Smartkarma Daily Briefs

XtalPi Holdings (2228 HK) is looking to raise up to US$300m in a primary placement.
The deal is a small one in ADV terms, at 1.6 days, despite leading to a 5.7% increase in shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point

By Xinyao (Criss) Wang

OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

By Avien Pillay

Innovent Biologics published strong results that were ahead of expectations.
Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.

GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target

By Ke Yan, CFA, FRM

GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.
In this note, we look at the company’s core products, GFH925 and GFH375.
We also look at the company’s pre-IPO investors and management team.

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

By Tina Banerjee

Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
The company intends to use most of the placement proceeds for R&D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.

Viatris Inc.: Will Its Efforts Towards Cost Management Result In Near-Term Margin Expansion?

Viatris delivered a strong second quarter for 2025, despite some notable challenges.
The company achieved 3% divestiture-adjusted operational revenue growth, propelled by strong performance in Europe and Greater China.
Viatris’s diversified global business allowed it to overcome disruptions such as the impact from its Indore manufacturing facility, which negatively affected revenues.

Globus Medical: Nevro Acquisition & Integration Strategy Is a Key Component Influencing Its Future Growth!

Globus Medical’s recent earnings report presents a complex landscape shaped by its strategic acquisitions and ongoing efforts to streamline and integrate its expansive portfolio.
The company reported second-quarter sales of $745 million, marking an 18.4% increase over the previous year.
This growth was partly attributable to the recent acquisition of Nevro, which contributed $94.6 million in revenue.

Elanco’s Ascend Initiative: Can AI & Digitization Help Improve Their Profitability?

Elanco Animal Health’s earnings for the second quarter of 2025 reveal a nuanced landscape of growth and challenges.
On the positive side, Elanco experienced strong growth in its organic constant currency, posting an 8% increase and exceeding guidance across revenue, adjusted EBITDA, and adjusted EPS.
This growth was largely fueled by the success in the U.S. Pet Health sector, which surged by 11%, marking the eighth consecutive quarter of underlying growth.

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Aug 29

Daily Brief Consumer: Taste Gourmet, Meituan, Tovis Co Ltd, Trip.com Group , Orion Breweries Limited, Maruti Suzuki India, US Foods Holding Corp, Hyatt Hotels Corp Cl A, Live Nation Entertainment, Inc and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – August 2025
Meituan (3690 HK): Down 12% After 2Q25 – What Spooked Investors?
Korea Small Cap Gem #44: Tovis
Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside
Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead
Maruti E‑Vitara Launch: Make in India, Make for the World…
US Foods Is Setting the Stage for Robust Growth With Pronto
Meituan – Earnings Flash – Q2 FY 2025 Results
Hyatt Hotels: Expansion of the Group Business Segment to Potentially Enhance Its Financial Profile!
Live Nation Entertainment Dominates Sponsorships With High-Impact Festival Partnerships; What’s Next?

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – August 2025

By Sameer Taneja

We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).
We have some very positive updates from Plover Bay Technologies (1523 HK) / Asian Terminals (ATI PM) and The Keepers Holdings (KEEPR PM), post their quarterly results.

Meituan (3690 HK): Down 12% After 2Q25 – What Spooked Investors?

By Devi Subhakesan

Meituan (3690 HK) shares fell 12.5% post – 2Q2025 results, reflecting investor concerns over prolonged subsidy wars and lack of visibility on when rational competition may resume.
2Q 2025 revenue growth lagged the pace of delivery transaction growth as incentives sharply reduced effective revenue capture while rising marketing costs nearly wiped out quarterly profit.
Along side the rapid growth in China’s instant delivery market, where groceries and daily essentials are delivered in 30 minutes or less, competition among leading retail/delivery players have escalated.

Korea Small Cap Gem #44: Tovis

By Douglas Kim

Tovis is one of the key beneficiaries of continued opening of new casinos in Asia/globally. The company provides specialty monitors for slot machines, casino gaming cabinets, and arcade/gaming machines.
The growth of the automotive/other displays unit has been driven mostly by domestic sales which increased from 36.6 billion won in 2022 to 239.2 billion won in 2024.
Tovis is trading at EV/EBITDA of 4.5x based on LTM financials and recent prices. This is much lower than average EV/EBITDA multiple of 12.4x from 2020 to 2024.

Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside

By Ming Lu

The stock price surged by 7.7% on the 2Q25 release day.
Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.
The operating margin was stable at a level significantly higher than the period before COVID.

Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead

By Akshat Shah

Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Maruti E‑Vitara Launch: Make in India, Make for the World…

Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year.

US Foods Is Setting the Stage for Robust Growth With Pronto

US Foods Holding Corp. reported a solid second quarter for fiscal year 2025, exhibiting positive momentum across various strategic pillars.
The company delivered a record adjusted EBITDA of $548 million, showcasing a 12% year-over-year increase and achieving an adjusted EBITDA margin of 5.4%, marking a 40-basis-point expansion.
This growth was driven by disciplined cost management, strategic vendor initiatives, improved operational efficiency, and robust performance across its customer segments, particularly independent restaurants, healthcare, and hospitality sectors.

Meituan – Earnings Flash – Q2 FY 2025 Results

By Trung Nguyen

Meituan’s Q2/25 performance was weaker than we had expected, with profitability plunging as irrational price competition in food delivery eroded margins (due to heightened courier incentives and aggressive marketing spend).
The Q2 performance was also a stark contrast to the stronger than anticipated Q1 results, which included robust revenue growth (+18.1%) and a surge in profitability (operating profit: +102.8%) on the back of enhanced operational efficiency and operating leverage.
While the Q2/25 development is of some concern, Meituan is clearly making strategic moves by absorbing short-term pain (through material investments in subsidies, marketing and incentives) to protect its commanding 60-70% share in the food delivery market.

Hyatt Hotels: Expansion of the Group Business Segment to Potentially Enhance Its Financial Profile!

Hyatt’s second quarter of 2025 presented a mixed bag of strategic moves and operational results, demonstrating both growth opportunities and challenges.
On the positive side, the company’s acquisition of Playa Hotels & Resorts and subsequent real estate sale for $2 billion are noteworthy, aligning with its asset-light strategy.
The acquisition is expected to contribute significantly to management fees and earnings through Hyatt’s distribution platform by 2026.

Live Nation Entertainment Dominates Sponsorships With High-Impact Festival Partnerships; What’s Next?

Live Nation Entertainment’s second quarter 2025 earnings pointed towards various aspects of its business and future prospects.
A significant area of growth is its Latin America strategy, particularly with the OCESA partnership in Mexico and broader opportunities in Brazil and other Latin American markets.
The company is optimistic about leveraging its capabilities in venue development, festival launches, and advancing Ticketmaster’s operations across the region, which remain relatively underdeveloped compared to North America.

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Aug 29

Daily Brief Financials: Block , Maple Finance and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Block Inc.: Inside the Borrow Platform’s Surge to 6 Million Users & What’s Next!
Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

Block Inc.: Inside the Borrow Platform’s Surge to 6 Million Users & What’s Next!

Block, Inc.’s latest earnings report for the second quarter of 2025 provided key insights into the company’s ongoing strategies, progress, and operational challenges.
Showing signs of a return to growth mode, the company reported a gross profit of $2.5 billion, up 14% year-over-year, and an adjusted operating income of $550 million, reflecting a 38% increase.
This indicates an expansion in margins to a new peak of 22%.

Maple Finance (SYRUP) – Underwritten and Collateralised DeFi Lending on Ethereum.

By Tatja Karkkainen

Maple is establishing itself one of the largest on-chain credit venues, with deposits locked in at $2.1 bn and US$1.24 bn lent.
Pool delegates have skin in the game and underwriting lets pre-qualified trading firms borrow at 30-80 % lower collateral ratios than market while keeping lenders senior and over-collateralised.
Pool delegates in a ramp phase to build client books. Structured credit structures are planned.

