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Smartkarma Daily Briefs

Aug 09
0

Daily Brief Japan: TSE Tokyo Price Index TOPIX, Lasertec Corp, Tokyo Keiki Inc, Anicom Holdings, Sinanen Holdings, Toyota Motor, Toyo Tanso, Resona Holdings, Pilot Corp, Bando Chemical Industries and more

By | Daily Briefs, Japan

In today’s briefing:

  • With Passive Funds Dominating Markets Today, Proxy Voting Tends to Be Limited to Formalities
  • Lasertec Corp (6920 JP): Full-year FY06/25 flash update
  • Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update
  • Anicom Holdings (8715 JP): Q1 FY03/26 flash update
  • Sinanen Holdings (8132 JP): Q1 FY03/26 flash update
  • Toyota Motor (7203 JP) Tactical Outlook After $10B Profit Cut on Tariff Impact
  • Toyo Tanso (5310 JP): 1H FY12/25 flash update
  • Japanese Big Cap Banks – Stick with Our Key Positive Picks
  • Pilot Corp (7846 JP): 1H FY12/25 flash update
  • Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update

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.

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.

Tokyo Keiki Inc (7721 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue rose 21.3% YoY to JPY10.5bn, with an order backlog of JPY58.5bn, up 21.3% YoY.
  • Defense and Communications Equipment segment showed significant revenue growth, narrowing operating losses despite yen appreciation and higher SG&A expenses.
  • Operating losses persisted across segments, influenced by increased R&D costs and changes in sales mix by end market.

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.

Sinanen Holdings (8132 JP): Q1 FY03/26 flash update

By Shared Research

  • Sales declined 0.6% YoY to JPY63.2bn, while operating profit rose 126.9% YoY to JPY726mn due to higher petroleum sales.
  • Revenue rose 2.3% YoY to JPY15.5bn, driven by increased kerosene sales volume and lower SG&A expenses.
  • Revenue and profit increased in bike sharing and systems businesses, but operating profit declined in building maintenance due to costs.

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.

Toyo Tanso (5310 JP): 1H FY12/25 flash update

By Shared Research

  • Sales declined to JPY23.0bn (-12.6% YoY), with operating profit at JPY3.8bn (-33.9% YoY) and net income at JPY2.7bn (-48.0% YoY).
  • FY12/25 forecast revised to sales of JPY48.0bn (-9.6% YoY) and operating profit of JPY7.5bn (-38.7% YoY).
  • Dividend forecast maintained at JPY145.0 per share, with a payout ratio of 60.8% based on FY12/25 forecast.

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

Pilot Corp (7846 JP): 1H FY12/25 flash update

By Shared Research

  • The company forecasts FY12/25 revenue of JPY133.0bn (+5.4% YoY) and operating profit of JPY18.0bn (+1.1% YoY).
  • Revenue in the Japan segment is expected to increase 2.8% YoY, driven by new product sales and market recovery.
  • The company plans JPY45.0bn in capital expenditures over three years, focusing on facility updates and technology investments.

Bando Chemical Industries (5195 JP): Q1 FY03/26 flash update

By Shared Research

  • Consolidated revenue in Q1 2025 was JPY29.1bn, marking a -0.9% YoY decline, the first in 18 quarters.
  • Core operating profit rose 3.0% YoY to JPY2.0bn, with a margin improvement of 0.2pp to 6.9%.
  • Operating profit increased 66.6% YoY to JPY3.8bn, while net income rose 37.3% YoY to JPY2.7bn.

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Aug 09
0

Daily Brief India: PG Electroplast, JSW Cement Limited, Nephrocare Health Services Limited, Adani Ports & Special Economic Zone and more

By | Daily Briefs, India

In today’s briefing:

  • PG Electroplast: KMP Selling and Lowering Guidance
  • JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
  • Nephrocare Health Services Pre-IPO Tearsheet
  • Lucror Analytics – Morning Views Asia

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.

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.

