Smartkarma Daily Briefs

After rejecting an approach on the 24th March, on the 5th May, Gold Road Resources (GOR AU)entered into a Scheme with Gold Fields Ltd (GFI SJ) after terms were bumped.
GFI offered $2.52/share, cash, plus a variable cash component of ~A$0.88 (now worth ~A$0.77/share) via GOR’s indirect stake in Northern Star Resources (NST AU). This includes any fully franked dividend.
The Scheme Booklet is now out, with a shareholder vote on the 22nd September. The IE (Deloitte) says fair & reasonable. It is.

Gold Road (GOR AU): Gold Fields (GFI US)’s Scheme Vote on 22 September

By Arun George

The Gold Road Resources (GOR AU) IE considers Gold Fields Ltd (GFI SJ)’s offer fair and reasonable. The offer is A$2.52 cash + value per share of GOR’s NST stake.
The key condition is GOR shareholder approval. The scheme vote should pass partly due to the benign shareholder structure.
The offer is attractive. At the last close and for a 13 October payment, the gross/annualised spread is 1.2%/8.1%.

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Aug 17

Daily Brief South Korea: Samsung Electronics and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (15 to 29 August 2025)

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (15 to 29 August 2025)

By Douglas Kim

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (15 to 29 August 2025).
Shipbuilding and rechargeable battery were two of the best performing sectors in the past two weeks.
Top 10 picks in this bi-weekly include Samsung Electronics, LG Uplus, Hyundai Elevator, KT&G, KEPCO E&C, Dentium, NCsoft, JYP Entertainment, LG Chem, and Ecopro BM.

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Aug 17

Daily Brief United States: Coherent Inc, Samsonite, Avidity Biosciences , Diamondback Energy, Hillenbrand Inc, IDEXX Laboratories, Ingredion Inc, Moderna , nVent Electric , Oneok Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Coherent Sells $400 Million Unit To Advent—What Are They Hiding?
Strategic Developments: LWAY’s Strong Q2, RTAC’s Decline, WOW Buyout, and Samsonite’s Dual Listing Plans
China Healthcare Weekly (Aug.17) – GLP-1s Inflection Point, Novartis to Acquire Avidity Biosciences
Diamondback Energy: Initiation of Coverage- Unlocking Hidden Value Through Advanced Zone Development!
Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?
IDEXX Laboratories Hits 10
Ingredion Incorporated: Geographic Market Strategy in LATAM to Further Enforce Their Competitive Edge!
Moderna Inc Expands Beyond Respiratory Vaccines – Is Diversification the Key to Long-Term Success?
nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?
ONEOK Inc. Integrates NGL, Gas, & Infrastructure–Could This Be the Ultimate Growth Formula?

Coherent Sells $400 Million Unit To Advent—What Are They Hiding?

By Special Situation Investments

Coherent Corp has announced a strategic divestiture, selling its Aerospace and Defense (A&D) business unit to private equity firm Advent International for $400 million.
The transaction, disclosed on August 13, 2025, marks a critical pivot in Coherent’s broader portfolio optimization initiative.
As part of this deal, Coherent will relinquish approximately 550 employees and 10 global operational sites tied to the A&D division.

Strategic Developments: LWAY’s Strong Q2, RTAC’s Decline, WOW Buyout, and Samsonite’s Dual Listing Plans

Lifeway Foods’ Q2 results show 10% sales growth and 18% volume increase, enhancing leverage in Danone negotiations.
Renatus Tactical Acquisition’s stock declined by 6% amid speculation on crypto treasury strategy, maintaining attractive risk-reward profile.
WideOpenWest buyout concluded at $5.2/share, offering 65% premium to recent levels, despite undervaluation concerns.

China Healthcare Weekly (Aug.17) – GLP-1s Inflection Point, Novartis to Acquire Avidity Biosciences

By Xinyao (Criss) Wang

Based on 25Q2 sales data of Semaglutide and Tirzepatide, the penetration rate of both T2D and weight loss indications is approaching ceiling. The inflection point of GLP-1 market has arrived.
When the gap of clinical progress in EU/US markets is too large, these drugs may not even be on the same tier, and thus do not constitute substantive competition.
Novartis has approached Avidity Biosciences with an acquisition offer. We think price range of $9-11B is justified by 3-5x peak sales multiples and strategic urgency.

