All Posts By

Smartkarma Daily Briefs

Daily Brief Energy/Materials: BP PLC, Petroleos Mexicanos and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Crude Awakening: Shell’s Possible Bid to Refine BP’s Future
  • EM Spreads – Weekly News & Views


Crude Awakening: Shell’s Possible Bid to Refine BP’s Future

By Jesus Rodriguez Aguilar

  • Shell–BP deal offers strong industrial logic, with $70B in synergies justifying a 40–50% premium while delivering robust EPS accretion and strategic energy transition alignment.
  • Regulatory hurdles are real but manageable, with anticipated divestitures in UK/EU fuel retail and limited structural issues in the U.S.
  • Multiple financing structures are viable; a 60/40 cash-stock mix preserves leverage discipline, limits dilution, and enhances deal feasibility from a risk-arb perspective.

EM Spreads – Weekly News & Views

By Leandro Gubler

  • Cemex 1Q25: Credit Strength Persists, but No Catalyst for Spread Compression
  • Pemex 1Q25: Upgraded to Market Perform, but Structural Risks Persist
  • YPF and Globant Sign Agreement to Modernize Supply Chain with AI

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

Sign Up for Free

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

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



Daily Brief TMT/Internet: Smartpay Holdings, Vanguard Intl Semiconductor, Silicon Motion Technology, Airtasker and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20
  • Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.
  • Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning
  • Airtasker Ltd – Key RaaS KPIs heading in the right direction


Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20

By Arun George

  • On 2 May, Smartpay Holdings (SPY NZ) disclosed receiving a third non-binding scheme proposal from another international strategic at NZ$1.20 (A$1.12), 20% premium to the Tyro Payments (TYR AU) offer.
  • Smartpay previously disclosed a NZ$1.00 cash/scrip bid from Tyro and an undisclosed offer from an international strategic (rumoured to be Shift4 Payments (FOUR US)). 
  • Smartpay was susceptible to bids due to the RBA’s surcharge review, but the shareholder structure necessitates an attractive offer. The NZ$1.20 offer is attractive.

Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

By Patrick Liao

  • We assume that Vanguard Intl Semiconductor (5347 TT) will see an upside in its 2Q25 outlook by a few percentage points.
  • The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.
  • Vanguard Intl Semiconductor (5347 TT) and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products. 

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

By Vincent Fernando, CFA

  • SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.
  • SIMO’s MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.
  • Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.

Airtasker Ltd – Key RaaS KPIs heading in the right direction

By Research as a Service (RaaS)

  • Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
  • ART has reported its Q3 FY25 trading update with key RaaS KPIs all heading in the right direction.
  • Another quarter of positive cash flow was achieved, resulting in a stable net cash position of $18.3m.

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

Sign Up for Free

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

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



Daily Brief Consumer: Toyota Industries, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill
  • Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors


Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill

By Arun George


Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

By Aki Matsumoto

  • Based on experience with “TSE’s request,” it’s impossible to request the same level of disclosure from every company. Companies that overseas investors can target should be requested to disclose proactively.
  • This “FSA’s request” is expected to potentially cause companies to lose the effectiveness of the tactics they have used to control AGMs. Future steps are expected.
  • The slowdown in profit margin growth may also increase calls for improved corporate governance practices, with more companies reducing cross-shareholdings and launching stronger shareholder returns.

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

Sign Up for Free

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

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



Daily Brief Financials: Chongqing Rural Commercial Ban, S&P Global and more

By | Daily Briefs, Financials

In today’s briefing:

  • Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade
  • Weekly Update (LION, STRZ, GTX, LBTYA, WDC)


Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade

By Janaghan Jeyakumar, CFA

  • CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
  • In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
  • We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.

Weekly Update (LION, STRZ, GTX, LBTYA, WDC)

By Richard Howe

  • S&P Global (SPGI) announced on April 29, 2025, its intention to spin off its Mobility division into a standalone publicly traded company.

  • This strategic move aims to streamline operations and allow S&P Global to concentrate on its core businesses: Market Intelligence, Ratings, Commodity Insights, and Dow Jones Indices.

  • The Mobility division, which provides data and analytics to the automotive industry, generated $1.6 billion in revenue in fiscal year 2024, marking an 8% year-over-year increase.


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

Sign Up for Free

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

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



Daily Brief Health Care: Akeso Biopharma Inc, CF PharmTech and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
  • Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition


China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge

By Xinyao (Criss) Wang

  • The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
  • Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
  • Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.

Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

By Xinyao (Criss) Wang

  • Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
  • The pipelines have to face fierce competition and don’t have advantage in R&D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. 
  • Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.

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

Sign Up for Free

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

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



Daily Brief Industrials: JSW Infrastructure, Makino Milling Machine Co, Afcons Infrastructure Limited, Contemporary Amperex Technology (CATL), Amaero International Ltd, S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
  • Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet
  • Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries
  • ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
  • Amaero International Ltd – New five-year contract kicks off commercialisation push
  • Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract


JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

By Rahul Jain

  • Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
  • Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
  • Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.


Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries

By Dimitris Ioannidis

  • AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.
  • AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.
  • AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.

ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

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, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
  • On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

Amaero International Ltd – New five-year contract kicks off commercialisation push

By Research as a Service (RaaS)

  • Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
  • The company has announced it has signed a five-year, exclusive supply agreement with US-based metal additive manufacturing technology company Velo3D (OTC:VLDX) for mission-critical parts in the defence, space and aviation industries (ASX release 29 April).
  • Amaero said, based on demand estimates from Velo3D, revenue from C103 and titanium alloy powder sales over the five-year agreement are expected to equal approximately US$22m (A$35m).

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

By Daniel Hellberg

  • SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
  • Only these two express firms reported margin expansion in Q125 — how’d they do it?
  • Q125 results suggest two very different paths toward improved express profitability

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

Sign Up for Free

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

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



Daily Brief Quantitative Analysis: HK Connect Flows Weekly (May 2nd): Meituan and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile


HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.

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

Sign Up for Free

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

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



Daily Brief ECM: CATL H Share Listing: AH Discount Views and more

By | Daily Briefs, ECM

In today’s briefing:

  • CATL H Share Listing: AH Discount Views


CATL H Share Listing: AH Discount Views

By Arun George

  • Contemporary Amperex Technology (CATL) (300750 CH), the world’s largest supplier of EV and ESS batteries, is set to launch an H Share listing to raise US$5 billion.
  • In CATL H Share Listing: The Investment Case, a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF margin and an attractive valuation are highlighted.  
  • In this note, I examine the likely discount CATL will offer its H Shares compared to the A Shares.

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

Sign Up for Free

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

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



Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (May 4)- Takeda Pharma and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta


APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

By Tina Banerjee

  • Prescription drug sales in Japan in FY25 increased 0.6% YoY to ¥10.8T on an NHI price basis. Takeda Pharmaceutical and Daiichi Sankyo remained the top 2 pharmaceutical companies.
  • Samsung Biologics signed $514M CDMO deal with an undisclosed U.S.-based pharmaceutical company. Celltrion has received approval in Korea to conduct phase 3 clinical trial for its Keytruda biosimilar candidate CT-P51.
  • Dr. Reddy’s Laboratories expands its strategic partnership with Sanofi to introduce RSV drug, Beyfortus in India. Medanta is entering North-East India by building a 400-bed super specialty hospital in Guwahati.

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

Sign Up for Free

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

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



Daily Brief Equity Bottom-Up: Asian Dividend Gems: Sankyo Co and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Asian Dividend Gems: Sankyo Co
  • The Interpublic Group of Companies (IPG): Solid Merger Synergies With Omnicom But These Are The 4 BIGGEST Roadblocks In Its Path!
  • Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?
  • VeriSign’s Domain Name Registration Growth Is Here To Stay But What Are The Challenges Ahead?
  • Pool Corporation: A Strategic Approach to Pricing & Market Dynamics To Strengthen Market Stability & Ensure Continued Customer Trust!
  • SS&C Technologies Is Powering Ahead with AI & Platform Growth—But There’s MORE To The Story!
  • Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!
  • LKQ Corporation: An Insight Into Its North American Business Strategy And Its Market Position In Aftermarket Collision Parts!
  • Oisix: Major Growth Expected in Foodtech
  • Teck Resources Limited: Expansion of Copper Production Capacity Is A Critical Driver For Stock Performance!


Asian Dividend Gems: Sankyo Co

By Douglas Kim

  • Sankyo is a leading Japanese maker of Pachinko and Pachislot machines. The company has a consistent record of generating positive free cash flow and operating cash flow.
  • It trades at 6x EV/EBITDA (2025E) and P/E of 9.5x (2025E). Its net margin improved from 9.9% in 2021 to 21.8% in 2022, and 27% in 2024.
  • Sankyo has also been aggressively buying back its shares in the past five years. We believe Sankyo could continue to outperform the market in the next 1-2 years. 

The Interpublic Group of Companies (IPG): Solid Merger Synergies With Omnicom But These Are The 4 BIGGEST Roadblocks In Its Path!

By Baptista Research

  • Interpublic Group’s (IPG) recent earnings detailed the company’s financial and operational performance for the first quarter of 2025, illustrating a mixed yet strategically potent landscape.
  • With an organic revenue decrease of 3.6%, this was in line with IPG’s expectations for the quarter.
  • The company attributed this decline to adverse impacts from past account losses, which primarily affected the U.S., Europe, and Asia Pacific regions.

Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?

By Baptista Research

  • Tractor Supply Company (TSC) presented its first quarter results for 2025 with a nuanced report that reflects both strong operational execution and the challenges of a shifting macroeconomic environment.
  • Total sales reached a record $3.47 billion, marking a 2.1% increase despite a 0.9% decline in comparable store sales.
  • The growth in sales figures underscores a robust transaction increase; however, it was offset by a decline in the average ticket size, largely attributed to adverse weather conditions impacting seasonal sales and a resulting product mix shift.

VeriSign’s Domain Name Registration Growth Is Here To Stay But What Are The Challenges Ahead?

By Baptista Research

  • VeriSign Inc.’s first quarter of 2025 showed a solid performance with a 4.7% increase in revenue, reaching $402 million compared to the same period last year.
  • This was bolstered by positive trends in domain registrations.
  • The domain name base for .com and .net increased by 777,000 names from the end of 2024, resulting in a total of 169.8 million domain names.

Pool Corporation: A Strategic Approach to Pricing & Market Dynamics To Strengthen Market Stability & Ensure Continued Customer Trust!

By Baptista Research

  • Pool Corporation’s (POOLCORP) first-quarter results for 2025 reveal both challenges and resilience amid a fluctuating market environment.
  • The company recorded net sales of $1.1 billion, a decline of 4% year-over-year, though this figure improved to a 2% decline when adjusting for the same selling days.
  • The first quarter was marked by challenging weather conditions in key markets and an Easter holiday that shifted sales into the second quarter.

SS&C Technologies Is Powering Ahead with AI & Platform Growth—But There’s MORE To The Story!

By Baptista Research

  • SS&C Technologies reported a commendable financial performance for the first quarter of 2025.
  • Adjusted revenue reached $1.5148 billion, reflecting a notable 5.5% increase year-over-year.
  • The adjusted diluted earnings per share rose by 8.3% to $1.44.

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

By Baptista Research

  • Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments.
  • The company reported a 17% increase in revenue, reaching $887 million, largely fueled by strong sales from the MAGIC: THE GATHERING franchise and robust licensing performance.
  • Key strategic initiatives, such as the “Play to Win” strategy, reinforced cost discipline and emphasized profitable growth, contributing to a 50% rise in adjusted operating profit, which resulted in a 70% increase in adjusted earnings per share to $1.04.

LKQ Corporation: An Insight Into Its North American Business Strategy And Its Market Position In Aftermarket Collision Parts!

By Baptista Research

  • LKQ Corporation’s recent financial results reflect a mixed performance, with both favorable developments and ongoing challenges evident in its earnings report.
  • During the quarter, LKQ reported diluted earnings per share of $0.65, marking a $0.06 increase compared to the previous year.
  • However, on an adjusted basis, diluted EPS stood at $0.79, reflecting a slight decline of $0.03 from the prior year, mainly due to decreased segment EBITDA dollars in LKQ’s North American market.

Oisix: Major Growth Expected in Foodtech

By Michael Causton

  • Given Japan’s growing interest in food-based health solutions, multiple players are looking to build businesses in the field across gut health and dietary solutions for the old and infirm.
  • Oisix, the leading online food retailer has developed an incubator for start ups in this area.
  • It is hoping to create a mini silicon valley for food tech businesses.

Teck Resources Limited: Expansion of Copper Production Capacity Is A Critical Driver For Stock Performance!

By Baptista Research

  • Teck Resources Limited, a major Canadian mining and minerals company, presented its financial results for the first quarter of 2025, highlighting both achievements and ongoing challenges.
  • The past few months have seen a challenging macroeconomic environment marked by geopolitical tensions, inflation, and supply chain disruptions.
  • Despite this, Teck remains focused on copper and zinc production, crucial for long-term industrial demand driven by global electrification, manufacturing, and infrastructure needs.

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

Sign Up for Free

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

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