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Smartkarma Daily Briefs

Daily Brief Industrials: Johns Lyng, Marumae Co Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL
  • Marumae Co Ltd (6264 JP): Q3 FY08/25 flash update


(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

By David Blennerhassett


Marumae Co Ltd (6264 JP): Q3 FY08/25 flash update

By Shared Research

  • The company reported sales of JPY7.3bn, operating profit of JPY1.5bn, and net income of JPY940mn, with no YoY data.
  • Transitioned to consolidated financial reporting in Q3 FY08/25, adding a Functional Materials segment, primarily operated by KMAC.
  • Announced consolidated earnings forecast for FY08/25: sales JPY11.3bn, operating profit JPY1.9bn, and net income JPY1.3bn.

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Daily Brief Financials: Hang Seng Index and more

By | Daily Briefs, Financials

In today’s briefing:

  • Hong Kong Single Stock Options Weekly (July 07–11): Financials in Focus as Call Volumes Rise


Hong Kong Single Stock Options Weekly (July 07–11): Financials in Focus as Call Volumes Rise

By John Ley

  • Sentiment improved modestly, though breadth remains well below recent highs in a subdued price action.
  • Option activity climbed steadily, with strong Friday Call demand pushing the Put/Call ratio to lower bound.
  • Financials stood out across price action, volatility, and options activity.

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Daily Brief South Korea: EcoPro Materials, KG Mobility, Dowooinsys, Messe eSang, Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Basis for the 5 Trillion Won Moving Money Estimate for KOSPI Size Index Migration Event
  • [Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet
  • Dowoo Insys IPO Book Building Results Analysis
  • Korea Small Cap Gem #39: Messe ESANG
  • KOSPI 200 Tactical Outlook Amid Renewed Uncertainty from US Tariff Risks


Basis for the 5 Trillion Won Moving Money Estimate for KOSPI Size Index Migration Event

By Sanghyun Park

  • NPS allocates ~6% of its 76T won consignment book to mid/small-cap, with ~3.6T effectively benchmarked to the KOSPI Mid Cap Index via its hybrid BM.
  • Publicly raised funds add ~1.1T won across 358 products benchmarked to KOSPI Mid Cap, bringing total estimated exposure (incl. NPS) to ~4.7T won.
  • Including other pensions and off-radar private funds, total KOSPI Mid Cap exposure rounds out to ~5T won — the base case local street uses for passive impact modeling.

[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the KRX. Here we look at Dec25 index rebal.
  • We expect up to 6 ADDs and 6 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.
  • This is up from 4 ADDs and 4 DELs last month, but there is a lot of potential sector threshold borderline volatility to change both the number and the names.

Dowoo Insys IPO Book Building Results Analysis

By Douglas Kim

  • Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
  • The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
  • Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won). 

Korea Small Cap Gem #39: Messe ESANG

By Douglas Kim

  • We have found another gem in the Korean small cap industry. Messe ESANG is #39 in our Korea Small Cap Gem Series.
  • Messe ESANG (408920 KS) is the number one player in South Korea’s exhibition and convention industry. 
  • The company has a combination of strong sales growth, excellent operating margins, improving ROE, sound balance sheet, and cheap valuations. 

KOSPI 200 Tactical Outlook Amid Renewed Uncertainty from US Tariff Risks

By Nico Rosti

  • As reported by Gaudenz Schneider , South Korea left interest rates unchanged on July 11th, but significant uncertainty from US Tariffs policies pose a challenge for its economy.
  • In our previous KOSPI 200‘s insight we flagged an ‘overbought warning’, yet the index extended its rally for four more weeks, closing at 428 — near its all-time highs (449).
  • The index is now off the chart on our time model and approaching the upper limit of our SHORT price model. A WEEKLY pullback is imminent, but may be short-lived.

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Daily Brief Australia: Johns Lyng, Origin Energy, Warriedar Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • Johns Lyng (JLG AU): A PEP-Sponsored MBO
  • Origin Energy Ltd – Next Week At A Glance – 14-18 Jul 2025
  • Warriedar Resources Ltd – Exploration Update


Johns Lyng (JLG AU): A PEP-Sponsored MBO

By Arun George

  • Johns Lyng (JLG AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$4.00, a 57.5% premium to the undisturbed price of A$2.54 (10 June).
  • The offer is effectively an MBO as the CEO and key executives will rollover their shares. The offer requires regulatory (FIRB and US) and shareholder approvals. 
  • The offer is arguably opportunistically timed to capitalise on the FY2025 guidance downgrade in February. However, it is reasonable, given the high uncertainty surrounding the timing of an earnings recovery. 