Diamondback Energy: Initiation of Coverage- Unlocking Hidden Value Through Advanced Zone Development!

Diamondback Energy reported its second-quarter 2025 results, showcasing its consistent focus on enhancing shareholder value through operational efficiencies and strategic asset management.
The company continues to leverage its expertise in acquiring and optimizing assets, particularly in the Permian Basin, where it has historically demonstrated proficiency in cost reduction and improved execution.
One of the highlights of the quarter included successful integration of previous acquisitions, notably Endeavor, which was executed smoothly without operational disruptions.

Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?

Hillenbrand’s fiscal third-quarter results for 2025 present a complex picture of strategic maneuvers amidst persistent economic challenges.
On one hand, Hillenbrand has advanced its strategic objectives, focusing on simplifying its portfolio and reducing debt, evidenced by the divestiture of the Milacron Injection Molding & Extrusion (MIME) business and the sale of its minority interest in TerraSource.
These divestitures generated a total of $380 million in net proceeds, which were channelled towards debt reduction, thereby enhancing the company’s balance sheet.

IDEXX Laboratories Hits 10

IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their Companion Animal Group (CAG) business.
The company’s revenue increased 11% as reported and 9% organically.
Growth was driven notably by advancements in their CAG Diagnostic Recurring Revenues, which benefited from significant CAG instrument sales and a strong international performance.

Ingredion Incorporated: Geographic Market Strategy in LATAM to Further Enforce Their Competitive Edge!

Ingredion Incorporated reported its second-quarter results for 2025, showcasing mixed financial performance with both positive and negative aspects influencing its strategic outlook.
The company achieved a historic milestone with an adjusted operating income of $273 million, marking its highest ever for a second quarter, bolstered by a 1% increase from the previous year and a 12% increase during the first half of 2025.
However, net sales declined by 2% due to the pass-through of lower corn costs, highlighting some challenges in its operational efficiency and pricing strategy.

Moderna Inc Expands Beyond Respiratory Vaccines – Is Diversification the Key to Long-Term Success?

The earnings report for Moderna, Inc.’s second quarter of 2025 presents a multifaceted picture of the company’s current financial health and strategic endeavors.
Beginning with the financial landscape, Moderna reported revenues of $2.1 billion and experienced a loss of $0.8 billion, which aligns with the company’s expectations given the seasonal nature of its respiratory vaccine business.
Notably, the company managed to reduce its cost of sales and SG&A by 35% compared to the previous year, indicating a strong commitment to financial discipline.

nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?

nVent Electric plc delivered a strong performance in its second quarter of 2025, with both sales and adjusted earnings per share (EPS) surpassing prior guidance.
The company’s strategic transformation towards focusing on higher-growth, electrical connection, and protection markets is yielding positive results.
Notably, sales rose by 30%, including 9% organic growth, driven primarily by the infrastructure vertical, which saw a significant increase owing to heightened demand for data solutions and data centers.

ONEOK Inc. Integrates NGL, Gas, & Infrastructure–Could This Be the Ultimate Growth Formula?

ONEOK’s financial results for the second quarter of 2025 underscore a mixed but somewhat promising performance, characterized by both strategic accomplishments and challenges in handling market volatility.
The company reported a significant increase in adjusted EBITDA, marked by a 12% rise from the previous quarter, attributed to efficient synergy capture and a robust supply-demand balance.
This performance suggests the integration of assets is beginning to yield positive earnings, an important step forward for the company.

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Aug 17

Daily Brief Industrials: Fluor Corp, Hillenbrand Inc, nVent Electric , Oshkosh Corp, RBC Bearings , Regal Rexnord and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Fluor Corporation Navigates Trade Turbulence – Can It Keep Its Global Project Pipeline Strong?
Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?
nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?
Oshkosh Corporation: Initiation of Coverage- These Are The 4 Biggest Challenges In Its Path!
RBC Bearings: Initiation Of Coverage- Why Synergies & Market Expansion Are Key To Its Long-Term Success!
Regal Rexnord: A Tale Of Cross-Sell Synergies & New Product Launches To Drive Industrial Transformation!

Fluor Corporation Navigates Trade Turbulence – Can It Keep Its Global Project Pipeline Strong?

Fluor Corporation recently reported its second quarter earnings for 2025, which presented a mixed financial picture and an update on strategic activities.
A major highlight was the announcement of converting 15 million NuScale Power (NuScale) Class B shares into Class A securities.
This strategic move aims to enhance shareholder value and leverage their expertise in NuScale EPC, although the decrease in NuScale’s market performance presents challenges.

Hillenbrand Stock Pops On Sale Rumors—Is A Bidding War Next?

Hillenbrand’s fiscal third-quarter results for 2025 present a complex picture of strategic maneuvers amidst persistent economic challenges.
On one hand, Hillenbrand has advanced its strategic objectives, focusing on simplifying its portfolio and reducing debt, evidenced by the divestiture of the Milacron Injection Molding & Extrusion (MIME) business and the sale of its minority interest in TerraSource.
These divestitures generated a total of $380 million in net proceeds, which were channelled towards debt reduction, thereby enhancing the company’s balance sheet.

nVent Captures Modular & Gray Space Opportunities to Fuel Revenue Growth; What’s The Expected Revenue Impact?

nVent Electric plc delivered a strong performance in its second quarter of 2025, with both sales and adjusted earnings per share (EPS) surpassing prior guidance.
The company’s strategic transformation towards focusing on higher-growth, electrical connection, and protection markets is yielding positive results.
Notably, sales rose by 30%, including 9% organic growth, driven primarily by the infrastructure vertical, which saw a significant increase owing to heightened demand for data solutions and data centers.

Oshkosh Corporation: Initiation of Coverage- These Are The 4 Biggest Challenges In Its Path!

Oshkosh Corporation’s second quarter of 2025 demonstrated a nuanced financial landscape with both strengths and challenges.
The company reported revenues of $2.7 billion, a slight decrease from the previous year, alongside an adjusted operating margin of 11.5%.
Despite the revenue decline, Oshkosh delivered adjusted earnings per share of $3.41, representing a modest 2.1% increase from the past year.

RBC Bearings: Initiation Of Coverage- Why Synergies & Market Expansion Are Key To Its Long-Term Success!

RBC Bearings Inc., a company specializing in precision bearings and components in the Aerospace, Defense, and Industrial markets, reported strong financial results for their fiscal first quarter of 2026.
The company achieved a notable 7.3% increase in sales to $436 million compared to the same period last year, driven primarily by robust performance in the Aerospace and Defense (A&D) segment and solid growth in industrial businesses.
This growth was complemented by a 10.4% year-over-year sales increase in A&D, fueled by significant contributions from commercial aerospace and defense aftermarket activities.

Regal Rexnord: A Tale Of Cross-Sell Synergies & New Product Launches To Drive Industrial Transformation!

Regal Rexnord delivered a mixed performance in its second quarter of 2025, demonstrating resilience amidst a challenging macroeconomic environment.
The company’s sales experienced a slight decline of 1.2% on an organic basis year-over-year, in line with expectations, due to project timing issues within metals and mining and temporary constraints concerning rare earth magnet availability in the AMC segment.
However, these challenges were balanced by robust performance in the residential and commercial HVAC and aerospace markets.

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Aug 17

Daily Brief India: Edelweiss Financial Services, Grasim Industries and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil
Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

By Himanshu Dugar

Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.
The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.
Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.

Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market

By Sudarshan Bhandari

Grasim’s Birla Opus has rapidly gained market share in India’s decorative paints sector, crossing the 10% organized market threshold in Q1FY26.
Capacity is set to ~24% of organised industry, reinforcing a scale-led market share push even as incumbents intensify discounting in economy paints.
With distribution densification, a service layer (PaintCraft), and premium skew, Birla Opus is building operating leverage; monitor execution through festive season and monsoon volatility.

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Aug 17

Daily Brief China: Guangzhou Automobile Group, Tencent and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

A/H Premium Tracker (To 15 Aug 2025): BIG Beautiful Skew Rampages Onward
HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

A/H Premium Tracker (To 15 Aug 2025): BIG Beautiful Skew Rampages Onward

HUGE, rampaging, “Beautiful Skew” continues. Enormous swings in H/A ratios in high AH premia names, materials, and non-bank finance.
Last week’s short reco on China Merchants Bank H (3968 HK) fell 2.9% on the week, 2.2% from Monday close to Friday. AH premium fell a tick.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.

HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.
Last week’s reco Guangzhou Automobile Group (2238 HK) was up 4.4% on the week, +3.1% from Monday’s close to Friday. +3.9% gain on the H/A pair.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.

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Aug 17

Daily Brief Japan: Carta Holdings, Inc., Sun Corp, Shibaura Electronics, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan M&A] NTT Docomo and Dentsu Squeeze Out Minorities in Carta (3688 JP) Cheap. Tender Starts Now
Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings
(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.
Revision of Corporate Governance Code Will Support Dialogue Between Overseas Investors and Companies

[Japan M&A] NTT Docomo and Dentsu Squeeze Out Minorities in Carta (3688 JP) Cheap. Tender Starts Now

On 16 June 2025, NTT (Nippon Telegraph & Telephone) (9432 JP) sub NTT Docomo and Dentsu Inc (4324 JP) announced Docomo would buy out minorities in Dentsu sub Carta Holdings.
The price for minorities is OK, not great. The Board talks up synergies not included in fair value considerations, and Dentsu+Docomo are actually buying it 15% cheaper.
That comes out to a net price below the bottom end of the DCF range. Aaargh. But Dentsu+irrevocables+ large individuals likely gets this over the line cleanly.

Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

Sun Corp (6736 JP) is a clear value play. But it’s not as cheap to Cellebrite (CLBT US) as it was last month. The trade is a net long position
As Swire Pacific (A) (19 HK) plumbs new 12-month lows for its NAV discount and implied stub, Swire’s B shares have significantly outperformed the As over the past month.
Shandong Hi-Speed (412 HK) is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.

(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

I tally 41 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Four new deal was discussed on Smartkarma this week: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Ashimori Industry (3526 JP), Rezil (176A JP), and Carenet Inc (2150 JP).
Key updates/news took place on HKBN Ltd (1310 HK), Toyo Construction (1890 JP), Shibaura Electronics (6957 JP), and Kolon Mobility Group (450140 KS).

Revision of Corporate Governance Code Will Support Dialogue Between Overseas Investors and Companies

By Aki Matsumoto

At June AGMs held by over 1,700 companies, out of 114 companies that received shareholder proposals, 7 were approved. The fact is that proposals aren’t approved without high foreign ownerships.
At the end of March 2024, institutional investors’ shareholding surpassed the combined shareholding of corporate and financial institutions. Companies are expected to listen to the opinions of their shareholders.
Although technical guidance from FSA and TSE is unlikely to directly lead to management improvements, it’s expected to serve as a basis for supporting dialogue between overseas investors and companies.

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Aug 17

Daily Brief Energy/Materials: Gold Road Resources, Diamondback Energy, Grasim Industries, Oneok Inc, Williams Cos and more

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

In today’s briefing:

Gold Road (GOR AU): 22th September Vote On Gold Fields’ Offer
Gold Road (GOR AU): Gold Fields (GFI US)’s Scheme Vote on 22 September
Diamondback Energy: Initiation of Coverage- Unlocking Hidden Value Through Advanced Zone Development!
Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market
ONEOK Inc. Integrates NGL, Gas, & Infrastructure–Could This Be the Ultimate Growth Formula?
The Williams Companies Eyes LNG Boom – Can Massive Pipeline Expansions Power the Next Energy Surge?

Gold Road (GOR AU): 22th September Vote On Gold Fields’ Offer

After rejecting an approach on the 24th March, on the 5th May, Gold Road Resources (GOR AU)entered into a Scheme with Gold Fields Ltd (GFI SJ) after terms were bumped.
GFI offered $2.52/share, cash, plus a variable cash component of ~A$0.88 (now worth ~A$0.77/share) via GOR’s indirect stake in Northern Star Resources (NST AU). This includes any fully franked dividend.
The Scheme Booklet is now out, with a shareholder vote on the 22nd September. The IE (Deloitte) says fair & reasonable. It is.

Gold Road (GOR AU): Gold Fields (GFI US)’s Scheme Vote on 22 September

By Arun George

The Gold Road Resources (GOR AU) IE considers Gold Fields Ltd (GFI SJ)’s offer fair and reasonable. The offer is A$2.52 cash + value per share of GOR’s NST stake.
The key condition is GOR shareholder approval. The scheme vote should pass partly due to the benign shareholder structure.
The offer is attractive. At the last close and for a 13 October payment, the gross/annualised spread is 1.2%/8.1%.

Diamondback Energy: Initiation of Coverage- Unlocking Hidden Value Through Advanced Zone Development!

Diamondback Energy reported its second-quarter 2025 results, showcasing its consistent focus on enhancing shareholder value through operational efficiencies and strategic asset management.
The company continues to leverage its expertise in acquiring and optimizing assets, particularly in the Permian Basin, where it has historically demonstrated proficiency in cost reduction and improved execution.
One of the highlights of the quarter included successful integration of previous acquisitions, notably Endeavor, which was executed smoothly without operational disruptions.

Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market

By Sudarshan Bhandari

Grasim’s Birla Opus has rapidly gained market share in India’s decorative paints sector, crossing the 10% organized market threshold in Q1FY26.
Capacity is set to ~24% of organised industry, reinforcing a scale-led market share push even as incumbents intensify discounting in economy paints.
With distribution densification, a service layer (PaintCraft), and premium skew, Birla Opus is building operating leverage; monitor execution through festive season and monsoon volatility.

ONEOK Inc. Integrates NGL, Gas, & Infrastructure–Could This Be the Ultimate Growth Formula?

ONEOK’s financial results for the second quarter of 2025 underscore a mixed but somewhat promising performance, characterized by both strategic accomplishments and challenges in handling market volatility.
The company reported a significant increase in adjusted EBITDA, marked by a 12% rise from the previous quarter, attributed to efficient synergy capture and a robust supply-demand balance.
This performance suggests the integration of assets is beginning to yield positive earnings, an important step forward for the company.

The Williams Companies Eyes LNG Boom – Can Massive Pipeline Expansions Power the Next Energy Surge?

The Williams Companies recently reported robust second-quarter results for 2025, indicating continued strong demand across its extensive asset footprint.
Positives from the earnings report include the achievement of record summer demand on the Transco pipeline, demonstrating significant operational capacity to manage increased natural gas flow.
The company placed six major projects into service, showcasing effective project execution, often ahead of schedule and under budget.

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Aug 17

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (Aug 17) – Fosun Pharma and more

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

In today’s briefing:

APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin
Europe Trip Summary (Off-Topic)

APAC Healthcare Weekly (Aug 17) – Fosun Pharma, Remegen, Astellas, Daewoong Pharma, Zydus, Lupin

By Tina Banerjee

Fosun Pharma outlicensed XH-S004 to Expedition Therapeutics for $120M upfront and milestone payment. Remegen’s drug candidate met primary endpoint in Phase 3 trial for Sjögren’s syndrome in China.
Astellas Pharma announced positive topline results from the Phase 3 trial evaluating Padcev in bladder cancer. Daewoong Pharmaceutical announced positive result for their self-developed semaglutide microneedle patch.
Zydus Lifesciences received FDA approval for chest pain drug Diltiazem Hydrochloride tablets. Lupin has partnered with Sandoz to market and commercialize Lupin’s biosimilar ranibizumab across multiple regions.

Europe Trip Summary (Off-Topic)

By Rahul Jain

Traveled across Berlin, Prague, Mykonos, and Athens, experiencing the contrast of Germany’s modernity, Prague’s historic charm, and Greece’s mix of island leisure with urban revival.
Tourism is booming in both the Czech Republic and Greece, with record visitor numbers driving economic confidence, hotel expansion, and rising foreign investment into related industries.
Equity markets in the Czech Republic and Greece have been among the world’s best performers, fueled by strong banks, reforms, dividend payouts, and surging investor inflows.

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Aug 17

Daily Brief TMT/Internet: Tencent, Carta Holdings, Inc., Samsung Electronics, Coherent Inc, Taiwan Semiconductor (TSMC) – ADR, Shibaura Electronics, Palantir Technologies , Echostar Corp A, TELUS , Chunghwa Telecom Co., Ltd (Adr) and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk
[Japan M&A] NTT Docomo and Dentsu Squeeze Out Minorities in Carta (3688 JP) Cheap. Tender Starts Now
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (15 to 29 August 2025)
Coherent Sells $400 Million Unit To Advent—What Are They Hiding?
Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity
(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.
Palantir Secures $10 Billion Army Deal and Shatters Revenue Records—Can the Rally Keep Going?
EchoStar Corporation: Initiation Of Coverage- Betting Big on LEO Satellites – Will Direct-to-Device Services Capture the Market First?
TELUS Corporation: Initiation of Coverage- Reintroducing 5G To Koodo – Will Flanker Strategy Disrupt the Market?
Chunghwa Telecom: Initiation of Coverage- Riding The AI

HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.
Last week’s reco Guangzhou Automobile Group (2238 HK) was up 4.4% on the week, +3.1% from Monday’s close to Friday. +3.9% gain on the H/A pair.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.

