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Smartkarma Daily Briefs

Sep 01
0

Daily Brief China: Alibaba, Agricultural Bank Of China, Dongfeng Motor, SHEIN, Shanghai Fosun Pharmaceutical (Group), Sino Biopharmaceutical, SJM Holdings and more

By | China, Daily Briefs

In today’s briefing:

  • Alibaba (BABA, 9988HK): June Quarter, Actually 2-Digit Growth, To Win Price War
  • Curator’s Cut: Arbs Go A-H, Copper Plays & China’s Property Pulse
  • Alibaba (BABA US): Why Did the Stock Rally Despite 2Q25 Operating Profit Dip?
  • Merger Arb Mondays (01 Sep) – Dongfeng, ENN, Joy City, Kangji, Mayne, Santos, Shibaura, CareNet
  • (Mostly) Asia M&A, Aug 2025 Wrap: Dongfeng Motor, Kangji, Carenet, Nihon Chouzai, Technopro
  • SHEIN IPO Update: HQ Shifted (Back) To China | End of US De Minimis Exemption, Everywhere
  • Shanghai Fosun Pharmaceutical (2196.HK/600196.CH) 25H1 – The Performance Has Not Truly Improved
  • Sino Biopharmaceutical (1177 HK): Innovative Drugs Drive 1H Performance; Pipeline Lends Visibility
  • SJM Holdings – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

Alibaba (BABA, 9988HK): June Quarter, Actually 2-Digit Growth, To Win Price War

By Ming Lu

  • The de facto total revenue increased by 10% YoY excluding two disposed shopping malls.
  • We believe Alibaba will win the price war for food deliveries, because competitors’ earnings were even worse.
  • The stock surged by 13% in NYSE after the result release, but we still believe it has an upside of 48% for next twelve months.

Curator’s Cut: Arbs Go A-H, Copper Plays & China’s Property Pulse

By Pranav Rao

  • Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
  • In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China’s bottoming/stabilizing real estate market
  • Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

Alibaba (BABA US): Why Did the Stock Rally Despite 2Q25 Operating Profit Dip?

By Devi Subhakesan

  • Alibaba (BABA US)  jumped 12.9% on Friday following better than expected 2Q2025 results and upbeat management commentary.
  • Investors cheered growth plans centered around Consumption and AI + Cloud, signaling confidence in the company’s long-term strategy.  
  • 2Q2025 operating profits dipped slightly, as higher costs in quick commerce were largely offset by growth in other business segments.

Merger Arb Mondays (01 Sep) – Dongfeng, ENN, Joy City, Kangji, Mayne, Santos, Shibaura, CareNet

By Arun George

(Mostly) Asia M&A, Aug 2025 Wrap: Dongfeng Motor, Kangji, Carenet, Nihon Chouzai, Technopro

By David Blennerhassett

  • For Aug 2025, 17 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$18bn.
  • The average premium for the new transactions announced (or first discussed) in August was 48%, with a year-to-date average of 47%.
  • The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%

SHEIN IPO Update: HQ Shifted (Back) To China | End of US De Minimis Exemption, Everywhere

By Daniel Hellberg

  • SHEIN is reportedly moving its corporate HQ to China to pave way for HK IPO
  • US ‘de minimis’ exemption for all countries ended Aug 29 (China/HK was May 2)
  • We believe end of US ‘de minimis’ exemption changed the game for SHEIN

Shanghai Fosun Pharmaceutical (2196.HK/600196.CH) 25H1 – The Performance Has Not Truly Improved

By Xinyao (Criss) Wang

  • After excluding gains on the disposal of United Family Healthcare, profitability of main business was disappointing.The revenue decline confirms that Fosun Pharma is facing pressure. Short-term performance hasn’t truly improved.
  • Fosun Pharma will continue to sell unprofitable assets to alleviate debt pressure and optimize business structure, which will be the short-term main theme. Fosun Pharma is still in adjustment period
  • Whether high profit growth can be sustainable in long term is uncertain, which depends on if Henlius is able to achieve high growth to offset the negative impact of VBP.