Origin Energy Ltd – Next Week At A Glance – 14-18 Jul 2025

By FNArena

  • A brief look at important company events and economic data releases next week

Warriedar Resources Ltd – Exploration Update

By Research as a Service (RaaS)

  • Warriedar Resources Limited (ASX:WA8) is an emerging gold and antimony developer whose flagship Golden Range project hosts ~2.3moz in AuEq resources in the prolific gold-producing Murchison region of Western Australia.
  • Since the acquisition of the project in CY23, WA8 has expanded the gold resource and delineated a globally significant antimony resource which is also contained in the core Ricciardo deposit.
  • Whilst the gold resource alone could support a commercial development, the overlapping antimony resource not only increases the economic value, it adds a strategic value to the project given the supply shortages and trade restrictions affecting this commodity.

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Daily Brief Thematic (Sector/Industry): [Wafer Watch] Semis Face Headwinds from Geopolitical Noise and Shifting Priorities and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • [Wafer Watch] Semis Face Headwinds from Geopolitical Noise and Shifting Priorities
  • Japan Strategy Weekly | Macro Crosscurrents
  • AUCTUS ON FRIDAY – 11/07/2025


[Wafer Watch] Semis Face Headwinds from Geopolitical Noise and Shifting Priorities

By Raghav Vashisht

  • Semiconductor stocks retreated last week, with the SOXX ETF down 0.58%, underperforming the S&P 500 amid renewed tariff anxiety and fading near-term catalysts.
  • Samsung’s $37B Texas fab faces execution delays, TSMC prioritises U.S. expansion over Japan, and the U.S. eased EDA software bans on China, signalling a brief pause in chip trade tensions.
  • Investor behaviour reflected caution beneath resilience; despite stable technical indicators, SOXX saw $277M in net outflows, with hedged positioning dominating

Japan Strategy Weekly | Macro Crosscurrents

By Mark Chadwick

  • Japanese equities closed the week softer, with the Nikkei failing to retest the 40,000 level amid a confluence of macro headwinds. Persistent U.S. tariff concerns weighed on sentiment.
  • Exporters and cyclicals bore the initial brunt, though stabilized late-week on U.S. tech resilience and FX tailwinds
  • Sector rotation favoured semis and banks, while defensives underperformed. Factory automation names underperformed following Yaskawa’s downward earnings revision

AUCTUS ON FRIDAY – 11/07/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share.
  • This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares.
  • Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter.

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Daily Brief ECM: Dowoo Insys IPO Book Building Results Analysis and more

By | Daily Briefs, ECM

In today’s briefing:

  • Dowoo Insys IPO Book Building Results Analysis
  • Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business
  • Juniper Green Energy Ltd Pre-IPO Tearsheet
  • Yangtuo Technology Inc. Pre-IPO Tearsheet
  • Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing
  • Megatronix Inc. Pre-IPO Tearsheet
  • Reconova Technologies Co., Ltd. Pre-IPO Tearsheet


Dowoo Insys IPO Book Building Results Analysis

By Douglas Kim

  • Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
  • The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
  • Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won). 

Anthem Biosciences IPO – D&M Vertical Continues to Drive CRDMO Business

By Akshat Shah

  • Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
  • Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.

Juniper Green Energy Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Juniper Green Energy Ltd (1831458D IN)  (JGEL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are ICICI, HSBC, JM Fin, Kotak.
  • JGEL is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
  • According to the CRISIL Report, JGEL ranked among the top 10 largest renewable IPPs in India by total capacity as of Dec 24.

Yangtuo Technology Inc. Pre-IPO Tearsheet

By Troy Wong

  • Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
  • The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
  • YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost & Sullivan).

Anthem Biosciences IPO: FY25 In High Trajectory; Poised for Long-Term Growth; Attractive IPO Pricing

By Tina Banerjee

  • Anthem Biosciences has filed RHP to raise INR34B (~$395M) through its Indian IPO consisting of only an offer for sale of equity shares. The IPO will open on July 14.
  • The IPO has been priced at INR540–570 per share. Considering FY25 EPS of INR8.07, Anthem seeks P/E valuation of 66.9–70.6x, which is lower than most of the peers.
  • With niche and differentiated technical capabilities (ADC, biosimilars, innovative biologics etc), large clientele, exposure to commercialized molecules, and capacity expansion, Anthem is well-positioned for long-term growth.

