • Henry Hub rallied in 2025, driven by strong LNG demand, supply constraints, and below-average inventories, positioning it for sustained support despite short-term volatility.
  • Henry Hub’s technicals indicate a potential bullish reversal, while WTI’s bullish momentum shows signs of weakening, suggesting divergent trends in the near term.

[IO Technicals Weekly 2025/13]: Bullish Momentum Builds as IV Eases

By Pranay Yadav

  • SGX IO Futures rose $2.25/ton over the week, closing at $102.25/ton, buoyed by seasonal steel demand and technical support above 9D and 21D DMAs.
  • Implied volatility in iron ore options fell sharply YoY (ATM IV -36%, 10-delta puts -41%), making long volatility positions more affordable.
  • Futures and options open interest rose 6.85% WoW, with Financial Institutions increasing net long positions, reinforcing bullish positioning.

Phillips 66 Gets a Wake-Up Call From Activist Investor — Why Elliott Investments’ Intervention Could Unlock Value!

By Baptista Research

  • The battle for boardroom influence at Phillips 66 has entered a new phase.
  • On March 25, 2025, activist hedge fund Elliott Investment Management filed a lawsuit against Phillips 66 and its board, demanding that four board seats be opened for election at the upcoming annual shareholder meeting.
  • This move comes just weeks after Elliott revealed it had increased its stake in the oil refiner to $2.5 billion and nominated seven directors.

Indika Energy – Earnings Flash – FY 2024 Results

By Trung Nguyen

  • Indika Energy’s FY 2024 results were weak as expected in our view, due to significant challenges amid declining coal prices, with no contributions from its investments in non-coal businesses so far.
  • The balance sheet worsened significantly during the year.
  • That said, liquidity remained sound.

Michelmersh Brick Holdings — FY24 a nadir, but FY25 looks more promising

By Edison Investment Research

Although Michelmersh’s (MBH’s) FY24 results reflected tough markets, there are reasons for investors to be more enthusiastic about the outlook. H224 revenue was less poor than H1 and the early weeks of FY25 saw order intake continue to build. Furthermore, with the direction of interest rates expected to be down and government policies supporting spending, the outlook is promising. MBH is also attractively valued versus peers, trading at a material discount, while its yield is close to 5%. Its balance sheet remains ungeared, further reducing risks.


CAPT: Drilling Commences at the Cruz De Plata Project

By Atrium Research

  • Capitan Silver announced that it has commenced its Phase 1 exploration program targeting 10,000m of RC drilling at its Cruz de Plata silver-gold project.
  • The program will target previously identified high-grade silver targets at Jesus María and the Gully Fault zone.
  • An updated Mineral Resource Estimate is planned for the Capitan Hill Oxide Gold Deposit in Q2/25.

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