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Smartkarma Daily Briefs

Jul 30
0

Daily Brief Singapore: Delfi Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • 55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

By Devi Subhakesan

  • Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
  • The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
  • A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.

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Jul 30
0

Daily Brief United States: BP , Apple , Microsoft Corp, NVIDIA Corp, Whitefiber, Crude Oil, Natural Gas, Base Oil, International Public Partnerships, Proassurance Corp and more

By | Daily Briefs, United States

In today’s briefing:

  • [Earnings Preview] BP Set for Mixed Q2 as Strong Refining and Trading Offset Price Pressures
  • AAPL Q3 Earnings: Misses Are Rare, But Performance a Red Flag
  • MSFT Q4 Earnings: Exceedingly Calm Trading Drags Implied Vol Lower
  • Market Extended Entering Seasonally Weak August; Meaningful Pullback Imminent? Not Likely
  • WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus
  • [WTI Options Weekly 2025/30] WTI Slips Again as Supply Concerns Outweigh Trade Optimism
  • [Henry Hub Options Weekly 2025/30] Henry Hub Tumbled as Supply Surged and Sentiment Shifted
  • Global base oils arb outlook: Week of 28 July
  • International Public Partnerships — Significant new investment opportunity
  • State-Level Regulatory Risks Pose Significant Challenges in TDC’s Acquisition of ProAssurance, Market Underestimates Potential Hurdles

[Earnings Preview] BP Set for Mixed Q2 as Strong Refining and Trading Offset Price Pressures

By Suhas Reddy

  • BP’s Q2 2025 revenue is expected to drop 10% QoQ and 10.7% YoY. However, its EPS is projected to rise by 30.8% QoQ but fall by 32% YoY.
  • Lower oil and gas realizations are expected to drag earnings by up to USD 1.1 billion, but strong refining margins and oil trading performance could offset the blow.
  • Options positioning reflects mild bullish sentiment, with traders favouring calls near current levels, suggesting expectations of a modest post-earnings upside.

AAPL Q3 Earnings: Misses Are Rare, But Performance a Red Flag

By John Ley

  • AAPL has been an underperformer since its last earnings report which stands out against the backdrop of a stock that rarely misses earnings expectations.
  • We take a closer look at implied volatility and the earnings-day move priced by the options market.   
  • Volatility metrics and historical earnings reactions are analyzed to help frame expectations.  

MSFT Q4 Earnings: Exceedingly Calm Trading Drags Implied Vol Lower

By John Ley

  • MSFT is set to report Q4 earnings after the market close on Wednesday, July 30.
  • We examine the implied volatility and projected earnings-day move following a near 30% rally since the last report.
  • Volatility metrics and historical earnings reactions are analyzed to help frame expectations.

Market Extended Entering Seasonally Weak August; Meaningful Pullback Imminent? Not Likely

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
  • We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and SPX is above 6028-6059 (up from 5700-5785 as it is highly unlikely to be tested).
  • Some will point to August seasonality as a reason to be cautious; we simply are not seeing any signs that suggest a meaningful pullback is imminent.

WhiteFiber, Inc. (WYFI): AI Infrastructure Company Sets Terms for IPO, Data Centers in Focus

By IPO Boutique

  • WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
  • They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.
  • They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of  28.7% to 42.3%, respectively.

[WTI Options Weekly 2025/30] WTI Slips Again as Supply Concerns Outweigh Trade Optimism

By Suhas Reddy

  • WTI crude declined 1.4% for the week ending 25/Jul, pressured by oversupply concerns and renewed U.S. tariff threats, despite midweek gains from inventory draws and trade optimism.
  • The U.S. rig count fell by two to 542, marking its twelfth weekly fall in thirteen weeks. Oil rigs by seven to 415, marking its thirteenth consecutive weekly fall.
  • WTI OI PCR remained at 0.96 on 25/Jul compared to 18/Jul. Call OI inched up by 3.1% WoW, while put OI rose by 3.8%.

[Henry Hub Options Weekly 2025/30] Henry Hub Tumbled as Supply Surged and Sentiment Shifted

By Suhas Reddy

  • For the week ending 25/Jul, Henry Hub dropped 12.8% on the back of mild weather forecasts, record output, and stagnant LNG flows.
  • For the week ending 18/Jul, the EIA reported that U.S. natural gas inventories rose by 23 Bcf, lower than analyst expectations of a 28 Bcf build.
  • Henry Hub OI PCR fell to 0.84 on 25/Jul compared to 18/Jul. Call OI grew by 6.5% WoW, while put OI rose by 3.2%.

Global base oils arb outlook: Week of 28 July

By Iain Pocock

  • India’s imported Group I heavy neutrals base oils cargo price strengthens relative to FOB Asia and Europe prices in July 2025.
  • India’s rising price-differential for Group I SN 500 follows drop in availability of the supplies from Iran especially in recent months.
  • India’s imports of Group I heavy neutrals fall to eighteen-month low in June 2025, mostly because of drop in supplies from Middle East.