[Japan M&A] NTT Docomo and Dentsu Squeeze Out Minorities in Carta (3688 JP) Cheap. Tender Starts Now

On 16 June 2025, NTT (Nippon Telegraph & Telephone) (9432 JP) sub NTT Docomo and Dentsu Inc (4324 JP) announced Docomo would buy out minorities in Dentsu sub Carta Holdings.
The price for minorities is OK, not great. The Board talks up synergies not included in fair value considerations, and Dentsu+Docomo are actually buying it 15% cheaper.
That comes out to a net price below the bottom end of the DCF range. Aaargh. But Dentsu+irrevocables+ large individuals likely gets this over the line cleanly.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (15 to 29 August 2025)

By Douglas Kim

In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (15 to 29 August 2025).
Shipbuilding and rechargeable battery were two of the best performing sectors in the past two weeks.
Top 10 picks in this bi-weekly include Samsung Electronics, LG Uplus, Hyundai Elevator, KT&G, KEPCO E&C, Dentium, NCsoft, JYP Entertainment, LG Chem, and Ecopro BM.

Coherent Sells $400 Million Unit To Advent—What Are They Hiding?

Coherent Corp has announced a strategic divestiture, selling its Aerospace and Defense (A&D) business unit to private equity firm Advent International for $400 million.
The transaction, disclosed on August 13, 2025, marks a critical pivot in Coherent’s broader portfolio optimization initiative.
As part of this deal, Coherent will relinquish approximately 550 employees and 10 global operational sites tied to the A&D division.

Taiwan Dual-Listings Monitor: TSMC ADR Premium Sees Small Breakdown; ASE Discount Long Opportunity

By Vincent Fernando, CFA

TSMC: +21.5% Premium; Historically High Short Interest in the Local Begins to Drop?
ASE: -0.4% Discount; Opportunity to Go Long the ADR Premium
UMC: +0.2% Premium; Wait for More Extreme Levels Before Going Long or Short the Spread

(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

I tally 41 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Four new deal was discussed on Smartkarma this week: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Ashimori Industry (3526 JP), Rezil (176A JP), and Carenet Inc (2150 JP).
Key updates/news took place on HKBN Ltd (1310 HK), Toyo Construction (1890 JP), Shibaura Electronics (6957 JP), and Kolon Mobility Group (450140 KS).

Palantir Secures $10 Billion Army Deal and Shatters Revenue Records—Can the Rally Keep Going?

Palantir Technologies delivered a record-breaking performance in the second quarter of 2025, surpassing $1 billion in quarterly revenue for the first time and marking a 48% year-over-year increase.
The results were powered by exceptional growth in the U.S., which accounted for 68% of total revenue, reflecting the company’s deliberate focus on domestic markets.
The standout segment was U.S. commercial, which posted a staggering 93% revenue increase from a year earlier and a 20% sequential rise, driven by the rapid adoption of Palantir’s AIpowered platforms such as Ontology and Foundry.

EchoStar Corporation: Initiation Of Coverage- Betting Big on LEO Satellites – Will Direct-to-Device Services Capture the Market First?

EchoStar Corporation’s second quarter 2025 financial performance reflects a combination of strategic initiatives and significant challenges, particularly in its interaction with the Federal Communications Commission (FCC) and the communications market.
The company’s overarching ambition is to maintain leadership in global communications through spectrum rights and technological advances, yet it is navigating regulatory complexities that impact these plans.
The company’s primary setback stems from an FCC review of its spectrum licenses, including obligations related to 5G broadband service and its AWS-4 band rights.

TELUS Corporation: Initiation of Coverage- Reintroducing 5G To Koodo – Will Flanker Strategy Disrupt the Market?

TELUS Corporation’s Q2 2025 performance demonstrates a blend of strategic investments and operational execution, contributing to both growth and challenges amidst a competitive landscape.
The company’s notable achievements include incremental customer growth in mobile and fixed segments, as it added 198,000 net new customers overall.
This growth was driven by mobile phone and connected device additions totaling 167,000 and fixed customer additions of 31,000.

Chunghwa Telecom: Initiation of Coverage- Riding The AI