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Smartkarma Daily Briefs

Oct 20
0

Daily Brief ESG: Election of Foreign Board Directors Is More Critical than ％ of Female Board Members and more

By | Daily Briefs, ESG

In today’s briefing:

  • Election of Foreign Board Directors Is More Critical than ％ of Female Board Members

Election of Foreign Board Directors Is More Critical than ％ of Female Board Members

By Aki Matsumoto

  • The gradual increase in the proportion of independent directors is partly due to the growing shift from companies with audit committees to companies with audit and supervisory committees.
  • Companies with audit committees tend to have more outside directors by design, yet they can delegate operational matters to inside directors. Consequently, companies don’t strongly resist having more outside directors.
  • As more companies expand businesses globally, the number of foreign directors hasn’t increased significantly. The reason for this lack of growth is the absence of specific targets set by regulators.

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Oct 20
0

Daily Brief Quantitative Analysis: HK Strategy: How Low Can October Go? and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Strategy: How Low Can October Go?
  • HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile
  • A-H Premium Weekly (Oct 17th): Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences
  • HK Short Interest Weekly: Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi
  • Bursa Short Interest Weekly (Oct 17th): Frontken, Top Glove, VS Industry, Bumi Armada, Malakoff
  • KRX Foreign Holding Weekly (Oct 17th): Samsung Electronics, SK Hynix, Doosan Enerbility
  • Thailand Short Interest Weekly (Oct 17th): Intouch, Plan B Media, TISCO Financial
  • TWSE Foreign Holding Weekly (Oct 17th): TSMC, Hon Hai Precision, ASE Industrial, Wistron
  • TWSE Short Interest Weekly (Oct 17th): Wistron, TSMC, BizLink, Gigabyte Technology

HK Strategy: How Low Can October Go?

By Osbert Tang, CFA

  • On average, the HSI lost 1.1% (since 2013) and 2.8% (since 2019) in Oct. The worst drop was 2022 with a 14.7% plunge, and the second-worst is 10.1% in 2018.
  • If HSI settles at 1SD lower than the historical average Oct return, it will translate into return of -7.5%, and if 2SD, it will be -14%.
  • A weak Oct sets the strong stage for Nov and Dec, which are historically best months. Picking up when the market retreats looks to be sensible.

HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 17th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile, Meituan, Innovent Biologics, ICBC, Wuxi Biologics.

A-H Premium Weekly (Oct 17th): Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.1% as of Oct 17th.
  • The average A-H premium changed by 3.0ppt week-on-week, led by information technology, real estate, materials.
  • We highlight weekly changes in A-H premium for Hua Hong Semiconductor, Sinotrans, Shanghai Junshi Biosciences, China Southern Airlines.

HK Short Interest Weekly: Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Oct 10th.
  • Top short increases and decreases were tabulated for one week and four week period.
  • We highlight short changes in Bidu, Hua Hong Semiconductor, Pop Mart Intl, Hang Seng Bank, Xiaomi.

Bursa Short Interest Weekly (Oct 17th): Frontken, Top Glove, VS Industry, Bumi Armada, Malakoff

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Bursa stocks as of Oct 17th. The aggregated short interest is USD437m.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Frontken, Top Glove, VS Industry, Bumi Armada, Malakoff.

KRX Foreign Holding Weekly (Oct 17th): Samsung Electronics, SK Hynix, Doosan Enerbility

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Oct 17th. The aggregated holding was USD789.9bn.
  • We estimate that foreign flows to be inflows of USD1,504mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Doosan Enerbility, HANWHA AEROSPACE, Samsung Elec (PREF).

Thailand Short Interest Weekly (Oct 17th): Intouch, Plan B Media, TISCO Financial

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 17th. We estimate that they had an aggregated short interest worth USD2.5bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Intouch, Plan B Media, TISCO Financial, Advanced Info Service, True, Advanced Info Service, True, Tisco Financial.

TWSE Foreign Holding Weekly (Oct 17th): TSMC, Hon Hai Precision, ASE Industrial, Wistron

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 17th. The aggregated holding was USD1,379.7bn.
  • We estimate that foreign flows to be outflows of USD2,539mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in TSMC, Hon Hai Precision, ASE Industrial, Wistron, Delta Electronics, Hon Hai Precision, Ase Industrial, TSMC, Wistron, Delta Electronics.

TWSE Short Interest Weekly (Oct 17th): Wistron, TSMC, BizLink, Gigabyte Technology

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Oct 17th. The aggregated short interest was USD27.1bn.
  • We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Wistron, TSMC, BizLink, Gigabyte Technology, Zhen Ding Technology, Wistron, TSMC, BizLink, Gigabyte Technology, Zhen Ding Technology.

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Oct 20
0

Daily Brief Industrials: Sany Heavy Industry, Woodside Energy Group Ltd, Orient Overseas International, Mitsubishi Electric and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Sany Heavy (6031 HK) IPO: Big Cornerstone Allocation to Delay Global Index Inclusion
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (20 Oct)
  • Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)
  • Primer: Mitsubishi Electric (6503 JP) – Oct 2025

Sany Heavy (6031 HK) IPO: Big Cornerstone Allocation to Delay Global Index Inclusion

By Brian Freitas

  • Sany Heavy Industry (600031 CH) could raise up to HK$16.35bn (US$2.1bn) in its H-share listing if the Offer Size Adjustment Option and the Overallotment Option are both exercised.
  • There is a big allocation to cornerstone investors that is locked up for 6 months. That eliminates the already small possibility of Fast Entry inclusion to global indexes.
  • Sany Heavy (6031 HK) should be added to Southbound Stock Connect from the open of trading on 24 November following the end of the Price Stabilisation period.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (20 Oct)

By Gaudenz Schneider

  • Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
  • Highlights: Currently elevenpair trade opportunities across three markets and seven sectors persist.
  • Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)

By Daniel Hellberg

  • Price momentum and volume growth both remained weak in September 
  • Mideast ceasefire raises possibility of Suez Canal re-opening in 2026
  • Expect pricing to remain weak; Suez re-start would likely lead to losses

Primer: Mitsubishi Electric (6503 JP) – Oct 2025

By αSK

  • Mitsubishi Electric is pivoting its strategic focus towards high-growth digital and green technologies, exemplified by its ‘Serendie’ digital innovation platform and the recent acquisition of cybersecurity firm Nozomi Networks. This is intended to build on its established strengths in factory automation and automotive equipment.
  • The company is targeting significant revenue growth from these new digital ventures, aiming for ¥1.1 trillion from Serendie-related initiatives by FY2031. This strategy is supported by heavy investment in AI and a planned tripling of its digital innovation workforce.
  • While demonstrating strong recent growth and market momentum, the company faces considerable execution risks. These include integrating new acquisitions, competing with established digital platforms from rivals like Siemens and Hitachi, and navigating macroeconomic uncertainties such as currency volatility and potential tariffs.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Oct 20
0

Daily Brief TMT/Internet: Kioxia Holdings , SemiFive, Tekscend Photomask, WRKR, GoodRx Holdings Inc, Taiwan Semiconductor (TSMC) – ADR and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Kioxia (285A JP): Toshiba Selling Leads to Passive Buying & Removes Overhang
  • SemiFive IPO Preview
  • ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality
  • WRKR Ltd – Investment ramps up for new revenue
  • Primer: GoodRx Holdings Inc (GDRX US) – Oct 2025
  • TSMC Q325. Today, The Numbers Are Insane

Kioxia (285A JP): Toshiba Selling Leads to Passive Buying & Removes Overhang

By Brian Freitas

SemiFive IPO Preview

By Douglas Kim

  • SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
  • Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
  • SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. 

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.
  • On the placements front, we had a look at some of the IPO lockups. There weren’t any large placements this week.

WRKR Ltd – Investment ramps up for new revenue

By Research as a Service (RaaS)

  • Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
  • We have taken the opportunity to incorporate the recent $15m capital raise into our numbers and fine tune client migration timing, which has resulted in reductions to our FY26 estimates, but an increase to our FY27 revenue forecasts as AustralianSuper (set to migrate between February and June 2026) is larger than our previous user assumptions.
  • We also take a more aggressive view on near-term cost growth relative to revenue.

Primer: GoodRx Holdings Inc (GDRX US) – Oct 2025

By αSK

  • GoodRx operates a leading digital healthcare platform in the U.S., capitalizing on the opaque and high-cost prescription drug market by offering price transparency and discounts, primarily earning revenue from Pharmacy Benefit Managers (PBMs).
  • The company faces a highly competitive and evolving landscape with threats from direct competitors, large new entrants like Amazon, and disruptive models such as Mark Cuban’s Cost Plus Drugs, alongside significant reliance on a concentrated number of PBM partners.
  • Future growth hinges on diversifying revenue streams beyond prescription transactions into pharma manufacturer solutions, subscription services (GoodRx Gold), and telehealth (GoodRx Care), while navigating regulatory risks and strengthening direct relationships with pharmacies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

TSMC Q325. Today, The Numbers Are Insane

By William Keating

  • Q3 2025 revenues of $33.1 billion, slightly exceeding the upper end of the guided range, up 10.1% QoQ and up 40.8% YoY.
  • On track for 35% YoY revenue growth in 2025, with revenue likely to exceed $120 billion
  • No QoQ revenue growth this quarter suggests either AI demand growth has stalled or TMSC is maxed out at the leading edge. Methinks it’s the latter..

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Oct 20
0

Daily Brief Health Care: Mayne Pharma, BlissBio, Hansoh Pharmaceutical Group and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Primer: Mayne Pharma (MYX AU) – Oct 2025
  • Weekly Deals Digest (19 Oct) – Mayne, Soft99, Mandom, Kangji, Mandarin Oriental, Genting Malaysia
  • Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs
  • Hansoh Pharmaceutical (3692 HK): New Licensing Agreement Asserts R&D Prowess and Pipeline Strength

Primer: Mayne Pharma (MYX AU) – Oct 2025

By αSK

  • Pending Acquisition by Cosette Pharma: Mayne Pharma‘s future is largely defined by a pending acquisition by Cosette Pharmaceuticals, which aims to create a leading entity in the U.S. Women’s Health and Dermatology sectors. However, the deal is subject to a legal dispute initiated by Cosette, creating significant uncertainty around its completion.
  • Strategic Focus and Turnaround: Following a period of financial distress and a major asset sale in 2022, management has refocused the company on its core specialty areas of Women’s Health and Dermatology. This strategy has led to significant improvements in recent financial performance, with strong revenue growth and a return to positive operating cash flow.
  • Highly Competitive Landscape: The company operates in the intensely competitive generic and specialty pharmaceutical markets. While it possesses a portfolio of branded products, it faces constant pricing pressure from larger competitors and other generic manufacturers, necessitating strong commercial execution.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Weekly Deals Digest (19 Oct) – Mayne, Soft99, Mandom, Kangji, Mandarin Oriental, Genting Malaysia

By Arun George

Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

By Xinyao (Criss) Wang

  • The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio’s pipeline would be “ignored”.
  • BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC’s interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.
  • The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.

Hansoh Pharmaceutical (3692 HK): New Licensing Agreement Asserts R&D Prowess and Pipeline Strength

By Tina Banerjee

  • Hansoh Pharmaceutical Group (3692 HK) granted Roche an exclusive worldwide license to (excluding the Chinese Mainland, Hong Kong, Macau and Taiwan) to develop, manufacture and commercialize HS-20110.
  • HS-20110 is an investigational CDH17-targeting ADC currently being developed for the treatment of colorectal cancer (CRC) and other tumors, with global Phase I trial underway in China and the US.
  • CDH17 targeted ADCs development (about 31 drug development projects ongoing) scene obviously seems crowded, but Hansoh’s strong execution with Roche’s global prowess will surely give it an edge.

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Oct 20
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Takaichi Set for Premiership and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Takaichi Set for Premiership
  • Japan Morning Connection: LDP and Ishin May Sign a Pact to Pave the Way for Japan’s First Female PM

Ohayo Japan | Takaichi Set for Premiership

By Mark Chadwick

  • Japan’s LDP and Nippon Ishin agreed to form a coalition, paving the way for Sanae Takaichi to become Japan’s first female prime minister.
  • ASKUL (2678 JP) suffered a major ransomware attack disrupting operations at both corporate and consumer platforms, with investigations ongoing and no recovery timeline announced.
  • Nintendo (7974 JP) requested suppliers produce up to 25 million Switch 2 units by March 2026, signalling confidence ahead of the next console cycle.

Japan Morning Connection: LDP and Ishin May Sign a Pact to Pave the Way for Japan’s First Female PM

By Andrew Jackson

  • Reports that Apple is set to release a touchscreen MacBook should help Nitto Denko.
  • China AI play Cambricon sees revs and OP surge, pointing to more upside for JP FA plays with Sino-semi exposure.
  • Luxury back in the spotlight may help Shiseido and Kose rebound off multi-month lows.

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Oct 20
0

Daily Brief Industrials: Sany Heavy Industry, Woodside Energy Group Ltd, Orient Overseas International, Mitsubishi Electric and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Sany Heavy (6031 HK) IPO: Big Cornerstone Allocation to Delay Global Index Inclusion
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (20 Oct)
  • Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)
  • Primer: Mitsubishi Electric (6503 JP) – Oct 2025

Sany Heavy (6031 HK) IPO: Big Cornerstone Allocation to Delay Global Index Inclusion

By Brian Freitas

  • Sany Heavy Industry (600031 CH) could raise up to HK$16.35bn (US$2.1bn) in its H-share listing if the Offer Size Adjustment Option and the Overallotment Option are both exercised.
  • There is a big allocation to cornerstone investors that is locked up for 6 months. That eliminates the already small possibility of Fast Entry inclusion to global indexes.
  • Sany Heavy (6031 HK) should be added to Southbound Stock Connect from the open of trading on 24 November following the end of the Price Stabilisation period.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (20 Oct)

By Gaudenz Schneider

  • Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
  • Highlights: Currently elevenpair trade opportunities across three markets and seven sectors persist.
  • Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Monthly Container Shipping Tracker | Momentum, Volume Still Weak | Suez Restoration? (October 2025)

By Daniel Hellberg

  • Price momentum and volume growth both remained weak in September 
  • Mideast ceasefire raises possibility of Suez Canal re-opening in 2026
  • Expect pricing to remain weak; Suez re-start would likely lead to losses

Primer: Mitsubishi Electric (6503 JP) – Oct 2025

By αSK

  • Mitsubishi Electric is pivoting its strategic focus towards high-growth digital and green technologies, exemplified by its ‘Serendie’ digital innovation platform and the recent acquisition of cybersecurity firm Nozomi Networks. This is intended to build on its established strengths in factory automation and automotive equipment.
  • The company is targeting significant revenue growth from these new digital ventures, aiming for ¥1.1 trillion from Serendie-related initiatives by FY2031. This strategy is supported by heavy investment in AI and a planned tripling of its digital innovation workforce.
  • While demonstrating strong recent growth and market momentum, the company faces considerable execution risks. These include integrating new acquisitions, competing with established digital platforms from rivals like Siemens and Hitachi, and navigating macroeconomic uncertainties such as currency volatility and potential tariffs.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Oct 20
0

Daily Brief Energy/Materials: Zijin Mining Group Co Ltd H, Larvotto Resources, Crude Oil, Ampol, Fenix Resources and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock
  • Larvotto Resources (LRV AU): USAC’s Friendshoring NBIO
  • Brent Crude at a New Near-Term Equilibrium?
  • Ampol Ltd (ALD) SL Hybrid, Trade the FY25 Disclosure Window
  • Fenix Resources (FEX AU) Q1 FY26 Report: Multibagger In The Making

Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

By Rahul Jain

  • Earnings momentum accelerating driven by gold volume +20% and mine margin expansion to 60.6%, supported by disciplined cost control and strong operating cash flow.
  • Copper–gold dual exposure provides structural upside with spot torque to Cu ~US$10,800/t and Au ~US$4,200/oz, reinforcing earnings visibility into FY26–27.
  • Zijin Gold spin-off unlocks value via clean asset separation, improved capital efficiency, and SOTP rerating potential to HK$41–42/sh under spot scenario.

Larvotto Resources (LRV AU): USAC’s Friendshoring NBIO

By David Blennerhassett

  • In Friendshoring Aussie Rare Earths, I flagged the possibility of the US taking equity stakes in Australian processing projects, as a means towards securing a supply of critical minerals. 
  • Larvotto Resources (LRV AU), an explorer/evaluator/developer of gold and antimony, has now announced a NBIO from United States Antimony (UAMY US) (USAC) @ A$1.40/share, a 87.67% premium to undisturbed.
  • USAC has also declared a 10% holding.  An independent board committee is assessing the approach. Due diligence has not yet been granted. That should be forthcoming.

Brent Crude at a New Near-Term Equilibrium?

By Jay Cameron

  • Despite underlying bearish fundamentals, crude oil prices are currently finding a floor due to persistent geopolitical risks, creating a unique, range-bound market environment.
  • We suggest a strategic approach to navigate this market, focusing on capitalizing on premium capture rather than new strong directional risks amidst conflicting market forces.
  • While diplomatic efforts offer potential for de-escalation, the immediate outlook points to stabilized volatility, making specific non-directional strategies particularly attractive.

Ampol Ltd (ALD) SL Hybrid, Trade the FY25 Disclosure Window

By Evan Campbell, CFA

  • Trade call: Long the 2022 SL hybrid. Price in a likely SPT 1 miss, capture optionality around 101% redemption and the post-disclosure vendor lag.
  • Miss risk: F&I intensity must fall about 5.4% from 2024 to meet the 2021 minus 5% SPT. Operational mix makes that hard.
  • Catalyst path: Two windows. Pre-disclosure, trade miss probability. Post-disclosure, arbitrage the convergence until data vendors update.

Fenix Resources (FEX AU) Q1 FY26 Report: Multibagger In The Making

By Sameer Taneja

  • Fenix Resources (FEX AU) reported a substantial increase in shipments, up 155%YoY/17%QoQ, to 885k tons, guiding a further ramp beyond 1 million tons in the December quarter. 
  • The substantial numbers were followed by yet another share purchase by Chairman Jon Welborn, taking his holding in the company to ~3%. 
  • Strong operating cashflows of over 43.9 million AUD for the quarter (175 million AUD annualized on a 350 million AUD market cap) could ramp further as Beebyn-W11 shipments increase.

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Oct 20
0

Daily Brief ECM: ECM Weekly (20 October 2025)- Sany and more

By | Daily Briefs, ECM

In today’s briefing:

  • ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality
  • SemiFive IPO Preview
  • Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts
  • Seres Group H Share Listing: The Investment Case
  • Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.
  • On the placements front, we had a look at some of the IPO lockups. There weren’t any large placements this week.

SemiFive IPO Preview

By Douglas Kim

  • SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
  • Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
  • SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. 

Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts

By Nicholas Tan

  • Mr. DIY Holding (Thailand) (2472516D TB)  is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
  • It is considered the largest home improvement and lifestyle retailer by market segment in the country.
  • In this note, we examine the IPO dynamics, and look at the firm’s valuation.

Seres Group H Share Listing: The Investment Case

By Arun George

  • Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
  • The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
  • The investment case rests on solid NEV performance, improving margin profile and strong cash generation.

Pre-IPO BlissBio – The Pipeline Has Not yet Been Verified as No Deal Has Been Reached with MNCs

By Xinyao (Criss) Wang

  • The new payload story/ADC-engineering platforms need to be verified by big licensing-out deals. If verification is successful, MNCs will pay high price.However, if verification fails, BlissBio’s pipeline would be “ignored”.
  • BlissBio entered into a wind-down agreement with Eisai for BB-1701.In our view, MNC’s interest in BB-1701 is decreasing.The possibility of reaching big BD deal on BB-1712/BB-1705 is also not high.
  • The investment logic of biotech has changed and high valuation is driven by big licensing-out deals. From this perspective, we think valuation of BlissBio should be lower than peers.

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Oct 20
0

Daily Brief Australia: Mayne Pharma, Larvotto Resources, WRKR, Woodside Energy Group Ltd, Scentre Group, Fenix Resources , Ampol and more

By | Australia, Daily Briefs

In today’s briefing:

  • Primer: Mayne Pharma (MYX AU) – Oct 2025
  • Larvotto Resources (LRV AU): USAC’s Friendshoring NBIO
  • Weekly Deals Digest (19 Oct) – Mayne, Soft99, Mandom, Kangji, Mandarin Oriental, Genting Malaysia
  • WRKR Ltd – Investment ramps up for new revenue
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (20 Oct)
  • Long Scentre Group (SCG AU) Vs Short Stockland (SGP AU): Pair Trade After Post Earnings Rally
  • Fenix Resources (FEX AU) Q1 FY26 Report: Multibagger In The Making
  • Ampol Ltd (ALD) SL Hybrid, Trade the FY25 Disclosure Window

Primer: Mayne Pharma (MYX AU) – Oct 2025

By αSK

  • Pending Acquisition by Cosette Pharma: Mayne Pharma‘s future is largely defined by a pending acquisition by Cosette Pharmaceuticals, which aims to create a leading entity in the U.S. Women’s Health and Dermatology sectors. However, the deal is subject to a legal dispute initiated by Cosette, creating significant uncertainty around its completion.
  • Strategic Focus and Turnaround: Following a period of financial distress and a major asset sale in 2022, management has refocused the company on its core specialty areas of Women’s Health and Dermatology. This strategy has led to significant improvements in recent financial performance, with strong revenue growth and a return to positive operating cash flow.
  • Highly Competitive Landscape: The company operates in the intensely competitive generic and specialty pharmaceutical markets. While it possesses a portfolio of branded products, it faces constant pricing pressure from larger competitors and other generic manufacturers, necessitating strong commercial execution.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Larvotto Resources (LRV AU): USAC’s Friendshoring NBIO

By David Blennerhassett

  • In Friendshoring Aussie Rare Earths, I flagged the possibility of the US taking equity stakes in Australian processing projects, as a means towards securing a supply of critical minerals. 
  • Larvotto Resources (LRV AU), an explorer/evaluator/developer of gold and antimony, has now announced a NBIO from United States Antimony (UAMY US) (USAC) @ A$1.40/share, a 87.67% premium to undisturbed.
  • USAC has also declared a 10% holding.  An independent board committee is assessing the approach. Due diligence has not yet been granted. That should be forthcoming.

Weekly Deals Digest (19 Oct) – Mayne, Soft99, Mandom, Kangji, Mandarin Oriental, Genting Malaysia

By Arun George

WRKR Ltd – Investment ramps up for new revenue

By Research as a Service (RaaS)

  • Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
  • We have taken the opportunity to incorporate the recent $15m capital raise into our numbers and fine tune client migration timing, which has resulted in reductions to our FY26 estimates, but an increase to our FY27 revenue forecasts as AustralianSuper (set to migrate between February and June 2026) is larger than our previous user assumptions.
  • We also take a more aggressive view on near-term cost growth relative to revenue.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (20 Oct)

By Gaudenz Schneider

  • Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
  • Highlights: Currently elevenpair trade opportunities across three markets and seven sectors persist.
  • Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Long Scentre Group (SCG AU) Vs Short Stockland (SGP AU): Pair Trade After Post Earnings Rally

By Gaudenz Schneider

  • Context: The Scentre Group (SCG AU) vs. Stockland (SGP AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Going long Scentre Group (SCG AU) and short Stockland (SGP AU) targets a 3% return.
  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Fenix Resources (FEX AU) Q1 FY26 Report: Multibagger In The Making

By Sameer Taneja

  • Fenix Resources (FEX AU) reported a substantial increase in shipments, up 155%YoY/17%QoQ, to 885k tons, guiding a further ramp beyond 1 million tons in the December quarter. 
  • The substantial numbers were followed by yet another share purchase by Chairman Jon Welborn, taking his holding in the company to ~3%. 
  • Strong operating cashflows of over 43.9 million AUD for the quarter (175 million AUD annualized on a 350 million AUD market cap) could ramp further as Beebyn-W11 shipments increase.

Ampol Ltd (ALD) SL Hybrid, Trade the FY25 Disclosure Window

By Evan Campbell, CFA

  • Trade call: Long the 2022 SL hybrid. Price in a likely SPT 1 miss, capture optionality around 101% redemption and the post-disclosure vendor lag.
  • Miss risk: F&I intensity must fall about 5.4% from 2024 to meet the 2021 minus 5% SPT. Operational mix makes that hard.
  • Catalyst path: Two windows. Pre-disclosure, trade miss probability. Post-disclosure, arbitrage the convergence until data vendors update.

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