Sino Biopharmaceutical (1177 HK): Innovative Drugs Drive 1H Performance; Pipeline Lends Visibility

By Tina Banerjee

  • Sino Biopharmaceutical (1177 HK) announced 11% YoY revenue growth in 1H25, driven by 27% YoY growth in innovative products. Contribution of innovative drugs to total revenue increased to 44.4%.
  • With the increasing contribution of innovative drugs to total revenue, gross profit margin expanded 40bps to 82.5%. With expanding margin and cost efficiency, net profit has more than doubled.
  • The company expects to have more than 35 marketed innovative products by 2027, with revenue from innovative products accounting for over 60% of total revenue.

SJM Holdings – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

By Leonard Law, CFA

  • SJM Holding’s H1/25 results were weaker than anticipated, as the company lost GGR market share in Q2 (after a strong Q1).
  • The top line continued to expand, in line with the ramp-up of Grand Lisboa Palace (GLP).
  • That said, EBITDA unexpectedly contracted due to unfavourable win rates (particularly at GLP). FCF was likely negative, owing to the reduced profitability.  Positively, the planned reorganisation of gaming assets will likely raise the properties’ margins and provide the company with operational flexibility to optimise its assets going forward.

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Aug 31
0

Daily Brief Utilities: ENN Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Weekly Deals Digest (31 Aug) – ENN Energy, Shengjing, Ashimori, Carenet, Shibaura, Mayne, Aux

Weekly Deals Digest (31 Aug) – ENN Energy, Shengjing, Ashimori, Carenet, Shibaura, Mayne, Aux

By Arun George

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Aug 31
0

Daily Brief Industrials: Deere & Co, Stantec , Applied Industrial Tech, InterGlobe Aviation Ltd, Vertiv Holdings Co, Elbit Systems , Asia File Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Deere & Company: Precision Agriculture Technology Integration & International Market Expansion Are Propelling Its Future Growth!
  • Stantec Inside the Data Center Boom: What 100+ Projects Reveal About Its Future!
  • Applied Industrial Technologies (AIT): A Closer Look At Its Strategy & Recent Margin Initiatives!
  • Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion
  • Vertiv’s AI Bet: What The Waylay Acquisition Could Mean For The Data Center Titan!
  • Elbit Systems: Will $1.6 Billion European Contracts Help Build Its Market Position?
  • Asia File Update : Value Remains There

Deere & Company: Precision Agriculture Technology Integration & International Market Expansion Are Propelling Its Future Growth!

By Baptista Research

  • Deere & Company’s third-quarter earnings report presents a mixed outlook for the company, marked by ongoing challenges due to global uncertainties and shifting market dynamics, tempered with strategic operational efficiencies and modest positive trends in some segments.
  • The segments of Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry each tell a distinct story of both struggle and strategic positioning.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Stantec Inside the Data Center Boom: What 100+ Projects Reveal About Its Future!

By Baptista Research

  • Stantec’s second quarter of 2025 presents a mixed picture, with various factors suggesting both opportunities and challenges for potential investors.
  • The company reported net revenue of $1.6 billion, marking a 6.9% increase compared to the previous year.
  • This growth was primarily driven by a 4.8% in organic growth, pointing to consistent demand across its operations, particularly in sectors like water, transportation, mining, energy, and mission-critical projects.

Applied Industrial Technologies (AIT): A Closer Look At Its Strategy & Recent Margin Initiatives!

By Baptista Research

  • Applied Industrial Technologies demonstrated a strong performance in the fiscal year 2025, marked by record sales, EBITDA, and earnings per share (EPS) amidst a muted demand backdrop.
  • The company achieved a fullyear EPS growth of 4%, surpassing its initial guidance, and expanded its gross margins by nearly 50 basis points to exceed 30% for the first time.
  • The strategic acquisition of Hydradyne, Applied’s largest in six years, contributed materially to inorganic growth, emphasizing the company’s capital deployment capacity and strategic expansion efforts.

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

By Janaghan Jeyakumar, CFA

  • BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
  • In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
  • As things stand, there will be no index changes for the BSE SENSEX index.

Vertiv’s AI Bet: What The Waylay Acquisition Could Mean For The Data Center Titan!

