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Smartkarma Daily Briefs

Aug 11
0

Daily Brief China: Horizon Robotics, Consun Pharmaceutical, Alibaba, Cosco Shipping Ports, Guangzhou Innogen Pharmaceutical Group, Haier Smart Home , BeiGene and more

By | China, Daily Briefs

In today’s briefing:

  • Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes
  • Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions
  • ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock
  • COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale
  • Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now
  • Haier D-Share (690D GR) — 2025 Update
  • BeiGene (6160.HK/​ONC US) 25Q2 – The High Growth of BRUKINSA May Not Bring High Valuation

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes

By Brian Freitas

  • There are 3 potential changes for the HSIII Index in September. There are couple of names that are close to the inclusion/ deletion thresholds.
  • The largest inflows will go to Horizon Robotics (9660 HK) following lock-up expiry that increases the Free-Float Adjusted Factor (FAF) by a factor of 7-8x.
  • There are large capping changes too and the estimated one-way turnover is 9.8% resulting in a round-trip trade of HK$5.65bn (US$720m).

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

By Brian Freitas

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

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, Inida ECM flows continued unabated with more deals being launched.
  • On the placements front as well, India saw over US$2bn worth of deals during the week.

COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

By Osbert Tang, CFA

  • Cosco Shipping Ports (1199 HK) is a major beneficiary of its parent’s potential 20-30% stake in the consortium to acquire CK Hutchison Holdings (1 HK)‘s port portfolio. 
  • A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future. 
  • Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential. 

Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

By Tina Banerjee

  • Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
  • Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
  • The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.

Haier D-Share (690D GR) — 2025 Update

By Michael Fritzell

  • Haier is the world’s largest home appliances company, with particular strength in refrigerators and washing machines. It’s got multiple world-renowned brands, including Haier, GE Appliance, Fisher & Paykel, Candy and more.

  • The company was largely built by visionary entrepreneur Zhang Ruimin, who created a corporate culture unique in China and beyond. He spearheaded Haier’s international expansion, acquiring companies such as America’s GE Appliances and Italy’s Candy, giving it local distribution networks for its lower-priced Haier offering.

  • In late 2020, Haier Smart Home merged with its separately-listed distribution subsidiary Haier Electronics. Following this complex transaction, Haier was left with three separate share classes: A-shares listed in Shanghai, H-shares listed in Hong Kong and D-shares listed in Frankfurt.

BeiGene (6160.HK/​ONC US) 25Q2 – The High Growth of BRUKINSA May Not Bring High Valuation

By Xinyao (Criss) Wang

  • BeiGene’s 25Q2 performance beat expectations. The main driver was still BRUKINSA. The growth rate of tislelizumab was surprising.Sales of tislelizumab in international market is expected to be reflected in 25H2.
  • BeiGene’s turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.
  • There’s no next blockbuster that can drive BeiGene to a big step forward.This is why the market is reluctant to offer higher valuation, despite current high growth in product revenue.

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Aug 11
0

Daily Brief Japan: Toyo Construction, MS&AD Insurance, Shibaura Electronics, Sony Corp, Terumo Corp and more

By | Daily Briefs, Japan

In today’s briefing:

  • [Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
  • [Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct
  • Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress
  • Weekly Update (LION, MAGN, NLOP, SONY)
  • Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends

By Travis Lundy

  • In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted. 
  • Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low. 
  • Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish

[Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct

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.
  • 783 new CGRs filed in July 2025 (after 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input a name, see the changes.
  • The JPX Council of Experts met on 9 July. The parent-sub changes are slow to come. 

Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress

By Arun George

Weekly Update (LION, MAGN, NLOP, SONY)

By Richard Howe

  • Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be Japan’s first major spin‑off with a direct listing in over two decades.

  • The company will divest 80% of its stake while retaining the remaining 20%, and the spin‑off is scheduled for September 29, 2025.

  • This looks interesting to me as I see potential for indiscriminate selling. Sony Financial Service Group contributes ~13% of Company Net Income (¥1,067.4B).

Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

By Tina Banerjee

  • Terumo Corp (4543 JP) reported strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.
  • The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).
  • Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.

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Aug 11
0

Daily Brief India: HDFC Bank, Bluestone Jewellery and Lifestyle Ltd Ltd (BJL), Canara Bank, Uco Bank and more

By | Daily Briefs, India

In today’s briefing:

  • NIFTY Bank Index: Big Flows & The Upcoming Methodology Change
  • Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold
  • Case Study: Time-Based Exit in Two Long-Running Pair Trades
  • UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade

NIFTY Bank Index: Big Flows & The Upcoming Methodology Change

By Brian Freitas

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

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

By Sreemant Dudhoria,CFA

  • Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
  • Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
  • Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.