International Public Partnerships — Significant new investment opportunity

By Edison Investment Research

International Public Partnerships (INPP) has been selected as a preferred bidder on the Sizewell C nuclear power station, a landmark infrastructure project critical to strengthening the UK’s energy security and to meeting the government’s net zero targets. INPP will take a c 3% equity stake in the Sizewell C regulated company and has committed to invest c £250m over the next five years. It expects to fund this through capital recycling, with the share repurchase programme remaining in place. The investment is structured under a regulated model and is expected generate predictable, long-term, inflation-linked cash flows, protected against construction and nuclear-specific risks, and provide capital upside. We expect the ability to recycle capital into attractive, new, long-term investment opportunities, in addition to its immediately accretive share repurchases, to support a continued re-rating of INPP shares.

State-Level Regulatory Risks Pose Significant Challenges in TDC’s Acquisition of ProAssurance, Market Underestimates Potential Hurdles

By Special Situation Investments

  • The merger involves TDC acquiring ProAssurance for $25/share, creating a combined 16% market share in medical malpractice insurance.
  • California regulatory concerns arise due to the combined entity’s 65% market share, potentially impacting merger approval.
  • TDC’s offer price was contingent on regulatory outcomes, with PRA rejecting a structure tying price to regulatory conditions.

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Jul 30
0

Daily Brief China: CK Hutchison Holdings, China Huarong Asset Management, WuXi AppTec, Ab&B Bio-Tech, SJM Holdings and more

By | China, Daily Briefs

In today’s briefing:

  • CKH (1 HK): Intervention Towards Securing Participation
  • China Citic Financial (2799 HK): Global Index Inclusion as Valuation Blows Out
  • WuXi AppTec (2359.HK/603259.CH) 25H1 – The Turning Point of Performance Has Been Confirmed
  • Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying
  • WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise
  • Lucror Analytics – Morning Views Asia

CKH (1 HK): Intervention Towards Securing Participation

By David Blennerhassett

  • Inviting a PRC investor to join the bidding consortium as a significant member, as opposed to a majority player, appears the panacea to get this port deal over the line. 
  • Although CK Hutchison Holdings (1 HK) stopped short of naming the investor, China’s state-owned shipping conglomerate Cosco is widely expected/rumoured to join BlackRock and Swiss-Italian shipping company MSC.
  • Participation through effective intervention? Cosco’s involvement should all-but seal Chinese regulatory approvals. The green light from the US administration, the EU, and other jurisdictions, will pivot off how much involvement. 

China Citic Financial (2799 HK): Global Index Inclusion as Valuation Blows Out

By Brian Freitas

WuXi AppTec (2359.HK/603259.CH) 25H1 – The Turning Point of Performance Has Been Confirmed

By Xinyao (Criss) Wang

  • The trend of performance reversal of WuXi AppTec is clear. The core driving force comes from the explosive growth of TIDES business and the disposal of WuXi XDC shares.
  • Based on strong performance in 25H1, WuXi AppTec expects full-year total revenue of RMB42.5-43.5 billion, up from the prior RMB41.5-43.0 billion. We shared our forecast for the next three years
  • There is a “valuation discount” to reflect geopolitical risks. WuXi AppTec (A-share) is expected to have more upside as the next stage of rise may come more from A-share market

Ab&B Bio-Tech (中慧生物) Pre-IPO: PHIP Updates Suggest Competition Intensifying

By Ke Yan, CFA, FRM

  • China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing. The joint book runners are CITIC and CMBI.
  • In our previous insight, we looked at the story that the company is trying to sell and the influenza vaccine market.
  • In this insight, we look at the latest updates in its PHIP filing.

WuXi AppTec (2359 HK): Accelerated Growth and Margin Improvement in 1H; Full-Year Guidance Raise

By Tina Banerjee

  • WuXi AppTec (2359 HK) has announced better-than-expected 1H25 result, with revenue increasing 21% YoY to RMB21B and adjusted net profit jumping 44% YoY to RMB6B.
  • 1H result was mainly driven by late‑stage clinical and commercial projects. Amid continuous capacity expansion, order backlog reached RMB57B as of June 30, 2025, up 37% YoY.
  • With ongoing demand of the customers and solid execution demonstrated by CRDMO business model in 1H25, Wuxi AppTech raised 2025 revenue growth guidance to 13–17% from 10–15%.

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: SJM Holdings, Yinson Production, Adani Green Energy
  • Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.
  • Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.

