All Posts By

Smartkarma Daily Briefs

Daily Brief Industrials: Geekplus Technology, Singapore Post, Daiseki Co Ltd, PostNL NV, Soilbuild Construction, Titan International , Tsubakimoto Kogyo and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Geekplus Technology IPO (2590 HK): The Investment Case
  • Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap
  • Singapore Post — Searching for a new CEO
  • Daiseki Co Ltd (9793 JP): Q1 FY02/26 flash update
  • What’s New((s) in Amsterdam – 2 July (InPost | JDE Peet’s | PostNL)
  • 10 in 10 with Soilbuild Construction – Rooted in tradition, leading in green building
  • TWI: We are updating our revenue and EPS estimates based on ongoing trade uncertainty and recent public comments by management.
  • Q4 Follow-Up – Tsubakimoto Kogyo (8052 JP)


Geekplus Technology IPO (2590 HK): The Investment Case

By Arun George

  • Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.     
  • Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
  • The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.  

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

By Andrei Zakharov

  • Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
  • The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
  • I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.

Singapore Post — Searching for a new CEO

By Edison Investment Research

Singapore Post (SingPost) has experienced significant changes over the last six months, and further change is likely as the company searches for a new CEO. We expect a strategy update following the hiring of the new CEO. The timing of an appointment is unknown, as are the identity of the candidate and the strategy itself. Given the potential upheaval, we withdraw our forecasts pending strategic clarity.


Daiseki Co Ltd (9793 JP): Q1 FY02/26 flash update

By Shared Research

  • Daiseki’s Q1 FY02/26 sales rose 7.2% YoY to JPY17.9bn, with operating profit declining 1.9% YoY to JPY3.8bn.
  • Daiseki Co.’s FY02/25 sales reached JPY38.5bn, driven by increased recycled fuel shipments, despite flat wastewater intake.
  • DES’s FY02/25 sales declined 17.4% YoY to JPY19.9bn, with operating profit down 19.3% YoY to JPY2.3bn.

What’s New((s) in Amsterdam – 2 July (InPost | JDE Peet’s | PostNL)

By The IDEA!

  • In this edition: • InPost | Advent sold a further 3.5% interest via accelerated placement • JDE Peet’s | sets accelerating medium-term financial targets • PostNL | unions express concerns about mail market proposals to Economic Affairs Minister

10 in 10 with Soilbuild Construction – Rooted in tradition, leading in green building

By Geoff Howie

  • Soilbuild Construction’s revenue surged 58.4% in FY2024, driven by a S$647.5 million PSA Supply Chain Hub contract.
  • The Construction division contributed 81.5% to total revenue, while Precast and Prefabrication grew by 87.1% in FY2024.
  • Soilbuild Construction generated S$35.9 million in operating cash flow in FY2024, improving liquidity for ongoing projects.

TWI: We are updating our revenue and EPS estimates based on ongoing trade uncertainty and recent public comments by management.

By Zacks Small Cap Research

  • Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
  • The company serves the agricultural, earthmoving / construction, and consumer markets.
  • Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

Q4 Follow-Up – Tsubakimoto Kogyo (8052 JP)

By Sessa Investment Research

  • Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced its Full-year FY2025/3 results on May 8, 2025.
  • The Company achieved record-high orders, sales, and profits across the board, along with a record order backlog.
  • Both net sales and all levels of profit exceeded initial forecasts. This is due to conservative assumptions about the pace of reducing its large order backlog.

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

Sign Up for Free

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



Most Read: Taishin Financial Holding, BayCurrent Consulting , Mazagon Dock Shipbuilders , Lens Technology, NTT DC REIT, IFBH, Geekplus Technology, Yichang HEC Changjiang Pharma, Nh Foods Ltd and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Taishin (2887 TT)/Shin Kong (2888 TT) Merger: Index Flows in July
  • Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
  • AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows
  • Lens Technology (6613 HK): Offering Details & Index Inclusion
  • NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues
  • HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added
  • Geekplus Technology IPO (2590 HK): The Investment Case
  • Yichang HEC (1558 HK): Speculative Scrip Offer? No Thanks – Vote No
  • NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal
  • Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap


Taishin (2887 TT)/Shin Kong (2888 TT) Merger: Index Flows in July

By Brian Freitas


Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes

By Brian Freitas


AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

By Brian Freitas

  • We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
  • From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
  • There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.

