Smartkarma Daily Briefs

Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.

D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June

D’Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
A total of 19% of outstanding shares of D’Alba Global could start to be sold starting 22 June. That is a lot of shares!
These are likely to put negative pressure on the shares of D’Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

By Arun George

BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22.
Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.
Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition.

Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement

If KRX adopts NXT’s pre- and after-hours fully, liquidity spreads out, weakening gap open plays and shifting focus to large-cap, event-driven LP-driven flows.
With T+1 settlement coming, traders expect settlement pressure to fuel price dislocations—especially in ETF rebalancing and foreign-heavy stocks, where flow and FX risks may drive fresh discounts and volatility.
Though launched pre-new admin, FSC’s plans align with the government’s push to boost KOSPI liquidity, making cancellations unlikely. Expect fast rollout—time to prep trading setups now.

Naturgy: Auto-OPA Arbitrage Outcomes and Path to Index Reweighting

By Jesus Rodriguez Aguilar

Naturgy’s auto-OPA was oversubscribed, leading to a low 10.27% proration and diminished arbitrage fill for public investors.
Share price recovery post-offer (€27.30) boosted returns above modeled expectations.
Planned treasury share placements may significantly increase free float and MSCI/FTSE index weights by 2026.

MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets

MBAV’s sponsor interest was acquired by Tether co-founder Reeve Collins and private equity veteran Chinh Chu at $0.90/unit.
MBAV’s trust account is valued at approximately $10.45/share, with current trading price at $12.65/share.
Cantor Fitzgerald, underwriter of MBAV’s IPO, acquired $37.5m stake and will sell private placement warrants to new sponsor.

ProCap Acquisition: Oversubscription, Strategic Advisors, and Potential Crypto Space Opportunities

ProCap Acquisition (PCAPU) IPO’d with a $250 million size at $10/share, currently trading at $11.85/unit.
PCAPU is backed by Anthony Pompliano, with a focus on leveraging media presence for target visibility.
The SPAC is oversubscribed, with $1.8 billion demand, and trades closer to trust value, offering downside protection.

SPACs in Crypto: CCCM’s Potential with Bitcoin Acquisition Rumors and Influencer Leadership

Columbus Circle Capital Corp I (CCCM) is a SPAC that IPO’d recently, raising $250m with a $10/share price.
CCCM is rumored to raise $750m to buy Bitcoin, potentially led by crypto influencer Anthony Pompliano as CEO.
The SPAC is backed by the Cohen family, with a 25% sponsor stake, focusing on AI and digital infrastructure.

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Jun 21

Daily Brief Equity Bottom-Up: Oriental Watch (398 HK): Resilient Despite Tough HK Environment and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment
Asian Dividend Gems: Septeni Holdings
Kobelco (5406.T) – Diversified Industrial at Deep Value
Japanese Big Cap Banks – Key Fundamental Tailwinds Drive Our Positive Picks
The Yen’s Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story
CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential
BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?
Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply
Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers
AS ONE (7476 JP) – A Royalty on Japan’s Scientific Advancement

Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment

By Sameer Taneja

Oriental Watch (398 HK) delivered a resilient result with revenue/profits -5%/-20% YoY (ex-one offs -11.5% YoY), despite weakness in HK (22% of sales), where the company is now making losses.
Cash & Investments dipped to 901 mn HKD, representing about 54% of the market capitalization. The company declared a 16.7 HKD cent/dividend (FY25: 41.3 HKD/cent yield 12%).
We believe that FY26 will be a year of consolidation, and with a weak HK, profits will remain subdued. Stock trades at 8.4x FY25 with a 12% dividend yield.

Asian Dividend Gems: Septeni Holdings

Septeni Holdings is one of the leaders in Japan in the digital marketing business which mainly includes digital advertising, marketing support, data & AI-driven solutions.
The company has also aggressively raised dividend payouts which is a clear sign of improving corporate governance.
The company is also well positioned to deliver sales growth rate of about 5-7% per year in the next 2-3 years with 20%+ per year growth in operating profit.

Kobelco (5406.T) – Diversified Industrial at Deep Value

By Rahul Jain

Earnings stable over 3 years as machinery and power offset weak steel margins; ROIC gradually improving.
Focus on KOBEMAG®, machinery expansion, and carbon-neutral projects with disciplined capex.
Trades at ~5x P/E due to low ROIC, past governance issues, and misperception as a pure steel cyclical.

Japanese Big Cap Banks – Key Fundamental Tailwinds Drive Our Positive Picks

By Victor Galliano

The Bank of Japan left the short-term interest rate unchanged, but the governor stated that the tapering of JGB buying will continue, albeit with an eye on market stability
This implies that the JGB yield curve is likely to continue steepening going forward, which is constructive for Japanese banks; in addition, market lending rates to April continue to rise
We reassert buys on Resona, Mizuho, Shizuoka and Kyoto aided by our proprietary scorecard, and based on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization

The Yen’s Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story

By Jacob Cheng

The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners
The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage. We think REVPAR and ADR will continue to be strong
We like Japan Hotel REIT and Invincible for their hotel exposure. We think investors should closely monitor the Yen movement as well as BOJ policy

CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential

By Tina Banerjee

CSL Ltd (CSL AU) received FDA approval of Andemry, for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
CSL will launch Andemry in the U.S. immediately, with availability before the end of June. Thus far, Andemry has been approved in Australia, the UK, EU, Japan, Switzerland, and UAE.
With FDA approval, Andembry is now set to compete with Takeda’s blockbuster drug Takhzyro and BioCryst Pharmaceuticals’ oral HAE drug Orladeyo. Andembry has a convenience and efficacy edge over Takhzyro.

BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?

BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
However, the financial results are a mix of positives and certain areas that might require attention.

Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply

By Sessa Investment Research

In Q2 FY24/9 financial results reported exactly one year ago, profit attributable to owners of parent declined -74.1% due to recording an impairment loss of JPY 1,720mn in the 2Q as an extraordinary loss for the entire unamortized balance of goodwill associated with the acquisition of consolidated subsidiary NEXTSCAPE Inc.
In SIR’s follow-up report, we wrote “management promptly recognizing the impairment and withdrawing the FY25/9 OP MTP target effectively minimizes future down-side risk.
In the meantime, core business performance continues to grow at double-digits. ”

Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers

Capri Holdings Limited’s recent earnings reflect a mix of strategic changes and financial outcomes that should be carefully considered by investors.
The company is in a transitional phase, highlighted by the announcement of the pending sale of Versace to Prada Group.
The decision to divest Versace aims to refocus resources on the Michael Kors and Jimmy Choo brands, with potential benefits of debt reduction and reinstatement of a share repurchase program.

AS ONE (7476 JP) – A Royalty on Japan’s Scientific Advancement

By Astris Advisory Japan

As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well-positioned to capture demand through expanding its presence in the high-end segment.
Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base.
The company’s growth has consistently outpaced and shown limited correlation with national R&D spending.

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Jun 21

Daily Brief Industrials: Oswal Pumps, Towa Corp, Wesco International, HEICO Corp, Matson Inc, Boeing Co, Parsons Corp, Sensata Technologies Holding P, Nippon Aqua, Fluor Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand
Towa (6315): Buy for Orders Rebound
WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!
HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!
Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!
Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?
Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?
Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!
Nippon Aqua (1429 JP) – Innovator in Living Environments
Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

Oswal Pumps IPO Trading – Decent Anchor; Strong Overall Demand

By Akshat Shah

Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

Towa (6315): Buy for Orders Rebound

By Scott Foster

After nearly two years of decline, TOWA’s new orders appear to have hit bottom this quarter and should start to recover in the three months to September.
Sales and profits should follow a similar trajectory with management expecting nearly 60% of FY Mar-26 sales and more than 80% of operating profit to be recorded in 2H.
Rising demand for AI-related high-bandwidth memory (HBM) and GPU packaging should drive growth for the next 2-3 years, bringing the projected P/E ratio for FY Mar-28 down to 12X.

WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!

Wesco International, Inc. presented its first quarter 2025 financial results and outlook and reported a 6% organic sales growth for the first quarter, primarily fueled by a 70% increase in its data center business, along with notable surpluses in their OEM and Broadband segments.
These results exceeded initial forecasts and reflect the company’s ability to capitalize on high-demand areas within technology infrastructure.
The firm achieved a stable gross margin sequentially, a strategic play given potential global tariff impacts.

HEICO Corporation: Robust Defense Segment Performance & Other Factors Driving our Optimism!

HEICO Corporation delivered a robust second quarter financial performance for fiscal 2025, demonstrating strong organic growth and successful integration of acquisitions.
The company saw record increases in both consolidated operating income and net sales, which rose by 19% and 15% respectively compared to the same period in fiscal 2024.
The Flight Support Group (FSG) set all-time quarterly records with a 19% net sales increase and a 24% increase in operating income reflecting a 14% organic growth.

Matson Inc.: Diversification of Catchment Basin in Asia To Hedge Against Geopolitical Uncertainties & Economic Volatility!

Matson Inc.’s recent financial earnings for the first quarter of 2025 provided a nuanced view of the company’s current standing and its challenges ahead.
The report reflects a mixed performance across various metrics and presents a cautious outlook for the remainder of the year.
The positives from the call include a significant year-over-year increase in consolidated operating income for the first quarter, driven largely by continued elevated freight rates from China and robust demand post-Lunar New Year.

Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?

The crash of Air India Flight AI171 has jolted the global aviation industry and once again cast a long shadow over Boeing’s safety record.
The Dreamliner, once heralded as a revolutionary leap in aviation technology with a flawless fatality record, now lies at the center of a growing storm.
The flight, a Boeing 787-8 en route to the U.K., crashed shortly after takeoff from Ahmedabad, killing 241 of the 242 onboard.

Parsons Corporation Surges With Record Backlog & $55 Billion Opportunity Pipeline; A Potential Game Changer?

Parsons Corporation’s latest financial results for the first quarter of 2025 showcased both strong performance and certain challenges.
The company achieved record highs in several key financial metrics, including total revenue of $1.6 billion, net income, earnings per share, and adjusted EBITDA.
This indicates strong underlying business performance amidst a challenging environment, particularly involving a confidential federal contract that continues to operate at a lower volume due to external political factors.

Sensata Technologies: The Top 6 Influences on Its Performance for 2025 & the Future!

Sensata Technologies reported a robust first quarter for 2025, with earnings exceeding their initial guidance, despite facing a challenging tariff environment.
The company achieved a revenue of $911 million, slightly down from $1.007 billion in Q1 2024, but this was largely due to the divestment of lower-margin products, and sales were flat year-over-year when adjusted.
Adjusted operating income stood at $167 million, representing an 18.3% margin.

Nippon Aqua (1429 JP) – Innovator in Living Environments

By Sessa Investment Research

Nippon Aqua Co., Ltd. (hereinafter, “the Company”) is a high-growth enterprise listed on the Prime Market of the Tokyo Stock Exchange.
Guided by its management philosophy—“Contribution to society through the creation of living environments that are friendly to people and the earth”—the Company leverages insulation and waterproofing technologies to drive energy efficiency and support a sustainable society.
It holds the leading domestic share in on-site urethane foam insulation installation and operates its business through three key divisions: Single-family homes , Buildings, and Waterproofing.

Fluor Corporation Dominates with $20B Urban Backlog & Solid Project Pipeline; What Lies Ahead?

Fluor Corporation’s recent quarterly financial performance offers a nuanced perspective showcasing both strengths and areas requiring attention.
The company’s revenue for the first quarter was $4 billion, with a strong inflow of new awards amounting to $5.8 billion.
The book-to-burn ratio of 1.5 indicates a healthy intake of new projects relative to the services rendered, pointing towards sustained future revenue streams.

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Jun 21

Daily Brief Financials: Korea Stock Exchange Kospi Index, Japan Hotel Reit Investment, Resona Holdings, Region RE , Kotak Mahindra Bank, M3-Brigade Acquisition V Corp, Seazen Holdings , iFOREX Financial Trading, ProCap Acquisition Corp, Columbus Circle Capital Corp I and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement
The Yen’s Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story
Japanese Big Cap Banks – Key Fundamental Tailwinds Drive Our Positive Picks
Relative Value Opportunity: Region Group (RGN AU) Vs. Waypoint REIT (WPR AU)
Bajaj Finance (BAF IN) Vs. Kotak Mahindra Bank (KMB IN) – Trade Exit and Take Profit
MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets
Lucror Analytics – Morning Views Asia
Hybridan Small Cap Feast: 12/06/2025
ProCap Acquisition: Oversubscription, Strategic Advisors, and Potential Crypto Space Opportunities
SPACs in Crypto: CCCM’s Potential with Bitcoin Acquisition Rumors and Influencer Leadership

Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement

If KRX adopts NXT’s pre- and after-hours fully, liquidity spreads out, weakening gap open plays and shifting focus to large-cap, event-driven LP-driven flows.
With T+1 settlement coming, traders expect settlement pressure to fuel price dislocations—especially in ETF rebalancing and foreign-heavy stocks, where flow and FX risks may drive fresh discounts and volatility.
Though launched pre-new admin, FSC’s plans align with the government’s push to boost KOSPI liquidity, making cancellations unlikely. Expect fast rollout—time to prep trading setups now.

The Yen’s Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story

By Jacob Cheng

The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners
The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage. We think REVPAR and ADR will continue to be strong
We like Japan Hotel REIT and Invincible for their hotel exposure. We think investors should closely monitor the Yen movement as well as BOJ policy

Japanese Big Cap Banks – Key Fundamental Tailwinds Drive Our Positive Picks

By Victor Galliano

The Bank of Japan left the short-term interest rate unchanged, but the governor stated that the tapering of JGB buying will continue, albeit with an eye on market stability
This implies that the JGB yield curve is likely to continue steepening going forward, which is constructive for Japanese banks; in addition, market lending rates to April continue to rise
We reassert buys on Resona, Mizuho, Shizuoka and Kyoto aided by our proprietary scorecard, and based on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization

Relative Value Opportunity: Region Group (RGN AU) Vs. Waypoint REIT (WPR AU)

By Gaudenz Schneider

The Region Group (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
The relative value opportunity can be implemented as a long-short pair trade or as relative over-/underweights in a long only context.
This Insight provides a target return, discusses trade setup, liquidity and risk management strategies.

Bajaj Finance (BAF IN) Vs. Kotak Mahindra Bank (KMB IN) – Trade Exit and Take Profit

By Gaudenz Schneider

Context: This article provides an update on a previously identified pair trading opportunity between Kotak Mahindra Bank (KMB IN) and Bajaj Finance (BAF IN), based on statistical mean reversion analysis.
Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a +4.7% return.
Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets

MBAV’s sponsor interest was acquired by Tether co-founder Reeve Collins and private equity veteran Chinh Chu at $0.90/unit.
MBAV’s trust account is valued at approximately $10.45/share, with current trading price at $12.65/share.
Cantor Fitzgerald, underwriter of MBAV’s IPO, acquired $37.5m stake and will sell private placement warrants to new sponsor.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
The US market was closed for Juneteenth yesterday.
US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.

Hybridan Small Cap Feast: 12/06/2025

By Hybridan

Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable.

ProCap Acquisition: Oversubscription, Strategic Advisors, and Potential Crypto Space Opportunities

ProCap Acquisition (PCAPU) IPO’d with a $250 million size at $10/share, currently trading at $11.85/unit.
PCAPU is backed by Anthony Pompliano, with a focus on leveraging media presence for target visibility.
The SPAC is oversubscribed, with $1.8 billion demand, and trades closer to trust value, offering downside protection.

SPACs in Crypto: CCCM’s Potential with Bitcoin Acquisition Rumors and Influencer Leadership

Columbus Circle Capital Corp I (CCCM) is a SPAC that IPO’d recently, raising $250m with a $10/share price.
CCCM is rumored to raise $750m to buy Bitcoin, potentially led by crypto influencer Anthony Pompliano as CEO.
The SPAC is backed by the Cohen family, with a 25% sponsor stake, focusing on AI and digital infrastructure.

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Jun 21

Daily Brief Health Care: Medtide, Inner Mongolia Furui Medical Scie, CSL Ltd, AS ONE Corporation, Apollo Hospitals Enterprise, Cytokinetics Inc, Eli Lilly & Co, Exelixis Inc, Glaukos Corp, Halozyme Therapeutics and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Medtide (泰德医药) IPO: Aggressive Valuation
Quiddity Leaderboard CSI Medical Dec25: 1x-3x ADV for Most Names; Couple of Pair Trade Ideas
CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential
AS ONE (7476 JP) – A Royalty on Japan’s Scientific Advancement
Apollo Hospitals (APHS IN): Sell – Priced for Perfection!
Cytokinetics Aligns U.S., Europe, and Japan—Could Global Synchronization Fuel Explosive Growth?
Eli Lilly Bets Big on the Future of One-Time Gene Editing: The $1.3 Billion Verve Deal Explained!
Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?
Glaukos Corporation: An Insight Into The Latest Advancements in Product Adoption
Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?

Medtide (泰德医药) IPO: Aggressive Valuation

By Ke Yan, CFA, FRM

Medtide, a Chinese headquartered CDMO company, launched its IPO to raise up to US$66m via a Hong Kong listing.
We have previously covered the company’s fundamentals. We highlighted potential corporate governance issues despite its superior financials compared to peers.
In this note, we look at the deal term. We think the valuation and broker guidance is aggressive.

