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Smartkarma Daily Briefs

Aug 30
0

Daily Brief ECM: OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet and more

By | Daily Briefs, ECM

In today’s briefing:

  • OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet
  • CleanMax Enviro Energy Solutions Pre-IPO Tearsheet
  • Sichuan Yingfa Ruineng Technology Pre-IPO Tearsheet
  • Grupo Aeroméxico (AERO): Peeking at the IPO Prospectus of Apollo-Backed Airline Operator
  • Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

OnEMI Technology Solutions (Kissht) Pre-IPO Tearsheet

By Hong Jie Seow

  • OnEMI Technology Solutions (1553346D IN) is looking to raise about US$172m in its upcoming India IPO. The bookrunners for the deal are JM Financial, HSBC, Nuvama, SBI Caps.
  • Also known as Kissht, its products include personal loans for salaried and self-employed individuals for consumption and business needs, and loans against property for asset-owning MSMEs and salaried individuals.
  • As of March 31, 2025, Kissht had 53.23m registered users, 9.16m customers, and INR 40,866m in AUM.

CleanMax Enviro Energy Solutions Pre-IPO Tearsheet

By Akshat Shah

  • CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$570m in its upcoming India IPO. 
  • The deal, a combination of a fresh issue and an offer for sale, will be run by Axis, HSBC, IIFL, JPM, Nomura, BNP Paribas, Bob Caps and SBI Caps.
  • CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.

Sichuan Yingfa Ruineng Technology Pre-IPO Tearsheet

By Hong Jie Seow

  • Sichuan Yingfa Ruineng Technology (SYRT HK)  is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by China Securities (International) and Huatai International.
  • Sichuan Yingfa Ruineng Technology. (SYRT) is a specialized manufacturer of photovoltaic (PV) cells, focusing on research, development, manufacturing, and direct sales. It operates four production bases across China and overseas.
  • China accounts for 89.3% of sales in FY24, with the rest coming from India, Vietnam, and the US. It is supported by 161 granted patents in China.

Grupo Aeroméxico (AERO): Peeking at the IPO Prospectus of Apollo-Backed Airline Operator

By IPO Boutique

  • In 2022 the company emerged from Bankruptcy, delisted from the Mexican Stock Exchange, and Apollo became one of the largest shareholders through its financing and debt-to-equity conversions.
  • They are the leading airline at MEX, the largest airport in Mexico, which is capacity constrained, and accounted for 36.3% of total passengers flying within, to and from Mexico.
  • Their total revenue was $2.69 billion and $2.50 billion and their net income was $346.7 million and $90.0 million in the first half of 2024 and 2025, respectively.

Lumino Industries Limited Pre-IPO: Strong Momentum but Rising Risks Temper Outlook

By Hong Jie Seow

  • Lumino Industries Ltd (0349204D IN) is looking to raise US$116m in its upcoming India IPO.
  • Lumino is an engineering, procurement, and construction (EPC) player in India, focusing on the manufacturing of conductors, power cables, electrical wires, and others for the power distribution and transmission industry
  • In this note, we look at the company’s past performance.

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Aug 30
0

Daily Brief Thematic (Sector/Industry): Japan Weekly | Narrow Leadership Lifts Nikkei and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats
  • Lithium Oversupply Persists: CATL (300750 CH / 3750 HK) Cushioned, Albemarle (ALB US) Under Pressure
  • Asia Real Estate Tracker (29-Aug-2025): ADIA to invest $1.5B in GLP as Mei profits.
  • AUCTUS ON FRIDAY – 29/08/2025

Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats

By Mark Chadwick

  • Nikkei gained +0.2%, buoyed by outsized advances in AI-linked names, while the broader Topix declined -0.8%, trimming year-to-date gains amid rising bond yields and trade uncertainty. 
  • Tokyo CPI rose +2.5% y/y, above target; labour market tightness and resilient consumer sentiment reinforce BOJ hike speculation, even as Fed signals potential policy easing.
  • Nikon surged 16% after EssilorLuxottica proposed lifting its stake to ~20%, fueling speculation over AR/VR synergies.

Lithium Oversupply Persists: CATL (300750 CH / 3750 HK) Cushioned, Albemarle (ALB US) Under Pressure

By Rahul Jain

  • Lithium oversupply of ~20% persists despite recent mine headlines, keeping long-term price pressure intact.
  • CATL (300750 CH / 3750 HK) remains cushioned, with lower lithium prices enhancing its cost advantage.
  • Albemarle (ALB US) and other upstream miners face margin squeeze as oversupply caps near-term upside.

Asia Real Estate Tracker (29-Aug-2025): ADIA to invest $1.5B in GLP as Mei profits.

By Asia Real Estate Tracker

  • ADIA is set to invest as much as $1.5 billion in GLP to enhance its asset portfolio management.
  • Weave has entered the Australian market by acquiring a significant $300 million project in Sydney.
  • EdgeConneX is expanding its data center capacity in Japan, aiming for 350MW with a new Osaka site.

AUCTUS ON FRIDAY – 29/08/2025

By Auctus Advisors

  • Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells.
  • Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4.
  • While first-month decline rates are steep, Arrow has observed that post-month-one declines are minimal.

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Aug 30
0

Daily Brief Consumer: Vega Corp, Keurig Dr Pepper , NIFTY Index, Ola Electric, TSE Tokyo Price Index TOPIX, Under Armour, Acushnet Holdings, Wendy’s Co/The, Celsius Holdings and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Vega and Rivals Expand Home Decor E-Commerce in Japan
  • Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition
  • NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact
  • Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors
  • The Environment Necessary for Disclosure of Annual Securities Report 3 Weeks Prior to AGMs Is…
  • Under Armour’s Bold Comeback: How the Brand Is Winning Over Young Consumers!
  • Acushnet Holdings Corp.: Is Its Product Launch Strategy the Secret to Staying Ahead?
  • The Wendy’s Company’s “One Vision” Strategy Sparks Franchise Confidence!
  • Celsius Holdings Boosts Household Penetration—Is 43% Just The Beginning of Market Domination?

Vega and Rivals Expand Home Decor E-Commerce in Japan

By Michael Causton

  • E-Commerce is a natural fit for furniture brands given the difficulty of taking purchases home from stores.
  • A number of start-ups are attracting investment and growing fast, but more established online players like Lowya are now opening stores given demand to try out furniture before purchase.
  • Industry estimates suggest the e-commerce home decor market is growing at twice the rate of the market overall.

Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition

By Garvit Bhandari

  • Keurig Dr Pepper, following the close of the JDE Peet’s acquisition, plans to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders
  • Post separation, the parent will retain North American refreshment beverages portfolio (Dr Pepper, Canada Dry, 7UP, A&W, energy/functional, RTD alcohol adjacencies).
  • We view KDP’s two-step transaction as value accretive for shareholders, creating two investable profiles that should appeal to distinct shareholder bases.

NIFTY 50 Tactical View: Risk-Off Scenario Before Sep-30 Rebalance + Tariffs Impact

By Nico Rosti

  • As forecasted in our previous insight, the NIFTY Index rallied past 25k, but we said this was a BEARISH pattern – rally was short-lived (2 weeks), then this week down.
  • Effective September 30 InterGlobe Aviation (IndiGo) and Max Healthcare Institute will be added to the NIFTY, replacing Hero MotoCorp and IndusInd Bank, in the meanwhile 50% US tariffs kicked in.
  • We see a potential continuation of the recent bearishness with a RISK-OFF scenario where the index could drop to much lower prices in September, support target 23819 or below.

Ola Electric 2.0: From Scooters to Cells and Rare-Earth-Free Motors

By Nimish Maheshwari

  • Ola secured Auto-PLI compliance for its Gen-3 scooters and guided first deliveries with in-house “Bharat” 4680 cells in Q2 FY26, with heavy rare-earth-free motors in Q3 FY26. 
  • ACC-PLI plus Auto-PLI and insourced cells/motors can lift gross margins structurally, derisk China-centric magnet supply, and shift Ola from assembler to integrated value-chain player.
  • Watch PLI accrual from Q2 FY26, the 1.4→5 GWh cell ramp, and ferrite motor rollout in Q3 FY26. Execution across these will validate the “not just an EV company” narrative.

The Environment Necessary for Disclosure of Annual Securities Report 3 Weeks Prior to AGMs Is…

By Aki Matsumoto

  • There is a clear difference in awareness of pre-AGM disclosure in annual securities reports between companies that are targeted by overseas investors and those that are not.
  • Regarding the postponement of shareholder meetings, companies that have responded to investor needs are considering postponing their AGM dates, while most other companies are reluctant to do so.
  • In order for more companies to disclose their annual securities reports three weeks prior to AGMs and postpone their AGM dates, more companies need to be aware of this need.

Under Armour’s Bold Comeback: How the Brand Is Winning Over Young Consumers!

By Baptista Research

  • Under Armour’s recent earnings present a picture of a company undergoing significant transformation while facing notable challenges.
  • The company’s management team, led by CEO Kevin Plank, highlights a strategic direction aimed at strengthening Under Armour’s brand identity, fostering innovation in product offerings, and bolstering consumer engagement.
  • This reinvention strategy is juxtaposed with immediate market adversities, including declining revenues and the impact of newly introduced tariffs.

Acushnet Holdings Corp.: Is Its Product Launch Strategy the Secret to Staying Ahead?

By Baptista Research

  • Acushnet Holdings Corp.’s Q2 2025 results reveal a steady performance characterized by growth in specific segments, balanced by challenges in others, influenced by external factors such as tariffs and global economic conditions.
  • With worldwide net sales increasing by 5% to $720 million and adjusted EBITDA rising by 9%, the company succeeded in leveraging its strengths in Golf Equipment and Gear.
  • Positives from the quarter include significant growth in the Golf Equipment segment, driven by the successful launch of new Pro V1 golf ball models and momentum in GT Metals and hybrid clubs.

The Wendy’s Company’s “One Vision” Strategy Sparks Franchise Confidence!

By Baptista Research

  • The Wendy’s Company’s latest earnings for the second quarter of fiscal 2025 highlighted several strategic initiatives and results that offer insights into the company’s current performance and future direction.
  • The earnings report presented both strengths and challenges, providing an opportunity to analyze the company’s potential as an investment.
  • Starting with the positives, Wendy’s reported significant international growth, with systemwide sales increasing by 8.7% and adjusted EBITDA growing by 23.9% in their International segment.

Celsius Holdings Boosts Household Penetration—Is 43% Just The Beginning of Market Domination?

By Baptista Research

  • Celsius Holdings has delivered a robust performance in the second quarter of 2025, with significant revenue growth driven primarily by its recent acquisition, the Alani Nu brand.
  • Total revenue rose by 84% year-over-year to $739.3 million, a substantial increase facilitated by a strong gain from Alani Nu, which contributed $301.2 million.
  • Meanwhile, Celsius-branded products continued their growth trajectory with a 9% increase, reflecting successful innovation and expanded distribution networks.

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Aug 30
0

Daily Brief ESG: The Environment Necessary for Disclosure of Annual Securities Report 3 Weeks Prior to AGMs Is… and more

By | Daily Briefs, ESG

In today’s briefing:

  • The Environment Necessary for Disclosure of Annual Securities Report 3 Weeks Prior to AGMs Is…

The Environment Necessary for Disclosure of Annual Securities Report 3 Weeks Prior to AGMs Is…

By Aki Matsumoto

  • There is a clear difference in awareness of pre-AGM disclosure in annual securities reports between companies that are targeted by overseas investors and those that are not.
  • Regarding the postponement of shareholder meetings, companies that have responded to investor needs are considering postponing their AGM dates, while most other companies are reluctant to do so.
  • In order for more companies to disclose their annual securities reports three weeks prior to AGMs and postpone their AGM dates, more companies need to be aware of this need.

