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Smartkarma Daily Briefs

May 25
0

Daily Brief United States: Shake Shack Inc Class A, Itron Inc, Leonardo DRS , Palantir Technologies , Mohawk Industries, Biomarin Pharmaceutical, Floor & Decor Holdings, Arrow Electronics, Amazon.com Inc, Chevron Corp and more

By | Daily Briefs, United States

In today’s briefing:

  • Shake Shack: Looking To Redefine Fast-Casual Dining with High-Impact Innovation & Smart Pricing!
  • Itron Is Capturing Utility Market with Smart Grid Revolution—Is It the Ultimate Energy Infrastructure Play?
  • Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
  • Palantir Technologies Is on Fire with U.S. Growth and AI Momentum—But One Risk Could Derail It All!
  • Mohawk Industries Bets Big on Luxury—Can Its Premium Products Help Them Gain Market Share?
  • BioMarin Pharmaceutical: Expanding VOXZOGO Market Penetration To Up Their Game!
  • Floor & Décor: Diversification In Sourcing & Supply Chain Management to Protect Margins Amidst Tariff Turmoil!
  • Arrow Electronics Is Looking To Secure Future Growth with Record-High Backlog & Cloud-Driven Demand; But Will It Work?
  • Amazon’s AI Push & Satellite Ambitions Are Colliding With Trade War Fears; What Could Pershing Square Be Seeing In The Company?
  • Chevron’s Gulf of Mexico Megaprojects Are Surging—25

Shake Shack: Looking To Redefine Fast-Casual Dining with High-Impact Innovation & Smart Pricing!

By Baptista Research

  • Shake Shack’s recent quarter results indicate a dynamic period for the company, showcasing both substantial progress and areas with potential challenges.
  • The company has positioned 2025 as a transformative year, beginning with an ambitious expansion strategy to increase the number of company-operated Shacks to at least 1,500.
  • This expansion will demand strong leadership and innovative strategies, with a focus on enhancing the guest experience, operational efficiency, and margin improvements.

Itron Is Capturing Utility Market with Smart Grid Revolution—Is It the Ultimate Energy Infrastructure Play?

By Baptista Research

  • Itron’s first quarter of 2025 financial results demonstrated a robust performance characterized by strong margin expansion and earnings growth that surpassed expectations.
  • The company delivered a revenue of $607 million with an adjusted EBITDA of $88 million, indicating a solid operational quarter.
  • Non-GAAP earnings per share reached $1.52, representing a substantial year-over-year increase, while free cash flow doubled from the previous year to $67 million.

Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!

By Baptista Research

  • Leonardo DRS demonstrated a strong performance in the first quarter of fiscal year 2025, with financial metrics surpassing initial expectations.
  • The company registered organic growth of 16% in revenues, with a significant book-to-bill ratio of 1.2 and a record backlog of $8.6 billion.
  • This quarter marks the 13th consecutive quarter with a book-to-bill ratio over 1, underpinning strong demand across a diversified portfolio of products, including advanced infrared sensing, electric power and propulsion, and tactical radars.

Palantir Technologies Is on Fire with U.S. Growth and AI Momentum—But One Risk Could Derail It All!

By Baptista Research

  • Palantir Technologies entered 2025 with first-quarter results that underscore both the power of its artificial intelligence portfolio and the hurdles that still shadow its global ambitions.
  • Revenue climbed 39% year over year to roughly $1.02 billion, led by a 55% jump in the United States, where commercial sales surged 71% and government revenue rose 45%.
  • Management highlighted that U.S. commercial activities have crossed a $1 billion annualized run rate and that uptake of its new Artificial Intelligence Platform is “racing ahead” across healthcare, financial-services, and industrial clients.

Mohawk Industries Bets Big on Luxury—Can Its Premium Products Help Them Gain Market Share?

By Baptista Research

  • Mohawk Industries’ fourth-quarter results showed a mixed performance amid ongoing industry challenges.
  • The company reported net sales of approximately $2.6 billion, consistent with the previous year, although this included the benefit from two additional shipping days.
  • Positively impacting the results were sales initiatives, restructuring efforts, and productivity improvements.

BioMarin Pharmaceutical: Expanding VOXZOGO Market Penetration To Up Their Game!

