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Smartkarma Daily Briefs

Aug 09
0

Daily Brief Health Care: Nephrocare Health Services Limited, Revelation Biosciences , Shandong BoAn Biotechnology , Arrowhead Pharmaceuticals , GENOVA , Hang Seng Index, Heartflow, Hologic Inc, Ionis Pharmaceuticals, Neurocrine Biosciences and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Nephrocare Health Services Pre-IPO Tearsheet
  • REVB: Gemini Results to be Released Soon
  • BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive
  • ARWR: Countdown to Nov. 18, 2025 PDUFA for Plozasiran for FCS
  • GENOVA (9341 JP): Q1 FY03/26 flash update
  • Hong Kong Single Stock Options Weekly (Aug 04–08): HSI Rebounds, Single Stock Option Activity Fades
  • HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand
  • Hologic’s Latest Product Pipeline & Sales Shakeup—Is This the Start of a Multi-Year Rally?
  • Ionis Pharmaceuticals: An Insight Into Its Recent Data Readouts
  • Neurocrine Biosciences Just Launched CRENESSITY—What’s Fueling Its Rapid Uptake Among Endocrinologists?

Nephrocare Health Services Pre-IPO Tearsheet

By Hong Jie Seow

  • Nephrocare Health Services Limited (0542669D IN)  is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
  • Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal. 
  • NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.

REVB: Gemini Results to be Released Soon

By Zacks Small Cap Research

  • Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
  • The company announced its 2Q2025 financial results and noted that Phase 1B testing results on Gemini are expected later this quarter.
  • Investors should take a look at REVB before the positive results start coming in.

BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive

By Tina Banerjee

  • Shandong BoAn Biotechnology (6955 HK) is placing 48M shares, representing 7.7% of the total number of issued shares post placement. Placement price is HK$16.42, 9% discount to last undisturbed price.  
  • The expected net proceeds of ~HK$780M will be used for funding R&D of innovative product candidates and commercialization of marketed and upcoming products.
  • This is the second placement of the company this year. In June, Boan Biotech raised ~HK$396M through placing 26.7M shares. The company is not expected to raise fund anytime soon.

ARWR: Countdown to Nov. 18, 2025 PDUFA for Plozasiran for FCS

By Zacks Small Cap Research

  • On August 7, 2025, Arrowhead Pharmaceuticals, Inc. (ARWR) announced financial results for the third quarter of fiscal year 2025 that ended June 30, 2025.
  • The company is continuing preparations ahead of the November 18, 2025 PDUFA date for plozasiran for the treatment of familial chylomycronemia syndrome (FCS).
  • These preparations include hiring a National Sales Leader, a full team of Regional Sales Leaders, and a field force of rare disease specialists.

GENOVA (9341 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue decreased by 26.9% YoY to JPY1.9bn, with a gross profit decline of 34.0% YoY to JPY1.2bn.
  • Medical DOC’s Q1 FY03/26 monthly page views averaged 16.35mn, a decline of 1.2mn from Q4 FY03/25.
  • Genova revised its FY03/26 earnings forecast due to the acquisition of ADI.G’s business by ASANO Corporation.

Hong Kong Single Stock Options Weekly (Aug 04–08): HSI Rebounds, Single Stock Option Activity Fades

By John Ley

  • Hang Seng Index back in the green with broad based gains across optionable names.
  • Single stock option volumes were very lackluster and Call enthusiasm continues to be muted.
  • Full slate of earnings announcements on tap for the upcoming week.

HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

By IPO Boutique

  • Shares opened with a 47.3% gain and quickly surged to $31.50 before settling into a stable trading range for most of the session.
  • The price range itself had been lifted from the initial $15–$17, underscoring the strength of investor demand.
  • The order book ultimately finished 20-times oversubscribed, driven by sizable long-only conversions and strong interest from healthcare-dedicated funds.

Hologic’s Latest Product Pipeline & Sales Shakeup—Is This the Start of a Multi-Year Rally?

By Baptista Research

  • Hologic, Inc., a prominent player in healthcare solutions for women’s health, reported its financial results for the third quarter of fiscal 2025.
  • The results were a mixed bag with both positive advancements and some challenges that the company aimed to address.
  • Hologic’s total revenue for the third quarter was $1.024 billion, representing a modest year-over-year growth of 0.4%, which exceeded the guidance by approximately $14 million.

Ionis Pharmaceuticals: An Insight Into Its Recent Data Readouts

By Baptista Research

  • Ionis Pharmaceuticals’ earnings report highlights a mix of promising advances and ongoing challenges across its business.
  • The company reported substantial growth in revenues during the second quarter of 2025, with total earnings doubling compared to the same quarter last year.
  • This increase was largely attributed to Ionis’ successful launch of Tryngolza, their treatment for familial chylomicronemia syndrome (FCS), which exceeded revenue expectations with $19 million in net product sales in its second quarter of availability.

Neurocrine Biosciences Just Launched CRENESSITY—What’s Fueling Its Rapid Uptake Among Endocrinologists?

By Baptista Research

  • Neurocrine Biosciences reported an impressive second quarter of 2025, reflecting both strong financial performance and promising strategic developments.
  • The company generated $682 million in net product sales, marking a 17% increase year-over-year.
  • This growth was driven by its key products, INGREZZA and CRENESSITY, which have shown solid market penetration.

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Aug 09
0

Most Read: Horizon Robotics, Dian Swastatika Sentosa, Dentsu Inc, Technopro Holdings, Furukawa Battery, Softbank Group, Interactive Brokers Group, Inc, Kolon Mobility Group, Iress Ltd, PointsBet Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Horizon Robotics (9660 HK): Index Inclusion & Upweights to Drive US$1bn Inflows
  • Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!
  • Dentsu Group (4324 JP): Global Index Deletion Likely
  • [Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities
  • [Japan M&A] Furukawa Battery (6937 JP) Take Private – Ugly Then, Ugly Still, But Now It’s On…
  • JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up
  • [Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy
  • Tender Offer and Delisting of Kolon Mobility Group by Kolon Corp
  • Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle
  • PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional

Horizon Robotics (9660 HK): Index Inclusion & Upweights to Drive US$1bn Inflows

By Brian Freitas

  • There should be big passive inflows to Horizon Robotics (9660 HK) over the next 6 weeks and that could take the stock higher in the short term.
  • Southbound Stock Connect investors have bought more than 10% of the Class B shares outstanding since the stock was added to the link a couple of months ago.
  • Short interest jumped following the Stock Connect inclusion but there has been covering over the last few weeks. Short-term direction for the stock price looks to be higher.

Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!

By Brian Freitas

  • Dian Swastatika Sentosa (DSSA IJ) will be added to a global index in August and that should come as a surprise to most of the market.
  • The stock is up 10x over the last 18 months and liquidity has shown a marked improvement in the last year.
  • Dian Swastatika Sentosa (DSSA IJ) trades at nosebleed valuations and there is the risk of a sell off following index inclusion.

Dentsu Group (4324 JP): Global Index Deletion Likely

By Brian Freitas

  • The drop in Dentsu Inc (4324 JP)‘s stock price over the last few months could lead to the deletion of the stock from a global index in August.
  • Dentsu Inc (4324 JP) has underperformed its peers over the last year and trades cheaper than the average of its Advertising peers.
  • There is positioning in Dentsu Inc (4324 JP), though it is likely to be smaller than the estimated passive selling. A relative selloff could be used to enter the stock.

[Japan M&A] ¥4,870/Sh Blackstone TOB for Technopro (6028 JP) – Watch the Parameters and Modalities

By Travis Lundy

  • This was signaled in May, somewhat confirmed in July, now done. Blackstone buys Technopro at ¥4,870/share which is ~14x EV/EBITDA for next year.
  • PE Firms have been scouring the Japanese market to buy companies. The METI Corporate Takeover Guidelines are super-helpful in that regard. This will squeeze the market over time.
  • This takeover price is not quite as full as it could have been, and there are some parameters and modalities to this which are worth looking at. Parameters and Modalities.

[Japan M&A] Furukawa Battery (6937 JP) Take Private – Ugly Then, Ugly Still, But Now It’s On…

By Travis Lundy

  • 54 weeks ago Advantage Partners and Furukawa Electric announced a deal to take Furukawa Electric (5801 JP) sub Furukawa Battery (6937 JP) private. The acquisition price was LOW.
  • Minorities got more – more than book. But the deal included a payment delay allowing BVPS to rise 8.8% from the announcement date. No synergies. 
  • Furukawa Electric gets to buy back in at a price below book. And because there are cash and securities and lots of net receivables, the operating assets are well below.

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

By Brian Freitas

  • There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
  • Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).
  • The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

By Travis Lundy

  • The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
  • We expect two regular changes in September 2025 – maybe $10bn a side. There are also a couple of live M&A events which are likely to trigger intra-review index changes.

Tender Offer and Delisting of Kolon Mobility Group by Kolon Corp

By Douglas Kim

  • Kolon Corp (002020 KS) announced that it is conducting a tender offer and delisting of Kolon Mobility Group (450140 KS).
  • The tender offer prices are 4,000 won per common share (20.3% higher than current price) and 5,950 won per preferred share (25.3% higher than current price) for Kolon Mobility Group.
  • The tender offer prices and stock swap ratios are especially attractive for Kolon Mobility Group shareholders.

Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

By David Blennerhassett

  • Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction. This was discussed in Iress (IRE AU) Accepts EQT’s Latest Proposal. 
  • EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked. 
  • Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.

PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional

By David Blennerhassett

  • After betr Entertainment (BBT AU) bumped scrip terms for PointsBet (PBH AU), a logical course of action for Mixi  (2121 JP) was to declare its Offer unconditional. 
  • Now Mixi has bumped terms to A$1.25/share, from A$1.20/share; and declared its Offer unconditional. FIRB gave its nod on the 5th August. 
  • Mixi has 28.2% of shares out, including 1.93% in the acceptance facility. “MIXI reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares“.

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Aug 09
0

Daily Brief Consumer: PointsBet Holdings , TSE Tokyo Price Index TOPIX, PG Electroplast, Toyota Motor, Bunge Ltd, Gamecard Joyco Holdings, Happinet Corp, G Tekt Corp, Morinaga & and more

By | Consumer, Daily Briefs

In today’s briefing:

  • PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional
  • With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities
  • PG Electroplast: KMP Selling and Lowering Guidance
  • PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand
  • Toyota Motor (7203 JP) Tactical Outlook After $10B Profit Cut on Tariff Impact
  • Bunge Global: Initiation Of Coverage- Soybean Operations in Brazil & Argentina Driving A Massive Margin Upside!
  • Gamecard Joyco Holdings (6249 JP): Q1 FY03/26 flash update
  • Happinet Corp (7552 JP): Q1 FY03/26 flash update
  • G Tekt Corp (5970 JP): Q1 FY03/26 flash update
  • Morinaga & (2201 JP): Q1 FY03/26 flash update

PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional

By David Blennerhassett

  • After betr Entertainment (BBT AU) bumped scrip terms for PointsBet (PBH AU), a logical course of action for Mixi  (2121 JP) was to declare its Offer unconditional. 
  • Now Mixi has bumped terms to A$1.25/share, from A$1.20/share; and declared its Offer unconditional. FIRB gave its nod on the 5th August. 
  • Mixi has 28.2% of shares out, including 1.93% in the acceptance facility. “MIXI reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares“.

With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities

By Aki Matsumoto

  • For asset management companies that mainly use passive funds, it is difficult to have sufficient dialogue with all portfolio companies equally in the environment where AGMs are concentrated in June.
  • As more companies focus on meeting formal voting guidelines, there is a risk that the goal of improving corporate value through management reforms will be put aside.
  • Solving individual management issues will lead to increased corporate value. However, due to physical reasons, not many companies engage in dialogue regarding individual management issues.

PG Electroplast: KMP Selling and Lowering Guidance

By Nitin Mangal

  • PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
  • The management has also flagged concerns regarding RAC demand which has affected performance.
  • Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.

PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

By Arun George

  • Mixi Inc (2121 JP) has bumped its PointsBet Holdings (PBH AU) offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.
  • BETR Entertainment (BBT AU)’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.
  • The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   

Toyota Motor (7203 JP) Tactical Outlook After $10B Profit Cut on Tariff Impact

By Nico Rosti

  • Toyota Motor (7203 JP) on Thursday announced it expected a profit hit of nearly $10 billion from US tariffs on cars imported into the USA.
  • Toyota cut its full-year profit forecast by 16%, citing rising US tariffs on cars, parts, steel, aluminum, uncertainty in market outlook and supplier impacts.
  • Our model does not see an overbought state at the moment and the stock was rallying on Friday, the forecast is: higher prices next week.

Bunge Global: Initiation Of Coverage- Soybean Operations in Brazil & Argentina Driving A Massive Margin Upside!

By Baptista Research

  • Bunge Limited recently reported its second-quarter 2025 earnings, showcasing a blend of strategic advancements and operational challenges.
  • The completion of its merger with Viterra marks a significant milestone, positioning Bunge as a premier agribusiness solutions provider.
  • This merger is expected to yield cost savings and enhance commercial opportunities, reinforcing Bunge’s expanded global footprint in food, feed, and fuel markets.