Lens Technology (6613 HK): Offering Details & Index Inclusion

By Brian Freitas

  • Lens Technology (6613 HK)‘s global offering opened yesterday, and the raise could reach up to US$800m if the offer-size adjustment option and the overallotment option are exercised.
  • The allocation to cornerstone investors is smaller than in other recent AH listings. The discount of over 25% to the A-shares is attractive given the recent trend for large listings.
  • Lens Technology (6613 HK) could be added to a global index in December. Inclusion in Southbound Stock Connect in August and HSCI inclusion could take place in March 2026.

NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues

By Sumeet Singh

  • Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
  • The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
  • In this note, we look at the company’s portfolio and its performance.

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

By Brian Freitas

  • We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
  • A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
  • There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

Geekplus Technology IPO (2590 HK): The Investment Case

By Arun George

  • Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.     
  • Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
  • The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.  

Yichang HEC (1558 HK): Speculative Scrip Offer? No Thanks – Vote No

By David Blennerhassett

  • A little over a year ago, I wrote about Yichang HEC Changjiang Pharma (1558 HK)‘s overly complicated scrip Offer in Yichang HEC (1558 HK): Absorption Via Speculative Scrip. Avoid.
  • In summary, Yichang HEC shareholders were being offered 0.263614 “Offeror H shares”. These consideration shares are unlisted. The Offeror being Yichang HEC’s controlling shareholder (51.41%).
  • The Composite Doc and the Offeror’s Listing by Way Of Introduction Doc are out.  The independent H-shareholder vote is the 21st July. Shareholders should vote this down.

NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal

By Nicholas Tan

  • A group of shareholders are looking to raise US$333m from selling their respective stakes in Nh Foods Ltd (2282 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.

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

By Andrei Zakharov

  • Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
  • The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
  • I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.

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

Sign Up for Free

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



Daily Brief Australia: Domain Holdings Australia , HMC Capital, Ampol, Washington H. Soul Pattinson and Co. Ltd, Nanosonics Ltd, Resources & Energy, Global Traffic Network, Theta Gold Mines , Reece Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Domain (DHG AU): 4th August Vote On CoStar’s Offer. Clean Deal
  • HMC Capital – The Overnight Report: Winners Out, Laggards In
  • Ampol (ALD AU) Vs. Woodside Energy (WDS AU): Mean Reversion Delivers Profit, Trade Exit
  • AUB Group (AUB AU) Vs. Soul Pattinson (SOL AU): Aussie Financial Pair Offers Short-Term Opportunity
  • Nanosonics Ltd (NAN AU): Two Upcoming Catalysts to Set Future Direction
  • Resources & Energy Group Limited – Small Scale Gold Production
  • GTN Ltd – H2 FY25 downgrade and proposed capital return
  • Digging gold out of the Bushveld
  • Reece Battling Tariffs, Competition & Cost Crises


Domain (DHG AU): 4th August Vote On CoStar’s Offer. Clean Deal

By David Blennerhassett

  • Back on the 9th May 2025, Domain Holdings Australia (DHG AU) entered into a Scheme, at A$4.43/share (in cash), with CoStar, the same terms as the 27th March NBIO. 
  • Apart from the standard Scheme vote, this needs FIRB to sign off.  Nine Entertainment Co Holdings (NEC AU) (60.05% shareholder) is supportive.
  • The Scheme Booklet is now out, with a Scheme Meeting on the 4th August, and expected implementation on or before the 27th August. The IE (FGrant Samuel) says “fair & reasonable“.

HMC Capital – The Overnight Report: Winners Out, Laggards In

By FNArena

  • A global perspective on what happened overnight

Ampol (ALD AU) Vs. Woodside Energy (WDS AU): Mean Reversion Delivers Profit, Trade Exit

By Gaudenz Schneider

  • Context: This article provides an update on a previously identified pair trading opportunity between Ampol (ALD AU) and Woodside Energy Group Ltd (WDS AU), based on statistical mean reversion analysis.
  • Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
  • Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

AUB Group (AUB AU) Vs. Soul Pattinson (SOL AU): Aussie Financial Pair Offers Short-Term Opportunity

By Gaudenz Schneider

  • Context: The AUB Group (AUB AU) vs. Soul Pattinson (SOL AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Going long AUB Group (AUB AU) and short Washington H. Soul Pattinson and Co. (SOL AU) targets a 5% return to the statistical mean reversion level.
  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Nanosonics Ltd (NAN AU): Two Upcoming Catalysts to Set Future Direction

By Tina Banerjee

  • Nanosonics Ltd (NAN AU) is on track to launch its newly approved endoscope cleaning device, Coris in the U.S. in Q1FY26.
  • FY25 performance is expected to beat revised guidance. Consensus is expecting revenue growth of 14% for FY25, matching the higher end of the revised guidance.
  • Nanosonics shares have a high short interest (6.65%) in ASX. We may see some short squeeze as the company entering eventful Q1FY26 (new launch, FY25 result announcement, FY26 guidance).