By Baptista Research

  • BioMarin Pharmaceutical reported strong first-quarter financial results for 2025, marked by a 15% increase in total revenue to $745 million compared to the prior year.
  • This growth was significantly driven by VOXZOGO, which generated $214 million, a 40% year-over-year increase, demonstrating continued demand for the achondroplasia treatment.
  • Additionally, the enzyme therapies business unit grew by 8%, bolstered by a 22% increase in PALYNZIQ revenues.

Floor & Décor: Diversification In Sourcing & Supply Chain Management to Protect Margins Amidst Tariff Turmoil!

By Baptista Research

  • Floor & Decor Holdings reported its fiscal 2025 first quarter results, offering an insightful view into its strategic positioning and operational efficiencies amid a challenging economic landscape characterized by high volatility and uncertainty.
  • The company delivered diluted earnings per share (EPS) of $0.45, slightly down from $0.46 in the same period last year, but still surpassing the lower end of its expectations despite a decline in comparable store sales.
  • Total sales showed a 5.8% increase, reaching $1.161 billion compared to $1.097 billion in the previous year.

Arrow Electronics Is Looking To Secure Future Growth with Record-High Backlog & Cloud-Driven Demand; But Will It Work?

By Baptista Research

  • Arrow Electronics has presented several key financial outcomes and operational insights in its first quarter of 2025 results.
  • The company reported consolidated sales of $6.8 billion, which exceeded the upper range of its guidance.
  • Results showed that while global components sales were slightly down by 1% year-over-year at $4.8 billion, the Enterprise Computing Solutions (ECS) segment saw a notable 18% year-over-year increase in sales to $2 billion, indicating strong performance particularly in cloud and hybrid cloud technologies, and infrastructure software.

Amazon’s AI Push & Satellite Ambitions Are Colliding With Trade War Fears; What Could Pershing Square Be Seeing In The Company?

By Baptista Research

  • Amazon.com, Inc. delivered a strong performance in the first quarter of 2025, reporting $155.7 billion in revenue—a 9% year-over-year rise—and a net profit of $17.1 billion that exceeded Wall Street estimates.
  • Operating income also grew 20% to $18.4 billion, with trailing 12-month free cash flow hitting $25.9 billion.
  • The North American and international segments each posted approximately 8% revenue growth, even amid foreign exchange headwinds.

Chevron’s Gulf of Mexico Megaprojects Are Surging—25

By Baptista Research

  • Chevron Corporation reported its first-quarter 2025 financial results, showcasing strong operational and strategic performance amidst ongoing macroeconomic uncertainties.
  • Chevron’s commitment to shareholder returns remained robust, with $6.9 billion returned through dividends and buybacks in the quarter, continuing a streak of $5 billion or more per quarter for 12 consecutive quarters.
  • The company made progress in strategic acquisitions, notably acquiring nearly 5% of Hess’s common shares, anticipating completing the merger soon.

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May 25
0

Daily Brief South Korea: LX International and more

By | Daily Briefs, South Korea

In today’s briefing:

  • June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150

June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150

By Sanghyun Park

  • Looks like the KOSPI200/KOSDAQ150 June rebal is a lock for post-close Tuesday (27th)—KRX has already signaled this to local media over the weekend.
  • Muted pre-positioning this time, likely from weak volumes and no market lead—sets up for punchier price action right after today’s rebalance drop.
  • Over ~3 weeks, KRW 40T/3.5T passive AUM tracked KOSPI200/KOSDAQ150. With shorts fully back, deletes may trade heavy—sets up well for more aggressive long-short positioning.

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May 25
0

Daily Brief Health Care: Remegen , Biomarin Pharmaceutical, Exact Sciences, Henry Schein, Hologic Inc, Moderna , Teleflex Inc, Vertex Pharmaceuticals, Zimmer Biomet Holdings, Bio-Rad Laboratories A and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (May 25) – Pfizer-3SBio’s Record-Breaking Deal, RemeGen’s HK$796Mn Placing
  • BioMarin Pharmaceutical: Expanding VOXZOGO Market Penetration To Up Their Game!
  • Exact Sciences: Launch of Cologuard Plus to Redefine Colorectal Cancer Screening Paradigm!
  • Henry Schein: Is The Continued Growth in Home Solutions Expected To Last?
  • How Hologic Stabilized Its Breast Health Business & Is Positioned for Explosive Growth!
  • Moderna Inc.: Will Its Oncology Innovations & Pipeline Expansion Become The MUCH NEEDED Breakthrough After The Covid Vaccine?
  • Teleflex Incorporated: Breaking New Ground with Strategic NewCo Spin-Off to Unlock Hidden Value But What Lies Ahead?
  • Vertex Pharmaceuticals: Expansion of CASGEVY & Global Access to Broaden Its Impact & Financial Outcomes!
  • Zimmer Biomet: Recent Advancements in Robotic & Surgical Technology Look Promising!
  • Bio-Rad Laboratories Faces Tariff Turmoil—Can Surcharges and Supply Shifts Save Margins?

China Healthcare Weekly (May 25) – Pfizer-3SBio’s Record-Breaking Deal, RemeGen’s HK$796Mn Placing

By Xinyao (Criss) Wang

  • The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
  • The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio’s valuation may continue to rise, Akeso’s valuation could face downward revisions.
  • RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.

BioMarin Pharmaceutical: Expanding VOXZOGO Market Penetration To Up Their Game!

By Baptista Research

  • BioMarin Pharmaceutical reported strong first-quarter financial results for 2025, marked by a 15% increase in total revenue to $745 million compared to the prior year.
  • This growth was significantly driven by VOXZOGO, which generated $214 million, a 40% year-over-year increase, demonstrating continued demand for the achondroplasia treatment.
  • Additionally, the enzyme therapies business unit grew by 8%, bolstered by a 22% increase in PALYNZIQ revenues.

Exact Sciences: Launch of Cologuard Plus to Redefine Colorectal Cancer Screening Paradigm!

By Baptista Research

  • Exact Sciences’ first quarter 2025 financial results reflect a blend of robust revenue growth, strategic commercial execution, and significant advancements in their product pipeline.
  • The company’s financial performance this quarter includes an 11% increase in total revenue, reaching $707 million, outpacing the midpoint of their guidance.
  • This growth is largely driven by their Screening segment, which saw revenue rise by 14% to $540 million, fueled by successful rescreen initiatives, improved commercial strategies, and the rollout of Cologuard Plus.

Henry Schein: Is The Continued Growth in Home Solutions Expected To Last?

By Baptista Research

  • Henry Schein Inc. presented its first-quarter 2025 financial results, showcasing both positive developments and areas of concern for investors.
  • The company reported total sales of $3.2 billion, a slight decline of 0.1% compared to the first quarter of 2024.
  • This decrease was primarily impacted by a 1.5% negative effect due to foreign currency exchange fluctuations.

How Hologic Stabilized Its Breast Health Business & Is Positioned for Explosive Growth!

By Baptista Research

  • Hologic Inc. reported its financial performance for the second quarter of fiscal 2025, showcasing a nuanced blend of strategic achievements and challenges impacting future growth.
  • The company reported total revenue of $1.005 billion, a slight decrease of 0.5% in constant currency terms, yet aligning with the higher end of guidance expectations.
  • Non-GAAP earnings per share remained consistent with the previous year at $1.03, buoyed by improvements in gross margin and aided by share buybacks and a lower tax rate.

Moderna Inc.: Will Its Oncology Innovations & Pipeline Expansion Become The MUCH NEEDED Breakthrough After The Covid Vaccine?

By Baptista Research

  • Moderna’s recent earnings revealed several significant developments affecting its financial and strategic outlook.
  • First-quarter 2025 revenues stood at $0.1 billion, with a net loss of $1 billion.
  • Despite this loss, it was in line with company expectations, reflecting the seasonal nature of its respiratory vaccine business.

Teleflex Incorporated: Breaking New Ground with Strategic NewCo Spin-Off to Unlock Hidden Value But What Lies Ahead?

By Baptista Research

  • Teleflex Incorporated’s first-quarter 2025 earnings call highlighted several key financial outcomes, strategic initiatives, and market dynamics.
  • The company reported a decline in revenue and earnings per share compared to the previous year, with first-quarter revenues amounting to $700.7 million, a 5% decline on a GAAP basis.
  • This was slightly below expectations due to softness in orders from the EMEA region, though some recovery was noted in April.

Vertex Pharmaceuticals: Expansion of CASGEVY & Global Access to Broaden Its Impact & Financial Outcomes!

By Baptista Research

  • Vertex Pharmaceuticals’ latest earnings for the first quarter of 2025 reveals key insights into the company’s financial performance and strategic direction.
  • The company reported total revenue of $2.77 billion, marking a 3% increase compared to the same period in 2024.
  • This growth was primarily driven by strong demand in the U.S., particularly for the cystic fibrosis (CF) treatment ALYFTREK, which gained FDA approval recently.

Zimmer Biomet: Recent Advancements in Robotic & Surgical Technology Look Promising!

By Baptista Research

  • Zimmer Biomet’s first-quarter performance for 2025 showcased gradual growth, amidst an environment of various challenges and strategic changes.
  • The company reported a 2.3% increase in constant currency sales, despite having one less selling day in the quarter.
  • This growth was largely driven by specific improvements in U.S. Hips sales, which saw an almost 4% increase, and mid-single-digit growth in their S.E.T. segment.

Bio-Rad Laboratories Faces Tariff Turmoil—Can Surcharges and Supply Shifts Save Margins?

By Baptista Research

  • Bio-Rad Laboratories reported its financial performance for the first quarter of 2025, revealing mixed results influenced by both internal strategies and external economic factors.
  • The company’s net sales for the quarter were approximately $585 million, representing a 4.2% decline from $611 million in the same period last year.
  • On a currency-neutral basis, this reflected a 1.5% year-over-year decrease.

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May 25
0

Daily Brief Industrials: LX International, Leonardo DRS , Applied Industrial Tech, Builders Firstsource, Cummins Inc, Eaton Corp Plc, Esab , Huntington Ingalls Industries, ITT , nVent Electric and more

By | Daily Briefs, Industrials

In today’s briefing:

  • June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150
  • Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!
  • Applied Industrial Technologies (AIT): An Insight Into The Hydradyne Acquisition
  • Builders FirstSource: Digital Initiatives & Modern Tool Adoption As A Vital Tool For Growth!
  • Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!
  • Eaton Corporation: These 5 Factors That Can Truly Affect Its Performance In 2025 & Beyond!
  • ESAB Corporation: Is Its Approach of Strategic Acquisitions Paying Off?
  • Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!
  • ITT Inc.: Acquisition & Share Repurchase Strategies Create Shareholder Value Amidst Market Uncertainties!
  • nVent’s Global Expansion and R&D Investments Signal Massive Growth Ahead in Data and Energy; What’s Next?

June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150

By Sanghyun Park

  • Looks like the KOSPI200/KOSDAQ150 June rebal is a lock for post-close Tuesday (27th)—KRX has already signaled this to local media over the weekend.
  • Muted pre-positioning this time, likely from weak volumes and no market lead—sets up for punchier price action right after today’s rebalance drop.
  • Over ~3 weeks, KRW 40T/3.5T passive AUM tracked KOSPI200/KOSDAQ150. With shorts fully back, deletes may trade heavy—sets up well for more aggressive long-short positioning.

Leonardo DRS Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond!

By Baptista Research

  • Leonardo DRS demonstrated a strong performance in the first quarter of fiscal year 2025, with financial metrics surpassing initial expectations.
  • The company registered organic growth of 16% in revenues, with a significant book-to-bill ratio of 1.2 and a record backlog of $8.6 billion.
  • This quarter marks the 13th consecutive quarter with a book-to-bill ratio over 1, underpinning strong demand across a diversified portfolio of products, including advanced infrared sensing, electric power and propulsion, and tactical radars.

Applied Industrial Technologies (AIT): An Insight Into The Hydradyne Acquisition

By Baptista Research

  • The latest financial results for Applied Industrial Technologies reflect a complex landscape marked by notable achievements alongside challenges.
  • During the fiscal 2025 third quarter, the company succeeded in surpassing many expectations with a concerted focus on margin improvements, operational efficiency, and strategic acquisitions.
  • However, the broader economic environment remains challenging, impacting overall demand dynamics and forward-looking guidance.

Builders FirstSource: Digital Initiatives & Modern Tool Adoption As A Vital Tool For Growth!

By Baptista Research

  • Builders FirstSource reported first-quarter results highlighting both resilience and areas of concern, underscored by macroeconomic pressures and strategic initiatives aimed at sustaining long-term growth.
  • During the quarter, Builders FirstSource recorded net sales of $3.7 billion, marking a 6% year-over-year decline.
  • This decrease was primarily attributed to reduced core organic sales and a noteworthy drop in multifamily sales, which fell by 33%.

