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Smartkarma Daily Briefs

Sep 06
0

Daily Brief Australia: Peak Rare Earths, Pro Medicus Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final
  • Promedicus (PME.AU) – Friday, Jun 6, 2025

Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final

By David Blennerhassett

  • On the 15th May, Peak Rare Earths (PEK AU) entered into a non-binding Offer, by way of a Scheme, with Shenghe Resources (600392 CH) @A$0.389/share, a punchy 199% to undisturbed.
  • Shenghe holds 19.86% in Peak, and has offtake rights to 100% of the rare earth production from the 84%-held Ngualla project in Tanzania. 
  • The Scheme Booklet was registered with ASIC on the 11th August with a 16th September Scheme Meeting. Shenghe has now bumped terms to A$0.443. Declared final. Scheme Meeting remains unchanged. 

Promedicus (PME.AU) – Friday, Jun 6, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Pro Medicus is known for its Visage PACS software, which outperforms legacy systems from major OEMs.
  • The company’s market potential is limited due to annual contract values of $1-4 million and financial pressures on hospitals.
  • Strong competitors like Sectra and potential enhancements from Epic pose threats to Pro Medicus’s market position.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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Sep 06
0

Daily Brief Event-Driven: [Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25) and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • [Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25), TSE Presents Interesting Feedback
  • Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final
  • Merger and Acquisition Updates: TaskUs, scPharmaceuticals, Apiam, Plymouth, Mayne Pharma, Banxa, and DallasNews
  • A Block Deal Sale of 1.4 Trillion Won of Hanwha Ocean Shares by Hanwha Impact Partners
  • POSCO: Reviewing a Potential M&A of HMM

[Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25), TSE Presents Interesting Feedback

By Travis Lundy

  • TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
  • 216 new CGRs filed in Aug-2025 (after 783 in July, 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input name, see changes.
  • The JPX Council of Experts met on 2 Sep (and 9 July before that). The parent-sub changes are slow to come. 2 Sep docs may be worth reading in parts.

Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final

By David Blennerhassett

  • On the 15th May, Peak Rare Earths (PEK AU) entered into a non-binding Offer, by way of a Scheme, with Shenghe Resources (600392 CH) @A$0.389/share, a punchy 199% to undisturbed.
  • Shenghe holds 19.86% in Peak, and has offtake rights to 100% of the rare earth production from the 84%-held Ngualla project in Tanzania. 
  • The Scheme Booklet was registered with ASIC on the 11th August with a 16th September Scheme Meeting. Shenghe has now bumped terms to A$0.443. Declared final. Scheme Meeting remains unchanged. 

Merger and Acquisition Updates: TaskUs, scPharmaceuticals, Apiam, Plymouth, Mayne Pharma, Banxa, and DallasNews

By Special Situation Investments

  • TaskUs privatization bid at $16.50/share faces opposition; market anticipates improved offer before September 10 shareholder vote.
  • Apiam Animal Health receives A$0.88/share takeover offer; largest shareholder supports, board likely to recommend upon binding agreement.
  • Banxa shareholders approve OSL Group acquisition; regulatory consents pending, closing expected Q4’25–Q1’26, spread at 21%.

A Block Deal Sale of 1.4 Trillion Won of Hanwha Ocean Shares by Hanwha Impact Partners

By Douglas Kim

  • Hanwha Impact Partners sold 1.4 trillion won worth of Hanwha Ocean shares in a block deal sale. 
  • Hanwha Ocean’s share price closed down at 5.4% to 112,500 won on the KRX exchange today but still 5% higher than block deal price of 107,100 won. 
  • We believe that this block deal sale of 1.4 trillion won worth of Hanwha Ocean is likely to have a near-term negative impact on Hanwha Ocean’s stock price.

POSCO: Reviewing a Potential M&A of HMM

By Douglas Kim

  • The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).
  • Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&A deal.
  • Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.

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Sep 06
0

Daily Brief Singapore: Info-Tech Systems, SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Transforming SME Digitization
  • India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting

Transforming SME Digitization

By GEMS Research – Aletheia Capital

  • We initiate coverage on Info Tech Systems (Info Tech) with a Buy recommendation and a DCF-based target price of SGD 1.17 (33% potential upside).
  • Info Tech should generate revenue CAGR of 6.2% in FY25-28 and is likely to generate SGD 18 mn in EBITDA in FY25.
  • Info Tech runs a Singapore-based SaaS business targeted at SMEs.

India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting

By Vinod Nedumudy

  • SR demand in FY 2025 surges 9.3%, outpacing 6.1% rise in output  
  • Imports rise nearly 17% YoY to 413,627 tons in FY 2024-25  
  • Reclaimed Rubber consumption up 8.55% to 167,500 tons  

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Sep 06
0

Daily Brief South Korea: Gemvax & Kael, Hanwha Ocean , POSCO Holdings, SK Hynix and more

By | Daily Briefs, South Korea

In today’s briefing:

  • KRX September Sector Index Review Finalized: Passive Impact Read
  • A Block Deal Sale of 1.4 Trillion Won of Hanwha Ocean Shares by Hanwha Impact Partners
  • POSCO: Reviewing a Potential M&A of HMM
  • Lucror Analytics – Morning Views Asia

KRX September Sector Index Review Finalized: Passive Impact Read

By Sanghyun Park

  • KRX dropped its September sector rejig post-close: only Semis (₩0.96T), Autos (₩0.51T), and Healthcare (₩0.31T) matter. Lineup below.
  • AUM-Wise, Semis was key. September TMI reshuffle saw light additions, heavy deletions; otherwise, results largely matched earlier forecasts.
  • TMI reshuffle flew under the radar with little pre-positioning; ETF rebalances next Thursday could trigger notable price moves — consider long/short baskets on high-impact names.

A Block Deal Sale of 1.4 Trillion Won of Hanwha Ocean Shares by Hanwha Impact Partners

By Douglas Kim

  • Hanwha Impact Partners sold 1.4 trillion won worth of Hanwha Ocean shares in a block deal sale. 
  • Hanwha Ocean’s share price closed down at 5.4% to 112,500 won on the KRX exchange today but still 5% higher than block deal price of 107,100 won. 
  • We believe that this block deal sale of 1.4 trillion won worth of Hanwha Ocean is likely to have a near-term negative impact on Hanwha Ocean’s stock price.

POSCO: Reviewing a Potential M&A of HMM

By Douglas Kim

  • The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).
  • Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&A deal.
  • Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: SK Hynix
  • UST yields declined 3-6 bps yesterday, on the back of the weak ADP employment and initial jobless claims data, despite improvement in the ISM services index. The yield on the 2Y UST fell 3 bps to 3.59%, while the 10Y UST was down 6 bps at 4.16%. Equities rallied on the prospect of impending Fed rate cuts.
  • The S&P 500 rose 0.8% to a new record high of 6,502, while Nasdaq climbed 1.0% to 21,708. The market focus for today should be on the US August nonfarm payrolls.

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Sep 06
0

Daily Brief Japan: MS&AD Insurance, Pan Pacific International Holdings, Minebea Mitsumi, Sumitomo Corp, TSE Tokyo Price Index TOPIX, Japan Business Systems , D.Western Therapeutics Institute Inc. and more

By | Daily Briefs, Japan

In today’s briefing:

  • [Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25), TSE Presents Interesting Feedback
  • Donki’s PPI Aims for Market Leadership with 550 More Stores
  • Minebea Mitsumi (6479 JP): Capital Discipline Over Reach — But at What Cost?
  • Sumitomo Corp (8053 JP) – Air Lease Deal Creates Global No. 2 in Aircraft Leasing
  • Do Managers Who Give Small Amounts of Shareholder Return to Have Other Objectives?
  • Q3 Follow-Up – Japan Business Systems (5036 JP) – September 5, 2025
  • Q2 Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP) – September 4, 2025

[Japan CorpGov] TSE “Mgmt Conscious” Reports (Sep25), TSE Presents Interesting Feedback

By Travis Lundy

  • TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
  • 216 new CGRs filed in Aug-2025 (after 783 in July, 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input name, see changes.
  • The JPX Council of Experts met on 2 Sep (and 9 July before that). The parent-sub changes are slow to come. 2 Sep docs may be worth reading in parts.

Donki’s PPI Aims for Market Leadership with 550 More Stores

By Michael Causton

  • Having lost out to Trial in acquiring Seiyu, PPI’s new president last month announced an aggressive new strategy. 
  • PPI will hugely expand through a roll out of a completely new chain of up to 300 supermarkets and the addition of 250 more Don Quijote stores.
  • Don Quijote continues to outperform thanks to strong support from both locals looking for cheaper essentials and inbound tourists, as well as improving performance abroad.

Minebea Mitsumi (6479 JP): Capital Discipline Over Reach — But at What Cost?

By Rahul Jain

  • Minebea bid ¥6,200/share for Shibaura, but Yageo countered at ¥7,130/share (~¥90–95bn), now cleared by regulators.
  • Yageo’s FEFTA approval removes Minebea’s “certainty” advantage, leaving its lower bid exposed.
  • Unless Minebea revises above its self-declared ceiling, Shibaura’s ~13% global thermistor share likely shifts to Yageo.

Sumitomo Corp (8053 JP) – Air Lease Deal Creates Global No. 2 in Aircraft Leasing

By Rahul Jain

  • Sumitomo Corporation will acquire Air Lease Corporation for US $7.4B (EV US $28.2B), creating Sumisho Air Lease, the world’s second-largest lessor.
  • The deal strengthens Sumitomo’s Transportation & Construction Systems unit, boosting scale and recurring revenues.
  • Longer term, it positions Sumitomo to capture growth in the US $200+ billion aircraft leasing market, diversifying away from resource dependence.

Do Managers Who Give Small Amounts of Shareholder Return to Have Other Objectives?

By Aki Matsumoto

  • If large companies that posted conservative outlook for FY3/2026 revise their guidance upwards amid weakening of Japanese Yen, there is an expectation that the decline in ROE will be smaller.
  • More companies are strengthening shareholder returns, but a few companies can maintain high enough ROE to create value by hiring large higher shareholder returns to have impact on ROE. 
  • In order to raise ROE to a level that creates value, it is necessary to make investments and shareholder returns to have much impact on ROE.

Q3 Follow-Up – Japan Business Systems (5036 JP) – September 5, 2025

By Sessa Investment Research

  • On the back of brisk 1H performance and strong profit recovery led by Cloud Integration Business including NEXTSCAPE, JBS revised up full-term consolidated net sales by 10.0% to +17.1% YoY, OP by 31.6% to +63.3% YoY (OPM from 3.8% → 4.5%), and profit attributable to owners of parent by 35.1% to +230.1% YoY.
  • In addition to management successfully turning around profitability of Cloud Integration Business, this also reflects the underlying strong business environment from ongoing demand for DX investment in the cloud, AI and security.
  • Strong results momentum continued in Q3, as can be seen from the teal-colored bars in the two graphs below representing the quarterly trend of FY25/9 consolidated net sales and OP. 

Q2 Follow-Up – D. Western Therapeutics Institute (DWTI) (4576 JP) – September 4, 2025

By Sessa Investment Research

  • SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last year.
  • Key advances included: 1) publishing favorable topline results of in-house developed glaucoma treatment [H- 1337] Phase IIb US trials (strong prospects as “first choice as a second-line drug”),
  • 2) commenced joint development Japan Phase II clinical trials of regenerative cell therapy [DWR-2206] with ActualEyes, and successfully completed all transplants…

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Sep 06
0

Daily Brief Macro: HEW: Pauses On And Off and more

By | Daily Briefs, Macro

In today’s briefing:

  • HEW: Pauses On And Off
  • Navigating the shifting tides of Asia’s gasoline market
  • [IO Technicals 2025/36] Overextended Rally Faces Reality Check
  • India Politics: Strategic Quagmire in the Post-Pax Americana
  • India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting
  • Everything is a bit Brown
  • CX Daily: Legal Professionals See a Case for AI, but It’s Not Ironclad
  • Friday Take Away: 29 August 2025

HEW: Pauses On And Off

By Phil Rush

  • Another disappointing payroll release provides the fundamental cover needed for the Fed to end its pause with a rate cut on 17 September without being too political.
  • The BoE is starting its own pause, and if it goes a quarter without cutting, historically, it’s not resumed the cycle. Its DMP survey confirmed inflation’s persistent problem.
  • Another upside inflation surprise seems set to keep the ECB on hold amid record low unemployment. We also expect it to preserve its view that policy is in a good place.

Navigating the shifting tides of Asia’s gasoline market

By Commodities Focus

  • Asian gasoline market saw strengthening in mid August, with cracks rebounding to around $10 per barrel
  • Demand for non oxygenated low sulphur blend stocks increasing, driven by policy changes in Australia and the Middle East
  • Malaysia’s subsidy increase for 95 RON gasoline impacting interron spreads and market volatility, potential challenges in transitioning to Eurofi standard gasoline by 2027

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

[IO Technicals 2025/36] Overextended Rally Faces Reality Check

By Umang Agrawal

  • Chinese mills eye production restart, boosting iron ore demand, but bloated construction steel inventories threaten to cap price gains.
  • Managed money participants increased net long exposure to 134.9k lots last week, with overall futures and options open interest slipping by 11.2%.
  • Bullish MA crossover drove prices above short-term averages. However, prices pressing the upper Bollinger band suggest overextension and heightened risk of a near-term pullback.

India Politics: Strategic Quagmire in the Post-Pax Americana

By Manu Bhaskaran

  • Trump’s tariff threats against India have left the latter exposed vis-à-vis the world’s major powers. New Delhi’s geostrategic position is arguably the worst it has been in decades. 
  • While it traditionally relied on hedging relationships between Washington, Moscow, and Beijing, ties with the two have become less reliable even as tensions with the third persist. 
  • New Delhi’s influence in the South Asian subcontinent has also eroded, and neighbouring countries are increasingly tilting towards Beijing or adopting more neutral postures.

India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting

By Vinod Nedumudy

  • SR demand in FY 2025 surges 9.3%, outpacing 6.1% rise in output  
  • Imports rise nearly 17% YoY to 413,627 tons in FY 2024-25  
  • Reclaimed Rubber consumption up 8.55% to 167,500 tons  

Everything is a bit Brown

By Mark Tinker

  • We often talk of people wanting things to be Black and White and being disconcerted when they realise that they are in fact always Grey, but we would extend that metaphor to the full colour spectrum.
  • We want things to be clear and bright and in vivid colour, but in fact everything is, well, basically a bit brown, the colour you get when all the other paints are mixed together and thus, to us at least, it represents the current and pervading sense of muddle and confusion.
  • Politically, we see Red socialists embracing Green issues as their central policy, while Greens are pursuing Red Marxism (the author James Delingpole wrote a great book about this called ‘Watermelons’ as in Green on the outside, Red on the inside. But we would just merge the two colours and get brown.)

CX Daily: Legal Professionals See a Case for AI, but It’s Not Ironclad

By Caixin Global

  • AI /In Depth: Legal Professionals See a Case for AI, but It’s Not Ironclad
  • Malaysia /: Trade Minister Touts Malaysia’s Advantages as a Chip Investment Destination
  • Vietnam /: Chinese Firms Shift Gears in Vietnam — From Factory Floors to Storefronts

Friday Take Away: 29 August 2025

By Hybridan

  • Following the £2m fund raise on 4 July 2025 at 0.3p, it’s been a busy two months.
  • The announcements in August include a paid contract extension with a global partner, an update on licensing opportunities, and a new Biomarker Discovery service launch.
  • Aptamer is a life science Company developing customised affinity binders through its proprietary Optimer platform which enables clients to take new approaches in therapeutics, diagnostics, and research applications. 

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Sep 06
0

Daily Brief United States: scPharmaceuticals Inc, Axon Enterprise , Crude Oil, Gold, Autodesk Inc, Dick’s Sporting Goods, Affirm Holdings , Klarna Group, Aon , Crowdstrike Holdings and more

By | Daily Briefs, United States

In today’s briefing:

  • Merger and Acquisition Updates: TaskUs, scPharmaceuticals, Apiam, Plymouth, Mayne Pharma, Banxa, and DallasNews
  • Dialogue. Axon & Coupang Update, Outperforming Expectations, Drones, New Markets, Taiwan & Cloud
  • Navigating the shifting tides of Asia’s gasoline market
  • GOLD Outlook: Still a Good Time to BUY? Or Too Late?
  • Autodesk Is Looking To Reinvent Online Sales—Can Direct Channels Unlock New Avenues For Growth?
  • DICK’S Sporting Goods: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!
  • Affirm Holdings: Strategic PSP
  • Klarna IPO (KLAR US) – Underwhelming Valuations Against Key Comparables
  • Aon Just Offloaded $2.7 Billion In Assets—Is A Buyout Next?
  • CrowdStrike: Expansion in Identity Protection Market

Merger and Acquisition Updates: TaskUs, scPharmaceuticals, Apiam, Plymouth, Mayne Pharma, Banxa, and DallasNews

By Special Situation Investments

  • TaskUs privatization bid at $16.50/share faces opposition; market anticipates improved offer before September 10 shareholder vote.
  • Apiam Animal Health receives A$0.88/share takeover offer; largest shareholder supports, board likely to recommend upon binding agreement.
  • Banxa shareholders approve OSL Group acquisition; regulatory consents pending, closing expected Q4’25–Q1’26, spread at 21%.

Dialogue. Axon & Coupang Update, Outperforming Expectations, Drones, New Markets, Taiwan & Cloud

By The Synopsis

  • Axon reported strong Q2 earnings with 30% year-over-year growth and strong performance in both connected devices and software segments
  • The company has been exceeding growth expectations, with 14 consecutive quarters of over 25% growth and 6 consecutive quarters of over 30% growth
  • Axon has been focusing on leveraging AI technology to improve efficiency for police officers and drive growth in their software and services segment

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

Navigating the shifting tides of Asia’s gasoline market

By Commodities Focus

  • Asian gasoline market saw strengthening in mid August, with cracks rebounding to around $10 per barrel
  • Demand for non oxygenated low sulphur blend stocks increasing, driven by policy changes in Australia and the Middle East
  • Malaysia’s subsidy increase for 95 RON gasoline impacting interron spreads and market volatility, potential challenges in transitioning to Eurofi standard gasoline by 2027

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

GOLD Outlook: Still a Good Time to BUY? Or Too Late?

By Nico Rosti

  • Gold (GOLD COMDTY) has been flat since April but started to take off after mid-August.
  • Question: from a purely tactical perspective, is it still a good time to buy Gold? The precious metal is massively overbought at the moment, according to our model.
  • Our tactical forecast: Gold (GOLD COMDTY)could go a bit higher, but it is so overbought that the short-term upside is probably limited. 

Autodesk Is Looking To Reinvent Online Sales—Can Direct Channels Unlock New Avenues For Growth?

By Baptista Research

  • Autodesk, a prominent player in the design and make software space, has demonstrated robust second-quarter performance for fiscal year 2026.
  • The company exceeded expectations across several key financial metrics, including revenue, non-GAAP earnings per share, billings, non-GAAP operating margin, and free cash flow.
  • Consequently, Autodesk has raised its guidance for the entire fiscal year, highlighting its optimistic outlook despite an uncertain geopolitical, macroeconomic, and policy environment.

DICK’S Sporting Goods: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!

By Baptista Research

  • DICK’S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales, supported by growth in average ticket size and transactions.
  • This builds upon the company’s past success, including a 4.5% comp increase in the previous year and a 2% increase in 2023.
  • One of the notable highlights was the expansion of gross margins by over 30 basis points, underscoring effective inventory and pricing strategies.

Affirm Holdings: Strategic PSP

By Baptista Research

  • Affirm Holdings, Inc. delivered a robust performance in its fourth quarter of fiscal 2025, marking significant progress in several key areas.
  • The company reported a record in key metrics, despite it not being the traditional peak quarter, indicating strong business momentum.
  • Affirm’s growth is attributed to its continued focus on underwriting precision and consumer engagement, alongside significant contributions from its 0% APR products that are effectively attracting new customers and encouraging repeat usage.

Klarna IPO (KLAR US) – Underwhelming Valuations Against Key Comparables

By Victor Galliano

  • Klarna shares are set to start NYSE trading on 10 September; the issue price range implies a market capitalisation of USD12.8bn to USD13.6bn; we believe that its valuation looks underwhelming
  • The Klarna IPO valuation versus its peers does, however, show Affirm’s very stretched valuation and we downgrade it to a sell; we upgrade Kakao Pay to a neutral from sell
  • We keep PagSeguro, PayPal and Nexi on the buy list for their value credentials; we believe that PayPal is also the best value of the major BNPL players

Aon Just Offloaded $2.7 Billion In Assets—Is A Buyout Next?

By Baptista Research

  • Aon plc, a global leader in insurance brokerage and consulting services, is undergoing strategic realignment that has reignited acquisition speculation.
  • On September 3, 2025, the company confirmed it would divest the majority of its NFP wealth businesses—namely Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth—to private equity firm Madison Dearborn Partners for approximately $2.7 billion.
  • The transaction, expected to close in late Q4, will yield around $2.2 billion in after-tax proceeds and remove $127 million in trailing twelve-month EBITDA from Aon’s books.

CrowdStrike: Expansion in Identity Protection Market

By Baptista Research

  • CrowdStrike Holdings, Inc. presented its fiscal second-quarter 2026 results, highlighting several positive outcomes and some challenges.
  • Key highlights included a robust quarter marked by record Q2 net new Annual Recurring Revenue (ARR) of $221 million, ending ARR of $4.66 billion, and record operating income of $255 million.
  • The company’s total revenue grew by 21% year-over-year, reaching $1.17 billion, exceeding expectations.

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Sep 06
0

Daily Brief China: Alibaba, Xiaomi, Hang Seng Index, Iron Ore and more

By | China, Daily Briefs

In today’s briefing:

  • Alibaba’s AI Chip Leap: A Threat To Nvidia’s China Dominance?
  • [Xiaomi Inc. (1810 HK, BUY, TP HK$61) TP Change]: C2Q25 Review: Getting into the Brand Expansion Era
  • Hong Kong Single Stock Options Weekly (Sep 01–05): Option Activity Eases, Speculation In Focus
  • [Alibaba (BABA US, BUY, TP US$181) Target Price Change]: C2Q25 Review: Who Will Rescue Meituan?
  • [IO Technicals 2025/36] Overextended Rally Faces Reality Check

Alibaba’s AI Chip Leap: A Threat To Nvidia’s China Dominance?

By Baptista Research

  • As geopolitical pressures and regulatory hurdles continue to stifle Nvidia’s ability to deliver its most powerful AI processors to Chinese buyers, Alibaba Group Holding Ltd. is rapidly stepping in to fill the void.
  • The Chinese tech conglomerate has developed a new AI chip that is both more versatile and domestically manufactured—breaking its prior dependency on Taiwan Semiconductor Manufacturing.
  • This new chip, tailored for a broad range of AI inference tasks, is currently in testing and could offer Chinese enterprises a viable alternative to Nvidia’s downgraded H20 processor, which was specifically built for the Chinese market under export restrictions.

[Xiaomi Inc. (1810 HK, BUY, TP HK$61) TP Change]: C2Q25 Review: Getting into the Brand Expansion Era

By Eric Wen

  • Xiaomi reported C2Q25 top line, non-IFRS operating profit and IFRS net income (2.3%), (0.5%) and 41% vs. our estimates, and in-line, (14%) and 31% vs. consensus. 
  • Xiaomi’s growth strategy is to replicate its brand success from smartphones to appliances and EV’s and from China to the rest of the world. 
  • We raise TP from HK$56 to 61 and place Xiaomi into TOP BUY list.

Hong Kong Single Stock Options Weekly (Sep 01–05): Option Activity Eases, Speculation In Focus

By John Ley

  • Market breadth remained weak as option activity slowed and speculation concerns lingered around speculative trading.
  • Option demand cooled, led by waning interest in Calls, while heavyweights in Consumer Discretionary kept overall volumes supported.
  • Trading momentum slowed, but sector heavyweights maintained dominance, with implied vols drifting lower across much of the market.

[Alibaba (BABA US, BUY, TP US$181) Target Price Change]: C2Q25 Review: Who Will Rescue Meituan?

By Eric Wen

  • Alibaba (BABA) reported C2Q25 top line, non-GAAP op. profit and GAAP net income (4.3%), (10%) and 7.7% vs. our est. and (2.2%), 20% and 9.5% vs. cons.. 
  • As stated in our previous reports, we believe O2O e-commerce will constitute ~20% of China’s e-commerce and BABA will capture ~50%. 
  • We maintain BABA’s TOP BUY classification and raise TP to US$181

[IO Technicals 2025/36] Overextended Rally Faces Reality Check

By Umang Agrawal

  • Chinese mills eye production restart, boosting iron ore demand, but bloated construction steel inventories threaten to cap price gains.
  • Managed money participants increased net long exposure to 134.9k lots last week, with overall futures and options open interest slipping by 11.2%.
  • Bullish MA crossover drove prices above short-term averages. However, prices pressing the upper Bollinger band suggest overextension and heightened risk of a near-term pullback.

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Sep 06
0

Daily Brief India: Urban Company, JTEKT India, SGX Rubber Future TSR20, Apollo Hospitals Enterprise and more

By | Daily Briefs, India

In today’s briefing:

  • Urban Company IPO – Hyperlocal SME Services Increases Disintermediation Risk
  • Business Breakdown: JTEKT India – Can Maruti EV Accelerate a Structural Rerating?
  • India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting
  • Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

Urban Company IPO – Hyperlocal SME Services Increases Disintermediation Risk

By Sumeet Singh

  • Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO. 
  • UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
  • In this note, we look at the company’s past performance.

Business Breakdown: JTEKT India – Can Maruti EV Accelerate a Structural Rerating?

By Sudarshan Bhandari

  • JTEKT India outpaced industry growth in FY25 with CVJ commercialization and a 100% system supplier role for Maruti’s upcoming EV. 
  • Strong OEM stickiness and global hub positioning provide revenue visibility, but heavy capex and margin compression weigh on near-term returns. 
  • Growth remains structurally intact, but the story shifts to a transition phase, earnings quality and capital efficiency will stay constrained until FY27.

India Synthetic Rubber Demand On Import Leash As Tariffs Begin Biting

By Vinod Nedumudy

  • SR demand in FY 2025 surges 9.3%, outpacing 6.1% rise in output  
  • Imports rise nearly 17% YoY to 413,627 tons in FY 2024-25  
  • Reclaimed Rubber consumption up 8.55% to 167,500 tons  

Apollo Hospitals (APHS IN): Starts FY26 on Strong Footing; Eyes Double-Digit Revenue Growth for FY26

By Tina Banerjee

  • Apollo Hospitals Enterprise (APHS IN) delivered robust performance in Q1FY26, with double-digit revenue growth across all three business verticals and continuous margin expansion.
  • Hospital business revenue grew 11% YoY to INR29B, driven by inpatient volume (+3%) and favorable price and case mix (+8%). Margin improvement continued, with EBITDA margin expanding 88bps to 24.5%.
  • Apollo anticipates continued double digit revenue growth for FY26, underpinned by strong performance of the existing hospitals and new hospital openings.

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Sep 05
0

Daily Brief Energy/Materials: CRH , SK Innovation, Gold, Saudi Aramco, BHP Group Ltd, ThyssenKrupp AG, DuPont, Santacruz Silver Mining, Shell PLC and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • [Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions
  • Tracing Korea’s Flow Dynamics: Short-Term Sector Rotation Plays
  • VanEck GDX Benchmark Switch: Implications for Zijin and Amman
  • Aramco Under Pressure as OPEC-Plus Is Set to Roll the Dice on Supply
  • BHP Group: Strategic Commodity Selection & Portfolio Reshaping Be A Breakthrough Move?
  • Thyssenkrupp Is Reshaping Its Steel Future With 11,000 Job Cuts; What’s The Expected Margin Impact?
  • Dupont de Nemours Strips Down Again—Kevlar & Nomex Sold In $1.8 Billion Shock Deal!
  • SCZ: Satisfies Acceleration Option for Bolivian Assets
  • What’s New(s) in Amsterdam – 4 September (Shell | Unilever | Fugro)

[Quiddity Index] S&P500/600 Sep25 Rebal: Final Predictions

By Travis Lundy

  • The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • The rankings used for the September 2025 index rebal event will be based on yesterday’s (3rd September 2025) opening prices. The announcement will be made after the close on Friday.
  • In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&A events which affect the index the next two quarters).

Tracing Korea’s Flow Dynamics: Short-Term Sector Rotation Plays

By Sanghyun Park

  • Korea’s seeing classic sector rotation: H1 hot money is exiting shipbuilding and defense ETFs, with 7% of AUM out in a week, as traders hunt the next wave of flows.
  • Short-Term plays focus on two angles: policy-driven sectors like retail/dividends, and less-run names. Secondary batteries lead flows, topping local sector ETF net inflows lately.
  • Sector rotation trades focus on Sept 11 rebalances: TIGER Secondary Battery TOP 10 and KRX Semis. Long-short setups on top names plus rotation flows could spark notable price moves.

VanEck GDX Benchmark Switch: Implications for Zijin and Amman

By Rahul Jain

  • What is Happening: VanEck shifts GDX’s US$19.5bn benchmark to MVGDX on 19 Sept 2025, cutting constituents from ~62 to 44 with stricter purity and liquidity rules.
  • Impact: Estimated US$10bn turnover; Zijin excluded, Pan American added, Amman included short-term but copper-driven revenue mix riks future exclusion under MVGDX’s ≥50% threshold.
  • What to Do: Fade Zijin’s mechanical exclusion, stay cautious on Amman, and rotate into high-purity beneficiaries (Agnico Eagle, Pan American Silver, Shandong Gold) likely to gain weight.

Aramco Under Pressure as OPEC-Plus Is Set to Roll the Dice on Supply

By Suhas Reddy

  • OPEC+’s accelerated supply rollback put Aramco’s earnings and dividend policy under pressure, forcing the oil giant into debt financing despite its unmatched low-cost advantage.
  • With subdued Brent prices, Aramco’s cash flow has weakened, making its government-linked dividends increasingly reliant on borrowing amid volatile market conditions.
  • Saudi Arabia’s supply gamble boosts long-term dominance but leaves Aramco exposed to near-term financial strain, as market outcomes hinge on OPEC+’s 07/Sep decision.

BHP Group: Strategic Commodity Selection & Portfolio Reshaping Be A Breakthrough Move?

By Baptista Research

  • BHP Group Limited has showcased a complex array of performance metrics and strategic adjustments in its fiscal year 2025 results, revealing both strengths and challenges.
  • The company has delivered robust operational performance, achieving record production in key sectors such as iron ore and copper, which underscores BHP’s operational excellence and the competitiveness of its assets.
  • Notably, BHP’s margins remain healthy with an EBITDA margin of 53%, suggesting that the company maintains a competitive edge despite a 10% decline due to commodity prices.

Thyssenkrupp Is Reshaping Its Steel Future With 11,000 Job Cuts; What’s The Expected Margin Impact?

By Baptista Research

  • Thyssenkrupp’s recent financial performance and strategic progress provide a mixed outlook for investors.
  • The company is undergoing significant transformation, focusing on becoming a strategic holding entity with independently managed business segments.
  • A key element of this transformation is the planned spin-off of thyssenkrupp Marine Systems in 2025, which is on track and backed by strong shareholder support.

Dupont de Nemours Strips Down Again—Kevlar & Nomex Sold In $1.8 Billion Shock Deal!

By Baptista Research

  • DuPont has agreed to divest its iconic Kevlar and Nomex Aramids business to Arclin, a specialty materials firm backed by private equity group TJC, in a $1.8 billion transaction.
  • The deal structure includes approximately $1.2 billion in cash, a $300 million note receivable, and a $325 million non-controlling stake in Arclin, giving DuPont a 17.5% ownership interest.
  • The transaction is part of DuPont’s broader corporate transformation strategy that includes streamlining operations and focusing on core growth areas such as electronics, healthcare, and water.

SCZ: Satisfies Acceleration Option for Bolivian Assets

By Atrium Research

  • Santacruz announced the successful completion of the fourth and fifth payments ($15M), including the final installment, to Glencore.
  • This marks the satisfaction of the $40M Acceleration Option to complete the acquisition of the Company’s Bolivian assets.
  • With these payments behind it, SCZ is well-positioned to allocate cash toward growth initiatives, M&A, and returning capital to shareholders, building on its proven success with the Bolivian portfolio acquisition.

What’s New(s) in Amsterdam – 4 September (Shell | Unilever | Fugro)

By The IDEA!

  • In this edition: • Shell | decided not to resume construction of its biofuels facility in Rotterdam • Unilever | plans major shake-up of top-200 management • Fugro | awarded two contracts to support Brazil’s offshore energy expansion

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