All Posts By

Smartkarma Daily Briefs

Daily Brief Macro: UK Inflation Flies Hawkish Pressures and more

By | Daily Briefs, Macro

In today’s briefing:

  • UK Inflation Flies Hawkish Pressures
  • Biden Era Tire Emission Rule In Bin; USTMA Welcomes It
  • Korea Value Up Index Rebalance Announcement Next Week
  • CX Daily: Why CATL Is So Revved Up About Battery Swapping Stations
  • Indonesia: 25bp Rate Cut To 5.5% (Consensus 5.5%) in May-25


UK Inflation Flies Hawkish Pressures

By Phil Rush

  • Our above-consensus forecast was exceeded by UK inflation flying higher in April amid administered price rises and postponed price increases due to the late Easter in 2025.
  • Airfares still soared 10pp more than the norm for a late Easter, and 20pp above the April average. This stoked service and core inflation, although the median was steadier.
  • We expect inflation to grind up until October, whereas the consensus assumes stability until then. Persistently excessive inflation should discourage the BoE from cutting again.

Biden Era Tire Emission Rule In Bin; USTMA Welcomes It

By Vinod Nedumudy

  • EPA regulation targeted previously unregulated emissions  
  •  USTMA calls it regulatory overreach that shoots up costs  
  • Move can bolster domestic manufacturing, competitiveness

Korea Value Up Index Rebalance Announcement Next Week

By Douglas Kim

  • Korea Exchange plans to announce the first rebalance of the “Korea Value Up Index” next week on 27 May. The actual rebalance is expected to take place on 13 June.
  • Korea Exchange plans to reduce the constituents to 100 (from 105 currently) and change 30% of the included stocks in this index to better reflect the Value Up program incentives. 
  • In this insight, we provide a list of 20 potential exclusion candidates and 20 inclusion candidates in the Value Up index rebalance. 

CX Daily: Why CATL Is So Revved Up About Battery Swapping Stations

By Caixin Global

CATL /In Depth: Why CATL is so revved up about battery swapping stations

Drug prices /: How Trump’s proposed price cuts could hurt China’s innovative drugmakers

Law /: China to overhaul Prison Law in push for greater transparency


Indonesia: 25bp Rate Cut To 5.5% (Consensus 5.5%) in May-25

By Heteronomics AI

  • Bank Indonesia cut the BI-Rate by 25 basis points to 5.50%, matching consensus forecasts and resuming monetary easing after a three-meeting pause, citing controlled inflation and rupiah stability.
  • The decision was driven by subdued inflation, a stabilised currency, and weaker-than-expected GDP growth, with BI revising its 2025 growth forecast slightly downward and emphasising the need to support domestic demand.
  • Future interest rate policy will remain data-dependent, with further easing possible if inflation and currency stability persist. Still, BI is expected to proceed cautiously given ongoing global uncertainties and the need to safeguard external resilience.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Industrials: Samsung C&T, Hanwha Aerospace, Doosan Enerbility, Xiamen Hithium, Karamtara Engineering Ltd, Carr’s Group PLC, Ocean Wilsons Holdings, NOW Inc, Ichiken Co Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares
  • Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]
  • Hanwha Aerospace: Higher Rights Offering Price and Amount
  • Key Microstructure Angles to Watch as NXT Volume Caps Kick In
  • Xiamen Hithium Pre-IPO: Potential Data Center Play
  • Karamtara Engineering Ltd Pre-IPO – Robust Revenue Growth Amid Cash Flow Pressures
  • Carr’s Group — Attractive options for cash or remain invested
  • Ocean Wilsons Holdings — Solid performance in volatile times
  • DNOW, Inc: Strategy Execution Points to Solid Free Cash Flow Outlook
  • Ichiken Co Ltd (1847 JP): Full-year FY03/25 flash update


Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares

By Sanghyun Park

  • Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
  • Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
  • Samsung C&T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.

Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]

By Douglas Kim

  • On 20 May, Samsung C&T (028260 KS) made an important announcement that it started research and development on a space project that includes a rocket launch facility construction.
  • This is a signal that the Samsung Group may be interested in expanding in the global defense/aerospace industry once again. 
  • The recent news flow on Samsung’s expansion into aerospace business including Samsung C&T’s development of rocket launch facility is likely to positively impact Samsung C&T’s share price. 

Hanwha Aerospace: Higher Rights Offering Price and Amount

By Douglas Kim

  • On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
  • Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
  • Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average  price, and the closing price on the base date.

Key Microstructure Angles to Watch as NXT Volume Caps Kick In

By Sanghyun Park

  • With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
  • In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
  • The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.

Xiamen Hithium Pre-IPO: Potential Data Center Play

By Nicholas Tan

  • Xiamen Hithium (2190977D CH)  is looking to raise at least US$500m in its upcoming HK IPO.
  • It is a leading global new energy technology company providing all-round energy storage solutions centred around energy storage batteries and systems.
  • In this note, we look at the firm’s past performance.

Karamtara Engineering Ltd Pre-IPO – Robust Revenue Growth Amid Cash Flow Pressures

By Rosita Fernandes

  • Karamtara Engineering Ltd (6589452Z IN)  (KEL) is planning to raise about US$200m in its upcoming India IPO. 
  • KEL is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. 
  • As per F&S report, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

Carr’s Group — Attractive options for cash or remain invested

By Edison Investment Research

Carr’s Group’s tender offer provides shareholders with the option to realise cash from the recent disposal of the Engineering division and/or remain invested in a refocused specialist agricultural group. Cash has its attractions, as does the new agricultural business, which offers margin recovery and growth potential (driven by the continued requirement for farmers to improve yields) under the leadership of a new CEO.


Ocean Wilsons Holdings — Solid performance in volatile times

By Edison Investment Research

Q125 was a volatile period for Ocean Wilsons Holdings, but its investment portfolio demonstrated resilience. Wilson Sons traded well in the period and the disposal of the subsidiary remains on track to be completed ’on or around 4 June’. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 45% discount to our estimated total asset value of 2,389p per share. Our forecasts remain withdrawn, pending the disposal.


