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Smartkarma Daily Briefs

Apr 15
0

Daily Brief ESG: Attention Should Be Paid to Whether the Pseudo Cross-Shareholdings Will Hinder Management Reform and more

By | Daily Briefs, ESG

In today’s briefing:

  • Attention Should Be Paid to Whether the Pseudo Cross-Shareholdings Will Hinder Management Reform

Attention Should Be Paid to Whether the Pseudo Cross-Shareholdings Will Hinder Management Reform

By Aki Matsumoto

  • An increasing number of companies had eliminated shareholder benefit plans, but reducing cross-shareholdings and caution toward activist investors may have been the motivating factors in the reversal of this trend.
  • If managers distract from management reform by gaining the support of individual investors through shareholder benefits, the stock benefit program will become a pseudo cross-shareholding.
  • Shareholder benefit programs and shareholder returns cannot be compared in the same manner. Companies shouldn’t underestimate the fact that the problem with this lies in “principle of equality of shareholders.”

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Apr 15
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Potential Relief from Auto Tariffs and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Potential Relief from Auto Tariffs
  • Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom
  • Monday Delight: 14/04/25

Ohayo Japan | Potential Relief from Auto Tariffs

By Mark Chadwick

  • Stocks closed higher Monday in a volatile session as tech led gains following a surprise tariff exemption from President Trump
  • Automakers gained on Monday after President Trump signaled potential relief from the 25% auto tariffs, citing the need for time to shift production to the U.S.
  • Sony will raise the price of the PlayStation 5 console in Europe and Australia due to increased material prices, manufacturing costs, and exchange rate fluctuations.

Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom

By Andrew Jackson

  • Tech faded over the day on the potential for further tariffs.
  • Suzuki Motor’s secondary deal was priced 5% below the last.
  • Onsemi pulls the plug on its plans for ALGM, expect weakness for Sanken.

Monday Delight: 14/04/25

By Contrarian Cashflows

  • Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
  • Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
  • If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

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Apr 15
0

Daily Brief ECM: Chagee Holdings (CHA US) IPO: Valuation Insights and more

By | Daily Briefs, ECM

In today’s briefing:

  • Chagee Holdings (CHA US) IPO: Valuation Insights
  • TV Asahi Placement – Mini Share Buyback Should Buffer Deal
  • Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns
  • Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book
  • China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release
  • Duality Biotherapeutics (映恩生物) Trading Update
  • Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

Chagee Holdings (CHA US) IPO: Valuation Insights

By Arun George

TV Asahi Placement – Mini Share Buyback Should Buffer Deal

By Nicholas Tan

  • A group of shareholders are looking to raise US$133m from selling their respective stakes in TV Asahi Holdings (9409 JP) .
  • While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Anjoy Foods (安井) A/H: Needed by Families, But Besieged by Similar Industries and Health Concerns

By Ming Lu

  • A typical Chinese family needs quick-frozen foods and Anjoy is the largest producer.
  • Fresh foods and well-done foods compete with quick frozen foods.
  • Customers are concerned that producers may use too much preservative.

Chagee Holdings Limited (CHA): International Investors to Dominate the IPO Order Book

By IPO Boutique

  • Chagee’s order book is heavily influenced from Asian Investors as the deal is considered multiple-times oversubscribed.
  • The underwriters and company came to market with a manageable size transaction and an attractive valuation.
  • The geopolitical headwinds, specifically between China and the United States, is forcing many traditional IPO investors to stay on the sidelines. 

China Resources Beverage IPO Lockup- Cornerstones Coming Out of Lockup Ahead of the Large PE Release

By Sumeet Singh

  • China Resources Beverage (2460 HK) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its cornerstone investors is set to expire soon.
  • China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China and is one of the largest players in its categories.
  • In this note, we will talk about the lockup dynamics and possible placement.

Duality Biotherapeutics (映恩生物) Trading Update

By Ke Yan, CFA, FRM

  • Duality Biotherapeutics raised HKD 1,512m (USD 194m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, April 14th.
  • In our previous note, we looked at the company’s business lines of ADC products and analyzed its valuation.
  • In this note, we provide an update for the IPO before trading debut.

Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

By e27

  • Fore Coffee, a leading premium coffee retail chain in Indonesia, has announced its intentions to launch an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX).
  • Trading under the ticker symbol “FORE”, this strategic move is designed to bolster the company’s ambitious expansion plans.
  • Fore Coffee will offer 1.8 billion ordinary shares to the public, representing 21.08 per cent of its total issued and fully paid-up capital.

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Apr 15
0

Daily Brief Equity Bottom-Up: Asian Equities: Growth at Reasonable Price After This Dislocation and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Asian Equities: Growth at Reasonable Price After This Dislocation
  • Money Forward (3994) | SaaS Is Slowing, But So Is the Price
  • Steel Pipe Industry of Indonesia (ISSP IJ) – Piping Hot
  • Birla Opus | Short Term Gain, Long Term Pain
  • Universal Vision Biotechnology (3218 TT): There Are Plenty of Near-Term Pain Points
  • Amgen’s Big Bet on Obesity: Is This the Pharma Giant’s Next Breakout Moment?
  • Steel Authority of India: Weak on Expansion
  • General Motors vs. The Tariff Tsunami: Can The Auto Giant Stay In Gear?
  • Asia Real Estate Tracker (14-Apr-2025): Emperor Group’s 62-home project in Sai Ying Pun.
  • Upslope’s Quarterly Investor Letter: 2025-Q1

Asian Equities: Growth at Reasonable Price After This Dislocation

By Manishi Raychaudhuri

  • Rapid changes in US’s tariff policies have driven sharp equity volatility. For instance, since March third week, HSI’s forward PE declined from 11.1x to 9.1x and bounced back to 9.5x.
  • Such severe volatility has opened up interesting investment opportunities in Asia. Screening on strong EPS growth forecasts, high ROE, low PEG, and low debt-equity, we come up with 35 stocks.
  • Our stocks are from China (15), HK (8), Korea (4), India (4), Taiwan (2). Notably, TSMC, SK Hynix, Wuxi AppTec, Galaxy Entertainment, ZTO Express, M&M Finance, Muthoot Finance, Muangthai Capital.

Money Forward (3994) | SaaS Is Slowing, But So Is the Price

By Mark Chadwick

  • Q1 revenue and EBITDA missed expectations, with slowing growth in key business segment and corporate customer adds.
  • Macroeconomic risks, including US tariffs, may be weighing on business confidence and new customer acquisition.
  • Valuation now looks attractive, trading at a steep discount to global peers despite similar fundamentals.

Steel Pipe Industry of Indonesia (ISSP IJ) – Piping Hot

By Angus Mackintosh

  • Steel Pipe Industry of Indonesia (ISSP IJ) is Indonesia’s largest steel pipe manufacturer with over 2,000 customers and exposure across diverse sectors, including infrastructure, autos, and Oil & Gas. 
  • The company looks set to book strong growth in revenues and profits over the next 3 years, driven by increased capacity and improving product mix towards higher value products. 
  • SPINDO has been shifting towards longer duration funding and reducing interest costs. Valuations are attractive on a 3x FY2025E PER, with a forecast dividend yield of 5%.

Birla Opus | Short Term Gain, Long Term Pain

By Pranav Bhavsar

  • We interact with our dealer network representing Asian Paints (APNT IN)  and Birla Opus Grasim Industries (GRASIM IN) dealers with an objective to understand the current operating environment.
  • Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.
  • While Asian Paints (APNT IN) may appear to lose market share, we believe this would be transient in nature.

Universal Vision Biotechnology (3218 TT): There Are Plenty of Near-Term Pain Points

By Tina Banerjee

  • Universal Vision Biotechnology (3218 TT) is struggling with expansion plans, decelerated revenue growth, and unfavorable revenue mix. 2024 revenue growth of 4% is significant deterioration from 17% reported in 2023.
  • China business remained challenging. In 2024, revenue from China 22% YoY to NT$594M.  Both the number of partnered hospitals and self-operated clinics/hospitals in China decreased during 2024.
  • Through the first three months of 2025, revenue growth has not shown any sign of improvement. 1Q25 revenue grew just 5% YoY to NT$1,123M.

Amgen’s Big Bet on Obesity: Is This the Pharma Giant’s Next Breakout Moment?

By Baptista Research

  • Amgen is rapidly positioning itself as a formidable player in the obesity drug market, a sector that has witnessed explosive growth due to the popularity of GLP-1 based therapies from Eli Lilly and Novo Nordisk.
  • The company’s investigational drug MariTide is generating significant interest following promising Phase II results showing up to 20% weight loss with monthly dosing.
  • With two Phase III trials now underway—targeting both diabetic and non-diabetic patients—Amgen is accelerating its strategy to gain a slice of what analysts forecast to be a $100 billion market by 2030.

Steel Authority of India: Weak on Expansion

By Rahul Jain

  • SAIL has been a consistent under-performer despite having huge iron ore reserves, multi-location steel plants and wide product spectrum and exclusive sales to Indian Railways
  • Legacy plants, ageing manpower and operational inefficiencies have resulted in slower growth compared to peers and a significant loss in overall market share, high inventories and single digit RoEs
  • SAIL trades at 0.8x P/B, in line with history, but weak volume visibility and elevated debt warrant a deeper discount—0.6x book better reflects risk-reward, in our view.

General Motors vs. The Tariff Tsunami: Can The Auto Giant Stay In Gear?

By Baptista Research

  • General Motors is facing turbulent headwinds in 2025, driven primarily by a resurgent trade war between the U.S. and Canada.
  • The Detroit automaker recently suspended production at its BrightDrop electric vehicle (EV) plant in Ingersoll, Ontario, triggering nearly 500 indefinite layoffs and marking a significant blow to Canada’s already struggling auto sector.
  • This move comes amid the fallout from President Donald Trump’s 25% tariff on foreign-made cars, which has forced Canada to retaliate with its own 25% duties on U.S.-built vehicles.

Asia Real Estate Tracker (14-Apr-2025): Emperor Group’s 62-home project in Sai Ying Pun.

By Asia Real Estate Tracker

  • Emperor Group is consolidating a site in Sai Ying Pun for a 62-home project in Hong Kong, promising a significant development.
  • EQT has appointed a former KKR executive to take charge of their real estate operations in Japan, signaling a strategic move.
  • A prominent mainland tycoon has sold a condo in The Peak for $66 million, marking a significant transaction in the luxury property market.

Upslope’s Quarterly Investor Letter: 2025-Q1

By Upslope Capital Management

  • Q1 was challenging. However, in the two weeks since Mar 31, the world has changed, owing to an intense realignment of global trade policies.
  • This has swiftly aligned markets more with Upslope’s portfolio and approach.
  • April-to-date performance1 has been strong (approx. +7%), leaving the Fund +2% YTD (vs. -12% for the S&P Midcap 400).

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Apr 15
0

Daily Brief Event-Driven: FSS Bans Arb in Local MM Books: Identifying Opportunities from Short-Term Inefficiencies and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • FSS Bans Arb in Local MM Books: Identifying Opportunities from Short-Term Inefficiencies
  • TKP Corp (3479) – A Second Big Buyback In Short Order
  • Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)
  • Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries
  • Dropped the Line: Telefónica Disconnects from Peru
  • Running on Fumes: Wood Group’s Last Shot with Sidara

FSS Bans Arb in Local MM Books: Identifying Opportunities from Short-Term Inefficiencies

By Sanghyun Park

  • The FSS is banning arb trades under the MM book, requiring separate books for any arb positions to keep them distinct from MM flow.
  • Most local shops lack the resources to set up a separate arb desk. Splitting teams, creating new workflows, and hiring extra staff isn’t feasible given their tight P&L.
  • Building a tracker for MM dropouts could spot dislocations, as the crackdown creates short-term inefficiencies—if we’re dialed in, there’s alpha to be made.

TKP Corp (3479) – A Second Big Buyback In Short Order

By Travis Lundy

  • TKP Corporation (3479 JP) is a fascinating little company. It rents space. From people. To people. Then adds on services. Meeting, recruiting, training, seminar, banquet, party, etc rooms.
  • Last year they bought control of two small businesses to add features. Revenues are up. The new FY suggests revenue growth, OP growth, and now a buyback.
  • The buyback is the interesting bit. They did one last FY with interesting parameters, and Quiddity has a new tool we are trying out, so we showcase an example here.

Quiddity HK Connect Northbound Tracker (Q1 2025 Vs 5 Previous Quarters)

By Travis Lundy

  • Last August, the mainland exchanges stopped providing data on Northbound positions and trading. They decided to show the data once a quarter.
  • We decided to add a tool to the repertoire to show this past quarter’s flows per Northbound-eligible stock in a variety of ways. 
  • Click on a name and get the quarterly chart of the desired metric (position, Flow (shares), Flow as % of float or shares out, etc)

Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

By Douglas Kim

  • Dongwon Group’s decision to merge Dongwon F&B and Dongwon Industries into one company is a positive move.
  • Dongwon F&B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.
  • Post stock swap between Dongwon Industries and Dongwon F&B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.

Dropped the Line: Telefónica Disconnects from Peru

By Jesus Rodriguez Aguilar

  • Telefónica sold its Peruvian subsidiary to Integra Tec for €0.9 million, transferring €1.24 billion in debt, following the unit’s bankruptcy filing and prolonged tax disputes in Peru.
  • The sale marks a strategic step in Telefónica’s Hispam exit, following disposals in Argentina and Colombia, and reinforces the company’s focus on core markets with higher returns.
  • Despite crystallizing a €620 million loss, the transaction removes a distressed asset, improves group visibility, and underscores management’s commitment to financial discipline and geopolitical de-risking across Latin America.

Running on Fumes: Wood Group’s Last Shot with Sidara

By Jesus Rodriguez Aguilar

  • Sidara’s 35p offer provides a 40% premium with no dilution, offering certainty and urgently needed capital, making it the most favorable path for shareholders amid financial distress.
  • A standalone capital raise of £342m at 20p would dilute existing shareholders by over 71%, highlighting the severe downside if the Sidara deal collapses or fails regulatory approval.
  • Having rejected Apollo’s 240p offer in 2023, the Board is now recommending a 35p bid—an 85% discount—after destroying credibility, mismanaging cash, and losing shareholder trust.

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Apr 15
0

Daily Brief Macro: US Tariffs: Of Words And Bonds and more

By | Daily Briefs, Macro

In today’s briefing:

  • US Tariffs: Of Words And Bonds
  • VRG Leads Rubber Growth Across Laos Plantation Heartlands
  • Trump’s End Game
  • Hong Kong Market Strategy – Trade and Portfolio Ideas Amidst the Volatility
  • The Week That Was in ASEAN@Smartkarma – SPINDO Is Piping Hot, DigiPlus, and Malaysian Banks
  • How Commodities React To Trumps New Global Trade Plans
  • [US Crude Oil Options Weekly 2025/15] WTI Pauses Slide on Tariff Delay
  • US Financial Markets: Unwinding of Leverage Imparts Pain and Unusual Price Action
  • [US Nat Gas Options Weekly 2025/15] Henry Hub Dropped Amid Trade Turmoil and Warmer Forecasts
  • Real Asset Chartbook Week #3: Continued Volatility

US Tariffs: Of Words And Bonds

By Alastair Newton

  • Donald Trump’s recent policy reversal may provide an opportunity for the completion of bilateral trade agreements with certain US partners.
  • However, neither China nor the EU is expected to reach an agreement soon, particularly in the current context.
  • This is largely due to the evident vulnerability of America to the bond market.

VRG Leads Rubber Growth Across Laos Plantation Heartlands

By Vinod Nedumudy

  •  VRG’s Lao division scripts US$14.85 million in profit in 2024  
  • VRG’s rubber output in Laos touches 34,592 tons in 2024  
  • Prime Minister asks VRG to start tire units in Laos

Trump’s End Game

By Sharmila Whelan

  • Trading Post’s top buy calls are the Philippines, India, Japan, Malaysia, Taiwan and Europe.
  • Trump’s ultimate objectives are to secure fairer trading terms and stimulate inward investment—and the strategy appears to be gaining traction.
  • Countries facing the highest reciprocal tariff rates, with large surpluses vis-à-vis the US and high gross exports to GDP ratios will buckle first.

Hong Kong Market Strategy – Trade and Portfolio Ideas Amidst the Volatility

By Rikki Malik

  • Government stabilisation measures kick in as tariff war starts to bite
  • Can the HK and China markets continue their bull run as markets dislocate?
  • Is it time to selectively get back into the Chinese tech sector?

The Week That Was in ASEAN@Smartkarma – SPINDO Is Piping Hot, DigiPlus, and Malaysian Banks

By Angus Mackintosh

How Commodities React To Trumps New Global Trade Plans

By The Commodity Report

  • President Trump triggered turmoil in the stock and bond markets, sent shockwaves through the global economy, and claimed the U.S. would eliminate the national debt using trillions supposedly generated from his tariffs.
  • Just earlier this week, he declared he wouldn’t make a zero-tariff deal with the EU — and now, without any real change in circumstances, he’s suddenly starting to back down.
  • Trump dropped his country-specific tariffs down to a universal 10% rate for all trade partners except China on Wednesday – for a limited time period of 90 days – presumably to have more time to make deals with each country.

[US Crude Oil Options Weekly 2025/15] WTI Pauses Slide on Tariff Delay

By Suhas Reddy

  • WTI futures fell 0.8% for the week ending 11/Apr, driven primarily by uncertainty around tariffs and escalating trade tensions between the U.S. and China.
  • The U.S. rig count fell by seven to 583. The oil rig count dropped by nine to 480, while gas rigs grew by one to 97.
  • WTI OI PCR fell to 0.80 on 11/Apr compared to 0.88 on 04/Apr. Call OI increased by 19.3% WoW, while put OI grew by 9.1%.

US Financial Markets: Unwinding of Leverage Imparts Pain and Unusual Price Action

By Said Desaque

  • Elevated uncertainty about the consequences of US trade policy has imparted significant volatility on financial markets.  The unwinding of leveraged positions in US equities has accentuated price declines. 
  • There has been turbulence for US Treasuries, but there has no change in the economic fundamentals that underpin their valuation.  Unwinding of basis points trades may partially explain price movements.  
  • Hedge funds may also be unwinding big bets based on pending financial deregulation that would raise banks’ capacity to hold Treasuries.  There is no evidence of systemic funding stress.

[US Nat Gas Options Weekly 2025/15] Henry Hub Dropped Amid Trade Turmoil and Warmer Forecasts

By Suhas Reddy

  • For the week ending 11/Apr, U.S. natural gas prices fell by 8.1% on the back of escalating U.S.-China trade tensions and warmer weather forecasts.
  • U.S. natural gas futures sharply fell on 08/April (Tue) and touched an eight-week low despite robust LNG exports.
  • Henry Hub OI PCR fell to 0.95 on 11/Apr compared to 0.97 on 04/Apr. Call OI increased by 6.3% WoW, while put OI grew by 3.8%.

Real Asset Chartbook Week #3: Continued Volatility

By Massif Capital Research

  • Lots of interesting changes over the week, especially in the 2nd half. We have had a bounce, but opportunities remain.
  • Key questions that need to be considered are how much of the economic damage from a rocky tariff rollout is already priced in, how should the potential impact of tariffs on earnings be assessed, and what is your plan for deploying capital in the context of a falling market.
  • Pair this week’s Real Asset Chartbook with reading Jeremy Grantham’s “Reinvesting When Terrified” and plan out your strategy for the redeployment of capital.

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Apr 15
0

Daily Brief South Korea: Mini Kospi 200 Futures, Dongwon Industries and more

By | Daily Briefs, South Korea

In today’s briefing:

  • FSS Bans Arb in Local MM Books: Identifying Opportunities from Short-Term Inefficiencies
  • Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

FSS Bans Arb in Local MM Books: Identifying Opportunities from Short-Term Inefficiencies

By Sanghyun Park

  • The FSS is banning arb trades under the MM book, requiring separate books for any arb positions to keep them distinct from MM flow.
  • Most local shops lack the resources to set up a separate arb desk. Splitting teams, creating new workflows, and hiring extra staff isn’t feasible given their tight P&L.
  • Building a tracker for MM dropouts could spot dislocations, as the crackdown creates short-term inefficiencies—if we’re dialed in, there’s alpha to be made.

Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

By Douglas Kim

  • Dongwon Group’s decision to merge Dongwon F&B and Dongwon Industries into one company is a positive move.
  • Dongwon F&B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.
  • Post stock swap between Dongwon Industries and Dongwon F&B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.

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Apr 15
0

Daily Brief Singapore: SGX Rubber Future TSR20, Kyberlife, Mapletree Industrial Trust, Wilmar International, Flagright and more

By | Daily Briefs, Singapore

In today’s briefing:

  • VRG Leads Rubber Growth Across Laos Plantation Heartlands
  • Kyberlife lands US$3M to scale regional healthcare marketplace | e27
  • REIT Watch – S-REITs’ yields remain compelling for defensive investors amid market volatility
  • Surge in Director Acquisitions and Share Buybacks
  • Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions | e27

VRG Leads Rubber Growth Across Laos Plantation Heartlands

By Vinod Nedumudy

  •  VRG’s Lao division scripts US$14.85 million in profit in 2024  
  • VRG’s rubber output in Laos touches 34,592 tons in 2024  
  • Prime Minister asks VRG to start tire units in Laos

Kyberlife lands US$3M to scale regional healthcare marketplace | e27

By e27

  • The Kyberlife team Kyberlife, a Singapore-based B2B healthcare e-commerce platform, has announced closing a US$3 million investment round.
  • The funding was spearheaded by local VC firm 5I Ventures, with participation from East Ventures, A2D Ventures, and NUS Alumni Ventures.
  • The newly secured funding will fuel Kyberlife’s next phase of regional growth, focusing on several key initiatives: Expansion into Indonesia: Kyberlife aims to onboard Indonesian vendors onto its platform, offering them cross-border business growth opportunities.

REIT Watch – S-REITs’ yields remain compelling for defensive investors amid market volatility

By Geoff Howie

  • Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.
  • Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.
  • NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.

Surge in Director Acquisitions and Share Buybacks

By Geoff Howie

  • Institutions were net sellers of Singapore stocks with a S$445 million outflow, totaling S$1.99 billion in 2025.
  • 32 companies conducted share buybacks worth S$205 million, led by DBS Group Holdings with 3 million shares.
  • Directors and substantial shareholders filed 28 acquisitions and one disposal, with significant transactions in Wilmar International and Frencken Group.

Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions | e27

By e27

  • Singapore-based Flagright, an AI-native anti-money laundering (AML) compliance and risk management platform, has announced a US$4.3 million seed funding round.
  • The investment was led by Frontline Ventures, with significant participation from existing investors including Y Combinator, Pioneer Fund, and Moonfire Ventures.
  • Rubin Ritter (ex-co-CEO of Zalando), André Silva (ex-Global Head of Expansion at Revolut), Phillip Chambers (CEO of Orbex), Ahmed Badr (COO of GoCardless), Teng Sherng Lim (ex-CCO of Advance.

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Apr 15
0

Daily Brief Indonesia: Steel Pipe Industry of Indonesia, Fore Kopi Indonesia and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Steel Pipe Industry of Indonesia (ISSP IJ) – Piping Hot
  • Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

Steel Pipe Industry of Indonesia (ISSP IJ) – Piping Hot

By Angus Mackintosh

  • Steel Pipe Industry of Indonesia (ISSP IJ) is Indonesia’s largest steel pipe manufacturer with over 2,000 customers and exposure across diverse sectors, including infrastructure, autos, and Oil & Gas. 
  • The company looks set to book strong growth in revenues and profits over the next 3 years, driven by increased capacity and improving product mix towards higher value products. 
  • SPINDO has been shifting towards longer duration funding and reducing interest costs. Valuations are attractive on a 3x FY2025E PER, with a forecast dividend yield of 5%.

Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange | e27

By e27

  • Fore Coffee, a leading premium coffee retail chain in Indonesia, has announced its intentions to launch an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX).
  • Trading under the ticker symbol “FORE”, this strategic move is designed to bolster the company’s ambitious expansion plans.
  • Fore Coffee will offer 1.8 billion ordinary shares to the public, representing 21.08 per cent of its total issued and fully paid-up capital.

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Apr 15
0

Daily Brief India: Grasim Industries, NIFTY Index, Steel Authority of India, Tata Consultancy Svcs and more

By | Daily Briefs, India

In today’s briefing:

  • Birla Opus | Short Term Gain, Long Term Pain
  • Nifty Index Options Weekly (Apr 07 – 11): Volatility Spikes, Skew Steepens, Hedges Reassessed
  • Steel Authority of India: Weak on Expansion
  • #3 Leadership Bytes(11-Apr-25)

Birla Opus | Short Term Gain, Long Term Pain

By Pranav Bhavsar

  • We interact with our dealer network representing Asian Paints (APNT IN)  and Birla Opus Grasim Industries (GRASIM IN) dealers with an objective to understand the current operating environment.
  • Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.
  • While Asian Paints (APNT IN) may appear to lose market share, we believe this would be transient in nature.

Nifty Index Options Weekly (Apr 07 – 11): Volatility Spikes, Skew Steepens, Hedges Reassessed

By John Ley

  • Implied vol spiked sharply on Monday, marking one of the largest single-day moves since the pandemic.
  • We discuss the move in skew and suggest a course of action for previously recommended hedges.
  • The magnitude of the implied vol move is examined in the context of recent price behavior—and whether it holds.

Steel Authority of India: Weak on Expansion

By Rahul Jain

  • SAIL has been a consistent under-performer despite having huge iron ore reserves, multi-location steel plants and wide product spectrum and exclusive sales to Indian Railways
  • Legacy plants, ageing manpower and operational inefficiencies have resulted in slower growth compared to peers and a significant loss in overall market share, high inventories and single digit RoEs
  • SAIL trades at 0.8x P/B, in line with history, but weak volume visibility and elevated debt warrant a deeper discount—0.6x book better reflects risk-reward, in our view.

#3 Leadership Bytes(11-Apr-25)

By Sudarshan Bhandari

  • Tata Consultancy Svcs (TCS IN) , Aurionpro Solutions (AUPS IN) , Mazagon Dock Shipbuilders (MAZDOCKS IN)  have shared major updates across demand outlook, sector focus, expansion plans, and strategic pivots. 
  • Each company is aligning efforts to navigate macro uncertainties, tap digital or sectoral growth, and optimize capital allocation.
  • From TCS’s cautious outlook and margin levers to Apollo’s digital push and Indigo’s hospitality play, these moves reflect a broad spectrum of strategies among market leaders.

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