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Smartkarma Daily Briefs

Jun 14
0

Daily Brief Financials: Hann Holdings, Inc., Bitcoin, Jefferson Capital, Ping An Insurance (H), Seazen (Formerly Future Land) and more

By | Daily Briefs, Financials

In today’s briefing:

  • Hann Holdings, Inc. Pre-IPO Tearsheet
  • Crypto ETFs: Global Landscape, Market Dynamics, and Outlook
  • Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO
  • Ping An (2318 HK): Strategic Insights and Top Option Trades
  • Lucror Analytics – Morning Views Asia

Hann Holdings, Inc. Pre-IPO Tearsheet

By Troy Wong

  • Hann Holdings, Inc. is looking to raise about US$232mn in its upcoming Philippines IPO. The deal will be run by BDO, CLSA, China Bank, PNB Cap, and Asia United Bank.
  • It operates the leading integrated gaming, hospitality, and luxury resort business in Clark, Philippines, with the highest market share (47.3%) in Clark’s land-based casino market.
  • It owns and operates two of the only three five-star hotels in Central Luzon: Clark Marriott Hotel and Swissôtel Clark Philippines.

Crypto ETFs: Global Landscape, Market Dynamics, and Outlook

By Animoca Brands Research

  • Significant Growth & Untapped Potential: While global crypto ETF AUM has reached $168.3B, this represents a small fraction of the $14.8T global ETF market and the $128T total global AUM, indicating a vast addressable market and substantial room for future expansion. We project the global crypto ETF AUM to potentially exceed $1T in five years, over 6x the current level.
  • US Dominance in AUM, Europe in Variety: The US leads globally with $144.3B in crypto ETF AUM (85.7% market share), largely driven by the successful launch of spot Bitcoin ETFs. Europe, while smaller in AUM ($15.3B), offers a wider array of altcoin ETFs. Canada and Hong Kong have also emerged as important regional hubs.

  • Quantitative Spotlight on US Market Dynamics: Daily net flows into spot ETFs show a positive but modest correlation with Bitcoin price changes (0.34) and a very weak correlation for Ethereum (0.13). Coupled with low R-squared values, this indicates that spot ETF flows, while impacting underlying crypto price, are just one of many factors

Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO

By IPO Boutique

  • Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
  • The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
  • Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

Ping An (2318 HK): Strategic Insights and Top Option Trades

By Gaudenz Schneider

  • Be inspired by sophisticated, live, multi-leg options strategies on Ping An Insurance (2318 HK), executed over the period from 6 to 12 June on the Hong Kong exchange.
  • Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.
  • Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries climbed yesterday, on the back of soft PPI data as well as a solid auction of 30Y notes.
  • The UST curve bull flattened, with the yield on the 2Y UST declining 4 bps to 3.91%, while that on the 10Y UST was down 6 bps at 4.36%.
  • Equities rose, with the S&P 500 and Nasdaq up 0.4% and 0.2%, respectively.

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Jun 14
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries climbed yesterday, on the back of soft PPI data as well as a solid auction of 30Y notes.
  • The UST curve bull flattened, with the yield on the 2Y UST declining 4 bps to 3.91%, while that on the 10Y UST was down 6 bps at 4.36%.
  • Equities rose, with the S&P 500 and Nasdaq up 0.4% and 0.2%, respectively.

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Jun 14
0

Daily Brief Event-Driven: New World Resources (NWC AU)’s Possible Interloper and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • New World Resources (NWC AU)’s Possible Interloper
  • Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

New World Resources (NWC AU)’s Possible Interloper

By David Blennerhassett

Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

By Douglas Kim

  • Tencent has been interested in acquiring Nexon for more than six years. However, the timing and price were not right for such a deal to take place in the past.
  • The higher probability scenario is for Kim’s family members to sell when the timing and price is right. This time around, a $15 billion could be the right price. 
  • Late founder Kim’s family members own a 44.4% stake in Nexon through NXC Corp and its affiliate NXMB BV. Kim’s wife and daughters own a 67.6% stake in NXC Corp. 