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Aug 29

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Wall Street Hits Records on Strong GDP; Nvidia Slips and more

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

In today’s briefing:

Ohayo Japan | Wall Street Hits Records on Strong GDP; Nvidia Slips, Fed Clash Intensifies
Will 50% Tariffs Break India’s Export Edge?
Japan Morning Connection: Tech Shakes off Initial Weakness with Talks of Blackwell Sales to China
Property Sector a Winner in Japan Reflationary Era
Asia Real Estate Tracker (28-Aug-2025): Schroders appoints Ando APAC Head amid Moore’s promotion.
Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

Ohayo Japan | Wall Street Hits Records on Strong GDP; Nvidia Slips, Fed Clash Intensifies

By Mark Chadwick

US equities set fresh records on strong GDP and resilient labour data, while Nvidia fell on China uncertainty and Fed–Trump tensions stirred investor focus.
Mitsubishi Corporation announced that Warren Buffett’s Berkshire Hathaway now holds 10.23% of its voting rights
Nippon Steel will support US Steel with a ¥600 bn investment to build an electric furnace mill in the US, targeting operations after 2029.

Will 50% Tariffs Break India’s Export Edge?

The United States has imposed a 50% reciprocal tariff on Indian exports, the highest among major Asian peers, significantly above China (30%) and Vietnam (20%).
This could hamper 50-100 bps India’s GDP growth, strain sectors like textile, gems, and raise risks around FPI flows as US accounts for nearly 40% of India’s FPI assets.
While India retains buffers through domestic absorption, trade diversification, and potential monetary easing, the tariff shock deepens trade uncertainty and capital flow sensitivity, warranting close investor monitoring.

Japan Morning Connection: Tech Shakes off Initial Weakness with Talks of Blackwell Sales to China

By Andrew Jackson

Pure Storage surging 32% showcasing the growth potential for NAND as a viable and cost effective storage medium for AI/enterprise use. Watch Kioxia.
HP up but its printing business not so good -however this could be a ‘bad is good’ scenario for Japan’s desperately in need of consolidation printer industry.
Marvell getting hit hard after-hours may see ASIC related Socionext trade lower.

Property Sector a Winner in Japan Reflationary Era

By Rikki Malik

The BoJ’s reluctance to raise rates ensures negative real rates for longer
Supply and Demand for both commercial and residential are skewed towards price rises in central Tokyo and other urban areas
Property prices are at a big discount to other major developed countries

Asia Real Estate Tracker (28-Aug-2025): Schroders appoints Ando APAC Head amid Moore’s promotion.

By Asia Real Estate Tracker

Schroders has appointed Ando, a former executive from Ontario Teachers’ Pension Plan, as head of Asia-Pacific operations.
Moore is transitioning to the role of chairman at Schroders after leading the Asia-Pacific operations.
CapitaLand Ascott Trust has invested $27 million in three rental housing properties in Japan.

Indian Cement: Cost Headwinds Meet Robust Demand, Forging Pricing Power

Pan-India average cement prices have surged by 8% year-on-year to approximately Rs 360 per 50-kg bag, driven by escalating fuel and raw material costs, notably imported petcoke and gypsum.
The price surge indicates a shift in the balance of power within the highly consolidated Indian cement sector.
With input costs rising, companies are demonstrating newfound pricing power, a critical factor for protecting and expanding operating margins in an energy-intensive business.

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Aug 29

Daily Brief ECM: Robotis – Rights Offering of 100 Billion Won and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Robotis – Rights Offering of 100 Billion Won
Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well
Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets
Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point
Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead
GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target
Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive
Banma Network Technology Pre-IPO Tearsheet

Robotis – Rights Offering of 100 Billion Won

By Douglas Kim

On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued.
The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.

Xtalpi Placement: Opportunistic Raise but Thematically Hot, past Deals Did Well

XtalPi Holdings (2228 HK) is looking to raise up to US$300m in a primary placement.
The deal is a small one in ADV terms, at 1.6 days, despite leading to a 5.7% increase in shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets

Lynas Corp Ltd (LYC AU) is looking to raise up to US$488m in a primary placement.
The deal is a relatively small one, representing 9.8 days of the stock’s three month ADV, and 5.5% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Akeso Biopharma (9926 HK) Placement – We Are Now at a Critical Point

By Xinyao (Criss) Wang

OS benefit has been observed in HARMONi-A study, which however is just a small part of the PD-1/VEGF commercial landscape. The main battlefield is still the head-to-head trial against Keytruda.
We think the current high valuation of Akeso has begun to price in the successful HARMONi-2 results to some extent, which however is not a done deal.
Investors may need to be cautious about this placement, especially when the founders of Akeso actually chose to reduce their positions. Market cooling down may not be far off.