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Jul 30
0

Daily Brief Japan: Hogy Medical, GMO Internet, JTC Inc/Fukuoka, Kasumigaseki Hotel REIT, Renesas Electronics, Iyogin Holdings , Sms Co Ltd, Matsui Securities, Entrust Inc, Geechs Inc and more

By | Daily Briefs, Japan

In today’s briefing:

  • [Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction – Totally Unsurprising
  • GMO Internet (4784) – GMO Internet Parent Has Been SELLING In The Market
  • A Tender Offer of JTC by Affirma Capital
  • Kasumigaseki Hotel REIT IPO: Lags in Size but Priced at a Discount
  • Renesas 2Q25: Revenue Inflexion Is Visible but Management Cautious
  • Japanese Midcap Banks – Iyogin Holdings (5830 JP) Is Our Top Pick
  • Sms Co Ltd (2175 JP): Q1 FY03/26 flash update
  • Matsui Securities (8628 JP): Q1 FY03/26 flash update
  • Entrust Inc (7191 JP): Q1 FY03/26 flash update
  • Full Report – GEECHS (7060 JP) – July 17, 2025

[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction – Totally Unsurprising

By Travis Lundy

  • Hogy Medical (3593 JP)‘s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.
  • I discussed it here. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.
  • The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.

GMO Internet (4784) – GMO Internet Parent Has Been SELLING In The Market

By Travis Lundy

  • I have harped on the fact that GMO Internet Group (9449 JP) has to sell GMO Internet (4784 JP) shares with the goal to get 35% tradable shares by end-2025.
  • I have written about it here, here, here, and here. The price needs to be lower so the parent can launch a HUGE block. The stock must be less squeeze-able.
  • It turns out the parent started selling in the market the day after the Offering was cancelled. The setup is delicious now.

A Tender Offer of JTC by Affirma Capital

By Douglas Kim

  • On 28 July, it was announced that Affirma Capital will conduct a tender offer of JTC Inc/Fukuoka (950170 KS) which is a Japanese duty free operator listed on KOSDAQ. 
  • This follows the exercise of a call option on all shares held by former JTC Chairman Gu Cheol-mo. 
  • Despite some recent concerns about travelling to Japan due to Manga driven fears about earthquakes, there are some clear longer term signs that the global travelers visiting Japan are increasing.

Kasumigaseki Hotel REIT IPO: Lags in Size but Priced at a Discount

By Nicholas Tan

Renesas 2Q25: Revenue Inflexion Is Visible but Management Cautious

By Nicolas Baratte

  • 2Q is inline, revenue and margins look like a beat but that’s weaker JPY and higher utilization as the firm is increasing inventory, expecting a better 2H25. 
  • 3Q guide is flat QoQ, the YoY recovery continues (2Q -9%, 3Q -4%). For 4Q, management expects a “modest” flattish or slight increase QoQ, which implies at least +13% YoY
  • The stock is cheap, but “overall demand for automotive, we still have no clue as to how that will unfold” and short-term, Auto growth depends on China

Japanese Midcap Banks – Iyogin Holdings (5830 JP) Is Our Top Pick

By Victor Galliano

  • We update our views on ten Japanese midcap banks focusing on those with large strategic shareholdings relative to market value, as well as beneficiaries of the improving interest rate outlook
  • Our top-rated pick is Iyogin Holdings (5830 JP), with its constructive mix of large strategic holdings, attractive valuations including PTBV ratio and healthy gearing to higher interest rates
  • We also retain Hokuhoku Financial and Hachijuni Bank as buys; Hokuhoku has yet to realize its large strategic holdings whilst Hachijuni has reached its target level for cross-holdings reduction

Sms Co Ltd (2175 JP): Q1 FY03/26 flash update

By Shared Research

  • Sales increased by 7.2% YoY to JPY18.7bn, with operating profit up 20.5% YoY to JPY3.6bn.
  • Kaipoke platform service sales grew 14.1% YoY, driven by increased member locations and expanded optional services usage.
  • Global Career business sales fell 10.4% YoY, impacted by high prior-year comparison and geopolitical instability.

Matsui Securities (8628 JP): Q1 FY03/26 flash update

By Shared Research

  • Net operating revenue increased to JPY10.7bn (+13.4% YoY; +21.6% QoQ), with operating profit at JPY4.7bn (+10.2% YoY; +47.7% QoQ).
  • Total commissions rose to JPY5.2bn (+0.5% YoY; +9.9% QoQ), with brokerage commissions at JPY5.0bn (+1.1% YoY; +10.9% QoQ).
  • SG&A expenses increased to JPY6.0bn (+16.0% YoY; +7.0% QoQ), with personnel expenses up 25.7% YoY and 25.3% QoQ.

Entrust Inc (7191 JP): Q1 FY03/26 flash update

By Shared Research

  • Revenue increased 15.9% YoY to JPY2.9bn, driven by growth in rent guarantee services, despite Solution business decline.
  • Operating profit rose 22.0% YoY to JPY660mn, with an OPM increase of 1.1pp YoY to 22.9%.
  • Total contracts in force reached 482,000, with Guarantee business contracts up 19.9% YoY, Solution business contracts down 23.8% YoY.