DNOW, Inc: Strategy Execution Points to Solid Free Cash Flow Outlook

By Water Tower Research

  • DNOW is well-positioned to execute its strategy of strategically investing in the margin accretive areas of its business and returning cash to shareholders through its repurchase authorization.
  • Two 2024 acquisitions, Whitco Supply and Trojan Rentals, expanded the company’s exposure in the midstream and water management sectors.
  • In April 2025, DNOW acquired Singapore-based Natron International Pte. Ltd., expanding its electrical supply capabilities under the existing MacLean International brand to serve traditional and renewable energy, infrastructure, and other commercial and industrial end markets in the Asia-Pacific region.

Ichiken Co Ltd (1847 JP): Full-year FY03/25 flash update

By Shared Research

  • Ichiken’s FY03/25 revenue was JPY99.0bn, with operating profit at JPY6.9bn, and net income at JPY4.7bn.
  • Construction business FY03/25 revenue reached JPY98.7bn, with operating profit at JPY8.7bn, orders rose 3.6% YoY.
  • FY03/26 forecast: revenue JPY99.0bn, operating profit JPY5.4bn, net income JPY3.5bn, with a dividend of JPY140/share.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief TMT/Internet: Contemporary Amperex Technology, Shibaura Electronics, Tencent, Sea Ltd, Greenidge Generation Holdings, reAlpha Tech, Soluna Holdings and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • CATL (3750 HK): The Tail Wags the Dog
  • [Japan M&A] Shibaura in Limbo – “Neutral” On Minebea And “Reserves Opinion” On YAGEO Bid, Waiting…
  • Shibaura Electronics (6957 JP): Board’s Changed Stance as Minebea Hopes Reg Approvals Derail Yageo
  • Tencent/Netease: None Gets Approvals for Domestic Games
  • [Sea Limited (SE US, SELL, TP US$134) Rating Change]: Three Has Been a Charm…DG to SELL
  • [Tencent (700 HK, BUY, TP HK$584) TP Change]: C1Q25 Review: Outperformance in Low Game Season
  • Greenidge Generation Holdings, Inc: 1Q25 Earnings Highlight Debt and Revenue Progress
  • AIRE: 1Q25 Revenue Ramps, With Peak Homebuying Activity Still Ahead
  • Soluna Holdings, Inc: 1Q25 Earnings Highlight Cash Position and Expectations for Growth


CATL (3750 HK): The Tail Wags the Dog

By Brian Freitas


[Japan M&A] Shibaura in Limbo – “Neutral” On Minebea And “Reserves Opinion” On YAGEO Bid, Waiting…

By Travis Lundy

  • Yageo Corporation (2327 TT) approached Shibaura Electronics (6957 JP) for a takeover at ¥4300. Shibaura dismissed them and asked Minebea Mitsumi (6479 JP) to overbid. They did at ¥4500. 
  • Then Yageo overbid Minebea at ¥5400, who then overbid Yageo at ¥5500, who then re-overbid at ¥6200. Despite not having its FEFTA Approval in place, YAGEO overbid and launched. 
  • The Minebea CEO objected. We don’t know status. Now the Shibaura Special Committee has paused, supporting but not recommending the Minebea bid and Neutral on Yageo. We are in limbo.

Shibaura Electronics (6957 JP): Board’s Changed Stance as Minebea Hopes Reg Approvals Derail Yageo

By Arun George

  • The Shibaura Electronics (6957 JP) Board supports Minebea Mitsumi (6479 JP) JPY5,500 offer, but has shifted its recommendation from tendering to a neutral stance. 
  • The Board maintains that it is not yet in a position to provide an opinion on Yageo’s JPY6,200 offer due to concerns on feasibility and synergies. 
  • Minebea hopes Yageo will withdraw due to its failure to secure regulatory approvals. If Yageo secures the required approvals, Minebea will actively consider measures.

Tencent/Netease: None Gets Approvals for Domestic Games

By Ke Yan, CFA, FRM

  • China announced game approval for the May batch. The number of games approved remained at a higher level than 2023.
  • The pace of China’s game approval appears to have accelerated to the same level as pre-tightening.
  • Of the companies that we are monitoring, none of them got approval for domestic games but a handful approvals of imported games save their day.

[Sea Limited (SE US, SELL, TP US$134) Rating Change]: Three Has Been a Charm…DG to SELL

By Ying Pan

  • SEA reported C1Q25 top line, non-GAAP operating profit and GAAP net income (3.7%), 10% and 8.4% vs. our estimates and 1.4%, (16%) and 31% vs. consensus. 
  • SEA has weathered the return of TikTok Shop better than rivals three quarters in a roll, but we see its e-commerce business vulnerable to future attacks. 
  • We raised TP from US$75 to US$134 but DG to a SELL on rich valuation

[Tencent (700 HK, BUY, TP HK$584) TP Change]: C1Q25 Review: Outperformance in Low Game Season

By Ying Pan

  • Tencent reported C1Q25 rev., IFRS op. profit, and IFRS net inc, in-line, (3.1%), (5.6%) vs. our est. and 3.8%, (2.3%), (4.9%) vs. cons. 
  • As predicted, Tencent maintained a transitional game quarter well, going forward new game launches shall fill the pipeline while recovering consumption helping on advertising and fintech. 
  • We raised our TP to HK$584 for better outlook and place Tencent back to the TOP BUY list. Our TP implies 21x PE.

Greenidge Generation Holdings, Inc: 1Q25 Earnings Highlight Debt and Revenue Progress

By Water Tower Research

  • Greenidge announced a solid 1Q25, with revenue of $19.2 million, roughly flat Y/Y, and debt reduction of $12 million from the original $72 million to $60 million.
  • The company had $13.3 million in cash and Bitcoin at the end of the quarter.
  • CEO Jordan Kovler said, “This past quarter, our team’s disciplined execution and prudent financial management have significantly advanced the turnaround of our business and operations. 