Quiddity Leaderboard CSI Medical Dec25: 1x-3x ADV for Most Names; Couple of Pair Trade Ideas

By Janaghan Jeyakumar, CFA

CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
We expect up to four ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.

CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential

By Tina Banerjee

CSL Ltd (CSL AU) received FDA approval of Andemry, for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
CSL will launch Andemry in the U.S. immediately, with availability before the end of June. Thus far, Andemry has been approved in Australia, the UK, EU, Japan, Switzerland, and UAE.
With FDA approval, Andembry is now set to compete with Takeda’s blockbuster drug Takhzyro and BioCryst Pharmaceuticals’ oral HAE drug Orladeyo. Andembry has a convenience and efficacy edge over Takhzyro.

AS ONE (7476 JP) – A Royalty on Japan’s Scientific Advancement

By Astris Advisory Japan

As scientific progress increasingly depends on more complex equipment and precision instruments, we believe wholesaler and distributor AS ONE is well-positioned to capture demand through expanding its presence in the high-end segment.
Demand for scientific supplies and lower-end scientific equipment remains stable, providing a resilient, recurring revenue base.
The company’s growth has consistently outpaced and shown limited correlation with national R&D spending.

Apollo Hospitals (APHS IN): Sell – Priced for Perfection!

By Avien Pillay

We are bullish on the long-term growth of the hospital sector in India.
We are, however, concerned that Apollo will face intense competition as it expands.
A 53 FPE does not factor in the high cost of expansion and potential challenges.

Cytokinetics Aligns U.S., Europe, and Japan—Could Global Synchronization Fuel Explosive Growth?

Cytokinetics, Inc., a biotechnology company focused on muscle biology-driven therapeutics, delivered a mixed first quarter of 2025, characterized by both strategic progress and challenges primarily revolving around its lead candidate, aficamten.
Investment considerations should weigh the developments in its regulatory and clinical endeavors against its financial performance and market readiness activities.
From a regulatory perspective, Cytokinetics has faced a setback with the FDA’s extension of the Prescription Drug User Fee Act (PDUFA) date for aficamten, shifting the action date to December 26, 2025.

Eli Lilly Bets Big on the Future of One-Time Gene Editing: The $1.3 Billion Verve Deal Explained!

Eli Lilly has made a bold move into the gene editing space with its announced acquisition of Verve Therapeutics for up to $1.3 billion.
The deal includes a $1 billion upfront payment and up to $300 million in contingent milestone-based payouts, valuing Verve at $13.50 per share—a 113% premium to its 30-day average.
Verve, a Boston-based clinical-stage biotech, is pioneering one time gene editing therapies for cardiovascular disease.

Exelixis Inc.: Will It Be Able To Build On The XB628 & Other Pipeline Expansion Opportunities?

Exelixis recently shared its financial results for the first quarter of 2025, which revealed a mix of promising developments and some areas that warrant caution.
The company demonstrated strong financial performance, reporting significant growth in its key product, cabozantinib, which generated $513 million in net product revenue in the U.S., marking a 36% increase year-over-year.
The global net product revenue for the cabozantinib franchise was approximately $680 million.

Glaukos Corporation: An Insight Into The Latest Advancements in Product Adoption

Glaukos Corporation recently delivered its financial results for the first quarter of 2025, reporting a record consolidated net sales figure of $106.7 million, marking a 25% increase on a reported basis or 26% on a constant currency basis when compared to the previous year.
The company also maintained its full-year net sales guidance range of $475 million to $485 million, even as it navigates the uncertainty of global macroeconomic conditions.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Halozyme Therapeutics Unlocks Billion-Dollar Royalty Streams with Next-Gen Drug Formulations; How Will It Shape The Future Top-Line?

Halozyme’s first quarter 2025 financial and operational performance presents a mixed picture with notable strengths and some challenges.
The company reported a strong start to the year, achieving a 35% year-over-year increase in total revenue to $265 million, driven by a 39% increase in royalty revenue, primarily from its key ENHANZE-enabled therapeutics: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo.
Adjusted EBITDA also rose significantly to $162 million, leading to a 54% increase in net income to $118 million.

