Smartkarma Daily Briefs

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance despite prevailing macroeconomic and geopolitical challenges.
Revenue reached $2.42 billion, surpassing the midpoint of its outlook, although this marked a 4% year-over-year decline.
When adjusted for an extra week in the comparable period last year, sales represented a 4% year-over-year increase.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 31 March 2025)

By Douglas Kim

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 31 March.
The top 10 picks in this bi-weekly include Orion Holdings, Hyundai Wia, KEPCO KPS, Samsung Electronics, KT, Emart, CJ Logistics, APR, Doosan Enerbility, and HD Hyundai Marine Solution.
The biggest near-term negative catalyst on the Korean stock market remains tariffs. The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of April.

Hygeia Healthcare Group (6078 HK): Slower Revenue Growth and Margin Deterioration Are Worrisome

By Tina Banerjee

Hygeia Healthcare Group (6078 HK) reported revenue growth of 9% YoY to RMB4,446 million, mainly driven by a 11% YoY growth in hospital business.
Hygeia’s gross profit margin contracted 170bps YoY to 29.9%. Net profit decreased 13% on higher finance cost despite of income tax expenses being lower.
Accelerated organic growth and strengthening of margins are crucial to boost valuation.

[Miniso Group (MNSO US, SELL, TP US$16) TP Change]: C4Q24 Review: Downside Not yet Fully Priced In

By Eric Wen

MNSO reported C4Q24 rev.1.6%/2.0%, and non-GAAP EBIT 3.4%/2.0% below our est./cons.. What concerns us more is the quality of the growth;
In our view, MNSO’s slow same-store-sales-growth (SSSG), overseas investment, and Yonghui’s integration haven’t fully reflected in the price;
We cut the TP to US$16 and maintain the SELL rating to reflect slower profit growth. The stock trades at 14x 25E P/E vs. a 12% 3 Yr. NI CAGR

Lululemon 4Q’24 Update

By MBI Deep Dives

Since its IPO back in 2007, Lululemon always posted double-digit revenue growth every single year.
While there was plenty of skepticism throughout 2024, they managed to eke out double digit growth last year.
But 2025 topline guidance of 5-7% implies the era of persistent double digit growth regardless of the economy is likely behind us!

Innova Captab’s Jammu Expansion Update

By Sudarshan Bhandari

Innova Captab (1605221D IN) has commissioned a new 11-acre manufacturing facility in Jammu, with capacity for 10.7 bn tablets and 562 mn LVP/respules.
The plant adds new dosage forms and therapy areas (Penicillin, Penum) and enables strategic domestic-export capacity balancing, with potential ROIC >20%.
This is not just a capacity bump, it positions Innova for premium exports, higher utilization, and long-term revenue scale-up to INR 14–16Bn from Jammu alone.

Cyberdyne (7779 JP) – Renewed Efforts to Drive Profitability

By Astris Advisory Japan

Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).
Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&D.
We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26.

Tech Supply Chain Tracker (29-Mar-2025): Smart cars use DeepSeek apps.

By Tech Supply Chain Tracker

DeepSeek app revolutionizes smart vehicles with advanced technology for a seamless driving experience and enhanced safety features.
Primarius enhances EDA consolidation in China through the acquisition of Actt, accelerating innovation and growth in the semiconductor industry.
SMIC experiences record revenue growth in 2024, but sees a 23% decline in profit, highlighting the challenges faced by the company in a competitive market. Trend Micro warns of AI security risks and ‘grandma prompt’ threat at the AI Expo 2025. Uni-President Group strengthens e-commerce presence through strategic acquisitions and investments in Yahoo Taiwan and PChome Online.

