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Smartkarma Daily Briefs

Feb 21
0

Daily Brief Private Markets: The story behind DeepSeek’s breakthrough and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • The story behind DeepSeek’s breakthrough

The story behind DeepSeek’s breakthrough

By Behind the Money

  • Liang Wanfang became a celebrity overnight, with visitors from all over Guangdong coming to pay their respects
  • Liang has been praised for his contributions to China’s tech sector, surpassing competitors and boosting national pride
  • China’s tech sector has faced challenges, including regulatory crackdowns and decreased foreign investment, leading to a shift towards state-backed funding and increased risk for entrepreneurs.

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

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Feb 21
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates
  • Hong Kong Buybacks Weekly (Feb 21st): Zhuzhou Crrc Times Electric, Swire Pacific, Cosco Shipping

ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Feb 14th (reported today) which has an aggregated short interest worth USD24.0bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma Pharmaceuticals, Santos, A2 Milk Company, Nextdc.

Hong Kong Buybacks Weekly (Feb 21st): Zhuzhou Crrc Times Electric, Swire Pacific, Cosco Shipping

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 21st based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Crrc Times (3898 HK), Swire Pacific (19 HK), Cosco Shipping (1919 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), HSBC (5 HK), Cosco Shipping (1919 HK).

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Feb 21
0

Daily Brief Thematic (Sector/Industry): The US “Fair and Reciprocal Plan” & Its Impact on India and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • The US “Fair and Reciprocal Plan” & Its Impact on India
  • Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy
  • Ohayo Japan | Walmart Warning Weighs on Markets
  • Regional Economics: More Competitive AI Landscape a Positive for Asia
  • Tencent, Baidu Look to Capitalize on DeepSeek’s Stunning Rise
  • Trump’s Tariffs Prompt Chinese E-Commerce Giants to Expand Beyond U.S.
  • Furniture/Furnishings Weekly – Steel and Aluminum Tariffs; Return-To-Work Enforcement, Realities
  • Chinese Carmakers Expand Into Growing Central Asian Markets

The US “Fair and Reciprocal Plan” & Its Impact on India

By Nimish Maheshwari

  • The US has unveiled its “Fair and Reciprocal Plan,” signaling a shift to impose reciprocal tariffs, which specifically target high tariffs on products.
  • This move could reduce India’s export volumes, particularly in labor-intensive sectors, by raising US tariffs closer to India’s levels, potentially triggering a $7 billion export drop and deflationary pressures.
  • Investors and policymakers must now reassess India’s trade strategy; proactive measures such as bilateral agreements and targeted tariff reductions will be key to mitigating risks and stabilizing long-term economic growth.

Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy

By Andrew Jackson

  • Japan defence may be buoyed by comments from Frances Macron that spending needs to rise.
  • Wild ride for Kokusai Electric continues as outstanding short interest jumps 46% over the last week.
  • Kura Sushi bringing back free meals – limit up yesterday, but with a big SI will there be more today?

Ohayo Japan | Walmart Warning Weighs on Markets

By Mark Chadwick

  • US stocks fell as Walmart (-6%) issued cautious guidance and Trump’s tariff plans weighed on sentiment. The Dow lost 450 points (-1%), while gold (+0.7%) hit a record high.
  • Yesterday the Nikkei fell 486 points to 38,678, led by declines in transportation and banking. Investors remain cautious on Trump’s tariffs
  • The yen strengthened to 149.92/USD on BOJ rate hike hints: Suzuki set a ¥8 trillion sales target by 2030, investing ¥1.2 trillion in India; SoftBank’s Arm plans its own-designed chips.

Regional Economics: More Competitive AI Landscape a Positive for Asia

By Manu Bhaskaran

  • Short term economic and policy factors may hurt technology sector prospects in coming months but the structural factors continue to support growth in Asia.
  • Consumer and business demand for tech remain solid, but risks loom in the form of trade tensions.
  • In particular, Asia will benefit from a more competitive AI landscape as tech accessibility improves. Tech investments in Asia will also see growth.

Tencent, Baidu Look to Capitalize on DeepSeek’s Stunning Rise

By Caixin Global

  • Tencent Holdings Ltd. and Baidu Inc. are launching search functions powered by the large language models developed by DeepSeek, joining the ranks of global tech giants seeking to capitalize on the rise of the artificial intelligence (AI) developer that has sent a shockwave through the industry.
  • Tencent, for example, is incorporating the full version of the DeepSeek-R1 model into Weixin, the Chinese version of its instant messaging app WeChat, to power its search capabilities, though the function is still in beta testing, Tencent told Caixin in a statement Sunday.
  • While the function is in beta, selected users can use the “Search with AI” option from the search bar to access the R1-powered service, along with Tencent’s own AI model Hunyuan, the statement said.

