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Smartkarma Daily Briefs

Daily Brief Thematic (Sector/Industry): China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery


China TMT Update-Oct.14-3690.HK/BABA/JD/DADA/DDL/9699.HK/Kanzhun/700.HK/CPNG:Douyin 1-Hr Delivery

By Shawn Yang

  • 3690.HK/BABA/JD/DADA/DDL/9699.HK: Douyin adds a more prominent entrance for its 1-hr delivery supermarket feature (-/-/-/-/+)
  • Kanzhun Limited: No signal for rebound in job market in China yet
  • 700 HK: QQ Browser today announced the launch of the “PDF Reading Assistant” , which uses Tencent’s own LLM Hunyuan to assist users.(/)

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Daily Brief ECM: CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics and more

By | Daily Briefs, ECM

In today’s briefing:

  • CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics
  • ECM Weekly (15th Oct 2023) – Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato
  • Weekly Deals Digest (15 Oct) – Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown


CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

By Daniel Hellberg

  • How did CaiNiao turn profitable? We answer with an analysis of the company’s P&L
  • We also analyze CaiNiao’s Balance Sheet, Cash Flow statement, and Operating Stats
  • We conclude with a list of ten questions we would put to CaiNiao management

ECM Weekly (15th Oct 2023) – Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

By Sumeet Singh


Weekly Deals Digest (15 Oct) – Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

By Arun George


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Daily Brief TMT/Internet: Hang Seng Index, Braze Inc, Cainiao Smart Logistics, Eoptolink Technology , Kokusai Electric and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Tensions Rise
  • Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging
  • CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics
  • Quiddity Leaderboard ChiNext & ChiNext 50: Final Expectations
  • Weekly Deals Digest (15 Oct) – Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown


EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Tensions Rise

By Simon Harris

  • Weekly summary of vol changes and moves across Global Markets
  • Analysing ATM volatility and skew changes over the last 5 days
  • We suggest a few trades to take advantage of the implied vol surfaces

Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

By Andrei Zakharov

  • Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. 
  • Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. 
  • Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. 

CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

By Daniel Hellberg

  • How did CaiNiao turn profitable? We answer with an analysis of the company’s P&L
  • We also analyze CaiNiao’s Balance Sheet, Cash Flow statement, and Operating Stats
  • We conclude with a list of ten questions we would put to CaiNiao management

Quiddity Leaderboard ChiNext & ChiNext 50: Final Expectations

By Janaghan Jeyakumar, CFA

  • The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
  • The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
  • In this insight, we take a look at our final expectations for the ADDs and DELs for the December 2023 and their flow implications.

Weekly Deals Digest (15 Oct) – Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

By Arun George


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Daily Brief Health Care: Eoflow , Shanghai Fosun Pharmaceutical (Group), Hanall Biopharma and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy
  • China Healthcare Weekly (Oct.13) – Deteriorating Financing Environment, ADC>BsAb>CGT, Fosun Pharma
  • Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook


Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy

By David Blennerhassett

  • Should the nominated directors, to be voted on by EOFlow (294090 KS)‘s shareholders at the November EGM, include Medtronic Plc (MDT US) executives, then game on.
  • Fast Retailing (9983 JP) STILL has a Nikkei 225 problem, which means it probably has to underperform Nikkei 225 slightly between now and the Base Date (31 July 2024).
  • JMDC (4483 JP) has been one of the more annoying partial tenders out there. Even post-facto, it is tough to know what the disposition was. This is extraordinarily vexing.

China Healthcare Weekly (Oct.13) – Deteriorating Financing Environment, ADC>BsAb>CGT, Fosun Pharma

By Xinyao (Criss) Wang

  • Due to IPO policy adjustment on SSE STAR Market, investment/financing for innovative drugs should continue to deteriorate.But the positive side is the innovative drug industry is emerging from the bottom.
  • For the three hot fields in pharmaceutical industry (BsAb, ADC, CGT), we analyze their position and pecking order, which should be ADC > BsAb > CGT at the current stage.
  • To better understand the investment logic of Fosun Pharmaceutical, it is necessary to fully understand the ecosystem/operational model of Fosun Group. Fosun Pharma’s role is just a “chess piece”.

Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

By Tina Banerjee

  • Hanall Biopharma (009420 KS)‘s licensed partner Harbour BioMed announced that the China’s NMPA has officially accepted the Biologics License Application for batoclimab for the treatment of generalized myasthenia gravis.  
  • Immunovant announced positive initial result from the single-ascending dose portion of the Phase 1 trial of IMVT-1402. Initial data from the multiple-ascending dose cohorts are expected in October/ November 2023.
  • Hanall and Daewoong have initiated phase 1 clinical trial of HL192 for the treatment of Parkinson’s disease, and dosed the first subject. The initial results are expected in 2H24.

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Daily Brief Equity Bottom-Up: The Big 3 U.S. Banks Delivered Solid Earnings on NII and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality
  • China Healthcare Weekly (Oct.13) – Deteriorating Financing Environment, ADC>BsAb>CGT, Fosun Pharma
  • Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging
  • Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook


The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality

By Fern Wang

  • The U.S. Big 3 banks delivered strong 3Q23 earnings on the back of record net interest income, despite a lower balance in commercial loans and residential mortgages.
  • Credit quality is mostly steady, with credit card charge-offs normalized. The main pain point is in CRE, especially for WFC. 
  • The proposed Basel III end game, if materialized, could have a huge impact on JPM and Citigroup in particular.

China Healthcare Weekly (Oct.13) – Deteriorating Financing Environment, ADC>BsAb>CGT, Fosun Pharma

By Xinyao (Criss) Wang

  • Due to IPO policy adjustment on SSE STAR Market, investment/financing for innovative drugs should continue to deteriorate.But the positive side is the innovative drug industry is emerging from the bottom.
  • For the three hot fields in pharmaceutical industry (BsAb, ADC, CGT), we analyze their position and pecking order, which should be ADC > BsAb > CGT at the current stage.
  • To better understand the investment logic of Fosun Pharmaceutical, it is necessary to fully understand the ecosystem/operational model of Fosun Group. Fosun Pharma’s role is just a “chess piece”.

Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging

By Andrei Zakharov

  • Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis. 
  • Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share. 
  • Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24. 

Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

By Tina Banerjee

  • Hanall Biopharma (009420 KS)‘s licensed partner Harbour BioMed announced that the China’s NMPA has officially accepted the Biologics License Application for batoclimab for the treatment of generalized myasthenia gravis.  
  • Immunovant announced positive initial result from the single-ascending dose portion of the Phase 1 trial of IMVT-1402. Initial data from the multiple-ascending dose cohorts are expected in October/ November 2023.
  • Hanall and Daewoong have initiated phase 1 clinical trial of HL192 for the treatment of Parkinson’s disease, and dosed the first subject. The initial results are expected in 2H24.

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

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Daily Brief Energy/Materials: Allkem Ltd, Newcrest Mining and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Allkem/Livent (AKE AU | LTHM US) Merger Update:  MUCH More Than Meets The Eye
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int’l, Liontown, NWS, IMAX China


Allkem/Livent (AKE AU | LTHM US) Merger Update:  MUCH More Than Meets The Eye

By Travis Lundy


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int’l, Liontown, NWS, IMAX China

By David Blennerhassett


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Daily Brief Event-Driven: Allkem/Livent (AKE AU | LTHM US) Merger Update:  MUCH More Than Meets The Eye and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Allkem/Livent (AKE AU | LTHM US) Merger Update:  MUCH More Than Meets The Eye
  • Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, TOPIX FFW, SSE50, AS51, ChiNext, Kenedix, Liontown
  • Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Tensions Rise
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int’l, Liontown, NWS, IMAX China
  • Quiddity Leaderboard ChiNext & ChiNext 50: Final Expectations