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Jun 21

Daily Brief Macro: HEW: Playing For Time and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

HEW: Playing For Time
[IO Technicals 2025/25] Bearish Momentum Strengthens
CX Daily: Project to Beat Back the Sahara Struggles to Take Root, Even With Chinese Expertise
Indian NR Production Marginally Improves, Consumption Down
Middle East Fx , June 20th 2025,

HEW: Playing For Time

By Phil Rush

US diplomacy with Iran has been given two weeks, bringing it close to the reciprocal tariff deferral date. Both may roll later, while central bankers wait to see the impact.
Unsurprising UK and EA inflation data offered little direction, nor did the BoE or Fed. Brazil and Norway delivered opposite surprises outside a flood of cautious statements.
Next week is much quieter for data and decisions (TH and MX). The flash PMIs are the main global highlight, although some HICP and PCE data are notable on Friday.

[IO Technicals 2025/25] Bearish Momentum Strengthens

By Umang Agrawal

Iron ore prices declined due to weakening demand from China, driven by a slump in its property sector, which has kept iron ore demand for steel subdued.
China’s steel production dropped 6.9% YoY in May amid capacity cuts, with blast furnace utilisation and pig iron output declining, though some furnace restarts may boost production soon.
Prices remain below key moving averages, indicating continued downward pressure, and the MACD below its signal line reinforces the current bearish trend.

CX Daily: Project to Beat Back the Sahara Struggles to Take Root, Even With Chinese Expertise

By Caixin Global

Green / In Depth: Project to beat back the Sahara struggles to take root, even with Chinese expertise
Caixin Summit /: ‘Massive and Strong’ China now needs to become massive and green, policy adviser says
Drugs /: Chinese biotech innovators push overseas as sector faces reckoning

Indian NR Production Marginally Improves, Consumption Down

By Vinod Nedumudy

FY 2024-25 NR production at 875,000 tons, consumption 1.41 mn tons
Compound rubber imports go up by 44.5% to 245,407 tons in FY 24-25
Replanting supported primarily by pineapple farming contractors

Middle East Fx , June 20th 2025,

By Denis Collot

State of mind ! Back in 1986, Bibi Netanyahu was Israel’s ambassador to the UN.
He published the proceedings of a conference held in Washington under the title, “ Terrorism, how the West can win !”.
In short, the book was fostering the impression that Israel’s enemies were also America’s, that the Arabs who used violence against Israel were terrorists, that countries who sponsored violence against Israel were terrorist states, and that brute force against them was not only legitimate but desirable. “ if a government has harboured, trained and launched terrorists, it becomes a legitimate object of military response !”

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Jun 21

Daily Brief Consumer: Oriental Watch, Ningbo Shuanglin Auto Parts, D’Alba Global, PointsBet Holdings , Septeni Holdings, Orkla India Ltd., Capri Holdings , Lalithaa Jewellery Mart Ltd, Life Time Group Holdings, Thule Group Ab and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows
D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June
PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer
Asian Dividend Gems: Septeni Holdings
Orkla India Ltd. Pre-IPO Tearsheet
Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers
Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet
Life Time Group Holdings: A Close Look At Its Pricing & Retention Strategy & Other Growth Catalysts!
Thule AB: Can the Quad Lock Acquisition Turbocharge Profit Margins Long-Term?

Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment

By Sameer Taneja

Oriental Watch (398 HK) delivered a resilient result with revenue/profits -5%/-20% YoY (ex-one offs -11.5% YoY), despite weakness in HK (22% of sales), where the company is now making losses.
Cash & Investments dipped to 901 mn HKD, representing about 54% of the market capitalization. The company declared a 16.7 HKD cent/dividend (FY25: 41.3 HKD/cent yield 12%).
We believe that FY26 will be a year of consolidation, and with a weak HK, profits will remain subdued. Stock trades at 8.4x FY25 with a 12% dividend yield.

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows

By Janaghan Jeyakumar, CFA

The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 3 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June

D’Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
A total of 19% of outstanding shares of D’Alba Global could start to be sold starting 22 June. That is a lot of shares!
These are likely to put negative pressure on the shares of D’Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

By Arun George

BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22.
Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.
Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition.

Asian Dividend Gems: Septeni Holdings

Septeni Holdings is one of the leaders in Japan in the digital marketing business which mainly includes digital advertising, marketing support, data & AI-driven solutions.
The company has also aggressively raised dividend payouts which is a clear sign of improving corporate governance.
The company is also well positioned to deliver sales growth rate of about 5-7% per year in the next 2-3 years with 20%+ per year growth in operating profit.

Orkla India Ltd. Pre-IPO Tearsheet

By Troy Wong

Orkla India Ltd. (OI) is looking to raise about US$300mn in its upcoming India IPO. The deal will be run by ICICI, Citi, JPM, and Kotak.
It’s a multi-category Indian food company offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts.
OI was one of the top four companies in terms of revenue from operations among select leading species and convenience foods peers in FY24, as per Technopak Report.

Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers

Capri Holdings Limited’s recent earnings reflect a mix of strategic changes and financial outcomes that should be carefully considered by investors.
The company is in a transitional phase, highlighted by the announcement of the pending sale of Versace to Prada Group.
The decision to divest Versace aims to refocus resources on the Michael Kors and Jimmy Choo brands, with potential benefits of debt reduction and reinstatement of a share repurchase program.

Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Lalithaa Jewellery Mart Ltd (1607844D IN) (LJML) is looking to raise about US$200m in its upcoming India IPO. The bookrunners for the deal are AnandRathi and Equirius.
LJML is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery tailored to regional preferences in southern India.
As per the CRISIL Report, the company recorded the highest operating revenue per store among key organised jewellery players in India during FY22-9M25.

Life Time Group Holdings: A Close Look At Its Pricing & Retention Strategy & Other Growth Catalysts!

Life Time Group Holdings, Inc. reported robust financial performance for the first quarter of 2025.
The company achieved total revenue of $706 million, marking an 18.3% increase year-over-year.
This growth was attributed primarily to a 17.9% increase in membership dues and enrollment fees, alongside an 18.7% rise in in-center revenue.

Thule AB: Can the Quad Lock Acquisition Turbocharge Profit Margins Long-Term?

Thule Group AB presented a mixed performance in their recent quarterly earnings report.
The company registered a 10% increase in total sales from the previous year, but faced notable hurdles in North America, where sales declined by 13%.
In contrast, sales in Europe showed stability with marginal growth.

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Jun 21

Daily Brief Australia: PointsBet Holdings , CSL Ltd, Region RE and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer
CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential
Relative Value Opportunity: Region Group (RGN AU) Vs. Waypoint REIT (WPR AU)

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

By Arun George

BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22.
Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.
Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition.

CSL Ltd (CSL AU): First In-House Antibody Drug Gets US Approval; Has Blockbuster Potential

By Tina Banerjee

CSL Ltd (CSL AU) received FDA approval of Andemry, for prophylactic use to prevent attacks of hereditary angioedema (HAE) in adult and pediatric patients aged 12 years and older.
CSL will launch Andemry in the U.S. immediately, with availability before the end of June. Thus far, Andemry has been approved in Australia, the UK, EU, Japan, Switzerland, and UAE.
With FDA approval, Andembry is now set to compete with Takeda’s blockbuster drug Takhzyro and BioCryst Pharmaceuticals’ oral HAE drug Orladeyo. Andembry has a convenience and efficacy edge over Takhzyro.

Relative Value Opportunity: Region Group (RGN AU) Vs. Waypoint REIT (WPR AU)

By Gaudenz Schneider

The Region Group (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
The relative value opportunity can be implemented as a long-short pair trade or as relative over-/underweights in a long only context.
This Insight provides a target return, discusses trade setup, liquidity and risk management strategies.

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Jun 21

Daily Brief South Korea: Samsung Electronics, D’Alba Global, Korea Stock Exchange Kospi Index and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Fresh Intel on Samsung’s Foundry Spin-Off Plan
D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June
Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement
Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum

Fresh Intel on Samsung’s Foundry Spin-Off Plan

Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.

D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June

D’Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
A total of 19% of outstanding shares of D’Alba Global could start to be sold starting 22 June. That is a lot of shares!
These are likely to put negative pressure on the shares of D’Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.

Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement

If KRX adopts NXT’s pre- and after-hours fully, liquidity spreads out, weakening gap open plays and shifting focus to large-cap, event-driven LP-driven flows.
With T+1 settlement coming, traders expect settlement pressure to fuel price dislocations—especially in ETF rebalancing and foreign-heavy stocks, where flow and FX risks may drive fresh discounts and volatility.
Though launched pre-new admin, FSC’s plans align with the government’s push to boost KOSPI liquidity, making cancellations unlikely. Expect fast rollout—time to prep trading setups now.

Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum

By Nico Rosti

Sanghyun Park has reported in detail about what seems to be going on behind closed doors at Samsung in regard to the foundry spin-off: read his insight – highly recommended.
We maintain our BUY recommendation for Samsung Electronics (005930 KS) and although we have not yet seen a strong rally, we see the stock slowly drifting upward from its bottom.
Our short-term tactical perspective covering the next 2–3 weeks is presented in this insight.

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Jun 21

Daily Brief United States: Blackline Inc, Capri Holdings , Life Time Group Holdings, Wesco International, M3-Brigade Acquisition V Corp, Box Inc Class A, Boeing Co, Blackbaud Inc, Cleveland-Cliffs Inc , Blueprint Medicines and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?
Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers
Life Time Group Holdings: A Close Look At Its Pricing & Retention Strategy & Other Growth Catalysts!
WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!
MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets
Box Inc.: Here Are the 7 Key Drivers Shaping Its Performance for 2025 & Beyond!- Major Drivers
Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?
Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?
Cleveland-Cliffs Abandons Weirton Plant—What’s Behind This Bold Pivot?
Blueprint Medicines Targets $2 Billion—Can Soaring AYVAKIT Treatment Rates Make It Happen?

BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?

BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
However, the financial results are a mix of positives and certain areas that might require attention.

Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers

Capri Holdings Limited’s recent earnings reflect a mix of strategic changes and financial outcomes that should be carefully considered by investors.
The company is in a transitional phase, highlighted by the announcement of the pending sale of Versace to Prada Group.
The decision to divest Versace aims to refocus resources on the Michael Kors and Jimmy Choo brands, with potential benefits of debt reduction and reinstatement of a share repurchase program.

Life Time Group Holdings: A Close Look At Its Pricing & Retention Strategy & Other Growth Catalysts!

Life Time Group Holdings, Inc. reported robust financial performance for the first quarter of 2025.
The company achieved total revenue of $706 million, marking an 18.3% increase year-over-year.
This growth was attributed primarily to a 17.9% increase in membership dues and enrollment fees, alongside an 18.7% rise in in-center revenue.

WESCO International Powers Utility Rebound with Grid Modernization & Strategic Contracts!

Wesco International, Inc. presented its first quarter 2025 financial results and outlook and reported a 6% organic sales growth for the first quarter, primarily fueled by a 70% increase in its data center business, along with notable surpluses in their OEM and Broadband segments.
These results exceeded initial forecasts and reflect the company’s ability to capitalize on high-demand areas within technology infrastructure.
The firm achieved a stable gross margin sequentially, a strategic play given potential global tariff impacts.

MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets

MBAV’s sponsor interest was acquired by Tether co-founder Reeve Collins and private equity veteran Chinh Chu at $0.90/unit.
MBAV’s trust account is valued at approximately $10.45/share, with current trading price at $12.65/share.
Cantor Fitzgerald, underwriter of MBAV’s IPO, acquired $37.5m stake and will sell private placement warrants to new sponsor.

Box Inc.: Here Are the 7 Key Drivers Shaping Its Performance for 2025 & Beyond!- Major Drivers

Box, Inc.’s first quarter fiscal 2026 results presented a mixed picture with certain positive takeaways and some potential areas of concern for investors to consider.
The company reported revenue of $276 million, marking a 4% year-over-year increase, or 5% when accounting for constant currency fluctuations.
This indicates steady demand, particularly for its AI-driven solutions like Box AI, which continues to attract customers aiming to transform AI-driven workflows around content.

Boeing’s Dreamliner Nightmare: Is AI171 the Beginning of the End?

The crash of Air India Flight AI171 has jolted the global aviation industry and once again cast a long shadow over Boeing’s safety record.
The Dreamliner, once heralded as a revolutionary leap in aviation technology with a flawless fatality record, now lies at the center of a growing storm.
The flight, a Boeing 787-8 en route to the U.K., crashed shortly after takeoff from Ahmedabad, killing 241 of the 242 onboard.

Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?

Blackbaud, Inc. recently reported its first-quarter 2025 financial results, demonstrating a measured performance.
Revenue for the quarter was $271 million, marking 5.8% organic growth.
The company achieved a non-GAAP adjusted EBITDA margin of 34.3% and non-GAAP diluted earnings per share of $0.96.

Cleveland-Cliffs Abandons Weirton Plant—What’s Behind This Bold Pivot?

Cleveland-Cliffs reported a challenging first quarter of 2025, grappling with lower-than-expected performance metrics, particularly in terms of EBITDA and cash flow.
The company attributed these underwhelming results predominantly to low steel prices lingering from late 2024 into early 2025 and the lagging performance of non-core assets.
The federal tariffs on foreign steel, imposed under Section 232, were highlighted as critical to mitigating unfair competition—a policy supported by the Trump administration that aims to bolster domestic production.

Blueprint Medicines Targets $2 Billion—Can Soaring AYVAKIT Treatment Rates Make It Happen?