Resources & Energy Group Limited – Small Scale Gold Production

By Research as a Service (RaaS)

  • Resources & Energy Group Limited (ASX:REZ) is a Western Australian (WA) focused gold explorer and producer whose now sole focus is on the East Menzies Gold Project.
  • This project hosts a JORC-compliant resource of ~54koz with REZ currently conducting a trial mining and processing operation which is likely to generate revenue to the company over H1 ‘25.
  • This trial will be used to ramp-up production through an expanded bulk mining operation and ultimately a proper small-scale mining operation that removes the need for toll treating.

GTN Ltd – H2 FY25 downgrade and proposed capital return

By Research as a Service (RaaS)

  • GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed number of commercial advertising spots adjacent to traffic, news and information reports.
  • GTN has announced its long-awaited major capital management initiative, proposing a $0.23/share ($44m) capital return.
  • What could have been a share price boost has been complicated by the announcement of a material H2 FY25 earnings downgrade, with EBITDA likely to be down ~55% on a ~4% decline in revenue.

Digging gold out of the Bushveld

By Research as a Service (RaaS)

  • Theta Gold Mines Limited (ASX:TGM) is a gold developer targeting transitioning to producer by early CY27.
  • TGM is currently completing site clearance and preparation works which will enable construction of a new gold plant once full funding has been finalised.
  • TGM has secured credit approval for a US$35m debt facility with broader commercial bank syndication in process whilst the contractor for the gold plant has provided a staggered US$30m payment schedule which further reduces the required upfront equity contribution.

Reece Battling Tariffs, Competition & Cost Crises

By FNArena

  • It is not just Australia suffering a housing affordability crisis.
  • The US is also suffering, particularly in the south, impacting Reece’s revenues and margins

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

Sign Up for Free

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



Daily Brief South Korea: Hyundai Construction Equipment, HD Hyundai Infracore, Samsung Electronics, Daehan Shipbuilding, Samsung SDI, LG Electronics and more

By | Daily Briefs, South Korea

In today’s briefing:

  • HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook
  • Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment
  • Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?
  • Daehan Shipbuilding Pre-IPO: PE Cashing Cheques on the Shipping Boom
  • Samsung SDI (006400): Still a No
  • LG Electronics- An Insight Into Its Premium Innovative Product Development & Market Positioning!


HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

By Sanghyun Park

  • This event offers two arb plays—merger swap and appraisal rights—but there’s barely any juice left as pricing locked the market into an unusually tight range.
  • Yeah, it’s tight. Unless cancel risk flares up, the spread likely stays muted—major holder’s balanced stakes make vote pushback or ratio disputes pretty unlikely.
  • One angle to watch: passive flows. HCE likely joins KOSPI 200 post-merger, triggering index buys around Infracore’s halt on Dec 30—potentially a solid year-end positioning play.

Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment

By Douglas Kim

  • After the market close on 1 July, HD Hyundai Infracore announced that it will be merging with HD Hyundai Construction Equipment. 
  • The merger ratio is 0.1621707 common shares of HD Hyundai Construction Equipment for each common share of HD Hyundai Infracore. 
  • We have Negative ratings on both HD Hyundai Infracore and HD Hyundai Construction Equipment.

Samsung 2Q25 Official Leaks: Sharp Decline in Operating Profits, but It’s the Bottom. Really?

By Nicolas Baratte

  • Samsung doesn’t provide guidance when it reports, but gives revenue an operating profit guidance ~2 weeks before reporting. But we have an officially non-official preview in Korean media. 
  • 2Q25 operating profit will be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. Consensus expects +1% QoQ. 
  • Some positive news to counter balance this large disappointment – smartphone, HBM3E – I am skeptical any of these can lift profits in 2H25, revisit early 2026.

Daehan Shipbuilding Pre-IPO: PE Cashing Cheques on the Shipping Boom

By Nicholas Tan

  • Daehan Shipbuilding (439260 KS) is looking to raise up to US$350m in its upcoming Korean IPO.
  • It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
  • In this note, we provide updates on the firm’s past performance.

Samsung SDI (006400): Still a No

By Henry Soediarko

  • The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
  • Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
  • It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 

LG Electronics- An Insight Into Its Premium Innovative Product Development & Market Positioning!

By Baptista Research

  • LG Electronics presented its first-quarter financial results for 2025, painting a nuanced picture of challenges and strategic initiatives that the company is undertaking.
  • LG Electronics reported consolidated sales of KRW 22.74 trillion and an operating profit of KRW 1.26 trillion for the quarter.
  • The results showcased a strong quarter with record-high sales figures from several of its business segments, notably in Household Solutions (HS), Vehicle Solutions (VS), and Environmental Solutions (ES).

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

Sign Up for Free

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



Daily Brief Singapore: Mizuho Financial Group and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Mizuho Bank Joins the SGX FX ecosystem


Mizuho Bank Joins the SGX FX ecosystem

By Geoff Howie

  • SGX FX partners with Mizuho Bank to stream prices on its platform starting June 2025, enhancing FX ecosystem.
  • The collaboration aims to increase transparency, efficiency, and liquidity for investors, financial institutions, and global traders.
  • Mizuho Bank is the 17th largest bank globally, with $2 trillion in assets and 65,000 employees worldwide.

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

Sign Up for Free

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



Daily Brief Quantitative Analysis: CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank
  • KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec
  • HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining
  • Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued
  • JPX Margin Trading Weekly (Jun 27th): Skylark, Tokyo Electron, Mcdonald’S, Softbank, Fujikura


CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

By Ke Yan, CFA, FRM

  • We analysed the earning revision of component stocks of CSI 300 in the past month.
  • We tabulated stocks with the top impact on index’s EPS, stocks’ EPS revision, and revenue revision.
  • We highlighted EPS revision on Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.

KRX Short Interest Weekly (Jun 27th): Amorepacific, Doosan Enerbility, Mirae Asset Sec

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of KRX stocks as of Jun 27th. The aggregated short interest was USD8.7bn.
  • We tabulate league tables 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 Amorepacific, Doosan Enerbility, Mirae Asset Sec, Woori Financial, Kakaobank, Ls Electric, Hyundai Rotem, Hybe.

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

By Ke Yan, CFA, FRM

  • We analysed the earning revision of component stocks of HSI in the past month.
  • We tabulated stocks with the top impact on index’s EPS, stocks’ EPS revision, and revenue revision.
  • We highlighted EPS revision on Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

By Ke Yan, CFA, FRM

  • We analyze the monthly Hong Kong Connect flows with our data engine.
  • We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
  • We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).

JPX Margin Trading Weekly (Jun 27th): Skylark, Tokyo Electron, Mcdonald’S, Softbank, Fujikura

By Ke Yan, CFA, FRM

  • We analyzed the changes in margin trading positions of JPX stocks as of Jun 27th. The aggregated net margin trading position is USD16,399m.
  • We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
  • We highlight net margin buy/sell changes in Skylark, Tokyo Electron, Mcdonald’S, Softbank, Fujikura, Fast Retailing, Kawasaki Heavy Industries, Sumitomo Forestry, Sanrio, Mitsubishi Heavy Industries.

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

Sign Up for Free

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



Daily Brief China: Lens Technology, Annto Logistics Supply Chain Technology, Foshan Haitian Flavouring & Food Company, Fortior Technology (Shenzhen) and more

By | China, Daily Briefs

In today’s briefing:

  • Lens Technology (6613 HK): Offering Details & Index Inclusion
  • Midea Group (300 HK) – Annto Logistics Spin-Off & IPO; Valuation Scenarios
  • Lens Technology H-Share Listing: Thoughts on Valuation
  • Lens Technology H Share Listing (6613 HK): Valuation Insights
  • Foshan Haitian Flavouring & Food Company (3288 HK) – The Dull Post-IPO Share Price and the Outlook
  • Fortior Tech A/H Listing – Fast but Volatile Growth and Margins


Lens Technology (6613 HK): Offering Details & Index Inclusion

By Brian Freitas

  • Lens Technology (6613 HK)‘s global offering opened yesterday, and the raise could reach up to US$800m if the offer-size adjustment option and the overallotment option are exercised.
  • The allocation to cornerstone investors is smaller than in other recent AH listings. The discount of over 25% to the A-shares is attractive given the recent trend for large listings.
  • Lens Technology (6613 HK) could be added to a global index in December. Inclusion in Southbound Stock Connect in August and HSCI inclusion could take place in March 2026.

Midea Group (300 HK) – Annto Logistics Spin-Off & IPO; Valuation Scenarios

By Sreemant Dudhoria,CFA

  • Midea Group (300 HK) has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.
  • Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.
  • Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  & bolster operational independence within the Midea ecosystem.

Lens Technology H-Share Listing: Thoughts on Valuation

By Shifara Samsudeen, FCMA, CGMA

  • Chinese iPhone glass supplier Lens Technology (6613 HK) has announced the terms for its H-share listing, and plans to raise around US$600m through issuing 262.3m shares.
  • The company’s listing is priced at HK$17.38-18.18 per share, at a 25-28% discount to the last close price of the  A-shares as of 27th June.
  • Our valuation analysis suggests that the company’s H-share offering is priced reasonably compared to domestic and international peers.

Lens Technology H Share Listing (6613 HK): Valuation Insights

By Arun George


Foshan Haitian Flavouring & Food Company (3288 HK) – The Dull Post-IPO Share Price and the Outlook

By Xinyao (Criss) Wang

  • Recent positive sentiment towards A/H listings fails to drive Haitian’s post-IPO stock price performance, as the market still has doubts about whether Haitian can effectively break through the growth bottleneck.
  • The core contradiction of Haitian lies in the mismatch between high valuation and slow growth. Haitian’s fundamentals are difficult to support high valuation – 20-30x P/E is a reasonable range.
  • The intensification of geopolitical tensions has brought considerable uncertainty to the market, which has reduced investors’ risk appetite and made them more willing to avoid investment targets with potential risks.

Fortior Tech A/H Listing – Fast but Volatile Growth and Margins

By Sumeet Singh

  • Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, aims to raise around US$250m in its H-share listing.
  • Fortior Tech is an IC design company dedicated to the design and R&D of BLDC motor control ICs.
  • In this note, we look at the past performance and likely A/H premium.

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

Sign Up for Free

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



Daily Brief United States: Intercontinental Exchange, Crude Oil, Bank Of America, Abercrombie & Fitch Co Cl A, Fastly Inc, Boston Beer Company Inc A, BigCommerce Holdings and more

By | Daily Briefs, United States

In today’s briefing:

  • InterContinental Exchange (ICE): Its $14 Billion Mortgage Opportunity Can Power Platform Expansion!
  • Crude Oil Reverts Back (Like We Predicted)
  • Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs
  • Abercrombie & Fitch Co Cl A – AKA: Remain Bullish After Management Meetings; Reiterate Buy, $30 PT
  • Fastly Ignites 64% Growth in Emerging Products as Edge Compute Takes Center Stage…
  • The Boston Beer Company: Can Hard Seltzer & Its Brand Repositioning Help It Sustain In The Competitive Landscape?
  • Asia base oils supply outlook: Week of 30 June
  • Asia base oils demand outlook: Week of 30 June
  • BigCommerce: Will Its Industry-Specific Solutions and B2B Focus Pay Off?
  • Americas/EMEA base oils supply outlook: Week of 30 June


InterContinental Exchange (ICE): Its $14 Billion Mortgage Opportunity Can Power Platform Expansion!

By Baptista Research

  • Intercontinental Exchange, Inc. reported a record-breaking performance for the first quarter of 2025, demonstrating significant growth across its diverse business segments even amidst fluctuating macroeconomic conditions.
  • The company achieved an adjusted earnings per share of $1.72, marking a 16% increase year-over-year.
  • Net revenue rose by 8%, reaching a new high of $2.5 billion.

Crude Oil Reverts Back (Like We Predicted)

By The Commodity Report

  • During the past two weeks we highlighted that the upside for oil is only minimal and that trading the “war event” may be the rational thing to do.
  • So far, this turned out to be the right call.
  • Investment banks seem to be a bit more emotional about the topic.

Blue Sky Territory; Bullish Outlook Intact; Nasdaq 100 and S&P 500 Breaking to All-Time Highs

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
  • Our near-term bullish outlook will remain in place long as the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.
  • Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&P Mid Caps (IJH) also breaking above key resistances

Abercrombie & Fitch Co Cl A – AKA: Remain Bullish After Management Meetings; Reiterate Buy, $30 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco headquarters.
  • We believe the company has continued to make material progress on multiple fronts, from adding new Princess Polly stores (and upgrading the current fleet), increasing the wholesale presence for both Petal & Pup and Princess Polly, leveraging the “test and repeat” model to return Culture Kings to higher margins and top line growth, and shifting the Australian market to top line expansion.
  • When combined with the potential for debt refinancing and continued strong online results (helped by new store expansion), we believe there remains top and bottom line upside, and we are reiterating our Buy rating and $30 price target for AKA.

Fastly Ignites 64% Growth in Emerging Products as Edge Compute Takes Center Stage…

By Baptista Research

  • Fastly Inc.’s earnings report for the first quarter of 2025 highlighted several key aspects of the company’s financial performance and strategic direction, presenting both opportunities and challenges for investors to consider.
  • Positively, Fastly reported revenues of $144.5 million, surpassing their guidance range.
  • This represents an 8% increase year-over-year, suggesting positive momentum in their revenue growth, notably higher compared to the previous quarter’s 2% growth.

The Boston Beer Company: Can Hard Seltzer & Its Brand Repositioning Help It Sustain In The Competitive Landscape?

By Baptista Research

  • The Boston Beer Company’s latest earnings report for Q1 2025 demonstrates both positive progress and ongoing challenges in a dynamic market environment.
  • The company reported a solid start to the year with a 5.3% increase in shipments and a 6.5% rise in revenue, driving its highest first quarter gross margin since 2019 thanks to volume growth and margin enhancement initiatives.
  • However, depletions decreased by 1%, indicating that consumption trends remain under pressure amidst broader category headwinds.

Asia base oils supply outlook: Week of 30 June

By Iain Pocock

  • Asia’s base oils prices recover versus gasoil prices as crude oil prices revert to levels in H1 June 2025.
  • Recovery in light-grade base oils margins curbs pressure on refiners to adjust output of those supplies.
  • Any moves to sustain base oils output at current levels would coincide with completion of most plant-maintenance work in the region.

Asia base oils demand outlook: Week of 30 June

By Iain Pocock

  • Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices.
  • Prospect of seasonal slowdown in consumption and rise in surplus supply in coming weeks adds to incentive to hold back and to procure top-up supplies on need-to basis.
  • Demand for Group II heavy grades could get support from concern about tighter availability of Group I heavy neutrals because of upcoming plant-maintenance in southeast Asia and uncertainty about stability of flows from Iran.

BigCommerce: Will Its Industry-Specific Solutions and B2B Focus Pay Off?

By Baptista Research

  • BigCommerce Holdings Inc. (BIGC) recently conducted its first quarter 2025 earnings call, during which key financial and operational metrics were discussed, shaping a comprehensive outlook for investors.
  • The quarter demonstrated mixed results with a focus on profitability and business transformation, reflecting a balanced mix of challenges and opportunities.
  • The company reported a non-GAAP operating income of $7.6 million, marking a 530 basis point margin improvement year-over-year.

Americas/EMEA base oils supply outlook: Week of 30 June

By Iain Pocock

  • US Group II base oils price-premium to VGO rebounds after fall in crude oil prices.
  • Excluding brief dip in June 2025, base oils margins hold in narrow range since early April 2025.
  • US Group II domestic and export base oils price-premium to VGO rises in Q2 2025 from Q1 2025.

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

Sign Up for Free

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



Daily Brief ESG: Now Is Time to Increase the Number of Female Directors so that They Can Contribute to Value Creation and more

By | Daily Briefs, ESG

In today’s briefing:

  • Now Is Time to Increase the Number of Female Directors so that They Can Contribute to Value Creation


Now Is Time to Increase the Number of Female Directors so that They Can Contribute to Value Creation

By Aki Matsumoto

  • Since % of women among internal directors is low, many companies try to increase external directors, which leads to an issue of directors serving on the boards of multiple companies.
  • Investors expect gender diversity to have long-term impact on business performance. However, due to the low percentage of female board members, no clear correlation with value creation has been demonstrated.
  • In evaluations of board effectiveness, it’s clear that few companies share issues within boards and engage in sufficient discussion. There appears to be a lack of sufficient discussion on issues.