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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Aug 08
0

Daily Brief TMT/Internet: Core Concept Technologies Inc, Softbank Group, Iress Ltd, Samsung Electronics, PCCW Ltd, Tencent, Bharti Airtel, Amagi Media Labs, Check Point Software Tech, Capgemini and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • TOPIX Inclusions: Who Is Ready (Aug 2025)
  • JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up
  • Iress (IRE AU): Blackstone Mulling a Privatisation Bid
  • How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel
  • StubWorld: PCCW’s Tenacious NAV Premium
  • Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility
  • Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot
  • Amagi Media Labs Limited Pre-IPO Tearsheet
  • Check Point Software: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!
  • Capgemini’s Bold Growth Formula: Can Strategic Acquisitions & APAC Momentum Outpace the Competition?

TOPIX Inclusions: Who Is Ready (Aug 2025)

By Janaghan Jeyakumar, CFA

  • Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
  • GMO Financial Gate (4051 JP), Azoom (3496 JP) and Kitazato (368A JP) (recent IPO) were included in the TOPIX index at the end of July 2025.
  • Our long-term pre-event candidate Core Concept Technologies Inc (4371 JP) is getting close to meeting the key Section Transfer requirements.

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.

Iress (IRE AU): Blackstone Mulling a Privatisation Bid

By Arun George

  • The AFR reports that Blackstone (BX US) is considering a privatisation bid which could value Iress Ltd (IRE AU) at about A$1.9 billion (more than A$10 per share).
  • Iress is no stranger to privatisation interest. In 2021, EQT (EQT SS) bid against itself thrice to offer A$15.91, before failing to table a binding proposal.   
  • The shareholder structure facilitates an offer. The rumoured offer is a good starting point, but it is far from a knockout bid.

How Chip Tariffs Shake up Samsung’s HBM Pricing Play Based on Fresh Local Intel

By Sanghyun Park

  • Samsung’s 12-high HBM3E qual at NVIDIA may slip to Oct–Nov. But tariff timing uncertainty still leaves room for a near-term demand spike.
  • Samsung’s 1c-based HBM4 is yielding better than expected, but it’s 30% pricier than Hynix’s. Tariff treatment of the Taylor fab could make or break its HBM4 competitiveness.
  • Too early to call HBM4, but Samsung’s HBM3E pricing plus tariff uncertainty could spark urgent NVIDIA buying — triggering a near-term volume spike before next-gen ramps.

StubWorld: PCCW’s Tenacious NAV Premium

By David Blennerhassett

  • Despite the recent pullback, PCCW Ltd (8 HK) continues to trade at an unjustifiable premium to NAV.
  • Preceding my comments on PCCW/ HKT Ltd (6823 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility

By John Ley

  • Tencent approaches earnings with low volatility and steady outperformance versus HSI.
  • Volatilities are historically low with an earnings release on tap.  
  • Options market expects a modest move despite recent Tencent momentum.

Bharti Airtel Placement – Third US$1bn Deal in the Year, Stock Up a Lot

By Akshat Shah

  • Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
  • ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
  • In this note, we run the deal through our ECM framework and comment on deal dynamics.

Amagi Media Labs Limited Pre-IPO Tearsheet

By Hong Jie Seow

  • Amagi Media Labs (1232899D IN)  is looking to raise US$400mn in its upcoming India IPO. The deal will be run by Citigroup, Goldman Sachs, Kotak Mahindra Capital and IIFL Capital.
  • Amagi Media Labs is a global media technology company that provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
  • Its revenue is mostly driven by its Streaming Unification solutions, which have consistently been the largest contributor. In terms of geographical segmentation, the Americas have historically led AML’s revenue contribution.

Check Point Software: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

By Baptista Research

  • Check Point Software Technologies recently reported a solid quarter, with revenue and earnings per share (EPS) in line with expectations.
  • The company’s revenues exceeded projections slightly, reaching $665 million, with a non-GAAP EPS of $2.37, representing a 9% growth year-over-year.
  • This growth was driven primarily by strong customer demand for new appliances and a higher volume of product refreshes, particularly the Quantum Force AI-powered firewalls which posted a robust year-over-year growth of 12%.

Capgemini’s Bold Growth Formula: Can Strategic Acquisitions & APAC Momentum Outpace the Competition?

By Baptista Research

  • Capgemini has presented a mixed set of results for the first half of 2025.
  • The company has demonstrated resilience in a volatile economic environment, reporting revenue growth slightly above expectations, with H1 revenue reaching EUR 1.107 billion, a 0.2% increase year-on-year.
  • Bookings amounted to EUR 11.993 billion, representing a 2.1% year-on-year growth.

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Aug 08
0

Daily Brief Utilities: American Water Works Co, Firstenergy Corp, Wec Energy Group and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • American Water Works Masterplan: How Regulatory Wins
  • FirstEnergy: Initiation Of Coverage- Renewed Growth With Bold Push Into Data Centers & Transmission Expansion!
  • WEC Energy Group: Significant Capital Investment Plan to Remain Adaptable Amidst Evolving Industry Dynamics!

American Water Works Masterplan: How Regulatory Wins

By Baptista Research

  • American Water Works Company, Inc. reported an earnings per share (EPS) of $1.48 for the second quarter of 2025, an increase from $1.42 in the same quarter of the previous year.
  • For the first half of 2025, EPS reached $2.53 compared to $2.37 in the first half of 2024.
  • This growth has led the company to narrow its 2025 EPS guidance range to $5.70 to $5.75, suggesting strong business performance and anticipating a continuation of this trend into the remainder of the year.

FirstEnergy: Initiation Of Coverage- Renewed Growth With Bold Push Into Data Centers & Transmission Expansion!

By Baptista Research

  • FirstEnergy Corp’s second quarter 2025 earnings call reveals a mix of positive performance data and potential challenges moving forward.
  • The company reported GAAP earnings of $0.46 per share for the quarter, a significant increase from $0.08 in the second quarter of 2024, while core earnings were $0.52 per share, marginally up from $0.51 in the previous year.
  • This highlights stable performance, particularly bolstered by new base rates in Pennsylvania and increased investments in their transmission systems.

WEC Energy Group: Significant Capital Investment Plan to Remain Adaptable Amidst Evolving Industry Dynamics!

By Baptista Research

  • WEC Energy Group’s second quarter 2025 results reveal a blend of positives and challenges for potential investors to consider.
  • The company reported earnings per share of $0.76, marking a $0.09 increase from the second quarter of 2024.
  • This improvement is attributed to higher utility operations earnings and favorable weather conditions, though offset by increased depreciation and operating expenses.

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Aug 08
0

Daily Brief Health Care: T&L Co Ltd, Guangzhou Innogen Pharmaceutical Group, Metsera, Carna Biosciences, Heartflow, Shofu Inc, Lantheus Holdings, Eisai Co Ltd, NetraMark Holdings , Quoin Pharmaceuticals and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Korea Small Cap Gem #42: T&L Co
  • Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests
  • Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year
  • Carna Biosciences (4572 JP): 1H FY12/25 flash update
  • Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product
  • Shofu Inc (7979 JP): Q1 FY03/26 Flash update　
  • LNTH: Competition Escalates in PSMA Imaging
  • Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth
  • NetraMark Is Expanding Its Capabilities
  • QNRX: Recent FDA & EMA Designations for QRX003 Potentially Could Accelerate Timeline

Korea Small Cap Gem #42: T&L Co

By Douglas Kim

  • T&L’s key investment highlights include its exceptional sales growth led by its core wound dressing/cosmetic product Mighty Patch.
  • It had a CAGR sales growth of 44% from 2020 to 2024. Its operating profit increased at even faster rate (CAGR of 56% from 2020 to 2024. 
  • Considering T&L’s 40%+ per year sales growth and 50%+ per year operating profit growth from 2020 to 2024 combined with 30%+ ROE, the company is deeply undervalued. 

Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests

By Ke Yan, CFA, FRM

  • Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
  • In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.
  • In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.

Metsera Inc (MTSR) Six Month Summary: The Bright Spot in a Quiet Biotech Year

By IPO Boutique

  • The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.
  • After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.
  • Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.

Carna Biosciences (4572 JP): 1H FY12/25 flash update

By Shared Research

  • The company reported a sales decline of 20.4% YoY to JPY251mn, with an operating loss of JPY1.1bn.
  • R&D spending increased by 9.2% YoY to JPY2.1bn, focusing on clinical trials for kinase inhibitors.
  • The company raised JPY675mn through unsecured convertible bonds to fund R&D expenses for FY12/25.

Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

By Andrei Zakharov

  • Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.
  • Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.
  • I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.

Shofu Inc (7979 JP): Q1 FY03/26 Flash update　

By Shared Research

  • Q1 FY03/26 revenue was JPY9.5bn (+0.5% YoY), with domestic revenue up 6.2% and overseas down 3.2%.
  • Operating profit decreased 3.5% YoY to JPY1.5bn, while net income fell 23.8% YoY to JPY854mn.
  • Dental business revenue rose 1.2% YoY; Nail Care revenue declined 9.3% YoY with a JPY42mn operating loss.

LNTH: Competition Escalates in PSMA Imaging

By Zacks Small Cap Research

  • Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
  • It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
  • The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.

Eisai Co Ltd (4523 JP): Impressive 1Q Result; Subcutaneous Leqembi Is Key for Future Growth

By Tina Banerjee

  • During Q1FY26, Eisai Co Ltd (4523 JP) reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.
  • During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).
  • The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.

NetraMark Is Expanding Its Capabilities

By Zacks Small Cap Research

  • NetraMark is expanding its capabilities, recently forming a collaboration with Pentara to launch an AI tool to provide insight into participating trial sites that deviate from the overall mean.
  • This can potentially improve aspects of the trial design, including pre-trial site selection and trial site reporting, among others.
  • The company expects this tool can help accelerate its growth over time.

QNRX: Recent FDA & EMA Designations for QRX003 Potentially Could Accelerate Timeline

By Zacks Small Cap Research

  • The FDA recently granted QRX003 Rare Pediatric Disease (RPD) Designation for the treatment of NS.
  • The European Medicines Agency earlier had granted Orphan Drug Designation to QRX003.
  • The company believes these designations reinforce the potential of QRX003 as a therapeutic candidate as it advances clinical studies towards a potential New Drug Application (NDA) for QRX003 as the first approved treatment for NS.

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Aug 08
0

Daily Brief Energy/Materials: Artemis Gold , Dian Swastatika Sentosa, Liontown Resources, Washington H. Soul Pattinson and Co. Ltd, Zijin Gold, Medco Energi, Mitsubishi Steel Mfg, Neturen Co Ltd, Panoro Energy ASA, Sakata Inx Corp and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • [Quiddity Index] Van Eck Gold Miners ETF (GDX) Sep25 Rebal – $5.8bn of Gold Stocks To Trade
  • Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!
  • Liontown Resources Placement: Continued Cost Overruns and past Placements Didn’t Do Well
  • Soul Patts/Brickworks: 10th September Vote To Collapse Circularity
  • Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market
  • Lucror Analytics – Morning Views Asia
  • Mitsubishi Steel Mfg (5632 JP): Q1 FY03/26 flash update
  • Neturen Co Ltd (5976 JP): Q1 FY03/26 flash update
  • Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.
  • Sakata Inx Corp (4633 JP): 1H FY12/25 flash update

[Quiddity Index] Van Eck Gold Miners ETF (GDX) Sep25 Rebal – $5.8bn of Gold Stocks To Trade

By Travis Lundy

  • The MV Global Gold Miners Index (GDX) represents the performance of large-cap and mid-cap gold and silver mining companies listed around the world.
  • This index is reviewed/rebalanced quarterly.  For September, there is a big increase in flow events as the VanEck Gold Miners ETF changes benchmark to the GDX Index.
  • There are a bunch of changes to go with the change in benchmark leading to US$5.8bn of two-way flows. It’s a big deal. 

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.

Liontown Resources Placement: Continued Cost Overruns and past Placements Didn’t Do Well

By Nicholas Tan

  • Liontown Resources (LTR AU)  is looking to raise around US$173m from a primary placement.
  • The deal is a large one, representing 23.3 days of the stock’s three month ADV, and 13.0% of total shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Soul Patts/Brickworks: 10th September Vote To Collapse Circularity

By David Blennerhassett

Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market

By Nicholas Tan

  • Zijin Gold (2579355D HK) is looking to raise up to US$2.0bn in its upcoming Hong Kong IPO.
  • It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
  • In this note, we look at the firm’s past performance.

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: Medco Energi, Bharti Airtel
  • UST yields ended mixed yesterday, with the curve twisting steeper, following a soft auction for 10Y notes that tailed by 1 bp.
  • The yield on the 2Y UST declined 1 bp to 3.71%, while that on the 10Y UST was up 2 bps at 4.23%. Equities rebounded from Tuesday’s dip, with the S&P 500 and Nasdaq rising 0.7% and 1.2%, respectively.

Mitsubishi Steel Mfg (5632 JP): Q1 FY03/26 flash update

By Shared Research

  • Consolidated revenue decreased by 6.1% YoY, with operating profit down 41.0% and a net loss of JPY115mn.
  • Domestic revenue declined due to lower contract manufacturing volumes, while Indonesian operations saw increased sales and profits.
  • Revenue for special alloy powder rose, but overall sales and operating profit fell due to higher raw material costs.

Neturen Co Ltd (5976 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue decreased 6.3% YoY to JPY13.1bn, with declines in Specialty Steel, Wire Products, and Induction Heating segments.
  • Operating profit fell 55.8% YoY to JPY174mn, impacted by JPY133mn expenses for Dohken Co., Ltd. share acquisition.
  • Recurring profit and net income attributable to owners dropped 55.7% and 57.2% YoY, respectively, due to lower operating profit.

Panoro Energy ASA (OSE: PEN): Minor temporary production downtime in EG. Initiating a new share buyback programme.

By Auctus Advisors

  • 2Q25 production averaged ~11,065 bbl/d, negatively affected by unplanned facilities-related downtime at the Ceiba field, as reported by Kosmos earlier this week.
  • WI production in EG fell to 3,136 bbl/d (vs. 3,661 bbl/d in 1Q25).
  • Remedial work is underway, with production expected to recover in 4Q25.

Sakata Inx Corp (4633 JP): 1H FY12/25 flash update

By Shared Research

  • Revenue for 1H FY12/25 was JPY126.4bn, achieving 95.0% of the forecast, with a 4.4% YoY increase.
  • Operating profit for 1H FY12/25 rose 5.4% YoY to JPY7.6bn, achieving 104.7% of the forecast.
  • The company forecasts FY12/25 revenue of JPY268.0bn, with a 9.1% YoY increase, driven by ink volume growth.

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Aug 08
0

Daily Brief Industrials: Mitsubishi Electric, Voltas Ltd, JSW Cement Limited, East Japan Railway Co, Firefly Aerospace, Grupo Aeroportuario del Pacifi, Fluence Corp, Kyokuto Kaihatsu Kogyo Co, Sanyo Trading, Seika Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI
  • Voltas Ltd: Forensic Analysis
  • JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
  • JR East – Full Steam Ahead!
  • Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
  • Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update
  • Fluence Corp Ltd – The story is coming together
  • Kyokuto Kaihatsu Kogyo Co (7226 JP): Q1 FY03/26 flash update
  • Sanyo Trading (3176 JP): Q3 FY09/25 flash update
  • Seika Corp (8061 JP): Q1 FY03/26 flash update

The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI

By Jay Cameron

  • Mitsubishi Electric’s Serendie platform marks a decisive shift toward AI-powered, customer-centric services, with tangible cost savings, ecosystem expansion, and a tripling of Digital Innovation workforce planned by FY2031.
  • AI Leadership: The company showcased advanced automation and optimization capabilities at AWS Summit Japan, positioning itself as a leader in applied AI.
  • Punchline is the Japan beta vol trade. Macro risks remain pivotal, as navigating tariff shocks, labor distortions, and central bank policy shifts could shape both performance and volatility exposure.

Voltas Ltd: Forensic Analysis

By Nitin Mangal

  • Voltas Ltd (VOLT IN) is a renowned name among the households in India.
  • The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
  • But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.

JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later

By Himanshu Dugar

  • JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
  • It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
  • JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation

JR East – Full Steam Ahead!

By Rikki Malik

  • Company continues to outperform as a new management plan is released
  • Focus on cash flow generation, increased dividends and flexible buybacks
  • Continued execution in their real-estate business is key to success

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

By IPO Boutique

  • Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
  • The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
  • Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. 

Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update

By Actinver

  • The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion.
  • GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT.
  • The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25.

Fluence Corp Ltd – The story is coming together

By Research as a Service (RaaS)

  • Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
  • The company has released its quarterly 4C cashflow statement and a Q2FY25 financial and operating update (December year-end) containing some key H125 data points.
  • The H125 result was a significantly positive turnaround with growth driven by the Ivory Coast Addendum project and improved performance across most business units.

Kyokuto Kaihatsu Kogyo Co (7226 JP): Q1 FY03/26 flash update

By Shared Research

  • Total revenue increased by 16.9% YoY, with growth in all segments; operating profit rose by 3.8% YoY.
  • The company recorded an extraordinary loss of JPY5.9bn related to the Antimonopoly Act in Q1 FY03/26.
  • Revenue and operating profit in the Special Purpose Vehicles segment rose due to product price revisions and improved supply.

Sanyo Trading (3176 JP): Q3 FY09/25 flash update

By Shared Research

  • Sanyo Trading’s sales in cumulative Q3 FY09/25 reached JPY98.8bn (+3.0% YoY), driven by Fine Chemicals and Sustainability segments.
  • Operating profit declined 5.9% YoY to JPY5.5bn, impacted by increased SG&A expenses and reduced foreign exchange gains.
  • Sustainability segment sales rose 44.8% YoY to JPY8.5bn, with operating profit increasing 91.9% YoY to JPY1.3bn.

Seika Corp (8061 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue rose 24.8% YoY to JPY24.6bn, but net income decreased 52.5% YoY to JPY1.8bn.
  • The company revised its 1H earnings forecast, announced a stock split, and adjusted its dividend forecast.
  • An extraordinary loss of JPY489mn was recorded due to a litigation-related provision following a court ruling.

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Aug 08
0

Daily Brief Thailand: iShares MSCI Thailand, Valeura Energy Inc and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bond Market Monitor: Thai Corporations UnSmiled
  • Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

Bond Market Monitor: Thai Corporations UnSmiled

By Warut Promboon

  • We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
  • The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
  • We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.

Valeura Energy (TSX: VLE): Another impressive acquisition in Thailand

By Auctus Advisors

  • 2Q25 production of 23.15 mbbl/d and net cash of US$242 mm at the end of June have been previously disclosed.
  • Valeura’s average production over the first five days of August has increased to 23,150 bbl/d.
  • The company has re-iterated its FY25 guidance including 23-25.5 mbbl/d for production.

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Aug 08
0

Daily Brief Industrials: Mitsubishi Electric, Voltas Ltd, JSW Cement Limited, East Japan Railway Co, Fluence Corp, Firefly Aerospace, Grupo Aeroportuario del Pacifi, Tokai Holdings, Sanyo Trading, Seika Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI
  • Voltas Ltd: Forensic Analysis
  • JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later
  • JR East – Full Steam Ahead!
  • Fluence Corp Ltd – The story is coming together
  • Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close
  • Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update
  • Tokai Holdings (3167 JP): Q1 FY03/26 flash update
  • Sanyo Trading (3176 JP): Q3 FY09/25 flash update
  • Seika Corp (8061 JP): Q1 FY03/26 flash update

The Story of Serendie, Mitsubishi Electric’s Digital Innovation in the Era of AI

By Jay Cameron

  • Mitsubishi Electric’s Serendie platform marks a decisive shift toward AI-powered, customer-centric services, with tangible cost savings, ecosystem expansion, and a tripling of Digital Innovation workforce planned by FY2031.
  • AI Leadership: The company showcased advanced automation and optimization capabilities at AWS Summit Japan, positioning itself as a leader in applied AI.
  • Punchline is the Japan beta vol trade. Macro risks remain pivotal, as navigating tariff shocks, labor distortions, and central bank policy shifts could shape both performance and volatility exposure.

Voltas Ltd: Forensic Analysis

By Nitin Mangal

  • Voltas Ltd (VOLT IN) is a renowned name among the households in India.
  • The company is a prominent player in the field of air conditioning and cooling technology and offers a variety of services across different industrial sectors, both in India and internationally.
  • But there are few issues with respect to revenue recognition policy, capital allocation issues and falling market share.

JSW Cements – Another Cement IPO in India Exactly 4 Yrs Later

By Himanshu Dugar

  • JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
  • It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
  • JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation

JR East – Full Steam Ahead!

By Rikki Malik

  • Company continues to outperform as a new management plan is released
  • Focus on cash flow generation, increased dividends and flexible buybacks
  • Continued execution in their real-estate business is key to success

Fluence Corp Ltd – The story is coming together

By Research as a Service (RaaS)

  • Fluence Corporation (ASX:FLC) specialises in the delivery of water and wastewater solutions in industrial, municipal and commercial industries across the globe.
  • The company has released its quarterly 4C cashflow statement and a Q2FY25 financial and operating update (December year-end) containing some key H125 data points.
  • The H125 result was a significantly positive turnaround with growth driven by the Ivory Coast Addendum project and improved performance across most business units.

Firefly Aerospace Inc. (FLY): Moonshot IPO That Burned Hot, Then Fizzled to 34% Returns at Close

By IPO Boutique

  • Firefly Aerospace (FLY US) priced 19.3 million shares (upsized from 16.2 million) at $45.00, which came in $2 above an already upwardly-revised $41–$43 range.
  • The stock opened Thursday at $70.00, for a +55.6% gain at first trade, and hit an intraday high of $73.80, marking a +64.0% gain from the IPO price.
  • Traders that were looking to capture “lightning in a bottle” may be licking wounds today with a steady dose of selling on day one. 

Grupo Aeroportuario del Pacifi – Actinver Research – Transport Post 2Q25 Update

By Actinver

  • The Mexican transport sector posted another quarterly result with solid top-line performance supported by a better tariff environment and diversified revenues, resulting in a soft margin expansion.
  • GAP reported the most robust results, with double-digit revenues and EBITDA expansion, followed by OMA and GMXT.
  • The total EBITDA margin in the transport sector expanded 4bps, improving versus the 12 bps contraction reported in 1Q25.

Tokai Holdings (3167 JP): Q1 FY03/26 flash update

By Shared Research

  • FY03/26 marks the final year of “Medium-Term Plan 2025” with record Q1 sales and profits across segments.
  • Sales rose 3.4% YoY, driven by customer growth in Information and Communications and Construction, Equipment, and Real Estate.
  • Operating profit increased 18.7% YoY, despite higher personnel costs, due to strategic customer acquisition and cost management.

Sanyo Trading (3176 JP): Q3 FY09/25 flash update

By Shared Research

  • Sanyo Trading’s sales in cumulative Q3 FY09/25 reached JPY98.8bn (+3.0% YoY), driven by Fine Chemicals and Sustainability segments.
  • Operating profit declined 5.9% YoY to JPY5.5bn, impacted by increased SG&A expenses and reduced foreign exchange gains.
  • Sustainability segment sales rose 44.8% YoY to JPY8.5bn, with operating profit increasing 91.9% YoY to JPY1.3bn.

Seika Corp (8061 JP): Q1 FY03/26 flash update

By Shared Research

  • Q1 FY03/26 revenue rose 24.8% YoY to JPY24.6bn, but net income decreased 52.5% YoY to JPY1.8bn.
  • The company revised its 1H earnings forecast, announced a stock split, and adjusted its dividend forecast.
  • An extraordinary loss of JPY489mn was recorded due to a litigation-related provision following a court ruling.

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  • ✓ Events & Webinars
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Aug 08
0

Daily Brief Consumer: Furukawa Battery, Ci Medical, Toyota Motor, Kolon Mobility Group, The Keepers Holdings, TSE Tokyo Price Index TOPIX, KT&G Corporation, Garmin Ltd, Hyatt Hotels Corp Cl A and more

By | Consumer, Daily Briefs

In today’s briefing:

  • [Japan M&A] Furukawa Battery (6937 JP) Take Private – Ugly Then, Ugly Still, But Now It’s On…
  • [Japan M&A] Air Water Takes over C.I. Medical (3540) – Done Deal, Not Bad
  • Toyota (7203 JP) Vs. Subaru (7270 JP): Rare Mean-Reversion Setup After Earnings
  • Tender Offer and Delisting of Kolon Mobility Group by Kolon Corp
  • Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up
  • With Most Companies Still Unable to Show Results, There Is No Returning to “Stakeholderism”
  • KT&G: Solid Results in 2Q 2025 + Treasury Shares Cancellation of 300 Billion Won
  • CI Medical (3540 JP): Air Water (4088 JP)’s Tender Offer Is a Done Deal
  • Garmin’s Innovation Blitz Across Fitness, Aviation, & Marine Signals Explosive Growth Ahead!
  • Hyatt’s Asset-Light Ambition Could Ignite Stock Rally After $2.6 Billion Resort Sale

[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.

[Japan M&A] Air Water Takes over C.I. Medical (3540) – Done Deal, Not Bad

By Travis Lundy

  • Today, Air Water Inc (4088 JP) and Ci Medical (3540 JP) announced that the CEO and Air Water who together own 85% would be taking over the company. 
  • That’s nice. That means it’s a done deal and nobody can do anything about it. Complain all you want, it’s done. 
  • Helpfully, the Board did its job (as did Shimizu-san – he’s selling most of his stake). This is not badly-priced for an ultimately coercive deal.  

Toyota (7203 JP) Vs. Subaru (7270 JP): Rare Mean-Reversion Setup After Earnings

By Gaudenz Schneider

  • Context: The Toyota (7203 JP) vs. Subaru (7270 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlight: Both companies in this highly correlated pair reported results on 7 August 2025, opening up a rare opportunity.
  • 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.

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.

Keepers Holdings Solid Q2 2025: Multiple Catalysts Lined Up

By Sameer Taneja

  • The Keepers Holdings (KEEPR PM)  declared strong Q2FY25 results with revenues/profits up 14%/13% YoY. Net margins declined by 20 bps YoY to 18.7% due to the discounting/fx.
  • Currently in the final stages of acquiring Booze Online Inc., the company intends to finalize the transaction by the end of Q3, contingent upon the resolution of regulatory approvals.
  • The company trades at 9.7x FY25e, net cash, and an ROCE exceeding 20%. Supported by multiple growth levers, this presents an attractive opportunity within the Philippine domestic consumer discretionary sector.

With Most Companies Still Unable to Show Results, There Is No Returning to “Stakeholderism”

By Aki Matsumoto

  • Most companies have only made superficial improvements to meet numerical targets, and have not attempted to improve capital profitability or stock price valuation through improvements in board practices.
  • Very few companies proceed with uncodified practices based on company policy. Conversely, these companies demonstrate a willingness to change from their previous management style.
  • Previously, the idea of “treating shareholders equally with all other stakeholders” was widespread among many companies. As a result of “Stakeholderism,” capital profitability and stock price valuations have continued slow.

KT&G: Solid Results in 2Q 2025 + Treasury Shares Cancellation of 300 Billion Won

By Douglas Kim

  • KT&G reported solid results in 2Q 2025. It had sales of 1.5 trillion won (up 8.7% YoY) and operating profit of 349.9 billion won (up 8.7% YoY).
  • KT&G plans to repurchase and cancel 300 billion won worth of treasury stock starting 8 August.
  • KT&G continues to have attractive valuation multiples. It is currently trading at P/E of 12.3x, P/B of 1.6x, and EV/EBITDA of 9.4x.

CI Medical (3540 JP): Air Water (4088 JP)’s Tender Offer Is a Done Deal

By Arun George

  • Ci Medical (3540 JP) has recommended a tender offer from Air Water Inc (4088 JP) at JPY1,500, a 48.5% premium to the last close.
  • The offer is attractive compared to historical trading ranges and is above the mid-point of the IFA DCF valuation range. 
  • This is a done deal as the offeror and irrevocable represent an 85.02% ownership ratio, which ensures that the EGM vote for share consolidation will pass. 

Garmin’s Innovation Blitz Across Fitness, Aviation, & Marine Signals Explosive Growth Ahead!

By Baptista Research

  • Garmin Limited reported a remarkable second quarter for 2025, showcasing a 20% increase in consolidated revenue to over $1.8 billion, a figure that sets a new quarterly record for the company.
  • Each of the company’s business segments—fitness, outdoor, aviation, marine, and auto OEM—posted double-digit growth, contributing to a robust overall financial performance.
  • Operating income surged to $472 million, marking a 38% year-overyear increase, as operating margins rose to 26%.

Hyatt’s Asset-Light Ambition Could Ignite Stock Rally After $2.6 Billion Resort Sale

By Baptista Research

  • Hyatt Hotels Corporation has accelerated its pivot toward an asset-light model with a landmark $2.6 billion sale of its Playa Hotels & Resorts all-inclusive portfolio, marking its most significant divestiture yet.
  • This transaction shifts 15 resorts across Mexico, the Dominican Republic, and Jamaica from owned real estate to pure management and franchise agreements, unlocking immediate liquidity and reducing capital intensity.
  • Coupled with Hyatt’s recent launch of multiple new brands—Hyatt Studios, Hyatt Select, and Unscripted by Hyatt—in the upscale and upper-midscale segments, the company is realigning its growth engine toward higher-margin fee revenue.

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