Allkem/Livent (AKE AU | LTHM US) Merger Update:  MUCH More Than Meets The Eye

By Travis Lundy


Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, TOPIX FFW, SSE50, AS51, ChiNext, Kenedix, Liontown

By Brian Freitas


Last Week In Event SPACE: EOFlow, Fast Retailing, JMDC, Origin Energy

By David Blennerhassett

  • Should the nominated directors, to be voted on by EOFlow (294090 KS)‘s shareholders at the November EGM, include Medtronic Plc (MDT US) executives, then game on.
  • Fast Retailing (9983 JP) STILL has a Nikkei 225 problem, which means it probably has to underperform Nikkei 225 slightly between now and the Base Date (31 July 2024).
  • JMDC (4483 JP) has been one of the more annoying partial tenders out there. Even post-facto, it is tough to know what the disposition was. This is extraordinarily vexing.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Tensions Rise

By Simon Harris

  • Weekly summary of vol changes and moves across Global Markets
  • Analysing ATM volatility and skew changes over the last 5 days
  • We suggest a few trades to take advantage of the implied vol surfaces

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int’l, Liontown, NWS, IMAX China

By David Blennerhassett


Quiddity Leaderboard ChiNext & ChiNext 50: Final Expectations

By Janaghan Jeyakumar, CFA

  • The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
  • The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
  • In this insight, we take a look at our final expectations for the ADDs and DELs for the December 2023 and their flow implications.

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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 Macro: Global Liquidity: Looking Towards 2024 and more

By | Daily Briefs, Macro

In today’s briefing:

  • Global Liquidity: Looking Towards 2024
  • The Weekly Market Monitor – Bad Inflation + Bad Sentiment = Bad Bounce?


Global Liquidity: Looking Towards 2024

By Michael J. Howell

  • Global Liquidity Cycle hit a low in September 2022. It has been rising slowly since and looks set to hit a peak around 2026. Risk assets should get greater support
  • Yet the large ‘carry’ on government bonds and the recent sell-off persuades us to allocate towards fixed income for the first time in two years
  • There are risks. With coupon issuance is set to soar, Central Banks will be increasingly asked to finance monetary inflation

The Weekly Market Monitor – Bad Inflation + Bad Sentiment = Bad Bounce?

By Jeroen Blokland

  • Contrary to many other Sentiment Indicators – which we don’t really understand – our Fear & Frenzy Sentiment Index has moved into ‘Frenzy.’
  • China is considering launching a state-backed stabilization fund to boost the Chinese stock market. We show what happened the last time China came up with a similar move. 
  • Even though headline and core inflation were close to expectations, the underlying data signals trouble. Powell’s favorite CPI measure, SuperCore inflation, rose 7.6% on an annualized basis in September. 

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Daily Brief Financials: Japan Post Bank, JPMorgan Chase & Co and more

By | Daily Briefs, Financials

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, TOPIX FFW, SSE50, AS51, ChiNext, Kenedix, Liontown
  • The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality


Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, TOPIX FFW, SSE50, AS51, ChiNext, Kenedix, Liontown

By Brian Freitas


The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality

By Fern Wang

  • The U.S. Big 3 banks delivered strong 3Q23 earnings on the back of record net interest income, despite a lower balance in commercial loans and residential mortgages.
  • Credit quality is mostly steady, with credit card charge-offs normalized. The main pain point is in CRE, especially for WFC. 
  • The proposed Basel III end game, if materialized, could have a huge impact on JPM and Citigroup in particular.

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

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



Daily Brief Consumer: Rakuten Group and more

By | Consumer, Daily Briefs

In today’s briefing:

  • ECM Weekly (15th Oct 2023) – Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato


ECM Weekly (15th Oct 2023) – Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

By Sumeet Singh


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