Orion Breweries Pre-IPO – Brewing Growth Beyond Okinawa, Headwinds Ahead

By Akshat Shah

Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

GenFleet Therapeutics (劲方医药) Pre-IPO: Leadership in KRAS G12D Target

By Ke Yan, CFA, FRM

GenFleet, a China-based near-commercial stage biotech company, is looking to raise around USD 250 million via a Hong Kong listing. CITIC Securities is the sole sponsor.
In this note, we look at the company’s core products, GFH925 and GFH375.
We also look at the company’s pre-IPO investors and management team.

Akeso Inc (9926 HK): Pipeline Prospects Shine on Positive Trial Results; Placement Looks Attractive

By Tina Banerjee

Akeso Biopharma Inc (9926 HK) announced the placement of 23.6M shares for subscription at HK$149.54 per share.
The company intends to use most of the placement proceeds for R&D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
Expanded indications of cadonilimab and ivonescimab, the successive positive data readouts, approvals, and continuous commercialization expansion efforts into global markets augur well.

Banma Network Technology Pre-IPO Tearsheet

Banma Network Technology (1657648D CH) is looking to raise at least US$200m in its upcoming Hong Kong IPO. The deal will be run by Deutsche Bank, CICC and Guotai.
Banma Network Technology is a leader in smart cockpit solutions.
It focuses on cockpit development with its proprietary automotive operating system (AOS) and full-stack Yan AI architecture.

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Aug 29

Daily Brief Credit: Meituan – Earnings Flash – Q2 FY 2025 Results and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Meituan – Earnings Flash – Q2 FY 2025 Results
Lucror Analytics – Morning Views Asia

Meituan – Earnings Flash – Q2 FY 2025 Results

By Trung Nguyen

Meituan’s Q2/25 performance was weaker than we had expected, with profitability plunging as irrational price competition in food delivery eroded margins (due to heightened courier incentives and aggressive marketing spend).
The Q2 performance was also a stark contrast to the stronger than anticipated Q1 results, which included robust revenue growth (+18.1%) and a surge in profitability (operating profit: +102.8%) on the back of enhanced operational efficiency and operating leverage.
While the Q2/25 development is of some concern, Meituan is clearly making strategic moves by absorbing short-term pain (through material investments in subsidies, marketing and incentives) to protect its commanding 60-70% share in the food delivery market.

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: China Oil & Gas
UST yields fell yesterday, led by the front end, despite a soft auction of 5Y notes (which tailed by 0.7 bps). The UST curve bullsteepened, with the yield on the 2Y UST falling 7 bps to 3.61%, while the yield on the 10Y UST declined 3 bps to 4.24%. Equities ended higher, ahead of Nvidia’s Q2/25 results release (out after the market closed). The S&P 500 and Nasdaq were both up 0.2% at 6,481 and 21,590, respectively.
New York Fed President John Williams said that the current rates are “modestly restrictive”, which means the US central bank could “reduce interest rates and still be somewhat restrictive going forward, but again, we’re going to have to figure out exactly what’s happening in the economy”.

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Aug 29

Daily Brief Equity Bottom-Up: Shortlist Of High Conviction Ideas: Income and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – August 2025
Meituan (3690 HK): Down 12% After 2Q25 – What Spooked Investors?
The next wave: Visa’s critical role in AI powered commerce
Korea Small Cap Gem #44: Tovis
Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside
Sumitomo Metal Mining (5713 JP): Recovery Driven by Resources
AI Chipmaker Cambricon Inches Closer to Becoming China’s Priciest Stock
Block Inc.: Inside the Borrow Platform’s Surge to 6 Million Users & What’s Next!
Doximity Inc.: Does The Increased Subscription Revenue Visibility Make This A ‘Buy’?
LY Finally Improves LINE Integration with Shopping Assets

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – August 2025

By Sameer Taneja

We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).
We have some very positive updates from Plover Bay Technologies (1523 HK) / Asian Terminals (ATI PM) and The Keepers Holdings (KEEPR PM), post their quarterly results.

Meituan (3690 HK): Down 12% After 2Q25 – What Spooked Investors?

By Devi Subhakesan

Meituan (3690 HK) shares fell 12.5% post – 2Q2025 results, reflecting investor concerns over prolonged subsidy wars and lack of visibility on when rational competition may resume.
2Q 2025 revenue growth lagged the pace of delivery transaction growth as incentives sharply reduced effective revenue capture while rising marketing costs nearly wiped out quarterly profit.
Along side the rapid growth in China’s instant delivery market, where groceries and daily essentials are delivered in 30 minutes or less, competition among leading retail/delivery players have escalated.

The next wave: Visa’s critical role in AI powered commerce

By MAGELLAN – IN THE KNOW

AI is becoming more integrated into daily life, including potential use for planning holidays and making payments
Visa is focusing on innovation to redefine the future of payments, with a history of adapting to new technologies and consumer expectations
Visa’s chief Product officer discusses the company’s vision for the future of consumer payments and the opportunities they see in the market

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

Korea Small Cap Gem #44: Tovis

By Douglas Kim

Tovis is one of the key beneficiaries of continued opening of new casinos in Asia/globally. The company provides specialty monitors for slot machines, casino gaming cabinets, and arcade/gaming machines.
The growth of the automotive/other displays unit has been driven mostly by domestic sales which increased from 36.6 billion won in 2022 to 239.2 billion won in 2024.
Tovis is trading at EV/EBITDA of 4.5x based on LTM financials and recent prices. This is much lower than average EV/EBITDA multiple of 12.4x from 2020 to 2024.

Trip.com (9961HK, TCOM): 2Q25, Stock Surged On Release Day, But Still 24% Upside

By Ming Lu

The stock price surged by 7.7% on the 2Q25 release day.
Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.
The operating margin was stable at a level significantly higher than the period before COVID.

Sumitomo Metal Mining (5713 JP): Recovery Driven by Resources

By Rahul Jain

FY2024–25 results showed a sharp rebound, with Resources strength (copper, gold) more than offsetting Smelting losses.
August FY2025 guidance raised PBT and dividend despite trimming sales and Smelting outlook, reflecting confidence in core earnings.
EBITDA is set to grow ~6–7% over FY2025–27, leaving the stock inexpensive on P/E (~12x vs peers ~16x).

AI Chipmaker Cambricon Inches Closer to Becoming China’s Priciest Stock

By Caixin Global

Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (600519.SH -2.27%) as the most expensive stock on China’s A-share market.
Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.
The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

Block Inc.: Inside the Borrow Platform’s Surge to 6 Million Users & What’s Next!

Block, Inc.’s latest earnings report for the second quarter of 2025 provided key insights into the company’s ongoing strategies, progress, and operational challenges.
Showing signs of a return to growth mode, the company reported a gross profit of $2.5 billion, up 14% year-over-year, and an adjusted operating income of $550 million, reflecting a 38% increase.
This indicates an expansion in margins to a new peak of 22%.

Doximity Inc.: Does The Increased Subscription Revenue Visibility Make This A ‘Buy’?

Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.
The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.
The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

LY Finally Improves LINE Integration with Shopping Assets

By Michael Causton

LY is finally moving to integrate LINE and Yahoo more effectively. It has taken too long.
LINE has 100 million users in Japan and yet until now, there has not been a decent shopping tab within the LINE app to encourage cross-use.
This is finally happening next month and, along with some AI-based UI and search improvements should help LY maintain parity with Rakuten if not surpass on growth rates.

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Aug 29

Daily Brief Event-Driven: [Japan M&A] CareNet (2150 JP) – Opaque LBO/MBO Garners New Attention from Existing Shareholder and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

[Japan M&A] CareNet (2150 JP) – Opaque LBO/MBO Garners New Attention from Existing Shareholder
CareNet (2150 JP): Kaname Capital Is Potentially a Headache for EQT
What Was It in SK Inc that Got the Local Pension Funds Loading up Hard Today?
Maruti E‑Vitara Launch: Make in India, Make for the World…
Honeywell Files Form 10 for the Spin-Off of Solstice Advanced Materials (SOLS)

[Japan M&A] CareNet (2150 JP) – Opaque LBO/MBO Garners New Attention from Existing Shareholder

By Travis Lundy

When EQT launched its deal for Carenet Inc (2150 JP) two weeks ago, I thought it opaque, and light, and strangely lacking in information which should be there.
It has not gotten clearer, though three days ago, the largest foreign shareholder as of the announcement reported they had lowered their position by 3.77% (4.22% of votes).
Then yesterday, someone else reported they had gone above 5%. The data implied in that filing suggests this may have legs. I’d buy through terms.

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.

What Was It in SK Inc that Got the Local Pension Funds Loading up Hard Today?

By Sanghyun Park

LG plans to cancel its remaining 3.02M treasury shares by next year, effectively wiping out all treasury stock—a clear preemptive move ahead of mandatory cancellation rules.
Local pension funds are betting SK Inc will do a partial treasury burn before Q4, front-running the 3rd Commercial Act and sending a pro-policy signal.
The SK treasury burn story offers multiple plays: holdco rerate, SK Inc momentum, and subsidiary rollover as NAV discounts tighten—definitely a multi-layered setup worth active monitoring.

Maruti E‑Vitara Launch: Make in India, Make for the World…

Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year.

Honeywell Files Form 10 for the Spin-Off of Solstice Advanced Materials (SOLS)

By Garvit Bhandari

Honeywell submitted a Form 10 registration statement to the SEC on August 21, formally initiating the planned separation of Solstice Advanced Materials as a standalone company
The new entity will focus on specialty materials such as refrigerants, semiconductor materials, protective fibers, and healthcare packaging.
Honeywell retains Aerospace Technologies, Industrial Automation, Building Automation, and the non-Advanced-Materials pieces of Energy & Sustainability Solutions.

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Aug 29

Daily Brief Australia: Lynas Corp Ltd, Critica, Global Traffic Network, Intermin Resources, Prospech Ltd, Red Metal Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets
Critica Limited – Jupiter in Retrograde
GTN Ltd – Higher utilisation rate crucial for earnings growth
Horizon Minerals Ltd – Update confirms pre-feasibility study is on track
Prospech Ltd – Harvinaiset Maametallit
Red Metal Ltd – Rare earths from granites

Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets

Lynas Corp Ltd (LYC AU) is looking to raise up to US$488m in a primary placement.
The deal is a relatively small one, representing 9.8 days of the stock’s three month ADV, and 5.5% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.

Critica Limited – Jupiter in Retrograde

Critica Limited (ASX:CRI), formerly Venture Minerals Limited (ASX:VMS), is a junior resource company focusing on the exploration and development of the Jupiter rare earths project located in Western Australia (WA).
Jupiter hosts a globally significant clay-hosted rare earths deposit which is currently progressing through metallurgical testing with promising initial results in beneficiating the ore, with future test work to focus on leaching of the ore to produce a marketable rare earth intermediate product.
With cash of ~$4.15m as of 30 June 2025, CRI appears to have funding to continue to progress exploration activities across the company’s portfolio of projects.

GTN Ltd – Higher utilisation rate crucial for earnings growth

GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed number of commercial advertising spots adjacent to traffic, news and information reports.
GTN has reported FY25 adjusted EPS of $0.036 (adj. NPATA $6.9m), down 36% and already guided to in a trading update late July.
Additional disclosure reveals generally stable spot rates but declines in sell out (utilisation) rates for most regions in H2 FY25.

Horizon Minerals Ltd – Update confirms pre-feasibility study is on track

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
HRZ released an update covering progress on the workstreams supporting the pre-feasibility study (PFS) on the restart of the Black Swan plant.
The preliminary work is supportive of the plant being able to run at the targeted nameplate of 1.5mtpa based on the characteristics of the gold ore that will be processed through the plant.

Prospech Ltd – Harvinaiset Maametallit

Prospech Limited (ASX:PRS) is a junior explorer focused on the exploration and development of rare earths and copper-gold projects in Finland and Slovakia.
The company’s flagship Korsnäs project is the most advanced with PRS growing the scale of the resource over the last year in addition to demonstrating promising, but early, minerology and metallurgical test work outcomes.
With cash of ~$0.55m as of 30 June 2025, PRS appears to have funding to progress activities across the company’s portfolio of projects.

Red Metal Ltd – Rare earths from granites