Smartkarma Daily Briefs

Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.

Lamda Development — €450m land disposal to ION Group

By Edison Investment Research

LAMDA Development’s agreed disposal of land to ION Group for €450m is a landmark in the long-term development of the Ellinikon project and, if it successfully completes the relevant due diligence process, will underpin the long-term value of the company’s post-Phase 1 (PP1) development plans. We value LAMDA’s existing mall and marina operations plus Phase 1 at around €12.30/share. In addition, investors can take further comfort in the potential value of the PP1 developments, which we originally valued at €9.30/share. LAMDA is due to announce H125 results on 17 September and more detail relating to the ION disposal may be forthcoming at that stage.

Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?

By Gaudenz Schneider

Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.
Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.
Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.

Intuition Protocol: Building the Internet’s Trust Layer

By Delphi Digital

The report explores Intuition Protocol, a decentralized trust layer designed to solve the internet’s core challenge: how information is discovered, validated, and shared.
Unlike centralized Web2 platforms or binary prediction markets, Intuition introduces Token Curated Graphs built from Atoms (unique data identifiers) and Triples (relationships between them).
By aligning economic incentives, social capital, and portable data structures, the protocol turns knowledge into an asset class—one that individuals, communities, and AI agents can own, curate, and monetize.

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Sep 13

Daily Brief Consumer: Nongshim Co Ltd, Vadilal Industries, Tesla , Lifeway Foods, Gildan Activewear , Unilever , Black Rock Coffee Bar, Procter & Gamble Co, British American Tobacco and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Nongshim’s Thriving Collaboration with K-Pop Demon Hunters
The Beat Ideas: Vadilal Industries – Will Professional Management Improve Operational Excellence?
Tesla’s New Megablock Could Kill The Power Grid As We Know It!
Special Situations: Forian’s Potential Higher Offer, Lifeway Foods Resolution, and Currency Exchange’s Q3 Results
Gildan Activewear: An Insight Into Its Market Share, Competitive Landscape & Key Growth Levers!
Unilever PLC: How Are They Executing Portfolio Transformation Through M&A and Divestments!
Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket
Procter & Gamble: Inside the Innovation Engine Driving Pampers & SK-II!
British American Tobacco’s Velo Plus Shakes Up the U.S. – Inside the Battle for Oral Nicotine Dominance!

Nongshim’s Thriving Collaboration with K-Pop Demon Hunters

By Douglas Kim

K-Pop Demon Hunters (KDH) started streaming on Netflix on 20 June 2025. KDH has become the most watched film on Netflix history, achieving 291.5 million views as of 11 September.
Nongshim has a collaboration with Netflix, releasing ramyun and snacks featuring characters from K-Pop Demon Hunters. The sale of these products (especially overseas) are likely to result in higher sales.
Nongshim has hit a big home run in this collaboration with Netflix and the K-Pop Demon Hunters film. Additional series related to KDH are highly likely.

The Beat Ideas: Vadilal Industries – Will Professional Management Improve Operational Excellence?

By Sudarshan Bhandari

Appointment of a digital-savvy CEO and professionalized board strengthens management, positioning Vadilal for sustained growth and corporate transformation.
Robust distribution, innovative production, and premium parlours drive competitive edge and market leadership.
Resolution of internal family disputes and promoter group merger streamlines operations, though potential dilution could affect minority shareholders.

Tesla’s New Megablock Could Kill The Power Grid As We Know It!

By Special Situation Investments

Tesla’s recent unveiling of its Megapack 3 and the all-new Megablock could mark a pivotal moment in its shift from being seen purely as a carmaker to a vertically integrated energy company.
While Tesla’s robotaxi launch and AI developments have dominated headlines, the energy division—specifically industrial battery storage—is quietly becoming a major pillar.
The Megablock is a fully integrated, utility-scale energy solution, reducing construction costs by 40% and installation times by 23%.

Special Situations: Forian’s Potential Higher Offer, Lifeway Foods Resolution, and Currency Exchange’s Q3 Results

Forian (FORA) received a $2.10/share go-private proposal from a founder-led consortium controlling 63% of the company.
Lifeway Foods (LWAY) trades 20% above Danone’s previous offer, with NDA agreement expiry on September 15.
Currency Exchange International (CURN) Q3 results show 4% EBITDA growth, with management considering distributing $12.8m cash to shareholders.

Gildan Activewear: An Insight Into Its Market Share, Competitive Landscape & Key Growth Levers!

Gildan Activewear, in its latest earnings report, presented notable financial performance during the second quarter of 2025.
The company achieved record quarterly sales of $919 million, marking a 6.5% increase from the previous year, primarily driven by a 12% growth in Activewear sales.
This segment’s robust performance came from increased sales volumes and favorable pricing dynamics, along with strong demand from existing and new brand offerings, including the launch of the AllPro brand and Champion.

Unilever PLC: How Are They Executing Portfolio Transformation Through M&A and Divestments!

Unilever has reported its financial results for the first half of 2025, showcasing several strategic advancements and challenges across various business sectors and geographic regions.
These results are marked by an underlying sales growth of 3.4% for the half-year, a commendable balance between volume and price increases.
The company has successfully achieved volume improvements, indicating a strategic focus on maintaining competitive edge and operational efficiency despite prevailing subdued market conditions.

Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket

The Oregon-based coffee chain priced its IPO at $20.00 per share, above the marketed range of $16–$18, raising $294 million through the sale of 14.7 million shares.
The stock opened at $26.50, a 32.5% premium to issue and closed at $27.53, up 37.6% from the IPO price.
Black Rock commands a market cap near $1.1 billion, implying much of its near-term growth story may already be baked in.

Procter & Gamble: Inside the Innovation Engine Driving Pampers & SK-II!

Procter & Gamble’s latest financial results present a mixed picture in a complex operating environment, underscoring both promising strategies and challenging headwinds impacting their performance.
The company’s organic sales saw a modest increase of 2% for the fiscal year, driven equally by volume growth and price/mix enhancements.
Nine out of ten product categories registered growth, with the exception of Baby Care, which experienced a slight decline.

British American Tobacco’s Velo Plus Shakes Up the U.S. – Inside the Battle for Oral Nicotine Dominance!

British American Tobacco (BAT) presented their 2025 interim results, showing a blend of achievements and challenges that influence the company’s future trajectory.
BAT’s revenue rose by 1.8%, and profits from operations increased by 1.9% on a constant currency basis.
Adjusted earnings per share grew by 1.7%, despite being offset by reductions in ITC profits and higher finance costs.

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Sep 13

Daily Brief South Korea: Nongshim Co Ltd, Ecopro BM , Korea Zinc and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Nongshim’s Thriving Collaboration with K-Pop Demon Hunters
Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow
Korea Zinc (010130 KS): TC/RC Recovery Sets Stage for Earnings Re-Rating

Nongshim’s Thriving Collaboration with K-Pop Demon Hunters

By Douglas Kim

K-Pop Demon Hunters (KDH) started streaming on Netflix on 20 June 2025. KDH has become the most watched film on Netflix history, achieving 291.5 million views as of 11 September.
Nongshim has a collaboration with Netflix, releasing ramyun and snacks featuring characters from K-Pop Demon Hunters. The sale of these products (especially overseas) are likely to result in higher sales.
Nongshim has hit a big home run in this collaboration with Netflix and the K-Pop Demon Hunters film. Additional series related to KDH are highly likely.

Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow

By Sanghyun Park

Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.
Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.
PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.

Korea Zinc (010130 KS): TC/RC Recovery Sets Stage for Earnings Re-Rating

By Rahul Jain

Recent News: CZSPT’s Sep 9 guidance points to imported zinc concentrate treatment charges of US$120-140/dmt for Q4, and Bloomberg confirms Chinese smelters are tightening terms.
Impact: This rebound in TC/RC levels should lift Korea Zinc’s EBITDA by approximately US$100-135 million, representing a ~5-7% earnings upside over current troughs.
Valuation: On normalized earnings, Korea Zinc could re-rate to 8–9× EV/EBITDA. At $120–150/dmt TCs, this points to ~20–50% upside, with further headroom if multiples expand alongside earnings recovery.

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Sep 13

Most Read: Northern Star Resources, Sun Corp, NIO , Mandom Corp, Zijin Mining Group Co Ltd H, Evergrande Property Services, Digital Holdings Inc, Kiri Industries, Infosys Ltd, Changhong Jiahua Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn
Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
NIO (9866 HK/NIO US): Index Implications of US$1bn+ Offering
[Japan M&A] Mandom (4917 JP) MBO – Light Price, Open-Ish Register, Tough to Take Over, Could Do Fun
Zijin Mining: Gold IPO De-Risks, Copper Upside Remains
Evergrande Property Services (6666 HK): Liquidators’ Auction
[Japan M&A] Digital HD (2389 JP) MBO Takeunder Is Optically Bad, A Little Light, But Tough to Beat
Kiri’s $700 Million Exit From DyStar – What Next?
Infosys Buyback: Tax-Inefficient for Shareholders?
Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer

Gold Miners ETF (GDX US): Further Capping Pushes Trade to Over US$12.5bn

By Brian Freitas

The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.
The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.

Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

By Travis Lundy

12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm…

NIO (9866 HK/NIO US): Index Implications of US$1bn+ Offering

By Brian Freitas

NIO (9866 HK) / NIO (NIO US) is looking to raise up to US$1.15bn, including the overallotment option, in an equity offering across Hong Kong and the U.S.
The HK offering is priced at HK$43.36/share and the ADR pricing is US$5.57/share. NIO (NIO US) closed at US$5.72/share overnight, so expect NIO (9866 HK) to open around HK$44.55/share.
There will be buying from global index trackers at the time of settlement of the offering shares. The buying from Hang Seng TECH Index (HSTECH INDEX) trackers is more nuanced.

[Japan M&A] Mandom (4917 JP) MBO – Light Price, Open-Ish Register, Tough to Take Over, Could Do Fun

By Travis Lundy

On 10 September, the founding Nishimura family, the PE Firm CVC, and Mandom Corp (4917 JP) agreed that the first two could take over the latter at 4.9x Mar28 EBITDA.
A cocktail napkin calculation of expected leverage suggests the equity check is buying this at 5x average Mar27-28 free cash flow. That’s cheap for a growing company.
The register is open enough to cause problems but not open enough to allow a clean hostile bid by a strategic. But still open enough for someone to have fun.

Zijin Mining: Gold IPO De-Risks, Copper Upside Remains

By Rahul Jain

Dilution: The gold IPO trims attributable EBITDA by ~3% as minority interests rise.
Parent Impact: Zijin parent emerges leaner, with net debt falling by US$4bn and copper now ~70% of EBITDA.
Valuation: At ~7× EV/EBITDA, the stock offers 15–30% upside on our estimates, stretching to 25–45% at spot.

Evergrande Property Services (6666 HK): Liquidators’ Auction

In Evergrande Property Services (6666 HK): Offer Expected As Parent (Likely) Exits., I speculated on the outcome of Evergrande Property Services (6666 HK) (EPS)’s suspension due to the Takeovers Code.
EPS has now announced that the liquidators for Evergrande (3333 HK) have been fielding non-binding Offers for Evergrande’s 51.016% stake in EPS. Final proposals are expected to be submitted by November.
With a view to maximizing proceeds, the liquidators will ideally seek a sole bidder, leading to a change of control. And an unconditional MGO. Shares resume trading this morning.

[Japan M&A] Digital HD (2389 JP) MBO Takeunder Is Optically Bad, A Little Light, But Tough to Beat

By Travis Lundy

On 11 Sep 2025 after the close, Hakuhodo Dy Holdings (2433 JP) announced a takeunder of Digital Holdings Inc (2389 JP) in MBO form.
Two major holders with 37% roll their stakes into new ownership in Hakuhodo Dy Holdings (2433 JP) and another 17+% probably just fall in line.
Foreigners hold a lot. They may not like the takeunder. It is not clear who would buy this if Hakuhodo does not, or whether it is worth the hassle.

Kiri’s $700 Million Exit From DyStar – What Next?

By Nimish Maheshwari

Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.
The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.
The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.

Infosys Buyback: Tax-Inefficient for Shareholders?

By Nitin Mangal

Infosys Ltd (INFO IN) made headlines in the market after approving share buyback worth INR 180 bn at INR 1800 per share.
The buyback is the largest in company’s history and represents 2.4% of the paid up capital.
However, from the shareholders lens, the buyback would be tax-inefficient, after the regulatory changes which came in effect from Oct 2024.

Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer

Changhong Jiahua Holdings (3991 HK) (CJ), which is principally engaged in the distribution of consumer electronic products, is suspended pursuant to the Takeovers Code.
Sichuan Changhong Electric Co, Ltd. (600839 CH) holds ~60.13% of the shares outstanding. And 100% of the preference shares (76.7% of shares out).
This week, a final judgement, concerning monies owed, was ruled in CJ’s favour. The sum involved is ~30% of CJ’s market cap.

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Sep 13

Daily Brief ECM: Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand
Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late
Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket
Via Transportation (VIA): Above-Range Ticket, Below-Range Start — Via IPO Finds Its Route

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.

Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.

Black Rock Coffee (BRCB): IPO Brews Strong Open, Steams Higher in Aftermarket

The Oregon-based coffee chain priced its IPO at $20.00 per share, above the marketed range of $16–$18, raising $294 million through the sale of 14.7 million shares.
The stock opened at $26.50, a 32.5% premium to issue and closed at $27.53, up 37.6% from the IPO price.
Black Rock commands a market cap near $1.1 billion, implying much of its near-term growth story may already be baked in.

Via Transportation (VIA): Above-Range Ticket, Below-Range Start — Via IPO Finds Its Route

Via Transportation priced its public offering at $46.00 per share, above the marketed range of $40–$44, but opened at $44.00, down 4.5% from issue.
Investors quickly stepped in, and within 30 minutes, the stock climbed above the IPO price. The stock closed at $49.51 or 7.6% above issue.
Looking forward, we see Via as a potential long-term play, given the sticky nature of its contracts and the enormous opportunity to modernize public transportation infrastructure.

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Sep 13

Daily Brief Thematic (Sector/Industry): MIT Report Claims 95% of GenAI Projects Fail. How Is This Possible? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

MIT Report Claims 95% of GenAI Projects Fail. How Is This Possible?
How the diamond industry lost its sparkle
Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.
Japan Strategy Weekly | Nikkei Surges to Record High
Asia Real Estate Tracker (12-Sep-2025): Vantage secures $1.6B investment; confirms Johor deal.
AUCTUS ON FRIDAY – 05/09/2025

MIT Report Claims 95% of GenAI Projects Fail. How Is This Possible?

By William Keating

Despite $30–40 billion in enterprise investment into GenAI, this report uncovers a surprising result in that 95% of organizations are getting zero return
While employees are likely using LLMs in a personal capacity, this mostly isn’t feeding into the KPI’s that are being used to monitor the success of GenAI projects
The harsh reality is that integrating GenAI tools into existing workflows is time consuming, needs careful planning and likely best done with help from the professionals.

How the diamond industry lost its sparkle

By Behind the Money

Lab-grown diamonds are becoming increasingly popular, posing a threat to the natural diamond industry
Companies like De Beers, a major player in the diamond mining sector, are facing challenges and potential sale due to the rise of lab-grown stones
China has been a key player in the synthetic diamond industry since the 1960s, initially focusing on industrial applications before expanding into jewelry-grade stones.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

By Singapore Market Roundup

UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.
OCBC raises Nanofilm’s fair value to 79 cents, but outlook is uncertain.
Maybank and DBS boost Sea Limited’s target prices due to Shopee and gaming growth.

Japan Strategy Weekly | Nikkei Surges to Record High

By Mark Chadwick

Japanese equities delivered exceptional performance this week, with the Nikkei 225 surging 4.1% to fresh record highs
Expect the BoJ to maintain the 0.5% policy rate Friday, with October remaining the earliest viable hike window
Geopolitical tensions remain elevated with Polish airspace incidents and Middle East complexities creating volatility catalysts; We remain +ve on JP equities given attractive valuations and Fed tailwinds

Asia Real Estate Tracker (12-Sep-2025): Vantage secures $1.6B investment; confirms Johor deal.

By Asia Real Estate Tracker

Vantage has raised $1.6 billion in funding from ADIA and GIC, enhancing its financial position.
The company has also finalized the acquisition of Yondr Johor, expanding its operational footprint.
Bain Capital sold its China data center for $3.9 billion, while UOL Group sold a Singapore mall for $292 million.

AUCTUS ON FRIDAY – 05/09/2025

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Firming-up the exploration portfolio in Austria – ADX has matured its Austrian exploration portfolio following: (1) recent drilling results, (2) licence area modifications, and (3) updated technical evaluations.
Excluding the Welchau-1 well drilled in 2024—where resource classification remains pending due to suspended flow testing (following an environmental objection)—ADX has delineated 24 drillable prospects across five distinct plays, with P50 prospective resources of ~247 bcf and 31 mmbbl (~72 mmboe).
The proportion of gas in the exploration portfolio (excluding Welchau-1) has increased from ~44% % to ~68% with OHO (15 mmboe) now estimated to hold gas rather than oil.

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Sep 13

Daily Brief United States: Legence, Lam Research, Western Digital, Tesla , Old Dominion Freight Line, Crude Oil, Oracle Corp, Gemini Space Station, United Parcel Service Cl B, GE HealthCare Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand
Lam Research Corporation: Advanced Packaging Technologies
Western Digital Corporation: Can They Build A Strong Competitive Positioning In The AI-Driven Economy?
Tesla’s New Megablock Could Kill The Power Grid As We Know It!
Old Dominion Freight Line: What Is The E-commerce & Supply Chain Impact On Its Near Term Business?
U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War
Oracle’s $300 Billion OpenAI Deal Sends It Skyward—But Can It Stick The Landing?
Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late
United Parcel Service (UPS) Shuts 74 Facilities—Is This A Necessary Move to Stay Profitable?
GE Healthcare’s Neurology Bet: Can The Icometrix Acquisition Unlock The Alzheimer’s Diagnosis Market?

Legence Corp. (LGN): Blackstone’s Legence (LGN) Stumbles at Open, Recovers on Buyer Demand

Legence sold 26 million shares at $28.00 apiece, in the upper half of the $25 to $29 range.
Shares opened below issue at $27.00, down 3.6% from the offer price, but buying interest built quickly. Within 30 minutes, the stock had crossed above issue and never looked back.
This type of steady aftermarket performance highlights clear institutional support, with buyers adding positions both below and above the issue price on day one.

Lam Research Corporation: Advanced Packaging Technologies

Lam Research Corporation’s recent financial performance and strategic direction offer a balanced picture of its current and future potential.
The company reported impressive results for its June 2025 quarter, with revenues and profitability reaching the upper end of guided ranges.
Significantly, gross margins exceeded 50% for the first time since the merger with Novellus, and earnings per share hit a new company high.

Western Digital Corporation: Can They Build A Strong Competitive Positioning In The AI-Driven Economy?

Western Digital Corporation reported strong fourth-quarter fiscal 2025 financial results, showcasing increased demand driven chiefly by the data center market, predominantly through hyperscale customers.
The company generated $2.6 billion in revenue, which constituted a 30% yearly increase, and achieved a non-GAAP gross margin of 41.3%.
This result was driven by the mix shift toward higher capacity drives and effective cost management.

Tesla’s New Megablock Could Kill The Power Grid As We Know It!

Tesla’s recent unveiling of its Megapack 3 and the all-new Megablock could mark a pivotal moment in its shift from being seen purely as a carmaker to a vertically integrated energy company.
While Tesla’s robotaxi launch and AI developments have dominated headlines, the energy division—specifically industrial battery storage—is quietly becoming a major pillar.
The Megablock is a fully integrated, utility-scale energy solution, reducing construction costs by 40% and installation times by 23%.

Old Dominion Freight Line: What Is The E-commerce & Supply Chain Impact On Its Near Term Business?

Old Dominion Freight Line’s recent financial performance reveals both challenges and opportunities.
Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.
This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.

U.S. Petrochemical Companies Gain Ground as European Firms Falter in U.S.-China Trade War

By Suhas Reddy

U.S. tariffs intensify strain on the petrochemical sector, shielding domestic producers while redirecting Chinese exports into Asia and leaving European firms most exposed.
Trade barriers amplify oversupply pressures, benefiting U.S.-centric petrochemical firms, granting Middle Eastern players new market share, and pushing Chinese exporters into low-margin Asian markets.
Global petrochemicals face a reset, exposing Europe’s vulnerabilities, capping Asian gains, and reinforcing domestic advantages for American producers.

Oracle’s $300 Billion OpenAI Deal Sends It Skyward—But Can It Stick The Landing?

Oracle Corporation has catapulted into the center of the artificial intelligence (AI) race with a landmark $300 billion cloud infrastructure deal with OpenAI, positioning itself as the new backbone of AI computing.
The agreement, which spans five years starting in 2027, is one of the largest cloud contracts in history and has already helped Oracle lock in a record $455 billion in remaining performance obligations (RPO).
This unprecedented backlog of contracted revenue reflects surging demand from major AI players including Meta, xAI, NVIDIA, and AMD.

Gemini Space Station, Inc. (GEMI): IPO Blasts Off With Retail Fuel, But Gravity Hits Late

Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.

United Parcel Service (UPS) Shuts 74 Facilities—Is This A Necessary Move to Stay Profitable?

United Parcel Service, Inc. (UPS) presented its financial results for the second quarter of 2025, highlighting several strategic and operational dynamics affecting the company.
The outcomes were shaped by complex macroeconomic factors, including shifting trade policies and evolving market demands.
In terms of financial performance, UPS reported consolidated revenue of $21.2 billion, with an operating profit of $1.9 billion and an operating margin of 8.8%.

GE Healthcare’s Neurology Bet: Can The Icometrix Acquisition Unlock The Alzheimer’s Diagnosis Market?

GE HealthCare has deepened its push into precision medicine with a strategic agreement to acquire icometrix, a Belgium-based firm specializing in AI-powered brain imaging analysis.
The deal, announced in September 2025, highlights GE HealthCare’s increasing commitment to neurological diagnostics and advanced clinical decision support tools.
Although the financial details remain undisclosed and the transaction is still subject to regulatory clearance, GEHC intends to fund the acquisition entirely with cash on hand.

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Sep 13

Daily Brief India: Kiri Industries, Infosys Ltd, Vadilal Industries, GMR Hyderabad International Airport and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Kiri’s $700 Million Exit From DyStar – What Next?
Infosys Buyback: Tax-Inefficient for Shareholders?
The Beat Ideas: Vadilal Industries – Will Professional Management Improve Operational Excellence?
Lucror Analytics – Morning Views Asia

Kiri’s $700 Million Exit From DyStar – What Next?

By Nimish Maheshwari

Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.
The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.
The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.

Infosys Buyback: Tax-Inefficient for Shareholders?

By Nitin Mangal

Infosys Ltd (INFO IN) made headlines in the market after approving share buyback worth INR 180 bn at INR 1800 per share.
The buyback is the largest in company’s history and represents 2.4% of the paid up capital.
However, from the shareholders lens, the buyback would be tax-inefficient, after the regulatory changes which came in effect from Oct 2024.

The Beat Ideas: Vadilal Industries – Will Professional Management Improve Operational Excellence?

By Sudarshan Bhandari

Appointment of a digital-savvy CEO and professionalized board strengthens management, positioning Vadilal for sustained growth and corporate transformation.
Robust distribution, innovative production, and premium parlours drive competitive edge and market leadership.
Resolution of internal family disputes and promoter group merger streamlines operations, though potential dilution could affect minority shareholders.

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: GMR Hyderabad, SK Hynix
Long-end UST yields fell yesterday, on the back of a solid auction for 30Y notes. In addition, market expectations for Fed rate cuts were firm, following the in-line core CPI data and higher than expected jobless claims.
The UST curve bull flattened, with the yield on the 2Y UST stable at 3.54%, while that on the 10Y UST declined 2 bps to 4.02%. Equities continued to rally, with the S&P 500 and Nasdaq up 0.8% and 0.7%, respectively.

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Sep 13

Daily Brief China: Changhong Jiahua Holdings, Iron Ore, TAL Education, Hang Seng Index and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer
[IO Technicals 2025/37] Bullish Rally Flickers Out
TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?
Hang Seng Index (HSI) Profit Targets: Has The Rally Topped?

Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer

Changhong Jiahua Holdings (3991 HK) (CJ), which is principally engaged in the distribution of consumer electronic products, is suspended pursuant to the Takeovers Code.
Sichuan Changhong Electric Co, Ltd. (600839 CH) holds ~60.13% of the shares outstanding. And 100% of the preference shares (76.7% of shares out).
This week, a final judgement, concerning monies owed, was ruled in CJ’s favour. The sum involved is ~30% of CJ’s market cap.

[IO Technicals 2025/37] Bullish Rally Flickers Out

By Umang Agrawal

Supply jitters and China’s steel rebound lifted prices, as Rio faces local refining pressure and Brazil fire fears linger.
Managed money participants are rebuilding bullish bets, lifting net longs and open interest, signalling revived demand and expectations of further gains.
Prices pulled back after hitting the upper Bollinger band, hinting at profit-taking as traders watch the basis band for support.

TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?

TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.
The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.
Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.

Hang Seng Index (HSI) Profit Targets: Has The Rally Topped?

By Nico Rosti

The Hang Seng Index (HSI INDEX) has been rallying +37% since its plunge to 19260 on April 7th. It is +6% higher than its previous high in mid-March.
The sentiment towards the index remains positive lately, and our model indicates the HSI is a bit overbought but could go higher.
The HSI INDEX starts to be toppish around 26874 (75% prob. of reversal). Covering past that point is not a bad idea, especially if the index is up 3-4 weeks.

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

Sep 13

Daily Brief Event-Driven: Kiri’s $700 Million Exit From DyStar – What Next? and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Kiri’s $700 Million Exit From DyStar – What Next?
Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer
Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow
Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?
Special Situations: Forian’s Potential Higher Offer, Lifeway Foods Resolution, and Currency Exchange’s Q3 Results

Kiri’s $700 Million Exit From DyStar – What Next?

By Nimish Maheshwari

Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.
The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.
The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.

Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer