Smartkarma Daily Briefs

KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the next semiannual review in December 2025.
We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.

Three Key Angles when Hunting Div Arb Setups in the Korean Market

By Sanghyun Park

Is the SSF base price automatically adjusted on ex-div day? No — Korea doesn’t mechanically adjust cash or futures base prices on ex-div, keeping dividend arb opportunities alive.
Could front-month futures flip into contango near ex-div? It’s rare but possible, especially with KRX’s aggressive SSF reshuffles and KOSDAQ Global additions shaking up liquidity and basis volatility.
Arb plays may arise from Korea’s new 27.5% div tax on payouts over 35%. Ex-div timing and payout uncertainty may create opportunities for dividend arb setups.

KOSPI 200 Tactical Warning: OVERBOUGHT

By Nico Rosti

The KOSPI 200 INDEX has been rising > 30% since its 303-low in early April 2025: a vertical rally after Lee Jae-myung’s won the Presidential Elections in South Korea.
Our most extreme profit target set in our latest insight was 392. The KOSPI 200 reached 394 on June 16th. It is now ultra-overbought.
Our short-term WEEKLY tactical view is the following: the index could go maybe a bit higher or it could pullback soon (more likely). Not bearish, will be a buy opportunity.

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Jun 17

Daily Brief Singapore: SGX Rubber Future TSR20, OUE REIT, Q & M Dental Group (Singapore) and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Helixtap China Report: China Rubber Market Faces Continued Headwinds
REIT Watch – Diversified S-REITs’ operating performance remain resilient amid market uncertainties
STI Banks Lead Weekly Buyback Consideration Tally

Helixtap China Report: China Rubber Market Faces Continued Headwinds

By Arusha Das

Physical-to-INE spreads indicate sluggish near-term demand
Rising availability and tepid downstream suggests prices may remain under pressure
April’s import and export data highlights the caution in the market

REIT Watch – Diversified S-REITs’ operating performance remain resilient amid market uncertainties

By Geoff Howie

Suntec REIT’s 1Q 2025 gross revenue increased 3.4% y-o-y to S$113.5 million, with DPU up 3.4% y-o-y.
CICT’s 1Q 2025 gross revenue was S$395.3 million, up 1.1% y-o-y, with NPI increasing 1.4% y-o-y.
Suntec REIT completed S$730 million refinancing, resulting in annual interest savings of approximately S$1.8 million.

STI Banks Lead Weekly Buyback Consideration Tally

By Geoff Howie

Institutions were net sellers of Singapore stocks with a net outflow of S$80 million from June 6-12.
DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$66.8 million.
Q & M Dental Group’s CEO increased his stake to 54.92% amid ongoing share buyback program since May 8.

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Jun 17

Daily Brief United States: Live Nation Entertainment, Inc, Ciena Corp, Slide Insurance Holdings, Intel Corp, Caris Life Sciences, Vivos Therapeutics , GameStop, Indus Realty Trust Inc, Keysight Technologies In, Base Oil and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Select Sector Indices and S&P Equal Weight Rebalance: US$12.7bn Round-Trip Trade Post Capping
Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?
Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector
Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength
Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand
Vivos Therapeutics, Inc: SCN Acquisition Closed; Key Step in Strategic Pivot
GameStop’s Crypto Gamble & AI Facelift: A Meme Stock On Life Support?
Indutrade: Initiation of Coverage- How Europe’s Quiet Giant Is Diversifying to Beat Market Volatility!
Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?
Oil Prices Rise as Israel Attacks Iran’s Nuclear Facilities – What We Do

Select Sector Indices and S&P Equal Weight Rebalance: US$12.7bn Round-Trip Trade Post Capping

There are no constituent changes for the S&P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$12.7bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Consumer Discretionary Select (XLY US).
The largest flows are expected in Meta, Amazon.com, Alphabet, Broadcom, Live Nation Entertainment, Tesla, T Mobile Us, Exxon Mobil, Fox, Omnicom Group, TKO Group Holdings and Netflix.

Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?

Ciena Corporation’s financial results for the fiscal second quarter of 2025 reflect robust performance and strategic positioning within the dynamic networking and telecommunications industry.
The company reported revenue of $1.13 billion, marking alignment with the high end of their guidance, an indicator of successful strategy execution and market demand.
This strong revenue performance is underscored by substantial growth in cloud provider revenue, which represented 38% of total revenue and grew by 85% year-over-year to over $400 million in the quarter.

Slide Holdings Insurance, Inc.(SLDE): Florida Based Insurer Looking to Ride the Tailwinds of Sector

By IPO Boutique

According to our sources, the deal is well-oversubscribed with good diversification from long-only accounts.
Looking at the financial metrics of this company, they wrote premiums of $1.33b in 2024 which was a 52.5% increase from 2023.
The success of the insurance sector as a whole including the strong performance of Ategrity Specialty Holdings (ASIC US) last week will only further enhance the optics of this IPO.

Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength

By Nicolas Baratte

Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee.
Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).
Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

By IPO Boutique

Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.
According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.
Given how important this company’s technology is to the cancer arena and the revenue growth that is “ramping” into the IPO, we like the risk-reward profile of this deal.

Vivos Therapeutics, Inc: SCN Acquisition Closed; Key Step in Strategic Pivot

By Water Tower Research

SCN acquisition closed, marking a pivotal milestone in the new marketing model.
Vivos completed the acquisition of the Sleep Center of Nevada (SCN), paying $6.0 million in cash and $1.5 million in stock upfront.
SCN remains eligible for an additional $1.5 million contingent stock payment if a financial milestone is achieved.

GameStop’s Crypto Gamble & AI Facelift: A Meme Stock On Life Support?

GameStop, the once-mighty video game retailer turned meme stock sensation, is back in the headlines—but not for reasons that inspire confidence.
The company recently announced a $1.75 billion offering of 0% convertible senior notes due 2032, triggering a nearly 20% plunge in its share price.
Investors were spooked not only by the prospect of future dilution but also by GameStop’s new strategy: pouring hundreds of millions into Bitcoin, mimicking the controversial playbook of MicroStrategy.

Indutrade: Initiation of Coverage- How Europe’s Quiet Giant Is Diversifying to Beat Market Volatility!

Indutrade AB’s recent quarterly earnings present a nuanced picture of its current operational and financial health.
The company reported a 5% organic growth in order intake amidst an uncertain market environment.
This was primarily driven by strong demand in sectors such as pharmaceuticals, the broader process industry, and energy.

Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?

Keysight Technologies reported its fiscal second quarter 2025 earnings, highlighting several key aspects that investors may find noteworthy.
The company delivered a robust performance, with revenues at $1.3 billion and earnings per share of $1.70, both exceeding the high-end of guidance.
This performance marks continued revenue growth, driven by strong demand in the Communications Solutions Group (CSG) and a return to growth in the Electronics Industrial Solutions Group (EISG).

Oil Prices Rise as Israel Attacks Iran’s Nuclear Facilities – What We Do

By The Commodity Report

YTD our absolute return strategy is up 12,0% Oil Prices Rise as Israel Attacks Iran’s Nuclear Facilities – What We Do Friday was marked by panic buying safe haven assets.
Gold and Crude went up, risk assets went down. We’re now in a time of mass geopolitical uncertainty and related volatility.
Therefore we think it is important to keep a cool head in such situations and don’t let headlines and breaking news change investment behavior.

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Jun 17

Daily Brief Japan: Nakano Refrigerators, Ascentech KK, Carta Holdings, Inc., Yamada Denki, TSE Tokyo Price Index TOPIX, Timee Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Nakano Refrigerators (6411 JP): Marunouchi Capital’s JPY7,900 Tender Offer
Ascentech (3565 JP): Orix (8591 JP)’s JPY1,680 Tender Offer
[Japan M&A] NTT Docomo Buys Out Carta Holdings (3688) Minorities – Done Deal
When Giants Clash: Yamada (9831) Vs. Nitori (9843)
Carta Holdings (3688 JP): NTT DoCoMo’s JPY2,100 Preconditional Tender Offer Is a Done Deal
Many Companies Are in Stage of Setting Caps to Ensure that Cash on Hand Grows No More than Necessary
Timee 2Q Results: Revenue Decline Is Only Temporary

Nakano Refrigerators (6411 JP): Marunouchi Capital’s JPY7,900 Tender Offer

Nakano Refrigerators (6411 JP) has recommended a tender offer from Marunouchi Capital at JPY7,900, a 35.0% premium to the last close price.
The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
An attractive offer and irrevocables (33.19% ownership ratio) pave the way for deal completion. The tender runs from 17 June to 29 July.

Ascentech (3565 JP): Orix (8591 JP)’s JPY1,680 Tender Offer

Ascentech KK (3565 JP) has recommended a tender offer from Orix Corp (8591 JP) at JPY1,680, a 14.6% premium to the last close price.
Despite the lack of an auction, the offer is reasonable compared to historical trading ranges and aligns with the midpoint of the IFA DCF valuation range.
Minimum tendering is set at a 66.67% ownership ratio, with irrevocables representing a 27.81% ownership ratio. Management’s significant stakes aid in deal completion.

[Japan M&A] NTT Docomo Buys Out Carta Holdings (3688) Minorities – Done Deal

On 16 June 2025, NTT (Nippon Telegraph & Telephone) (9432 JP) sub NTT Docomo and Dentsu Inc (4324 JP) announced Docomo would buy out minorities in Dentsu sub Carta Holdings.
It’s an OK price, not a great price. But while they are not calculated by advisors, at least the Target Board talks about the value of synergies to minorities.
The price is light, but the combined irrevocables and large individual shareholders not brought over the wall get this over the line.

When Giants Clash: Yamada (9831) Vs. Nitori (9843)

By Michael Allen

Yamada, Japan’s leading home appliance retailer, trade at a PER of less than 9x. Nitori, the leading furniture retailer trades at about 17x.
Both companies, having saturated their core market, are diversifying into the other’s territory.
Key Takeaway: Nitori is diversifying into a business with inherently lower margins, while Yamada moves into one with inherently higher margins.

Carta Holdings (3688 JP): NTT DoCoMo’s JPY2,100 Preconditional Tender Offer Is a Done Deal

By Shifara Samsudeen, FCMA, CGMA

Carta Holdings, Inc. (3688 JP) has recommended a preconditional tender offer from NTT (Nippon Telegraph & Telephone) (9432 JP) at JPY2,100, a 37.2% premium to the last close price.
The offer is preconditional on several regulatory approvals, expected to commence in late August, and aligns with the midpoint of the IFA DCF valuation range.
Due to irrevocables from the controlling shareholder and key management, the required minority tendering rate is 11.2%. This low rate points to a done deal.

Many Companies Are in Stage of Setting Caps to Ensure that Cash on Hand Grows No More than Necessary

By Aki Matsumoto

Improvements in OP margin and Sales/Total Assets have been slow to improve ROE. More companies are including DOE in their dividend policy against the backdrop of increasing cash on hand.
With costs expected to increase amid rising prices, sales and gross margins need to be raised, and therefore the component costs of investment and high-margin operations need to be raised.
Restructuring the business portfolio later to determine cash allocation will not result in effective investment and must result in limited improvement in profit margins on sales.

Timee 2Q Results: Revenue Decline Is Only Temporary

Timee Inc (215A JP) reported 2QFY10/2025 results on Thursday, 12th June. Revenues fell below consensus while OP beat consensus by a huge margin despite 2Q being a seasonally weak quarter.
Top line was hit by unauthorized use of services which forced Timee to strengthen counter measures. End of client fiscal year in food industry also contributed to the decline.
There are signs of recovery and the company’s share price moved up 7% on Friday on the back of strengthening profitability.

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Jun 17

Daily Brief India: Biocon Ltd, Tata Motors and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt
Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

Biocon Ltd QIP – Well Flagged US$522m QIP; Largely Towards Clearing Debt

By Akshat Shah

Biocon Ltd (BIOS IN) Biocon Ltd is looking to raise up to US$522m in its qualified institutional placement (QIP).
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Short Tata Motors – JLR Investor Day – All About Tariffs, China & BEV. Guidance Slashed for FY26.

By Sreemant Dudhoria,CFA

Tata Motors (TTMT IN)subsidiary Jaguar Land Rover’s volumes, revenue, EBIT margins and FCF all plateaued in FY25.
US Tariffs & China Slowdown Undermine FY26 Outlook: The tariffs on UK car imports and collapsing China JV performance together threaten JLR’s two most profitable regions.
Company expects JLR EBIT margin to crash to the 5–7% range (vs 8.5% in FY25) and FCF to fall to zero vs GBP 1.5 billion in FY25.

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Jun 17

Daily Brief Indonesia: Duta Intidaya Tbk PT and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

Mr DIY Indonesia IPO Lockup: US$2.1bn Lockup Release; Creador Likely to Begin Monetization

Mr DIY Indonesia IPO Lockup: US$2.1bn Lockup Release; Creador Likely to Begin Monetization

By Nicholas Tan

PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) (MDIY IJ) raised US$296m from its Indonesia IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
It is a home improvement retailer. The entity is the Indonesian entity under the Mr DIY group’s list of subsidiaries.
In this note, we will talk about the lockup dynamics and possible placement.

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Jun 17

Daily Brief China: Zijin Mining Group Co Ltd H, Foshan Haitian Flavouring & Food Company, Zhejiang Sanhua Intelligent Controls, FWD Group Holdings, SGX Rubber Future TSR20, Eternal Beauty Holdings Limited, Bayzed Health Group, TransThera Sciences (Nanjing), China Vanke and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Gold Miners ETF (GDX US): BIG Impact of Benchmark Change
Foshan Haitian Flavouring & Food Company Hong Kong IPO Preview
Haitian Flavouring (3288 HK) & Sanhua (2050 HK): IPO Float Caps Limit Global Index Inclusion
Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More
FWD IPO: What Are We Buying?
Helixtap China Report: China Rubber Market Faces Continued Headwinds
Pre-IPO Eternal Beauty Holdings (PHIP Updates) – The Outlook Has Changed
Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue
TransThera Sciences (Nanjing) IPO: Uniqueness of Lead Candidate Provides Comfort for Long-Term
Lucror Analytics – Morning Views Asia

Gold Miners ETF (GDX US): BIG Impact of Benchmark Change

The VanEck Gold Miners ETF/USA (GDX US) has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.
That change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 15.8% resulting in a one-way trade of US$3.1bn.
The flow and turnover numbers will change following the June rebalance of the NYSE Arca Gold Miners Index and the September rebalance of the MarketVector Global Gold Miners Index.

Foshan Haitian Flavouring & Food Company Hong Kong IPO Preview

By Douglas Kim

Foshan Haitian Flavouring & Food Company is the largest listed condiments producer in mainland China which is seeking to raise up to HK$9.56 billion (US$1.22 billion) in Hong Kong listing.
It is offering 263.2 million shares at HK$35 to HK$36.30 each. The final offer price is expected to be announced on 17 June.
Foshan Haitian Flavouring & Food is the largest condiments company in China with strong brand power with loyal customers.

Haitian Flavouring (3288 HK) & Sanhua (2050 HK): IPO Float Caps Limit Global Index Inclusion

By Dimitris Ioannidis

Haitian Flavouring (3288 HK) and Sanhua (2050 HK) are forecasted to be added to Global All-World at the December 2025 review.
Both securities are unlikely to meet the Global Standard float cap threshold before or after the lock-up expiry, based on the maximum offer price.
Sanhua (2050 HK) has a better chance of inclusion to Global Standard at the February 2026 review following the lock-up expiry as its float cap is closer to the threshold.

Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More

By Devi Subhakesan

Foshan Haitian, already listed in Shanghai, is offering 263.2 million shares in Hong Kong to raise up to HKD9.56 billion (USD1.22 billion); Final offer price will be set by today.
HK offer price is pitched at an appealing 19%–22% discount to its A-share close, however valuations are pricing in growth expectations that may not align with the underlying business dynamics.
Foshan Haitian operates in the condiments and sauces segment—a mature, saturated and competitive market with limited room for meaningful margin or volume expansion.

FWD IPO: What Are We Buying?

By Alec Tseung

While FWD has achieved strong growth in certain key markets, its overall new business growth rate didn’t differ significantly from the peers, AIA and Prudential.
Compared to the peers, it offers more exposure to Thailand/Cambodia, in terms of APE and VNB mix. But, the peers still have better scale in these markets.
We struggle to develop the thesis unless FWD’s valuation is really attractive. It’s also not expecting to pay any dividends in the near future while both peers do.

Helixtap China Report: China Rubber Market Faces Continued Headwinds

By Arusha Das

Physical-to-INE spreads indicate sluggish near-term demand
Rising availability and tepid downstream suggests prices may remain under pressure
April’s import and export data highlights the caution in the market

Pre-IPO Eternal Beauty Holdings (PHIP Updates) – The Outlook Has Changed

By Xinyao (Criss) Wang

Given that leading luxury groups are inclined to abandon agency and “get involved directly” in the beauty/fragrance category, such trend implies the risk of losing key suppliers in the future
Although there’re “reusable aspects” in management, expenses spent on brand channel are big, which makes it impossible for profits to benefit from “scale effect”.So, low profit margin is the norm.
Considering the risk of economic recession/sluggish consumption, Eternal Beauty’s net profit may experience negative growth in FY2025. It would gradually recover in FY2026-2027. Valuation could be lower than peers.

Bayzed Health Group IPO: Shows Flare; Still a Tough Road Ahead; Can Avoid The Issue

By Tina Banerjee

Bayzed Health Group (BHG HK) launched its Hongkong IPO aiming to raise up to HK$ 900 million. The company plans to sell 133 million shares at HK$4.22–6.75 per share.
The company plans to utilize the IPO proceeds to continuously strengthening the full-cycle oncology healthcare services primarily through purchasing medical equipment and recruiting medical professionals.
Bayzed Health is an oncology healthcare group which posted revenue of RMB 1,189 million in 2024, up by 11% YoY. Gross margins improve; net losses narrow too.

TransThera Sciences (Nanjing) IPO: Uniqueness of Lead Candidate Provides Comfort for Long-Term

By Tina Banerjee

TransThera Sciences, a clinical-stage biopharma, filed to list on HK. The company aims to raise HK$200M by offering 15M shares. The offer price is set at HK$13.15 ($1.7) per share.
The IPO opened on June 13 and closes on June 18. Allocations are expected on June 20, while trading is anticipated to commence on June 23.
The company intends to use the IPO proceeds to fund the research and development of core product candidate, Tinengotinib for various types of solid tumors.

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 Vanke, Tata Motors
US Treasury yields rose 3-5 bps across the curve on Friday, as the surge in oil prices amid the Iran-Israel conflict stoked renewed inflation concerns. The yield on the 2Y UST rose 4 bps to 3.95%, while the yield on the 10Y UST climbed 4 bps to 4.40%.
Equities retreated, with tech- and travel-related stocks declining, while energy producers and defence stocks rose. The S&P 500 fell 1.1% to 5,977, while the Nasdaq Composite declined 1.3% to 19,407.

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Jun 16

Most Read: Cgn Mining, Hyundai Rotem Company, Genesis Minerals, Wanguo International Mining, Pop Mart International Group L, Santos Ltd, Samsung Electronics, Pilbara Minerals and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining
[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations
MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar
MV Australia Resources Index Rebalance: Two Adds, Float & Capping Changes
MV Global Junior Gold Miners Index Rebalance: Stocks at Their Highs
[Quiddity Index] MV Global Uranium & Nuclear Energy Jun25 Rebalance Results: Flow Expectations
Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?
Santos (STO AU): XRG Consortium’s Big Offer; Index Impact
Near-Term Value-Up Plays in the Pipeline: Samsung Electronics & Kakao
MV Australia Equal Weight Index Rebalance: MinRes, Pilbara Deleted as Trade Nears A$300m

MV Global Uranium & Nuclear Energy/Infra Index Rebalance: Double Inclusion for CGN Mining

There is 1 add/delete for each of the MVIS Global Uranium & Nuclear Energy Index and the MarketVector Global Uranium and Nuclear Energy Infrastructure Index.
Cgn Mining (1164 HK) is an add to both indices. Endesa SA is a delete from the Uranium&Nuclear Energy Index, Encore Energy is a delete from the Uranium&Nuclear Energy Infrastructure Index.
The net round-trip trade across both indices is US$560m with capping changes resulting in much bigger flow for the MVIS Global Uranium & Nuclear Energy Index.

[Quiddity Index] MV Global Defense Jun25 Rebalance Results: Flow Expectations

The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be 3 ADDs for the MV Global Defense Index in June 2025.
We expect one-way flow of US$505mn for June 2025, which translates to a turnover of 8.8%.

MV Global Defense Industry Index Rebalance: US$1.1bn Round-Trip Trade as Stocks Soar

Hyundai Rotem, RENK Group and Karman Holdings will be added to the MV Global Defense Industry Index after the close of trading on 20 June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8.8% and a round-trip trade of US$1.1bn.
The index has moved up steadily over the last few years and the ETF has taken in a big chunk of money over the last 6 months.

MV Australia Resources Index Rebalance: Two Adds, Float & Capping Changes

Capricorn Metals (CMM AU) and Genesis Minerals (GMD AU) will be added to the Vaneck Vectors Australian Re (MVR AU) in June.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 8% and a round-trip trade of A$49m.
There has been short covering in both adds over the last couple of years. While short interest is relatively smaller in Capricorn Metals, it is much higher in Genesis Minerals.

MV Global Junior Gold Miners Index Rebalance: Stocks at Their Highs

There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in June but there are plenty of float and capping changes.
Estimated one-way turnover is 4.1% resulting in a round-trip trade of US$528m. There are 5 stocks with over 1x ADV to trade from passive trackers.
The sell flows in Evolution Mining (EVN AU) will partially offset the buying from the passive S&P/ASX 50 Index trackers.

[Quiddity Index] MV Global Uranium & Nuclear Energy Jun25 Rebalance Results: Flow Expectations

The MV Global Uranium & Nuclear Energy index represents the performance of the biggest and the most liquid companies in the Uranium and Nuclear industries.
Cgn Mining (1164 HK) will be an ADD and Endesa SA (ELE SM) will be a DELETE in June 2025.
There are also some big capping flows so we expect a one-way flow of US$227mn for June 2025, which translates to a turnover of 15.7%.

Pop Mart (9992 HK): Beyond Blind Boxes -Jewellery Debut. Stock Up 200% YTD. Is It Still a Buy?

By Devi Subhakesan

Pop Mart International Group (9992 HK) opened its first dedicated jewellery concept store, POPOP, in Shanghai last Friday, featuring accessories based on its best-selling characters like Labubu, Molly, and Skullpanda.
The jewellery line represents a natural, high-return extension of Pop Mart’s brand. If scaled successfully, it could support overall revenue growth, enhance group margins, and contribute to higher returns.
Expect high margin, high return casual jewellery business to support growth and uplift margins going forward and lead to analyst upgrades to future revenues/earnings.

Santos (STO AU): XRG Consortium’s Big Offer; Index Impact

A consortium comprising ADNOC and Carlyle have offered US$5.76/share (A$8.8807/share) to take Santos Ltd (STO AU) private. That values Santos equity at A$28.8bn and an Enterprise Value of A$36bn.
With the offer price at a premium of 28%-44% to last and VWAPs, and the Board supporting the offer, this looks like a done deal.
Santos Ltd (STO AU) is a member of all the major S&P/ASX indices and there will be ad hoc inclusions to the indices at the time of the delisting.

Near-Term Value-Up Plays in the Pipeline: Samsung Electronics & Kakao

By Sanghyun Park

Local chatter’s building that Samsung Electronics and Kakao might drop value-up disclosures by end-June to mid-July, as both cozy up to the new administration and move into its inner circle.
Jay Lee’s surprise solo meeting with President Lee marked a turning point, signaling Samsung’s intent to step out of SK’s shadow and take the lead under the new regime.
Value-Up details aren’t final, but Samsung’s likely to reaffirm >35% payout, while Kakao’s set to focus on ROE improvement and multiple expansion.

MV Australia Equal Weight Index Rebalance: MinRes, Pilbara Deleted as Trade Nears A$300m

Mineral Resources (MIN AU) and Pilbara Minerals (PLS AU) will be deleted from the VanEck Vectors Australian Equal Weight ETF (MVW AU) after the close on 20 June.
The two deletions, capping and float changes result in a one-way turnover of 5.03% at the rebalance. That leads to a round-trip trade of A$294m.
Pilbara Minerals (PLS AU) is also a deletion from the S&P/ASX 50 Index at the same time and there will be more passive selling from those trackers.

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Jun 16

Daily Brief ECM: CaoCao IPO: The Bear Case and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

CaoCao IPO: The Bear Case
ECM Weekly (16 June 2025) – Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi
Shanghai Junshi Bioscience (1877 HK): Placement Good, A Long Term Bet for Sure
Pre-IPO Bayzed Health Group (PHIP Updates) – Some Points Worth the Attention
Inventurus IPO Lockup: US$2.4bn Lockup Release; Pre-IPO Investors May Monetize

CaoCao IPO: The Bear Case