Full Report – GEECHS (7060 JP) – July 17, 2025

By Sessa Investment Research

  • GEECHS Inc. (hereafter, “the Company”) ’s core business is the IT Human Resources Matching Business, Japan (hereafter, “Japan IT HRM Biz”), that matches companies that want to outsource work to outside workers with IT freelancers who want to do that work, and the Company receives a matching fee.
  • By leveraging the expertise of experienced professional career advisors, highly precise coordination using visualization tools, and next-generation talent development through Seed Tech, the Company provides end-to-end support for client DX and AI projects.

  • The Company completed its acquisition of Alive Inc. and streamlined its business portfolio, transforming itself into a company focused exclusively on the IT human resources business starting in FY2026/3. 

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Jul 30
0

Daily Brief India: NSDL, Hitachi Energy India, Aditya Infotech Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation
  • Hitachi Energy India (POWERIND IN): Powering into a Global Index in August
  • Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

National Securities Depository Limited (NSDL) IPO – Peer Comparison and Thoughts on Valuation

By Sumeet Singh

  • NSDL (NSDL IN) is looking to raise around US$460m in its upcoming India IPO.
  • It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
  • In this note, we undertake a peer comparison and talk about valuations.

Hitachi Energy India (POWERIND IN): Powering into a Global Index in August

By Brian Freitas

  • A big rally in Hitachi Energy India (POWERIND IN) this year could lead to the stock being added to a global index in August.
  • Hitachi Energy India (POWERIND IN) has outperformed its peers and now trades at significantly higher valuations compared to its peer group.
  • There is positioning in the stock and early entrants could be looking to unwind some of their holdings over the next couple of weeks.

Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

By Himanshu Dugar

  • Company operates home grown CCTV brand ‘CP PLUS’. Also the sole distributor for Zhejiang Dahua Technology A (002236 CH) in India. Dahua is also its primary components supplier.
  • Expect 15-25% revenue growth vs 16% for industry with operating margins gradually improving to 10% translating to FY26E earnings range of 20-24.
  • Company is raising 1,300cr (500cr fresh and 800cr OFS) at implied multiple of ~30x in line with valuation paid by Dixon Technologies India Ltd (DIXON IN) for its 6.5% stake.

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Jul 29
0

Daily Brief TMT/Internet: Topcon Corp, Samsung Electronics, Figma, Ambiq Micro, SK Hynix, Ono Sokki, Manhattan Associates, Pegasystems Inc, Readcloud Ltd and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • [Japan M&A] – KKR Launches Still-Too-Light Topcon (7732) Deal
  • My Take on Samsung’s Big Foundry Deal with Tesla
  • Samsung Electronics Clinches a Huge Chip Contract from Tesla
  • Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO
  • Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business
  • Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift
  • Ono Sokki (6858 JP): 1H FY12/25 flash update
  • Manhattan Associates: Initiation of Coverage- Surging Ahead with 22% Cloud Growth—Is This Just the Beginning?
  • Pegasystems Partners with AWS & Bets Big on GenAI—Is This the Next Tech Breakout?
  • Readcloud Ltd – Driving growth through schools

[Japan M&A] – KKR Launches Still-Too-Light Topcon (7732) Deal

By Travis Lundy

  • In December-2024, this deal was mooted and it came out as expected. But the implied growth in management forecasts was higher than expected so the price came in quite light.
  • In March when the deal was announced, it seemed like a tough call, but three weeks later Value Act decided they would tender, but would reinvest in the back end.
  • The deal is now approved, and launches tomorrow. It gets done, I expect, but it is not a model deal other than being one showing the loopholes available to buyers.

My Take on Samsung’s Big Foundry Deal with Tesla

By Sanghyun Park

  • The A16 chip Samsung fabs is mainly for real-time inference in Tesla’s FSD cars, not data-center training, which remains dominated by Dojo and NVIDIA hardware.
  • If Tesla’s deal includes AI chips with HBM, it’s a major catalyst; if just A16, it’s not proof HBM yield issues are solved.
  • Tesla’s deal isn’t a sure sign Samsung’s HBM4 passed NVIDIA’s qual tests, but it’s a key reference boosting market hype—time to consider a Samsung long, SK Hynix short setup.

Samsung Electronics Clinches a Huge Chip Contract from Tesla

By Douglas Kim

  • On 28 July, it was reported that Samsung Electronics (005930 KS) clinched a huge chip contract worth $16.5 billion from Tesla (TSLA US). 
  • This is a major win for Samsung Electronics since it is one of the largest foundry orders for the company from a single customer in the past decade.
  • Samsung Electronics is trading at attractive valuations. It is trading at P/E of 12.3x, P/B of 1.0x, and EV/EBITDA of 3.6x in 2026, based on consensus estimates.

Figma Inc (FIG): Range Boosted As Blow-Out Demand Comes in for High-Profile Software IPO

By IPO Boutique

  • Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares  and is scheduled to debut on July 31st.
  • One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size. 
  • The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.

Ambiq Micro, Inc. (AMBQ): IPO Facing Challenges, Revenue Growth Stagnant Amidst Changes to Business

By IPO Boutique

  • The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. 
  • While order flow has come in steady for this IPO, some of our sources are taking a ‘wait-and-see’ approach. 
  • The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.

Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift

By Vincent Fernando, CFA

  • From Cycles to Systems: Memory’s Pivot to Strategic AI Infrastructure
  • SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen
  • Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories

Ono Sokki (6858 JP): 1H FY12/25 flash update

By Shared Research

  • Orders increased by 4.4% YoY to JPY7.4bn, with Measuring Equipment orders at JPY2.2bn and Custom Order Test Equipment at JPY5.2bn.
  • Sales rose 24.8% YoY to JPY6.3bn, despite project postponements, with a gross profit margin decline of 1.1pp to 43.0%.
  • Operating loss narrowed by JPY398mn YoY, while net loss expanded by JPY1.0bn due to absence of extraordinary gains.

Manhattan Associates: Initiation of Coverage- Surging Ahead with 22% Cloud Growth—Is This Just the Beginning?

By Baptista Research

  • Manhattan Associates delivered a robust performance in the second quarter of 2025, with financial results surpassing expectations.
  • The company reported total revenue of $272 million, representing a 3% increase from the previous year.
  • A key driver was the impressive 22% growth in cloud revenue, which reached $100 million.

Pegasystems Partners with AWS & Bets Big on GenAI—Is This the Next Tech Breakout?

By Baptista Research

  • Pegasystems reported its second-quarter 2025 financial performance, showing several positives and some challenges.
  • The company has illustrated a promising trajectory with the implementation of its AI strategy and its effects on both revenue and customer engagement.
  • A key highlight is the company’s annual contract value (ACV) growth, which increased by 16% year-over-year as reported and 14% in constant currency.

Readcloud Ltd – Driving growth through schools

By Research as a Service (RaaS)

  • ReadCloud Limited (ASX:RCL) services the education sector through the provision of digital learning content, proprietary interactive technology, and support for students and educators.
  • The company delivered a solid June quarter, recording a 35% increase in cash receipts over the previous corresponding period (pcp) to $4.6m and maintaining disciplined cost control at the operating level.
  • Its VET-in-Schools segment continues to grow strongly with a 27% revenue uplift and high gross margins (>90%) to date in FY25.

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Jul 29
0

Daily Brief Utilities: Adani Energy Solutions, Nextera Energy and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • NextEra Energy: An Insight Into Its Nuclear Development Opportunities & Key Growth Levers!

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • UST yields were largely stable on Friday, after long-dated yields erased 3-4 bps of increases during the day.
  • The UST curve flattened marginally, with the yield on the 2Y UST rising 1 bp to 3.92%, while the yield on the 10Y UST declined 1 bp to 4.39%.
  • The S&P 500 rose for the fifth straight day, and was up 0.4% at 6,389. 

NextEra Energy: An Insight Into Its Nuclear Development Opportunities & Key Growth Levers!

By Baptista Research

  • NextEra Energy, Inc.’s second quarter 2025 earnings presented a mixed picture of the company’s current financial performance and strategic positioning.
  • From a financial perspective, the company delivered robust results, with adjusted earnings per share (EPS) increasing by 9.4% year-over-year for the quarter and 9.1% for the first half of 2025.
  • This growth was mainly driven by strong performances at Florida Power & Light Company (FPL) and NextEra Energy Resources, as well as strategic infrastructure investment, which appears to be paying dividends.

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Jul 29
0

Daily Brief Energy/Materials: Rio Tinto Ltd, Copper, Imdex Ltd, Crude Oil, Rex International Holding, Shin Etsu Chemical, Base Oil, Weatherford International , Matador Resources Co, Range Resources and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Rio Tinto (RIO AU) 1H25 Results on 30 July: Earning Yield from Volatility Premium
  • Possibilities To Play “The Copper Trade”
  • Imdex Ltd – The Overnight Report: Tariff Reality Bites
  • Global Commodities: Is volatility cheap in September?
  • New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries
  • Shin-Etsu Chemical: Full Year Guidance Disappoints
  • Asia base oils demand outlook: Week of 28 July
  • Weatherford International: Is It Capitalizing Well Enough On TheCross-Selling Opportunities Across A Diversified Product Portfolio?
  • Matador Resources: An Insight Into Its Midstream Expansion, Rig Activity & Production Strategy!
  • Range Resources Corporation: Strategic Growth

Rio Tinto (RIO AU) 1H25 Results on 30 July: Earning Yield from Volatility Premium

By Gaudenz Schneider

  • Rio Tinto Ltd (RIO AU) / (RIO LN) / (RIO US) is scheduled to report its 2025 half year results on Wednesday, 30 July 2025 at 16:15 AEST.
  • Actionable Option Strategy: Options imply a move noticeably larger than the historical average, opening up a potential short-term yield opportunity. Trade setup discussed in detail.
  • Why Read: The Insight outlines yield-focused short-vol strategies, the expected volatility crush, and a forecast for Rio’s interim dividend based on payout policy and timing.

Possibilities To Play “The Copper Trade”

By The Commodity Report

  • The copper trade still gets lots of attention. Reason for us to dig a little deeper and evaluate emerging opportunities.

  • Let’s also evaluate the “fundamental” reason market participants have why COMEX Copper is so much pricier than LME copper…

  • The announcement of a 50% tariff on imported refined copper into the US has triggered a widening of the COMEX-LME-Spread from 11% to 27%.

Imdex Ltd – The Overnight Report: Tariff Reality Bites

By FNArena

  • European markets turned negative as sentiment following the US trade tariiff deal moved to ‘not great’ from ‘better than expected’.
  • The Nasdaq edged to a new high, but enthusiasm across the board was weak.
  • ASX futures are suggesting a soft start as Australia and other countries remain in the US line of sight for blanket 15%-20% tariffs.

Global Commodities: Is volatility cheap in September?

By At Any Rate

  • Trump’s 50-day ultimatum to Russia expires on September 2nd, potentially leading to sanctions and increased weapons supplies to Ukraine
  • EU’s new price cap on Russian crude takes effect on September 3rd, aiming to curtail Russia’s energy revenues and strengthen anti-circumvention measures
  • Snapback provisions on Iran could be triggered in September, adding to global oil price volatility and uncertainty

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries

By Geoff Howie

  • Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24.
  • Four primary-listed companies conducted share buybacks totaling S$29.8 million, led by United Overseas Bank’s repurchase of 800,000 shares.
  • Ginko-AGT Global Growth Fund increased its stake in ISOTeam, acquiring 5,986,600 shares at S$0.086 each.

Shin-Etsu Chemical: Full Year Guidance Disappoints

By Graeme Cunningham

  • Shin-Etsu Chemical’s fiscal Q1/26 results were inline with expectations, with EBIT down -12.6% yoy as margins declined yoy for all of its divisions 
  • However, FY26E guidance disappointed markets, with a -14.4% decline in operating income, well below consensus’ already weak 0.6% forecast, and the stock fell -9.5%
  • Shin-Etsu has trades at a P/B premium to the Japan chemical sector even with a lower ROE, providing limited valuation support especially given a weak operating outlook 

Asia base oils demand outlook: Week of 28 July

By Iain Pocock

  • Asia’s base oils demand could get support as buyers focus on locking in supply to cover requirements during final weeks of Q3 2025.
  • Dynamic would highlight disconnect between typical seasonal slowdown in lube demand in month of August and need to secure base oils supplies to meet pick-up in demand at end of third quarter.
  • Expectations of sufficient supply could prompt buyers to maintain balanced inventories rather than to seek larger stocks.

Weatherford International: Is It Capitalizing Well Enough On TheCross-Selling Opportunities Across A Diversified Product Portfolio?

By Baptista Research

  • Weatherford International’s second quarter 2025 financial results reveal a company operating amidst industrywide challenges but demonstrating resilience through strategic measures.
  • The company experienced various regional performances, with notable market conditions impacting outcomes, such as the reduced revenues in North America due to Canada’s seasonal spring breakup and divestitures in Argentina.
  • These circumstances, alongside an unstable Mexican market that has stabilized but is expected to see a 60% decline in activity for the year, influenced overall performance.

Matador Resources: An Insight Into Its Midstream Expansion, Rig Activity & Production Strategy!

By Baptista Research

  • Matador Resources Company reported a solid financial and operational performance in the second quarter of 2025, attributing its success to significant contributions from its leadership team and strategic initiatives.
  • The company emphasized its commitment to increasing both production and free cash flow in tandem, highlighting a strong financial foundation bolstered by a $1.8 billion available line of credit.
  • This financial flexibility supports the company’s drilling and cash flow opportunities.

Range Resources Corporation: Strategic Growth

By Baptista Research

  • Range Resources Corporation reported strong financial and operational performance for the second quarter of 2025, driven by consistent well performances and several efficiency gains across operations.
  • The company demonstrated significant free cash flow generation, allowing for shareholder returns and bolstering its long-term growth strategy amid a rising demand environment for natural gas and natural gas liquids (NGLs).
  • Key positive highlights include the execution of efficient operations, which resulted in lower-than-anticipated capital expenditures, enabling Range Resources to revise its capital guidance.

