Smartkarma Daily Briefs

Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.

Weekly Deals Digest (03 Aug) – CK Hutchison, Joy City, HKBN, Fujitec, Krosaki Harima, NSDL

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: NSDL (NSDL IN) is seeking to raise US$464 million.
Event-Driven developments: CK Hutchison Holdings (1 HK), Joy City Property (207 HK), HKBN Ltd (1310 HK), Fujitec Co Ltd (6406 JP), Nihon Chouzai (3341 JP), Krosaki Harima (5352 JP).

Tokyo Electron (8035 JP): Why the Big Downward Revision?

By Scott Foster

Tokyo Electron’s share price dropped 18% on Friday following the announcement of weak Q1 results and a huge downward revision to H2 FY Mar-26 guidance.
Push-Outs and/or cancellations of orders due to the uncertainty caused by President Trump apparently caught managment by surprise. Costs also rising as management ramps up capex and R&D.
Impact of Trump’s yet-to-be-announced tariffs on semiconductors is still unknown, but 15% base rate on Japan already a negative.

[Japan M&A] Fujitec (6406) PE Bid Not Super High But May Be Tough To Beat

By Travis Lundy

On 30 July, Fujitec Co Ltd (6406 JP) and Swedish PE Firm EQT announced a deal to acquire the company with the Uchiyama family. Two activists signed tender agreements.
The deal is not expensive IF you underwrite strong profitability growth and assume the large net receivables position can be better addressed.
But the stock is trading tight to terms and there are 6+ months until you get your money.

Spindex Potential Privatisation

By Punit Khanna

Spindex has announced that they have been approached by a third party on a possible transaction in relation to shares of the company.
The discussions are ongoing and transaction may or may not happen
We have published insight on 22nd April highlighting that the stock trades below 2x EV/EBDITA and has 60% of market cap

Boeing Co: Service Expansion Complexity

The Boeing Company reported its second-quarter 2025 financial results, showcasing a mixed bag of performance indicators, strategic progress, and notable challenges.
During this period, Boeing generated total revenue of $22.7 billion, marking a significant increase of 35% from the previous year.
This uptick was primarily driven by an increase in commercial airplane deliveries.

Hubbell Incorporated: Capital Deployment & Strategic Acquisitions to Capture New Growth Opportunities In Rapidly Evolving Sectors!

Hubbell Incorporated’s second quarter of 2025 financial results present a mixed picture, emphasizing the company’s strategic adaptability amidst continuing macroeconomic and inflationary pressures.
The company reported a robust double-digit growth in adjusted earnings per share, driven by strong organic growth in its Grid Infrastructure and Electrical Solutions segments, accompanied by a notable year-over-year adjusted operating margin expansion of 120 basis points.
Despite inflationary challenges, the company effectively managed costs through strategic price hikes and productivity enhancements, aimed at achieving positive price/cost productivity for the year.

Port of Tauranga (POT NZ): High Quality But Fairly Valued

By Sameer Taneja

We follow our initiations on Westports Holdings (WPRTS MK) and Asian Terminals (ATI PM) with the Port of Tauranga (POT NZ) .
The company has shown strong pricing power, significantly raising its access charges at MetroPort starting September 1, 2025, to over NZ$130/transaction.
Despite this, based on our numbers, the stock trades at 26.6x/22x FY25/26 PE (ex-freehold land value). We believe this is expensive and would be neutral on the name.

Carrier Global Corporation: An Insight Into Its Productivity

Carrier Global Corporation delivered a compelling set of results for the second quarter of 2025, with notable achievements and some challenges reflecting the current market dynamics.
From a growth perspective, the company posted 6% organic growth, driven primarily by a substantial 45% increase in commercial HVAC sales in the Americas and a 13% rise in aftermarket growth.
Regions like India, Japan, and the Middle East also contributed significantly to the growth figures, accentuating Carrier’s global operational reach.

Republic Services: Leveraging Free Cash Flow for Strategic Advantages & to Support Long-Term Growth!

Republic Services Inc. reported its financial performance for the second quarter of 2025, reflecting both strengths and challenges.
The company achieved a revenue growth of 4.6%, which was attributed primarily to strong pricing strategies, despite facing reduced demand in construction and manufacturing sectors.
This was translated into an adjusted EBITDA growth of 8%, which in turn expanded the adjusted EBITDA margin by 100 basis points during the quarter.

💡 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

Aug 04

Daily Brief Utilities: DTE Energy Company and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

DTE Energy’s Data Center Bet Is Bold—Will Permits, Storage, & Tax Wins Deliver a Power Surge?

DTE Energy’s Data Center Bet Is Bold—Will Permits, Storage, & Tax Wins Deliver a Power Surge?

DTE Energy’s recent earnings emphasized both the strategic direction and financial health of the company as it navigates the evolving energy landscape.
The call highlighted leadership transitions, with Chairman and CEO Jerry Norcia preparing to hand over the CEO role to Joi Harris.
The structured transition plan appears wellorganized, ensuring continuity in leadership and strategic objectives.

💡 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

Aug 04

Daily Brief Health Care: Fisher & Paykel Healthcare Cor, Heartflow, Sumitomo Pharma, Bausch Health Companies, Guangzhou Innogen Pharmaceutical Group, Otsuka Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)
Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook
Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up
Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?
Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts
Otsuka Holdings (4578 JP): Better-Than-Expected 1H Performance Leads 2025 Guidance Raise

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Currently six pair trade opportunities across three markets and three sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook

By Xinyao (Criss) Wang

HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.

Sumitomo Pharma (4506 JP): Orgovyx, Gemtesa Strong; Promise in Oncology and Regenerative Line Up

By Tina Banerjee

Sumitomo Pharma (4506 JP) reported 19% YoY (negative Fx impact of 7%) revenue growth during Q1FY26 to ¥108B, mainly driven by North America.
Orgovyx witnessed growth in medicare patients due to reduction in out-of-pocket caps and Gemtesa on the other hand improved market share employing price focussed strategy.
Sumitomo Pharma is well on track moving ahead of the significant losses suffered in FY23 and FY24, focusing on expanding revenue, reducing costs, and securing future business drivers.

Bausch Health Strikes Bold With Durect Buy: A Strategic Bet On Liver Therapies?

Bausch Health Companies has made headlines with its definitive agreement to acquire liverfocused biotech Durect Corporation (NASDAQ:DRRX) for $1.75 per share in cash, representing a ~217% premium to DRRX’s pre-announcement closing price and valuing the deal at approximately $63 million upfront.
In addition, contingent milestone payments linked to commercial sales could push the total consideration to $413 million.
The acquisition, expected to close in Q3 2025, adds Durect’s lead candidate larsucosterol to Bausch’s pipeline—a drug that has demonstrated encouraging Phase 2 data for alcoholic hepatitis (AH) and is preparing for a Phase 3 registrational program.

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s PHIP prospectus.
While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.

Otsuka Holdings (4578 JP): Better-Than-Expected 1H Performance Leads 2025 Guidance Raise

By Tina Banerjee

Otsuka Holdings (4578 JP) sees 7% revenue growth in 1H25, despite negative Fx impact. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti and Abilify franchise were strong.
Otsuka kept 2025 revenue guidance unchanged, the company raised guidance for business, operating, and net profits for 2025 mainly due to lower than anticipated operating expenses due to Fx impact.
Otsuka stated that pharmaceutical business has no impact by additional US tariffs. Two top selling drugs are steadily gaining traction. Going ahead, new launches should further drive growth.

💡 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

Aug 04

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC) – ADR, Teradyne Inc, Paypal Holdings, Seagate Technology Holdings PL, Lam Research, Figma, Corning Inc, Spotify, Vivendi SE and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount
TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure
Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!
PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!
Seagate Technology: Initiation of Coverage- HAMR Technology Advancement
LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure
Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B
Corning’s Dual Play in Solar & Auto Glass—Can This Strategy Ignite the Next Growth Supercycle?
Spotify Technology: Expanding Audiobook and Video Content Formats To Up Their GAME!
Selected European HoldCos and DLC: July 2025 Report

Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

By Vincent Fernando, CFA

TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread

TechChain Insights: Taiwan’s Battery Cell Moment? USA & EU Supply Chain Under Strategic Pressure

By Vincent Fernando, CFA

Battery cells are the new chokepoint in the global clean energy supply chain, with China still controlling 75%+ of global capacity and exporting under increasingly restrictive terms.
Taiwan is emerging as a high-trust, high-precision hub for advanced cell manufacturing, applying its semiconductor model to batteries.
With pouch cells gaining traction across drones, robotics, and compact mobility, Taiwan’s lab-to-fab advantage positions it as a future anchor of the U.S. and European energy ecosystems.

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.
The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.
Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.

PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!

PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.
The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.
PayPal’s transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.

Seagate Technology: Initiation of Coverage- HAMR Technology Advancement

Seagate Technology reported a strong performance for the fiscal fourth quarter and the entire fiscal year 2025, characterized by significant year-over-year growth in key financial metrics.
The company’s results highlighted a 30% year-over-year increase in quarterly revenue and record gross margins, marking the ninth consecutive quarter of gross margin improvement.
This performance was attributed to increased adoption of Seagate’s heatassisted magnetic recording (HAMR) technology and a robust demand for nearline products in global cloud markets.

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

By William Keating

LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.
For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That’s a concern..

Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

By Andrei Zakharov

Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.
The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.
I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.

Corning’s Dual Play in Solar & Auto Glass—Can This Strategy Ignite the Next Growth Supercycle?

Corning Incorporated delivered solid results for the second quarter of 2025, showcasing both challenges and opportunities that suggest a nuanced outlook for investors.
The company achieved record sales of $4 billion, representing a 12% growth year-over-year, and an earnings per share (EPS) increase of 28% to $0.60.
The operating margin expanded by 160 basis points to 19%, contributing to a return on invested capital of 13.1%.

Spotify Technology: Expanding Audiobook and Video Content Formats To Up Their GAME!

Spotify’s recent performance demonstrated both progress and challenges, outlining a mixed yet strategic path forward.
The company’s impressive growth metrics in user engagement and subscription numbers stood out, particularly in Europe, where Spotify surpassed 100 million subscribers.
The total Monthly Active Users (MAUs) reached nearly 700 million, with the subscribers exceeding expectations by 3 million.

Selected European HoldCos and DLC: July 2025 Report

By Jesus Rodriguez Aguilar

GBL’s discount to NAV is compressing but remains wide versus peers — buybacks, portfolio moves, and dividends hint at a valuation shift.
Rio Tinto’s Australia-UK dual listing still trades at a premium — mean reversion potential remains as unification chatter simmers beneath the surface.
Vivendi’s looming mandatory offer from Bolloré reshapes stub trade dynamics — a narrowing discount points to accelerating corporate resolution.

💡 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

Aug 04

Daily Brief Financials: NSDL, NIFTY Index, Ricoh Leasing and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing
RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market
Ricoh Leasing (8566 JP): Q1 FY03/26 flash update

Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market

By Gaudenz Schneider

Event Preview: The Reserve Bank of India will announce its next policy decision on Wednesday, August 6, 2025. After June’s larger-than-expected 0.5% rate cut, consensus expects no change.
Market Reaction History: The NIFTY 50 has historically moved more when the RBI surprises markets – a 27% occurrence rate over the past decade.
Options Perspective: This Insight investigates past market behavior during comparable RBI policy announcements and contrasts it with what current option pricing implies for this week’s move.

Ricoh Leasing (8566 JP): Q1 FY03/26 flash update

By Shared Research

Revenue increased by 8.9% YoY to JPY82.4bn, while operating profit decreased by 3.4% YoY to JPY4.9bn.
SG&A expenses rose 17.5% YoY to JPY7.3bn, influenced by investments in human resources and IT infrastructure.
Total operating assets increased 8.6% YoY to JPY1.24tn, driven by growth in finance and operating leases.

💡 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

Aug 04

Daily Brief ESG: Will the Incorporation of TSR into the Remuneration System Affect Cash Allocation? and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Will the Incorporation of TSR into the Remuneration System Affect Cash Allocation?

Will the Incorporation of TSR into the Remuneration System Affect Cash Allocation?

By Aki Matsumoto

With nearly half of companies listed on TSE having a P/B ratio of less than 1, many investors are likely to question the appropriateness of executives receiving fixed remuneration.
Incorporating TSR into the compensation system will likely motivate companies to increase shareholder returns, which is a good thing if it leads to the return of unused cash to shareholders.
As long as fixed compensation remains high, there won’t be much incentive to put a lot of cash into growth investments that boost corporate value.

💡 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

Aug 04

Daily Brief Consumer: KT&G Corporation, Laopu Gold, Dentsu Inc, Smart Share Global, Royal Caribbean Cruises, Meituan, TVS Motor , Mondelez International, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

60 Stocks Screened by Tax Draft Setup — Short-Term Policy Flow Targets
Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices
Dentsu Group (4324 JP): Global Index Deletion Likely
Smart Share Global (EM US): MBO Firmed
Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal
Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!
ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork
TVS Motor (TVSL) – The Juggernaut; Solid Outlook
Mondelez International: Emerging Market Contributions As A Critical Growth Engine!
Will the Incorporation of TSR into the Remuneration System Affect Cash Allocation?

60 Stocks Screened by Tax Draft Setup — Short-Term Policy Flow Targets

By Sanghyun Park

Revisions to the draft are almost certain, but near-term flows will still trade off the current framework—so screening now helps front-run likely winners before the final version lands.
Out of 386 stocks with FY1/FY2 consensus data, 60 names screen in based on FY2: payout ≥40% or ≥25% with DPS up 5%+ vs. 3Y avg.
This tax reform will still drive near-term KOSPI flow—these screened names are core policy plays worth building setups around.

Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices

Laopu Gold (6181 HK) missed global index inclusion in May following completion of full circulation. The primary placement in May then improved chances of index inclusion in August.
The stock rose nearly 60% in the 2 months following the placement and has lost more than a third of its value from the peak in the last month.
The stock could be added to both global indices with one inclusion at the end of August and one in mid-September. That could provide short-term support for the stock.

Dentsu Group (4324 JP): Global Index Deletion Likely

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.

Smart Share Global (EM US): MBO Firmed

By David Blennerhassett

Nearly seven months after Smart Share (EM US), the largest provider of mobile device charging services in China, announced a preliminary non-binding proposal, a firm Offer has been entered into.
Terms remains the same as the indicative NBIO: US$0.625/share (US$1.25/ADS), a 74.8% premium to last close. The Offeror comprises a consortium led by Mars Guangyuan Cai, Chairman and CEO.
Timing from here? Perhaps three to four months, or late November completion by my estimate.

Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal

By Arun George

Smart Share Global (EM US) has entered into a definitive merger agreement for a Trustar Capital-sponsored MBO at US$1.25 per ADS.
The proposal is conditional on regulatory approvals (low risk), shareholder approval (effectively done) and a maximum dissenting condition (likely to be waived).
This is a done deal. At the last close and for the end of December payment, the gross/annualised spread is 7.8%/20.1% (3.5%/8.7% including an ADS cancellation fee).

Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!

Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial metrics largely driven by strong consumer demand and strategic operational enhancements.
The company exceeded expectations with adjusted earnings per share reaching $4.38, which is a 36% increase compared to last year, surpassing guidance by $0.33.
A key contributor was a robust 5.2% growth in net yields, driven by strong close-in bookings and a split between new and existing fleet contributions.

ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, India deal flow remains strong, with HK A/H listing starting to flow in again.
On the placements front, WuXi AppTec (2359 HK) undertook a mega raising, while Prosus NV (PRX NA) has begun to pare its stake in Meituan (3690 HK).

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

By Sreemant Dudhoria,CFA

TVS Motor (TVSL IN) posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.
Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.
But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.

Mondelez International: Emerging Market Contributions As A Critical Growth Engine!

Mondelez International’s latest financial results present a mixed picture with both strengths and challenges for potential investors to consider.
During the second quarter of 2025, the company achieved promising outcomes overall, but encountered significant regional disparities.
On the positive side, Mondelez reported strong global balance, driven by impressive performance outside North America.

Will the Incorporation of TSR into the Remuneration System Affect Cash Allocation?

By Aki Matsumoto

With nearly half of companies listed on TSE having a P/B ratio of less than 1, many investors are likely to question the appropriateness of executives receiving fixed remuneration.
Incorporating TSR into the compensation system will likely motivate companies to increase shareholder returns, which is a good thing if it leads to the return of unused cash to shareholders.
As long as fixed compensation remains high, there won’t be much incentive to put a lot of cash into growth investments that boost corporate value.

💡 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

Aug 04

Most Read: Ricoh Company Ltd, CG Power and Industrial Solutions, KT&G Corporation, Laopu Gold, SK Hynix, HKBN Ltd, Fisher & Paykel Healthcare Cor, Krosaki Harima, Taiwan Semiconductor (TSMC) – ADR, Dentsu Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Ricoh (7752 JP): Potential Global Index Deletion in August
India: Potential Free Float Changes & Passive Flows in August
60 Stocks Screened by Tax Draft Setup — Short-Term Policy Flow Targets
Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices
Inside Samsung’s HBM3E Chicken Game
HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)
Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200
Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount
Dentsu Group (4324 JP): Global Index Deletion Likely

Ricoh (7752 JP): Potential Global Index Deletion in August

The slide in Ricoh Company Ltd (7752 JP)‘s stock price over the last few months could lead to the deletion of the stock from a global index in August.
Ricoh Company Ltd (7752 JP) has underperformed its peers over the last couple of months and trades cheaper than the average of its peers.
There are indications of positioning in the stock. However, positioning is likely smaller than the estimated passive selling and there could be more downside for the stock near-term.

India: Potential Free Float Changes & Passive Flows in August

Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.

60 Stocks Screened by Tax Draft Setup — Short-Term Policy Flow Targets

By Sanghyun Park

Revisions to the draft are almost certain, but near-term flows will still trade off the current framework—so screening now helps front-run likely winners before the final version lands.
Out of 386 stocks with FY1/FY2 consensus data, 60 names screen in based on FY2: payout ≥40% or ≥25% with DPS up 5%+ vs. 3Y avg.
This tax reform will still drive near-term KOSPI flow—these screened names are core policy plays worth building setups around.

Laopu Gold (6181 HK): Potential Inclusion in Both Global Indices

Laopu Gold (6181 HK) missed global index inclusion in May following completion of full circulation. The primary placement in May then improved chances of index inclusion in August.
The stock rose nearly 60% in the 2 months following the placement and has lost more than a third of its value from the peak in the last month.
The stock could be added to both global indices with one inclusion at the end of August and one in mid-September. That could provide short-term support for the stock.

Inside Samsung’s HBM3E Chicken Game

By Sanghyun Park

Samsung’s playing its old game—sacrificing margins to shake rivals—aiming to disrupt DRAM and win HBM4, assuming it clears NVIDIA’s HBM3E qual test soon.
Local intel says no official word from Samsung yet, but the street thinks qual’s done—hence Samsung’s bold HBM3E tone and oversupply warning on the call.
There’s urgency—Samsung’s undercutting Hynix now to stop them from reinvesting cash into DRAM fab expansion, a playbook Samsung once dominated with.

HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly

By David Blennerhassett

Almost exactly eight months after HKBN Ltd (1310 HK) announced a pre-conditional Offer, China Mobile (941 HK) has now satisfied all pre-cons.
The Offer Doc will be dispatched on or around the 12th August, at which time the Offer will be open for acceptances.
This could turn unconditional early September. Trading tight at a gross spread of 1.5%. Keep in mind a basket of peers are up 23% since the Offer was announced.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Currently six pair trade opportunities across three markets and three sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200

By Arun George

Krosaki Harima (5352 JP) has recommended a preconditional tender offer from Nippon Steel Corporation (5401 JP), the parent, at JPY4,200, a 21.7% premium to the last close price of JPY3,450.
The offer is attractive as it represents an all-time high and is above the mid-point of the special committee IFA DCF valuation range.
The precondition relates to regulatory approvals in Japan and India. The tender offer is expected to start in early February 2026. This is a done deal.

Taiwan Dual-Listings Monitor: TSMC Spread Short Setup, ASE ADR at Historically Rare Discount

By Vincent Fernando, CFA

TSMC: +23.9% Premium; Continued Opportunity to Short the ADR Premium
UMC: -0.4% Discount; Wait for More Extreme Levels Before Going Long or Short
ASE: -1.5% Discount; Historically Rare Discount Presents Opportunity to Long the ADR Spread

Dentsu Group (4324 JP): Global Index Deletion Likely

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.

💡 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 Analytics and News
✓ Events & Webinars

Aug 04

Daily Brief Quantitative Analysis: HK Short Interest Weekly: BYD and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical
HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi
A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank
TWSE Short Interest Weekly (Aug 1st): Nan Ya Plastics, Taishin Financial, Wistron, ASE Industrial
TWSE Foreign Holding Weekly (Aug 1st): TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial
KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER
STAR50 Index Earning Revision (Jul): Xinjiang Daqo, Hwatsing Technology, Jinko Solar, Transsion
Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X
Bursa Short Interest Weekly (Aug 1st): YTL, Gamuda, Tenaga Nasional, PPB, Cahya Mata Sarawak
HSI Index Earning Revision (Jul): Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu

HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical

We analyzed the latest HK SFC report for aggregate short position as of Jul 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, TraHK HSI ETF, Sino Biopharmaceutical.

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.

A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.
The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.
We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.

TWSE Short Interest Weekly (Aug 1st): Nan Ya Plastics, Taishin Financial, Wistron, ASE Industrial

We analyzed the changes in short interest of TWSE Stocks as of Aug 1st. The aggregated short interest was USD25.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Nan Ya Plastics, Taishin Financial, Wistron, ASE Industrial, King Yuan Electronics, Nan Ya Plastics, Taishin Financial, Wistron, ASE Industrial, King Yuan Electronics.

TWSE Foreign Holding Weekly (Aug 1st): TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial

We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 1st. The aggregated holding was USD1,155.3bn.
We estimate that foreign flows to be inflows of USD659mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial, MediaTek, TSMC, Quanta Computer, Hon Hai Precision, Taishin Financial, Mediatek.

KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

We analyzed the changes in foreign holdings of KRX stocks as of Aug 1st. The aggregated holding was USD626.1bn.
We estimate that foreign flows to be inflows of USD2,003mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..

STAR50 Index Earning Revision (Jul): Xinjiang Daqo, Hwatsing Technology, Jinko Solar, Transsion

We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index’s EPS, stocks’ EPS revision, and revenue revision.
We highlighted EPS revision on Xinjiang Daqo, Hwatsing Technology, Jinko Solar, Transsion, Montage Technology.

Thailand Short Interest Weekly (Aug 1st): Intouch, Bumrungrad Hospital, VGI, SCB X

We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 1st. We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Bumrungrad Hospital, VGI, SCB X, Home Product Center, Bumrungrad Hospital, Home Product Center, Vgi, Scb X.

Bursa Short Interest Weekly (Aug 1st): YTL, Gamuda, Tenaga Nasional, PPB, Cahya Mata Sarawak

We analyzed the changes in short interest of Bursa stocks as of Aug 1st. The aggregated short interest is USD397m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in YTL, Gamuda, Tenaga Nasional, PPB, Cahya Mata Sarawak.

HSI Index Earning Revision (Jul): Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu