Smartkarma Daily Briefs

In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. The recommendations have to be implemented by 3 November.
There is a high probability that NSE Indices implements the changes for the NSE Nifty Bank Index (NSEBANK INDEX) at the September rebalance. Nothing has been announced yet though.
If implemented in September, Yes Bank and Union Bank Of India could be added to the index. Estimated one-way turnover is 22.35% and the round-trip trade is INR 149bn (US$1.7bn).

Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions

A methodology change for the Hang Seng Biotech Index (HSHKBIO Index) will result in 20 deletions at the close of trading on 5 September.
Estimated one-way turnover at the rebalance is 9.5% resulting in a round-trip trade of HK$1.3bn (US$162m). Passive trackers need to sell between 0.05-1x ADV in the deletes.
The forecast deletes have underperformed the other index constituents since the start of the year but there has been little movement since the announcement of the methodology change.

Gold Miners ETF (GDX US): Big Outperformance Driven by Benchmark Change; Valuation Gap Opens Up

The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
We forecast 8 adds and 25 deletes for the ETF. Estimated one-way turnover is 15.77% resulting in a round-trip trade of US$6.18bn.
The forecast adds have outperformed the forecast deletes since the announcement of the benchmark switch and over shorter time frames too. The valuation gap has opened up.

SK Telecom (017670 KS): Increasing Foreign Room & Passive Buying

Foreign room in SK Telecom (017670 KS) is over 21% now and increasing as foreign investors sell stock.
Further foreign selling could take foreign room past 25% and that will result in passive inflows for the stock. Timing is dependent on when the 25% threshold is crossed.
SK Telecom has underperformed its peers over the last 3 months and that has shrunk its valuation premium. Watch for a further increase in foreign room for an entry point.

China A50 ETFs Rebalance Preview: Three Changes in September

Nearing the end of the review period for the September rebalance, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK).
WuXi AppTec, Zhongji Innolight and BeiGene could replace China United Network, NARI Technology and China National Nuclear Power in the ETF at the close on 19 September.
Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.

Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

By Travis Lundy

12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm…

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

S&P DJI have proposed methodology changes to the S&P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.
The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.
The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular for the S&P/ASX 200 (AS51 INDEX) and S&P/ASX 300 Index changes.

Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

By Sanghyun Park

One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&T.
From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&T likely takes the hit, offering alpha potential both ways.

Tyro Payment (TYR AU) Fielding Offers. Again.

By David Blennerhassett

Back in January 2023, point-of-sale payments play Tyro (TYR AU) provided Potentia with due diligence to “enable Potentia to develop a significantly improved proposal“. Potentia walked away from talks in May.
Then crickets. Yesterday (12th August), Tyro’s shares gained 10.6%. After announcing this morning it has received unsolicited NBIOs, shares gained a further 8.6% (as I type), touching a 17-month high.
At A$1.17/share, Tyro is ~27% adrift of Potentia’s last confirmed indicative Offer.

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Analytics and News
✓ Events & Webinars

Aug 14

Daily Brief United States: Bullish US, Sionna Therapeutics, 10X Genomics, Avantor , Western Union Co, Graham Holdings Co Class B, General Motors, Base Oil and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops
Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound
10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming
Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?
Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!
Graham Holdings’ Multi-Industry Playbook Is the Market’s Best Kept Secret!
General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing
Americas/EMEA base oils supply outlook: Week of 11 August
Asia base oils supply outlook: Week of 11 August
Global base oils margins outlook: Week of 11 August

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

By IPO Boutique

Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.

Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

By IPO Boutique

. The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025.

10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming

10x Genomics has been in the spotlight recently after signaling strong interest in acquiring Scale Biosciences—an emerging leader in split-pool combinatorial barcoding for ultra-high-plex single-cell assays.
Just days after posting mixed Q1 results impacted by U.S. academic funding headwinds, CEO Serge Saxonov affirmed a strategy centered on innovation and partnership to sustain momentum in single-cell and spatial genomics.
Scale’s technology promises instrument-free barcoding kits, sample-pooling workflows, and its first commercial single-cell methylation solution—all of which could integrate seamlessly into 10x’s Chromium and Xenium platforms.

Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?

Avantor, the $7.8 billion life sciences supplier headquartered in Radnor, Pennsylvania, has recently drawn the attention of activist investor Engine Capital, which has taken a roughly 3% stake in the company.
The move comes after a tumultuous year in which Avantor’s shares fell nearly 50%, pressured by weakened demand—especially in government and education sectors due to research funding cuts—and the April announcement of its longtime CEO’s departure.
Now, with a new chief executive, Emmanuel Ligner, set to take the helm in mid-August, Engine Capital is urging Avantor to either sell itself outright or embark on a strategic overhaul that could include a board refresh, cost reductions, stock buybacks, and divestitures of noncore assets.

Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!

Western Union is making strategic headlines with its agreement to acquire International Money Express for $16 per share in cash, valuing the deal at roughly $500 million.
The acquisition price reflects a 50% premium to Intermex’s 90-day volume-weighted average price and signals Western Union’s intent to strengthen its U.S. retail footprint while expanding into high-potential geographies.
The move comes amid a challenging macro backdrop for Western Union, which recently reported Q2 2025 revenues of $1.026 billion, down 1% year-over-year (excluding Iraq), with ongoing headwinds in U.S. outbound corridors due to heightened immigration enforcement.

Graham Holdings’ Multi-Industry Playbook Is the Market’s Best Kept Secret!

Graham Holdings Company has quietly delivered a series of encouraging results highlighting an estimated parts sum‐of‐the‐parts valuation exceeding $1,500 per share versus its market price near $950.
Fueled by double‐digit growth at Kaplan’s test prep and online university businesses, 36% year‐over‐year revenue gains in its fast‐growing healthcare services segment, and the potential spin‐off of its TV station group, Graham is drawing fresh attention for its diverse asset base and disciplined capital management.
With an overfunded pension plan, a conservative balance sheet holding more than $1.1 billion in cash and marketable securities against $800 million of debt, and family control via supervoting shares that aligns management with long‐term value creation, the Barron’s report cites narrowing losses at early‐stage businesses like Framebridge and increased focus on high-growth healthcare units as catalysts that could unlock shareholder value.

General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing

General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old automaker is more serious about EVs than ever.
In early August, GM shocked the industry by announcing a temporary import of lithium-iron-phosphate (LFP) batteries from China’s CATL, despite steep Trump-era tariffs, to power its next-generation Chevy Bolt.
Simultaneously, GM doubled down on joint ventures: teaming with Hyundai to codevelop five new hybrid and electric models slated for launch by 2028, and expanding its Ultium Cells partnerships with LG to bring domestic LFP and advanced lithium-manganese-rich chemistries on-line by 2027.

Americas/EMEA base oils supply outlook: Week of 11 August

US Group II light-grade export-price premium to vacuum gasoil holds close to lows in Q1 2025.
Lower base oils margins and drop in outright export prices suggest recent tightness of light-grade supplies is easing.
Drop in export prices facilitates removal of any such surplus volumes, keeping fundamentals balanced for longer in domestic market.

Asia base oils supply outlook: Week of 11 August

Asia’s heavy-grade base oils price-premium to Singapore gasoil holds firm in narrow range, even if down from highs in Q2 2025.
Firm premium sustains incentive for refiners to maintain high output of heavy grades even amid signs of rise in surplus supply.
FOB Asia Group II heavy-grade price discount to CFR UAE prices rises to highest in more than a year.

Global base oils margins outlook: Week of 11 August

Global base oils margins stay more mixed but mostly hold at levels that sustain incentive for refiners to maintain firm output of the lubricants feedstock.
Fob Asia light-grade base oils price-premium to Singapore gasoil extends rise, while heavy-grades stay more rangebound.
FOB Asia Group II light-grade price-premium to gasoil rises to highest since H1 June 2025.

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 14

Daily Brief India: ARCIL and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

ARCIL Pre-IPO Tearsheet

ARCIL Pre-IPO Tearsheet

By Hong Jie Seow

ARCIL (588250Z IN) is looking to raise at least US$344m in its upcoming India IPO. The deal will be run by IDBL Capital, IIFL Capital and JM Financial.
Asset Reconstruction Company (India) Limited (ARCIL) is one of India’s leading asset reconstruction companies that acquires stressed assets, like non-performing assets, from banks and financial institutions.
The business is spread across three key verticals: Corporate loans, SME and Retail loans. Corporate loans have historically been the largest contributor to ARCIL’s AUM (75.48% in FY25).

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 14

Daily Brief China: Tencent, BYD, Jiangxi Institute of Biological Products, CNGR Advanced Material , Will Semiconductor, Wynn Macau Ltd and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits
BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback
Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
CNGR A/H Listing: Supplier for Tesla Looking to Expand Production
OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering
Lucror Analytics – Morning Views Asia

Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits

By Ming Lu

In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.
The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.
The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.

BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback

By Nico Rosti

After an explosive rally in the first part of the year BYD (1211 HK) started to sputter in mid-May and has been downtrending since.
BYD was starting to be oversold at the end of last week, as shown in our latest Global Markets Tactical Outlook WEEKLY insight, but this week started a relief rally.
However, the current trend pattern is NOT BULLISH according to our model, the stock could fall again after a 1-2 weeks bounce. Profit target: 116-123 price zone.

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

By Xinyao (Criss) Wang

In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP) is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance.
Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.

CNGR A/H Listing: Supplier for Tesla Looking to Expand Production

By Nicholas Tan

CNGR Advanced Material (300919 CH) , a Chinese battery-component producer, aims to raise around US$500m in its H-share listing.
CNGR is a Chinese battery-component producer, and labels itself as a new energy materials company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering

By Sumeet Singh

Omnivision (Will Semiconductor 603501 CH) (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.
The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.
Equities rallied to new record highs, with the S&P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 14

Daily Brief Macro: BoE: Policy Mistake Diagnosis and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

BoE: Policy Mistake Diagnosis
US: Rate Cut Imminent at Last, but Chances of More Are Slim as Oil’s Benefits Fade
A Review of Korea Small Cap Gem Series So Far in 2025 and Small Caps as Important Market Indicator
Asia base oils supply outlook: Week of 11 August
Americas/EMEA base oils supply outlook: Week of 11 August
Global base oils margins outlook: Week of 11 August
Global base oils arb outlook: Week of 11 August
Asia base oils demand outlook: Week of 11 August
Americas/EMEA base oils demand outlook: Week of 11 August

BoE: Policy Mistake Diagnosis

By Phil Rush

Inflation expectations have been persistently too high, while productivity trends poorly, driving wage and price inflation forecasts to grind higher in recent years.
The BoE’s cutting cycle contributed to reversing the trend decline in expectations, and in turning a slight overshoot into a massive one, with a 3.2pp revision since Feb-23.
We forecasted this excess for these reasons, so it was predictable and therefore a policy mistake to cut so soon. Further surprise should prevent the MPC from cutting again.

US: Rate Cut Imminent at Last, but Chances of More Are Slim as Oil’s Benefits Fade

By Prasenjit K. Basu

With CPI inflation at 2.7%YoY in Jun-Jul’25, and PCE inflation at 2.6% in June, a belated rate cut is highly probable at the next FOMC meeting in Sep’25.
Declining oil prices (-9.5%YoY in Jul’25) were a major factor enabling headline inflation to stay well-contained, alongside mild M2 growth (just +4.7%YoY as of Jun’25).
Base effects will cease to be helpful after Oct’25, as oil prices had declined from Nov’24. Tariffs pushing headline PCE inflation toward 3%YoY will preclude further rate cuts.

A Review of Korea Small Cap Gem Series So Far in 2025 and Small Caps as Important Market Indicator

By Douglas Kim

In this insight, we review the relative performances of the 11 Korea Small Cap Gem series published so far in 2025 (as of 13 August).
We also argue how small caps could be one of the important indicators in the Korean stock market.
These 11 stocks are up on average 32.9% (from date of the Korea Small Cap Gem series publication to 13 August 2025).These 11 stocks have significantly outperformed KOSPI and KOSDAQ.

Asia base oils supply outlook: Week of 11 August

Asia’s heavy-grade base oils price-premium to Singapore gasoil holds firm in narrow range, even if down from highs in Q2 2025.
Firm premium sustains incentive for refiners to maintain high output of heavy grades even amid signs of rise in surplus supply.
FOB Asia Group II heavy-grade price discount to CFR UAE prices rises to highest in more than a year.

Americas/EMEA base oils supply outlook: Week of 11 August

US Group II light-grade export-price premium to vacuum gasoil holds close to lows in Q1 2025.
Lower base oils margins and drop in outright export prices suggest recent tightness of light-grade supplies is easing.
Drop in export prices facilitates removal of any such surplus volumes, keeping fundamentals balanced for longer in domestic market.

Global base oils margins outlook: Week of 11 August

Global base oils margins stay more mixed but mostly hold at levels that sustain incentive for refiners to maintain firm output of the lubricants feedstock.
Fob Asia light-grade base oils price-premium to Singapore gasoil extends rise, while heavy-grades stay more rangebound.
FOB Asia Group II light-grade price-premium to gasoil rises to highest since H1 June 2025.

Global base oils arb outlook: Week of 11 August

US Group III 4cSt base oils price-premium to Group II light grades falls at end-July for first time in three months, before extending dip in August 2025.
Asia’s Group III 4cSt (low) price-premium to Group II light grades starts trending lower from late-June 2025.
Europe Group III 4cSt (low) price-premium to Group I and Group II light grades continues to edge higher after protracted slump since early-2023.

Asia base oils demand outlook: Week of 11 August

Asia’s base oils demand could get support from moves to replenish stocks that were more balanced than expected at start of Q3 2025.
Blenders could be targeting additional supplies to cover seasonal rise in consumption in final weeks of Q3 2025.
Stocks could be more balanced than expected because of unusually strong rise in demand at end-Q2 2025.

Americas/EMEA base oils demand outlook: Week of 11 August

US base oils demand likely to stay muted.
Expectations of growing surplus supplies boost attraction of maintaining lower stocks and procuring smaller top-up volumes more frequently.
Buyers could seek to maintain sufficient volumes to cover any supply-disruptions as market heads into time of year when Atlantic hurricane activity typically peaks.

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 14

Daily Brief Japan: Sun Corp, Carenet Inc, Sumitomo Forestry, Metaplanet, Micronics Japan, Yappli Inc, Data Applications, Mercuria Holdings, Moresco Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.
CareNet (2150 JP): EQT’s Tender Offer at JPY1,130
Super Dovish Comments From Bessent Fuels Home Builder Strength
Metaplanet (3350 JP): 1H FY12/25 flash update
Micronics Japan (6871 JP): 1H FY12/25 flash update
Yappli Inc (4168 JP): 1H FY12/25 flash update
Data Applications (3848 JP): Q1 FY03/26 flash update
Mercuria Holdings (7347 JP): 1H FY12/25 flash update
Q1 Follow-Up – MORESCO (5018 JP) – July 31, 2025

Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

By Travis Lundy

12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm…

[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.

By Travis Lundy

Todfay after the close, EQT and Carenet Inc (2150 JP) announced an EQT SPC would launch a TOB to buy out the medical platform business.
A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That’s 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.
This looks like it gets done, but it isn’t at the highs of 4+ years ago. Some retail may be upset.

CareNet (2150 JP): EQT’s Tender Offer at JPY1,130

By Arun George

Carenet Inc (2150 JP) has recommended a tender offer from EQT (EQT SS) at JPY1,130, a 47.3% premium to the last close.
Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to historical ranges.
Irrevocables to accept represent a 17.03% ownership ratio. This is likely a done deal with payment from 7 October.

Super Dovish Comments From Bessent Fuels Home Builder Strength

By Andrew Jackson

Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing.
Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong
Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025

Metaplanet (3350 JP): 1H FY12/25 flash update

Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).
Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.
Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

Micronics Japan (6871 JP): 1H FY12/25 flash update

1H FY12/25 sales increased 26.6% YoY to JPY33.1bn, with operating profit rising 31.3% YoY to JPY7.6bn.
The company revised its Q3 earnings forecast, lowering sales to JPY50.0bn and operating profit to JPY11.1bn.
Full-year FY12/25 sales forecast is JPY68.9bn (+23.8% YoY), with capital expenditures planned at JPY17.8bn (+15.3% YoY).

Yappli Inc (4168 JP): 1H FY12/25 flash update

In 1H FY12/25, the company reported revenue of JPY2.9bn, operating profit of JPY449mn, and net income of JPY446mn.
Revenue progress rate was 47.0%, with operating profit at 59.9%, and recurring profit at 61.6% versus full-year forecast.
The company maintained its full-year forecast, with revenue aligning with expectations and profits showing strong performance.

Data Applications (3848 JP): Q1 FY03/26 flash update

In Q1 FY03/26, Data Applications reported revenue of JPY947mn, with an operating loss of JPY37mn and net loss of JPY12mn.
Software Development revenue was JPY546mn with a segment loss of JPY10mn; recurring revenue ratio was 89.4%.
System Integration and AI businesses reported revenues of JPY274mn and JPY127mn, with segment losses of JPY17mn and JPY11mn, respectively.

Mercuria Holdings (7347 JP): 1H FY12/25 flash update

Operating revenue decreased 14.3% YoY to JPY1.9bn, with gross profit declining 24.9% YoY to JPY1.5bn.
The recurring loss was JPY159mn, influenced by a JPY325mn drop in gross profit and foreign exchange losses.
New investments were made in the Buyout and Growth strategies, and a Structured Equity Investment Strategy was launched.

Q1 Follow-Up – MORESCO (5018 JP) – July 31, 2025

By Sessa Investment Research

In Q1 FY2026/2, MORESCO CORPORATION (hereinafter “MORESCO” or “the Company”) reported consolidated net sales of JPY 8,516 mn, up 3.2% YoY, driven by higher sales both in Japan and overseas.
Although demand in the automotive sector, which accounts for approximately 45% of net sales, remained sluggish due to lower vehicle production in Japan and the U.S., the impact was absorbed overall, as the Company’s all-round strategy proved effective in promoting diversification across regions, products, and applications.
Operating profit jumped 174.4% YoY to JPY 520 mn, but ordinary profit declined 1.9% YoY to JPY 441 mn, and net profit fell 4.9% YoY to JPY 237 mn, both weighed down by foreign exchange losses.

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 13

Daily Brief Utilities: Cms Energy Corp, Edison International, Ameren Corporation, Eversource Energy, P G & E Corp, Ppl Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

CMS Energy: New Data Center Agreement, Load Growth Opportunities & Other Major Drivers!
Edison International: How Are They Tackling Energy Affordability With Bold Customer-Centric Innovations!
Ameren Corporation: Powering Ahead With Massive Data Center Boom & Strategic Energy Investments!
Eversource Energy: A New $24 Billion Capital Plan To Supercharge Infrastructure But Will It Work?
Pacific Gas and Electric: Here Are the 7 Key Drivers Shaping Its Performance for 2025 & Beyond!
PPL Corporation: Robust Capital Investment in Pennsylvania to Ensure Financial Stability Amidst Increasing Industrial Activity!

CMS Energy: New Data Center Agreement, Load Growth Opportunities & Other Major Drivers!

CMS Energy Corporation showcased a solid performance for the second quarter of 2025, marked by a blend of strategic advancements and financial achievements, alongside some challenges and areas for cautious monitoring.
Here is an analysis of both positive and negative aspects from their recent earnings disclosure.
On the positive side, CMS Energy has secured a new agreement with a data center that could expand its load by up to 1 gigawatt.

Edison International: How Are They Tackling Energy Affordability With Bold Customer-Centric Innovations!

Edison International’s Q2 2025 financial results reveal a complex interplay of challenges and advancements.
The company reported a decline in core earnings per share to $0.97 from $1.23 the previous year.
This decline is attributed largely to the fact that a final decision has not yet been received on Southern California Edison’s (SCE) 2025 general rate case (GRC), leading them to rely on 2024 authorized levels for booking revenues, which will be trued-up upon final resolution.

Ameren Corporation: Powering Ahead With Massive Data Center Boom & Strategic Energy Investments!

Ameren Corporation’s latest earnings discussion for the second quarter of 2025 presents a mixed evaluation of the company’s performance and strategic direction.
Ameren reported Q2 2025 earnings of $1.01 per share, up from $0.97 per share in the same quarter of 2024, largely driven by ongoing investments in infrastructure and operational efficiencies.
The management has maintained its full-year earnings guidance range of $4.85 to $5.05 per share, showcasing confidence in meeting projections.

Eversource Energy: A New $24 Billion Capital Plan To Supercharge Infrastructure But Will It Work?

Eversource Energy’s second-quarter 2025 earnings call reveals a mixed landscape of operational achievements and challenges.
The company reported earnings of $0.96 per share, slightly up from the previous year’s $0.95, in line with expectations.
Eversource reaffirmed its 2025 EPS guidance of $4.67 to $4.82 and a long-term EPS growth projection of 5% to 7% through 2029.

Pacific Gas and Electric: Here Are the 7 Key Drivers Shaping Its Performance for 2025 & Beyond!

Pacific Gas and Electric Corporation (PG&E) reported its second-quarter financial results for 2025, showcasing solid execution but facing some timing challenges affecting its earnings trajectory.
The results were broadly in line with internal expectations, with a core earnings per share of $0.31 for the second quarter and $0.54 for the first half.
Despite this, PG&E reaffirmed its full-year guidance range of $1.48 to $1.52, indicating stability and adherence to its strategic plans.

PPL Corporation: Robust Capital Investment in Pennsylvania to Ensure Financial Stability Amidst Increasing Industrial Activity!

PPL Corporation recently reported its second-quarter performance and future prospects.
The company reported GAAP earnings of $0.25 per share for the quarter, which is a minor decrease from $0.26 per share in the same period last year.
Adjusted earnings, excluding special items related to IT transformation and integration costs, were $0.32 per share, slightly down from the previous year due to expected higher operating costs and unseasonable weather.

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 13

Daily Brief Energy/Materials: Amman Mineral Internasional, BHP Group Ltd, Varmora Granito Limited, Cameco Corp, Jayaswal Neco Industries, Hakudo Co Ltd, International Paper Co, Cenovus Energy , Toyo Kanetsu K K, Green Plains and more

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

In today’s briefing:

Gold Miners ETF (GDX US): Big Outperformance Driven by Benchmark Change; Valuation Gap Opens Up
BHP (BHP AU) Annual Results: Options Market Bets on Post-Earnings Upside
Varmora Granito Pre-IPO Tearsheet
Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company’s Outlook!
Beat Ideas: Jayaswal Neco; Potential Turnaround Bet on Deleveraging and Restructuring
Hakudo Co Ltd (7637 JP): Q1 FY03/26 flash update
International Paper Wins Big in North America – Can It Close the Industry Gap by 2026?
Cenovus Energy: Initiation of Coverage -A Closer Look At Its Refinery Network Optimization & Maintenance Cycles!
Toyo Kanetsu K K (6369 JP): Q1 FY03/26 flash update
Green Plains, Inc: 2Q25 EBITDA Beat; Big Increase to Carbon Strategy Guidance

Gold Miners ETF (GDX US): Big Outperformance Driven by Benchmark Change; Valuation Gap Opens Up

The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
We forecast 8 adds and 25 deletes for the ETF. Estimated one-way turnover is 15.77% resulting in a round-trip trade of US$6.18bn.
The forecast adds have outperformed the forecast deletes since the announcement of the benchmark switch and over shorter time frames too. The valuation gap has opened up.

BHP (BHP AU) Annual Results: Options Market Bets on Post-Earnings Upside

By Gaudenz Schneider

Timing: BHP (BHP AU) reports annual results on Tuesday, 19 August 2025, 8:00 AM AEST. Corresponding local times for its international listings are detailed in the Insight.
Highlight: Options positioning ahead of the results suggests at least one trader is making a sizeable bet on post-earnings upside.
Why Read: Gain insight into BHP’s earnings-day price history , volatility setup, and options market positioning to be ready for the upcoming announcement.

Varmora Granito Pre-IPO Tearsheet

By Hong Jie Seow

Varmora Granito Limited (6590052Z IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Goldman Sachs, JM Financial and SBI Capital.
Varmora Granito Limited (VGL) is a leading Indian manufacturer and trader of varied types of tiles. As of FY25, its portfolio comprised over 3,500 SKUs.
VGL generates 78.69% of its revenue from India, selling its products through both B2C and B2B channels. Its domestic revenue is primarily driven by its B2C channel.

Cameco Corporation: Initiation of Coverage- McArthur River & Cigar Lake Developments AS a Crucial Factor Influencing The Company’s Outlook!

Cameco Corporation’s recent earnings provided a detailed overview of the company’s strong performance in the nuclear energy sector, bolstered by a favorable market environment.
The corporation maintained its disciplined approach to operations and financial management, demonstrating resilience amidst the evolving geopolitical landscape and growing interest in nuclear energy as a clean energy solution.
The positives from the earnings call highlighted Cameco’s strategic positioning and robust financial health.

Beat Ideas: Jayaswal Neco; Potential Turnaround Bet on Deleveraging and Restructuring

By Nimish Maheshwari

Jayaswal Neco has transitioned from financial distress to operational momentum, with blast furnace upgrades completed, capacity ramp-up underway, and debt refinancing on the horizon.
Removal of ARC stake sale overhang and scope for capacity expansion strengthen the investment case.
If debt gets refinanced at 50% lower interest rate by Dec-25, it could double company’s PAT leading to potential re-rating

Hakudo Co Ltd (7637 JP): Q1 FY03/26 flash update

Revenue increased by 8.3% YoY to JPY17.1bn, while operating profit decreased by 55.6% YoY to JPY385mn.
The semiconductor production equipment industry faced weak demand, impacting sales; aerospace industry demand remained strong.
The company revised its FY03/26 earnings forecast downward, expecting revenue of JPY67.2bn and operating profit of JPY2.5bn.

International Paper Wins Big in North America – Can It Close the Industry Gap by 2026?

International Paper’s second quarter 2025 earnings call revealed a transitional period for the company as it continues its strategic journey towards achieving $6 billion in EBITDA by 2027.
The company is focusing on three core areas: closing the market share gap in North America despite softer markets in the U.S. and EMEA, addressing cost performance issues in its North American mills and EMEA operations, and maintaining its 2025 EBITDA guidance through commercial and cost improvements.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Cenovus Energy: Initiation of Coverage -A Closer Look At Its Refinery Network Optimization & Maintenance Cycles!

Cenovus Energy, a prominent Canadian oil company, faced several operational challenges and milestones in its second quarter of 2025.
The company demonstrated resilience and effective crisis management, showcased by their handling of the Caribou Lake wildfire’s impact on operations.
Despite the wildfire requiring the evacuation of over 2,000 workers and an orderly shutdown of their Christina Lake facility, Cenovus displayed robust operational recovery.

Toyo Kanetsu K K (6369 JP): Q1 FY03/26 flash update

Revenue decreased by 9.4% YoY, with operating profit down 18.6% YoY, and recurring profit down 18.0% YoY.
Orders and order backlogs increased by 29.5% YoY, with a slight decline of 1.2% from end-FY03/25.
Revenue increased by 8.8% YoY, with operating profit up 135.9% YoY due to profitable project inspections.

Green Plains, Inc: 2Q25 EBITDA Beat; Big Increase to Carbon Strategy Guidance

By Water Tower Research

Green Plains (GPRE) is a biorefining company that converts renewable crops like corn into ethanol and other low-carbon sustainable ingredients through fermentation and patented ag technologies.
This year, GPRE announced a shift from innovation to commercialization of key technologies, focusing on growth opportunities in low-carbon and sustainable products.
GPRE is an early mover in ethanol carbon capture and sequestration (CCS).

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

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

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Aug 13

Daily Brief Industrials: LS Corp, Grab Holdings , EVE Energy, Mytilineos Holdings Sa, Rolls-Royce Holdings, Emcor Group Inc, Builders Firstsource, Titan America, Oyo Corp, Rasa Corporation and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

LS Corp: Treasury Share Cancellation of 171 Billion Won
GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive?
Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing
UK Index September 2025 Forecast: Greece in F100 & Other New Candidates in F250
Rolls-Royce’s Civil Aerospace Upgrades Double Engine Lifespan–Is This A Key Catalyst For The Future?
EMCOR Group: Leveraging Prefabrication Power To Push For High-Value Construction Projects!
Builders FirstSource Set to Surge if Mortgage Rates Drop – What Else Could Propel Their Future Growth?
Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide
Oyo Corp (9755 JP): 1H FY12/25 flash update
Rasa Corporation (3023 JP): Q1 FY03/26 flash update

LS Corp: Treasury Share Cancellation of 171 Billion Won

By Douglas Kim

On 12 August, LS Corp (006260 KS) announced that it will cancel 1 million treasury shares (171 billion won), representing 3.1% of its outstanding shares.
This is significant, especially because the company has not cancelled any shares in the past five years. This move signals the company’s willingness to provide greater returns to its shareholders.
LS plans to increase its dividend by at least 5% annually, to reach dividend payout of at least 30% by 2030.

GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive?

Grab Holdings’ second-quarter 2025 earnings reflected a mix of strong operational progress and notable challenges, painting a nuanced picture for investors evaluating the company’s prospects.
The quarter showcased impressive momentum in user engagement, with group Monthly Transacting Users (MTUs) continuing to rise and on-demand Gross Merchandise Value (GMV) posting 21% year-on-year growth in US dollar terms and 18% in constant currency.
This growth underscores the platform’s increasing utilization and the loyalty of its user base.

Eve Energy A/H Listing – One of the Leaders but Growth Has Been Slowing

By Sumeet Singh

EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

UK Index September 2025 Forecast: Greece in F100 & Other New Candidates in F250

By Dimitris Ioannidis

Mytilineos Holdings Sa (MYTIL GA) is projected to be added to F100 following its change of incorporation and primary listing from Greece to UK.
A methodology change in currency trading requirements is expected to result in Partners Group Private Equity (PEY LN) and BioPharma Credit PLC (BPCR LN) entering F250.
Oakley Capital Investments (OCI LN) is expected to be included in F250 following its listing transfer from AIM to the Main market of the LSE.

Rolls-Royce’s Civil Aerospace Upgrades Double Engine Lifespan–Is This A Key Catalyst For The Future?

Rolls-Royce Holdings PLC is navigating through a complex landscape with several achievements and challenges highlighted in their recent results presentation.
The company’s financial performance in the first half of 2025 reflects strong progress across its divisions, underscored by its transformation program designed to make RollsRoyce a more competitive and resilient business.
On the positive side, Rolls-Royce reported a 50% increase in operating profit to GBP 1.7 billion, driven by significant improvements across Civil Aerospace, Defence, and Power Systems.

EMCOR Group: Leveraging Prefabrication Power To Push For High-Value Construction Projects!

EMCOR Group reported a robust performance for the second quarter of 2025, marked by significant revenue growth and strong operating margins.
The company achieved a record $4.3 billion in consolidated revenues, representing a 17.4% increase compared to the same period last year.
This growth was driven by a combination of organic expansion and strategic acquisitions, notably Miller Electric, which contributed $330.3 million to the overall revenue.

Builders FirstSource Set to Surge if Mortgage Rates Drop – What Else Could Propel Their Future Growth?

Builders FirstSource operates within a dynamic and challenging market environment in the construction industry.
In its second quarter of 2025, the company has faced some notable financial and operational challenges, yet also showed resilience and strategic forward-thinking.
Their performance presentation outlines both areas of strength and concern that potential investors should consider.

Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide

By IPO Boutique

Titan America priced 24 million shares at $16.00 per share and saw an opening print of $16.20.
TTAM began a slow descent, bottoming at $10.80 in early April—a near 33% loss from its IPO price.
Value investors found favor in the secular tailwinds of US infrastructure following the IPO roadshow but that support faded as the months wore on.

Oyo Corp (9755 JP): 1H FY12/25 flash update

In 1H FY12/25, orders were JPY47.3bn (+4.4% YoY), revenue JPY36.8bn (+6.5% YoY), operating profit JPY2.7bn (+14.5% YoY).
Orders for domestic infrastructure projects rose to JPY19.2bn (+27.7% YoY), revenue JPY13.6bn (+13.4% YoY), operating profit JPY375mn (+120.6% YoY).
Orders for offshore wind projects declined to JPY20.7bn (-5.3% YoY), revenue JPY15.1bn (+18.7% YoY), operating profit JPY2.7bn (+46.1% YoY).

Rasa Corporation (3023 JP): Q1 FY03/26 flash update