Smartkarma Daily Briefs

The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.

Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO

Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.

SKC: Plans to Issue EB Worth 125 Billion Won

On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.
The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.
We are Negative on SKC’s EB issue of 125 billion won which is likely to put a negative sentiment on its share price.

Infinity Natural Resources (INR) Six Month Summary: Energy Sector Weakness Weighs on Stock Post-IPO

Infinity Natural Resources (INR US) came to market on January 31st pricing 13.25 million shares at $20.00 and opening at $22.16 for an 11.3% first-trade gain.
After peaking early in its first week, INR has experienced steady downward pressure. July was particularly brutal, with the stock declining 18%—its worst monthly performance since listing.
Infinity Natural Resources managed weakness from a broken IPO from its sector, Venture Global (VG). Six months later the sector winds have not calmed down.

Hexaware Technologies IPO Lockup Expiry – US$2.89bn Lockup Release with Carlyle in the Money

By Akshat Shah

Hexaware Technologies (HEXW IN) raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we will talk about the lockup dynamics and possible placement.

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Aug 12

Daily Brief South Korea: SK Square , SK Telecom, Korea Stock Exchange KOSPI 200, Hyundai Autoever , Kolon Mobility Group, LG Chem Ltd, Samsung Electronics, SKC Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Identifying the SK Square Vs. Hynix Price Ratio Reversion Alpha Setup
SK Telecom (017670 KS): Increasing Foreign Room & Passive Buying
Why We’re Eyeing KRX’s Sep 29 KCMC Event for Dividend Momentum Trades
[Quiddity Index Aug25] KOSPI 200 Leaderboard for Dec25 Rebal: 6 ADDs, 6 DELs, Two Recommended Trades
Kolon Mobility (450140 KS)’s Delisting Offer
LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution
Global Markets Tactical Outlook WEEKLY: August 11 – August 15
SKC: Plans to Issue EB Worth 125 Billion Won

Identifying the SK Square Vs. Hynix Price Ratio Reversion Alpha Setup

Hunting the reversion point for Square-Hynix price ratio amid local buzz: need clear pro-business tax signals and Hynix’s downtrend to continue despite today’s bounce.
Tax tweak likely turns neutral despite gov’s cautious tone today. Hynix’s bounce faces headwinds from supply ramp and yield issues, so fresh rally odds remain slim.
Focus on hunting SK Square vs. Hynix price ratio reversion, pairing it with Samsung Long/Hynix Short for a strong short-term trade setup to ride the trend.

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

By Brian Freitas

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.

Why We’re Eyeing KRX’s Sep 29 KCMC Event for Dividend Momentum Trades

KCMC 2025 will likely reveal fresh, unpriced stimulus details, potentially sparking a price rally like last year’s 2% KOSPI 200 jump on the value-up ETF rollout.
The key wildcard at KCMC 2025 is dividends—shifting from Yoon’s Japan-style ROE grind to a Taiwan-style push for bigger shareholder payouts.
With Sept 29 approaching, dividend policy buzz may drive price moves—smart to prep dividend momentum trades to front-run this catalyst.

[Quiddity Index Aug25] KOSPI 200 Leaderboard for Dec25 Rebal: 6 ADDs, 6 DELs, Two Recommended Trades

KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
We expect up to 6 ADDs and 6 DELs for the December-2025 index rebal based on the latest available data. Same count as a month ago, but 5/12 name changes.
We have new charts available for all expected ADDs/DELs showing a variety of data we think worthwhile in terms of judging trade opportunity and risk. And two recommended trades.

Kolon Mobility (450140 KS)’s Delisting Offer

By David Blennerhassett

Kolon Corp (002020 KS)(KC) is seeking to delist 75.23%-held Kolon Mobility Group (450140 KS) (KM), an auto importer.
Via a dual approach, KC is offering ₩4,000 per KM common share and ₩5,950 per KM preferred share. Any untendered shares will be swapped into KC shares.
The tender offer period is from 8th August to 8th September, with payment on the 10th September. There is no minimum acceptance condition.

LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution

In the past three months, LG Chem has announced two asset sales worth 1.6 trillion won including dermal filler and water filter businesses.
Due to worsening balance sheet and need to raise additional capital, there is an increasing probability of LG Chem selling a partial stake in LGES in the next 6-12 months.
Our NAV valuation of LG Chem suggests implied NAV per share of 414,325 won, which is 49% higher than current levels.

Global Markets Tactical Outlook WEEKLY: August 11 – August 15

By Nico Rosti

A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, for the week August 11 – August 15.
OVERBOUGHT at the WEEKLY Close: NVIDIA Corp (NVDA US), Meta (META US) , Samsung Electronics (005935 KS) , Softbank Group (9984 JP) ,
OVERSOLD at the WEEKLY Close: BYD (1211 HK) , NIFTY Index (NIFTY INDEX)

SKC: Plans to Issue EB Worth 125 Billion Won

By GEMS Research – Aletheia Capital

On 11 August, SKC Co Ltd (011790 KS) announced that it will issue exchangeable bonds (EB) worth 125 billion won.
The exchange price is 114,714 won, which is a 14% premium to the reference stock price calculated based on the market price.
We are Negative on SKC’s EB issue of 125 billion won which is likely to put a negative sentiment on its share price.

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Aug 12

Daily Brief Singapore: iFAST, Frencken and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

IFAST Corporation Limited: Undervalued for Its Prospects
Small to Mid-Cap Stocks Booking Highest Net Institutional Inflows in 3Q25

IFAST Corporation Limited: Undervalued for Its Prospects

We initiated coverage on iFAST Corporation Limited (iFAST) a week ago.
Though stock has risen 21% since our note, we see a further 20% upside.
The market appears to be missing iFast’ s value in terms of P/AUM and EV/Revenue, in light of the AUM growth prospects. 2Q PAT was ahead of consensus expectations.

Small to Mid-Cap Stocks Booking Highest Net Institutional Inflows in 3Q25

By Geoff Howie

Institutions net bought S$130 million in Singapore-listed stocks, with S$95.4 million in large-cap stocks and S$42.3 million in mid-cap stocks.
Envictus International saw S$4.3 million net inflow, 4.1% of its market cap, with a 29% ROE and P/E ratio of 7x.
CSE Global and Frencken Group recorded significant net inflows, with CSE Global securing S$211.3 million in new orders.

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Aug 12

Daily Brief Event-Driven: Identifying the SK Square Vs. Hynix Price Ratio Reversion Alpha Setup and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Identifying the SK Square Vs. Hynix Price Ratio Reversion Alpha Setup
Why We’re Eyeing KRX’s Sep 29 KCMC Event for Dividend Momentum Trades
[Japan M&A] Toyoda Gosei Buys Out Affiliate Ashimori Industry at 1.000x Mar25 Book
Assura Takeover: Potential Auction Driving Bid Upside – KKR Vs. PHP with 50.81p Target Price
A/H Premium Tracker (To 8 Aug 2025): Premium Hs Unwind, Again. Beautiful Skew Flavour Continues
Kolon Mobility (450140 KS)’s Delisting Offer
HK Connect SOUTHBOUND Flows (To 8 Aug 2025); Big Swing Out of ETFs into TECH
Yomeishu Seizo (2540 JP): Evaluating a Potential Privatisation
SoftBank (9984 JP): Earnings Beat and the Missing Volatility Crush
NLOP Update; Liquidation on Track

Identifying the SK Square Vs. Hynix Price Ratio Reversion Alpha Setup

Hunting the reversion point for Square-Hynix price ratio amid local buzz: need clear pro-business tax signals and Hynix’s downtrend to continue despite today’s bounce.
Tax tweak likely turns neutral despite gov’s cautious tone today. Hynix’s bounce faces headwinds from supply ramp and yield issues, so fresh rally odds remain slim.
Focus on hunting SK Square vs. Hynix price ratio reversion, pairing it with Samsung Long/Hynix Short for a strong short-term trade setup to ride the trend.

Why We’re Eyeing KRX’s Sep 29 KCMC Event for Dividend Momentum Trades

KCMC 2025 will likely reveal fresh, unpriced stimulus details, potentially sparking a price rally like last year’s 2% KOSPI 200 jump on the value-up ETF rollout.
The key wildcard at KCMC 2025 is dividends—shifting from Yoon’s Japan-style ROE grind to a Taiwan-style push for bigger shareholder payouts.
With Sept 29 approaching, dividend policy buzz may drive price moves—smart to prep dividend momentum trades to front-run this catalyst.

[Japan M&A] Toyoda Gosei Buys Out Affiliate Ashimori Industry at 1.000x Mar25 Book

Toyota Motor (7203 JP) subsidiary Toyoda Gosei (7282 JP) is buying out its own equity affiliate Ashimori Industry (3526 JP) at a near-all-time high price of ¥4,140/share.
It’s not a great price, but it is just over 1x book after writedowns this past quarter. It basically requires cross-holders and half a retail to tender.
But this autoparts business is a strong grower, and has no EV risk. And its non-autoparts business is more interesting. The “fair” multiples are low. But it’ll get done.