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Jul 29
0

Daily Brief Industrials: Doosan Enerbility, Firefly Aerospace, Canadian National Railway , Rex International Holding, General Electric , Aditya Infotech Ltd, Pentair Plc, GE Vernova , Enphase Energy, Airbus Group SE and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade
  • Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation
  • CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?
  • New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries
  • General Dynamics: Technological Advancements & Strategic Partnerships Are Paving The Way Forward!
  • Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
  • Pentair Plc.: Initiation Of Coverage- Its Market Recovery & Product Innovation in Water Solutions Is Catching Our Attention!
  • GE Vernova: Initiation Of Coverage- Powering Ahead with $24 Billion Grid Backlog—Electrification Boom Just Getting Started!
  • Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!
  • AIRBUS SE – Equity Research Flash Note

Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

By Brian Freitas

  • Solactive has announced the constituent changes for the Global Uranium & Nuclear Components Index with implementation at the close on 31 July.
  • Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.
  • There are only 3 trading days to implementation of the changes and we’d watch out for big moves on stocks that have more than 2x ADV to trade.

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

By IPO Boutique

  • They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
  • The company’s principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
  • Revenue in Q2 is up more around 140% versus the same period in 2024 but the company’s net losses continue to mount.

CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?

By Baptista Research

  • Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.
  • The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).
  • Key highlights and challenges from the earnings call offer insights into CN’s operational strategy and market conditions.

New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries

By Geoff Howie

  • Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24.
  • Four primary-listed companies conducted share buybacks totaling S$29.8 million, led by United Overseas Bank’s repurchase of 800,000 shares.
  • Ginko-AGT Global Growth Fund increased its stake in ISOTeam, acquiring 5,986,600 shares at S$0.086 each.

General Dynamics: Technological Advancements & Strategic Partnerships Are Paving The Way Forward!

By Baptista Research

  • General Dynamics has recently reported its second-quarter 2025 earnings, highlighting several key aspects of its financial performance and operational activities.
  • The company recorded earnings of $3.74 per share, surpassing analyst expectations by $0.19, with revenues coming in at $13 billion, marking an 8.9% increase year-over-year.
  • The operational earnings also showed positive growth, rising by nearly 13% to $1.3 billion, while net earnings increased by 12%.

Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation

By Akshat Shah

  • Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
  • Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Pentair Plc.: Initiation Of Coverage- Its Market Recovery & Product Innovation in Water Solutions Is Catching Our Attention!

By Baptista Research

  • Pentair’s second quarter of 2025 showed strong performance across key financial metrics, with record-breaking sales, adjusted operating income, return on sales, and adjusted EPS.
  • Sales grew by 2%, driven largely by the Pool segment with a 9% increase, while adjusted operating income saw a 9% rise.
  • The company’s return on sales expanded by 170 basis points to 26.4%, and adjusted EPS climbed by 14% to $1.39.

GE Vernova: Initiation Of Coverage- Powering Ahead with $24 Billion Grid Backlog—Electrification Boom Just Getting Started!

By Baptista Research

  • GE Vernova’s second-quarter 2025 results reveal a strategic positioning amid soaring demand driven by an era of accelerated electrification and decarbonization.
  • While leveraging expanded capabilities in gas power and grid infrastructure, the company highlighted strong order inflow and backlog across several segments, notably in its Gas Power and Electrification businesses.
  • However, challenges persist, particularly within its Wind segment, and the volatility of larger project demand in Electrification raises notable concerns.

Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!

By Baptista Research

  • Enphase Energy reported its financial results for the second quarter of 2025, which details a mix of positive developments and challenges ahead.
  • The revenue for the quarter was $363.2 million, reflecting a continuation of momentum, though the company did experience a slight increase in microinverter channel inventory levels.
  • The company shipped 1.53 million microinverters and 190.9 MWh of batteries, coupled with a notable gross margin of 49%, although impacted by a 2% margin hit due to tariffs.

AIRBUS SE – Equity Research Flash Note

By VRS (Valuation & Research Specialists)

  • Our estimations for FY 2025 annual revenue range at around €76,084 million and for FY 2026 at around €82,813 million.
  • The company’s annual revenue reached €69,230 million in 2024 compared to €65,446 million in 2023, posting an increase by 5.78%.
  • Airbus’ gross profit for FY 2024 was €10,675 million, increased by 6.28% com- pared to €10,044 million for the corresponding period of 2023.

💡 Before it’s here, it’s on Smartkarma

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

  • ✓ Unlimited Research Summaries
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Jul 29
0

Daily Brief Industrials: Doosan Enerbility, Firefly Aerospace, Canadian National Railway , Rex International Holding, General Electric , Aditya Infotech Ltd, Pentair Plc, GE Vernova , Enphase Energy, Airbus Group SE and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade
  • Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation
  • CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?
  • New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries
  • General Dynamics: Technological Advancements & Strategic Partnerships Are Paving The Way Forward!
  • Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation
  • Pentair Plc.: Initiation Of Coverage- Its Market Recovery & Product Innovation in Water Solutions Is Catching Our Attention!
  • GE Vernova: Initiation Of Coverage- Powering Ahead with $24 Billion Grid Backlog—Electrification Boom Just Getting Started!
  • Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!
  • AIRBUS SE – Equity Research Flash Note

Solactive Global Uranium & Nuclear Components Index Rebalance: Two Adds & US$1.4bn Trade

By Brian Freitas

  • Solactive has announced the constituent changes for the Global Uranium & Nuclear Components Index with implementation at the close on 31 July.
  • Nano Nuclear Energy (NNE US) and Atha Energy Corp (ATHA CN) will be added to the index. Estimated one-way turnover is 16.3% resulting in a round-trip trade of US$1.36bn.
  • There are only 3 trading days to implementation of the changes and we’d watch out for big moves on stocks that have more than 2x ADV to trade.

Firefly Aerospace Inc. (FLY): Space & Defense Company Sets Terms for IPO Seeking $5.5b Valuation

By IPO Boutique

  • They will be offering 16.2mm shares at $35-$39  with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
  • The company’s principal stockholder is private-equity firm AE Industrial which made its initial investment in Firefly Aerospace in 2022 and is a 47.4% stakeholder.
  • Revenue in Q2 is up more around 140% versus the same period in 2024 but the company’s net losses continue to mount.

CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?

By Baptista Research

  • Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.
  • The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).
  • Key highlights and challenges from the earnings call offer insights into CN’s operational strategy and market conditions.

New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries

By Geoff Howie

  • Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24.
  • Four primary-listed companies conducted share buybacks totaling S$29.8 million, led by United Overseas Bank’s repurchase of 800,000 shares.
  • Ginko-AGT Global Growth Fund increased its stake in ISOTeam, acquiring 5,986,600 shares at S$0.086 each.

General Dynamics: Technological Advancements & Strategic Partnerships Are Paving The Way Forward!

By Baptista Research

  • General Dynamics has recently reported its second-quarter 2025 earnings, highlighting several key aspects of its financial performance and operational activities.
  • The company recorded earnings of $3.74 per share, surpassing analyst expectations by $0.19, with revenues coming in at $13 billion, marking an 8.9% increase year-over-year.
  • The operational earnings also showed positive growth, rising by nearly 13% to $1.3 billion, while net earnings increased by 12%.

Aditya Infotech IPO – RHP Updates & Thoughts on Peer Comp and Valuation

By Akshat Shah

  • Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$151m in its India IPO.
  • Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Pentair Plc.: Initiation Of Coverage- Its Market Recovery & Product Innovation in Water Solutions Is Catching Our Attention!

By Baptista Research

  • Pentair’s second quarter of 2025 showed strong performance across key financial metrics, with record-breaking sales, adjusted operating income, return on sales, and adjusted EPS.
  • Sales grew by 2%, driven largely by the Pool segment with a 9% increase, while adjusted operating income saw a 9% rise.
  • The company’s return on sales expanded by 170 basis points to 26.4%, and adjusted EPS climbed by 14% to $1.39.

GE Vernova: Initiation Of Coverage- Powering Ahead with $24 Billion Grid Backlog—Electrification Boom Just Getting Started!

By Baptista Research

  • GE Vernova’s second-quarter 2025 results reveal a strategic positioning amid soaring demand driven by an era of accelerated electrification and decarbonization.
  • While leveraging expanded capabilities in gas power and grid infrastructure, the company highlighted strong order inflow and backlog across several segments, notably in its Gas Power and Electrification businesses.
  • However, challenges persist, particularly within its Wind segment, and the volatility of larger project demand in Electrification raises notable concerns.

Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!

By Baptista Research

  • Enphase Energy reported its financial results for the second quarter of 2025, which details a mix of positive developments and challenges ahead.
  • The revenue for the quarter was $363.2 million, reflecting a continuation of momentum, though the company did experience a slight increase in microinverter channel inventory levels.
  • The company shipped 1.53 million microinverters and 190.9 MWh of batteries, coupled with a notable gross margin of 49%, although impacted by a 2% margin hit due to tariffs.

AIRBUS SE – Equity Research Flash Note

By VRS (Valuation & Research Specialists)

  • Our estimations for FY 2025 annual revenue range at around €76,084 million and for FY 2026 at around €82,813 million.
  • The company’s annual revenue reached €69,230 million in 2024 compared to €65,446 million in 2023, posting an increase by 5.78%.
  • Airbus’ gross profit for FY 2024 was €10,675 million, increased by 6.28% com- pared to €10,044 million for the corresponding period of 2023.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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
Sign Up for Free