Megatronix Inc. Pre-IPO Tearsheet

By Troy Wong

  • Megatronix Inc. (MI) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi, CICC, and DB.
  • MI is a leading, innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
  • It derives revenue primarily from sales of integrated domain control solutions, calculated based on the number of integrated smart domain controllers embedded with its solutions that are delivered to OEMs.

Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

  • Reconova Technologies Co., Ltd. (RT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CCBI, Huatai, and ABCI.
  • RT is an AI company that provides visual AI technologies and products for enterprise clients.  
  • RT is one of the first companies in the industry dedicated to full-stack visual AI technologies of computer vision algorithm, optical imaging optimisation, and computing power optimisation.

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Daily Brief United States: Markel Corp, Tjx Companies, CareCloud , First American Financial, Globe Life , Hanover Insurance Group, Kinsale Capital Group, Hartford Financial Svcs Grp, Lincoln National, Centene Corp and more

By | Daily Briefs, United States

In today’s briefing:

  • Markel Corporation: Tapping Global Markets & Ventures Powerhouse for Explosive International Growth!
  • TJX’s Secret Weapon: How It’s Winning Over the Coveted 18-34 Age Group!
  • CareCloud Inc – 2Q25 Earnings Preview
  • First American Financial Corporation Thriving Despite Rate Shocks—What’s Fueling Its Breakout Potential?
  • Globe Life Inc.: Expanding Profit Margins Through Smart Regulatory Rate Wins!
  • Hanover Insurance Group: Transforming Risk into Opportunity with Advanced Data
  • Kinsale Capital Group: Dominating The E&S Market with Game-Changing Low-Cost Model & Operational Precision!
  • The Hartford Financial Services Group: How Are They Fighting Inflation & Tariffs with Tactical Pricing & Resilient Strategy!
  • Lincoln National: Powering Up Global Ambitions with High-Impact Partnerships & Financial Fortitude!
  • Centene Corporation: Leveraging Clinical Initiatives & Operating Models To Change The Game!


Markel Corporation: Tapping Global Markets & Ventures Powerhouse for Explosive International Growth!

By Baptista Research

  • Markel Group’s recent financial performance presents a nuanced picture of its strategic initiatives and operational dynamics.
  • On the positive side, the company has demonstrated resilience in its various business segments, showing strong potential for sustainable growth.
  • Markel’s comprehensive approach to capital allocation has been characterized by strategic investments and share repurchase activities, which are expected to yield favorable returns over the long term.

TJX’s Secret Weapon: How It’s Winning Over the Coveted 18-34 Age Group!

By Baptista Research

  • The TJX Companies, Inc. delivered solid financial results for the second quarter of fiscal year 2025, citing exceptional execution of their flexible off-price business model and strong customer transaction-driven sales growth across all divisions.
  • The company’s ongoing commitment to delivering excellent value and an exciting merchandise assortment continues to resonate with consumers globally.
  • This effectively reflects in the company’s decision to raise the full year guidance for both pretax profit margins and earnings per share.

CareCloud Inc – 2Q25 Earnings Preview

By Zacks Small Cap Research

  • Zacks Small-Cap Research Note for CareCloud, Inc. (CCLD)

First American Financial Corporation Thriving Despite Rate Shocks—What’s Fueling Its Breakout Potential?

By Baptista Research

  • First American Financial Corporation reported its financial results for the first quarter of 2025, highlighting several key points across its segments and offering insight into its future strategy amidst recent leadership changes.
  • The financial performance indicates strong growth in certain segments but also poses challenges, particularly in the core title and escrow business impacted by broader market conditions.
  • The company reported GAAP earnings of $0.71 per diluted share and adjusted earnings of $0.84 per diluted share, indicating a robust financial position despite some revenue pressures.

Globe Life Inc.: Expanding Profit Margins Through Smart Regulatory Rate Wins!

By Baptista Research

  • Globe Life’s first-quarter 2025 financial results present a mixed bag of outcomes, reflecting the intricate dynamics of the insurance sector amidst broader economic uncertainties.
  • The company reported a net income of $255 million or $3.01 per share, up from $254 million or $2.67 per share in the same quarter last year.
  • The net operating income was slightly higher than internal projections at $259 million or $3.07 per share, representing a 10% increase year-over-year.