Case Study: Time-Based Exit in Two Long-Running Pair Trades

By Gaudenz Schneider

  • Context: This Insight is an update on two previously published relative value pairs.
  • Highlight: The trades provide a case study illustrating how mean-reversion trades can fail to revert or hit stop-losses within extended timeframes.
  • Why Read: Gain insights into timing-related challenges in mean-reversion strategies and time-based exit as a risk management choice.

UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade

By Gaudenz Schneider

  • Context: The UCO Bank (UCO IN) vs. Central Bank Of India (CBOI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Both stocks are trading near 52-week lows, opening a window for a statistically supported mean-reversion setup.
  • 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.

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Aug 10
0

Daily Brief Utilities: Korea District Heating, Exelon Corp, Xcel Energy Inc and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Asian Dividend Gems: Korea District Heating Corp (KDHC)
  • Exelon Corporation: Transmission Expansion
  • Xcel Energy: A Tale Of Renewable Energy Transition & Data Centre Expansion!

Asian Dividend Gems: Korea District Heating Corp (KDHC)

By Douglas Kim

  • There are three major reasons why we like Korea District Heating (071320 KS). First, the company has been sharply improving its shareholder return program (especially for dividends).
  • The BOD members of KDHC and other major Korean utility companies are increasingly likely to focus on improving shareholder value by raising prices.
  • Its valuations remain attractive. It is trading at P/E of 3.2x, P/B of 0.4x, and EV/EBITDA of 6.8x based on 2025 consensus estimates.

Exelon Corporation: Transmission Expansion

By Baptista Research

  • Exelon Corporation recently announced its financial performance for the second quarter of 2025.
  • The company reported operating earnings of $0.39 per share, slightly exceeding expectations, primarily due to favorable timing and cost management at its utilities.
  • Despite these improvements, earnings were lower compared to the same period last year, impacted by several factors including heightened storm costs at PECO and higher distribution and transmission rates.

Xcel Energy: A Tale Of Renewable Energy Transition & Data Centre Expansion!

By Baptista Research

  • Xcel Energy’s second quarter 2025 earnings presented a mixed yet insightful picture of the company’s current standing and future outlook.
  • The company reported earnings of $0.75 per share for the second quarter, a significant increase from $0.54 per share in the same quarter the previous year.
  • This surge in earnings was largely driven by higher revenue from electric and natural gas services, rate case outcomes, and increased sales growth.

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Aug 10
0

Daily Brief Energy/Materials: Washington H. Soul Pattinson and Co. Ltd, Axalta Coating Systems, Fmc Corp, Magnolia Oil & Gas , Royal Dutch Shell Plc (Adr), Vulcan Materials Co, Air Products & Chemicals, Inc, Western Midstream Partners LP, Element Solutions and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom
  • Axalta Coating Systems Taps China & Latin America: Can They Build Volumes & Enable Global Mobility Expansion?
  • FMC Corporation’s Cost-Cutting Blitz Paying Off? What Is The Expected Impact On Margins in 2025?
  • Magnolia Oil and Gas: Will Their Giddings Field Expansion Efforts Pay Off?
  • Shell Strikes Gold With Strategic Partnerships—Is Asset Optimization the Next Big Payoff?
  • Vulcan Materials: How Are They Leveraging The Public & Private Demand for Infrastructure?
  • Air Products and Chemicals: Balancing Core Growth & Energy Transition – Is It Poised to Gain Market Share?
  • Western Midstream’s $1.5 Billion Bet On Aris—What Wall Street Isn’t Telling You
  • Element Solutions: Shifting Gears from Consumer Tech to High-Performance Computing Supremacy!

Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom

By David Blennerhassett

  • There is, or perhaps, was, imbedded value via the cross-holding. However, Soul Patts (SOL AU) & Brickworks (BKW AU)‘s combined market cap has increased 18% or A$3.1bn since announcing their merger.
  • Furukawa Battery (6937 JP) is a VERY low-priced MBO-like transaction. The pricing process is unacceptable. It is a take-under. It is BAD process. But it’ll get done.
  • For a company that has consistently spilled red ink at the stub level, there is no justification why PCCW Ltd (8 HK) would/should trade at a NAV premium.

Axalta Coating Systems Taps China & Latin America: Can They Build Volumes & Enable Global Mobility Expansion?