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Aug 30
0

Daily Brief Macro: HEW: Policy Under Pressure and more

By | Daily Briefs, Macro

In today’s briefing:

  • HEW: Policy Under Pressure
  • China Economics: Policy Confusion Risks Worsening Demand Slump
  • Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More
  • Malaysia’s Rubber Industry Struggles To Regain Footing

HEW: Policy Under Pressure

By Phil Rush

  • President Trump’s attempt to fire Governor Cook, potentially gaining a supportive majority on the Fed, raises the risk that US policy overstimulates the economy.
  • Policy peers should not be pressured to mirror mistakes. The ECB faces data that keep accumulating hawkish pressures, but others are more susceptible, like the BOK.
  • Non-farm payroll data provide the last hope of blocking a Fed rate cut in September. Meanwhile, a rise in EA inflation to 2.1% should help rule out another ECB rate cut.

China Economics: Policy Confusion Risks Worsening Demand Slump

By Manu Bhaskaran

  • Transitory factors that drove China’s stronger-than-expected growth in the first half of 2025 are starting to fade, with hits to investment and consumption demand imminent in 2H25.  
  • But Beijing is in a bind on its policy response: it is rolling out demand-supporting measures but it is also keen to cut excess capacity and enforce public sector frugality.
  • The net impact is that economic growth to decelerate significantly in 2H25. More stimulus measures will be dribbled out but its impact will be stymied by conflicting aims and adverse

Asian Equities: China, Taiwan PE Slightly Stretched; More Upside in Korea; India to Correct More

By Manishi Raychaudhuri

  • A look at Asian markets’ PE relative to future EPS growth and PBV relative to future ROE re-establishes the conclusion that Korea and Philippines are cheap, and India is expensive. 
  • Market buoyancy and EPS estimate downgrades have taken Asia-ex- Japan’s and HK/China’s 12-month forward PE to 15-17% higher than long-term average.  So are Korea (6%), Taiwan (21%) and India (26%).
  • We’re cautious on India. We’ll watch HK/China’s valuation closely but aren’t too worried about them. Korea’s valuation can expand further. We’ll turn watchful here only after another 10% appreciation.

Malaysia’s Rubber Industry Struggles To Regain Footing

By Vinod Nedumudy

  • June output rises MoM, but sharply lower YoY  
  •  Exports declined 17.3%, with glove shipments softening  
  • Price volatility intensified, underscoring demand uncertainty

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Aug 30
0

Daily Brief Event-Driven: RPMGlobal (RUL AU) In Caterpillar’s Crosshairs and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • RPMGlobal (RUL AU) In Caterpillar’s Crosshairs
  • Spectris – KKR Clears Shareholder Hurdle; Arb Returns Now Timing-Dependent
  • Brian Kim’s 15-Year Hit: Trading Kakao Through the Founder Risk
  • Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition

RPMGlobal (RUL AU) In Caterpillar’s Crosshairs

By David Blennerhassett

  • RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a trading halt ahead of a rumoured tilt from Caterpillar Inc (CAT US).
  • No price has been made public; although local media are reporting an Offer Price of $5/share, a 32.6% premium to undisturbed. 
  • Shares will be suspended until the 2nd September. Earlier this year, RPMGlobal transitioned to  a pure-play software company after offloading its advisory division.

Spectris – KKR Clears Shareholder Hurdle; Arb Returns Now Timing-Dependent

By Jesus Rodriguez Aguilar

  • KKR’s £41.75/share cash-and-dividend offer for Spectris has secured overwhelming shareholder approval, with scheme completion likely in Q1 2026 pending court sanction and regulatory clearances under the UK Takeover Code.
  • The deal implies a 105% premium to the undisturbed price and 15.6x EV/EBITDA multiple, with KKR already beginning to take control of governance and management direction at Spectris.
  • At 4,040p close, the spread looks attractive; outcome is binary, but timing is the critical swing factor for returns as settlement drifts between January and March 2026.

Brian Kim’s 15-Year Hit: Trading Kakao Through the Founder Risk

By Sanghyun Park

  • Brian Kim’s 15-year sentence request looks set to hit Kakao and affiliates — founder risk has always sparked volatility on Kakao, so the sharp market reaction is no surprise.
  • But locals see odds of lighter or suspended time — if Kakao dumps on headline risk, it could be more entry window than pure downside.
  • Event-Driven setup: short Kakao vs long Naver for relative value, but into sentencing, odds of lighter time suggest fading any overdone Kakao dump could be the cleaner trade.