Assura Takeover: Potential Auction Driving Bid Upside – KKR Vs. PHP with 50.81p Target Price

By Jesus Rodriguez Aguilar

PHP’s offer has gained momentum, with 8.82% acceptances, offering a +2.13% gross spread, but at a discount to EPRA NTA. The share component introduces long-term upside potential.
KKR’s offer remains the more attractive option for immediate liquidity, offering a +3.79% gross spread with an estimated 46.1% annualized return, but needs to secure more acceptances by August 12.
The Takeover Panel auction remains a key driver, with higher bids likely in a competitive scenario. The probability-weighted target price (TP) for Assura is 50.81p, reflecting potential upside from an auction or bid revision.

A/H Premium Tracker (To 8 Aug 2025): Premium Hs Unwind, Again. Beautiful Skew Flavour Continues

AH premia down, bouncing back. “Beautiful Skew” continues generally, but curve skew less pronounced. Average AH moves remain volatile – often the sign of significant distribution changes.
The Quiddity Portfolio is now smaller, less concentrated, and the net H vs A bias is MUCH smaller. Alpha continues, predicated on beautiful skew. But pair vol is very high.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Kolon Mobility (450140 KS)’s Delisting Offer

By David Blennerhassett

Kolon Corp (002020 KS)(KC) is seeking to delist 75.23%-held Kolon Mobility Group (450140 KS) (KM), an auto importer.
Via a dual approach, KC is offering ₩4,000 per KM common share and ₩5,950 per KM preferred share. Any untendered shares will be swapped into KC shares.
The tender offer period is from 8th August to 8th September, with payment on the 10th September. There is no minimum acceptance condition.

HK Connect SOUTHBOUND Flows (To 8 Aug 2025); Big Swing Out of ETFs into TECH

Gross SOUTHBOUND volumes just over US$16+bn a day this past 5-day week. A comedown from the previous week. Net buying OK at just over +US$550mm/day. One-third of the previous week.
Last week’s reco was Great Wall Motor (2333 HK) up 9.8% on the week, and H/A spread contracted 6.2%.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Yomeishu Seizo (2540 JP): Evaluating a Potential Privatisation

By Arun George

On 7 August, Bloomberg reported that Yomeishu Seizo (2540 JP) is considering going private and has received acquisition proposals from several investment funds.
Privatisation is a neat solution for the Board to get rid of a potentially problematic activist shareholder, Yukihiro Nomura, the son-in-law of Yoshiaki Murakami.
PE interest is underpinned by Yomeishu’s net cash and significant real estate assets. However, the shares are up 63% YTD, which leaves little room for additional upside. Take profits.

SoftBank (9984 JP): Earnings Beat and the Missing Volatility Crush

By Gaudenz Schneider

Context:SoftBank’s (9984 JP) Q1 results on 7 August delivered a return to profitability and earnings beat, fueling one of the stock’s biggest post-results rallies in 15 years.
Highlight: Shares jumped 10.4% on 8 August and nearly 20% week-on-week, with implied volatility staying elevated above 40% despite the surge.
Why Read: Review price action and options market response, showing how SoftBank’s post-earnings volatility pattern echoes past announcements. Serves as a documented reference for the next earnings event.

NLOP Update; Liquidation on Track

By Richard Howe

NLOP just declared a $3.10 special dividend, funded by cash from asset sales.
The company has zero recourse debt, $78M cash, and continues to sell properties well above the market’s implied valuation.
In Q2, NLOP sold a vacant building for $81/sf and a JPMorgan-leased asset for $143/sf at a 12.1% cap rate.

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Aug 12

Daily Brief United States: Intel Corp, Bullish US, Miami International Holdings, Cocoa Futures, NET Lease Office Properties, Nurexone Biologic, U-Haul Holding , VAALCO Energy and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke
Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck
What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?
Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO
Meat Prices Rise and Rise and Rise
NLOP Update; Liquidation on Track
NRXBF: Company Treatment Outperforms Industry Standard
UHAL: U-Haul Reports 1Q FY2025 Financial Results. Revenues were again above expectations
UHAL: U-Haul Reports 1Q FY2026 Financial Results. Revenues were again above expectations
Vaalco Energy (NYSE: EGY): Strong quarter on all fronts

Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke

By William Keating

Intel CEO Lip Bu Tan is reportedly headed to Washington today to meet with the US Administration and clear up any misunderstandings about his past investments in China etc.
Meanwhile, former CEO Craig Barrett published his third opinion piece about Intel’s future and calls LBT’s strategy of not investing further in 14A without customer support a joke
It’s challenging to deal with the US Administration from a position of strength. It’s a whole different ball game when both the CEO & the company are in crisis mode…

Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.