Trump’s Tariffs Prompt Chinese E-Commerce Giants to Expand Beyond U.S.

By Caixin Global

  • Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to diversify their markets and reduce reliance on any single region.
  • On Feb. 1, U.S. President Donald Trump signed an executive order imposing a 10% tariff on all Chinese imports and ending duty-free treatment for small parcels from China.
  • The U.S. Customs and Border Protection agency enforced the order on Feb. 3, requiring all Chinese goods, including those from Hong Kong, to be formally declared and taxed.

Furniture/Furnishings Weekly – Steel and Aluminum Tariffs; Return-To-Work Enforcement, Realities

By Water Tower Research

  • Tariffs and policy uncertainty don’t seem to be weighing down stocks in the furniture and furnishings space at this point.
  • The WTR Commercial/Contract Furniture Index was up 3.2%, the Residential Manufacturers & Suppliers Index gained 6.4%, and the Home Goods Retailers Index was up 1.2%, all better than the broader market indexes.
  • The US imposed across-the-board 25% tariffs on steel and aluminum.

Chinese Carmakers Expand Into Growing Central Asian Markets

By Caixin Global

  • Chinese automakers are pushing deeper into Central Asian markets through exports and manufacturing localization after Russia’s crackdown on a lucrative loophole that allowed re-exports of vehicles through Eurasian Economic Union (EAEU) member states.
  • Carmakers including Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd. (000625.SZ), Anhui Jianghuai Automobile Group Corp. Ltd. (JAC) (600418.SH) and Great Wall Motor Co. Ltd. have built a presence in the Kazakhstani market, which has developed a major taste for Chinese vehicles.
  • Last year, China-made cars accounted for 39% of the 205,111 vehicles sold in Kazakhstan, the region’s largest economy.

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Feb 21
0

Daily Brief ESG: M&As Due to Restructuring of Business Portfolios Have Finally Begun to Increase and more

By | Daily Briefs, ESG

In today’s briefing:

  • M&As Due to Restructuring of Business Portfolios Have Finally Begun to Increase

M&As Due to Restructuring of Business Portfolios Have Finally Begun to Increase

By Aki Matsumoto

  • Listed subsidiaries and affiliates are now required by the TSE to disclose their basic thoughts on their business portfolio strategy and the rationale for being listed.
  • M&A is expected because Japanese companies have not taken effective steps to expand their corporate value as cash on hand is building up and ROE is sluggish.
  • M&A is likely to be mostly conducted by domestic companies or investment funds as a result of industry restructuring and business portfolio restructuring in Japan.

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Feb 21
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

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, ReNew Energy

  • In the US, January 2025 housing starts fell 9.8% m-o-m (-7.3% e / 16.1% p) to an annualised pace of 1.37 mn units, as builders pulled back on construction after a surge in December 2024. Meanwhile, building permits rose 0.1% (-1.5% e / -0.7% p) in January 2025.

  • The minutes of the US FOMC’s January 28-29th meeting showed that Fed officials expressed readiness to hold the policy rate at a restrictive level, if the economy remains strong and inflation stays elevated.

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Feb 21
0

Daily Brief ECM: Sotetsu Holdings (9003) – Crossholders Sell Down – Big ADV Multiple and more

By | Daily Briefs, ECM

In today’s briefing:

  • Sotetsu Holdings (9003) – Crossholders Sell Down – Big ADV Multiple, Low Earnings Multiple, Boring
  • Tsumura (4540 JP) Equity Offering – Easy To Swallow, and Not Expensive
  • Sotetsu Placement: Low Valuation and Share Buyback Should Aid Deal Performance
  • PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer
  • Chifeng Jilong A/H Listing: Riding on the Gold Rush

Sotetsu Holdings (9003) – Crossholders Sell Down – Big ADV Multiple, Low Earnings Multiple, Boring

By Travis Lundy

  • Sotetsu Holdings (9003 JP) today announced a large-ish secondary equity offering – 10% of shares out and 20% of Max Real World Float. 
  • This is crossholders selling down roughly 30% of what they own. Sotetsu announced a buyback for a quarter of the offering over the next six months.
  • The shareholder structure and distribution within Max Real World Float tells you all you need to know.

Tsumura (4540 JP) Equity Offering – Easy To Swallow, and Not Expensive

By Travis Lundy

  • Tsumura & Co (4540 JP) shocked everyone a year ago when they announced an immediate large price hike across the board for its kampo medicines. The stock was +35% immediately.
  • It did not fall back. Now the stock is up 60% from a year ago and earnings are too. It’s still <10x PER. Now we get a ¥10bn secondary offering.
  • It’s 12 days of ADV but not super heavy, and there is a buyback on the back end.

Sotetsu Placement: Low Valuation and Share Buyback Should Aid Deal Performance

By Nicholas Tan

  • A group of shareholders are looking to raise US$135m from selling their respective stakes in Sotetsu Holdings (9003 JP) .
  • While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer

By Devi Subhakesan

  • Walmart (WMT US) backed Phonepe is gearing up for an IPO in India, according to comments made by Walmart CEO McMillon during Investor call yesterday,
  • Phonepe Pvt Ltd (1732974D IN) , 84% owned by Walmart (WMT US), is one of India’s leading fintech company with its flagship digital payment app.
  • During its last funding round in January 2023, PhonePe raised USD350 million from General Atlantic at a valuation of USD12 billion. 

Chifeng Jilong A/H Listing: Riding on the Gold Rush

By Nicholas Tan

  • Chifeng Jilong Gold Mining (600988 CH), a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing.
  • It is principally engaged in the mining, processing and sales of gold.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Feb 21
0

Daily Brief Event-Driven: Proto Corp (4298) – Large Active Holders Going Activish-Y and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Proto Corp (4298) – Large Active Holders Going Activish-Y
  • CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration
  • Proto Corp (4298 JP): Kaname Capital Throws a Spanner in the Works
  • Clarifying Samsung Life’s Position on How Samsung Electronics Structures Its Shareholder Returns
  • Growing Importance of ACT – Korea’s Largest Minority Shareholders Platform
  • Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today
  • BBVA/Sabadell: Implications of CNMC Decision, How Much Should BBVA Raise?
  • Mayne Pharma (MYX AU): Cosette’s A$7.40/Share Scheme
  • Domain (DHG AU): CoStar’s A$4.20/Share NBIO

Proto Corp (4298) – Large Active Holders Going Activish-Y

By Travis Lundy

  • When the deal was announced, I wrote that the MBO for Proto Corp (4298 JP) was opportunistic and was possibly “vulnerable” to activist attentions (original insight here).
  • On the 17th, one large active holder Ancient Arts LP filed an amendment to their Large Shareholder Filing showing a change in Reason for Investment. 
  • On the 18th of Feb, top independent shareholder Kaname Capital reported an increase in stake and sent Open Letters which appear only now to be circulating. It’s worth a look.

CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration

By David Blennerhassett

  • On the 6th December 2024, China National Building Material (3323 HK) (CNBM), China’s leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.
  • This elevated CNBM’s parent’s stake to 50.01% of total shares from 45.02% currently, necessitating  a whitewash waiver so the parent would not be obliged to make a full blown offer.  
  • Independent H-shareholder overwhelmingly approved the waiver yesterday, the 19th February. Tendering closes on the 5th March. Minimum pro-ration is 19.24%. I’m estimating at least 35%. The Offer is now unconditional.

Proto Corp (4298 JP): Kaname Capital Throws a Spanner in the Works

By Arun George

  • Kaname Capital, the second-largest shareholder of Proto Corp (4298 JP), has issued an open letter stating that the JPY2,100 MBO tender offer is a bad conclusion at the wrong price.
  • Some assertions are valid, while others do not stand up to scrutiny. Kaname claims that Proto is worth JPY3,778, which will make it hard to reach a compromise. 
  • Maintaining terms is increasingly not viable. The Chairman is likely to respond by lowering the minimum acceptance condition and/or bumping to secure the support of minorities (excluding Kaname).

Clarifying Samsung Life’s Position on How Samsung Electronics Structures Its Shareholder Returns

By Sanghyun Park

  • Samsung Life isn’t getting a boost from Samsung Fire, so they need to stay focused on managing equity to maintain their K-ICS ratio.
  • They’ll use capital securities issuance as a quick fix but must also monitor their Samsung Electronics stake, a major asset, to manage the situation effectively.
  • Samsung Electronics will likely focus on dividends over buybacks. Watch for a pair trade setup between common and preferred shares, favoring long positions on preferreds.

Growing Importance of ACT – Korea’s Largest Minority Shareholders Platform

By Douglas Kim

  • In this insight, we discuss about the growing importance of ACT, the largest minority shareholders platform (https://www.act.ag/) in Korea with nearly 100,000 members and market share of more than 50%. 
  • Recently, ACT has been demanding corporate governance improvements on the following companies: E-Mart, DB Hitek, Lotte Shopping, Youlchon Chem, Hanmi Science, and Solu-M. 
  • ACT has played an important role in the recent shareholder return polices announced by E-Mart which announced a sharply higher total shareholder return policy including higher dividends and share cancellations.

Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today

By Brian Freitas

BBVA/Sabadell: Implications of CNMC Decision, How Much Should BBVA Raise?

By Jesus Rodriguez Aguilar

  • The CNMC’s provisional report requires BBVA to extend commitments to SMEs for three years instead of 18 months, a condition seen as manageable but opposed by Sabadell’s leadership.
  • BBVA’s exchange offer for Sabadell values its shares at €2.37, below the market price of €2.504, implying a 5.3% shortfall, increasing pressure for BBVA to improve its bid.
  • The Spanish government opposes the takeover, and political intervention, regulatory hurdles, and a history of failed hostile bank takeovers in Europe could significantly impact the deal’s success.

Mayne Pharma (MYX AU): Cosette’s A$7.40/Share Scheme

By David Blennerhassett

  • Mayne Pharma (MYX AU), a leader in dermatology and women’s health, has entered into a Scheme Implementation Deed with US-based pharmaceutical outfit, Cosette Pharmaceuticals.
  • Cosette is offering A$7.40/share, a 37% premium to last close. Apart from Mayne’s shareholder approval, the Offer requires FIRB signing off. 
  • The Offer also has the backing of Mayne’s two largest shareholder, Viburnum and Bruce Mathieson, collectively holding 14.1%. Implementation is expected late May, early June 2025. This is done.

Domain (DHG AU): CoStar’s A$4.20/Share NBIO

By David Blennerhassett

  • Domain Holdings Australia (DHG AU), Australia’s  number two player in the online real estate market, has announced a non-binding proposal, by way of a Scheme, from CoStar Group (CSGP US).
  • CoStar is offering A$4.20/share, in cash. A A$0.02/share dividend declared on the 13th Feb will be added (but now ex). CoStar also acquired 16.9% of shares out, also at A$4.20/share.
  • Domain is 60% owned by Nine Entertainment Co Holdings (NEC AU), and has been known to be scoping out a buyer. A firm offer will require FIRB to sign off.

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Feb 21
0

Daily Brief Equity Bottom-Up: Alibaba (BABA): 3Q25 and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Alibaba (BABA): 3Q25, Main Business Growth Close to Double Digits
  • Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom
  • BUY/SELL/HOLD: Hong Kong Stock Update (February 20)
  • Alibaba’s C4Q24 Result Says the Inflection Point of Chinese AI Has Arrived for the Capital Markets
  • Amazon.com Inc – Amazon’s AI Billions, Store Struggles, & The Risks No One Is Talking About!
  • Softbank (9984) Is Trading Cheap, And That Could Be An Opportunity
  • Kalyan Jewellers (KALYANKJ IN) | FOCO Model Warrants Attention
  • China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025
  • Adani Energy Solutions Limited Q3 FY25 Update
  • Tech Supply Chain Tracker (21-Feb-2025): Honda-Nissan merger drama as Renault strengthens ties.

Alibaba (BABA): 3Q25, Main Business Growth Close to Double Digits

By Ming Lu

  • Total revenue growth rate continued to rise in 3Q25 ending March 2025.
  • Also, the growth rate of the largest business line, customer management, was close to double digits.
  • The upside for the next twelve months was narrowed to 18%, as Alibaba’s stock surged after our preview note.

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; Massive Change in UMC Headroom

By Vincent Fernando, CFA

  • TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread
  • UMC: 0% Premium (Parity) — Massive Increase in ADR Headroom
  • ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead

BUY/SELL/HOLD: Hong Kong Stock Update (February 20)

By David Mudd

  • Hong Kong’s secular bull market continues this year with record buying from mainland investors through the Southbound Connect platform.
  • AAC Technologies Holdings (2018 HK) announced a positive profit alert of of 150% increase in profit for 2024.  The AI, phone and auto segments saw value content increases.
  • Hua Hong Semiconductor (1347 HK) is well-positioned to cater to China’s increasing demand for locally designed and produced chips, especially in the EV, smart home appliances and wearables industries.

Alibaba’s C4Q24 Result Says the Inflection Point of Chinese AI Has Arrived for the Capital Markets

By Ying Pan

  • After rallying ~50% from its lows, Alibaba rallied another ~10% after reporting in-line result, despite saying it would spend more capex in the next 3 years than the previous 10; 
  • Behind this performance is a sudden clarification of AI’s monetization future in China. Alibaba’s vision certainly has itself at the center of beneficiary, but a few other readings also exist;
  • Alibaba suggested that partial replacement of human worker is possible in a platform with structured workflow, allowing AI users to reap benefits earlier than we have anticipated. 

Amazon.com Inc – Amazon’s AI Billions, Store Struggles, & The Risks No One Is Talking About!

By Baptista Research

  • Amazon.com reported a strong fourth quarter for 2024, with a revenue of $187.8 billion, reflecting a year-over year growth of 10%.
  • Notably, this growth was primarily driven by the company’s strategic focus on expanding its product selection, competitive pricing, and enhanced delivery services, which significantly boosted customer engagement and unit sales, especially in the North American and International segments.
  • The company’s operating income also saw a substantial improvement, reaching $21.2 billion, marking a 61% increase from the previous year, further supported by effective cost management and productivity improvements throughout its distribution network.

Softbank (9984) Is Trading Cheap, And That Could Be An Opportunity

By Finimize Research

  • Softbank’s investment in Arm, valued at around USD 148 billion, is its new NAV driver, after its 300% rally post its IPO.
  • Despite an ongoing share buyback and an LTV near 12.9%, Softbank is still trading around a 59% discount to its net asset value. 
  • Softbank looks like a good proxy for investing in Arm and being long Softbank and Short Arm looks like reasonable risk/reward at current levels. 

Kalyan Jewellers (KALYANKJ IN) | FOCO Model Warrants Attention

By Pranav Bhavsar

  • We believe Kalyan Jewellers (KALYANKJ IN) ‘s FOCO (Franchise Owned, Company Operated) model warrants deeper attention
  • Our casual checks question the company’s store expansion narrative vs on ground reality. 
  • Our conversation seems to indicate franchisees are financial partners only.

China Could Lift Ban on Korean Popular Culture (Hallyu) As Early As May 2025

By Douglas Kim

  • One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. 
  • China’s President Xi recently stated “Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.”
  • We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. 

Adani Energy Solutions Limited Q3 FY25 Update

By Sudarshan Bhandari

  • Adani Energy Solutions (ADANIT IN) Q3 FY25 shows 15% revenue growth to Rs. 6,000 crores, an 80% PAT increase, and aggressive capex investments, driven by robust transmission and smart metering initiatives.
  • Strong financial performance, combined with increased capex and operational efficiency in transmission and smart metering, signals enhanced market positioning and long-term growth potential in a supportive energy sector.
  • AESL significantly increases its capex ramp-up by around 3 times driven by unparallel project and operating excellence coupled with robust capital management program. 

Tech Supply Chain Tracker (21-Feb-2025): Honda-Nissan merger drama as Renault strengthens ties.

By Tech Supply Chain Tracker

  • Honda-Nissan merger and Renault-Geely alliance shake up auto industry landscape, causing speculation and uncertainty.
  • AI technology leading to increased demand for edge computing and device upgrades due to affordable costs and improved efficiency.
  • Liquid-cooled fast charging technology set to revolutionize EV charging by 2025, allowing for ultrafast charging speeds. Tesla’s India factory plans criticized by Trump. Grok 3 drives spike in AI server demand.

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Feb 21
0

Daily Brief Macro: Heartening Rubber Production Figures For Malaysia In 2024 and more

By | Daily Briefs, Macro

In today’s briefing:

  • Heartening Rubber Production Figures For Malaysia In 2024
  • OPEC Keeps Oil Demand Forecasts Steady While the EIA and IEA Raise Outlook for 2025
  • CX Daily: Meituan Hopes Middle East Expansion Will Deliver Growth
  • Here’s What To Expect From S&P 500 Returns Over The Next Decade.
  • Asian Equities: Which Sectors Could Suffer when Indian Domestics Sell?
  • WTR Small-Cap Spotlight Recap – PERFectly Set Up to Reaccelerate Growth

Heartening Rubber Production Figures For Malaysia In 2024

By Vinod Nedumudy

  • Year-on-year increase of 11.06% in NR production in 2024
  • Ivory Coast once again upstages Thailand in imports
  • Seed collection and sales to nurseries turn revenue spinner for smallholders

OPEC Keeps Oil Demand Forecasts Steady While the EIA and IEA Raise Outlook for 2025

By Suhas Reddy

  • OPEC kept its 2025 and 2026 oil demand growth forecasts steady, while EIA and IEA raised their estimates for 2025 by 3% and 4.8%, respectively.
  • EIA sees India leading oil demand growth, with consumption rising 0.3m bpd in 2025 and 2026, while China’s demand is expected to increase by 0.2m bpd over the same period.
  • Among the nine OPEC members with quotas, production fell 107k bpd MoM to 21.23m bpd, just below the 21.24m bpd target. Saudi Arabia led the decline in output.

CX Daily: Meituan Hopes Middle East Expansion Will Deliver Growth

By Caixin Global

  • Meituan / In Depth: Meituan hopes Middle East expansion will deliver growth
  • Central bank /: PBOC’s Pan says reform of IMF quota system ‘critical’
  • Bankruptcy /Interview: time is right for China to fix personal bankruptcy legal omission, expert says

Here’s What To Expect From S&P 500 Returns Over The Next Decade.

By Finimize Research

  • The past decade made investing look easy – 13% returns per year from the S&P 500. But the next ten years are shaping up to be a whole different story.
  • Even if you make some pretty optimistic assumptions, US stocks are likely to return a mere 5% per year, with risks tilted to the downside.
  • Using a structured process, identified scenarios based on the three key forces that drive long-term stock returns: dividend, earnings growth, and changes in valuations.  

Asian Equities: Which Sectors Could Suffer when Indian Domestics Sell?

By Manishi Raychaudhuri

  • Since October, FIIs have sold US$24.2 bn Indian stocks. DIIs have bought US$36bn. The market has been supported by the latter, benefitting from steady SIPs – now at US$3bn monthly.
  • India households’ historical under-ownership of equities and the steady decline in interest rates and returns from property turned domestic investors towards equity. With Indian equities declining steadily, that could change.
  • Looking at DIIs’ sector-wise ownership, we think if domestic MFs are forced to sell, then industrials, consumer discretionary, materials and to a lesser extent, financials could be at risk.

WTR Small-Cap Spotlight Recap – PERFectly Set Up to Reaccelerate Growth

By Water Tower Research

  • Perfect is a software company focused on bringing an omnichannel experience for enterprises and consumers within the broader beauty space.
  • The company has 708 brand clients (up 3% Y/Y) and ~977k subscribers (up 17% Y/Y) as customers.
  • Although top-line growth slowed to ~11% from 16% at IPO in late 2022, Perfect is FCF positive, has more than $160 million in cash, zero debt, and is trading at ~3.4x 2025E revenue.

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Feb 21
0

Daily Brief Australia: Domain Holdings Australia , Mayne Pharma and more

By | Australia, Daily Briefs

In today’s briefing:

  • Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today
  • Domain (DHG AU): CoStar’s A$4.20/Share NBIO
  • Mayne Pharma (MYX AU): Cosette’s A$7.40/Share Scheme

Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today

By Brian Freitas

Domain (DHG AU): CoStar’s A$4.20/Share NBIO

By David Blennerhassett

  • Domain Holdings Australia (DHG AU), Australia’s  number two player in the online real estate market, has announced a non-binding proposal, by way of a Scheme, from CoStar Group (CSGP US).
  • CoStar is offering A$4.20/share, in cash. A A$0.02/share dividend declared on the 13th Feb will be added (but now ex). CoStar also acquired 16.9% of shares out, also at A$4.20/share.
  • Domain is 60% owned by Nine Entertainment Co Holdings (NEC AU), and has been known to be scoping out a buyer. A firm offer will require FIRB to sign off.

Mayne Pharma (MYX AU): Cosette’s A$7.40/Share Scheme

By David Blennerhassett

  • Mayne Pharma (MYX AU), a leader in dermatology and women’s health, has entered into a Scheme Implementation Deed with US-based pharmaceutical outfit, Cosette Pharmaceuticals.
  • Cosette is offering A$7.40/share, a 37% premium to last close. Apart from Mayne’s shareholder approval, the Offer requires FIRB signing off. 
  • The Offer also has the backing of Mayne’s two largest shareholder, Viburnum and Bruce Mathieson, collectively holding 14.1%. Implementation is expected late May, early June 2025. This is done.

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