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Jun 14
0

Daily Brief Consumer: Vishal Mega Mart, Bloks Group, Lands’ End Inc, Raccoon Holdings, Inc. and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
  • Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits
  • LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT
  • Raccoon Holdings, Inc. (3031 JP): Full-year FY04/25 flash update

Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains

By Sumeet Singh

  • Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
  • Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits

By Andrei Zakharov

  • Bloks Group is one of the top performing stocks in Hong Kong this year, with shares up 186% over the year versus a ~19% gain on the HSI.
  • Chinese assembly character toy maker priced its offering at HK$60.35 per share in January, top of a range, and raised ~HK$1.8B of the net proceeds.
  • The offering was 5,000+ times oversubscribed and Bloks Group IPO attracted a surge of retail investors. The company’s six-month IPO lockup will expire on July 9, 2025.

LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we review the June catalog.
  • Picking up on a theme from last month, the June catalog focus is on the Lands’ End “tote girl.” The company has continued to leverage the popularity of their totes (the most purchases Lands’ End item) and an overall trend towards personalization and embellishment, to capture a younger customer and drive multiple item purchases.
  • For June, the focus remains on swimwear (now at 50% off), and great new looks for the Lands’; End summer lifestyle, from a new linen collection, dresses, the emerging swim dress category and fitted tops and cotton sweaters.

Raccoon Holdings, Inc. (3031 JP): Full-year FY04/25 flash update

By Shared Research

  • Raccoon Holdings achieved 5.0% YoY revenue growth in FY04/25, with EC and Financial businesses rising 6.9% and 2.4% respectively.
  • Operating profit increased 121.3% YoY, driven by reduced advertising expenses and increased personnel costs, resulting in a 20.6% OPM.
  • Revenue for FY04/26 is projected at JPY6.7bn (+10.5% YoY), with EC and Financial businesses growing 10.1% and 11.1% respectively.

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Jun 14
0

Daily Brief Equity Bottom-Up: Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business
  • AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
  • Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins
  • Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits
  • Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear
  • Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
  • RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading
  • What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)
  • UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q
  • 3 D Matrix Ltd (7777 JP): Full-year FY04/25 flash update

Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business

By Garvit Bhandari

  • The separation will occur via a two step transaction – an initial minority IPO carve-out followed by a split-off of the remaining stake.
  • Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time.  Diabetes business could be valued between $8-$11B.
  • The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

By Nicolas Baratte

  • AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
  • AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
  • AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.

Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins

By Rahul Jain

  • EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.
  • Shandong Gold aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth & higher prices.
  • Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.

Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits

By Andrei Zakharov

  • Bloks Group is one of the top performing stocks in Hong Kong this year, with shares up 186% over the year versus a ~19% gain on the HSI.
  • Chinese assembly character toy maker priced its offering at HK$60.35 per share in January, top of a range, and raised ~HK$1.8B of the net proceeds.
  • The offering was 5,000+ times oversubscribed and Bloks Group IPO attracted a surge of retail investors. The company’s six-month IPO lockup will expire on July 9, 2025.

Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear

By Vincent Fernando, CFA

  • DRAM — Global Memory Market Has Regained Momentum in Mid-2025, Driven by a Sharp Upswing in Spot Prices.
  • NAND Flash — Strategic Outsourcing, High ASP Segments Drive Memory Controller Specialist Gains
  • Conclusion — Short-Term Gains vs. Long-Term Growth in Memory Markets

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

By Rahul Jain

  • Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
  • Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
  • Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.

RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading

By Rahul Jain

  • Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.
  • The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.
  • Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.

What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)

By The IDEA!