What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?

By Raghav Vashisht

Political scrutiny and perception issues form a tense backdrop ahead of Tan’s Oval Office meeting.
Strategic rifts over investment pace, 14A development, and fab build-outs are at the heart of the discussion.
The meeting’s outcome may hinge on whether Tan can align Intel’s roadmap with Trump’s manufacturing agenda.

Miami International Holdings (MIAX): Financial Marketplace Specialist Sees Revenues Spiking into IPO

Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
In the first half of 2025 the adjusted revenue was $197m or 56% above the $126m in 1H 2024.
As of August, they have built out all the technology pieces they need without adding head-count and now are in execution mode.

Meat Prices Rise and Rise and Rise

By The Commodity Report

FAO’s meat price index hit a new all-time high of 127.3 points, up 1.2% from its previous peak in June, as strong import demand from China and the United States boosted beef and sheep meat prices, the agency said.
U.S. beef imports have climbed after drought led to a decline in the domestic cattle herd.
Looking at the latest futures prices, live cattle, feeder cattle and even lean hogs remain in a strong uptrend with a significant backwardation remaining within the forward curve.

NLOP Update; Liquidation on Track

By Richard Howe

NLOP just declared a $3.10 special dividend, funded by cash from asset sales.
The company has zero recourse debt, $78M cash, and continues to sell properties well above the market’s implied valuation.
In Q2, NLOP sold a vacant building for $81/sf and a JPMorgan-leased asset for $143/sf at a 12.1% cap rate.

NRXBF: Company Treatment Outperforms Industry Standard

By Zacks Small Cap Research

NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
The technology involved also has the potential to more efficiently get other treatments to the needed area.
The company announced independent study results that show its exosomes delivered more than twice the amount of wound-healing signals than the industry benchmark.

UHAL: U-Haul Reports 1Q FY2025 Financial Results. Revenues were again above expectations

By Zacks Small Cap Research

U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
U-Haul is also the third largest self-storage operator in North America.
Management continues to expand capacity in the self-storage segment and U-Box.

UHAL: U-Haul Reports 1Q FY2026 Financial Results. Revenues were again above expectations

By Zacks Small Cap Research

U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
U-Haul is also the third largest self-storage operator in North America.
Management continues to expand capacity in the self-storage segment and U-Box.

Vaalco Energy (NYSE: EGY): Strong quarter on all fronts

By Auctus Advisors

2Q25 WI production averaged 21,654 boe/d, near the top end of the guidance range (20–22.1 mboe/d).
Gabon production was particularly strong at 8,563 bbl/d (guidance of 7.8–8.6 mbbl/d), driven by continued flow from the 4H well at Ebouri, which remains ~1,000 bbl/d (gross).
Despite high H₂S concentrations, chemical treatment has proven effective.

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Aug 12

Daily Brief Equity Bottom-Up: Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke and more

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

In today’s briefing:

Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke
What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?
LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution
The Beat Ideas: Edelweiss 2.0 – Unlocking Value Through Deleveraging and Strategic Listings
Chongqing Taiji Industry (Group) (600129 CH) – Investors Are Betting on the Merger with China TCM
Closure of Short Call on Tata Motors
Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole
Mobvoi Inc. Revenue From AIGC Solutions Continues To Post Hyper Growth, TicNote Debuted in April
CyberAgent: Newly Released Games Drive Growth with an Upward Revision to Guidance
IFAST Corporation Limited: Undervalued for Its Prospects

Intel CEO Heads To DC To Save His Job As Former CEO Calls His Leading Edge Strategy A Joke

By William Keating

Intel CEO Lip Bu Tan is reportedly headed to Washington today to meet with the US Administration and clear up any misunderstandings about his past investments in China etc.
Meanwhile, former CEO Craig Barrett published his third opinion piece about Intel’s future and calls LBT’s strategy of not investing further in 14A without customer support a joke
It’s challenging to deal with the US Administration from a position of strength. It’s a whole different ball game when both the CEO & the company are in crisis mode…

What’s Trump After in Lip-Bu Tan’s Oval Office Meeting?

By Raghav Vashisht

Political scrutiny and perception issues form a tense backdrop ahead of Tan’s Oval Office meeting.
Strategic rifts over investment pace, 14A development, and fab build-outs are at the heart of the discussion.
The meeting’s outcome may hinge on whether Tan can align Intel’s roadmap with Trump’s manufacturing agenda.

LG Chem: Flurry of Asset Sales Raises the Probability of A Partial Sale of LG Energy Solution