Gamecard Joyco Holdings (6249 JP): Q1 FY03/26 flash update

By Shared Research

  • Sales decreased to JPY6.7 billion, a decline of 49.1% year-over-year.
  • Operating profit fell to JPY1.7 billion, marking a 52.6% decrease from the previous year.
  • Net income attributable to owners of the parent was JPY1.2 billion, down 53.9% year-over-year.

Happinet Corp (7552 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue reached JPY95.9bn (+16.5% YoY), with sales growth across all segments; gross profit was JPY11.8bn (+10.7% YoY).
  • Operating profit increased to JPY3.9bn (+20.3% YoY), driven by Toys, Videogames, and Amusement segments; SG&A expenses rose 6.5%.
  • Toys segment sales were JPY41.2bn (+8.8% YoY), supported by strong lottery product sales and hobby products.

G Tekt Corp (5970 JP): Q1 FY03/26 flash update

By Shared Research

  • Consolidated revenue decreased 10.9% YoY to JPY77.3bn, with declines in all regions except Asia, due to production cuts.
  • Operating profit fell 14.8% YoY to JPY2.6bn, with OPM slipping 0.1pp YoY to 3.4%, despite effective cost control.
  • Recurring profit decreased 38.1% YoY to JPY2.6bn, and net income attributable to owners declined 38.7% YoY to JPY1.9bn.

Morinaga & (2201 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue increased YoY across multiple segments, with notable growth in Confectionery & Foodstuffs and Frozen Desserts in Japan.
  • Operating profit rose YoY despite rising raw material costs, driven by revenue growth and price revisions.
  • Some segments experienced revenue declines due to unfavorable weather, private-label competition, and consumer price sensitivity.

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Aug 09
0

Daily Brief Financials: Monex Group Inc, Resona Holdings, Jaccs Co Ltd, NN Group NV, Sun Frontier Fudousan, Urbanet Corp and more

By | Daily Briefs, Financials

In today’s briefing:

  • Monex Group Inc (8698 JP): Q1 FY03/26 flash update
  • Japanese Big Cap Banks – Stick with Our Key Positive Picks
  • Jaccs Co Ltd (8584 JP): Q1 FY03/26 flash update
  • What’s News in Amsterdam – 8 August 2025 (NN Group | SBMO | ForFarmers | bpostgroup)
  • Sun Frontier Fudousan (8934 JP): Q1 FY03/26 flash update
  • Urbanet Corp (3242 JP): Full-year FY06/25 flash update

Monex Group Inc (8698 JP): Q1 FY03/26 flash update

By Shared Research

  • Consolidated net operating revenue was JPY15.9bn, down 6.0% YoY and 6.4% QoQ, with decreased commissions and trading income.
  • The Crypto Asset segment reported a pre-tax segment loss of JPY1.3bn, with SG&A expenses up 44.4% YoY.
  • Asset Management and Wealth Management segment saw net operating revenue rise 41.3% YoY, with significant gains in operating profit.

Japanese Big Cap Banks – Stick with Our Key Positive Picks

By Victor Galliano

  • We update our proprietary scorecard and many of our charts based on the latest data; despite the recent lack of BoJ rate hikes, interest rate spreads are widening
  • The JGB yield curve has continued to steepen, which is constructive for Japanese banks; in addition, market lending rates to June continue to rise faster than deposit rates
  • We stick with our focus on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization keeping Resona, Mizuho, Shizuoka and Kyoto on our list of buys

Jaccs Co Ltd (8584 JP): Q1 FY03/26 flash update

By Shared Research

  • Operating revenue increased by JPY157mn YoY, driven by deferred installment income reversal and credit guarantees accumulation.
  • Consolidated operating expenses rose JPY2.7bn YoY, with increases in general expenses, bad-debt-related expenses, and finance costs.
  • Overseas segment saw a transaction volume decline of 21.6% YoY, with losses reduced from JPY734mn to JPY452mn.

What’s News in Amsterdam – 8 August 2025 (NN Group | SBMO | ForFarmers | bpostgroup)

By The IDEA!

  • In this edition: • NN Group | OGC beats consensus; S-II ratio above 150-200% comfort range • SBM Offshore | guidance up, share price down • ForFarmers | post earnings call comment • bpostgroup | 2Q25 beats consensus thanks to strong performance 3PL and Cross-border

Sun Frontier Fudousan (8934 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue was JPY27.3bn (+74.2% YoY), with operating profit at JPY6.0bn (+112.5% YoY).
  • Segment revenue for the Hotel and Tourism business was JPY4.6bn (+24.9% YoY), with a profit of JPY1.1bn.
  • Total assets at end-Q1 FY03/26 were JPY217.9bn, with net assets at JPY107.7bn (+1.7% from end-FY03/25).