IMNN: Protocol in Place for Phase 3 Trial of IMNN-001 in Ovarian Cancer

By Zacks Small Cap Research

On March 25, 2025, Imunon, Inc. (IMNN) held a conference call to discuss the finalized protocol for a Phase 3 clinical trial of IMNN-001 in patients with newly diagnosed ovarian cancer.
The study will mirror the Phase 2 OVATION 2 trial that reported benefits in both progression-free and overall survival.
It will initially focus on those patients who are positive for homologous recombination deficiency (HDR) positive, including BRCA1 and BRCA2 mutations.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 29

Daily Brief Macro: HEW: Braced For Reciprocal Tariffs and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

HEW: Braced For Reciprocal Tariffs
[ETP 2025/13] WTI Climbs on Trade Disruptions, Moderate Weather Forecasts Cap Henry Hub
CX Daily: The Social Workers Helping Patients Navigate China’s Health Care System

HEW: Braced For Reciprocal Tariffs

By Phil Rush

Strong US and UK PMIs boosted the US economy, however, low CPI hindered the bullish effect on the BoE. The UK government manipulated its Spring Statement to adhere to its rules, resulting in increased issuance due to slippage.
Next week’s flash EA inflation is expected to be low, with impending US tariff announcements causing concern.
The most significant monetary policy announcement is expected from the RBA, with numerous other speeches and US payrolls data set to influence expectations.

[ETP 2025/13] WTI Climbs on Trade Disruptions, Moderate Weather Forecasts Cap Henry Hub

By Suhas Reddy

For the week ending 21/Mar, U.S. crude inventories fell by 3.3m barrels (vs. expectations of 1.5m build), gasoline and distillate stockpiles fell less than expected.
US natural gas inventories rose by 37 Bcf for the week ending 21/Mar, in line with analyst expectations. Inventories are 6.5% below the 5-year seasonal average.
Shell to boost shareholder distributions to 40-50% of CFFO and cut costs by USD 5-7 billion by 2028. Exxon plans 250 layoffs in the UK by 2026.

CX Daily: The Social Workers Helping Patients Navigate China’s Health Care System

By Caixin Global

Social workers / In Depth: The social workers helping patients navigate China’s health care system
Carbon /: Steel, cement and aluminum sectors join China’s carbon trading market
Robots /: Meet the leading players in China’s humanoid robotic revolution

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 29

Daily Brief Industrials: Daihatsu Diesel Mfg, Ashok Leyland, International Consolidated Air, GXO Logistics, Inpost, MillerKnoll, Sunrun Inc, Trimas Corp, Core & Main and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot
International Airlines Group — Come fly with me
GXO Logistics: Expansion into New Vertical Markets & Critical Growth Levers!
What’s New(s) in Amsterdam – 28 March (InPost | Signify)
International Airlines Group — Come fly with me
MillerKnoll, Inc. – 3Q25 Adj. EPS $0.44 on Lower-Than- Expected Revenue & Better Margins
Sunrun Inc.: Growth in Storage & Solar Markets Driving Our Bullishness!
TriMas Corporation: Packaging Expansion, Innovation & Growth in Aerospace & Other Major Drivers!
Core & Main Defies Market Volatility—The Power Moves Behind Their 2025 Growth Surge

Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related

By Travis Lundy

Daihatsu Diesel Mfg (6023 JP) is down sharply today – much more than indices – as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well.
A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US.
The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.

Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot

By Nimish Maheshwari

Ashok Leyland (AL IN) plans to shut manufacturing at its UK EV subsidiary, Switch Mobility UK, and shift focus to India and UAE plants.
The UK exit curbs cash burn and earnings drag, while Switch India, driven by rising demand, nears breakeven with 1800+ e-Bus orders and 80%+ e-LCV share.
This marks a value-accretive pivot, realigning capital to India’s high-growth EV market and improving group-level profitability and return metrics.

International Airlines Group — Come fly with me

International Airlines Group (IAG) enjoys the tailwinds of structural demand growth in an industry that is becoming more structurally profitable, being well positioned in some of the largest and most attractive markets, and with a portfolio of leading brands catering to the value requirements of its customers. While IAG already has industry-leading profitability, management is transforming it by investing in network expansion, customer service and operational efficiency to drive sustainable revenue growth and increase free cash flow.

GXO Logistics: Expansion into New Vertical Markets & Critical Growth Levers!

GXO Logistics, Inc. recently announced its fourth-quarter and full-year 2024 earnings, highlighting a period marked by robust growth, strategic achievements, and ongoing challenges.
The company reported record revenue and adjusted EBITDA for the year, with a 30% year-over-year increase in adjusted EBITDA for the fourth quarter alone.
Full-year revenue reached $11.7 billion, reflecting a 20% growth from the previous year, with 3% coming from organic growth.

What’s New(s) in Amsterdam – 28 March (InPost | Signify)

By The IDEA!

A summary of InPost’s FY24 results against consensus estimates and last year’s full year is presented in the table below.
InPost expects revenue to grow n the high-teens to low twenties range, and will surpass market volume growth in all our geographies, just like it did last year.
Adjusted EBITDA is foreseen to increase in the low to mid-twenties.

International Airlines Group — Come fly with me

MillerKnoll, Inc. – 3Q25 Adj. EPS $0.44 on Lower-Than- Expected Revenue & Better Margins

MLKN posted 3QFY25 adjusted EPS of $0.44, $0.01 below our estimate and 3QFY24 on weaker-than-expected revenue offset by better margins.
Total revenue came in $43 million lower than expected, with growth in Global Retail of 3.9% partially offsetting a decline in International Contract of 1.5% and modest growth in North America Contract of 1.7% on an organic basis.
Given how leading indicators in North America Contract had been trending positive over the past several quarters, we expected stronger revenue growth in 3QFY25.

Sunrun Inc.: Growth in Storage & Solar Markets Driving Our Bullishness!

Sunrun’s earnings for the fourth quarter and full year of 2024 presents a complex blend of progress and challenges, demonstrating the company’s navigational agility within a dynamic industry landscape.
The company reported strong quarterly performance, implementing strategic measures to enhance its operational and financial standing while managing market uncertainties.
The positives highlight Sunrun’s ability to adapt and innovate amid a rising interest rate environment and evolving state regulations.

TriMas Corporation: Packaging Expansion, Innovation & Growth in Aerospace & Other Major Drivers!

TriMas Corporation’s fourth-quarter and full-year 2024 results illustrate a company managing complexity across its diverse business segments while setting strategic groundwork for potential future improvements.
The fourth quarter showed several positive trends in financial and operational metrics, with consolidated sales up by 8.8% year-over-year, largely driven by strong performances in its Packaging and Aerospace segments.
In the Packaging segment, which accounts for 55% of total sales, TriMas achieved nearly 10% organic growth, particularly propelled by the beauty and personal care categories.

Core & Main Defies Market Volatility—The Power Moves Behind Their 2025 Growth Surge

Core & Main reported strong financial performance for the fiscal year 2024, marked by significant sales growth and strategic changes in the executive leadership team.
Sales increased by 18% in the fourth quarter, supported by a 9% contribution from acquisitions, and organic growth in average daily sales.
The company maintained stable gross margins and saw a slight increase in SG&A expenses, despite inflationary pressures, primarily due to acquisitions and additional costs associated with an extra selling week.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 29

Daily Brief Utilities: ENN Natural Gas and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In the US, the third estimate of Q4/24 annualised US GDP inched up to 2.4% q-o-q (from 2.3% in the second estimate), mainly reflecting a downward revision to imports.
Separately, February pending home sales rose 2.0% m-o-m (1.0% e / -4.6% p), rebounding slightly from a record low but remaining well below historical levels.
The UST curve twisted steeper yesterday, with long-end yields rising to a one-month-high amid concerns over the impact of tariffs on US growth and inflation.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 29

Daily Brief Energy/Materials: Crude Oil, Gevo, Lyondellbasell Indu Cl A, Packaging Corporation of America, Sky Quarry, Valaris , Amaroq Minerals , Valero Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