By Baptista Research

  • Axalta Coating Systems reported their Q2 2025 financial results, showcasing a mixed picture of performance and challenges in various segments.
  • The company’s record adjusted EBITDA of $292 million and adjusted diluted EPS underscore their ability to sustain profitability even in a volatile macroeconomic landscape.
  • Notably, adjusted EBITDA margins remained strong at over 22%, marking the fifth consecutive quarter of hitting or exceeding their 21% target outlined in their A Plan.

FMC Corporation’s Cost-Cutting Blitz Paying Off? What Is The Expected Impact On Margins in 2025?

By Baptista Research

  • FMC Corporation’s second quarter 2025 results illustrate a mixed picture of operational outcomes and strategic pivots that impact its investment thesis.
  • The company reported a slight increase in sales, with a 1% rise from the previous year, driven by a 6% volume growth.
  • Despite the topline growth, pricing and foreign exchange created headwinds, each accounting for a 1% decline in revenue.

Magnolia Oil and Gas: Will Their Giddings Field Expansion Efforts Pay Off?

By Baptista Research

  • Magnolia Oil & Gas Corporation reported a robust second quarter for 2025, demonstrating notable operational efficiencies and solid financial performance.
  • The company recorded an adjusted net income of $81 million and an adjusted EBITDAX of $223 million.
  • Capital expenditures for drilling and completions were held at $95 million, representing only 43% reinvestment of EBITDAX, which underscores the capital efficiency achieved during this period.

Shell Strikes Gold With Strategic Partnerships—Is Asset Optimization the Next Big Payoff?

By Baptista Research

  • Royal Dutch Shell’s second-quarter 2025 financial results reflect a company grappling with challenging macroeconomic conditions yet demonstrating resilience and strategic focus.
  • The external environment painted a complex picture, influenced by geopolitical uncertainties and fluctuating commodity prices, which impacted trade flows and margins.
  • Nevertheless, Shell delivered strong operational performance and significant cost reductions, affirming its commitment to strategic objectives set out at the Capital Markets Day (CMD) in March.

Vulcan Materials: How Are They Leveraging The Public & Private Demand for Infrastructure?

By Baptista Research

  • The recent earnings for Vulcan Materials Company reflected mixed results for the second quarter of 2025, providing several insights into the company’s financial performance and operational dynamics.
  • On the positive side, Vulcan demonstrated strong financial improvements despite facing significant weatherrelated disruptions.
  • The company reported a 16% increase in adjusted EBITDA, with margins expanding by 260 basis points.

Air Products and Chemicals: Balancing Core Growth & Energy Transition – Is It Poised to Gain Market Share?

By Baptista Research

  • Air Products and Chemicals, Inc. reported its fiscal third-quarter results, demonstrating a mix of positive performance and ongoing challenges.
  • The company’s adjusted earnings per share (EPS) of $3.09 exceeded their own guidance, despite a decrease from the prior year’s comparable results due to the previous sale of its LNG business.
  • This sale significantly impacted sales volumes, contributing to a 4% decline.

Western Midstream’s $1.5 Billion Bet On Aris—What Wall Street Isn’t Telling You

By Baptista Research

  • Western Midstream Partners has recently signaled a major strategic shift by agreeing to acquire Aris Water Solutions in a cash-and-stock deal valued at approximately $1.5 billion.
  • This announcement follows Western’s strong Q1 2025 performance—highlighted by the successful commissioning of the North Loving plant, net leverage below 3×, and roughly $2.4 billion of liquidity—underscoring its financial resilience amid market volatility.
  • Under the proposed terms, Aris shareholders may opt for 0.625 WES common units per share or $25 in cash (capped at $415 million), representing a 23 percent premium to Aris’s closing price on August 5.

Element Solutions: Shifting Gears from Consumer Tech to High-Performance Computing Supremacy!

By Baptista Research

  • Element Solutions, Inc. presented a mixed set of results in their Q2 2025 financials, characterized by both significant growth in specific segments and persistent challenges in others.
  • Key highlights from their conference call can be dissected into various positives and factors of concern surrounding the company’s operations and projected outlook.
  • Starting with the positives, Element Solutions demonstrated robust performance in their electronics business, particularly within the assembly and wafer-level packaging products.

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Aug 10
0

Daily Brief Industrials: Toyo Construction, Masterbrand , Technopro Holdings, Gates Industrial , HNI Corp, Howmet Aerospace , Allegion Plc, Quanta Services, Safran SA, Schneider Electric Se and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer
  • MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
  • (Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery
  • Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?
  • HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!
  • Howmet Aerospace: An Insight Into The Defense Sector Growth
  • Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?
  • Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!
  • Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?
  • Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer

By Arun George

  • Toyo Construction (1890 JP) has recommended a tender offer from Taisei Corp (1801 JP) at JPY1,750, a 6.4% premium to the last close of JPY1,644.
  • Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.
  • Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (INFRONEER Holdings (5076 JP), YFO), who are also the two largest shareholders. 

MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?

By Baptista Research

  • MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
  • The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
  • Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

By David Blennerhassett

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

By Baptista Research

  • Gates Industrial Corporation’s second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.
  • On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.
  • The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.

HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!

By Baptista Research

  • HNI Corporation reported solid financial performance for the second quarter of fiscal year 2025.
  • The company’s non-GAAP earnings per share saw a significant increase of over 40% year-over-year, propelled by robust revenue growth across both its primary segments: Workplace Furnishings and Residential Building Products.
  • The company achieved more than 5% growth in both segments, exceeding their expected ranges.

Howmet Aerospace: An Insight Into The Defense Sector Growth

By Baptista Research

  • Howmet Aerospace’s second quarter of 2025 showcased a combination of strength and areas for improvement, based on their earnings presentation and executive comments.
  • Revenue grew by 9% year-over-year to reach $2.53 billion, surpassing prior guidance.
  • This is indicative of robust demand across several key markets.

Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?

By Baptista Research

  • Allegion’s latest foray into the UK market via its proposed acquisition of UAP Group signals a bold pivot toward deepening its mechanical hardware offerings and broadening its geographic footprint.
  • Fresh off its first $1 billion quarter and bolstered by a string of strategic deals—including ELATEC’s electronic credentialing and SaaS boltons like Gatewise and Waitwhile—Allegion is eyeing UAP’s nearly 200 patents, trademarks and designs to turbocharge its innovation engine.
  • With UAP reporting into Allegion International, the deal dovetails neatly with Allegion UK’s existing non-residential portfolio while unlocking new residential door-hardware segments.

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

By Baptista Research

  • Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.
  • The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.
  • This growth and backlog reflect steady demand for Quanta’s services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.

Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?

By Baptista Research

  • Safran’s financial results for the first half of 2025 reflect a strong operational performance, showcasing notable developments across its sectors.
  • The company reported a 13% organic growth in revenue, reaching €14.8 billion, primarily driven by the civil aerospace aftermarket and advancements in defense sectors.
  • This growth was supported by key partnerships, increased defense spending in Europe, and strong demand for Safran’s engine products, particularly from customers like Ryanair and the Indian Navy.

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

By Baptista Research

  • Schneider Electric’s 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.
  • The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.
  • This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric’s strategic focus on efficiency and sustainability.

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Aug 10
0

Daily Brief TMT/Internet: HKBN Ltd, Intel Corp, Q2 Holdings Inc, Confluent, KLA-Tencor Corp, Littelfuse Inc, Mastercard, Microstrategy Inc Cl A, Monolithic Power Systems, Inc, Palantir Technologies and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • HKBN (1310 HK): Response Doc Out. IFA Says Fair
  • Intel. Crisis Mode All Over Again
  • Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!
  • Confluent Secures Massive Multiyear Deals—Enterprise Clients Go All In!
  • KLAC US – KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!
  • Littelfuse Is Moving Forward In Renewables & Grid Storage—Is This the Industrial Play Wall Street Missed?
  • Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?
  • MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?
  • Monolithic Power Systems: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!
  • Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

HKBN (1310 HK): Response Doc Out. IFA Says Fair

By David Blennerhassett

  • After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.
  • Just two days after the Offer Doc was issued, the Response Doc has now been dispatched.
  • The IFA (Somerley) says China Mobile (941 HK)‘s terms are fair & reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. 

Intel. Crisis Mode All Over Again

By William Keating

  • President Trump wants Intel CEO Lip Bu Tan to resign immediately because he claims that he is “highly CONFLICTED”
  • The President’s concerns likely relate to a recent DoJ case against Cadence as well an investigation by the Select Committee on the CCP into Walden International’s Chinese investments
  • That both these topics weren’t comprehensively addressed and mitigated prior to Mr. Tan’s appointment beggars belief. Where was the due diligence Mr. Yeary?

Q2 Holdings: Innovation Studio Adoption As A Significant Contributor To Growth!

By Baptista Research

  • Q2 Holdings reported its financial results for the second quarter of 2025, demonstrating strong performance in several key areas.
  • The company achieved revenue of $195 million, representing a 13% increase compared to the previous year.
  • This growth was largely driven by subscription-based revenues, which saw a 16% year-overyear increase, contributing to 81% of the total revenue mix.

Confluent Secures Massive Multiyear Deals—Enterprise Clients Go All In!