Urbanet Corp (3242 JP): Full-year FY06/25 flash update

By Shared Research

  • FY06/25 sales were JPY33.9bn (-21.3% YoY), with operating profit at JPY3.5bn (-27.7% YoY), and recurring profit at JPY2.8bn (+14.9% YoY).
  • Real Estate business sales in FY06/25 were JPY33.7bn (+21.4% YoY), with a segment profit of JPY5.0bn (+29.6% YoY).
  • Total assets at end-FY06/25 were JPY62.3bn, with liabilities at JPY45.0bn and net assets at JPY17.3bn.

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Aug 09
0

Daily Brief Thematic (Sector/Industry): AUCTUS ON FRIDAY – 08/08/2025 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • AUCTUS ON FRIDAY – 08/08/2025
  • US EV Charging Infrastructure Tracker – July 2025

AUCTUS ON FRIDAY – 08/08/2025

By Auctus Advisors

  • ADX Energy (ADX AU)C; Target price of A$0.30 per share: High production at Z&G.
  • Low risk exploration drilling in Austria to start in 4Q25/1Q26 – 2Q25 net production of 303 boe/d was higher than our expectations of ~270 boe/d following a 5 well intervention programme at the Zisterdorf and Gaiselberg fields in the Vienna Basin.
  • The programme included (1) repair of subsurface equipment, (2) clean out of a down hole sand control (3) perforation of a new oil production zone in a well.

US EV Charging Infrastructure Tracker – July 2025

By Garvit Bhandari

  • The U.S. EV charging infrastructure continues to grow slowly. Compared to this, China is progressing rapidly.
  • China had 4.096 million public charging stations at the end of June 2025. Compared to this, U.S. had 77,160 public EV charging stations at the end of July 2025.
  • Overall, the current EV charging infrastructure in the US remains inadequate and needs to grow rapidly to meet future demand.

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Aug 09
0

Daily Brief Equity Bottom-Up: Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
  • Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26
  • Grab Holdings (GRAB US) – Harvesting Sequentially
  • PG Electroplast: KMP Selling and Lowering Guidance
  • Lasertec Corp (6920 JP): Full-year FY06/25 flash update
  • Antero Resources: A Tale Of LNG Export Growth & Increased Demand at Plaquemines Terminal!
  • C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?
  • Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.
  • Anicom Holdings (8715 JP): Q1 FY03/26 flash update
  • IAC: Reviewing Q2 and Updating My Valuation

Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry

By SAC Capital

  • Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
  • The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
  • By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.

Yeouido Views Grow: Hynix’s Contract Risks & Samsung Supply Push Drive Long-Short Play Through 1H26

By Sanghyun Park

  • Street chatter says Hynix’s HBM4 hike tops ~20%, not covering costs — and Nvidia’s pushing similar cuts on its flagship 12-Hi HBM3E.
  • Yeouido’s watching “Blind” posts from Samsung engineers saying 1c 12-Hi HBM4 yields look strong — fueling bets Samsung will cut prices, ramp HBM3E now, and challenge Hynix in HBM4.
  • In Yeouido, the Samsung long/Hynix short theme is seen as a structural trade through 1H next year amid Hynix’s contract uncertainty and Samsung’s supply entry potential.

Grab Holdings (GRAB US) – Harvesting Sequentially

By Angus Mackintosh

  • Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
  • The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.  
  • Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.

PG Electroplast: KMP Selling and Lowering Guidance

By Nitin Mangal

  • PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
  • The management has also flagged concerns regarding RAC demand which has affected performance.
  • Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.

Lasertec Corp (6920 JP): Full-year FY06/25 flash update

By Shared Research

  • The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.
  • FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.
  • The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.

Antero Resources: A Tale Of LNG Export Growth & Increased Demand at Plaquemines Terminal!

By Baptista Research

  • Antero Resources recently reported its second-quarter results for 2025, revealing a mix of positive and negative developments that reflect its operational strategies and market dynamics.
  • On the positive side, Antero Resources has achieved notable improvements in capital efficiency, managing to increase its production guidance while reducing capital expenditures.
  • This improvement is underscored by a 26% decline in maintenance capital requirements from $900 million to $663 million since 2023.

C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?

By Baptista Research

  • C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.
  • Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.
  • This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.

Intel (INTC.US): Changing the CEO Could Save This Company? Probably the Wrong Direction.

By Patrick Liao

  • US President Trump urged Intel Corp (INTC US) yesterday to replace its current CEO, Mr. Lip-Bu Tan.
  • We believe Intel Foundry Services (IFS) could be a highly challenging — or even misguided — strategy
  • Intel Corp’s share price has declined about 23% since Mr. Lip-Pu Tan took office.

Anicom Holdings (8715 JP): Q1 FY03/26 flash update

By Shared Research

  • Recurring revenue increased by 10.4% YoY to JPY18.2bn, driven by underwriting, investment, and non-insurance business growth.
  • Recurring profit decreased by 40.7% YoY to JPY960mn, impacted by increased costs from AXA Direct insurance contract transfers.
  • The combined ratio based on earned premiums rose 4.0pp YoY to 97.9%, influenced by higher medical costs and policy transfer expenses.

IAC: Reviewing Q2 and Updating My Valuation

By Richard Howe

  • IAC reported its second-quarter results recently and sold off sharply. In my view, the market reaction was overly punitive. While results came in slightly below expectations, they were far from disastrous.
  • The stock now looks exceptionally cheap, trading at just 3.4x EBITDA, and I see 43% to 78% upside.
  • Over time, I’m confident that management will unlock value—most likely through strategic asset spin-offs.

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Aug 09
0

Daily Brief ESG: With Passive Funds Dominating Markets Today and more

By | Daily Briefs, ESG

In today’s briefing:

  • With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities

With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities

By Aki Matsumoto

  • For asset management companies that mainly use passive funds, it is difficult to have sufficient dialogue with all portfolio companies equally in the environment where AGMs are concentrated in June.
  • As more companies focus on meeting formal voting guidelines, there is a risk that the goal of improving corporate value through management reforms will be put aside.
  • Solving individual management issues will lead to increased corporate value. However, due to physical reasons, not many companies engage in dialogue regarding individual management issues.

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Aug 09
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Daily Brief ECM: T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap) and more

By | Daily Briefs, ECM

In today’s briefing:

  • T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)
  • JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
  • Nephrocare Health Services Pre-IPO Tearsheet
  • BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive
  • HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

T’Way Air – Capital Raise Plan of 200 Billion Won (49% of Market Cap)

By Douglas Kim

  • On 7 August, T’Way Air (091810 KS) announced a large scale capital raise plan worth 200 billion won, representing 49% of its current market cap (409 billion won).
  • This capital raise plan will include a third-party allocation worth 110 billion won based on the market price without discount. It will also issue CB/BW worth 90 billion won
  • We maintain Negative on T’Way Air. The capital raise of 200 billion won is likely to be dilutive to existing shareholders and its valuations remain high relative to its peers.

JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations

By Akshat Shah

  • JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
  • JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
  • In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

Nephrocare Health Services Pre-IPO Tearsheet

By Hong Jie Seow

  • Nephrocare Health Services Limited (0542669D IN)  is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
  • Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal. 
  • NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.

BoAn Biotechnology (6955 HK): Profitable Operation & Pipeline Progress Make the Placement Attractive

By Tina Banerjee

  • Shandong BoAn Biotechnology (6955 HK) is placing 48M shares, representing 7.7% of the total number of issued shares post placement. Placement price is HK$16.42, 9% discount to last undisturbed price.  
  • The expected net proceeds of ~HK$780M will be used for funding R&D of innovative product candidates and commercialization of marketed and upcoming products.
  • This is the second placement of the company this year. In June, Boan Biotech raised ~HK$396M through placing 26.7M shares. The company is not expected to raise fund anytime soon.

HeartFlow Inc. (HTFL): Healthcare AI IPO Opens Strong, Trades Steady on Heavy Demand

By IPO Boutique

  • Shares opened with a 47.3% gain and quickly surged to $31.50 before settling into a stable trading range for most of the session.
  • The price range itself had been lifted from the initial $15–$17, underscoring the strength of investor demand.
  • The order book ultimately finished 20-times oversubscribed, driven by sizable long-only conversions and strong interest from healthcare-dedicated funds.

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Aug 09
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Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

Hong Kong Buybacks Weekly (Aug 8th): Hang Seng Bank, Xinyi Glass, Yum China

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 8th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSB (11 HK), Xinyi Glass (868 HK), Yum China (9987 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Wuxi Biologics (2269 HK).

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Aug 09
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Softbank Group
  • UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
  • Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).

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