Hanover Insurance Group: Transforming Risk into Opportunity with Advanced Data

By Baptista Research

  • The Hanover Insurance Group reported its first-quarter performance, reflecting both positive strategic implementations and ongoing challenges.
  • Key takeaways from the results indicate a strong start to the year, with an operating return on equity reaching 17.2%, despite the impacts of significant catastrophe events like Californian wildfires and severe convective storms.
  • The company’s response to these losses underscores effectiveness in catastrophe mitigation strategies.

Kinsale Capital Group: Dominating The E&S Market with Game-Changing Low-Cost Model & Operational Precision!

By Baptista Research

  • Kinsale Capital Group reported its first quarter 2025 results, indicating a mixed performance amidst a competitive insurance landscape.
  • The company’s operating earnings per share increased by 6% from the prior year, with gross written premium rising by 8%.
  • Kinsale’s reported combined ratio stood at a strong 82%, driven by disciplined underwriting and a low-cost model, despite significant challenges from natural catastrophes, such as the California Palisades wildfire.

The Hartford Financial Services Group: How Are They Fighting Inflation & Tariffs with Tactical Pricing & Resilient Strategy!

By Baptista Research

  • The Hartford Financial Services Group reported a strong start to 2025, characterized by solid financial performance despite facing significant challenges such as the January California wildfires.
  • The company demonstrated robust growth across its business segments, highlighting its effective risk management and strong underwriting capabilities.
  • However, there are also areas that present ongoing challenges and risks that investors should be aware of.

Lincoln National: Powering Up Global Ambitions with High-Impact Partnerships & Financial Fortitude!

By Baptista Research

  • Lincoln Financial Group recently conducted its earnings call, revealing a mixed performance and strategic orientation for the quarter.
  • The company seems to be balancing immediate challenges with a long-haul strategy aimed at enhancing the business’s resilience and profitability.
  • On a positive note, Lincoln Financial reported a 14% increase in adjusted operating income compared to the previous year, demonstrating solid execution despite volatile markets.

Centene Corporation: Leveraging Clinical Initiatives & Operating Models To Change The Game!

By Baptista Research

  • Centene Corporation recently reported its financial outcomes for the first quarter of 2025, detailing both its present achievements and future expectations.
  • The highlights of their performance reveal a complex interplay of growth prospects and operational challenges within the different segments it operates.
  • For the first quarter, Centene achieved an adjusted diluted EPS of $2.90, aligning with prior forecasts.

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Daily Brief China: New World Development, Contemporary Amperex Technology (CATL), Yangtuo Technology Inc., Megatronix Inc., Iron Ore, China Jinmao Holdings, Reconova Technologies Co Ltd and more

By | China, Daily Briefs

In today’s briefing:

  • NWD (17 HK): The Strings Attached To Latest Debt Financing
  • CATL Breaks Ground on $6 Billion Indonesian Battery Hub
  • Yangtuo Technology Inc. Pre-IPO Tearsheet
  • Megatronix Inc. Pre-IPO Tearsheet
  • [IO Technicals 2025/28] Bullish Momentum Intensifies
  • Lucror Analytics – Morning Views Asia
  • Reconova Technologies Co., Ltd. Pre-IPO Tearsheet


NWD (17 HK): The Strings Attached To Latest Debt Financing

By David Blennerhassett

  • This “rescue package” announcement late last month came as no surprise, as the alternative situation (liquidation/bankruptcy) for New World Development (17 HK), and the ensuing optics were not great.
  • Media reports are now coming in that NWD is reportedly seeking to sell – or accelerate the sale – of its real estate projects in China. 
  • That makes sense. The refinancing afforded NWD some breathing space. However, to strengthen/bolster its balance sheet, NWD needs to offload assets. Yet pinning down a “fair” valuation will take time. 

CATL Breaks Ground on $6 Billion Indonesian Battery Hub

By Caixin Global

  • Chinese battery titan Contemporary Amperex Technology Co. Ltd. (CATL) has broken ground on a nearly $6 billion project in Indonesia, marking a bold strategic move to secure crucial materials and expand its manufacturing footprint beyond China.
  • The project — a joint venture between CATL subsidiary CBL, Indonesia’s state-owned miner PT Aneka Tambang (Antam), and the state-backed Indonesia Battery Corporation (IBC) — has officially started construction, CATL said Wednesday.
  • More than three years in the making, the initiative underscores the ambition of the world’s largest battery manufacturer to reinforce its global standing amid increasingly complex geopolitical dynamics.

Yangtuo Technology Inc. Pre-IPO Tearsheet

By Troy Wong

  • Yangtuo Technology Inc. (YT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
  • The company is a leading commerce and service platform in China, specializing in family care and nutrition products.
  • YT was the largest commerce and service platform serving businesses in China’s family care and nutrition product industry in lower-tier markets in terms of GMV in 2024 (Frost & Sullivan).

Megatronix Inc. Pre-IPO Tearsheet

By Troy Wong

  • Megatronix Inc. (MI) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citi, CICC, and DB.
  • MI is a leading, innovation-driven automotive technology company. MI focuses on developing and delivering AI-powered integrated domain control solutions that enable automakers to build the next generation of software-defined vehicles.
  • It derives revenue primarily from sales of integrated domain control solutions, calculated based on the number of integrated smart domain controllers embedded with its solutions that are delivered to OEMs.

[IO Technicals 2025/28] Bullish Momentum Intensifies

By Umang Agrawal

  • Iron ore demand remains strong as supply tightens from Australia and Brazil, and China pushes for industrial reforms that could support raw material prices.
  • Despite macroeconomic headwinds and Malaysian tariffs on Chinese steel, robust mill profits, and limited production curbs are expected to sustain iron ore demand.
  • Prices are trading above key moving averages, suggesting ongoing upside momentum, while the MACD above its signal line confirms the prevailing bullish bias.

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: China Jinmao, Nissan Motor, Rakuten Group
  • Front-end UST yields rose yesterday, albeit the long end was stable on the back of a good auction of 30Y notes. The UST curve bear flattened, with the yield on the 2Y UST rising 3 bps to 3.87%, while that on the 10Y UST was up 2 bps at 4.35%.
  • Equities climbed, with the S&P 500 and Nasdaq advancing 0.3% and 0.1%, respectively, to fresh record highs.

Reconova Technologies Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

  • Reconova Technologies Co., Ltd. (RT) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by CCBI, Huatai, and ABCI.
  • RT is an AI company that provides visual AI technologies and products for enterprise clients.  
  • RT is one of the first companies in the industry dedicated to full-stack visual AI technologies of computer vision algorithm, optical imaging optimisation, and computing power optimisation.

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Daily Brief Equity Bottom-Up: CATL Breaks Ground on $6 Billion Indonesian Battery Hub and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • CATL Breaks Ground on $6 Billion Indonesian Battery Hub
  • Korea Small Cap Gem #39: Messe ESANG
  • Smartworks Coworking Spaces Ltd. IPO – Should You Sign the Lease?
  • Origin Energy Ltd – Next Week At A Glance – 14-18 Jul 2025
  • Patek Philippe: Watch Perfection – [Business Breakdowns, REPLAY]
  • Could Santander Be the Next Big Banking Powerhouse? Here’s What You Need to Know!
  • Creek & River (4763 JP): Q1 FY02/26 flash update
  • Markel Corporation: Tapping Global Markets & Ventures Powerhouse for Explosive International Growth!
  • Novozymes – Can Double-Digit Organic Growth & Global Diversification Fuel Long-Term Outperformance?
  • BWMX: 2H Signposts: Mexican Consumer Tells the Tale; Reiterate Buy, $22.50 PT


CATL Breaks Ground on $6 Billion Indonesian Battery Hub

By Caixin Global

  • Chinese battery titan Contemporary Amperex Technology Co. Ltd. (CATL) has broken ground on a nearly $6 billion project in Indonesia, marking a bold strategic move to secure crucial materials and expand its manufacturing footprint beyond China.
  • The project — a joint venture between CATL subsidiary CBL, Indonesia’s state-owned miner PT Aneka Tambang (Antam), and the state-backed Indonesia Battery Corporation (IBC) — has officially started construction, CATL said Wednesday.
  • More than three years in the making, the initiative underscores the ambition of the world’s largest battery manufacturer to reinforce its global standing amid increasingly complex geopolitical dynamics.

Korea Small Cap Gem #39: Messe ESANG

By Douglas Kim

  • We have found another gem in the Korean small cap industry. Messe ESANG is #39 in our Korea Small Cap Gem Series.
  • Messe ESANG (408920 KS) is the number one player in South Korea’s exhibition and convention industry. 
  • The company has a combination of strong sales growth, excellent operating margins, improving ROE, sound balance sheet, and cheap valuations. 

Smartworks Coworking Spaces Ltd. IPO – Should You Sign the Lease?

By Sudarshan Bhandari

  • Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt
  • Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns. 
  • While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.

Origin Energy Ltd – Next Week At A Glance – 14-18 Jul 2025

By FNArena

  • A brief look at important company events and economic data releases next week

Patek Philippe: Watch Perfection – [Business Breakdowns, REPLAY]

By Business Breakdowns

  • Patek Philippe is a premier watchmaker with a rich history and unmatched craftsmanship
  • The brand is differentiated from others like Rolex by its exclusivity, handmade quality, and tradition of creating the finest watches in the world
  • John Reardon from Collectability provides insights into what makes Patek Philippe a special and highly sought-after brand

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Could Santander Be the Next Big Banking Powerhouse? Here’s What You Need to Know!

By Baptista Research

  • Banco Santander’s third-quarter financial results for 2023 demonstrate a mixed performance, albeit with solid progress in executing its long-term strategy.
  • The company recorded a quarterly profit of EUR 3.3 billion, marking a 12% year-over-year increase, driven by a customer base that has expanded to 171 million.
  • For the first nine months of the year, the bank achieved a record profit of EUR 9.3 billion, up 14%.

Creek & River (4763 JP): Q1 FY02/26 flash update

By Shared Research

  • Sales increased by JPY985mn (+7.7% YoY) with growth in Creative (Japan), Medical, and CRES segments; operating profit rose by JPY159mn (+12.7% YoY).
  • Progress toward FY02/26 forecast: 23.1% for sales, 28.4% for operating profit, 28.1% for recurring profit, 28.6% for net income.
  • CRES segment sales rose 205.0% YoY to JPY23mn, but recorded an operating loss of JPY41mn.

Markel Corporation: Tapping Global Markets & Ventures Powerhouse for Explosive International Growth!

By Baptista Research

  • Markel Group’s recent financial performance presents a nuanced picture of its strategic initiatives and operational dynamics.
  • On the positive side, the company has demonstrated resilience in its various business segments, showing strong potential for sustainable growth.
  • Markel’s comprehensive approach to capital allocation has been characterized by strategic investments and share repurchase activities, which are expected to yield favorable returns over the long term.

Novozymes – Can Double-Digit Organic Growth & Global Diversification Fuel Long-Term Outperformance?

By Baptista Research

  • Novonesis has delivered a robust performance in the first quarter of 2025, highlighted by an 11% organic sales growth.
  • This includes a 10% growth driven by volume and an additional 1% from pricing.
  • The company has shown widespread geographic stability with emerging markets experiencing a substantial 15% growth, while developed markets reported a 9% increase.

BWMX: 2H Signposts: Mexican Consumer Tells the Tale; Reiterate Buy, $22.50 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico as we look at key trends for 2HFY25 and beyond.
  • We believe BWMX has remained weak in 2025 (down 14% YTD) as worries remain over the health of the Mexican consumer and a material 1Q25 miss, which also resulted in a 20% cut in the annual dividend rate.
  • While management maintained the 2025 annual guidance, we believe the Street is already projecting the company will have to reduce overall guidance.

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Daily Brief Event-Driven: NWD (17 HK): The Strings Attached To Latest Debt Financing and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • NWD (17 HK): The Strings Attached To Latest Debt Financing
  • Johns Lyng (JLG AU): A PEP-Sponsored MBO


NWD (17 HK): The Strings Attached To Latest Debt Financing

By David Blennerhassett

  • This “rescue package” announcement late last month came as no surprise, as the alternative situation (liquidation/bankruptcy) for New World Development (17 HK), and the ensuing optics were not great.
  • Media reports are now coming in that NWD is reportedly seeking to sell – or accelerate the sale – of its real estate projects in China. 
  • That makes sense. The refinancing afforded NWD some breathing space. However, to strengthen/bolster its balance sheet, NWD needs to offload assets. Yet pinning down a “fair” valuation will take time. 

Johns Lyng (JLG AU): A PEP-Sponsored MBO

By Arun George

  • Johns Lyng (JLG AU) has entered a scheme implementation deed with Pacific Equity Partners (PEP) at A$4.00, a 57.5% premium to the undisturbed price of A$2.54 (10 June).
  • The offer is effectively an MBO as the CEO and key executives will rollover their shares. The offer requires regulatory (FIRB and US) and shareholder approvals. 
  • The offer is arguably opportunistically timed to capitalise on the FY2025 guidance downgrade in February. However, it is reasonable, given the high uncertainty surrounding the timing of an earnings recovery. 

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