Keurig Dr Pepper to Spin-Off Coffee From Beverages Following JDE Peet’s Acquisition

By Garvit Bhandari

  • Keurig Dr Pepper, following the close of the JDE Peet’s acquisition, plans to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders
  • Post separation, the parent will retain North American refreshment beverages portfolio (Dr Pepper, Canada Dry, 7UP, A&W, energy/functional, RTD alcohol adjacencies).
  • We view KDP’s two-step transaction as value accretive for shareholders, creating two investable profiles that should appeal to distinct shareholder bases.

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Aug 30
0

Daily Brief Equity Bottom-Up: Long Macquarie (MQG AU) Vs. Short NAB (NAB AU): A Quant-Driven Pair Trade and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Long Macquarie (MQG AU) Vs. Short NAB (NAB AU): A Quant-Driven Pair Trade
  • [KE Holdings Inc. (BEKE US, BUY, TP US$24) TP Change]: The Old China Braces for Turbulence & Change
  • Networking Powers Nvidia’s Quarter, but Core Growth Under Scrutiny
  • Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)
  • Mitsui Mining & Smelting (5706 JP): Navigating Cyclical Metals While Riding AI Materials Growth
  • Trinseo Plc (TSE) – Thursday, May 29, 2025
  • Birla Opus Assurance: Marketing Wars at Play
  • Global Tax Free Co Ltd (204620) – Thursday, May 29, 2025
  • Taiwan Teck Weekly: Apple Snags Over Half of TSMC’s Best Chips; Long-Reasoning AI Will Surge Compute
  • Spindex : 2nd Half/Full Year Results

Long Macquarie (MQG AU) Vs. Short NAB (NAB AU): A Quant-Driven Pair Trade

By Gaudenz Schneider

  • Context: The Macquarie Group (MQG AU) over National Australia Bank (NAB AU) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: The pair is trading just at the border of the 2 standard deviation threshold which triggers the trade open signal. Monitor to find a good entry point.
  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

[KE Holdings Inc. (BEKE US, BUY, TP US$24) TP Change]: The Old China Braces for Turbulence & Change

By Eric Wen

  • Beike (BEKE) reported C2Q25 top line, non-GAA op. profit and GAAP net income (2.5%), (43%) and (3.0%) vs. our est. 
  • Since a strong start in C1Q25, both new and existing home sales growth have trended down after early March, against a weak 2024. 
  • We cut TP by US$1 to US$24 and maintain BUY.

Networking Powers Nvidia’s Quarter, but Core Growth Under Scrutiny

By Raghav Vashisht

  • Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
  • Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
  • Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.

Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)

By Srinidhi Raghavendra

  • Glencore Plc (GLEN LN) shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks & dividends to drive its share prices higher.
  • Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.
  • The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.

Mitsui Mining & Smelting (5706 JP): Navigating Cyclical Metals While Riding AI Materials Growth

By Rahul Jain

  • The Engineered Materials segment, driven by AI/5G-linked products like MicroThin™ and FaradFlex®, is poised for strong growth, offsetting near-term Metals segment weakness.
  • A forward valuation of ~17× P/E and ~7.5× EV/EBITDA, supported by strong growth in MicroThin™ and the scaling of FaradFlex®, is broadly in line with peers.
  • Key risks include metals price volatility, execution delays in FaradFlex®/MicroThin™ ramp-up, and intensifying competition from Asian copper foil and laminate producers.

Trinseo Plc (TSE) – Thursday, May 29, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Trinseo has historically been viewed as a high-risk investment due to its troubled history and significant leverage.
  • Recent improvements in its balance sheet and liquidity position, including over $450 million available through 2025, indicate a potential shift in investment outlook.
  • The alignment of bid-ask expectations for asset sales suggests a positive recovery potential for Trinseo in the next 12-18 months.

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.

Birla Opus Assurance: Marketing Wars at Play

By Nitin Mangal

  • Grasim Industries (GRASIM IN) ‘s Birla Opus rolled out “Birla Opus Assurance”— India’s first 1-year free repainting program covering various defects.
  • This is just another marketing technique, aimed at capturing market share from existing players. Because of the cut throat competition, other players are expected to launch similar programs.
  • Ultimately, this would lead to higher warranty provisioning as well as higher A&P spends, thereby impacting the margins. But in long run, we expect warranty claims to be modest.