By Baptista Research

  • Confluent’s second-quarter results for 2025 reveal a mix of growth opportunities and challenges, reflecting the dynamic nature of the data streaming market.
  • The company reported a 21% increase in subscription revenue, driven by a 28% growth in Confluent Cloud revenue and a 12% rise in Confluent Platform revenue.
  • The nonGAAP operating margin improved by 6 percentage points, reaching 6.3%.

KLAC US – KLA Corporation: Seizing The Advanced Packaging Surge With 100% Defect Inspection Power!

By Baptista Research

  • KLA Corporation reported strong results for the June 2025 quarter, performing at or above the high end of their guidance ranges.
  • Revenue was reported at $3.175 billion, with non-GAAP diluted EPS at $9.38 and GAAP diluted EPS at $9.06.
  • The company also achieved a record free cash flow of over $1 billion for the quarter.

Littelfuse Is Moving Forward In Renewables & Grid Storage—Is This the Industrial Play Wall Street Missed?

By Baptista Research

  • Littelfuse, Inc. delivered a robust performance in the second quarter of 2025, reporting a 10% revenue increase compared to the previous year.
  • The results highlight strong execution in its growth strategies, with improved demand across its segments.
  • The Electronics segment benefitted particularly from heightened demand for passive electronics and protection products.

Mastercard Is Battling FX Turbulence But Can Its Value-Added Services Keep The Cash Flowing?

By Baptista Research

  • Mastercard Inc. delivered strong financial results for the second quarter of 2025, with net revenues increasing 16% and adjusted net income up 12% from the previous year on a non-GAAP currency-neutral basis.
  • This growth underscores the effectiveness of Mastercard’s diversified business model and execution against strategic priorities.
  • The company experienced continued growth in both its payment network and value-added services and solutions, with acquisitions contributing 1 percentage point to revenue growth.

MicroStrategy’s Bitcoin-Backed Securities Promise High Yields–Can They Outshine Traditional Investments?

By Baptista Research

  • MicroStrategy’s Q2 2025 earnings report and the prevailing strategic focus provide a comprehensive picture of the company’s operations, financial outcomes, and the inherent risks and opportunities.
  • MicroStrategy’s commitment to Bitcoin as a foundational component of its strategy is evident.
  • By Q2 2025, the company held 628,791 Bitcoins, comprising about 3% of the world’s Bitcoin supply, which underscores its dominant position in the Bitcoin Treasury space.

Monolithic Power Systems: Expanding Market Share Through Enterprise Data, AI, & Robotics Synergy!

By Baptista Research

  • Monolithic Power Systems (MPS) reported solid financial performance for the second quarter of 2025, achieving record quarterly revenues of $664.6 million.
  • This represents a 4.2% increase over the first quarter of 2025 and a robust 31.0% year-over-year growth from Q2 2024.
  • The driving forces behind this performance include MPS’s diverse market strategy, sustained innovation, and enhanced execution focused on solving complex customer issues.

Palantir’s 600% Rally: Can 100x Revenue Valuation Ever Be Justified?

By Baptista Research

  • Palantir Technologies has transformed from a scrappy Silicon Valley startup into a national-security powerhouse with remarkable speed.
  • In Q2 2025, the company reported over $1 billion in revenue—its first billion-dollar quarter—driven by 68% year-over-year growth in its U.S. business and record-high contract bookings of $2.3 billion.
  • Under CEO Alex Karp’s bold leadership, Palantir has leveraged its deep Washington connections and prescient AI bets—most notably its ontologypowered AIP platform—to secure a 10-year, up to $10 billion Army enterprise agreement, multiple Defense Department delivery orders, and rapid crisis-response deployments in Ukraine, Israel, and pandemic relief.

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Aug 10
0

Daily Brief Industrials: Toyo Construction, Masterbrand , Technopro Holdings, Gates Industrial , HNI Corp, Howmet Aerospace , Allegion Plc, Quanta Services, Safran SA, Schneider Electric Se and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer
  • MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?
  • (Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery
  • Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?
  • HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!
  • Howmet Aerospace: An Insight Into The Defense Sector Growth
  • Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?
  • Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!
  • Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?
  • Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer

By Arun George

  • Toyo Construction (1890 JP) has recommended a tender offer from Taisei Corp (1801 JP) at JPY1,750, a 6.4% premium to the last close of JPY1,644.
  • Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.
  • Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (INFRONEER Holdings (5076 JP), YFO), who are also the two largest shareholders. 

MasterBrand Stakes Its Future On The $1.38 Billion Woodmark Merger: Are $90 Million In Synergies Possible?