By Baptista Research

  • Vertiv’s second quarter of 2025 showcased mixed results, providing both opportunities and challenges in its ongoing operational strategy.
  • In terms of financial performance, Vertiv reported an adjusted diluted earnings per share (EPS) of $0.95, representing a substantial 42% increase from the second quarter of 2024.
  • This growth was primarily driven by higher adjusted operating profits and strong performance across regions — notably, sales growth was robust in the Americas and Asia-Pacific (APAC), with respective increases in the mid-40s and mid30s percentages.

Elbit Systems: Will $1.6 Billion European Contracts Help Build Its Market Position?

By Baptista Research

  • Elbit Systems Ltd. reported strong financial results for the second quarter of 2025, showcasing robust year-overyear growth across multiple financial metrics.
  • The company’s revenues for the quarter rose to $1.973 billion, a significant increase from $1.626 billion in the same period in 2024.
  • This growth was driven by heightened sales across all business segments and geographic areas, particularly in Europe.

Asia File Update : Value Remains There

By Punit Khanna

  • Operating results for filing business in line, while consumer business is showing steady growth
  • Stock trades below Cash (RM 1.64) while operating business is available for free
  • Besides Cash the company has property and associates which are available for free

Raising Money for Persons with Disabilities in Singapore

For your kind consideration

This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.

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.

To contribute, please visit this URL. 

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

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Aug 31
0

Daily Brief Industrials: Deere & Co, Stantec , Applied Industrial Tech, InterGlobe Aviation Ltd, Vertiv Holdings Co, Elbit Systems , Asia File Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Deere & Company: Precision Agriculture Technology Integration & International Market Expansion Are Propelling Its Future Growth!
  • Stantec Inside the Data Center Boom: What 100+ Projects Reveal About Its Future!
  • Applied Industrial Technologies (AIT): A Closer Look At Its Strategy & Recent Margin Initiatives!
  • Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion
  • Vertiv’s AI Bet: What The Waylay Acquisition Could Mean For The Data Center Titan!
  • Elbit Systems: Will $1.6 Billion European Contracts Help Build Its Market Position?
  • Asia File Update : Value Remains There

Deere & Company: Precision Agriculture Technology Integration & International Market Expansion Are Propelling Its Future Growth!

By Baptista Research

  • Deere & Company’s third-quarter earnings report presents a mixed outlook for the company, marked by ongoing challenges due to global uncertainties and shifting market dynamics, tempered with strategic operational efficiencies and modest positive trends in some segments.
  • The segments of Production and Precision Agriculture, Small Agriculture and Turf, and Construction and Forestry each tell a distinct story of both struggle and strategic positioning.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Stantec Inside the Data Center Boom: What 100+ Projects Reveal About Its Future!

By Baptista Research

  • Stantec’s second quarter of 2025 presents a mixed picture, with various factors suggesting both opportunities and challenges for potential investors.
  • The company reported net revenue of $1.6 billion, marking a 6.9% increase compared to the previous year.
  • This growth was primarily driven by a 4.8% in organic growth, pointing to consistent demand across its operations, particularly in sectors like water, transportation, mining, energy, and mission-critical projects.

Applied Industrial Technologies (AIT): A Closer Look At Its Strategy & Recent Margin Initiatives!

By Baptista Research

  • Applied Industrial Technologies demonstrated a strong performance in the fiscal year 2025, marked by record sales, EBITDA, and earnings per share (EPS) amidst a muted demand backdrop.
  • The company achieved a fullyear EPS growth of 4%, surpassing its initial guidance, and expanded its gross margins by nearly 50 basis points to exceed 30% for the first time.
  • The strategic acquisition of Hydradyne, Applied’s largest in six years, contributed materially to inorganic growth, emphasizing the company’s capital deployment capacity and strategic expansion efforts.

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Likely to Escape Sensex Deletion

By Janaghan Jeyakumar, CFA

  • BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
  • In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX Index in the December 2025 index rebal event.
  • As things stand, there will be no index changes for the BSE SENSEX index.

Vertiv’s AI Bet: What The Waylay Acquisition Could Mean For The Data Center Titan!

By Baptista Research

  • Vertiv’s second quarter of 2025 showcased mixed results, providing both opportunities and challenges in its ongoing operational strategy.
  • In terms of financial performance, Vertiv reported an adjusted diluted earnings per share (EPS) of $0.95, representing a substantial 42% increase from the second quarter of 2024.
  • This growth was primarily driven by higher adjusted operating profits and strong performance across regions — notably, sales growth was robust in the Americas and Asia-Pacific (APAC), with respective increases in the mid-40s and mid30s percentages.

Elbit Systems: Will $1.6 Billion European Contracts Help Build Its Market Position?

By Baptista Research

  • Elbit Systems Ltd. reported strong financial results for the second quarter of 2025, showcasing robust year-overyear growth across multiple financial metrics.
  • The company’s revenues for the quarter rose to $1.973 billion, a significant increase from $1.626 billion in the same period in 2024.
  • This growth was driven by heightened sales across all business segments and geographic areas, particularly in Europe.

Asia File Update : Value Remains There

By Punit Khanna

  • Operating results for filing business in line, while consumer business is showing steady growth
  • Stock trades below Cash (RM 1.64) while operating business is available for free
  • Besides Cash the company has property and associates which are available for free

Raising Money for Persons with Disabilities in Singapore

For your kind consideration

This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.

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.

To contribute, please visit this URL. 

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

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Aug 31
0

Daily Brief Private Markets: Tencent’s Uzbekistan Bet: The Beginning Of “Digital Silk Road”? and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Tencent’s Uzbekistan Bet: The Beginning Of “Digital Silk Road”?

Tencent’s Uzbekistan Bet: The Beginning Of “Digital Silk Road”?

By Alec Tseung

  • Tencent’s recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.
  • Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt & Road Initiative.
  • Given Uzbekistan’s larger population and more diversified economy, it is generally seen as better fitted for tech companies’ growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).

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

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Aug 31
0

Daily Brief Energy/Materials: Santos Ltd, Exxon Mobil, Iron Ore, Avery Dennison, MMG Ltd, Westlake Chemical and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Santos, Mayne Pharma, Shengjing Bank, Carenet, Austindo Nusantara, Ashimori
  • Exxon’s Secret Russia Talks Signal Energy Market Shock Tied To Trump-Putin Peace Gambit!
  • Iron Ore Giants Stay Bullish on India, China Demand Wobbles
  • Avery Dennison’s $390 Million Flooring Adhesives Bet: Can It Stick?
  • MMG Reports Soaring Output From Peru Copper Mine
  • Westlake Acquires ACI/Perplastic Group: The Hidden Synergies No One’s Talking About!

(Mostly) Asia-Pac M&A: Santos, Mayne Pharma, Shengjing Bank, Carenet, Austindo Nusantara, Ashimori

By David Blennerhassett

Exxon’s Secret Russia Talks Signal Energy Market Shock Tied To Trump-Putin Peace Gambit!

By Baptista Research

  • In a stunning geopolitical development, ExxonMobil has reportedly engaged in secret discussions with Rosneft—Russia’s largest state-owned energy company—regarding a potential return to the Sakhalin-1 oil and gas project.
  • These talks, led by Exxon Senior Vice President Neil Chapman, signal a possible energy détente between Washington and Moscow, tied to broader negotiations aimed at ending the war in Ukraine.
  • The meetings were held under U.S. Treasury Department licenses that allow for discussions on stranded assets and involved back-channel diplomacy, including conversations between Exxon CEO Darren Woods and former President Donald Trump.

Iron Ore Giants Stay Bullish on India, China Demand Wobbles

By Umang Agrawal

  • Iron ore miners lift output guidance, signalling confidence despite China’s property slump and slowing steel demand.
  • India emerges as a critical growth driver yet cannot offset China’s structural steel demand weakness.
  • Rising supply from Simandou and peers heightens downside risk, keeping the iron ore outlook cautiously bearish.

Avery Dennison’s $390 Million Flooring Adhesives Bet: Can It Stick?

By Baptista Research

  • Avery Dennison Corporation, a global materials science and manufacturing company, reported its second quarter results ending June 28, 2025.
  • The company delivered adjusted earnings per share (EPS) of $2.42, aligning with the previous year’s results.
  • This performance was achieved amid a challenging macroeconomic environment, characterized by trade policy changes impacting its operations, especially within the apparel and retail sectors.

