Smartkarma Daily Briefs

FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.
Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.
The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.

Vesuvius India Ltd (NSE: VESUVIUS) – A High-Quality Play on India’s Steel Upswing

By Rahul Jain

Vesuvius India has a strong track record of double-digit revenue and profit growth, supported by robust return ratios like 32% ROCE and a debt-free balance sheet.
With ongoing capacity expansions and rising contribution to the parent’s revenue and EBITDA, India is now a key growth engine for the group.
Despite premium valuations, the company’s execution strength and industry tailwinds make it a compelling long-term play.

The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer

Finolex Industries (FNXP IN) is a leading, vertically integrated Indian PVC manufacturer, the 2nd largest in PVC resin and 3rd in pipes & fittings, with captive production offering cost advantage.
Margin recovery in FY26 is targeted post headwinds faced by industry via pricing correction, improved product mix, enhanced discount management, and cost efficiency programs.
Potential ADD/BIS mandates mid-FY26 may curb Chinese imports, possibly enabling a 5–10% domestic price increase, reshaping the market.

Triveni Engineering & Industries: Mega Restructuring & Stellar Performance

Triveni reported record revenue and PAT for Q4 FY25, largely driven by the exceptional performance of the Power Transmission business and improved sugar realisations despite operational challenges
The strong performance of the Power Transmission segment and strategic focus on exports highlights its potential as a key growth driver, while the proposed restructuring aims to unlock values.
Company is guiding for improvement in each segment including Sugar, IMIL and transmission in the upcoming year.

NATCO Pharma Limited: Record Year Performance Overshadowed by Cautious FY26 Outlook

Natco Pharma (NTCPH IN) achieved record consolidated revenue and profits in FY25 and holds a strong cash position over INR 3,500 crore.
However, the company estimates a significant potential dip in revenue (20%) and profits (30%) for FY26 due to US market pressures and high R&D spend.
This signals near-term headwinds, while long-term growth remains tied to pipeline progress, particularly Semaglutide and Resplan launches in India, and strategic acquisitions.

Deepak Nitrite: Strategic Integration and Ambitious Expansion

Deepak Nitrite (DN IN) reported stable FY25 consolidated results despite challenging market conditions, with a notable Q4 sequential recovery in revenue and profitability.
The company achieved record production volumes through debottlenecking and optimization, maintained strong domestic market share, and initiated a significant shift to renewable energy.
Management outlined an INR 8,500 Cr investment in the PC resin project, alongside other integration and expansion plans, signaling confidence in future growth and resilience.

Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

By Nitin Mangal

Ramkrishna Forgings (RMKF IN) (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth.
The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.
What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.

Park Hotels Limited : Record Performance Fuels Ambitious Expansion

ASPHL reported record Q4 and a “standout” FY25, marked by double-digit growth in revenue, EBITDA, PBT, and PAT.
The company achieved India’s highest occupancy in Q4 FY25 and maintained leadership in upper upscale RevPAR, outperforming industry averages.
ASPHL announced its detailed significant future expansion via development and acquisitions, indicating confidence in sustained growth.

Godawari Power and Ispat Limited: Capacity Expansion and ESG Focus Drive Future Growth

GPIL met or exceeded FY25 volume guidance, completed key project commissioning like a new rolling mill, and made significant progress on major capex.
These expansions, coupled with GPIL’s backward integration and ESG focus, are expected to drive revenue growth and maintain margin resilience despite prevailing raw material and finished product price volatility.
GPIL also commissioning most of its plant in FY26 along with better commodity environment will drive growth for the company.

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Jun 03

Daily Brief Energy/Materials: Washington H. Soul Pattinson and Co. Ltd, SGX Rubber Future TSR20, Ecolab Inc, Gold, Base Oil, Finolex Industries, Natural Gas, Ramkrishna Forgings , Deepak Nitrite, Enterprise Products Partners and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Brickworks (BKW AU)/Soul Patts (SOL AU): An Attractive Merger to Unwind the Cross-Shareholding
EU Replacement Tire Market Shows Mixed Trend Amid Import Pressures
Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?
The Egg-Price-Bubble Has Busted!
Asia base oils demand outlook: Week of 2 June
The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer
[US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output
Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears
Deepak Nitrite: Strategic Integration and Ambitious Expansion
Enterprise Products Partners Seizes Petrochemical Gold Rush With Strategic Terminal Upgrades; What’s Next?

Brickworks (BKW AU)/Soul Patts (SOL AU): An Attractive Merger to Unwind the Cross-Shareholding

By Arun George

Brickworks Ltd (BKW AU) entered a combination deed with Washington H. Soul Pattinson and Co. Ltd (SOL AU). A newly-capitalised ASX-listed company (TopCo) will merge Brickworks and Soul Patts.
The scheme vote is low risk as both Brickworks and Soul Patts shareholders will support the merger, which provides an elegant solution to unwind the cross-shareholdings.
Investor support for the transaction seems strong, as evidenced by the A$550 million commitments for TopCo at a stingy NIL discount to the SOL last close price.

EU Replacement Tire Market Shows Mixed Trend Amid Import Pressures

By Vinod Nedumudy

Q1 2025 sees 14% YoY surge in all-season consumer tire sales
Truck and bus tire sales volumes in Q1 2025 fall 4% YoY
Imports of PCLT tires grow by 12% YoY in Jan-Feb 2025

Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?

In reviewing Ecolab’s first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting challenges.
Ecolab reported double-digit earnings per share (EPS) growth, achieving a 12% increase, even as organic sales climbed by 3%.
This robust performance highlights the company’s ability to maintain an upward trajectory despite a weakening demand in some end markets.

The Egg-Price-Bubble Has Busted!

By The Commodity Report

YTD our absolute return strategy is up 10,6% The Egg-Price-Bubble Has Busted!
The price of a dozen eggs in the US has crashed from $8 to $2,5 within five months – highlighting extraordinary volatility in the egg market.
For context: The rise of egg prices can be primarily contributed to the ongoing avian influenza (HPAI) outbreak that began in 2022.

Asia base oils demand outlook: Week of 2 June

By Iain Pocock

Asia’s base oils demand could soften as weakening supply-demand fundamentals incentivize buyers to maintain lower stocks.
Seasonal slowdown in lube consumption set to coincide with pick-up in supply following restart of growing number of plants after maintenance work.
Weaker demand in markets like Japan frees up more surplus volumes for export, adding to supply.

The Beat Ideas: Finolex Industries Ltd ~ Vertically Integrated PVC Manufacturer

Finolex Industries (FNXP IN) is a leading, vertically integrated Indian PVC manufacturer, the 2nd largest in PVC resin and 3rd in pipes & fittings, with captive production offering cost advantage.
Margin recovery in FY26 is targeted post headwinds faced by industry via pricing correction, improved product mix, enhanced discount management, and cost efficiency programs.
Potential ADD/BIS mandates mid-FY26 may curb Chinese imports, possibly enabling a 5–10% domestic price increase, reshaping the market.

[US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output

By Suhas Reddy

For the week ending 30/May, U.S. natural gas prices gained 3.4% on the back of forecasts of a hotter-than-expected summer and tightening supplies.
For the week ending 23/May, the EIA reported that U.S. natural gas inventories rose by 101 Bcf, moderately higher than analyst expectations of a 98 Bcf build.
Henry Hub OI PCR fell to 0.86 on 30/May compared to 0.89 on 23/May. Call OI decreased by 12.7% WoW, while put OI dropped by 16.1%.

Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

By Nitin Mangal

Ramkrishna Forgings (RMKF IN) (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth.
The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.
What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.

Deepak Nitrite: Strategic Integration and Ambitious Expansion

Deepak Nitrite (DN IN) reported stable FY25 consolidated results despite challenging market conditions, with a notable Q4 sequential recovery in revenue and profitability.
The company achieved record production volumes through debottlenecking and optimization, maintained strong domestic market share, and initiated a significant shift to renewable energy.
Management outlined an INR 8,500 Cr investment in the PC resin project, alongside other integration and expansion plans, signaling confidence in future growth and resilience.

Enterprise Products Partners Seizes Petrochemical Gold Rush With Strategic Terminal Upgrades; What’s Next?

Enterprise Products Partners LP recently reported its Q1 2025 financial results, highlighting a mix of operational and strategic highlights that can be dissected for investment considerations.
During the quarter, the company reported an adjusted EBITDA of $2.4 billion, alongside achieving several operational records and transporting significant volumes, such as 13.2 million barrels of oil equivalent per day and 2 million barrels per day of liquid hydrocarbon exports.
These indicators underscore the company’s robust capacity and the strength of its infrastructure in handling significant volumes.

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Jun 03

Daily Brief China: ESR Group , Gansu Huangtai Wine Mktg Ind Co.,, Hang Seng Index, Eastroc Beverage Group, China Northern Rare Earth Group High-Tech, SunCar Technology Group and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

ESR (1821 HK): A Shareholder Register Look-Through
CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes
HSI Tactical Outlook: Buy This Dip
Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook
China Northern Rare Earth (Ticker: 600111.SH): Dominant Force Riding REE Upswing
SDA: SunCar reports 1st quarter 2025 financial and operating results which showed strong revenue growth. The company continues to secure multiple partnerships and business agreements.

ESR (1821 HK): A Shareholder Register Look-Through

Today, I was the first analyst to gain access to ESR (1821 HK)‘s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L’Occitane (973 HK): Who Owns What, And When
It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register.

CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes

There is 1 add for the CSI Liquor Index and 1 add/ 2 deletes for the CSI Alcoholic Drink Index in June.
Gansu Huangtai Wine Mktg Ind Co., (000995 CH) will be added to the CSI Liquor Index and the CSI Alcoholic Drink Index.
There will be big selling in Kweichow Moutai (600519 CH) due to the stock being capped in both indices. Smaller capping flows in the other stocks.

HSI Tactical Outlook: Buy This Dip

By Nico Rosti

After a 7-week rally the Hang Seng Index (HSI INDEX) last week gave up and close the week down (CC=-1 on our WEEKLY LONG model).
The pullback continued on Monday, reaching 22668 and in our WEEKLY LONG model this price support zone is oversold.
The pullback may continue, so in this insight we are going to offer some perspective on possible support zones where to buy. We think this setback is a buy opportunity.

Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook

By Xinyao (Criss) Wang

2024 is a milestone year. The weighted average ROE set a new high. Due to cost dilution brought by economies of scale, net profit growth was higher than revenue growth.
The risk of relying on a single category hasn’t been eliminated. Traditional advantages of offline channels are becoming saturated. There is a gap between channel structure and new consumer forces
Eastroc’s valuation is expected to be higher than the industry average and peers due to its higher growth rate, but investors needs to consider the H/A premium

China Northern Rare Earth (Ticker: 600111.SH): Dominant Force Riding REE Upswing

By Rahul Jain

CNRE posted a 727% YoY net profit surge in Q1 2025, driven by rising PrNd prices and strong volume growth, earnings momentum could continue amid recovering demand and operational leverage.
With exclusive access to the Bayan Obo mine—holding the world’s largest REE reserves—CNRE commands a near-monopoly in China’s rare earth supply chain.
Its dominant 70% share of national separation quotas ensures structural pricing power and long-term resource security.

SDA: SunCar reports 1st quarter 2025 financial and operating results which showed strong revenue growth. The company continues to secure multiple partnerships and business agreements.

By Zacks Small Cap Research

SunCar Technology Group ((NASDAQ: SDA) is a leading Chinese cloud-based provider of digital enterprise auto services and auto eInsurance services in China.
The company offers one-stop, fully digital, on-demand automotive service systems to help enterprise clients build up their customer base and serve their end customers (auto owners).
The company has grown revenues rapidly in recent years, which we expect to continue in the near-to-midterm.

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Jun 03

Daily Brief Japan: Pasona Group, Primo Global, Kitazato, Frontier Management Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance
Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing
Frontier Management Inc. (7038 JP) – Q1 FY2025/12 Results Mark the Start of Recovery

[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance

Pasona Group (2168 JP) is a “value stock.” It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback.
Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder.
This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical.

Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter

By Nicholas Tan

Primo Global (367A JP) is looking to raise at least US$104m in its upcoming Japan IPO.
Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we look at the firm’s past performance.

Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing

By Sumeet Singh

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Frontier Management Inc. (7038 JP) – Q1 FY2025/12 Results Mark the Start of Recovery

By Sessa Investment Research

Frontier Management announced its Q1 FY2025/12 results after market close on May 14, 2025.
Net sales rose 12.7% YoY to JPY 2,434 mn, rebounding from the YoY drop in FY2024/12, but operating profit fell 12.3% YoY to JPY 55 mn.
Fund-related expenses in the Investment Business weighed on ordinary profit, resulting in an ordinary loss of JPY 74 mn.

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Jun 03

Daily Brief Industrials: Pasona Group, Yang Ming Marine Transport, HD Korea Shipbuilding & Offshore Engineering, Grab Holdings , Kcc Corp, Samsung C&T, Fortive , Vesuvius India, Voyager Technologies, Old Dominion Freight Line and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance
TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade
HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?
Grab Holdings’ Fintech Gamble: Will Its Banking Bet Finally Pay Off by 2026?
PBR 0.8x Law — What Is It, and Why Might It Spark a Classic Post-Election Korea Momentum Trade?
An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members’ Inheritance Taxes
Weekly Update (FTV, NLOP, STRZ, RAL)
Vesuvius India Ltd (NSE: VESUVIUS) – A High-Quality Play on India’s Steel Upswing
Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO
Old Dominion Freight Line: Adaptating to Economic Indicators & Market Dynamics to Respond Swiftly To Changes In The Economy’s Pulse!

[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance

Pasona Group (2168 JP) is a “value stock.” It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback.
Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder.
This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical.

TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).
Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.
We expect the adds to outperform the deletes over the next few days, following which reversion could set in.

HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?

There has been an increasing speculation of HD Hyundai increasing its stake in HD Korea Shipbuilding & Offshore Engineering (HD KSOE) in 2025.
There are two main reasons why HD Hyundai could increase its stake in HD KSOE.
They include HD KSOE contributing higher percentage of dividend income and continued full-fledged recovery of the operating profits of the HD HHI and HD Hyundai Mipo.

Grab Holdings’ Fintech Gamble: Will Its Banking Bet Finally Pay Off by 2026?

The recent earnings of Grab Holdings Limited for the first quarter of 2025 presented a mixed picture of the company’s performance and strategic outlook.
On the positive side, Grab reported robust growth, with a 17% year-over-year increase in on-demand Gross Merchandise Value (GMV) and a record number of monthly transacting users.
This growth translated into another quarter of record revenues.

PBR 0.8x Law — What Is It, and Why Might It Spark a Classic Post-Election Korea Momentum Trade?

By Sanghyun Park

Listed companies trading below 0.8x P/B may be taxed like unlisted ones—based on book value, with a floor set at 80% of NAV regardless of calculated valuation.
Momentum is spreading beyond holdcos, with local desks eyeing low-PBR, high treasury share names. Attached is an Excel with Q1 PBRs and Q4 treasury ratios for all listed stocks.
We could target direct succession names like SK Inc. or go broader, screening by treasury share % and P/B discount—likely the preferred route given Korea’s post-election momentum playbook.

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members’ Inheritance Taxes

This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members.
Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.
Once Lee makes the final inheritance tax payment next year, he can start to reinvest his dividend income in various Samsung Group affiliates including Samsung C&T.

Weekly Update (FTV, NLOP, STRZ, RAL)

By Richard Howe

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.
Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.
Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test & Measurement and Sensors & Safety Systems.

Vesuvius India Ltd (NSE: VESUVIUS) – A High-Quality Play on India’s Steel Upswing

By Rahul Jain

Vesuvius India has a strong track record of double-digit revenue and profit growth, supported by robust return ratios like 32% ROCE and a debt-free balance sheet.
With ongoing capacity expansions and rising contribution to the parent’s revenue and EBITDA, India is now a key growth engine for the group.
Despite premium valuations, the company’s execution strength and industry tailwinds make it a compelling long-term play.

Voyager Technologies Inc. (VOYG): Space Race Continues, Terms Set for Defense IPO

By IPO Boutique

Voyager Technologies will be offering 11 million shares at a $26-$29 range equating to a $1.4b-$1.65b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
Janus Henderson Investors and Wellington Management have indicated an interest in purchasing up to an aggregate of $60 million in shares of Class A common stock.

Old Dominion Freight Line: Adaptating to Economic Indicators & Market Dynamics to Respond Swiftly To Changes In The Economy’s Pulse!

The first-quarter 2025 earnings report for Old Dominion Freight Line presents a nuanced picture reflecting both achievements and challenges rooted in the prevailing economic environment and strategic corporate decisions.
During the period, Old Dominion faced a 5.8% year-over-year decrease in revenue, totaling $1.37 billion.
This decline was primarily attributed to a 6.3% drop in less-than-truckload (LTL) tons per day, slightly offset by a 2.2% increase in LTL revenue per hundredweight.

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Jun 03

Daily Brief Health Care: Samsung Biologics , Omada Health, Kitazato, Abbvie Inc, Natco Pharma, Edwards Lifesciences, Wing Tai Holdings, Nurexone Biologic, Classys, PolyPid and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

FnGuide Top 10 & Equal Weight Index Rebalance Preview: Outperformance Continues
Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer
Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing
AbbVie’s Bold Obesity Play Could Up Its Game In The GLP-1 Domain—Here’s What You Need to Know!
NATCO Pharma Limited: Record Year Performance Overshadowed by Cautious FY26 Outlook
How Edwards Lifesciences Is Breaking Barriers in Valve Replacement with M3 & EVOQUE!
Independent Director Chua Kee Lock Acquires Venture Shares on Open Market
NRXBF: Raising Price Target on Trial Announcement
Classys (214150 KS): Solid Start to 2025; Global Expansion Continues; Stake Sale Overhang to Remain
PolyPid Ltd – Assessing & Advancing Lead Candidate

FnGuide Top 10 & Equal Weight Index Rebalance Preview: Outperformance Continues

There could be 2 changes for the FnGuide Top 10 Index and 1 change for the FnGuide Top 10 Equal Weight Index in June.
There will be capping inflows for Samsung Electronics (005930 KS), capping outflows for SK Hynix (000660 KS) and funding outflows for the other index constituents.
A long adds/ short deletes trade has performed well historically for the FnGuide Top 10 Index with positive performance till implementation followed by reversion post implementation in most cases.

Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer

By IPO Boutique

The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
Revenue increased by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively.
After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.

Kitazato Pre-IPO – Past Sales Have Been Steady but Slowing

By Sumeet Singh

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

AbbVie’s Bold Obesity Play Could Up Its Game In The GLP-1 Domain—Here’s What You Need to Know!

AbbVie Inc. recently reported its results for the first quarter of 2025, showcasing strong performance across various therapeutic areas.
The company’s adjusted earnings per share were $2.46, surpassing the guidance midpoint by $0.10.
Total net revenues stood at over $13.3 billion, a remarkable increase of roughly $550 million beyond expectations.

NATCO Pharma Limited: Record Year Performance Overshadowed by Cautious FY26 Outlook

Natco Pharma (NTCPH IN) achieved record consolidated revenue and profits in FY25 and holds a strong cash position over INR 3,500 crore.
However, the company estimates a significant potential dip in revenue (20%) and profits (30%) for FY26 due to US market pressures and high R&D spend.
This signals near-term headwinds, while long-term growth remains tied to pipeline progress, particularly Semaglutide and Resplan launches in India, and strategic acquisitions.

How Edwards Lifesciences Is Breaking Barriers in Valve Replacement with M3 & EVOQUE!

Edwards Lifesciences Corporation reported a solid performance for the first quarter of 2025, with total company sales reaching $1.41 billion, which indicates an 8% growth.
This growth reflects the company’s continued commitment to innovation in the field of structural heart disease, bolstered by its diverse product portfolio.
The Transcatheter Aortic Valve Replacement (TAVR) segment, with sales of $1.05 billion, experienced growth of 5.4% year-over-year.

Independent Director Chua Kee Lock Acquires Venture Shares on Open Market

By Geoff Howie

Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

NRXBF: Raising Price Target on Trial Announcement

By Zacks Small Cap Research

NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
The technology involved also has the potential to more efficiently get other treatments to the needed area.
The company announced that it plans to initiate a Phase 1/2a clinical trial on acute spinal cord injuries for ExoPTEN in 2026.

Classys (214150 KS): Solid Start to 2025; Global Expansion Continues; Stake Sale Overhang to Remain

By Tina Banerjee

Classys (214150 KS) reported stellar performance for 1Q25, with record-high quarterly sales and operating profit. 1Q25 revenue grew 53% YoY to KRW77B, while operating profit increased 46% YoY to KRW39B.
Recently, Volnewmer got approval in Europe. Ultraformer MPT is expected to obtain European approval in July. Next-generation new product launch in the domestic market is expected in July.
Classys reaffirmed 2025 revenue guidance of KRW340–360B, up 39–48% YoY. Bain Capital’s recent stake sales in the company via a discounted block deal raises concern.

PolyPid Ltd – Assessing & Advancing Lead Candidate

By Zacks Small Cap Research

Zacks Small-Cap Research Note for PolyPid Ltd. (PYPD)

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Jun 03

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC) – ADR, Danggeun Market, Silicon Laboratories, Qorvo Inc, Wix.Com Ltd, Plexus Corp, Uchi Technologies, Amphenol Corp Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Taiwan Tech Weekly: Mediatek’s New Chip Could Outperform Apple’s; Samsung Beats TSMC, Wins Nintendo
Initial Thoughts on the Karrot (Danggeun) IPO (Largest Used Goods E-Commerce Platform in Korea)
Silicon Labs: Strong Market Momentum in Key Segments & Other Factors Driving Our Optimism!
Qorvo’s Proprietary Chip Tech Might Just Help Lock In Billion-Dollar Smartphone Wins; What’s The Expected Revenue Impact?
Wix.com Expands Its Empire With Bold Moves in AI
Plexus Corp.: An Insight Into its Recent Healthcare and Life Sciences Sector Growth & Other Major Drivers!
Uchi Technologies Q1 FY25: Guidance Scrapped In The Wake Of Global Uncertainty
Amphenol Corporation: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Taiwan Tech Weekly: Mediatek’s New Chip Could Outperform Apple’s; Samsung Beats TSMC, Wins Nintendo

By Vincent Fernando, CFA

Rumors That Mediatek’s Upcoming Chips Could Outperform Apple’s Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches

Initial Thoughts on the Karrot (Danggeun) IPO (Largest Used Goods E-Commerce Platform in Korea)

Danggeun (Karrot) is the largest used goods e-commerce marketplace in Korea. There have been some local reports that the company could complete its IPO as early as 2025.
In the private market, some shares of Karrot were put up for sale recently, and the valuation of the company ranged 2.5 trillion won 2.7 trillion won.
The company has tremendously scaled up its business in the past couple of years, in terms of sales and profits.

Silicon Labs: Strong Market Momentum in Key Segments & Other Factors Driving Our Optimism!

Silicon Laboratories, a prominent player in the semiconductor industry, rounded off the first quarter of fiscal year 2025 with robust performance metrics that underscore their strategic positioning and forward momentum.
The company reported a revenue of $178 million, marking a sequential growth of 7% and a 67% year-over-year increase, aligning with the projections provided in their guidance.
A substantial portion of the growth can be attributed to their Home & Life and Industrial & Commercial business units, which demonstrated impressive resilience and expansion trajectory.

Qorvo’s Proprietary Chip Tech Might Just Help Lock In Billion-Dollar Smartphone Wins; What’s The Expected Revenue Impact?

Qorvo Inc.’s latest earnings report presents a multifaceted picture of the company’s current position and strategic outlook.
The report outlines several key areas where the company is making notable progress, as well as some areas of concern.
On the positive side, Qorvo revealed robust performance in its Advanced Cellular Group (ACG), High Performance Analog (HPA), and Connectivity and Sensors Group (CSG).

Wix.com Expands Its Empire With Bold Moves in AI

Wix.com Ltd. recently reported its financial results for the first quarter of 2025, showing signs of positive momentum and robust demand for its platform.
The company’s performance in Q1 demonstrates both the strength of its offering and the challenges and opportunities it faces in a changing macroeconomic environment.
Positively, Wix’s total bookings were up 12% year-over-year to $511 million, while total revenue increased by 13% to $474 million, surpassing the high end of their guidance.

Plexus Corp.: An Insight Into its Recent Healthcare and Life Sciences Sector Growth & Other Major Drivers!

Plexus Corp. (PLXS) recently reported its second-quarter fiscal 2025 financial performance, showcasing both advancement and challenges.
The revenue aligned with projections at $980 million, driven by several strategic wins.
The company delivered $16.5 million in free cash flow, surpassing previous expectations, and achieved a non-GAAP EPS of $1.66, which exceeded guidance primarily due to robust operating performance and favorable tax implications.

Uchi Technologies Q1 FY25: Guidance Scrapped In The Wake Of Global Uncertainty

By Sameer Taneja

Uchi Technologies (UCHI MK) reported a weak quarter with revenues/profits down 28%/33%. Given the global economic uncertainty, they scrapped their guidance for FY25 (Vs a low-teens revenue decline earlier).
Profit margins were 47.5% (down 400 bps YoY) for Q1 FY25, although we expect a decline in future quarters due to a strong MYR (the company has USD-denominated revenue).
Low-Teens guidance had built in a recovery in the later quarters of 2025. With that out of the window, the stock trades at 17.7x FY25 PE (6% dividend yield).

Amphenol Corporation: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Amphenol Corporation recently reported exceptional financial results for the first quarter of 2025, driven by broad based demand across its diverse market segments.
The company achieved record sales of $4.811 billion, representing a 48% increase in U.S. dollars from the previous year.
This growth was supported by significant organic expansion, with sales up 33%, as well as contributions from acquisitions, notably the newly acquired Andrew business.

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Jun 03

Daily Brief Consumer: Primo Global, Gansu Huangtai Wine Mktg Ind Co.,, Heineken Holding NV, Welspun Living, Eastroc Beverage Group, Triveni Engineering & Industries, Birkenstock Holding , Nike, Deckers Outdoor, BJ’s Wholesale Club Holdings and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes
Selected European HoldCos and DLC: May 2025 Report
Welspun Living: Navigating with Strategic Diversification and Domestic Focus
Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook
Triveni Engineering & Industries: Mega Restructuring & Stellar Performance
Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!
Nike Reinvents Its Iconic Lineup—Can Its Bold Product Overhaul Halt The Revenue DECLINEt?
Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?
BJ’s Wholesale Club: Initiative for Fresh 2.0 to Enhance Its Market Share In The Competitive Landscape!

Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter

By Nicholas Tan

Primo Global (367A JP) is looking to raise at least US$104m in its upcoming Japan IPO.
Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
In this note, we look at the firm’s past performance.

CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes

There is 1 add for the CSI Liquor Index and 1 add/ 2 deletes for the CSI Alcoholic Drink Index in June.
Gansu Huangtai Wine Mktg Ind Co., (000995 CH) will be added to the CSI Liquor Index and the CSI Alcoholic Drink Index.
There will be big selling in Kweichow Moutai (600519 CH) due to the stock being capped in both indices. Smaller capping flows in the other stocks.

Selected European HoldCos and DLC: May 2025 Report

By Jesus Rodriguez Aguilar

Discounts to NAV of covered holdcos mainly widened during May. Coverage of CF Alba is discontinued following delisting.
Discounts (30 May): GBL, 37.9% (vs 35.3%, 2 May); Heineken Holding, 12.5% (vs. 12.3%); Industrivärden C, 9.6% (vs. 9.1%); Investor B, 9.6% (vs. 5.8%); Porsche Automobile Holding, 29.5% (vs. 29.2%);
Rio DLC 22.2% (vs. 25.8%); Vivendi 45% (vs. 46%). What seems interesting: Heineken Holding, vs. Heineken, Porsche SE vs. listed assets and Rio DLC (long RIO LN/short RIO AU).

Welspun Living: Navigating with Strategic Diversification and Domestic Focus

FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.
Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.
The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.

Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook

By Xinyao (Criss) Wang

2024 is a milestone year. The weighted average ROE set a new high. Due to cost dilution brought by economies of scale, net profit growth was higher than revenue growth.
The risk of relying on a single category hasn’t been eliminated. Traditional advantages of offline channels are becoming saturated. There is a gap between channel structure and new consumer forces
Eastroc’s valuation is expected to be higher than the industry average and peers due to its higher growth rate, but investors needs to consider the H/A premium

Triveni Engineering & Industries: Mega Restructuring & Stellar Performance

Triveni reported record revenue and PAT for Q4 FY25, largely driven by the exceptional performance of the Power Transmission business and improved sugar realisations despite operational challenges
The strong performance of the Power Transmission segment and strategic focus on exports highlights its potential as a key growth driver, while the proposed restructuring aims to unlock values.
Company is guiding for improvement in each segment including Sugar, IMIL and transmission in the upcoming year.

Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!

Birkenstock Holding plc’s second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational strategies, and geographical expansion.
Total revenues reached EUR 574 million, marking a 19% increase year-over-year in reported currency, and an 18% increase in constant currency.
This growth was fueled by a balanced performance across both Business-to-Business (B2B) and Direct-to-Consumer (DTC) channels, both of which exhibited strong demand dynamics and strategic channel enhancements.

Nike Reinvents Its Iconic Lineup—Can Its Bold Product Overhaul Halt The Revenue DECLINEt?

In the latest earnings, NIKE, Inc. reported its fiscal 2025 third-quarter results.
Various strategic initiatives, including a focus on expanding product offerings and enhancing brand presence, were discussed by CEO Elliott Hill and CFO Matt Friend.
The results show a complex scenario for NIKE, characterized by both challenging headwinds and promising initiatives aimed at revitalizing growth.

Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?

Deckers Brands recently reported its financial performance for the fourth quarter and the fiscal year 2025.
The company showcased robust growth across its portfolio, emphasizing the success of its leading brands, HOKA and UGG.
With a revenue increase of 16% year-over-year, the company approached $5 billion in sales, signaling strong brand appeal and strategic market positioning.

BJ’s Wholesale Club: Initiative for Fresh 2.0 to Enhance Its Market Share In The Competitive Landscape!

BJ’s Wholesale Club Holdings, Inc. showed a strong start to the fiscal year 2025, surpassing initial expectations with impressive top and bottom-line growth.
The company registered a 4.7% increase in net sales, with operating income and net income leaping by 27% and 35% respectively.
Membership growth continues to be a core driver, reflecting BJ’s strategic focus on value, enhanced merchandising, and digital convenience.

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Jun 03

Daily Brief Financials: ESR Group , Thanachart Capital, Assura PLC, Hang Seng Index, Kobo Resources , Chime Financial, Renatus Tactical Acquisition Corp I, Wing Tai Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

ESR (1821 HK): A Shareholder Register Look-Through
Quiddity Leaderboard SET50 Jun25: Final Expectations; 3 Changes Expected + Delta Capping
Assura Attracts Bidding War Potential: KKR and PHP Compete Amid Strategic Synergies and Market Dynamics
HSI Tactical Outlook: Buy This Dip
Kobo Resources Inc – Mining Monthly: May Edition
Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO
SSI Newsletter Highlights: New SPAC and Liquidation Ideas, Key Updates on Dividends and More
Independent Director Chua Kee Lock Acquires Venture Shares on Open Market
Independent Director Chua Kee Lock Acquires Venture Shares on Open Market

ESR (1821 HK): A Shareholder Register Look-Through

By Special Situation Investments

Today, I was the first analyst to gain access to ESR (1821 HK)‘s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L’Occitane (973 HK): Who Owns What, And When
It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register.

Quiddity Leaderboard SET50 Jun25: Final Expectations; 3 Changes Expected + Delta Capping

By Janaghan Jeyakumar, CFA

The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we present our final expectations for ADDs/DELs for the index rebal event in June 2025.
We expect three ADDs and three DELs for June 2025.

Assura Attracts Bidding War Potential: KKR and PHP Compete Amid Strategic Synergies and Market Dynamics

Assura is involved in a potential bidding war with KKR and PHP, both having made acquisition offers.
KKR’s offer is 49.4p/share, while PHP’s revised offer is 0.3769 PHP shares plus 12.5p/share in cash.
Glazer increased its stake in Assura to 2.9%, indicating expectations of a bidding war with minimal downside.

HSI Tactical Outlook: Buy This Dip

By Nico Rosti

After a 7-week rally the Hang Seng Index (HSI INDEX) last week gave up and close the week down (CC=-1 on our WEEKLY LONG model).
The pullback continued on Monday, reaching 22668 and in our WEEKLY LONG model this price support zone is oversold.
The pullback may continue, so in this insight we are going to offer some perspective on possible support zones where to buy. We think this setback is a buy opportunity.

Kobo Resources Inc – Mining Monthly: May Edition

By Atrium Research

What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions.
• In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%.
The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%.

Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO

By IPO Boutique

The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).

SSI Newsletter Highlights: New SPAC and Liquidation Ideas, Key Updates on Dividends and More

By Special Situation Investments

Renatus Tactical Acquisition Corp I (RTACU) is a SPAC targeting crypto and blockchain mergers, with a capped downside risk.
Liquidia (LQDA) anticipates strong traction for Yutrepia’s launch, with profitability expected within 3 to 4 quarters post-launch.
Embracer Group (EMBRAC-B:ST) faces delays in AAA game releases, impacting sales estimates, but Coffee Stain spinoff remains on track.

Independent Director Chua Kee Lock Acquires Venture Shares on Open Market

By Geoff Howie

Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

Independent Director Chua Kee Lock Acquires Venture Shares on Open Market

By Geoff Howie

Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

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Jun 03

Most Read: Washington H. Soul Pattinson and Co. Ltd, HealthyWay, ESR Group , Isuzu Motors, Shanghai Rural Commercial Bank, Pasona Group, Yang Ming Marine Transport, HD Korea Shipbuilding & Offshore Engineering, Samsung Biologics and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Soul Patts & Brickworks: Index Impact of A$14bn Merger
KWEB Index Rebalance: HealthyWay In; East Buy Out
ESR (1821 HK): A Shareholder Register Look-Through
Soul Patts/Brickworks To Unwind Circularity
[Japan Buybacks] – Buybacks Announced 26-30 May 2025 And Company Buyback History
CSI300/CSI500/CSI1000 Index Rebalance: Changes Lead to US$12bn Trade
[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance
TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade
HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?
FnGuide Top 10 & Equal Weight Index Rebalance Preview: Outperformance Continues

Soul Patts & Brickworks: Index Impact of A$14bn Merger

Washington H. Soul Pattinson (SOL AU) and Brickworks Ltd (BKW AU) have executed a binding Combination Deed to implement an A$14bn merger that simplifies the company structure by eliminating crossholdings.
The merger ratio is a good one for Brickworks Ltd (BKW AU) shareholders and the benefits to both sets of shareholders should see the merger approved.
There will be large passive buying in Washington H. Soul Pattinson (SOL AU) from global and local index trackers and that could lead to short covering.

KWEB Index Rebalance: HealthyWay In; East Buy Out

The June rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 13 June.
HealthyWay (2587 HK) will be added to the ETF while East Buy Holding (1797 HK) will be deleted. The passive trading will offer an opportunity to exit positions.
There is a huge lock-up expiry in HealthyWay (2587 HK) on 30 June and the stock could drop ahead of that. Then it could drop some more after lock-up expiry.

ESR (1821 HK): A Shareholder Register Look-Through

Today, I was the first analyst to gain access to ESR (1821 HK)‘s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L’Occitane (973 HK): Who Owns What, And When
It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register.

Soul Patts/Brickworks To Unwind Circularity

The cross-shareholding between Washington H. Soul Pattinson (SOL AU) (Soul Patts) and Brickworks Ltd (BKW AU) was established in 1969 to defend the companies from corporate raiders.
Perpetual pursued a case in the Federal Court of Australia, alleging that the cross-shareholding was oppressive to minority shareholders; however the claim was dismissed in 2017.
Today, via inter-conditional Schemes, the circularity is set to be unwound through a merger. Soul Patts currently owns 43.3% in Brickworks, and Brickworks 26% in Soul Patts.

[Japan Buybacks] – Buybacks Announced 26-30 May 2025 And Company Buyback History

Buybacks in Japan are becoming a much greater driver of shareholder return than in previous years. The total amount of buybacks announced just during the March-end earnings season cleared ¥7trln.
Quiddity has developed a buyback tool which tracks Japanese buybacks and the buyback history for any given company. Isuzu Motors (7202 JP) announced a big post-Offering buyback this week.
Want to see how Isuzu has executed buybacks the past decade? Daily data? % volume? You can check here for any of the 21 companies which announced buybacks this week.

CSI300/CSI500/CSI1000 Index Rebalance: Changes Lead to US$12bn Trade

There are 7 changes for the CSI 300 Index, 50 changes for the CSI 500 Index and 100 changes for the CSI1000 Index that will be implemented on 13 June.
There are 240 unique names that are adds or deletes and the round-trip trade across all 3 indices is close to US$12bn.
The adds have outperformed the deletes for the CSI 300 Index and the CSI 1000 Index but underperformed for the CSI 500 Index.

[Japan Activism] Pasona Group (2168 JP) – Three New Things Of Mixed Importance

Pasona Group (2168 JP) is a “value stock.” It has loads of cash (but less than you think) and significant ongoing governance issues, but they are doing a TINY buyback.
Several weeks ago we got an announcement which was odd. Not completely odd, just odd. Now in the past week we have market activity/announcements which make one wonder.
This piece attempts to interpret some of the recent data/info points. One is odd. Another is odd but meaningful (but different than people think). A third is just technical.

TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).
Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.
We expect the adds to outperform the deletes over the next few days, following which reversion could set in.

HD Hyundai: Will It Increase Ownership Stake In HD Korea Shipbuilding & Offshore Engineering?

There has been an increasing speculation of HD Hyundai increasing its stake in HD Korea Shipbuilding & Offshore Engineering (HD KSOE) in 2025.
There are two main reasons why HD Hyundai could increase its stake in HD KSOE.
They include HD KSOE contributing higher percentage of dividend income and continued full-fledged recovery of the operating profits of the HD HHI and HD Hyundai Mipo.

FnGuide Top 10 & Equal Weight Index Rebalance Preview: Outperformance Continues