  • In this edition: • KPN | more behind the VodafoneZiggo / Delta Fiber access deal than meets the eye?
  • • Odido | IPO expected to be postponed until after the summer • Triodos Bank | intends to focus more on the Netherlands

UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

By Zacks Small Cap Research

  • U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
  • U-Haul is also the third largest self-storage operator in North America.
  • U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 & FY2022.

3 D Matrix Ltd (7777 JP): Full-year FY04/25 flash update

By Shared Research

  • Operating revenue increased 51.1% YoY to JPY6.9bn, driven by strong sales of absorbable local hemostat TDM-621.
  • The company reported an operating loss of JPY1.2bn, narrowing by JPY961mn YoY, with a recurring loss of JPY2.5bn.
  • FY04/26 forecast anticipates JPY9.3bn operating revenue, JPY400mn operating profit, and JPY301mn net income attributable to owners.

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Jun 14
0

Daily Brief Macro: HEW: Geopolitics Blow Hot And Warm and more

By | Daily Briefs, Macro

In today’s briefing:

  • HEW: Geopolitics Blow Hot And Warm
  • [IO Technicals 2025/24] Downward Momentum Lingers
  • Korea Politics: Presidential Election Closes Chapter of Chaos
  • EU Opens Tire Duty Probe Against China, Straining Trade Environs
  • Flash – Middle East FX, June 13th 2025 ,

HEW: Geopolitics Blow Hot And Warm

By Phil Rush

  • Israel’s attack on Iran squeezes supply in an unwelcome shock that is harder for central bankers to look through post-pandemic. Warming US-China relations had less impact.
  • Avoidance measures have helped mitigate the tariff shock so far, with US CPI holding steady. The importance of recent disappointing UK demand data is easy to overstate.
  • The BoE is set to hold rates, probably with two dovish dissents and no commitment to August. UK inflation should slow with airfares normalising and a vehicle tax correction.

[IO Technicals 2025/24] Downward Momentum Lingers

By Umang Agrawal

  • The U.S. will impose a 55% tariff on Chinese goods; China responds with 10%, as part of a deal addressing trade and fentanyl concerns.
  • China’s steelmakers face pressure as EV price wars cut margins. Platts to lower iron ore spec to 61% in 2026, prompting SGX contract adjustments.
  • Prices hold below key moving averages, reflecting downside momentum, while the MACD staying under its signal line supports the ongoing bearish outlook. 

Korea Politics: Presidential Election Closes Chapter of Chaos

By Manu Bhaskaran

  • Democratic Party nominee Lee Jae-myung won the snap presidential elections triggered by the impeachment of his predecessor, closing a period of governmental instability.  
  • With unified control of the executive and legislature, Lee will have leeway to pursue looser fiscal policy and some structural reform. But bandwidth is limited by external events.
  • Even if policy shifts are constrained, some political calm will do the country much good as it navigates its structural economic challenges and geopolitical quandary.

EU Opens Tire Duty Probe Against China, Straining Trade Environs

By Vinod Nedumudy

  • Investigation covers HS codes 40111000 and 40112010  
  • China criticizes EU protectionism, warns of market impact  
  • EU tire makers to benefit but consumers may feel the pinch

Flash – Middle East FX, June 13th 2025 ,

By Denis Collot

  • A short word ! Get your priority right ! or go to the easiest ! European large cities, London, Paris are all getting a pretty bad rap in term of security.
  • London is a place I know well and much better than Paris.
  • I commented at length on personal safety, phone theft, bicycle theft, car theft etc. 

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Jun 14
0

Daily Brief Crypto: Crypto ETFs: Global Landscape and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Crypto ETFs: Global Landscape, Market Dynamics, and Outlook

Crypto ETFs: Global Landscape, Market Dynamics, and Outlook

By Animoca Brands Research

  • Significant Growth & Untapped Potential: While global crypto ETF AUM has reached $168.3B, this represents a small fraction of the $14.8T global ETF market and the $128T total global AUM, indicating a vast addressable market and substantial room for future expansion. We project the global crypto ETF AUM to potentially exceed $1T in five years, over 6x the current level.
  • US Dominance in AUM, Europe in Variety: The US leads globally with $144.3B in crypto ETF AUM (85.7% market share), largely driven by the successful launch of spot Bitcoin ETFs. Europe, while smaller in AUM ($15.3B), offers a wider array of altcoin ETFs. Canada and Hong Kong have also emerged as important regional hubs.

  • Quantitative Spotlight on US Market Dynamics: Daily net flows into spot ETFs show a positive but modest correlation with Bitcoin price changes (0.34) and a very weak correlation for Ethereum (0.13). Coupled with low R-squared values, this indicates that spot ETF flows, while impacting underlying crypto price, are just one of many factors

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Jun 14
0

Daily Brief Australia: New World Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • New World Resources (NWC AU)’s Possible Interloper

New World Resources (NWC AU)’s Possible Interloper

By David Blennerhassett

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Jun 14
0

Daily Brief United States: Crude Oil, Medtronic Plc, Advanced Micro Devices, Bitcoin, Jefferson Capital, U-Haul Holding , Lands’ End Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Key Markets Tactical Outlooks After Israel Strike on Iran
  • Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business
  • AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
  • Crypto ETFs: Global Landscape, Market Dynamics, and Outlook
  • Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO
  • UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q
  • LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT

Key Markets Tactical Outlooks After Israel Strike on Iran

By Nico Rosti

Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business

By Garvit Bhandari

  • The separation will occur via a two step transaction – an initial minority IPO carve-out followed by a split-off of the remaining stake.
  • Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time.  Diabetes business could be valued between $8-$11B.
  • The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

By Nicolas Baratte

  • AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
  • AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
  • AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.

Crypto ETFs: Global Landscape, Market Dynamics, and Outlook

By Animoca Brands Research

  • Significant Growth & Untapped Potential: While global crypto ETF AUM has reached $168.3B, this represents a small fraction of the $14.8T global ETF market and the $128T total global AUM, indicating a vast addressable market and substantial room for future expansion. We project the global crypto ETF AUM to potentially exceed $1T in five years, over 6x the current level.
  • US Dominance in AUM, Europe in Variety: The US leads globally with $144.3B in crypto ETF AUM (85.7% market share), largely driven by the successful launch of spot Bitcoin ETFs. Europe, while smaller in AUM ($15.3B), offers a wider array of altcoin ETFs. Canada and Hong Kong have also emerged as important regional hubs.

  • Quantitative Spotlight on US Market Dynamics: Daily net flows into spot ETFs show a positive but modest correlation with Bitcoin price changes (0.34) and a very weak correlation for Ethereum (0.13). Coupled with low R-squared values, this indicates that spot ETF flows, while impacting underlying crypto price, are just one of many factors

Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO

By IPO Boutique

  • Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
  • The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
  • Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

By Zacks Small Cap Research

  • U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
  • U-Haul is also the third largest self-storage operator in North America.
  • U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 & FY2022.

LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we review the June catalog.
  • Picking up on a theme from last month, the June catalog focus is on the Lands’ End “tote girl.” The company has continued to leverage the popularity of their totes (the most purchases Lands’ End item) and an overall trend towards personalization and embellishment, to capture a younger customer and drive multiple item purchases.
  • For June, the focus remains on swimwear (now at 50% off), and great new looks for the Lands’; End summer lifestyle, from a new linen collection, dresses, the emerging swim dress category and fitted tops and cotton sweaters.

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Jun 14
0

Daily Brief India: Vishal Mega Mart, Oswal Pumps, RHI Magnesita India and more

By | Daily Briefs, India

In today’s briefing:

  • Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
  • Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
  • RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading

Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains

By Sumeet Singh

  • Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
  • Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

By Rahul Jain

  • Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
  • Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
  • Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.

RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading

By Rahul Jain

  • Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.
  • The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.
  • Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.

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