MMG Reports Soaring Output From Peru Copper Mine

By Caixin Global

  • Chinese miner MMG Ltd. saw a dramatic surge in output at its Las Bambas copper mine in Peru in the first half of this year, helped by its efforts to improve its rocky relationship with locals.
  • In the six months through June, the mine produced about 210,000 tons of copper, up 67% year-on-year, with revenue from the project jumping 60% to $2 billion, according to the company’s latest earnings report.
  • Las Bambas accounted for nearly three-fourths of MMG’s total first-half revenue, which rose 47% to $2.8 billion.

Westlake Acquires ACI/Perplastic Group: The Hidden Synergies No One’s Talking About!

By Baptista Research

  • In a strategic pivot aimed at expanding its foothold in specialty materials, Westlake Corporation recently announced its agreement to acquire the global compounding solutions businesses of the ACI/Perplastic Group.
  • While the sum of the deal remains undisclosed, the implications are far-reaching.
  • ACI, headquartered in Portugal, is a key manufacturer of compounds for the wire and cable industry, posting net sales of approximately €210 million in 2024.

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Aug 31
0

Daily Brief ECM: Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense and more

By | Daily Briefs, ECM

In today’s briefing:

  • Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense
  • Gemvax & Kael – Rights Offering of 249 Billion Won

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

By Daniel Hellberg

  • Q225 saw solid growth & improving margins, driven by strength in China business
  • Lawsuit settlement hit net result in Q225, but investors shrugged off the news
  • We still think Didi could pursue a new listing later in 2025, probably in HK

Gemvax & Kael – Rights Offering of 249 Billion Won

By Douglas Kim

  • On 29 August, Gemvax & Kael (082270 KS) (Gemvax) announced a rights offering capital raise of 249 billion won.
  • Gemvax will issue 6.7 million new shares in this rights offering, representing 16% of its outstanding shares. 
  • The expected rights offering price is 37,100 won which is 13.4% lower than current price. We are negative on this rights offering. 

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Aug 31
0

Daily Brief TMT/Internet: JFrog, Tencent, Cambricon Technologies Lt, DiDi Global, SoundHound AI , Taiwan Semiconductor (TSMC) – ADR, Ondas Holdings Inc, Maximus Inc, Coherent Inc, Lumentum Holdings and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • JFrog’s Artifactory Vision: Could It Become the World’s AI Model Registry?
  • Tencent’s Uzbekistan Bet: The Beginning Of “Digital Silk Road”?
  • STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade
  • Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense
  • SoundHound: Initiation of Coverage- Why Are They Dominating QSR & Could Their 14
  • Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity
  • Ondas Grabs 51% Of SPO—What It Means For Defense & Drones!
  • Maximus: Will Innovation in Veteran Services Deliver Game-Changing Results?
  • Coherent’s Data Center Breakthrough: The 1.6-Terabyte Revolution Is Here!
  • Lumentum Holdings: Can Its Transition to 4-Inch Wafers Supercharge Growth?

JFrog’s Artifactory Vision: Could It Become the World’s AI Model Registry?

By Baptista Research

  • JFrog reported their financial results for the second quarter of 2025, highlighting continued growth and strategic execution.
  • Total revenue for the quarter was $127.2 million, marking a 23% increase year-over-year, with cloud revenue growing by 45% to $57.1 million.
  • This growth highlights JFrog’s successful strategy of converting customers with usage above minimum commitments into annual contracts, reinforcing the predictability of revenue streams and strategic focus on cloud services.

Tencent’s Uzbekistan Bet: The Beginning Of “Digital Silk Road”?

By Alec Tseung

  • Tencent’s recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.
  • Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt & Road Initiative.
  • Given Uzbekistan’s larger population and more diversified economy, it is generally seen as better fitted for tech companies’ growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).

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.

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

By Daniel Hellberg

  • Q225 saw solid growth & improving margins, driven by strength in China business
  • Lawsuit settlement hit net result in Q225, but investors shrugged off the news
  • We still think Didi could pursue a new listing later in 2025, probably in HK

SoundHound: Initiation of Coverage- Why Are They Dominating QSR & Could Their 14

By Baptista Research

  • SoundHound exhibited a noteworthy performance in the second quarter of 2025, recording its strongest ever quarterly revenue of $42.7 million, a significant surge of 217% compared to the previous year.
  • This growth was primarily driven by substantial advancements in their diverse business verticals: automotive, AI customer service for enterprises, and AI solutions for the restaurant industry.
  • The company highlighted its strategic acquisition initiatives, which have effectively enhanced growth trajectories and solidified its position as a key player in the conversational AI sector.

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity

By Vincent Fernando, CFA

  • TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
  • UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
  • ASE: +0.4% Premium; Good Level to Go Long the ADR Spread

Ondas Grabs 51% Of SPO—What It Means For Defense & Drones!

By Baptista Research

  • Ondas Holdings, Inc. reported significant revenue growth in the second quarter of 2025, demonstrating both progress and operational success across its business segments.
  • The company recorded a 500% increase in quarterly revenue, reaching $6.3 million, driven largely by advancements in its Ondas Autonomous Systems (OAS) division.
  • This growth was attributed to successful execution of existing programs and new customer acquisitions in global markets, particularly in defense and homeland security sectors.

Maximus: Will Innovation in Veteran Services Deliver Game-Changing Results?

By Baptista Research

  • Maximus reported strong results for its fiscal year 2025 third quarter.
  • The company’s performance was marked by a significant increase in adjusted diluted earnings per share, which rose 24% year-over-year to $2.16, and a 15% growth in adjusted EBITDA.
  • Revenue for the quarter amounted to $1.35 billion, reflecting a 4.3% organic growth compared to the same period last year.

Coherent’s Data Center Breakthrough: The 1.6-Terabyte Revolution Is Here!

By Baptista Research

  • Coherent Inc.’s fourth quarter and full fiscal year 2025 results reflect both strong performance and some areas of challenges.
  • The company experienced a robust fiscal year with revenue hitting a record $5.81 billion, marking a 23% year-over-year increase.
  • This growth was propelled significantly by the company’s data center and communications business, with data center revenue alone increasing by 61% from the previous year.

Lumentum Holdings: Can Its Transition to 4-Inch Wafers Supercharge Growth?

By Baptista Research

  • Lumentum Holdings recently shared its fourth-quarter and full fiscal year 2025 results, showcasing both strengths and a few areas to monitor.
  • The company, which operates at the forefront of the cloud and AI sector through its advanced photonics solutions, reported a strong performance driven by increased demand for optical components and cloud modules.
  • Significant positives include a noteworthy revenue increase, particularly from the Cloud & Networking segment, which saw a year-over-year growth of 67%.

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Aug 31
0

Daily Brief Technical Analysis: Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

Sticking With China; Bullish Outlook Intact. Buys in Consumer Discretionary, Materials, and Tech

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
  • We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.
  • We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today’s recommendations coming from China.

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Aug 31
0

Daily Brief Financials: DLocal, StoneCo and more

By | Daily Briefs, Financials

In today’s briefing:

  • DLocal Bets Big on Stablecoins: A Hidden Payments Power Play?
  • StoneCo: An Analysis Of Its TPV Growth, Competitive Dynamics & Growth Catalysts!

DLocal Bets Big on Stablecoins: A Hidden Payments Power Play?

By Baptista Research

  • dLocal Limited’s latest earnings report for Q2 2025 highlights a period of strong financial performance, business expansion, and strategic enhancements, although it is tempered by certain macroeconomic risks and strategic decisions impacting the bottom line.
  • On the positive side, the company posted record results across its key financial metrics.
  • Total Payment Volume (TPV) reached an all-time high of $9.2 billion, marking a 53% year-over-year increase.

StoneCo: An Analysis Of Its TPV Growth, Competitive Dynamics & Growth Catalysts!

By Baptista Research

  • StoneCo Ltd., a financial technology firm focusing on financial services for micro, small, and medium-sized businesses (MSMBs) in Brazil, recently underwent significant strategic shifts aligned with its core focus.
  • The company announced the divestiture of its software assets, including the sale of Linx to TOTVS and SimplesVet to PetLove, aiming to reinforce its focus on payments, banking, and credit, which represent 90% of its total addressable market (TAM).
  • With an estimated total value unlocked from these divestitures exceeding BRL 4 billion, the company intends to allocate excess capital in line with shareholder value maximization strategies, primarily through share buybacks if no value-accretive opportunities are found.

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