By Baptista Research

  • MasterBrand, Inc. recently announced an all-stock merger with American Woodmark Corporation, aiming to form an extensive portfolio of cabinet brands.
  • The merger is poised to create an entity with expansive geographic reach and a diversified customer base, which is seen as a significant step forward in bolstering both companies’ market positions.
  • Through the anticipated merger, MasterBrand expects to realize approximately $90 million in annual cost synergies by the end of the third year, driven by procurement efficiencies, manufacturing optimizations, and operational excellence.

(Mostly) Asia-Pac M&A: Technopro, Infomedia, Kolon Mobility, Iress, HKBN, Furukawa Battery

By David Blennerhassett

Gates Industrial Corporation: Initiation Of Coverage- Targeting $300M in E-Bike Gold—Can It Be A Part Of The Future of Personal Mobility?

By Baptista Research

  • Gates Industrial Corporation’s second quarter 2025 earnings report offers a nuanced perspective on its current financial and operational status, presenting both opportunities and challenges.
  • On the positive side, Gates demonstrated resilience in a volatile macroeconomic environment, with total sales reaching $884 million—a slight decline of 0.6% on a core basis, which is reflective of external pressures rather than internal structural issues.
  • The gross margin expanded by 40 basis points to 40.8%, maintaining above 40% for five consecutive quarters, a significant achievement in light of uneven demand trends.

HNI Just Dropped A Bombshell: The $2.2 Billion Steelcase Acquisition Could Transform The Industry!

By Baptista Research

  • HNI Corporation reported solid financial performance for the second quarter of fiscal year 2025.
  • The company’s non-GAAP earnings per share saw a significant increase of over 40% year-over-year, propelled by robust revenue growth across both its primary segments: Workplace Furnishings and Residential Building Products.
  • The company achieved more than 5% growth in both segments, exceeding their expected ranges.

Howmet Aerospace: An Insight Into The Defense Sector Growth

By Baptista Research

  • Howmet Aerospace’s second quarter of 2025 showcased a combination of strength and areas for improvement, based on their earnings presentation and executive comments.
  • Revenue grew by 9% year-over-year to reach $2.53 billion, surpassing prior guidance.
  • This is indicative of robust demand across several key markets.

Allegion’s Strategic Gamble—Can The UAP Acquisition Become A Surefire Success?

By Baptista Research

  • Allegion’s latest foray into the UK market via its proposed acquisition of UAP Group signals a bold pivot toward deepening its mechanical hardware offerings and broadening its geographic footprint.
  • Fresh off its first $1 billion quarter and bolstered by a string of strategic deals—including ELATEC’s electronic credentialing and SaaS boltons like Gatewise and Waitwhile—Allegion is eyeing UAP’s nearly 200 patents, trademarks and designs to turbocharge its innovation engine.
  • With UAP reporting into Allegion International, the deal dovetails neatly with Allegion UK’s existing non-residential portfolio while unlocking new residential door-hardware segments.

Quanta Services: Cross-Market Flexibility & Resource Optimization to Ensure Consistent Project Execution & Financial Performance!

By Baptista Research

  • Quanta Services recently reported its financial performance for the second quarter of 2025, displaying several noteworthy achievements as well as areas that warrant attention.
  • The company saw impressive growth in revenues, adjusted EBITDA, and earnings per share, with a pronounced increase in its backlog, reaching a record $35.8 billion.
  • This growth and backlog reflect steady demand for Quanta’s services, particularly in areas of electric grid resilience, power infrastructure, and technological expansion.

Safran SA: Is The $1.8 Billion Collins Deal The Next Big Game Changer?

By Baptista Research

  • Safran’s financial results for the first half of 2025 reflect a strong operational performance, showcasing notable developments across its sectors.
  • The company reported a 13% organic growth in revenue, reaching €14.8 billion, primarily driven by the civil aerospace aftermarket and advancements in defense sectors.
  • This growth was supported by key partnerships, increased defense spending in Europe, and strong demand for Safran’s engine products, particularly from customers like Ryanair and the Indian Navy.

Schneider Electric: A Strong Demand Recovery in Discrete Automation and Systems & Other Major Drivers

By Baptista Research

  • Schneider Electric’s 2025 half-year financial results presented by CEO Olivier Blum and CFO Hilary Maxson show both strengths and challenges for the company.
  • The revenue growth is notable, with the first half generating EUR 19.3 billion, marking a significant 8% organic growth compared to the previous year.
  • This was fueled by robust demand across several sectors such as Energy Management and Data Centers, highlighting Schneider Electric’s strategic focus on efficiency and sustainability.

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Aug 10
0

Daily Brief Financials: Shinhan Financial, S&P/ASX 200, Coinbase Global , Intercontinental Exchange, S&P Global and more

By | Daily Briefs, Financials

In today’s briefing:

  • Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play
  • S&P/ASX 200 (AS51 Index) Ahead of 12 Aug RBA Decision: Markets Divided, but I Vote for a 35bps Cut
  • Coinbase Global: Payments Innovation & Cross-Border Transactions to Provide a Stable Foundation for Future Growth!
  • Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?
  • S&P Global Inc.: Is The Growth in Private Credit Markets Here To Stay?

Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

By Sanghyun Park

  • We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.
  • We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.
  • Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.

S&P/ASX 200 (AS51 Index) Ahead of 12 Aug RBA Decision: Markets Divided, but I Vote for a 35bps Cut

By Gaudenz Schneider

  • The Reserve Bank of Australia (RBA) meets on Tuesday, 12 August 2025, with a rate decision due at 14:30h AEST.
  • Highlight: Markets are divided between a 0.25% and 0.50% rate cut. Discover my unique take, which differs from both expectations, and the reasoning behind it.
  • Why Read: Fixed income and equity derivatives markets are sending conflicting signals. Dive into the historical market impact of each possible scenario to better navigate the uncertainty.

Coinbase Global: Payments Innovation & Cross-Border Transactions to Provide a Stable Foundation for Future Growth!

By Baptista Research

  • Coinbase’s second quarter 2025 performance indicates a mixed bag of financial and strategic outcomes.
  • The company reported a total revenue of $1.5 billion and an adjusted EBITDA of $512 million, showing robust financial health.
  • This result underscores the company’s effective management of its core businesses, despite a 40% decline in total trading volume influenced by macroeconomic conditions, lower volatility, and a strategic emphasis on revenue over trading volume for stablepairs.

Intercontinental Exchange (ICE): Can They Revolutionize Mortgage Lending With AI-Powered Automation?

By Baptista Research

  • Intercontinental Exchange (ICE), a global data and technology company, reported another record quarter with robust growth across its primary business segments.
  • The second-quarter adjusted earnings per share reached a historical high of $1.81, a 19% increase year-over-year, while net revenue climbed 9% to $2.5 billion.
  • This performance was underpinned by contributions from all three major business areas: Exchange, Fixed Income and Data Services, and Mortgage Technology.Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

S&P Global Inc.: Is The Growth in Private Credit Markets Here To Stay?

By Baptista Research

  • S&P Global, a prominent player in financial information and analytics, reported solid results for the second quarter of 2025.
  • The company’s revenue grew by 6% year-over-year, driven by a 7% increase in subscription revenue.
  • Notably, operational efficiency resulted in a 150 basis point expansion in the trailing 12-month margin.

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Aug 10
0

Daily Brief Health Care: Omada Health, BeiGene , Bristol Myers Squibb Co, Kringle Pharma Inc, Option Care Health, Resmed Inc, Stryker Corp, Abbvie Inc, Y-mAbs Therapeutics Inc, Alnylam Pharmaceuticals and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability
  • China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2
  • Bristol-Myers Squibb Advances Immunology Pipeline – Could Sotyktu & Cell Therapies Up The Ante?
  • Kringle Pharma Inc (4884 JP): Q3 FY09/25 flash update
  • Option Care Health: A Cutting-Edge Practitioner Model That Slashes Costs But What’s The Margin Impact In 2025?
  • ResMed: Accelerating Global Expansion With Strong Growth in Europe & China!
  • Stryker Corporation: Strategic Acquisitions & Organic Launches to Adapt To Changing Market Demands & Needs!
  • AbbVie’s Skyrizi Surge: The Blockbuster Drug Defying Expectations & Dominating New Markets!
  • Y-mAbs’ $412 Million Take-Private Bid By SERB: The 4 Synergies That Spell Big Profits
  • Alnylam Pharmaceuticals’ AMVUTTRA Drives $1 Billion TTR Growth – Can It Up The Game In Cardiomyopathy Treatment?

Omada Health: 2Q’FY25 Net Loss Narrowed, Strong Progress Towards Adj. EBITDA Profitability

By Andrei Zakharov

  • San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
  • In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  
  • The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.

China Healthcare Weekly (Aug.10)-Trump Plans Drug Tariff, Biosimilar VBP, BeiGene’s Headwind in 25Q2

By Xinyao (Criss) Wang

  • Trump threatened to levy tariffs on pharmaceuticals, but the BD model of Chinese innovative drugs will be less affected, because the essence is licensing-out model, not physical drug exports.
  • The long-awaited national VBP of biosimilar drugs has moved from policy incubation period to substantive operation stage, which is expected to change the market structure after big price reduction.
  • BeiGene’s 25Q2 results beat expectations. Reasonable market value is about US$40-42.4 billion. However, the market is reluctant to offer higher valuation due to the concerns on the outlook of BeiGene. 

Bristol-Myers Squibb Advances Immunology Pipeline – Could Sotyktu & Cell Therapies Up The Ante?

By Baptista Research

  • Bristol-Myers Squibb reported notable second-quarter performance for 2025, illustrating both encouraging advances and some areas of concern.
  • On the positive side, the company showed strong growth in its key oncology and cardiovascular portfolios, along with significant revenue gains in their newer therapeutic areas.
  • Total company revenues reached approximately $12.3 billion, driven by a 17% increase in sales within the growth portfolio.

Kringle Pharma Inc (4884 JP): Q3 FY09/25 flash update

By Shared Research

  • Revenue and gross profit for cumulative Q3 FY09/25 were JPY54mn, down 12.4% YoY, with SG&A expenses up 23.6%.
  • Operating, recurring, and net losses increased YoY, with operating loss at JPY739mn, compared to JPY580mn prior year.
  • Current assets decreased by JPY672mn due to R&D expenses, while fixed liabilities rose by JPY140mn from end-FY09/24.

Option Care Health: A Cutting-Edge Practitioner Model That Slashes Costs But What’s The Margin Impact In 2025?

By Baptista Research

  • The earnings for Option Care Health for the second quarter of 2025 highlights a period marked by notable financial and operational performance, underscored by several challenges and growth opportunities.
  • Financially, the company demonstrated robust topline growth with revenues increasing by 15% compared to the prior year, driven by balanced performance in both acute and chronic therapies.
  • The acute therapy segment saw mid-teen growth, outpacing general market expectations, suggesting market share gains potentially due to industry consolidations and changes in competitive dynamics.

ResMed: Accelerating Global Expansion With Strong Growth in Europe & China!

By Baptista Research

  • ResMed’s fourth quarter fiscal year 2025 results present a balanced outlook for potential investors, highlighting a mix of strong financial performance and strategic challenges.
  • The company reported a 10% year-over-year increase in headline revenue and a 230 basis point expansion in gross margin, indicating strong operational execution and cost management.
  • This growth was fueled by robust demand across its product and ReSupply portfolios, with notable performance in both the U.S., Canada, Latin America, and internationally.

Stryker Corporation: Strategic Acquisitions & Organic Launches to Adapt To Changing Market Demands & Needs!

By Baptista Research

  • Stryker Corporation’s second quarter of 2025 results underscore the company’s strong standing amidst varying market conditions.
  • The company achieved double-digit organic sales growth of 10.2% alongside a 11.4% growth in adjusted earnings per share (EPS), which is commendable given the challenges like tariffs, non-recurring engineering (NRE) dilution, and strategic divestitures in the spinal implants sector.
  • Positive trends were observed across Stryker’s diverse product portfolio.

AbbVie’s Skyrizi Surge: The Blockbuster Drug Defying Expectations & Dominating New Markets!

By Baptista Research

  • AbbVie recently reported its financial results for the second quarter of 2025, showcasing both achievements and challenges.
  • AbbVie posted an adjusted earnings per share of $2.97, which surpassed their guidance midpoint by $0.11.
  • Total net revenues came in at $15.4 billion, exceeding expectations by over $400 million.

Y-mAbs’ $412 Million Take-Private Bid By SERB: The 4 Synergies That Spell Big Profits

By Baptista Research

  • Y-mAbs Therapeutics hosted its financial results discussion for the first quarter of 2025, revealing various developmental and commercial strategies.
  • The company has organized its operations into two distinct business units: DANYELZA, a therapeutic for high-risk neuroblastoma, and Radiopharmaceuticals, focusing on the development of its novel SADA PRIT platform.
  • This restructuring aims to optimize resource allocation and maximize the potential of each unit.

Alnylam Pharmaceuticals’ AMVUTTRA Drives $1 Billion TTR Growth – Can It Up The Game In Cardiomyopathy Treatment?

By Baptista Research

  • Alnylam Pharmaceuticals, a leading biopharmaceutical company, reported its second-quarter 2025 financial results, showcasing significant progress across its business segments.
  • The company’s performance was driven by several factors, including the strong launch of AMVUTTRA for ATTR-cardiomyopathy (CM) in the U.S., advancements in its RNAi therapeutic pipeline, and robust financial execution.
  • This analysis provides an investment thesis accompanied by a summary of the results, focusing on the key outcomes and strategic direction of Alnylam.

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