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

Sign Up for Free

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



Daily Brief Japan: Nissin Corp, MS&AD Insurance, Okamura Corp, Oug Holdings, Softbank Group (ADR), Takashimaya, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • [Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB – Noise A Possibility
  • [Japan CorpGov] TSE “Mgmt Conscious” Reports (Jul25), Minor Updates
  • Okamura (7994): Why Management Incentives Are So Important
  • OUG Holdings (TYO 8041) – A 0.5x P/TBV Vertically Integrated Seafood Wholesaler in Osaka…
  • Lucror Analytics – Morning Views Asia
  • Takashimaya (8233 JP): Q1 FY02/26 flash update
  • Now Is Time to Increase the Number of Female Directors so that They Can Contribute to Value Creation


[Japan M&A] Bain Plays Announcement Games with Nissin (9066) MBO TOB – Noise A Possibility

By Travis Lundy

  • On 12 May 2025, Bain Capital announced a deal to buy Nissin Corp (9066 JP). The tender was VERY light in price (Bain’s borrowing more than adjusted EV at TOB Price)
  • And it was very long at 41 days. As of Day 1, they announced a long list of “irrevocables” – 16 holders with 5.75% – who had agreed to tender. 
  • Since then Bain have made 7 separate amendment filings detailing additional irrevocables and one possible additional tender agreement to get to 11.30%. Now it’s extended. 

[Japan CorpGov] TSE “Mgmt Conscious” Reports (Jul25), Minor Updates

By Travis Lundy

  • TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
  • 1,389 new CGRs filed since 1 June 25. Our tools show every report, links to every document, and a diff-file tool. Input a name, see the changes in the reports.
  • The JPX Council of Experts met on 22 April. Next meeting is in a week. Parent-sub follow-ups in Fall/Winter 2025. Slow. 

Okamura (7994): Why Management Incentives Are So Important

By Michael Allen

  • Okamura trades at a PBR of 1.0 and a PER of 8.6 despite earning more than 12% return on equity.
  • Okamura’s new AI-driven warehouse automation system is a potential game-changer as it reduces costs and improves decision making for mid-sized enterprises.
  • Management’s incentives are still poorly aligned with the interests of shareholders, and their performance is well below potential.

OUG Holdings (TYO 8041) – A 0.5x P/TBV Vertically Integrated Seafood Wholesaler in Osaka…

By Altay Capital

  • OUG Holdings (TYO 8041) is a vertically integrated seafood group that auctions fresh fish at major markets, runs a nationwide cold-chain for trading, processing, and delivering seafood to stores and restaurants, and farms premium buri and bluefin tuna.
  • Because it controls aquaculture, logistics hubs, and its own truck fleet, it moves product from port to plate faster and fresher than rivals that outsource storage and transport.
  • They currently have dominant market share in Osaka and are slowly expanding to Tokyo.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group, New World Development
  • US Treasury yields fell yesterday. The UST curve bull flattened, with the yield on the 2Y UST declining 3 bps to 3.72%, while that on the 10Y UST was down 5 bps at 4.23%. Equities climbed to new record highs.
  • The S&P 500 rose 0.5% to 6,205, while the Nasdaq advanced 0.5% to 20,370. Contracted sales for China’s Top 100 developers in June declined 23% y-o-y but were up 15% m-o-m at CNY 339 bn, according to CRIC.

Takashimaya (8233 JP): Q1 FY02/26 flash update

By Shared Research

  • Total operating revenue decreased by 5.7% YoY, with operating profit and recurring profit declining by 26.9% and 35.5% respectively.
  • Domestic department store sales fell due to reduced inbound demand, impacting operating revenue and profit despite solid domestic sales.
  • Takashimaya revised FY02/26 forecasts downward for revenue and profit metrics, but raised net income projections due to asset sale.

Now Is Time to Increase the Number of Female Directors so that They Can Contribute to Value Creation

By Aki Matsumoto

  • Since % of women among internal directors is low, many companies try to increase external directors, which leads to an issue of directors serving on the boards of multiple companies.
  • Investors expect gender diversity to have long-term impact on business performance. However, due to the low percentage of female board members, no clear correlation with value creation has been demonstrated.
  • In evaluations of board effectiveness, it’s clear that few companies share issues within boards and engage in sufficient discussion. There appears to be a lack of sufficient discussion on issues.

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

Sign Up for Free

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