Global Tax Free Co Ltd (204620) – Thursday, May 29, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Global Tax Free Co (GTF) holds a 70% market share in South Korea and 25% in Singapore for VAT refund services.
  • The company is recovering from a failed acquisition due to fraud and aims to expand into Japan and Thailand in the next 18 months.
  • Founded in 2005 and acquired by a SPAC in 2017, Chairman Mr. Moon Yang-Geun owns an 18.7% stake in GTF.

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.

Taiwan Teck Weekly: Apple Snags Over Half of TSMC’s Best Chips; Long-Reasoning AI Will Surge Compute

By Vincent Fernando, CFA

  • Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
  • NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
  • Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 

Spindex : 2nd Half/Full Year Results

By Punit Khanna

  • Results are steady. Revenues are flat with gross profit marginally down.
  • There are 2 exceptions : S $5.5 mn impairment on PPE at Nantong due to economic slowdown and fx loss of US $5.5 mn
  • Declares 2 cents dividend, ROE of 10% on Balance Sheet which has 30% excess cash and Book Value of Cash S$ 1.46

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. 

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Aug 30
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • The UST curve twisted flatter yesterday, partly unwinding Wednesday’s steepening move.
  • The yield on the 2Y UST rose 2 bps to 3.63%, while the yield on the 10Y UST fell 3 bps to 4.21%.
  • Equities climbed on the back of upward revisions to the US Q2/25 GDP. 

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Aug 30
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Daily Brief Australia: RPMGlobal Holdings Limited, Macquarie Group and more

By | Australia, Daily Briefs

In today’s briefing:

  • RPMGlobal (RUL AU) In Caterpillar’s Crosshairs
  • Long Macquarie (MQG AU) Vs. Short NAB (NAB AU): A Quant-Driven Pair Trade

RPMGlobal (RUL AU) In Caterpillar’s Crosshairs

By David Blennerhassett

  • RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a trading halt ahead of a rumoured tilt from Caterpillar Inc (CAT US).
  • No price has been made public; although local media are reporting an Offer Price of $5/share, a 32.6% premium to undisturbed. 
  • Shares will be suspended until the 2nd September. Earlier this year, RPMGlobal transitioned to  a pure-play software company after offloading its advisory division.

Long Macquarie (MQG AU) Vs. Short NAB (NAB AU): A Quant-Driven Pair Trade

By Gaudenz Schneider

  • Context: The Macquarie Group (MQG AU) over National Australia Bank (NAB AU) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: The pair is trading just at the border of the 2 standard deviation threshold which triggers the trade open signal. Monitor to find a good entry point.
  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

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Aug 30
0

Most Read: Mayne Pharma, Shanghai Henlius Biotech , Hyundai Autoever , Fast Retailing, XtalPi Holdings, Carenet Inc, Palo Alto Networks, RPMGlobal Holdings Limited and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Mayne Disagrees With Cosette On MAC
  • Henlius (2696)’s Fail Sets (Another) Bad Precedent
  • [Quiddity Index Aug25] KOSPI 200 Leaderboard for Dec25 Rebal: 6 ADDs, 6 DELs, Two Recommended Trades
  • Fast Retailing (9983 JP) Tactical Outlook: Turning OVERSOLD, Potential BUY Ahead of Sep-25 Rebalance
  • QuantumPharm US$750m Lockup Expiry – Financial Investors Checked 35% of Stock into CCASS
  • CareNet (2150 JP): Kaname Capital Is Potentially a Headache for EQT
  • Copper Miners Update Post US Tariff Announcement
  • Palo Alto’s $25B CyberArk Deal: Major US and Global Index Implications Ahead
  • RPMGlobal (RUL AU) In Caterpillar’s Crosshairs
  • HEW: Policy Under Pressure

Mayne Disagrees With Cosette On MAC

By David Blennerhassett

  • As widely speculated, Cosette asserted to Mayne Pharma (MYX AU) on the 17th May a Material Adverse Change (MAC) has occurred.
  • Mayne disagrees, and views the pre-requisites for a MAC, as defined in the SID, have not been established. 
  • What now? The Scheme is not terminated. Both parties remain in consultation. If those talks are not satisfactory (say, a price reduction [my guess]), Cosette said it will walk. 

