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Smartkarma Daily Briefs

Daily Brief China: Hongkong Land, China Mobile, Deepexi Technology and more

By | China, Daily Briefs

In today’s briefing:

  • Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square
  • China Mobile (941 HK) Tactical Outlook Following Q1 2025 Results
  • Deepexi Technology Pre-IPO Tearsheet
  • Asia Real Estate Tracker (25-Apr-2025): HKEX buys 9 floors at Exchange Square for $810M.


Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square

By David Blennerhassett

  • In a rare move, Jardine Matheson (JM SP)-controlled Hongkong Land (HKL SP) has sold nine floors (147,025 square feet) of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).
  • HKL plans to use the proceeds to provide enhancements to the property sold,  the reduction of net debt; and for a share buyback. Shares are up 9% as I type. 
  • HKL is focussed on divesting US$4bn to US$6bn of its balance sheet assets in the next three years. HKL’s CEO Michael Smith: “Recycling capital is our top priority right now“.

China Mobile (941 HK) Tactical Outlook Following Q1 2025 Results

By Nico Rosti

  • On April 22, 2025, China Mobile (941 HK) reported its Q1 2025 financial results, revenues substantially unchanged, but increase in net income and subscriber growth indicates resilience in its operations.
  • The initial market reaction suggests mild disappointment, the stock retreated to a low <80 intra-week, then closed the week down at 80.85.
  • Our price model shows an oversold state, while the time model indicates there is room for another week down, possibly a buy-the-dip opportunity (3 weeks down should be the limit).

Deepexi Technology Pre-IPO Tearsheet

By Akshat Shah

  • Deepexi Technology (1843779D CH) (DT) is looking to raise atleast US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CMBC, Guotai, Bocom International and SPDB International.
  • The firm specializes in delivering AI solutions to enterprises to integrate their data, decisions and operations efficiently at scale. 
  • DT ranked first among specialized providers of large model AI application solutions in China’s enterprise large model AI application solution market in terms of revenue in 2024, according to F&S.

Asia Real Estate Tracker (25-Apr-2025): HKEX buys 9 floors at Exchange Square for $810M.

By Asia Real Estate Tracker

  • Hong Kong Exchanges and Clearing Limited (HKEX) is purchasing 9 floors at Exchange Square in Hong Kong for $810 million, marking the top deal of the year.
  • The California Public Employees’ Retirement System (CalPERS) fund has acquired an office tower near Shanghai Xintiandi for $316 million.
  • Mitsubishi Estate has started construction on a $1.7 billion office project in London, further solidifying its presence in the city’s real estate market.

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Most Read: Swiggy, Panasonic Corp, Evolution Mining, Bank Jago Tbk PT, Fujitsu Ltd, Miwon Specialty Chemical, Shibaura Electronics, Hongkong Land, HLB Life Science, SK Telecom and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion
  • Solactive Global Lithium Index Rebalance: Passive Flows Next Week
  • Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies
  • IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes
  • Fujitsu (6702) – Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳
  • [Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs
  • YAGEO and Shibaura Still Fighting, Minebea Likely to Bid Up, The Question Is Another YAGEO Overbid
  • Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square
  • HLB Merger Arb Setup: How Cancellation Risk Could Lead to Extra Profits
  • SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp


Swiggy (SWIGGY IN): US$7.6bn Lock-Up Expiry & Index Inclusion

By Brian Freitas

  • Swiggy (SWIGGY IN) listed in November 2024 and around 85% of the shares outstanding (US$7.6bn) will unlock on 13 May.
  • Nearly 80% of the shares that unlock are held by pre-IPO PE/VC investors and they are 100% in the money in most cases. Expect the selldown to commence soon.
  • Swiggy (SWIGGY IN) should be added to one global index in June, while inclusion in the other global index will require a small price increase or selling from PE/VC investors.

Solactive Global Lithium Index Rebalance: Passive Flows Next Week

By Brian Freitas

  • Solactive has announced the review results for the Global Lithium Index. There are no constituent changes for the index but there will be capping changes for a few stocks.
  • Estimated one-way turnover is 10.8% and will result in a round-trip trade of US$208m. There are some stocks with over 0.5x ADV to trade.
  • The index has been in a secular downtrend over the last few years and there have been big redemptions from ETFs tracking the index.

Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies

By Brian Freitas

  • Evolution Mining‘s stock price has moved higher over the last year as Gold has gone on a big run. The increased market cap should result in a global index inclusion.
  • Evolution Mining (EVN AU) has performed in line with its peers over the last year and trades in line with the group on most valuation parameters.
  • Positioning has jumped in Evolution Mining (EVN AU) and its peers over the last couple of months. The index inclusion could result in outperformance over the next few weeks.

IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

By Brian Freitas


Fujitsu (6702) – Earnings/Guidance OK, Margins Better, But New Quiddity Buyback Data Tool 🥳

By Travis Lundy

  • Fujitsu Earnings. Revenues +2.1%, OP +77.5%, Pretax +65.1%, Net -13.0% (basis effect from FY23 one-offs). Forecast? Revs -2.8%, OP/adj +35.8%/+17.2%, Net/adj +77.4%/+3.7%. All guided measures shy vs the Street consensus.
  • The company presented a progress update on its Medium-Term Management Plan. Core profits are better. Things are improving. 
  • The company also announced a big 11-month ¥170bn buyback. Last year’s was ¥180bn (completed 24 March). Worth checking out the details (and our brand-new buyback tool)

[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.
  • We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

YAGEO and Shibaura Still Fighting, Minebea Likely to Bid Up, The Question Is Another YAGEO Overbid

By Travis Lundy

  • Yageo Corporation (2327 TT) bid ¥4,300 for Shibaura Electronics (6957 JP). Minebea Mitsumi (6479 JP) overbid at ¥4,500. YAGEO overbid Minebea at ¥5,400 on 17 April (expected to start 7-May)
  • Apparently, YAGEO was a bit upset by the public comments by Shibaura regarding custom/mass-market/online different ways of doing business. YAGEO responded with receipts. Shibaura will respond later.
  • On the 22nd, Minebea noted they would delay their intended 23rd start date. Now they have more irrevocables. In the end, I expect YAGEO’s, not Minebea’s, top price defines this.

Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square

By David Blennerhassett

  • In a rare move, Jardine Matheson (JM SP)-controlled Hongkong Land (HKL SP) has sold nine floors (147,025 square feet) of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).
  • HKL plans to use the proceeds to provide enhancements to the property sold,  the reduction of net debt; and for a share buyback. Shares are up 9% as I type. 
  • HKL is focussed on divesting US$4bn to US$6bn of its balance sheet assets in the next three years. HKL’s CEO Michael Smith: “Recycling capital is our top priority right now“.

HLB Merger Arb Setup: How Cancellation Risk Could Lead to Extra Profits

By Sanghyun Park

  • We go long on HLB LS, short on HLB Inc, and close the short once HLB LS converts. If the deal falls through, there’s potential for extra profits.
  • The view that the merger’s worse for HLB LS is gaining support, making it likely the spread could go negative, though there’s risk, the chances are pretty high.
  • The 4% spread is the floor for arb profit, and cancellation risk could add extra gains. This angle deserves serious consideration right now.

SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp

By Douglas Kim

  • Prior to market open on 25 April, SK Telecom announced that it plans to sell 10.8 million shares of Kakao, representing 2.4% of outstanding shares in a  block deal sale.
  • The sale of Kakao Corp shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK Telecom. 
  • We believe that this trading down gap of Kakao Corp is likely to be covered soon in the next several days/weeks so it represents a short term buying opportunity. 

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Daily Brief Energy/Materials: Iron Ore, Waaree Energies, Crude Oil, Verallia, SGX Rubber Future TSR20, Sintana Energy , Pan African Resources, Sailfish Royalty and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • [IO Technicals Weekly 2025/17] Bullish Momentum Builds
  • Waaree Energies Pre IPO Lock-In Opens: What’s The Way Ahead
  • The Diverging Impact of Falling Crude Prices on Various Oil Producing Regions
  • From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone
  • Verallia S.A.: Initiation of Coverage- Its Expanded Production Capabilities In Europe & Latin America Can Make It A Powerhouse For Future Growth?
  • Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact
  • Oilfield Services Industry to Bear the Brunt of Falling Oil Prices
  • Sintana Energy Inc. (TSX-V: SEI): Oil Discovery Adjacent to Two Sintana’s Blocks
  • Pan African Resources — Burnishing FY25 forecasts
  • FISH: Increasing Target Price on Spring Valley Advancement


[IO Technicals Weekly 2025/17] Bullish Momentum Builds

By Pranay Yadav

  • SGX IO Futures gained $2.69/ton this week, closing at $100.24/ton on April 23, breaking above the R1 level of $99.00/ton.
  • Managed Money flipped to net short while Physicals turned net long, signaling a major positioning shift
  • MACD divergence and RSI at 51.09 reflect building bullish momentum despite prices trading below long-term moving averages.

Waaree Energies Pre IPO Lock-In Opens: What’s The Way Ahead

By Sudarshan Bhandari

  • Waaree Energies posted exceptional Q4 and FY25 results, reporting a 72.6% YoY increase in EBITDA and a robust order book of INR 47,000 crores.
  • The company continues to ramp up its manufacturing capacities, with a focus on solar cells, modules, and energy storage, positioning itself as a leader in India’s solar transition.
  • Strong operational performance, strategic investments in green energy, and a solid order book enhance confidence in Waaree’s growth prospects for FY26 and beyond.

The Diverging Impact of Falling Crude Prices on Various Oil Producing Regions

By Suhas Reddy

  • U.S. oil producers need prices between USD 61-70 per barrel to maintain profitability. With prices around USD 60 per barrel, drilling activity is likely to decrease.
  • Rising tariffs and trade uncertainty are increasing oilfield equipment costs and threatening production growth in the United States.
  • While Saudi Arabia faces fiscal pressures and OPEC supply constraints, Petrobras benefits from low breakeven costs, no OPEC restrictions, and strong investment.

From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone

By Viral Kishorchandra Shah

  • Waaree Energies is rapidly expanding, targeting 21 GW solar modules, 11.4 GW cells, and 6 GW ingots by FY27
  • The company boasts a robust Rs 47,000 crore order book, with 57% international and 43% domestic market share
  • Waaree diversifies into batteries, green hydrogen, and inverters, while mitigating risks via local production

Verallia S.A.: Initiation of Coverage- Its Expanded Production Capabilities In Europe & Latin America Can Make It A Powerhouse For Future Growth?

By Baptista Research

  • Verallia, a global leader in glass packaging, recently reported its financial results for the fiscal year 2024.
  • The company’s extensive footprint includes operations in 12 countries with 35 plants and 64 furnaces, supported by a customer base of over 10,000.
  • In 2024, Verallia’s sales were distributed across several segments, including still wine (32%), spirits (16%), and food (17%).

Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact

By Vinod Nedumudy

  • RSS-4 prices near stable around INR 198/kg for past ten days  
  • Kerala farmers engaged in rainguarding in right earnest  
  • RRII devises process for extracting top-quality rubber from skim latex  

Oilfield Services Industry to Bear the Brunt of Falling Oil Prices

By Suhas Reddy

  • Crude prices plunged to multi-year lows amid rising global supply and trade tensions, stoking demand fears and slowing U.S. shale activity.
  • Oilfield services firms are underperforming peers as falling rig counts and steel tariffs drive up costs and erode margins.
  • With fixed-cost-heavy models and fewer upstream clients, the sector faces amplified downside risks and limited pricing power in the near term.

Sintana Energy Inc. (TSX-V: SEI): Oil Discovery Adjacent to Two Sintana’s Blocks

By Auctus Advisors

  • The Capricornus 1-X exploration well on PEL 85 (bp/Eni/Rhino) found 38 m of net pay, with the reservoir showing good petrophysical properties and no observed water contact.
  • The well achieved a surface-constrained flow rate in excess of 11,000 bbl/d.
  • The light 37° API oil exhibited limited associated gas with less than 2% CO2 and no hydrogen sulphide.

Pan African Resources — Burnishing FY25 forecasts

By Edison Investment Research

Pan African’s headline EPS (HEPS) for H125 appeared to show a decline of 43.7% y-o-y relative to its (restated) prior year number. However, if the loss attributable to its Mintails contract liability and its 5.6% (4,779oz) under-sale of gold relative to production are stripped out, we calculate that its normalised HEPS number was c 2.78c and almost exactly in line with our prior expectations (see Exhibit 2). We have reduced our production expectation for the full year by 2.7%. Nevertheless, production in H225 is anticipated to rise 43.0% compared to H125 and is the perfect springboard for PAF to attain our (upgraded) normalised HEPS forecast of 11.19c in FY26 (which is slightly conservative within the consensus range; see Exhibit 6). Our FY25e normalised HEPS forecast remains unchanged.


FISH: Increasing Target Price on Spring Valley Advancement

By Atrium Research

  • Sailfish Royalty reported Q4 and 2024 financial results that missed our estimates due to weak silver production from Mako Mining.
  • The Spring Valley Project is advancing ahead of schedule, and thus, we have pulled our first production start date forward by three quarters.
  • Please refer to our Spring Valley Updates section.

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Daily Brief Industrials: Hanwha Systems Co Ltd, Safran SA, Vinci SA, Legrand SA, Bureau Veritas SA, Gold Plus Glass Industry Ltd, Alfen, Dassault Aviation SA, Alstom , BQE Water and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)
  • Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?
  • Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?
  • Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!
  • Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!
  • Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt
  • What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)
  • Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!
  • Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!
  • BQE: Wrapping Up Another Record Year


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
  • Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period. 
  • Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK Inc, and Korea Investment Holdings.

Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?

By Baptista Research

  • Safran’s financial results show a strong performance in 2024, with record highs in revenue, profit, and cash flows.
  • Revenue increased by 18% to €27.3 billion, largely driven by a 25% growth in civil aftermarket activities.
  • Operating margin improved by 150 basis points to 15.1%, supported by operational excellence and strong aftermarket demand.

Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?

By Baptista Research

  • Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.
  • Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.
  • This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.

Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!

By Baptista Research

  • Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.
  • The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.
  • Most prominently, Legrand’s data center segment and strategic M&A activities contributed significantly to its performance.

Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!

By Baptista Research

  • Bureau Veritas has exhibited a resilient performance for fiscal year 2024, maintaining its strategic trajectory as laid out in the LEAP I 28 strategy.
  • The company has achieved strong financial results with revenue reaching EUR 6.2 billion, reflecting a growth of 6.4% on a reported basis and an impressive 10.2% organically.
  • Bureau Veritas has demonstrated the capability to manage macroeconomic complexities while ensuring robust growth across its business lines and regions.

Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt

By Rosita Fernandes

  • Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO. 
  • Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
  • According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023. 

What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)

By The IDEA!

  • In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return

Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!

By Baptista Research

  • Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of 2024.
  • The company has shown significant progress in its defense segment, with the acquisition of a contract for Batch-5, which consists of 42 Rafale aircraft for the French Air Force.
  • This contract signifies a continued demand for the Rafale, ensuring sustained production into the next decade.

Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!

By Baptista Research

  • Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.
  • The company reported a commendable order intake of €10.9 billion, with a book-to-bill ratio of 1.25, reflecting strong momentum and supporting their growth strategy.
  • The emphasis on high-quality, margin-accretive orders, particularly in Services and Signaling projects, underscores Alstom’s focus on quality and strategic execution.

BQE: Wrapping Up Another Record Year

By Atrium Research

  • BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.
  • Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.
  • 2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) 

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Daily Brief Industrials: Hanwha Systems Co Ltd, Safran SA, Vinci SA, Legrand SA, Bureau Veritas SA, Gold Plus Glass Industry Ltd, Alfen, Dassault Aviation SA, Alstom , BQE Water and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)
  • Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?
  • Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?
  • Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!
  • Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!
  • Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt
  • What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)
  • Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!
  • Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!
  • BQE: Wrapping Up Another Record Year


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 28 April 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
  • Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period. 
  • Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK Inc, and Korea Investment Holdings.

Safran: Initiation of Coverage- Will the LEAP Engine Ramp-Up Reverse Its Stock Slide?

By Baptista Research

  • Safran’s financial results show a strong performance in 2024, with record highs in revenue, profit, and cash flows.
  • Revenue increased by 18% to €27.3 billion, largely driven by a 25% growth in civil aftermarket activities.
  • Operating margin improved by 150 basis points to 15.1%, supported by operational excellence and strong aftermarket demand.

Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?

By Baptista Research

  • Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.
  • Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.
  • This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.

Legrand S.A.: Initiation of Coverage- How Are They Executing Geographical Diversification To Seize Growth Opportunities!

By Baptista Research

  • Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.
  • The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.
  • Most prominently, Legrand’s data center segment and strategic M&A activities contributed significantly to its performance.

Bureau Veritas: Initiation of Coverage- Strategic M&A Blitz & Renewables Push Set Stage For A Solid 2025!

By Baptista Research

  • Bureau Veritas has exhibited a resilient performance for fiscal year 2024, maintaining its strategic trajectory as laid out in the LEAP I 28 strategy.
  • The company has achieved strong financial results with revenue reaching EUR 6.2 billion, reflecting a growth of 6.4% on a reported basis and an impressive 10.2% organically.
  • Bureau Veritas has demonstrated the capability to manage macroeconomic complexities while ensuring robust growth across its business lines and regions.

Gold Plus Glass Industry Pre-IPO – Volatile Margins and Rising Debt

By Rosita Fernandes

  • Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO. 
  • Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
  • According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023. 

What’s New(s) in Amsterdam – 25 April (Randstad Holding | Signify | Alfen)

By The IDEA!

  • In this edition: • Randstad Holding | to become a digital-first talent company • Signify | reiterates FY25 outlook • Alfen | to build 100MW/200MWh BESS for Return

Dassault Aviation: Initiation of Coverage- A Closer Look At Its Falcon Series Evolution & Major Drivers!

By Baptista Research

  • Dassault Aviation, a prominent player in the aerospace sector, recently presented its financial and operational performance for the first half of 2024.
  • The company has shown significant progress in its defense segment, with the acquisition of a contract for Batch-5, which consists of 42 Rafale aircraft for the French Air Force.
  • This contract signifies a continued demand for the Rafale, ensuring sustained production into the next decade.

Alstom SA- Restructuring & Optimization of European Operations To Help Build A Growth Trajectory!

By Baptista Research

  • Alstom has managed to maintain a robust performance in a challenging financial period, as evidenced in their fiscal year 2024/2025 half-year results.
  • The company reported a commendable order intake of €10.9 billion, with a book-to-bill ratio of 1.25, reflecting strong momentum and supporting their growth strategy.
  • The emphasis on high-quality, margin-accretive orders, particularly in Services and Signaling projects, underscores Alstom’s focus on quality and strategic execution.

BQE: Wrapping Up Another Record Year

By Atrium Research

  • BQE reported Q4 and 2024 financial results that were slightly behind our expectations but solid, nevertheless.
  • Q4 proportional revenue came in at $5.8M (+6% YoY) and adjusted EBITDA came in at ($0.0M) vs. our estimate of $1.0M.
  • 2024 proportional revenue was $24.8M (+9% YoY) and adjusted EBITDA was $5.6M (23% margin, +20% YoY.) 

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



Daily Brief Health Care: HLB Life Science, Daiichi Sankyo, BioMerieux, Chugai Pharmaceutical, Eurofins Scientific SE, Sartorius Stedim Biotech and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • HLB Merger Arb Setup: How Cancellation Risk Could Lead to Extra Profits
  • Daiichi Sankyo (4568 JP): Strong FY25 Result; Guidance Initiated for FY26; ¥200B Buyback Announced
  • BioMérieux: Expansion of BIOFIRE Instrument Placements to Maintain A Stable Revenue Stream…
  • Chugai Pharmaceutical (4519 JP): Hemlibra, Actemra, And Alecensa Shine In 1Q25; Guidance Reiterated
  • Eurofins Scientific: Initiation of Coverage- Is the Market Missing a Hidden Growth Revival Story?
  • Sartorius Stedim Biotech – Innovation & Product Launches As A Key Driver Of Its Growth Strategy!


HLB Merger Arb Setup: How Cancellation Risk Could Lead to Extra Profits

By Sanghyun Park

  • We go long on HLB LS, short on HLB Inc, and close the short once HLB LS converts. If the deal falls through, there’s potential for extra profits.
  • The view that the merger’s worse for HLB LS is gaining support, making it likely the spread could go negative, though there’s risk, the chances are pretty high.
  • The 4% spread is the floor for arb profit, and cancellation risk could add extra gains. This angle deserves serious consideration right now.

Daiichi Sankyo (4568 JP): Strong FY25 Result; Guidance Initiated for FY26; ¥200B Buyback Announced

By Tina Banerjee

  • Daiichi Sankyo (4568 JP) reported strong FY25 results, with revenue and operating profit increasing 18% and 57%, YoY, to ¥1,886B and ¥332B, respectively. Performance was mainly driven by Enhertu (+45%).
  • The company expects FY26 revenue to increase 6% YoY to ¥2,000B. Core operating profit and operating profit are expected to increase 12% and 5%, YoY, respectively to ¥350B.
  • The company has announced a ¥200B buyback plan to acquire a maximum of 80M shares from May 1, 2025 to March 24, 2026.

BioMérieux: Expansion of BIOFIRE Instrument Placements to Maintain A Stable Revenue Stream…

By Baptista Research

  • During the recent financial year, bioMérieux reported strong financial results with several highlights and areas of concern.
  • The company achieved significant progress in its GO•28 strategic plan, demonstrating robust sales growth, profitability improvement, and advancements in sustainability efforts.
  • However, challenges remain in certain segments, such as declining sales in specific divisions and the potential impact of recent acquisitions.

Chugai Pharmaceutical (4519 JP): Hemlibra, Actemra, And Alecensa Shine In 1Q25; Guidance Reiterated

By Tina Banerjee

  • Chugai Pharmaceutical (4519 JP) reported 22% YoY rise in core revenue in 1Q25, as overseas sales grew 55% YoY while domestic market remain subdued.
  • Hemlibra drove overseas sales. Actemra and Alecensa witnessed growth in both overseas and domestic markets.
  • Chugai reiterated 2025 guidance of revenue and net profit growth of 2% and 3%. The progress has been satisfactory with major line items achieving 24–25% of the full-year guidance numbers.

Eurofins Scientific: Initiation of Coverage- Is the Market Missing a Hidden Growth Revival Story?

By Baptista Research

  • Eurofins Scientific S.E. presented its fiscal year 2024 performance, outlining both achievements and areas of focus for future development.
  • The results reveal a nuanced performance with some segments outperforming, while others faced challenges.
  • On a positive note, Eurofins reported robust financial growth, with revenues increasing by 6.7% and an adjusted EBITDA margin of 22.3%, representing a 180 basis point improvement year-on-year.

Sartorius Stedim Biotech – Innovation & Product Launches As A Key Driver Of Its Growth Strategy!

By Baptista Research

  • The earnings of Sartorius Stedim Biotech for the first quarter of 2025 presents a mixed yet intriguing scenario for potential investors.
  • The company reported a notable 6.5% increase in sales revenue in constant currencies, with the growth predominantly driven by a robust performance in its recurring consumables business.
  • The Bioprocess Solutions division, in particular, saw a 10% increase in sales revenue, benefiting from strong double-digit growth in consumables while the equipment business remained subdued.

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Daily Brief Consumer: Devyani International , Sands China , Coupang , Sodexo SA, Istyle Inc, Kering, Michelin, Pernod Ricard Sa, Publicis Groupe Sa, Renault SA and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Devyani International’s Acquisition of Sky Gate Hospitality: A Strategic Move for Accelerated Growth
  • Lucror Analytics – Morning Views Asia
  • JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?
  • Sodexo: Initiation of Coverage- Can Bold U.S. Expansions & Smart Tech Disrupt the Food Service Game?
  • IStyle (3660 JP) Ups Investment in Retail
  • Kering SA – Integration of A New Creative Vision Is Driving Our Optimism!
  • Michelin – Can Its Growth in Specialty Segments Boost Overall Profit Margins?
  • Pernod Ricard- An Insight Into The Various Macro-Economic Factors
  • Publicis Groupe: Initiation of Coverage- Expanding Influence in Pharma Sector & 3 Critical Growth Levers!
  • Renault SA: Initiation of Coverage- Strategic Tie-Ups with Geely Can Unlock Untapped Market Riches!


Devyani International’s Acquisition of Sky Gate Hospitality: A Strategic Move for Accelerated Growth

By Nimish Maheshwari

  • Devyani International acquired an Indian QSR brand, Sky Gate, marking its entry into Biryani.
  • The acquisition deal is valued at INR 4.19 billion, translating to a relatively low 1.9x FY25 EV/Sales. This attractive valuation provides DIL with an entry into a high-TAM segment.
  • No single brand has surpassed INR 3 bn in revenue due to regional taste differences, difficulty in standardising quality, and difficulty in achieving profitability due to high operational costs

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Sands China, SK Hynix
  • The rebound in US equity continued overnight, amid bets the Fed could cut rates sooner than anticipated to prevent a recession. The S&P 500 rallied by 2%, while US treasuries rallied 7-9 bps across the curve.
  • Some 5 bps of additional Fed cuts were priced in for 2025 after comments by Fed officials. Gold climbed 1.7%, continuing its strong rally YTD.

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

By Douglas Kim

  • In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.
  • We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. 
  • If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.

Sodexo: Initiation of Coverage- Can Bold U.S. Expansions & Smart Tech Disrupt the Food Service Game?

By Baptista Research

  • Sodexo reported its first half fiscal 2025 results, addressing the challenges and adjustments needed to align their operations with strategic expectations.
  • The firm revised its annual guidance due to slower-than-anticipated growth, with key impacts centered in North America.
  • Despite this, Sodexo maintains confidence in its long-term strategies and operational resilience.

IStyle (3660 JP) Ups Investment in Retail

By Michael Causton

  • IStyle continues to benefit from its focus on omnichannel retailing.
  • Customers who use both its online and physical stores spend 1.5 times more than those only shopping online,
  • To further cement its hold in key areas, it has just unveiled an updated flagship store with target sales of ¥10 billion.

Kering SA – Integration of A New Creative Vision Is Driving Our Optimism!

By Baptista Research

  • Kering S.A.’s 2024 financial performance did not meet initial expectations due to ongoing transformation efforts and adverse market conditions.
  • The company remains committed to a long-term strategy focusing on brand health and avoiding immediate fixes.
  • Kering’s brand portfolio, which includes Gucci, Kering Eyewear, and Kering Beauté, is evolving with a focus on individual brand strategies within a unified framework aimed at elevating their product offerings Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Michelin – Can Its Growth in Specialty Segments Boost Overall Profit Margins?

By Baptista Research

  • The latest financial results of Compagnie Générale des Établissements Michelin, commonly known as Michelin, reflect a period of both notable achievements and challenges.
  • The company’s performance demonstrates resilience amidst varied market conditions, leveraging its renowned brand and innovation prowess to navigate the competitive landscape.
  • Michelin’s strategic focus on its “Michelin in Motion Strategy 2030” is evident, aiming to expand beyond its core tire business into services, experiences, and polymer composite solutions.

Pernod Ricard- An Insight Into The Various Macro-Economic Factors

By Baptista Research

  • Pernod Ricard’s recent fiscal year 2024 financial performance reflects a mix of challenges and strategic responses.
  • The company’s overall organic net sales showed stability, registering a slight decline of 1%, which would have been a 1% increase excluding the exit from Russia.
  • A significant performance disparity was observed between markets: strength in mature and emerging markets was counterbalanced by a slower recovery in the United States and weaker results in China.

Publicis Groupe: Initiation of Coverage- Expanding Influence in Pharma Sector & 3 Critical Growth Levers!

By Baptista Research

  • Publicis Groupe delivered robust financial performance in 2024, marking a distinctive year for the company.
  • The organization achieved an organic growth rate of 5.8%, outperforming its peers and establishing Publicis as the largest advertising network globally by net revenue.
  • The company’s financial achievements were bolstered by strategic investments in AI and talent, reinforcing its competitive positioning in the industry.

Renault SA: Initiation of Coverage- Strategic Tie-Ups with Geely Can Unlock Untapped Market Riches!

By Baptista Research

  • Renault Group presented its 2024 financial results, revealing robust performance driven by disciplined operations and strategic repositioning.
  • On a positive note, the company achieved an operating margin of 7.6%, equating to EUR 4.3 billion, the highest in its 126-year history.
  • Additionally, Renault generated nearly EUR 3 billion in free cash flow, leading to a net cash position of over EUR 7 billion.

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Daily Brief Financials: Hongkong Land, Kyoto Financial Group , Jio Financial Services and more

By | Daily Briefs, Financials

In today’s briefing:

  • Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square
  • Kyoto Financial Group (TSE:5844) – Positive Shift in C-Suite Outlook
  • Asia Real Estate Tracker (25-Apr-2025): HKEX buys 9 floors at Exchange Square for $810M.
  • Jio Financial Q4 FY25 Update: Strategic Growth and Digital Expansion Drive Strong Performance


Hongkong Land (HKL SP) Recycles Nine Floors Of One Exchange Square

By David Blennerhassett

  • In a rare move, Jardine Matheson (JM SP)-controlled Hongkong Land (HKL SP) has sold nine floors (147,025 square feet) of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).
  • HKL plans to use the proceeds to provide enhancements to the property sold,  the reduction of net debt; and for a share buyback. Shares are up 9% as I type. 
  • HKL is focussed on divesting US$4bn to US$6bn of its balance sheet assets in the next three years. HKL’s CEO Michael Smith: “Recycling capital is our top priority right now“.

Kyoto Financial Group (TSE:5844) – Positive Shift in C-Suite Outlook

By Victor Galliano

  • Kyoto Financial’s president has hinted at increasing disposals in strategic equity holdings; the prior target was a JPY100bn reduction in holdings by March 2029, now there is talk of JPY200-300bn
  • We estimate Kyoto Financial’s equity holdings relative to market cap at 140%+, well above its peer banks; yet, until very recently, the president had been against meaningfully reducing equity holdings
  • The president’s change of view leads us to upgrade Kyoto Financial to a buy; the change in outlook means that there is real potential to extract value for shareholders

Asia Real Estate Tracker (25-Apr-2025): HKEX buys 9 floors at Exchange Square for $810M.

By Asia Real Estate Tracker

  • Hong Kong Exchanges and Clearing Limited (HKEX) is purchasing 9 floors at Exchange Square in Hong Kong for $810 million, marking the top deal of the year.
  • The California Public Employees’ Retirement System (CalPERS) fund has acquired an office tower near Shanghai Xintiandi for $316 million.
  • Mitsubishi Estate has started construction on a $1.7 billion office project in London, further solidifying its presence in the city’s real estate market.

Jio Financial Q4 FY25 Update: Strategic Growth and Digital Expansion Drive Strong Performance

By Sudarshan Bhandari

  • Jio Financial Services (JIOFIN IN) reported a substantial increase in its Assets Under Management (AUM) to 10,053 crore, marking a 139% QoQ growth.
  • The company’s digital-first approach through the JioFinance app and the rapid growth in Jio Payments Bank’s customer base demonstrate its expanding market footprint and customer engagement.
  • The strategic investments in technology, robust growth in core segments, and improved customer acquisition processes provide strong momentum for FY26 and beyond, reinforcing confidence in JFSL’s growth trajectory.

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Daily Brief TMT/Internet: Shibaura Electronics, SK Telecom, China Mobile, Capgemini, Deepexi Technology, STMicroelectronics NV, Synopsys Inc, Alphabet, Sopra Steria and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • YAGEO and Shibaura Still Fighting, Minebea Likely to Bid Up, The Question Is Another YAGEO Overbid
  • SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp
  • China Mobile (941 HK) Tactical Outlook Following Q1 2025 Results
  • Capgemini: Initiation of Coverage- Strategic Acquisitions & 4 Pivotal Growth Levers!
  • Deepexi Technology Pre-IPO Tearsheet
  • STMicroelectronics: Initiation of Coverage- An Insight Into Its Cost-Saving Initiatives & Financial Resilience!
  • Synopsys: Harnessing Complexity
  • STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.
  • Alphabet 1Q’25 Update
  • Sopra Steria Group SA: Initiation of Coverage- Why Its Shift towards Digital Services & Consulting Is Driving Our Optimism?


YAGEO and Shibaura Still Fighting, Minebea Likely to Bid Up, The Question Is Another YAGEO Overbid

By Travis Lundy

  • Yageo Corporation (2327 TT) bid ¥4,300 for Shibaura Electronics (6957 JP). Minebea Mitsumi (6479 JP) overbid at ¥4,500. YAGEO overbid Minebea at ¥5,400 on 17 April (expected to start 7-May)
  • Apparently, YAGEO was a bit upset by the public comments by Shibaura regarding custom/mass-market/online different ways of doing business. YAGEO responded with receipts. Shibaura will respond later.
  • On the 22nd, Minebea noted they would delay their intended 23rd start date. Now they have more irrevocables. In the end, I expect YAGEO’s, not Minebea’s, top price defines this.

SK Telecom’s Block Deal Sale of 10.8 Million Shares of Kakao Corp

By Douglas Kim

  • Prior to market open on 25 April, SK Telecom announced that it plans to sell 10.8 million shares of Kakao, representing 2.4% of outstanding shares in a  block deal sale.
  • The sale of Kakao Corp shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK Telecom. 
  • We believe that this trading down gap of Kakao Corp is likely to be covered soon in the next several days/weeks so it represents a short term buying opportunity. 

China Mobile (941 HK) Tactical Outlook Following Q1 2025 Results

By Nico Rosti

  • On April 22, 2025, China Mobile (941 HK) reported its Q1 2025 financial results, revenues substantially unchanged, but increase in net income and subscriber growth indicates resilience in its operations.
  • The initial market reaction suggests mild disappointment, the stock retreated to a low <80 intra-week, then closed the week down at 80.85.
  • Our price model shows an oversold state, while the time model indicates there is room for another week down, possibly a buy-the-dip opportunity (3 weeks down should be the limit).

Capgemini: Initiation of Coverage- Strategic Acquisitions & 4 Pivotal Growth Levers!

By Baptista Research

  • Capgemini’s full-year 2024 results reflect a mixed performance against a backdrop of continued market challenges.
  • The company’s revenues saw a decline of 2% at constant currency to EUR 22,096 million, evidencing the broader economic pressures and restrained client spending, especially in sectors like Manufacturing and regions such as France.
  • This drop was somewhat mitigated by resilience in segments such as Financial Services and Public Sector, and geographic improvement in North America, the U.K., Asia Pacific, and Latin America.

Deepexi Technology Pre-IPO Tearsheet

By Akshat Shah

  • Deepexi Technology (1843779D CH) (DT) is looking to raise atleast US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CMBC, Guotai, Bocom International and SPDB International.
  • The firm specializes in delivering AI solutions to enterprises to integrate their data, decisions and operations efficiently at scale. 
  • DT ranked first among specialized providers of large model AI application solutions in China’s enterprise large model AI application solution market in terms of revenue in 2024, according to F&S.

STMicroelectronics: Initiation of Coverage- An Insight Into Its Cost-Saving Initiatives & Financial Resilience!

By Baptista Research

  • STMicroelectronics reported its financial results for the fourth quarter and the fiscal year 2024, showcasing notable operational challenges within a volatile market environment.
  • The company experienced significant revenue declines amidst broader industry downturns particularly in its Industrial and Automotive segments.
  • For the fourth quarter, STMicroelectronics saw a year-over-year decline in net revenues by 22.4%, landing at $3.32 billion, but managed a slight sequential increase of 2.2%.

Synopsys: Harnessing Complexity

By MBI Deep Dives

  • Chip design has long been a paradoxical craft.
  • On one hand, engineers must trust sophisticated software to help them craft circuits of mind-boggling complexity; on the other, they maintain a healthy skepticism, knowing a single flaw can doom a chip.
  • The old mantra “trust, but verify” could well have been coined for this process.

STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.

By Nicolas Baratte

  • Very poor 1Q25, operating profit close to zero. 2Q a bit better with lower revenue decline, but OP still close to zero.  
  • Management claims 1Q is the bottom for revenues, its possible, but 2 large risks: restructuring costs and very high inventories.
  • Consensus expects a slow recovery into 2026, the stock looks cheap at 11x 2026 EPS. However, given the firm’s track record and the risks mentioned, lets wait 1 more quarter.

Alphabet 1Q’25 Update

By MBI Deep Dives

  • On an FX adjusted basis, Alphabet increased its revenue by 14% in 1Q’25 (~200 bps headwind from FX).
  • For the 11th consecutive quarters, Google network’s revenue went down.
  • Just when regulators are lambasting Google for their network business in court, it keeps dwindling to oblivion.

Sopra Steria Group SA: Initiation of Coverage- Why Its Shift towards Digital Services & Consulting Is Driving Our Optimism?

By Baptista Research

  • Sopra Steria, a European leader in digital services and consulting, reported mixed outcomes in its 2024 financial results.
  • Despite an overall challenging market environment, the company delivered notable achievements and faced several obstacles that could shape its future trajectory.
  • Positively, the company witnessed a sturdy operating margin, reaching 9.8%, a milestone marking the highest since 2007.

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Daily Brief Quantitative Analysis: HK Short Interest Weekly: China Mobile and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou


HK Short Interest Weekly: China Mobile, Sinopec, Smic, CNOOC, Meituan, Kuaishou

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Apr 11th.
  • Top short increases and decreases were tabulated for one week and four week period. 
  • We highlight short changes in China Mobile, Sinopec, Ishares A50, Smic, CNOOC, Meituan, Kuaishou, Tracker Fund.

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