All Posts By

Smartkarma Daily Briefs

Sep 21
0

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (September 21)– Fosun Pharm and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • APAC Healthcare Weekly (September 21)– Fosun Pharm, Chugai, Astellas, SK Biopharm, Alteogen, HK Inno

APAC Healthcare Weekly (September 21)– Fosun Pharm, Chugai, Astellas, SK Biopharm, Alteogen, HK Inno

By Tina Banerjee

  • Fosun Pharma received approval for Fovinaciclib Citrate Capsules for certain types of breast cancers. Chugai’s oral GLP-1 drug candidate demonstrated semaglutide-beating result in Phase 3 trial being conducted by Lilly.
  • Astellas Pharma got conditional approval of Izervay in Japan. SK Biopharmaceuticals announced positive result from Phase 3 trial evaluating cenobamate for Primary Generalized Tonic-Clonic (PGTC) Seizures.
  • Alteogen’s partner Merck moved one step ahead toward European approval of subcutaneous version of Keytruda. HK inno.N has launched its acid-related gastrointestinal diseases drug, PCAB in India.

💡 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
Sign Up for Free


Sep 21
0

Daily Brief ECM: Zijin Gold IPO (2259 HK): Valuation Insights and more

By | Daily Briefs, ECM

In today’s briefing:

  • Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold IPO (2259 HK): Valuation Insights

By Arun George

💡 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
Sign Up for Free


Sep 21
0

Daily Brief Event-Driven: Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal
  • The 2025 Japan September-End Rebal and Dividend Trade
  • Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open
  • Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card
  • (Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

By Sanghyun Park

  • HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
  • No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
  • Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

The 2025 Japan September-End Rebal and Dividend Trade

By Travis Lundy

  • Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
  • The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
  • Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed. 

Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open

By Arun George

  • On 19 September, Boyu completed the auction share transfer to take its Jinke Smart Services (9666 HK) shareholding to 55.91% of outstanding shares.
  • Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.
  • The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.

Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

By David Blennerhassett

(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

By David Blennerhassett

💡 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
Sign Up for Free


Sep 21
0

Daily Brief Equity Bottom-Up: China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind “Crazy” TransThera

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind “Crazy” TransThera

By Xinyao (Criss) Wang

  • At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
  • TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
  • The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.

💡 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
Sign Up for Free


Sep 21
0

Daily Brief Macro: Overview #35 – You Can’t Always Get What You Want… and more

By | Daily Briefs, Macro

In today’s briefing:

  • Overview #35 – You Can’t Always Get What You Want…
  • US MARKETS: Foreigners Hedging Their Bets!

Overview #35 – You Can’t Always Get What You Want…

By Rikki Malik

  • A review of recent events/data impacting our investment themes and outlook
  • The Precious metals and miners are potentially having blow-off moves
  • Strategic Metals and Minerals get another boost from the Trump  administration

US MARKETS: Foreigners Hedging Their Bets!

By David Mudd

  • Foreigners are increasing their hedges on dollar exposure to their US equity positions at a rapid pace this year.  This selling will continue to pressure the US dollar.
  • Foreigners exited a record net $2 trillion in US assets during the first quarter of this year.  This reversal put further pressure on the dollar this year.
  • Foreign investors are maintaining exposure to AI through Mag-7 investments but believe that U.S. exceptionalism will fade and the dollar will continue to weaken.

💡 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
Sign Up for Free


Sep 21
0

Daily Brief South Korea: Sejin Heavy Industries Co Ltd and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

By Sanghyun Park

  • HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
  • No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
  • Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

💡 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
Sign Up for Free


Sep 21
0

Most Read: Ramelius Resources, Zijin Mining Group Co Ltd H, Chery Automobile, Zijin Gold, Soft99 Corp, Jinke Smart Services, Baimtec Material , Sejin Heavy Industries Co Ltd, BayCurrent Consulting and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade
  • Zijin Mining (2899 HK): This Is A Short
  • Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting
  • Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
  • [Japan M&A/Activism] The Nagging Little Detail In the Soft99 MBO Extension Target Doc
  • Jinke Smart (9666 HK): Boyu’s Offer Now Unconditional
  • Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas
  • Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal
  • The 2025 Japan September-End Rebal and Dividend Trade
  • Zijin Gold IPO (2259 HK): Valuation Insights

Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade

By Brian Freitas

  • There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
  • Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
  • The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.

Zijin Mining (2899 HK): This Is A Short

By David Blennerhassett

  • In my June note, Zijin Mining Group (2899 HK) appeared fully valued; but I (thankfully) stopped short of being outright bearish. Its share price is up 48% since! 
  • A basket of peers is also up 37% since that note. Gold is up~8%, and 41% YTD. On the 14th September, Zijin released Zijin Gold’s PHIP. 1H25 numbers were solid.  
  • However, Zijin Gold’s earnings are by no stretch an outlier. Zijin’s Mining’s current share price is now baking in exceptional (unrealistic?) metrics for the gold play spin-off. 

Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting

By Brian Freitas

  • Chery Automobile Co. Ltd. (9973 HK)‘s IPO range is HK$27.75-HK$30.75/share and will raise up to HK$10bn (US$1.3m) if the oversubscription option is exercised, valuing the company at HK$169bn (US$21.7bn).
  • The stock should be added to the HSCI Index in December and that will make the stock eligible for inclusion in Southbound Stock Connect.
  • There will be no inclusion in global indexes for the next year, but there is a possibility of inclusion in the Hang Seng TECH Index (HSTECH INDEX) in December.

Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026

By Brian Freitas

  • Zijin Gold (2259 HK) is looking to raise up to HK$28.7bn (US$3.7bn) in its IPO, valuing the company at HK$191.6bn (US$24.6bn).
  • Zijin Mining (2899 HK) will hold between 85-86.7% of Zijin Gold and that will limit the free float of the stock. Half the IPO has been allotted to cornerstones.
  • Zijin Gold could be added to the HSCI via Fast Entry and to Stock Connect in October. Global index inclusion should take place in the first half of 2026.

[Japan M&A/Activism] The Nagging Little Detail In the Soft99 MBO Extension Target Doc

By Travis Lundy

  • Yesterday, Soft99 Corp (4464 JP) announced a slight change in its “Target Opinion Document” after the MBO Bidco extended its TOB by 8 days the day before. 
  • The detail was not in the MBO Bidco extension. It was just revealed in an added note on p3 of the Target Opinion. 
  • That details matters A LOT to people looking at the Effissimo Overbid. The company’s Board has some serious work ahead. 

Jinke Smart (9666 HK): Boyu’s Offer Now Unconditional

By David Blennerhassett

  • Back on the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK)  announced a possible unconditional MGO take-under at HK$6.67/share. 
  • The Boyu-backed Offeror and Concert Parties holding 37.86% (at the time), bought Jinke Property (000656 CH)‘s 18.05% stake at auction on the 30th March, triggering an unconditional MGO (once completed). 
  • The “Auction Transfer” was subject to CSDC oversight, which has now been satisfied/completed. The Composite Doc is expected to be dispatched on or before the 26th September. 

Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas

By Janaghan Jeyakumar, CFA

  • STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
  • STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
  • In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.

Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

By Sanghyun Park

  • HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
  • No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
  • Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

The 2025 Japan September-End Rebal and Dividend Trade

By Travis Lundy

  • Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
  • The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
  • Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed. 

Zijin Gold IPO (2259 HK): Valuation Insights

By Arun George

💡 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 Analytics and News
  • ✓ Events & Webinars
Sign Up for Free



Sep 21
0

Daily Brief United States: Uranium, MSCI World Index and more

By | Daily Briefs, United States

In today’s briefing:

  • Overview #35 – You Can’t Always Get What You Want…
  • Global Monetary Tides Turn: Fed Cuts, Europe Holds, Japan’s Stance and Market Impacts Explored

Overview #35 – You Can’t Always Get What You Want…

By Rikki Malik

  • A review of recent events/data impacting our investment themes and outlook
  • The Precious metals and miners are potentially having blow-off moves
  • Strategic Metals and Minerals get another boost from the Trump  administration

Global Monetary Tides Turn: Fed Cuts, Europe Holds, Japan’s Stance and Market Impacts Explored

By Jay Cameron

  • Global central banks are navigating divergent monetary policies, with the Fed initiating rate cuts while European and Japanese counterparts maintain cautious stances amid varying inflation and growth outlooks.
  • Significant economic headwinds, including the impact of tariffs and political instability in key regions, are influencing central bank decisions and contributing to a nuanced global economic landscape.
  • This environment of diverging policies and persistent economic pressures sets the stage for a strategic market opportunity, focusing on volatility dynamics in developed markets.

💡 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
Sign Up for Free


Sep 21
0

Daily Brief China: Jinke Smart Services, Zijin Gold, TransThera Sciences (Nanjing), Zijin Mining Group Co Ltd H, Beijing Originwater Technology Co,Ltd., Hang Seng Index and more

By | China, Daily Briefs

In today’s briefing:

  • Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open
  • Zijin Gold IPO (2259 HK): Valuation Insights
  • China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind “Crazy” TransThera
  • Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card
  • Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Multiple Changes to Expectations; New Ideas
  • Hong Kong Single Stock Options Weekly (Sept 15 – 19): Caution Signs Emerge as HSI Stretches Higher

Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open

By Arun George

  • On 19 September, Boyu completed the auction share transfer to take its Jinke Smart Services (9666 HK) shareholding to 55.91% of outstanding shares.
  • Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.
  • The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.

Zijin Gold IPO (2259 HK): Valuation Insights

By Arun George

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind “Crazy” TransThera

By Xinyao (Criss) Wang

  • At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
  • TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
  • The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.

Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

By David Blennerhassett

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Multiple Changes to Expectations; New Ideas

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.
  • We see 7 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

Hong Kong Single Stock Options Weekly (Sept 15 – 19): Caution Signs Emerge as HSI Stretches Higher

By John Ley

  • HSI tested new highs before fading, as weak breadth and strong option volumes highlighted diverging signals in Hong Kong equities.
  • Technically, HSI may have reached a level from which minor corrections have started.
  • Option trading activity surged, reaching its busiest day since November, even as overall market momentum faltered.

💡 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
Sign Up for Free


Sep 21
0

Daily Brief Japan: BayCurrent Consulting , Shibaura Electronics and more

By | Daily Briefs, Japan

In today’s briefing:

  • The 2025 Japan September-End Rebal and Dividend Trade
  • (Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

The 2025 Japan September-End Rebal and Dividend Trade

By Travis Lundy

  • Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
  • The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
  • Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed. 

(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

By David Blennerhassett

💡 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
Sign Up for Free