Henlius (2696)’s Fail Sets (Another) Bad Precedent

By David Blennerhassett

  • The question was asked in Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal? Well, now we have one as LVC inexplicably blocked.
  • It didn’t appear to make economic rationale for LVC to crash the party – knowing they would do so, and not bother to reduce their position accordingly.
  • In tandem with the TCM (570 HK) debacle, it sets another bad precedent for future/existing Hong Kong  events. Expect spreads for HK arbs to widen. And Henlius to crater.

[Quiddity Index Aug25] KOSPI 200 Leaderboard for Dec25 Rebal: 6 ADDs, 6 DELs, Two Recommended Trades

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • We expect up to 6 ADDs and 6 DELs for the December-2025 index rebal based on the latest available data. Same count as a month ago, but 5/12 name changes.
  • We have new charts available for all expected ADDs/DELs showing a variety of data we think worthwhile in terms of judging trade opportunity and risk. And two recommended trades.

Fast Retailing (9983 JP) Tactical Outlook: Turning OVERSOLD, Potential BUY Ahead of Sep-25 Rebalance

By Nico Rosti

  • In his recent insight, Brian Freitas stated that Fast Retailing (9983 JP)‘s CPAF will stay the same at the September 25 Nikkei 225 Index rebalance.
  • The stock is turning oversold—not yet extreme, but notable. Historically, this short-term downtrend pattern often reversed after two weeks of declines; we are now in the second consecutive week lower.
  • Monitor the 47150 support level: the stock is trading at 47810 at the moment of writing, if it goes at or below 47150 it will start to be clearly oversold.

QuantumPharm US$750m Lockup Expiry – Financial Investors Checked 35% of Stock into CCASS

By Clarence Chu

  • QuantumPharm (2228 HK) listed in Hong Kong after raising US$126m towards the bottom end of its IPO price range. Its six-month lockup will expire on 12th Dec 2024.
  • QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

CareNet (2150 JP): Kaname Capital Is Potentially a Headache for EQT

By Arun George

  • Kaname Capital reported a 5.80% ownership ratio in Carenet Inc (2150 JP). Most of the shares were purchased on August 18 and 19, i.e., after the announcement of the offer.
  • Kaname has a recent history of agitating for a bump in the Proto Corp (4298 JP) tender offer. Kaname failed to prevent Proto from being privatised.
  • EQT will initially take a wait-and-see approach. If Kaname acquires a 10% stake, EQT will start to worry, but it has several options to respond. 

Copper Miners Update Post US Tariff Announcement

By Rikki Malik

  • While tariff headlines may dominate, accumulate the miners on weakness
  • The positive Supply and Demand drivers for copper are  still intact
  • Latest tariffs add to the continued inflationary pulse around the world

Palo Alto’s $25B CyberArk Deal: Major US and Global Index Implications Ahead

By Harry Kalfas

RPMGlobal (RUL AU) In Caterpillar’s Crosshairs

By David Blennerhassett

  • RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a trading halt ahead of a rumoured tilt from Caterpillar Inc (CAT US).
  • No price has been made public; although local media are reporting an Offer Price of $5/share, a 32.6% premium to undisturbed. 
  • Shares will be suspended until the 2nd September. Earlier this year, RPMGlobal transitioned to  a pure-play software company after offloading its advisory division.

HEW: Policy Under Pressure

By Phil Rush

  • President Trump’s attempt to fire Governor Cook, potentially gaining a supportive majority on the Fed, raises the risk that US policy overstimulates the economy.
  • Policy peers should not be pressured to mirror mistakes. The ECB faces data that keep accumulating hawkish pressures, but others are more susceptible, like the BOK.
  • Non-farm payroll data provide the last hope of blocking a Fed rate cut in September. Meanwhile, a rise in EA inflation to 2.1% should help rule out another ECB rate cut.

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