Cummins Inc.: An Insight Into Its Critical Growth Levers & Tariff Mitigation Strategies To Handle Geopolitical Uncertainties!

By Baptista Research

  • Cummins Inc. reported its first quarter results for 2025, revealing a complex mix of strengths and challenges.
  • Despite a robust showing from certain segments, the company faces increasing uncertainty due to geopolitical factors, particularly trade tariffs, and unpredictability around future regulations.
  • From a positive standpoint, Cummins delivered strong performance in Q1, notably achieving record results in its Power Systems segment.

Eaton Corporation: These 5 Factors That Can Truly Affect Its Performance In 2025 & Beyond!

By Baptista Research

  • Eaton Corporation’s latest earnings for the first quarter of 2025 provides insight into the company’s current financial health and strategic positioning.
  • The earnings underscore both positive performances and areas of concern, offering a comprehensive view of Eaton’s operational landscape.
  • On the positive side, Eaton reported record quarterly achievements, notably a 13% year-over-year increase in adjusted earnings per share (EPS) to $2.72.

ESAB Corporation: Is Its Approach of Strategic Acquisitions Paying Off?

By Baptista Research

  • The first quarter of 2025 for ESAB Corporation showed a strong financial performance, demonstrating resilience in a challenging market landscape.
  • ESAB’s strategic focus on local responsiveness coupled with global scale has allowed the company to maintain secure and agile supply chains, contributing to its competitive advantage.
  • Key initiatives such as innovation, high-impact acquisitions, and investments in growth areas like equipment and gas control have been pivotal in driving ESAB’s robust start to the year.

Huntington Ingalls Industries: The Possible Deterrents That Can Slow Down Its Path of 2025!

By Baptista Research

  • Huntington Ingalls Industries reported first quarter results that reflect steady progress in operational execution, tempered by ongoing challenges across several business segments.
  • Revenue for the quarter stood at approximately $2.7 billion, representing a 2.5% year-over-year decline due to lower volumes at Newport News Shipbuilding, Ingalls Shipbuilding, and Mission Technologies.
  • Segment operating income grew marginally, supported by improved results in Mission Technologies, which saw stronger performance in cyber, electronic warfare, space, and uncrewed systems.

ITT Inc.: Acquisition & Share Repurchase Strategies Create Shareholder Value Amidst Market Uncertainties!

By Baptista Research

  • ITT Inc. recently reported its first quarter 2025 results, reflecting a complex interplay of external challenges and internal operational strategies.
  • The company showcased resilience and strategic growth initiatives.
  • ITT recorded over $1 billion in orders, a historic high, driven significantly by two acquisitions, kSARIA and Svanehøj, reinforcing its market position.

nVent’s Global Expansion and R&D Investments Signal Massive Growth Ahead in Data and Energy; What’s Next?

By Baptista Research

  • nVent Electric’s first quarter of 2025 showcased a blend of robust growth and strategic maneuvers, coupling strong financial performance with decisive portfolio adjustments.
  • The company reported an 11% rise in sales, marking a significant start to the year.
  • This growth was driven by acquired businesses like Trachte, which showed strong double-digit sales increases, adding roughly $71 million to nVent’s revenues.

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May 25
0

Daily Brief India: Bajaj Auto Ltd, JSW Steel Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM
  • JSW Steel: Positioned for a Sharp Earnings Rebound in FY26 Despite BPSL Overhang

Event Driven: Bajaj Auto Acquired Majority Control of Austrian KTM

By Nimish Maheshwari

  • Bajaj Auto will take majority control of KTM AG by buying out its Austrian partner in Pierer Bajaj AG and injecting €800 million to close KTM’s court-approved restructuring.
  • The deal rescues a flagship European brand from insolvency, safeguards KTM’s supply chain, and vaults Bajaj into the global premium-sport segment as an OEM rather than a contract partner.
  • Bajaj’s pivot from passive investor to turnaround owner adds earnings volatility near-term, but long-term it secures technology, brand equity, and a bigger share of high-margin 400-1,000 cc bikes.

JSW Steel: Positioned for a Sharp Earnings Rebound in FY26 Despite BPSL Overhang

By Rahul Jain

  • JSW Steel has guided for 10% volume growth in FY26, with operating leverage and cost efficiencies poised to drive significant margin expansion.
  • The Supreme Court ruling on BPSL has created new challenges, the issue is not expected to derail JSW’s growth trajectory or cash flows and production.
  • Earnings could surge over 85% in FY26, supported by higher steel prices, lower input costs, and ramp-up of new capacities like JVML and Dolvi.

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May 25
0

Daily Brief Financials: Soundwill Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • Soundwill Holdings (878 HK): Hard Lessons from Another HK Arbageddon

Soundwill Holdings (878 HK): Hard Lessons from Another HK Arbageddon

By Arun George

  • Soundwill Holdings (878 HK) shareholders have voted against the Foo family’s HK$8.50 per share offer. The minority participation rate was high, and the NO vote comfortably failed the value test.
  • Unlike the Goldlion Holdings (533 HK) deal break, the price action over the last three days pointed to a deal break. Like previous deal breaks, this one offers hard lessons.
  • Soundwill has the fourth-highest premium of the pre-deal break price to the undisturbed price compared to previous deal breaks. My estimated deal-break price is HK$5.63, 13.2% below the last close.

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May 25
0

Daily Brief Japan: Shibaura Electronics, Toyota Industries, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Xanadu Mines, Reject Shop, ESR Group, Shibaura Elect., Jamco, Tsuruha/Welcia
  • Last Week in Event SPACE: Toyota Industries, CATL, Mitsubishi Logisnext, Mayne Pharma, Melco
  • A Company that Performs Well Has Shareholders with Influential Equity Interests

(Mostly) Asia-Pac M&A: Xanadu Mines, Reject Shop, ESR Group, Shibaura Elect., Jamco, Tsuruha/Welcia

By David Blennerhassett

Last Week in Event SPACE: Toyota Industries, CATL, Mitsubishi Logisnext, Mayne Pharma, Melco

By David Blennerhassett

A Company that Performs Well Has Shareholders with Influential Equity Interests

By Aki Matsumoto

  • The biggest difference between founder family companies and others is the shareholding, and the presence of certain percentage of founder family’s equity would have positive impact on management and performance.
  • When the founding family is a major shareholder, they can manage the company from the same perspective as shareholders, sharing the same goal of maximizing corporate value with them.
  • A company with shareholders with equity interests that exceed a certain level of influence cannot manage without regard to its shareholders. MBOs are also expected for founder family companies.

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May 25
0

Daily Brief China: Alibaba Group Holding , Soundwill Holdings, Tencent, Remegen , ZIM Integrated Shipping Services and more

By | China, Daily Briefs

In today’s briefing:

  • Why Is Michael Burry So Bearish on Alibaba (And Other Major Chinese Tech Stocks)?
  • Soundwill Holdings (878 HK): Hard Lessons from Another HK Arbageddon
  • Tencent (700 HK): Strategies to Navigate Low Volatility and A Flat Term Structure
  • China Healthcare Weekly (May 25) – Pfizer-3SBio’s Record-Breaking Deal, RemeGen’s HK$796Mn Placing
  • Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Why Is Michael Burry So Bearish on Alibaba (And Other Major Chinese Tech Stocks)?

By Douglas Kim

  • It recently became publicly available that Michael Burry (CEO of Scion Asset Management) started buying put options on numerous Chinese stocks including Alibaba Group Holding (BABA US).
  • We highlight four major reasons why Burry may have turned bearish on Chinese tech names (tariffs, delisting threats, increasing hostile political pressure on China, and China’s 30 year bond yield). 
  • Although we do not know exactly know how Burry has changed his position in 2Q25, he is likely to have reduced put options on major Chinese tech stocks in April/May.

Soundwill Holdings (878 HK): Hard Lessons from Another HK Arbageddon

By Arun George

  • Soundwill Holdings (878 HK) shareholders have voted against the Foo family’s HK$8.50 per share offer. The minority participation rate was high, and the NO vote comfortably failed the value test.
  • Unlike the Goldlion Holdings (533 HK) deal break, the price action over the last three days pointed to a deal break. Like previous deal breaks, this one offers hard lessons.
  • Soundwill has the fourth-highest premium of the pre-deal break price to the undisturbed price compared to previous deal breaks. My estimated deal-break price is HK$5.63, 13.2% below the last close.

Tencent (700 HK): Strategies to Navigate Low Volatility and A Flat Term Structure

By Gaudenz Schneider

  • Implied Volatility Trends: One-month implied volatility is currently cheap, trading in its 14th percentile, while Tencent (700 HK) approaches its twelve-months high.
  • Skew and Term Structure Dynamics: A pronounced skew smile and a relatively flat term structure make spreads and calendar / diagonal spreads attractive strategies.
  • Open Interest Distribution: Liquidity can be found in the monthly May expiry and the Quarterly expiries. The historically low implied volatility facilitates longer term positions.

China Healthcare Weekly (May 25) – Pfizer-3SBio’s Record-Breaking Deal, RemeGen’s HK$796Mn Placing

By Xinyao (Criss) Wang

  • The 11th batch of national VBP rules is expected to include optimizations aimed at balancing bidding prices with drug quality
  • The US$6 billion deal between Pfizer and 3SBio has energized the innovative drug industry. While 3SBio’s valuation may continue to rise, Akeso’s valuation could face downward revisions.
  • RemeGen has shown positive momentum, with its valuation reflecting RC18’s successful out-licensing already. Its recent HK$796 million placement indicates a clear intent to raise funds at a premium.

Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

By Daniel Hellberg

  • Shares of container carriers have surged on expectations of a strong recovery in volume
  • But April data show pricing continued to soften despite solid North American demand
  • The carriers themselves and other industry players remain downbeat; SHORT the carriers

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May 25
0

Most Read: BYD, Contemporary Amperex Technology (CATL), Midea Group, Seres Group , Nationz Technologies Inc A, DigiPlus Interactive , Shanghai Runda Medical Tec-A, Samsung C&T, LX International and more

By | Daily Briefs, Most Read

In today’s briefing:

  • HSTECH Index Rebalance: BYD (1211 HK) To Replace China Literature (772 HK) As Trade Hits US$6bn
  • CATL (3750 HK): The Tail Wags the Dog
  • Hang Seng Index (HSI) Rebalance: Midea (300 HK) & ZTO Express (2057 HK) Added; Inching Towards a 100
  • China A50 ETFs Rebalance Preview: One Change Highly Likely
  • CSI All Share Semiconductor Index Rebalance Preview: 13 Potential Changes in June
  • PCOMP Index Rebalance Preview: One Set of Changes as PLUS Runs Away
  • CSI Medical Service Index Rebalance Preview: Five Changes as Trade Flatlines
  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)
  • June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150
  • Eternal Vs. Swiggy: A Battle for Market Share or a Fight to Stay in the Game?

HSTECH Index Rebalance: BYD (1211 HK) To Replace China Literature (772 HK) As Trade Hits US$6bn

By Brian Freitas

CATL (3750 HK): The Tail Wags the Dog

By Brian Freitas

Hang Seng Index (HSI) Rebalance: Midea (300 HK) & ZTO Express (2057 HK) Added; Inching Towards a 100

By Brian Freitas

China A50 ETFs Rebalance Preview: One Change Highly Likely

By Brian Freitas

CSI All Share Semiconductor Index Rebalance Preview: 13 Potential Changes in June

By Brian Freitas

  • The review period for the June rebalance of the CSI All Share Semiconductor Index ended 30 April. The changes should be announced on 30 May and implemented on 13 June.
  • We forecast 4 adds and 9 deletes for the index with a one-way turnover of 2.7% and a round-trip trade of CNY 1.2bn (US$167m).
  • Some stocks have overlaps with changes to the CES China Semiconductor Chips Index and the CNI Semiconductor Chips Index and there will be increased passive flow for those stocks.

PCOMP Index Rebalance Preview: One Set of Changes as PLUS Runs Away

By Brian Freitas

CSI Medical Service Index Rebalance Preview: Five Changes as Trade Flatlines

By Brian Freitas

  • The review period ended on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.
  • There could be 5 changes in June where passive trackers will need to trade between 0.7-2x ADV in the forecast adds and sell between 1-4x ADV in the forecast deletes.
  • A long adds/ short deletes trade has gone nowhere in the last 6-7 months, and the volatility of the trade has reduced even further in the last couple of months.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (23 May to 6 June 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks (23 May to 6 June 2025).
  • Our top 10 picks were up on average 2.4% in the past two weeks (from 9 to 23 May), outperforming KOSPI which was up 0.6% in the same period.
  • The top 10 picks in this bi-weekly include Samsung Securities, LG Uplus, Amorepacific Holdings, Samsung C&T, JYP Entertainment, Nongshim, Krafton, LS Electric, F&F, and Emart. 

June Rebalance Intel: Announcement Date & Key Names for KOSPI 200 & KOSDAQ 150

By Sanghyun Park

  • Looks like the KOSPI200/KOSDAQ150 June rebal is a lock for post-close Tuesday (27th)—KRX has already signaled this to local media over the weekend.
  • Muted pre-positioning this time, likely from weak volumes and no market lead—sets up for punchier price action right after today’s rebalance drop.
  • Over ~3 weeks, KRW 40T/3.5T passive AUM tracked KOSPI200/KOSDAQ150. With shorts fully back, deletes may trade heavy—sets up well for more aggressive long-short positioning.

Eternal Vs. Swiggy: A Battle for Market Share or a Fight to Stay in the Game?

By Nimish Maheshwari

  • Zomato (ZOMATO IN) and Swiggy (SWIGGY IN) saw strong revenue growth, but intense competition and quick commerce costs led to declining profits or increased losses. 
  • Zomato(Eternal) holds a strong advantage in food delivery profitability, reporting INR 428 crore adjusted EBITDA, and its IOCC status offers potential inventory benefits.   
  • Swiggy uses quick commerce for acquisition, scaling Bolt for speed which drives over 12% of food orders and boosts retention.

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May 24
0

Daily Brief Thematic (Sector/Industry): #152 India Insight: Smartphones Exports Tops Oil & Diamond and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • #152 India Insight: Smartphones Exports Tops Oil & Diamond, $10B On Tankers, 7 IPOs Approved
  • Decoding India’s Private Capex: NSO’s First Survey
  • AUCTUS ON FRIDAY – 23/05/2025
  • Eternal Vs. Swiggy: A Battle for Market Share or a Fight to Stay in the Game?

#152 India Insight: Smartphones Exports Tops Oil & Diamond, $10B On Tankers, 7 IPOs Approved

By Sudarshan Bhandari

  • India’s Smartphone Exports Surge to $24.14 Billion, Overtake Petroleum and Diamonds
  • India plans to spend $10 billion on a fleet of 112 homebuilt oil tankers, aiming for self-sufficiency in energy.
  • Seven companies, including Credila Financial and Sri Lotus Developers, have received SEBI approval for IPOs, aiming to raise significant funds.

Decoding India’s Private Capex: NSO’s First Survey

By Sudarshan Bhandari

  • The NSO’s First Forward-Looking Survey on Private Sector Capex Investment Intentions projects a 55.5% increase in private sector Capex for FY25, led by Manufacturing, Information & Communication, and Transportation sectors.
  • The survey provides insights into India’s private sector investment trends, highlighting a strong focus on core business expansion, value addition, and income generation, vital for future growth and economic development.
  • The outlook for FY25 reflects optimism, especially in the manufacturing sector, signaling sustained economic momentum. However, FY26 shows cautious investment intent, indicating some sectors may face challenges.

AUCTUS ON FRIDAY – 23/05/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Adding four low risk drill-ready shallow gas prospects to start drilling by YE25 – ADX has now matured 13 shallow gas prospects across the ADX-AT-I and ADX-AT-II licence areas in Austria.
  • The play is proven, supported by historical discoveries within the basin.
  • Nearby historical discoveries in the area have produced 220 bcf to date.

Eternal Vs. Swiggy: A Battle for Market Share or a Fight to Stay in the Game?

By Nimish Maheshwari

  • Zomato (ZOMATO IN) and Swiggy (SWIGGY IN) saw strong revenue growth, but intense competition and quick commerce costs led to declining profits or increased losses. 
  • Zomato(Eternal) holds a strong advantage in food delivery profitability, reporting INR 428 crore adjusted EBITDA, and its IOCC status offers potential inventory benefits.   
  • Swiggy uses quick commerce for acquisition, scaling Bolt for speed which drives over 12% of food orders and boosts retention.

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