AIRE: 1Q25 Revenue Ramps, With Peak Homebuying Activity Still Ahead

By Zacks Small Cap Research

  • GTG Financial was acquired in late February 2025 and so did not make a full quarter impact on AIRE’s consolidated results.
  • Even so, since closing the acquisition during the quarter, GTG contributed to originating 36 mortgages in 1Q25, representing total loan volume of about $22.4m.
  • 2Q25 – with peak homebuying activity underway – will mark the first quarter with full GTG contribution.

Soluna Holdings, Inc: 1Q25 Earnings Highlight Cash Position and Expectations for Growth

By Water Tower Research

  • Soluna recently announced its 1Q25 earnings an business update, with revenue of $5.9 million, 220 MW of new project development (698 MW total), and a solid cash position.
  • The company has also simplified its capital structure by fully converting its notes last year, restructuring its Preferred B equity, paying off it Navitas loan, and securing $5 million in non-dilutive financing from Galaxy Digital.
  • CEO John Belizaire said, “Our outlook shines brighter with expanding project development at Projects Rosa, Ellen, and Hedy.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Energy/Materials: Perseus Mining, SGX Rubber Future TSR20, Godawari Power and Ispat, Perimeter Solutions , VAALCO Energy, Nicola Mining, Panoro Energy ASA, Forum Energy Technologies and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • S&P/ASX Index Rebalance Preview (June 2025): 10 Potential Changes Across Indices
  • Biden Era Tire Emission Rule In Bin; USTMA Welcomes It
  • Godawari Power: Expansion Led Growth Ahead Despite Near-Term Delays
  • Perimeter: Private-Equity GP Economics in Public Markets
  • Vaalco Energy (NYSE: EGY): The Road to 50 Mboe/D by 2030
  • NIM: Commencing Gold and Silver Production at its Merritt Mill
  • Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon
  • Forum Energy Technologies, Inc: Free Cash Flow Outlook Supports Share Repurchase Plan


S&P/ASX Index Rebalance Preview (June 2025): 10 Potential Changes Across Indices

By Brian Freitas

  • With the review period nearly complete, there could be one change each for the S&P/ASX20 Index, S&P/ASX50 Index and S&P/ASX200 INDEX and two changes for the S&P/ASX100 Index in June.
  • Passive trackers will need to buy between 1-12.5 days of ADV in the forecast adds and sell between 0.6-9.8 days of ADV in the forecast deletes.
  • While cumulative excess volume has increased in the forecast adds and deletes, there could be underpositioning relative to the estimated passive flow in Perseus Mining, Viva Energy and Nick Scali.

Biden Era Tire Emission Rule In Bin; USTMA Welcomes It

By Vinod Nedumudy

  • EPA regulation targeted previously unregulated emissions  
  •  USTMA calls it regulatory overreach that shoots up costs  
  • Move can bolster domestic manufacturing, competitiveness

Godawari Power: Expansion Led Growth Ahead Despite Near-Term Delays

By Rahul Jain

  • Iron ore mining capacity expansion from 2.35 MTPA to 6 MTPA and pellet capacity from 2.7 MTPA to 4.7 MTPA expected by 3QFY26 with full ramp-up by Q4 FY26.
  • 4QFY25 consolidated revenues of ₹1,468 crore, with EBITDA at ₹318 crore and PAT at ₹221 crore, reflecting a slight decline year-on-year due to lower realizations.
  • Valuations appear reasonable driven by steady earnings growth backed by capacity addition, mine expansion and operational efficiencies.

Perimeter: Private-Equity GP Economics in Public Markets

By MBI Deep Dives

  • It wouldn’t shock me if the word “SPAC” itself has a negative connotation in your mind, but of course, it doesn’t inherently imply anything nefarious.
  • A SPAC or “Special Purpose Acquisition Company” is just a publicly traded shell corporation that raises capital through an IPO to merge with or acquire a private business, enabling that target to become publicly listed without undergoing its own traditional IPO.
  • EverArc Holdings, an acquisition company listed in London in December 2019, raised ~$340 million and staffed its board with some heavy hitters: TransDigm co-founder Nick Howley, “Outsiders” author-investor Will Thorndike, and Berkshire alumna Tracy Britt Cool, among others . 

Vaalco Energy (NYSE: EGY): The Road to 50 Mboe/D by 2030

By Auctus Advisors

  • During the capital markets day last week, Vaalco outlined a production growth profile reaching >45 mboe/d in 2029 and 50 mboe/d in 2030 – surpassing the peak production of ~40 mboe/d that we had anticipated.
  • Production is expected to reach ~30 mboe/d by mid-2026 , driven by the 2025/2026 drilling program in Gabon and the restart of production at Baobab in Côte d’Ivoire (CI).
  • The next major increase is forecasted for 3Q28, with the start-up of Venus in EG, adding +20 mbbl/d gross production.

NIM: Commencing Gold and Silver Production at its Merritt Mill

By Atrium Research

  • What you need to know: • Nicola announced that it has started receiving ore from Talisker Resources and is currently undergoing pre-production preparation.
  • • The Company expects to reach full milling capacity (200tpd) by Q3.
  • • 640t of run-of-mine material have already been delivered to the Merritt Mill, with stockpiling underway ahead of processing.

Panoro Energy ASA (OSE: PEN): Potential resources addition in EG, reducing costs in Gabon

By Auctus Advisors

  • • 1Q25 production of ~12 mbbl/d and net debt at the end of March had been previously disclosed.
  • • The company has reaffirmed its FY25 production guidance of 11–13 mbbl/d but has raised its expected capex for 2025 from US$35 mm to US$40 mm.
  • This increase reflects additional spending to appraise the Bourdon discovery.

Forum Energy Technologies, Inc: Free Cash Flow Outlook Supports Share Repurchase Plan

By Water Tower Research

  • FET expects FY25 free cash flow to fall within management’s original guidance range of $40-60 million despite macro headwinds that could affect 2H25 spending patterns by its customers.
  • 1Q25 free cash flow totaled $7.2 million and, because of seasonal events, is typically the company’s lowest free cash flow quarter in a calendar year.
  • FET is actively managing its business in anticipation of potentially lower demand driven by macroeconomic and tariff uncertainty. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Industrials: Samsung C&T, Hanwha Aerospace, Doosan Enerbility, Xiamen Hithium, Karamtara Engineering Ltd, Carr’s Group PLC, Ocean Wilsons Holdings, NOW Inc, Ichiken Co Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares
  • Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]
  • Hanwha Aerospace: Higher Rights Offering Price and Amount
  • Key Microstructure Angles to Watch as NXT Volume Caps Kick In
  • Xiamen Hithium Pre-IPO: Potential Data Center Play
  • Karamtara Engineering Ltd Pre-IPO – Robust Revenue Growth Amid Cash Flow Pressures
  • Carr’s Group — Attractive options for cash or remain invested
  • Ocean Wilsons Holdings — Solid performance in volatile times
  • DNOW, Inc: Strategy Execution Points to Solid Free Cash Flow Outlook
  • Ichiken Co Ltd (1847 JP): Full-year FY03/25 flash update


Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares

By Sanghyun Park

  • Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
  • Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
  • Samsung C&T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.

Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]

By Douglas Kim

  • On 20 May, Samsung C&T (028260 KS) made an important announcement that it started research and development on a space project that includes a rocket launch facility construction.
  • This is a signal that the Samsung Group may be interested in expanding in the global defense/aerospace industry once again. 
  • The recent news flow on Samsung’s expansion into aerospace business including Samsung C&T’s development of rocket launch facility is likely to positively impact Samsung C&T’s share price. 

Hanwha Aerospace: Higher Rights Offering Price and Amount

By Douglas Kim

  • On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
  • Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
  • Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average  price, and the closing price on the base date.

Key Microstructure Angles to Watch as NXT Volume Caps Kick In

By Sanghyun Park

  • With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
  • In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
  • The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.

Xiamen Hithium Pre-IPO: Potential Data Center Play

By Nicholas Tan

  • Xiamen Hithium (2190977D CH)  is looking to raise at least US$500m in its upcoming HK IPO.
  • It is a leading global new energy technology company providing all-round energy storage solutions centred around energy storage batteries and systems.
  • In this note, we look at the firm’s past performance.

Karamtara Engineering Ltd Pre-IPO – Robust Revenue Growth Amid Cash Flow Pressures

By Rosita Fernandes

  • Karamtara Engineering Ltd (6589452Z IN)  (KEL) is planning to raise about US$200m in its upcoming India IPO. 
  • KEL is a backward integrated manufacturer of products for renewable energy and transmission lines sectors. 
  • As per F&S report, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.

Carr’s Group — Attractive options for cash or remain invested

By Edison Investment Research

Carr’s Group’s tender offer provides shareholders with the option to realise cash from the recent disposal of the Engineering division and/or remain invested in a refocused specialist agricultural group. Cash has its attractions, as does the new agricultural business, which offers margin recovery and growth potential (driven by the continued requirement for farmers to improve yields) under the leadership of a new CEO.


Ocean Wilsons Holdings — Solid performance in volatile times

By Edison Investment Research

Q125 was a volatile period for Ocean Wilsons Holdings, but its investment portfolio demonstrated resilience. Wilson Sons traded well in the period and the disposal of the subsidiary remains on track to be completed ’on or around 4 June’. It will be returning a portion of the sale proceeds to shareholders but the use of the remaining proceeds is still under consideration. Currently, Ocean Wilsons is trading at a c 45% discount to our estimated total asset value of 2,389p per share. Our forecasts remain withdrawn, pending the disposal.


DNOW, Inc: Strategy Execution Points to Solid Free Cash Flow Outlook

By Water Tower Research

  • DNOW is well-positioned to execute its strategy of strategically investing in the margin accretive areas of its business and returning cash to shareholders through its repurchase authorization.
  • Two 2024 acquisitions, Whitco Supply and Trojan Rentals, expanded the company’s exposure in the midstream and water management sectors.
  • In April 2025, DNOW acquired Singapore-based Natron International Pte. Ltd., expanding its electrical supply capabilities under the existing MacLean International brand to serve traditional and renewable energy, infrastructure, and other commercial and industrial end markets in the Asia-Pacific region.

Ichiken Co Ltd (1847 JP): Full-year FY03/25 flash update

By Shared Research

  • Ichiken’s FY03/25 revenue was JPY99.0bn, with operating profit at JPY6.9bn, and net income at JPY4.7bn.
  • Construction business FY03/25 revenue reached JPY98.7bn, with operating profit at JPY8.7bn, orders rose 3.6% YoY.
  • FY03/26 forecast: revenue JPY99.0bn, operating profit JPY5.4bn, net income JPY3.5bn, with a dividend of JPY140/share.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Financials: Seven Bank Ltd, ESR Group , Punjab National Bank, Indusind Bank, ZEEKR, Moon River Capital , Alpha Group International , S&P 500 INDEX and more

By | Daily Briefs, Financials

In today’s briefing:

  • [Japan M&A] Seven Bank (8410) – Seven & I Selldown, Itochu Buy-In, Not on My Bingo Card But Not Bad
  • ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June
  • Canara Bank (CBK IN) Vs. Punjab National Bank (PNB IN): A Relative Value Opportunity
  • IndusInd Bank Crisis: More Discrepancies, Losses, Suspected Fraud
  • ESR (1821 HK): 13th June Vote On Starwood/Warburg’s Offer
  • [Zeekr Group (ZK US, BUY, TP US$35) TP Change]: Buy in to Geely Doesn’t Help Either’s Competency
  • MOO: Positive Ore Sorting Results on Endako Mine Material
  • Fintech Alpha: Unlocking Hidden Value as Corpay Circles
  • Lucror Analytics – Morning Views Asia


[Japan M&A] Seven Bank (8410) – Seven & I Selldown, Itochu Buy-In, Not on My Bingo Card But Not Bad

By Travis Lundy

  • Seven Bank Ltd (8410 JP) has been the ugly duckling of Japan e-banks since it got competition in the form of Rakuten Bank (5838) and SBI Sumishin (7163).
  • Last year, it was posited, and then confirmed, that Seven & I Holdings (3382 JP) wanted to sell down to de-consolidate. NTT Docomo wanted to buy a bank. 
  • I thought it a good match but no deal has been done. So now we get a different deal – it’s weird for Itochu, but bodes well for Seven Bank

ESR Group (1821 HK): Done Deal as Scheme Vote on 13 June

By Arun George

  • ESR Group (1821 HK)’s IFA opines that the consortium’s HK$13.00 offer is fair and reasonable. The vote is on 13 June. 
  • Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders rejection). The offer price is final.
  • This is a done deal due to the substantial irrevocables. At the last close and for the 10 July payment, the gross/annualised spread is 1.3%/9.12%.

Canara Bank (CBK IN) Vs. Punjab National Bank (PNB IN): A Relative Value Opportunity

By Gaudenz Schneider

  • The Canara Bank (CBK IN) vs. Punjab National Bank (PNB IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • The relative value opportunity has a target return of approximately 6% and can be implemented through stocks, derivatives, or as relative over-/underweights in a long only context.
  • Trade setup, statistical properties, factor exposure, risk management strategies, and key events are discussed.

IndusInd Bank Crisis: More Discrepancies, Losses, Suspected Fraud

By Nimish Maheshwari

  • Indusind Bank (IIB IN) faces significant accounting discrepancies, leadership resignations, and suspicions of fraud, with the bank announcing a net loss of Rs 2,329Crs in Q4 FY25 due to this.
  • The escalating situation, involving fraud suspicions and leadership resignations, raises concerns about the bank’s internal controls, financial reporting, and governance.
  • IndusInd Bank’s path forward hinges on transparent investigations, fixing internal control systems, and restoring leadership accountability. Investors should closely monitor the regulatory response and management’s corrective actions.

ESR (1821 HK): 13th June Vote On Starwood/Warburg’s Offer

By David Blennerhassett

  • On the 4th December 2024, the Starwood/Warburg Pincus Consortium announced a firm pre-conditional Offer for ESR Group (1821 HK) at HK$13/share (best & final), by way of a Scheme.
  • There was a raft of pre-cons, however processing went like clockwork, and all were satisfied by the 15th May.  
  • The Scheme Doc is now out, with a Court Meeting on the 13th June, and payment on or before the 10th July. The IFA (Anglo Chinese) says “fair & reasonable“.

[Zeekr Group (ZK US, BUY, TP US$35) TP Change]: Buy in to Geely Doesn’t Help Either’s Competency

By Eric Wen

  • The combined Zeekr (ZK)/Lynk reported C1Q25 top line 11% below our estimates, due to sharper than expected price erosions, 
  • Despite ASP missing our estimates by 6.3% for ZK and 16% for Lynk, ZK managed to beat our gross margin estimate by 3.7ppt and consensus by 4.0ppt, 
  • With Geely and related persons controlling 78% of ZK and Geely’s H-share stock rising in value, we see the chance for the go-private deal to succeed as high. 

MOO: Positive Ore Sorting Results on Endako Mine Material

By Atrium Research

  • Moon River announced that it received positive results from an ore sorting study performed on material from the Endako Mine Complex.
  • MOO plans to also perform these tests on the Davidson Project as well.
  • We provide an overview of the Endako Project below.

Fintech Alpha: Unlocking Hidden Value as Corpay Circles

By Jesus Rodriguez Aguilar

  • PUSU deadline looms on May 30, giving Corpay limited time to submit a firm bid or walk away—raising the stakes for investors monitoring deal certainty and potential upside.
  • Alpha’s valuation remains compelling, with a blended takeover value of ~3,795p vs. a current share price of 3,050p, implying ~24% upside on deal completion.
  • Synergies estimated at ~99p per share could lift deal terms; I see a 65% probability of a formal bid, recommending accumulation around 3,000p for event-driven investors.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries ended mixed yesterday, with the curve steepening materially amid concerns over the US budget deficit and President Donald Trump’s impending tax-cut bill.
  • The yield on the 2Y UST fell 1 bp to 3.97%, while the yield on the 10Y UST rose 4 bps to 4.49%.
  • US equities retreated after a six-day rally, with the S&P 500 and Nasdaq both declining 0.4% to 5,940 and 19,143, respectively. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Health Care: Mayne Pharma, Shanghai Runda Medical Tec-A, Innovent Biologics Inc, CytoSorbents , Hugel Inc, Krsnaa Diagnostics, Ab&B Bio-Tech, Vivos Therapeutics , Azitra, Basilea Pharmaceutica Ag and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Mayne Pharma (MYX AU): A Case of Buyer’s Remorse
  • CSI Medical Service Index Rebalance Preview: Five Changes as Trade Flatlines
  • Update on Innovent Biologics (1801 HK)
  • CTSO: CytoSorbents reports 1st quarter 2025 financial and operating results which were largely in line with expectations. The company plans to appeal the FDA denial decision on DrugSorb-ATR.
  • Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth
  • Krsnaa Diagnostics Q4 & FY25 Update: Strong Margin Expansion Despite Revenue Growth Shortfall
  • Pre-IPO Ab&B Bio-Tech: Commercialization May Be Lower than Expected, Thereby Dragging Down Valuation
  • Vivos Therapeutics, Inc: 1Q25 Earnings Update; Focus on SCN Opportunity
  • AZTR: ATR-04 Trial to Dose 1st Patient Mid-2025
  • Basilea Pharmaceutica — Zevtera hits the shelves in the US


Mayne Pharma (MYX AU): A Case of Buyer’s Remorse

By Arun George

  • Mayne Pharma (MYX AU) disclosed that Cosette asserts that a material adverse change has occurred due to its trading performance, litigation and FDA untitled letter. 
  • Cosette has not quantified the impact, and Mayne disputes the assertion. Mayne’s trading performance is likely the largest contributor to Cosette’s MAC-related claims. 
  • Precedent schemes suggest a lower offer is the best-case scenario. An unwilling bidder looking for angles, contractually, to exit suggests the likely outcome is a scheme termination.

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.

Update on Innovent Biologics (1801 HK)

By Avien Pillay

  • Strong results reflect progress of existing approved drugs including key oncology drugs.
  • Mazdutide is set to be released in 2025, and the company is currently making plans for the release.
  • Innovent Biologics continues to add to its drug development portfolio.

CTSO: CytoSorbents reports 1st quarter 2025 financial and operating results which were largely in line with expectations. The company plans to appeal the FDA denial decision on DrugSorb-ATR.

By Zacks Small Cap Research

  • CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
  • The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
  • Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with final regulatory decisions expected in 2025.

Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth

By Tina Banerjee

  • Hugel Inc (145020 KS) reported strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.
  • In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.
  • Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.

Krsnaa Diagnostics Q4 & FY25 Update: Strong Margin Expansion Despite Revenue Growth Shortfall

By Sudarshan Bhandari

  • Krsnaa Diagnostics (KRSNAA IN) reported robust margin expansion in FY25 driven by operational efficiency and a favourable business mix. Retail footprint expanded significantly, quadrupling touchpoints in focus states.
  • Enhanced profitability highlights the effectiveness of cost control and operational leverage. Retail growth diversifies revenue beyond the core PPP model.
  • Reinforces management’s commitment to profitable and disciplined growth over aggressive top-line targets alone. Acknowledges execution hurdles like site delays but underscores confidence in receivables and future growth.

Pre-IPO Ab&B Bio-Tech: Commercialization May Be Lower than Expected, Thereby Dragging Down Valuation

By Xinyao (Criss) Wang

  • The investment logic of vaccine companies is different from that of biotech. Generally speaking, vaccine companies cannot develop to large scale without successfully betting on blockbuster vaccine varieties.
  • Commercialization of Ab&B’s vaccines could face uncertainties due to fierce competition/price war/slower R&D progress. Some Class II vaccines could be converted to Class I vaccines. Breakthrough point lies in internationalization. 
  • After Series B financing, post-money valuation reached RMB4.2 billion. Since CanSino’s pipelines are either global innovative, or potential best-in-class or first-in-class in China, Ab&B’s valuation should be lower than CanSino.

Vivos Therapeutics, Inc: 1Q25 Earnings Update; Focus on SCN Opportunity

By Water Tower Research

  • Product revenue growth modest, as Rebis Health (Rebis) contribution not yet material.
  • Vivos reported 1Q25 product revenue of $1.8 million, up 8% Y/Y, with 3,736 oral appliance arches sold, an 87% increase over the 1,996 sold in 1Q24.
  • The higher volume growth was mostly driven by the lower priced guide sales. 

AZTR: ATR-04 Trial to Dose 1st Patient Mid-2025

By Zacks Small Cap Research

  • Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
  • The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
  • Azitra’s lead candidate is ATR-12 for the rare disease Netherton syndrome (NS).

Basilea Pharmaceutica — Zevtera hits the shelves in the US

By Edison Investment Research

Basilea Pharmaceutica has announced the launch of Zevtera, its lead anti-bacterial treatment, in the US by partner Innoviva Specialty Therapeutics (IST), marking a key strategic milestone for the company. Zevtera, an advanced generation IV cephalosporin antibiotic, was approved by the FDA in April 2024 for three separate indications, including the highly aggressive Staphylococcus aureus bloodstream (SAB) infection. IST was signed as the US licensing partner in December on attractive deal terms, including an upfront payment of US$4m, up to US$223m in sales-related milestone payments as well as tiered royalties (high-teens to mid-20s percent of sales). The US is the most important market for Zevtera, accounting for c 85% of the drug’s commercial opportunity, and we expect this launch to boost top-line performance over the coming years. Zevtera holds 10-year market exclusivity in the US and we project peak sales potential of c US$300m in SAB infections in the US.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Red Planet Japan, Fast Retailing, Chery Automobile, Allied Blenders & Distillers, Yadea Group Holdings, ADF Foods , DigiPlus Interactive , Greggs PLC, Trip.com, Zalando and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Metaplanet (3350) | Japan’s Bitcoin Rocket
  • Fast Retailing (9983 JP)Tactical Setup:  Buy-This-Dip
  • Chery IPO Preview: More Than A Local Hero, Chery’s Road To IPO Glory
  • ABDL Q4 Update: A Transformational Year with Record Performance and Premiumization Drive
  • Yadea Group Holdings (1585.HK):The Silent EV Titan Scaling Beyond Borders; Positive Outlook for 2025
  • ADF Foods Q4 Update: Strategic Shifts Driving Growth, Margin Expansion, Capex
  • Shortlist of High Conviction Philippines Equity Ideas – May 2025
  • Greggs — Better trading conditions, easing comparative
  • Trip.com Q125 Results | Rising Expenses Led to Margin Compression, Again | Still Prefer Airlines
  • Zalando SE – What’s News in Amsterdam


Metaplanet (3350) | Japan’s Bitcoin Rocket

By Mark Chadwick

  • Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.
  • Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.
  • A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.

Fast Retailing (9983 JP)Tactical Setup:  Buy-This-Dip

By Nico Rosti

  • Fast Retailing (9983 JP) presents a mixed outlook characterized by strong earnings momentum tempered by some geopolitical and macroeconomic challenges. Analyst opinions are mixed but consensus is mostly = “Hold”.
  • The stock started a pullback this week and is reaching a support zone that offers the possibility of entering LONG positions at a discounted price.
  • This is a short-term tactical setup but the stock can be hold for the long run if the rally continues in the coming weeks.

Chery IPO Preview: More Than A Local Hero, Chery’s Road To IPO Glory

By Andrei Zakharov

  • Chery Auto, one of China’s oldest state-owned carmakers and #2 domestic passenger vehicle brand, plans to raise more than $1B in its upcoming IPO in Hong Kong.
  • The company has been China’s top vehicle exporter for 22 consecutive years since 2003. The automaker was founded in 1997 Mr. Yin Tongyue, Chairman & President of Chery Auto.
  • Chery Auto is an extremely ambitious company with strong overseas presence. The biggest revenue growth driver will be higher NEV sales in the coming years, in my view.

ABDL Q4 Update: A Transformational Year with Record Performance and Premiumization Drive

By Sudarshan Bhandari

  • Allied Blenders & Distillers (9844250Z IN)‘s FY25 marked a pivotal shift with record profitability, fueled by premiumization, cost efficiency, and expansion into international markets, notably through its luxury portfolio.
  • Record profitability and a strengthened balance sheet position ABDL for aggressive expansion in the high-margin super-premium and luxury segments, supported by strategic CapEx.
  • ABD’s transformation into a premium-focused brand with significant global expansion potential, particularly in luxury segments, positions it for sustained growth and higher margins.

Yadea Group Holdings (1585.HK):The Silent EV Titan Scaling Beyond Borders; Positive Outlook for 2025

By Sreemant Dudhoria

  • Volume Dip in 2024:Yadea Group Holdings (1585 HK) ‘s total unit sales fell 21% YoY amid regulatory shifts, inventory destocking, and weak market sentiment.
  • Innovation Resilience: Despite headwinds, Yadea launched sodium-ion e-bikes, reinforcing its R&D leadership and product differentiation.
  • Positive 2025 Outlook: Management guides for rebound driven by “trade-in” policy, regulatory clarity, and international expansion.

ADF Foods Q4 Update: Strategic Shifts Driving Growth, Margin Expansion, Capex

By Sudarshan Bhandari

  • ADF Foods (ADFL IN) reported robust Q4 & FY25 results, driven by strong growth in key brands and strategic adjustments in North American distribution.
  • The company’s focus on improving distribution and expanding manufacturing capacity signals a stronger platform for future growth, particularly for its flagship Ashoka brand.
  • The strategic initiatives and consistent performance reinforce a positive outlook, suggesting continued market share gains and profitability for ADF Foods.

Shortlist of High Conviction Philippines Equity Ideas – May 2025

By Sameer Taneja

  • We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
  • We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
  • With the Q1 earnings season on, we update our readers on DigiPlus Interactive (PLUS PM), Shakey’s Pizza (PIZZA PM), The Keepers Holdings (KEEPR PM), and more. 

Greggs — Better trading conditions, easing comparative

By Edison Investment Research

Greggs’ AGM trading update indicates an improvement in revenue growth in recent months versus a relatively weak start to the year, as management notes better trading conditions, while the market context remains challenging. With no changes to profit expectations for FY25, management points to profitability being skewed to H2 given the phasing of store openings and the anticipated volume recovery against easy comparatives. The prospective multiple of 15.7x looks attractive in a historical context.


Trip.com Q125 Results | Rising Expenses Led to Margin Compression, Again | Still Prefer Airlines

By Daniel Hellberg

  • As in Q424, a sharp increase in OpEx led to margin compression at Trip.com in Q125
  • Trip.com’s revenue growth in Q125 slowed vs Q424, but platform probably gained share
  • Within China’s tourism segment, we still think the airlines can outperform Trip.com

Zalando SE – What’s News in Amsterdam

By The IDEA!

  • In this edition: • Heineken | Femsa exits Heineken after 15 years • InPost | High Court injunction: Yodel acquisition placed on pause • InPost/PostNL/DHL | 22% Dutch online shoppers abandon shopping carts due to delivery concerns • E-commerce/E-commerce logistics | EU to impose EUR 2 tax on low-cost items from China • Consumer confidence | stabilized at 19 months’ low in May

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief South Korea: Samsung C&T, Hanwha Aerospace, Doosan Enerbility, Hugel Inc and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares
  • Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]
  • Hanwha Aerospace: Higher Rights Offering Price and Amount
  • Key Microstructure Angles to Watch as NXT Volume Caps Kick In
  • Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth


Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares

By Sanghyun Park

  • Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
  • Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
  • Samsung C&T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.

Samsung C&T: Entrance into the Global Aerospace Industry [Watch What They Do, Not What They Say]

By Douglas Kim

  • On 20 May, Samsung C&T (028260 KS) made an important announcement that it started research and development on a space project that includes a rocket launch facility construction.
  • This is a signal that the Samsung Group may be interested in expanding in the global defense/aerospace industry once again. 
  • The recent news flow on Samsung’s expansion into aerospace business including Samsung C&T’s development of rocket launch facility is likely to positively impact Samsung C&T’s share price. 

Hanwha Aerospace: Higher Rights Offering Price and Amount

By Douglas Kim

  • On 21 May, Hanwha Aerospace (012450 KS) announced that the rights offering price increased to 684,000 won (up 26.9% from 539,000 won previously) due to recent increase in price.
  • Due to the higher rights offering price, the scale of the capital raise has increased from 2.3 trillion won previously to 2.9 trillion won (US$2.1 billion).
  • Issue price is determined by applying a 15% discount rate to the one-month weighted arithmetic average price, one-week weighted arithmetic average  price, and the closing price on the base date.

Key Microstructure Angles to Watch as NXT Volume Caps Kick In

By Sanghyun Park

  • With the September review looming, base case is NXT holds steady for now, then starts cutting volume around mid-July — a move that could trigger dislocations in NXT-heavy names.
  • In theory, SOR shifts retail flow from NXT to KRX seamlessly—but if retail floods in fast, KRX’s institution-heavy book might struggle, causing depth issues or delayed fills.
  • The attached Excel shows NXT volume share by ticker — a useful read on names heavily reliant on NXT ahead of July caps, where pressure points may start to emerge.

Hugel Inc (145020 KS): Record High 1Q Earnings; US Commercialization and UAE Debut to Trigger Growth

By Tina Banerjee

  • Hugel Inc (145020 KS) reported strong 1Q25 result, with all key parameters recording double-digit growth. The robust growth was driven by balanced gains across all product portfolios.
  • In March, Hugel has fully commercialized Letybo in the U.S. through the partnership with Benev. The company aims to capture 10% market share in the U.S. within three years.
  • Earlier this month, Hugel has officially launched Botulax in UAE. This marked the second official launch in the Middle East, following the product’s debut in Kuwait.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief United States: SGX Rubber Future TSR20, ZEEKR, Perimeter Solutions , Greenidge Generation Holdings, Guess? Inc, NOW Inc, Azitra, Soluna Holdings , S&P 500 INDEX, VAALCO Energy and more

By | Daily Briefs, United States

In today’s briefing:

  • Biden Era Tire Emission Rule In Bin; USTMA Welcomes It
  • [Zeekr Group (ZK US, BUY, TP US$35) TP Change]: Buy in to Geely Doesn’t Help Either’s Competency
  • Perimeter: Private-Equity GP Economics in Public Markets
  • Greenidge Generation Holdings, Inc: 1Q25 Earnings Highlight Debt and Revenue Progress
  • GES: Snapping the Store: Turn Gaining Momentum; Reiterate Buy, $23 PT
  • DNOW, Inc: Strategy Execution Points to Solid Free Cash Flow Outlook
  • AZTR: ATR-04 Trial to Dose 1st Patient Mid-2025
  • Soluna Holdings, Inc: 1Q25 Earnings Highlight Cash Position and Expectations for Growth
  • Lucror Analytics – Morning Views Asia
  • Vaalco Energy (NYSE: EGY): The Road to 50 Mboe/D by 2030


Biden Era Tire Emission Rule In Bin; USTMA Welcomes It

By Vinod Nedumudy

  • EPA regulation targeted previously unregulated emissions  
  •  USTMA calls it regulatory overreach that shoots up costs  
  • Move can bolster domestic manufacturing, competitiveness

[Zeekr Group (ZK US, BUY, TP US$35) TP Change]: Buy in to Geely Doesn’t Help Either’s Competency

By Eric Wen

  • The combined Zeekr (ZK)/Lynk reported C1Q25 top line 11% below our estimates, due to sharper than expected price erosions, 
  • Despite ASP missing our estimates by 6.3% for ZK and 16% for Lynk, ZK managed to beat our gross margin estimate by 3.7ppt and consensus by 4.0ppt, 
  • With Geely and related persons controlling 78% of ZK and Geely’s H-share stock rising in value, we see the chance for the go-private deal to succeed as high. 

Perimeter: Private-Equity GP Economics in Public Markets

By MBI Deep Dives

  • It wouldn’t shock me if the word “SPAC” itself has a negative connotation in your mind, but of course, it doesn’t inherently imply anything nefarious.
  • A SPAC or “Special Purpose Acquisition Company” is just a publicly traded shell corporation that raises capital through an IPO to merge with or acquire a private business, enabling that target to become publicly listed without undergoing its own traditional IPO.
  • EverArc Holdings, an acquisition company listed in London in December 2019, raised ~$340 million and staffed its board with some heavy hitters: TransDigm co-founder Nick Howley, “Outsiders” author-investor Will Thorndike, and Berkshire alumna Tracy Britt Cool, among others . 

Greenidge Generation Holdings, Inc: 1Q25 Earnings Highlight Debt and Revenue Progress

By Water Tower Research

  • Greenidge announced a solid 1Q25, with revenue of $19.2 million, roughly flat Y/Y, and debt reduction of $12 million from the original $72 million to $60 million.
  • The company had $13.3 million in cash and Bitcoin at the end of the quarter.
  • CEO Jordan Kovler said, “This past quarter, our team’s disciplined execution and prudent financial management have significantly advanced the turnaround of our business and operations. 

GES: Snapping the Store: Turn Gaining Momentum; Reiterate Buy, $23 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, projections and $23 price target for Guess?
  • after visiting stores in Metropolitan New York City and Long Island.
  • As we have seen in the previous two months, we believe Guess?

DNOW, Inc: Strategy Execution Points to Solid Free Cash Flow Outlook

By Water Tower Research

  • DNOW is well-positioned to execute its strategy of strategically investing in the margin accretive areas of its business and returning cash to shareholders through its repurchase authorization.
  • Two 2024 acquisitions, Whitco Supply and Trojan Rentals, expanded the company’s exposure in the midstream and water management sectors.
  • In April 2025, DNOW acquired Singapore-based Natron International Pte. Ltd., expanding its electrical supply capabilities under the existing MacLean International brand to serve traditional and renewable energy, infrastructure, and other commercial and industrial end markets in the Asia-Pacific region.

AZTR: ATR-04 Trial to Dose 1st Patient Mid-2025

By Zacks Small Cap Research

  • Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
  • The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
  • Azitra’s lead candidate is ATR-12 for the rare disease Netherton syndrome (NS).

Soluna Holdings, Inc: 1Q25 Earnings Highlight Cash Position and Expectations for Growth

By Water Tower Research

  • Soluna recently announced its 1Q25 earnings an business update, with revenue of $5.9 million, 220 MW of new project development (698 MW total), and a solid cash position.
  • The company has also simplified its capital structure by fully converting its notes last year, restructuring its Preferred B equity, paying off it Navitas loan, and securing $5 million in non-dilutive financing from Galaxy Digital.
  • CEO John Belizaire said, “Our outlook shines brighter with expanding project development at Projects Rosa, Ellen, and Hedy.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries ended mixed yesterday, with the curve steepening materially amid concerns over the US budget deficit and President Donald Trump’s impending tax-cut bill.
  • The yield on the 2Y UST fell 1 bp to 3.97%, while the yield on the 10Y UST rose 4 bps to 4.49%.
  • US equities retreated after a six-day rally, with the S&P 500 and Nasdaq both declining 0.4% to 5,940 and 19,143, respectively. 

Vaalco Energy (NYSE: EGY): The Road to 50 Mboe/D by 2030

By Auctus Advisors

  • During the capital markets day last week, Vaalco outlined a production growth profile reaching >45 mboe/d in 2029 and 50 mboe/d in 2030 – surpassing the peak production of ~40 mboe/d that we had anticipated.
  • Production is expected to reach ~30 mboe/d by mid-2026 , driven by the 2025/2026 drilling program in Gabon and the restart of production at Baobab in Côte d’Ivoire (CI).
  • The next major increase is forecasted for 3Q28, with the start-up of Venus in EG, adding +20 mbbl/d gross production.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars