Smartkarma Daily Briefs

On the 15th July, Geely Auto (175 HK), China’s second-largest carmaker, firmed a cash or scrip Offer for 62.8%-held ZEEKR (ZK US), a premium Chinese electric vehicle manufacturer
ZEEKR has traded through the cash terms US$26.87/ADS from the onset; but at a discount to the scrip terms. The scrip spread has widened recently.
The Offer is low-balled. However, Geely’s stake plus Li Shufu (founder)’s 10.61% holdings push the Offer through. Geely’s EGM is this Friday (7th July). Li (41.34%) is required to abstain.

Hesai Group H Share Listing: The Investment Case

By Arun George

Hesai Group (HSAI US), a global leader in LiDAR solutions, is seeking to raise US$300 million through an H Share listing.
On 9 February 2023, Hesai listed on the Nasdaq, raising US$190 million at US$19.00 per ADS.
The investment case is based on a solid competitive positioning, high growth, emerging profitability, declining cash burn, and a reasonable valuation.

Klarna Group (KLAR): Commerce Provider Seeks $14b IPO Valuation After Lengthy Delay

Klarna will offer 34.3 million shares at $35-$37 and is scheduled to debut on Wednesday (9/10).
Total revenue for the six months ended June 30, 2025 increased by $199 million, or 15% (17% on a like-for-like basis), compared to the six months ended June 30, 2024.
A “buy-now, pay-later” competitor, Affirm Holdings (AFRM US), has been trading extremely well since April.

S&P500 September 2025 Final Forecast: HOOD, EME & 50/50 on MSTR/APP

By Dimitris Ioannidis

Robinhood Markets (HOOD US) and Emcor Group Inc (EME US) are the main candidates for addition due to consistently high eligibility scores.
Microstrategy Inc Cl A (MSTR US) or AppLovin (APP US) is forecasted to be the third addition, with sector balance acting as the limiting factor.
CRH (CRH US) recently regained eligibility following positive August earnings and could be a surprise addition if the tech sector is excluded.

Legence Corp. (LGN): Blackstone Backed Engineering Firm Sets Terms for IPO Seeking $3.0b Valuation

Legence Corp set terms for its IPO and will offer 26 million shares at $25-$29 and is scheduled to debut on Friday, September 12th.
The company is private-equity backed by BlackStone and PE-backed deals have struggled, broadly speaking, in 2025.
From 2021 to 2024, their revenues grew at a CAGR of approximately 39% and as of June 30, 2025, they had $2.8 billion of backlog and awarded contracts.

Gemini Space Station, Inc. (GEMI): Winklevoss Crypto-Platform Seeking $2.2b IPO Valuation

Gemini will offer 16.67 million shares at $17-$19 and is scheduled to debut on Friday, September 12th.
The underwriters have reserved up to 1,666,667 shares of Class A common stock, or 10% of the shares offered by this prospectus, for sale through a directed share program.
A $400 million growth equity round valued Gemini at $7.1 billion in November 2021. This funding round is significantly below that higher round.

Global base oils margins outlook: Week of 1 September

By Iain Pocock

Global base oils prices hold firm versus feedstock/competing fuel prices.
Margins hold firm at time of year when fundamentals are typically weaker.
Firm margins incentivize refiners to maintain high base oils output.

Black Rock Coffee Bar, Inc. (BRCB): Drive-Thru Chain Sets Terms for IPO, Seeking $2.0b Valuation

Black Rock Coffee Bar (BRCB US) is set to offer 14.7 million shares at $16-$18 equating to a valuation of up to $861 million at the high-end of the range.
Wellington Management has indicated an interest in purchasing up to $30.0 million in shares of Class A common stock in this offering.
Store revenue has increased by the mid 20% in the 1H 2025 and the expansion plan is aggressive. At first glance, we like the risk-reward of this deal.

Figure Technology Solutions (FIGR): Blockchain Lender Sets Terms Seeking $4.1 Billion Valuation

Figure Solutions is offering 26.3 million shares at $18-$20 and will debut on Thursday, September 11th.
Duquesne Family Office LLC has indicated an interest in purchasing up to an aggregate of $50 million of shares as an anchor order.
Figure has grown quickly and profitably, with net income of $29 million and Adjusted EBITDA of $83 million, for the six months ended June 30, 2025.

Smartrent Inc (SMRT) – Monday, Jun 2, 2025

By Value Investors Club (VIC)

Key points (machine generated)

SmartRent, Inc. specializes in smart home automation for the rental housing industry and went public in August 2021 through a $2.2 billion merger.
The company has expanded its product offerings and serves 15 of the top 20 multifamily property owners in the U.S.
Despite growth, SmartRent’s stock has declined approximately 75% since a critical analysis published on January 30, 2024.

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 03

Daily Brief India: Tata Capital Limited, Molbio Diagnostics Limited and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Tata Capital Pre-IPO – The Positives – Will Ride High on the Brand Name
Molbio Diagnostics Limited Pre-IPO Tearsheet

Tata Capital Pre-IPO – The Positives – Will Ride High on the Brand Name

By Sumeet Singh

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the positive aspects of the deal.

Molbio Diagnostics Limited Pre-IPO Tearsheet

By Hong Jie Seow

Molbio Diagnostics Limited (1788863D IN) is looking to raise about US$229m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and Motilal.
Molbio specializes in point-of-care molecular diagnostics. The company sells hardware devices such as the Polymerase Chain Reaction (PCR) analyzers and consumable test kits tailored to detect specific diseases.
As of FY25, its revenue base remains primarily domestic, with ~80% of revenue from India and the rest from Nigeria, Bangladesh, and Indonesia. The company manufactures its products in India.

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Sep 03

Daily Brief Singapore: Vicom Ltd, Isoteam Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Vicom : Well Run Company with High ROE
Vicom Ltd: When Less Is More
ISOTeam Ltd – Short-Term Miss, Long-Term Momentum

Vicom : Well Run Company with High ROE

By Punit Khanna

Number 1 service provider in inspection and technical testing services in Singapore
Very high net profit margin of 20% and 20%+ ROE
Consistently makes free cash flow but earnings growth is limited

Raising Money for Persons with Disabilities in Singapore

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All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.

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Vicom Ltd: When Less Is More

By Tan Yee Peng

What does a company do when its original business is producing good profitability, strong cashflow and return on equity (“ROE”), but no growth?
VICOM Ltd. (“VICOM”) is one such company.
It is a pioneer in Singapore’s Vehicle Inspection industry and has close to 73% market share, in an industry whose demand is guaranteed by government regulation that all vehicles have to be inspected at regular intervals.

ISOTeam Ltd – Short-Term Miss, Long-Term Momentum

By SAC Capital

ISOTeam’s FY2025 results fell short of our expectations, with revenue declining 8.4% yoy to S$119.2m (11.7% below our forecast) and net profit attributable to shareholders dropping 21.2% yoy to S$5.1m (29.2% below forecast).
The weaker performance was primarily driven by delayed project commencements in Repairs & Redecoration (–42.9% yoy) and Coating & Painting (–14.4%) segments, partially offset by strong growth in Addition & Alteration (25.0% yoy) and Others (10.4% yoy) segments.
Gross margin improved modestly on better project mix and pricing, but earnings was further weighed down by lower other income and a higher effective tax rate.

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Sep 03

Most Read: Cambricon Technologies Lt, Lifedrink , Koei Tecmo Holdings, Alibaba, SK Square , HKBN Ltd, Kakaopay and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade
[Japan ECM] Lifedrink (2585) – Fast-Growing Beverage Seller Meets P.E. Firm Selldown
[Japan ECM] Koei Tecmo (3635 JP) Needs to Sell Shares To Stay in Prime ($280mm Offering)
HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)
Holdco NAV Discount Compression Play on Korea’s Next Policy Narrative: Mandatory Tender Offers
HKBN (1310 HK): Mobile’s Offer Is Done. Now For The Back End
Koei Tecmo Placement: Some Non-Fundamental Selling; but Weak Fundamentals
EA: Defying Disinflationary Narratives
HEM: Politicised Policy Pricing
Alipay: Issuing EB Worth 627 Billion Won Backed By Its Shares in Kakao Pay [A Quasi Block Deal Sale]

STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade

By Brian Freitas

There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.

[Japan ECM] Lifedrink (2585) – Fast-Growing Beverage Seller Meets P.E. Firm Selldown

By Travis Lundy

Today post-close, Lifedrink (2585 JP) announced the Sunrise PE funds which own 22% of the company will sell their stake in a clean-up offering with pricing in 8 days.
This offering comes 8 trading days after a new post-earnings all-time-high. At 24x ADV, the offering will increase Max Real World Float by 50+%.
There are some index and buyback supply/demand dynamics to note. It’s a heavy offering, so bullish/bearish may be a matter of horizon.

[Japan ECM] Koei Tecmo (3635 JP) Needs to Sell Shares To Stay in Prime ($280mm Offering)

By Travis Lundy

In December 2021, Koei Tecmo Holdings (3635 JP) announced a complex but lower-impact move to increase float share count in order to stay listed on TSE Prime.
Scheme: buyback from two holders plus CB issuance. Unfortunately, shares did not rise enough to convert the CBs so as of March 2025, the tradable share criteria was not met.
So now the two main holders are selling more shares and the company is diluting holders with new issuance to get float/tradable shares up with a US$280mm offering.

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

By Brian Freitas

The September rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.
Alibaba (9988 HK) has flipped from a net buy to a net sell following its huge rally yesterday.

Holdco NAV Discount Compression Play on Korea’s Next Policy Narrative: Mandatory Tender Offers

By Sanghyun Park

Korean equities are stalled; macro catalysts are absent. Street focus shifts from treasury share cancellations to next year’s mandatory tender offers, now seen as the top policy driver.
Pre-MTO trades focus on holding companies with wide NAV discounts or low controlling stakes, front-running policy-driven re-ratings before minority shareholders capture control premiums.
Focus on 32 Korean holding companies >KRW 500B; those with wide NAV discounts and lighter controlling stakes—SK’s holding companies, Samsung C&T, Hanwha, LG, LS—are prime re-rating plays.

HKBN (1310 HK): Mobile’s Offer Is Done. Now For The Back End

China Mobile (941 HK)‘s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date.
As I type, 19.03% of shares out have tendered, lifting Mobile’s stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry.
It is not Mobile’s intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.

Koei Tecmo Placement: Some Non-Fundamental Selling; but Weak Fundamentals

Koei Tecmo Holdings (3635 JP) is looking to raise around US$270m from a primary and secondary placement.
The deal is a large one to digest, representing 37.6 days of the stock’s three month ADV and 6.1% of the shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

EA: Defying Disinflationary Narratives

By Phil Rush

Dovish hopes for EA disinflation continue to be disappointed by resilient outcomes. The rise to 2.1% in August amid sticky core pressures is opposite to the dovish narrative.
Euro appreciation’s disinflationary shock is being offset by domestic resilience, which was most surprising in Northern Europe. Our errors were relatively small and balanced.
Ongoing upside surprises have defied recent consensus expectations of a drift down to 1.8%. The ECB faces broad upside news that should reassure it against cutting again.

HEM: Politicised Policy Pricing

By Phil Rush

Persistent inflationary pressures pared dovish guidance and pricing for the BoE and ECB, but Fed pricing is stuck.
Blocking a rare resumption of Fed easing looks unlikely, but history suggests cuts would be shallow and reversed.
Peer pressure is weak during a policy mistake. The BoE faces domestic problems that prevent further easing.

Alipay: Issuing EB Worth 627 Billion Won Backed By Its Shares in Kakao Pay [A Quasi Block Deal Sale]

By Douglas Kim

Alipay (second largest shareholder of Kakaopay (377300 KS)) is issuing an overseas exchangeable bonds (EB) worth 627 billion won (backed by its shares in Kakao Pay).
The exchange price of the EB is 54,744 won (4.5% discount to current price). Total amount of EB issue is 627 billion won ($450 million).
This deal is basically a quasi-block deal. Alipay is trying to unload some of its stake in Kakao Pay to improve its finances.

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Sep 03

Daily Brief China: Alibaba, Pop Mart, BYD, Mixue Group, Xiaomi, Simcere Pharmaceutical Group, ZTO Express Cayman , Seazen (Formerly Future Land), GenFleet Therapeutics and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)
Index Changes and Rate Cuts: Key Events in September 2025
India & China – Rekindling Brotherhood
Mixue (2097 HK): Lock-Up Expiry. After Doubling Post-IPO, Is the Fizz Running Out?
Xiaomi (1810 HK): In 2Q25, Not Just Cars, But Fast Home Appliance
BYD (1211 HK) Tactical Outlook: Maybe Soon Is Time to BUY…
Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects
Alibaba’s Logistics Arm CaiNiao Relegated To “Others” Status | Implications for Chinese Express?
Lucror Analytics – Morning Views Asia
Pre-IPO GenFleet Therapeutics (PHIP Updates) – Some Points Worth the Attention

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

By Brian Freitas

The September rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.
Alibaba (9988 HK) has flipped from a net buy to a net sell following its huge rally yesterday.

Index Changes and Rate Cuts: Key Events in September 2025

By Gaudenz Schneider

September brings heavy index rebalancing activity. Pop Mart (9992 HK) will join both the Hang Seng Index (HSI INDEX) and the Hang Seng China Enterprises Index (HSCEI INDEX).
The Fed is widely expected to cut rates and Asia-Pac peers (BoJ, RBA, RBI) are also meeting.
Why Read: Plan ahead and take into account known market events when making investment and trading decision.

India & China – Rekindling Brotherhood

By Pranav Bhavsar

The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.
Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high.
At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.

Mixue (2097 HK): Lock-Up Expiry. After Doubling Post-IPO, Is the Fizz Running Out?

By Devi Subhakesan

The expiry of cornerstone investors’ lock-up today modestly increases Mixue Group (2097 HK)’s free float, which still remains below 10%.
Mixue’s 1H2025 results show limited overseas scale-up, with growth driven entirely by the domestic market, raising concerns over long-term growth prospects from new markets.
At 22x forward earnings, Mixue trades at a premium to HK-listed F&B peers, reflecting market optimism for above-consensus growth.

Xiaomi (1810 HK): In 2Q25, Not Just Cars, But Fast Home Appliance

By Ming Lu

In 2Q25, total revenue grew strongly by 30% YoY and the operating margin continued to improve.
The market focuses on car deliveries, but IoT is the largest contributor to gross profits.
We believe the stock has an upside of 45% for the year end 2026. Buy.

BYD (1211 HK) Tactical Outlook: Maybe Soon Is Time to BUY…

By Nico Rosti

In our previous insight we correctly forecasted a short-lived, 2-3 weeks relief rally for BYD (1211 HK) , followed by a new downtrend (started this week).
The stock went into OVERSOLD territory according to our model, this week. It’s however a bit early to BUY, the stock could fall more.
If BYD reaches 102 next week, or the following week, that would be a very good place to BUY. A catalyst could bring the stock back to 140-150.

Simcere Pharmaceutical (2096 HK) Placement: Innovative Pipeline Enlightens Growth Prospects

By Tina Banerjee

Simcere Pharmaceutical Group (2096 HK) is placing 120M shares at the price of HK$12.95 per share. The placing shares represents ~5% of the current total issued shares of the company.
The company intends to apply 90% of the net proceeds for the R&D-related expenditures. For context, Simcere has over 60 R&D pipelines of innovative drugs.
Considering strong growth prospect of Simcere, reasonable valuation, and upbeat investor sentiment toward Chinese pharmaceutical sector, we are bullish on the placement.

Alibaba’s Logistics Arm CaiNiao Relegated To “Others” Status | Implications for Chinese Express?

By Daniel Hellberg

Last week in its June quarter earnings release Alibaba “demoted” CaiNiao’s status
It’s become clear that boosting eComm logistics simply isn’t a priority for Alibaba
For firms that took investment from Alibaba & CaiNiao, implications are -Ive

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: Seazen Group
The US market was closed for Labour Day yesterday.
Contracted sales for China’s Top 100 developers in August declined 18% y-o-y and 2% m-o-m to CNY 207 bn (albeit narrowing from -24% y-o-y in July), according to CRIC.

Pre-IPO GenFleet Therapeutics (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

GenFleet’s R&D strategy is to layout around the RAS signaling pathway to construct a “RAS therapy matrix” covering multiple RAS mutation types.However, there’re barriers to the development of RAS-targeted therapies.
The factors that suppress valuation include intense competition and potential patent risks. GenFleet’s independent commercialization capability has not been verified. So, a valuation of RMB3-4 billion is a reasonable range.
Considering the sustained popularity of innovative drug IPOs in the Hong Kong stock market, post-IPO valuation of GenFleet depends more on market sentiment, not fundamentals.

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Sep 03

Daily Brief Japan: Koei Tecmo Holdings, Shibaura Electronics, Kyoto Financial Group , Shimano Inc, Air Water Inc, Asahi Intecc and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan ECM] Koei Tecmo (3635 JP) Needs to Sell Shares To Stay in Prime ($280mm Offering)
Koei Tecmo Placement: Some Non-Fundamental Selling; but Weak Fundamentals
Shibaura Electronics (6957 JP): Signed, Sealed, Delivered as Yageo Secures FEFTA Approval
Kyoto Financial Group (5844 JP): Disposals Plan for Equity Holdings Warrants More Ambitious Target
Shimano (7309 JP) — Q2 Miss Resets Expectations; China Drag Masks EU Recovery
Air Water Inc. (TSE: 4088) – Diversified Japanese Industrial Gas & Healthcare Player
Asahi Intecc (7747 JP): Strong FY25 Result; FY26 Guidance Initiation; New Business Plan Announced

[Japan ECM] Koei Tecmo (3635 JP) Needs to Sell Shares To Stay in Prime ($280mm Offering)

By Travis Lundy

In December 2021, Koei Tecmo Holdings (3635 JP) announced a complex but lower-impact move to increase float share count in order to stay listed on TSE Prime.
Scheme: buyback from two holders plus CB issuance. Unfortunately, shares did not rise enough to convert the CBs so as of March 2025, the tradable share criteria was not met.
So now the two main holders are selling more shares and the company is diluting holders with new issuance to get float/tradable shares up with a US$280mm offering.

Koei Tecmo Placement: Some Non-Fundamental Selling; but Weak Fundamentals

Koei Tecmo Holdings (3635 JP) is looking to raise around US$270m from a primary and secondary placement.
The deal is a large one to digest, representing 37.6 days of the stock’s three month ADV and 6.1% of the shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Shibaura Electronics (6957 JP): Signed, Sealed, Delivered as Yageo Secures FEFTA Approval

By Arun George

Yageo Corporation (2327 TT) has finally secured FEFTA approval for its JPY7,130 offer for Shibaura Electronics (6957 JP). The close of the tender offer has been extended to 18 September.
The Board has opposed the Yageo offer due to synergies, dis-synergies and cultural differences. However, on 29 August, the Board’s update suggested a possible pathway to recommend Yageo’s offer.
Despite Minebea Mitsumi (6479 JP)’s tendency to go against its declarations and increase its offer on several occasions, this time it is different. Minebea is likely to exit.

Kyoto Financial Group (5844 JP): Disposals Plan for Equity Holdings Warrants More Ambitious Target

By Victor Galliano

Kyoto Financial has equity holdings relative to market cap of 135%, well above its larger cap Japanese peer banks, and amounting to a market value of over JPY1.1trillion
Management has stated that it is targeting JPY100bn+ of disposals in terms of market value by March 2029, but we believe that the market expected more
Sizeable disposals of equity holdings is Kyoto’s primary source of prospective shareholder value creation; aside from this, its fundamental attractions are limited and so we downgrade Kyoto to a neutral

Shimano (7309 JP) — Q2 Miss Resets Expectations; China Drag Masks EU Recovery

By Mark Chadwick

Q2 saw sales growth slow sharply (+8% yoy vs +16% in Q1) with OPM collapsing 600bps qoq; OP cut 34% sequentially.
China sales reset to long-term average, but FY25 outlook slashed to ¥58b (-42% vs prior) with limited disclosure on margin impact.
Stock down 25% post-results; buyback expansion (¥50b cap maintained) and long-only accumulation (First Eagle to 9.4%) provide near-term support.

Air Water Inc. (TSE: 4088) – Diversified Japanese Industrial Gas & Healthcare Player

Company: Founded in 2000 through the merger of Hoxan, Daido Sanso, and Kyodo Oxygen, Air Water is a diversified conglomerate spanning industrial gases, healthcare, food logistics, and energy.
Future Plans: Driving growth through semiconductor gases, UPS systems for AI/data centers, and hydrogen infrastructure, while scaling healthcare and logistics.
Valuation: Trades at ~7x EV/EBITDA and 11x forward P/E, a deep discount to global peers (Linde, Air Liquide at 14–17x EV/EBITDA).

Asahi Intecc (7747 JP): Strong FY25 Result; FY26 Guidance Initiation; New Business Plan Announced

By Tina Banerjee

Asahi Intecc (7747 JP) reported 12% YoY revenue growth in FY25, driven by the continued strong trajectory of medical division. FY25 gross profit margin improved to 67.7% (FY24: 64.2%).
The company expects 9% YoY revenue growth to ¥131B in FY26, while gross profit margin is expected to contract 140bps to 66.3% due to the impact of the U.S. tariffs.
The company has set a goal of achieving revenue of ¥180B and operating profit margin of 28% in FY30. Strengthening profitability of existing businesses will help to meet this target.

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Sep 02

Daily Brief Energy/Materials: Shandong Gold Mining , Lynas Corp Ltd, Hanwha Solutions, Huaxin Cement , iSharesGlobal Clean Energy ETF, Gold, National Aluminium, Copper, ADNOC Logistics & Services and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Shandong Gold Mining Placement – H-Share Running Ahead of A-Shares
Lynas (LYC AU) Targets Vertical Expansion
Increasing Probability of Hanwha Group Selling Its 8% Stake in Korea Zinc
Huaxin Cement (6655 HK): Floats Non-Chinese Ops Spin-Off
ICLN’s Upward Momentum to Last Longer as Investors Pivot to Clean Energy
Gold Moves to the Beat of a Different Drum: Vaults, Flows, and Futures
The Beat Ideas: Nalco’s ₹30,000 Crore Expansion
Japan Inc. And the Copper Supercycle: Who Benefits Most?
Global Markets Tactical Outlook WEEKLY: September 1 – September 5
ADNOC Logistics & Services (ADNOCLS UH): Global Index Inclusion & Upweight Following $317M Offering

Shandong Gold Mining Placement – H-Share Running Ahead of A-Shares

By Sumeet Singh

Shandong Gold Mining (1787 HK) aims to raise around US$500m via a primary placement, in order to pay down debt.
The H-shares are now trading at all-time highs and have been performing better than the A-shares this year.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Lynas (LYC AU) Targets Vertical Expansion

Last week, rare-earth play Lynas Corp Ltd (LYC AU) squared away a fully underwritten A$750mn placement (56.6mn shares, 6.1% of shares outstanding) at A$13.25/share, a 10% discount to last close.
Gina Rinehart, Lynas’ second largest shareholders with ~8.2%, took up her compliment.
Placement proceeds will be applied to streamlining ops, expanding its stockpiles/capacity, and investing downstream into magnet makers.

Increasing Probability of Hanwha Group Selling Its 8% Stake in Korea Zinc

By Douglas Kim

There has been an increasing probability of the Hanwha Group selling its stake in Korea Zinc (010130 KS) mainly due to increasing burden of its petrochemical affiliates.
For now, the Hanwha Group has denied all news regarding its potential sale of stake in Korea Zinc.
In our view, the timing of this potential sale in Korea Zinc by Hanwha Group is less likely in 2025 but could occur in 2026/2027.

Huaxin Cement (6655 HK): Floats Non-Chinese Ops Spin-Off

Two days after announcing its 2025 interims, Holcim (HOLN SW)-backed Huaxin Cement (6655 HK) proposed spinning off its overseas cement assets.
The overseas ops, predominantly located in Africa, significantly outperformed the PRC ops in FY24, a trend that continued into 2025.
No preferred bourse was stipulated, although the HKEx appears the logical choice. Pegged to historical trading metrics, Huaxin appears fully valued here.

ICLN’s Upward Momentum to Last Longer as Investors Pivot to Clean Energy

By Suhas Reddy

ICLN has surged more than 35% since April, driven by record renewable generation, strong corporate earnings, and institutional inflows.
Investors and banks are rotating capital from fossil fuels into clean energy, signalling structural shifts and fuelling the rise of solar and renewables.
Global clean energy investment, led by solar, points to the early stages of a solar super cycle, positioning ICLN as a prime long-term play.

Gold Moves to the Beat of a Different Drum: Vaults, Flows, and Futures

By Jay Cameron

Market Structure Signals Stability: Gold futures have remained range-bound near technical resistance, with intraday volatility compressing—suggesting a market more likely to drift than break.
ETF and Vault Flows Show Steady Demand: Sustained inflows into the SPDR Gold Trust and consistent London vault holdings point to underlying investor interest, even without aggressive price action.
Positioning Data Reveals Divergence: Commercial hedgers are easing short exposure while speculative players show mixed sentiment, hinting at a market caught between caution and latent bullishness.

The Beat Ideas: Nalco’s ₹30,000 Crore Expansion

By Sudarshan Bhandari

National Aluminium (NACL IN) has announced a significant INR 30,000 crore capex over the next five years, its largest in recent history, to expand its core smelting, power generation capabilities.
Targeting an almost doubling of its smelting capacity and securing long-term power supply. This is crucial for NALCO to enhance its competitiveness and achieve the coveted “Maharatna” status by 2030.
This expansion, funded by a mix of internal accruals and debt, positions NALCO for an earnings inflection point, contingent on disciplined execution and favorable long-term commodity cycles.

Japan Inc. And the Copper Supercycle: Who Benefits Most?

Copper Bull Case: Electrification and constrained supply support a bullish $10k/t copper outlook, positioning Japan Inc. as a strategic beneficiary of the energy transition.
Japan Inc. Exposure: ~0.95 Mt attributable output (~63–66% demand) drives ~$6bn EBITDA; SMM and JX Advanced Metals are most leveraged, trading houses offer diversified exposure.
Growth Optionality: Nittetsu’s Chile projects add near-term growth (2026–28), while Quechua provides long-dated optionality into the 2030s, enhancing Japan’s copper security.

Global Markets Tactical Outlook WEEKLY: September 1 – September 5

By Nico Rosti

A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, week September 1 – September 5. The MODEL SUPPORT/RESISTANCE data file is attached.
OVERBOUGHT at the WEEKLY Close: Alphabet (GOOG US) , BYD (1211 HK) , S&P/ASX 200 , CSI 300 Index (SHSZ300) , Gold (GOLD COMDTY)
OVERSOLD at the WEEKLY Close: Meta (META US) , Nasdaq-100 , NVIDIA Corp (NVDA US) , Fast Retailing (9983 JP)

ADNOC Logistics & Services (ADNOCLS UH): Global Index Inclusion & Upweight Following $317M Offering

By Dimitris Ioannidis

On 29 August 2025, the company completed a Secondary Offering of $317m in which Abu Dhabi National Oil Company decreased its stake from 81% to 78%.
A free float increase is expected to be implemented at the close of 2 September for Global All-World.
Inclusion in Global Standard is projected for November 2025 following a float cap increase caused by the offering.

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Sep 02

Daily Brief Industrials: Aux Electric, Nitto Boseki, HIRANO TECSEED Co (Kinzoku), Honeywell International, iFAST, Inpost and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Aux Electric IPO Trading: Decent Insti Demand; Is Cheap
Nitto Boseki (Nittobo, TSE:3110) – Expansion Unlocks AI-Linked Growth, but Execution Key
Hirano Tecseed (6245 JP): Research Update
Weekly Update (HON, SOLS, BRSL)
iFAST Chief Lim Chung Chun Ups Shareholding
What’s News in Amsterdam – 1 September (ABN Amro/ING | dsm-firmenich | InPost | Corporate calendar)

Aux Electric IPO Trading: Decent Insti Demand; Is Cheap

Aux Electric (2580 HK) raised around US$532m in its Hong Kong IPO.
It is one of the global top five air conditioner providers.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Nitto Boseki (Nittobo, TSE:3110) – Expansion Unlocks AI-Linked Growth, but Execution Key

By Nippon Investment Bespoke Research UK

¥15 Bn investment to triple glass cloth capacity at Fukushima plant, with new operations starting Q4 FY2026.
Demand for low-dielectric and T-glass cloth in AI servers and semiconductors has outpaced supply, creating a strategic bottleneck and premium pricing.
Full earnings uplift from FY2027 onward, with projected revenue and EPS rising 12–15% post-expansion.

Hirano Tecseed (6245 JP): Research Update

Hirano Tecseed (hereinafter HT) reported FY25 Q1 OP of ¥821mil (+181.1-% YoY) on sales of ¥10,719mil (-11.4% YoY), which resulted in an OPM of 7.7%, a significant improvement from FY24 Q1’s OPM of 2.4%.
Sales were largely in line with expectation on the back of progress in working through order backlogs, especially in C&LM for secondary LiB.
Given successful passing through of cost increases to customers in the C&LM segment, FY25 1H guidance was revised from OP of ¥750mil (-26.8% YoY) on sales of ¥16,750mil (-31.3% YoY) to OP of ¥1,000mil (-2.4% YoY) on unchanged sales.

Weekly Update (HON, SOLS, BRSL)

By Richard Howe

Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.
Solstice recently filed its Form 10 Information Statement and confirmed Q4 timing. Here is the slide deck that was published at the time of the announcement last fall.
An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.

iFAST Chief Lim Chung Chun Ups Shareholding

By Geoff Howie

Institutions were net buyers of Singapore stocks with a S$33 million inflow, reversing a prior S$53 million outflow.
United Overseas Bank led share buybacks with S$54.7 million total consideration, purchasing 500,000 shares at S$35.30 each.
iFAST Corporation’s 1HFY25 profit before tax rose 32.7% to S$50.4 million, driven by iGB’s profitability.

What’s News in Amsterdam – 1 September (ABN Amro/ING | dsm-firmenich | InPost | Corporate calendar)

By The IDEA!

In this edition: • ABN Amro / ING | both exposed to UK altnet financing • dsm-firmenich | new Executive Committee role seems to signal appetite for M&A • InPost | buys 20,000 APMs from and a minority stake in Bloq.it • Corporate agenda | week 36 – 39

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Sep 02

Daily Brief TMT/Internet: HKBN Ltd, Cambricon Technologies Lt, AppFolio Inc A, Kinatico , Quest Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

HKBN (1310 HK): On the Cusp of Being Declared Unconditional
Quiddity STAR 50/100 Sep25 Results: 11/12 Expected ADDs/DELs Correct; Large Outflow for Cambricon
Dialogue. AppFolio 2Q25, Incorporating AI, Expert Call Competitor Analysis
HKBN (1310 HK): Mobile’s Offer Is Done. Now For The Back End
Kinatico Ltd – Record profits, RaaS forecasts beat
QUEST HOLDINGS S.A.- Note Following Meeting with Company

HKBN (1310 HK): On the Cusp of Being Declared Unconditional

By Arun George

HKBN Ltd (1310 HK)’s offer from China Mobile (941 HK) is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.
Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.
Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.

Quiddity STAR 50/100 Sep25 Results: 11/12 Expected ADDs/DELs Correct; Large Outflow for Cambricon

By Janaghan Jeyakumar, CFA

The September 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th August 2025.
There will be one change for the STAR 50 index and five changes for the STAR 100 index.
We expect one-way flows of approximately US$2.1bn and US$239mn for the STAR 50 and STAR 100 index rebal events respectively.

Dialogue. AppFolio 2Q25, Incorporating AI, Expert Call Competitor Analysis

By The Synopsis

AppFolio offers software for real estate managers to help run their businesses, including leasing, rent collection, accounting, and maintenance requests
The company reported a 19% growth in both core services and value-added services, with 8.9 million units under management
AppFolio’s pricing model charges based on a unit basis, incentivizing all members of an organization to use the software and increasing customer retention. Total customers increased by 6% to 21,400.

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

HKBN (1310 HK): Mobile’s Offer Is Done. Now For The Back End

By Research as a Service (RaaS)

China Mobile (941 HK)‘s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date.
As I type, 19.03% of shares out have tendered, lifting Mobile’s stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry.
It is not Mobile’s intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.

Kinatico Ltd – Record profits, RaaS forecasts beat

Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
The company has reported a 50% increase in FY25 adjusted NPAT to $1.5m, almost 30% ahead of our forecast for the year.
Adjusted EBITDA for the year was $4.7m, up 21% on the previous corresponding period (pcp) on the previously reported 12% increase in revenue to $32.1m.

QUEST HOLDINGS S.A.- Note Following Meeting with Company

By VRS (Valuation & Research Specialists)

Quest Holdings S.A. along with its subsidiaries engages in the distribution of information technology and telecommunications products mainly in Greece but also on an international level especially in Europe.
It operates through four segments: (1) Commercial Activities focusing on the distribution of technological and related products, (2) IT Services that provide solutions and products in software-related projects through strategic partnerships with institutions, organizations and companies,
(3) Courier and Postal Ser- vices whereas (4) the Group is also engaged in the Renewable Energy Sources field.

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

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✓ Company Data and News
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Sep 02

Daily Brief Industrials: Aux Electric, Nitto Boseki, HIRANO TECSEED Co (Kinzoku), Honeywell International, iFAST, Inpost and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Aux Electric IPO Trading: Decent Insti Demand; Is Cheap
Nitto Boseki (Nittobo, TSE:3110) – Expansion Unlocks AI-Linked Growth, but Execution Key
Hirano Tecseed (6245 JP): Research Update
Weekly Update (HON, SOLS, BRSL)
iFAST Chief Lim Chung Chun Ups Shareholding
What’s News in Amsterdam – 1 September (ABN Amro/ING | dsm-firmenich | InPost | Corporate calendar)

Aux Electric IPO Trading: Decent Insti Demand; Is Cheap

Aux Electric (2580 HK) raised around US$532m in its Hong Kong IPO.
It is one of the global top five air conditioner providers.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Nitto Boseki (Nittobo, TSE:3110) – Expansion Unlocks AI-Linked Growth, but Execution Key