[ETP 2025/13] WTI Climbs on Trade Disruptions, Moderate Weather Forecasts Cap Henry Hub
Gevo, Inc: 4Q24 Results
LYB US: Circular Plastics Initiative As a Significant Factor to Influence Future Performance!
Packaging Corporation of America: An Insight Into Its Market Adaptability
SKYQ: Co-Founder on How to Profit from Recycling Waste Asphalt Shingles into Fuel
Valaris Limited: Can It Capitalize On Offshore Expansion Opportunities?
Amaroq Minerals — Amaroq ‘n’ roll
Valero Energy Corporation’s Biofuel Strategy Is Turning Waste Into Gold—Can It Outrun Regulatory Shocks?

[ETP 2025/13] WTI Climbs on Trade Disruptions, Moderate Weather Forecasts Cap Henry Hub

By Suhas Reddy

For the week ending 21/Mar, U.S. crude inventories fell by 3.3m barrels (vs. expectations of 1.5m build), gasoline and distillate stockpiles fell less than expected.
US natural gas inventories rose by 37 Bcf for the week ending 21/Mar, in line with analyst expectations. Inventories are 6.5% below the 5-year seasonal average.
Shell to boost shareholder distributions to 40-50% of CFFO and cut costs by USD 5-7 billion by 2028. Exxon plans 250 layoffs in the UK by 2026.

Gevo, Inc: 4Q24 Results

During the 2024 annual results briefing yesterday, Gevo management remained highly focused on the company’s strategy to: (1) develop and commercialize technologies to convert ethanol and other alcohols into hydrocarbon fuels and chemicals, including SAF and RNG
(2) establishing the carbon value of products by tracking and verifying sustainability attributes with Gevo’s Verity software
(3) monetizing the carbon abatement benefits of the company’s fuels and chemicals,

LYB US: Circular Plastics Initiative As a Significant Factor to Influence Future Performance!

LyondellBasell Industries N.V. showcased resilience in its financial performance over the challenging 2024 fiscal year, navigating a difficult macroeconomic environment.
The company’s full-year earnings per share stood at $6.40, with an EBITDA of $4.3 billion.
Despite facing significant industry headwinds, including sluggish global growth, high energy costs, and regulatory impacts, LyondellBasell successfully generated $3.8 billion in cash from operations, demonstrating a strong 90% cash conversion ratio.

Packaging Corporation of America: An Insight Into Its Market Adaptability

Packaging Corporation of America (PCA) demonstrated strong performance in their fourth quarter and throughout 2024.
The earnings call highlighted both positive accomplishments and challenges faced by the company.
PCA reported a notable increase in net income for the fourth quarter of 2024, amounting to $221 million, or $2.45 per share, compared to $192 million, or $2.13 per share, in the previous year.

SKYQ: Co-Founder on How to Profit from Recycling Waste Asphalt Shingles into Fuel

On the latest WTR Small-Cap Spotlight, we were joined by Marcus Laun, Co-Founder and VP Executive of Sky Quarry (SKYQ), and our host, Tim Gerdeman, Vice-Chair & Co-Founder, and Chief Marketing Officer at WTR.
SKYQ is an integrated energy solutions company created to address the environmental issues caused by the landfill disposal of waste asphalt roofing shingles.
According to SKYQ, millions of tons of waste asphalt shingle are generated annually in the US, which, if recycled, would equate to the recovery of 20-22 million barrels of oil and 9-11 million tons of valuable materials, and for a market valued at up to $4.4 billion.

Valaris Limited: Can It Capitalize On Offshore Expansion Opportunities?

Valaris plc reported its fourth quarter 2024 results, presenting a mixed performance.
While the company demonstrated strong operational execution and safety achievements, there were some financial challenges and strategic decisions that could impact future performance.
On the positive side, Valaris continued its track record of high operational efficiency, achieving fleet-wide revenue efficiency of 96% for the quarter and 97% for the entire year.

Amaroq Minerals — Amaroq ‘n’ roll

Amaroq’s results to December 2024 were essentially just a pro-rata extrapolation of its earlier, nine-month results to September. More important was the fact that Nalunaq poured its first gold (39oz – although this was evidently not sold during the quarter) and that, post period end, it recorded a 51% increase in its mineral resource estimate (including a maiden contribution in the indicated category). The company will spend the remainder of FY25 ramping up to full capacity of 300tpd by Q425 and will update the market on progress on 14 May. Once achieved, it will look to further increase throughput from FY26 to 450tpd.

Valero Energy Corporation’s Biofuel Strategy Is Turning Waste Into Gold—Can It Outrun Regulatory Shocks?

Valero Energy Corporation’s fourth quarter of 2024 performance reflects a mix of operational achievements and financial challenges.
The company reported a significant decrease in net income attributable to stockholders, down to $281 million ($0.88 per share) from $1.2 billion ($3.55 per share) in the same period of the previous year.
Adjusted net income also fell to $207 million ($0.64 per share) from $1.2 billion ($3.57 per share), indicating a challenging financial landscape amidst a weaker margin environment.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 29

Daily Brief Industrials: Daihatsu Diesel Mfg, Ashok Leyland, International Consolidated Air, GXO Logistics, Inpost, MillerKnoll, Sunrun Inc, Trimas Corp, Core & Main and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot
International Airlines Group — Come fly with me
GXO Logistics: Expansion into New Vertical Markets & Critical Growth Levers!
What’s New(s) in Amsterdam – 28 March (InPost | Signify)
International Airlines Group — Come fly with me
MillerKnoll, Inc. – 3Q25 Adj. EPS $0.44 on Lower-Than- Expected Revenue & Better Margins
Sunrun Inc.: Growth in Storage & Solar Markets Driving Our Bullishness!
TriMas Corporation: Packaging Expansion, Innovation & Growth in Aerospace & Other Major Drivers!
Core & Main Defies Market Volatility—The Power Moves Behind Their 2025 Growth Surge

Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related

By Travis Lundy

Daihatsu Diesel Mfg (6023 JP) is down sharply today – much more than indices – as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well.
A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US.
The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.

Ashok Leyland Restructuring: Switch UK Winds Down & Switch India’s Strategic Pivot

By Nimish Maheshwari

Ashok Leyland (AL IN) plans to shut manufacturing at its UK EV subsidiary, Switch Mobility UK, and shift focus to India and UAE plants.
The UK exit curbs cash burn and earnings drag, while Switch India, driven by rising demand, nears breakeven with 1800+ e-Bus orders and 80%+ e-LCV share.
This marks a value-accretive pivot, realigning capital to India’s high-growth EV market and improving group-level profitability and return metrics.

International Airlines Group — Come fly with me

GXO Logistics: Expansion into New Vertical Markets & Critical Growth Levers!

GXO Logistics, Inc. recently announced its fourth-quarter and full-year 2024 earnings, highlighting a period marked by robust growth, strategic achievements, and ongoing challenges.
The company reported record revenue and adjusted EBITDA for the year, with a 30% year-over-year increase in adjusted EBITDA for the fourth quarter alone.
Full-year revenue reached $11.7 billion, reflecting a 20% growth from the previous year, with 3% coming from organic growth.

What’s New(s) in Amsterdam – 28 March (InPost | Signify)

By The IDEA!

A summary of InPost’s FY24 results against consensus estimates and last year’s full year is presented in the table below.
InPost expects revenue to grow n the high-teens to low twenties range, and will surpass market volume growth in all our geographies, just like it did last year.
Adjusted EBITDA is foreseen to increase in the low to mid-twenties.

International Airlines Group — Come fly with me

MillerKnoll, Inc. – 3Q25 Adj. EPS $0.44 on Lower-Than- Expected Revenue & Better Margins

MLKN posted 3QFY25 adjusted EPS of $0.44, $0.01 below our estimate and 3QFY24 on weaker-than-expected revenue offset by better margins.
Total revenue came in $43 million lower than expected, with growth in Global Retail of 3.9% partially offsetting a decline in International Contract of 1.5% and modest growth in North America Contract of 1.7% on an organic basis.
Given how leading indicators in North America Contract had been trending positive over the past several quarters, we expected stronger revenue growth in 3QFY25.

Sunrun Inc.: Growth in Storage & Solar Markets Driving Our Bullishness!

Sunrun’s earnings for the fourth quarter and full year of 2024 presents a complex blend of progress and challenges, demonstrating the company’s navigational agility within a dynamic industry landscape.
The company reported strong quarterly performance, implementing strategic measures to enhance its operational and financial standing while managing market uncertainties.
The positives highlight Sunrun’s ability to adapt and innovate amid a rising interest rate environment and evolving state regulations.

TriMas Corporation: Packaging Expansion, Innovation & Growth in Aerospace & Other Major Drivers!

TriMas Corporation’s fourth-quarter and full-year 2024 results illustrate a company managing complexity across its diverse business segments while setting strategic groundwork for potential future improvements.
The fourth quarter showed several positive trends in financial and operational metrics, with consolidated sales up by 8.8% year-over-year, largely driven by strong performances in its Packaging and Aerospace segments.
In the Packaging segment, which accounts for 55% of total sales, TriMas achieved nearly 10% organic growth, particularly propelled by the beauty and personal care categories.

Core & Main Defies Market Volatility—The Power Moves Behind Their 2025 Growth Surge

Core & Main reported strong financial performance for the fiscal year 2024, marked by significant sales growth and strategic changes in the executive leadership team.
Sales increased by 18% in the fourth quarter, supported by a 9% contribution from acquisitions, and organic growth in average daily sales.
The company maintained stable gross margins and saw a slight increase in SG&A expenses, despite inflationary pressures, primarily due to acquisitions and additional costs associated with an extra selling week.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Mar 29

Daily Brief TMT/Internet: Amentum Holdings, Samsung Electronics Pref Shares, Analog Devices, CoreWeave, PChome Online, SentinelOne , Kuaishou Technology, Horizon Robotics, MoneyHero , Synaptics Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

4 Spin-offs with Insider Buying
The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?
Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?
CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session
Tech Supply Chain Tracker (29-Mar-2025): Smart cars use DeepSeek apps.
SentinelOne Skyrockets with Enterprise Client Surge & Soaring Deal Sizes!
[Kuaishou (1024 HK, BUY, TP HK$70) TP Change]: C4Q24 Review: Temporary Setback a Chance to Buy
Horizon Robotics (9660.HK): The Stock Probably Peaked at HK$10.00+ As IPO Lock-Up Expires in April
MoneyHero: Three Key Questions Critical to the Investment Thesis
Synaptics Unleashes WiFi 8 & UWB Tech—Could This Be the Next Big Leap In IoT?

4 Spin-offs with Insider Buying

By Richard Howe

One factor that I closely follow in the spin-off universe is insider buying.
Here’s what Peter Lynch wrote about insiders and spin-offs in One Up on Wall Street: [Spin-offs] are a fertile area for amateur investors…….A month or two after the spinoff is completed, you can check to see if there is heavy insider buying among the new officers and directors.
There are four names in my universe that have interesting insider activity.

The Hot Chatter in the Local Market: Tax-Free Dividends – Is Samsung In?

By Sanghyun Park

Chosun reports that some Samsung affiliates are exploring tax-free dividends at the operational level, with execs reportedly briefed on the idea.
Surprisingly, regulators and politicians haven’t objected to tax-free dividends, which ironically align with the value-up policy. The delay in Samsung’s value-up announcements may be due to this decision.
It’s unclear if Samsung Electronics and Life will drop tax-free dividends, but if regulators approve, they could introduce it suddenly in their value-up updates, especially with Lee Jae-yong’s cash crunch.

Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?

Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance despite prevailing macroeconomic and geopolitical challenges.
Revenue reached $2.42 billion, surpassing the midpoint of its outlook, although this marked a 4% year-over-year decline.
When adjusted for an extra week in the comparable period last year, sales represented a 4% year-over-year increase.

CoreWeave Inc (CRWV): IPO Opens Below Issue, Closes Flat in Debut Session

By IPO Boutique

CoreWeave priced a down-sized transaction of 37.5mm shares at $40.00 ($7 Below the Original $47-$55 range) and opened at $39.00 for a loss of 2.5% at first trade
According to our underwriter sources, the deal finished multiple-times oversubscribed with the top three accounts getting 50% of the deal and the top 15 accounts taking down 90% of the transaction.
This IPO in particular was a difficult deal to value for IPO investors based upon being a “first mover” in the AI space.

Tech Supply Chain Tracker (29-Mar-2025): Smart cars use DeepSeek apps.

By Tech Supply Chain Tracker

DeepSeek app revolutionizes smart vehicles with advanced technology for a seamless driving experience and enhanced safety features.
Primarius enhances EDA consolidation in China through the acquisition of Actt, accelerating innovation and growth in the semiconductor industry.
SMIC experiences record revenue growth in 2024, but sees a 23% decline in profit, highlighting the challenges faced by the company in a competitive market. Trend Micro warns of AI security risks and ‘grandma prompt’ threat at the AI Expo 2025. Uni-President Group strengthens e-commerce presence through strategic acquisitions and investments in Yahoo Taiwan and PChome Online.

SentinelOne Skyrockets with Enterprise Client Surge & Soaring Deal Sizes!

SentinelOne reported strong financial results for the fourth quarter and fiscal year 2025, with significant achievements and certain challenges that are crucial for investors to assess.
The company experienced noteworthy revenue growth, reaching $226 million in Q4, marking a 29% increase year-over-year.
The total revenue for fiscal year 2025 amounted to $821 million, demonstrating an annual growth rate of 32%.

[Kuaishou (1024 HK, BUY, TP HK$70) TP Change]: C4Q24 Review: Temporary Setback a Chance to Buy

By Ying Pan

Kuaishou reported C4Q24 revenue, IFRS operating profit, and IFRS net income slightly below our estimates and consensus. Margin outperformed.
Advertising and e-commerce revenue growth temporarily slowed from due to Kuaishou’s offering traffic subsidies to the internal merchants, reducing incentive to advertise, but will translate to revenues later;
We cut TP from HK$72 to HK$70 to reflect lowered margin outlook due to AI-related capex and R&D expenses

Horizon Robotics (9660.HK): The Stock Probably Peaked at HK$10.00+ As IPO Lock-Up Expires in April

By Andrei Zakharov

Horizon Robotics, a leading provider of integrated computing solutions for ADAS and AD for consumer vehicles, went public in October of 2024 in Hong Kong.
The Chinese technology company priced its IPO at HK$3.99 per share and raised ~HK$5.4B or $696M. The offering was multiple times oversubscribed.
The company’s market cap peaked at ~$18B in February and exceeded valuation of Mobileye Global. I expect a near-term selling pressure as IPO lock-up expires in April.

MoneyHero: Three Key Questions Critical to the Investment Thesis

By Alec Tseung

We believe addressing these three key areas remains essential for strengthening the investment thesis and enhancing investors’ confidence in the company’s long-term value proposition.
1) The company’s differentiation strategy within the relatively crowded Hong Kong and Singapore insurance marketplaces; 2) its insurance offerings’ product market fit; 3) disclosure on cross-selling metrics going forward
We think articulating a comprehensive strategy and detailed implementation roadmap, targeting these key areas, can enhance investor confidence and potentially provide support for the company’s valuation.

Synaptics Unleashes WiFi 8 & UWB Tech—Could This Be the Next Big Leap In IoT?