All Posts By

Smartkarma Daily Briefs

Daily Brief Japan: Seven & I Holdings, Makino Milling Machine Co, Sodick Co Ltd, Geniee Inc, Toyobo Co Ltd and more

By | Daily Briefs, Japan

In today’s briefing:

  • 7&I (3382) – Artisan Writes (Again) And 7&I Updates (Again) – More Positive Outlook Now
  • Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter
  • Makino Milling Machine (6135 JP): A White Knight Bidder Is Emerging
  • Sodick (6143 JP) – Signalling a Positive Shift
  • Geniee (6562 JP) – SaaS Drives Accelerating Growth, M&A Adds Momentum
  • Toyobo (3101 JP) – Strong Profit Growth Despite One-Off Costs


7&I (3382) – Artisan Writes (Again) And 7&I Updates (Again) – More Positive Outlook Now

By Travis Lundy

  • On Thursday 6 March we got a Nikkei article then a company announcement for Seven & I Holdings (3382 JP)‘s proposed management measures and update on ACT Bid Process.  
  • It involved Isaka-san stepping down, Stephen Dacus stepping up, selling York to Bain for ¥814.7bn, IPOing 7-Eleven US, a ¥2trln share buyback over 5yrs, and ACT process update. 
  • It was OK. Good, bad, and ugly. But Artisan wrote a letter over the weekend and 7&i responded and suddenly, their concerns are mostly addressed and the outlook is different.

Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

By Arun George

  • The Seven & I Holdings (3382 JP) Board has released a public letter to address Artisan Partners’ letter and provide more details on the Alimentation Couche-Tard (ATD CN) constructive engagement. 
  • The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. 
  • However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. 

Makino Milling Machine (6135 JP): A White Knight Bidder Is Emerging

By Arun George

  • Makino Milling Machine Co (6135 JP) has disclosed that it has received initial letters of intent from multiple third parties, reportedly private equity funds, to launch a competing tender offer.
  • My analysis suggests that a white knight bid could be as high as JPY13,284, 20.8% higher than Nidec’s JPY11,000 offer and 10.2% higher than the last close price of JPY12,050.
  • Nidec Corp (6594 JP) will take a wait-and-see approach. However, regardless of whether a white knight bidder emerges, Nidec will eventually have to bump.

Sodick (6143 JP) – Signalling a Positive Shift

By Astris Advisory Japan

  • A turnaround in progress – Q1-4 FY12/24 results were significantly ahead of guidance and a positive surprise, showing a solid recovery YoY with 9.7% sales growth YoY and a return to positive earnings territory.
  • This indicates solid execution of structural reforms, with fixed costs being reduced by streamlining overseas staff and internalizing parts production that were previously outsourced.
  • An uptick in demand in Q4 FY12/24 for both Machine Tools and Industrial Machinery was driven by connectors used in high-density fiber optic connections in the data center and telecommunications sectors. 

Geniee (6562 JP) – SaaS Drives Accelerating Growth, M&A Adds Momentum

By Astris Advisory Japan

  • Geniee delivered accelerating double-digit growth in sales (+40.6% YoY) and normalized OP (+50.8% YoY) with its Q1-3 FY3/25 results.
  • The new Digital PR business (formed following the Social Wire acquisition) is in its early days, but there are signs that it is performing above. forecasts.
  • Coupled with accelerating growth and improving profitability in the Company’s Overseas and Marketing SaaS segment, we think Geniee is turning a corner on its growth trend. 

Toyobo (3101 JP) – Strong Profit Growth Despite One-Off Costs

By Astris Advisory Japan

  • Q3 FY3/25 results showed strong OP recovery (+23.3% YoY), fuelled by price hikes, volume expansion, and cost reduction efforts.
  • Although the OP run rate was 60% of the full-year target, relatively low for Q3, reflecting one-off costs, FY3/25 guidance was maintained.
  • By segment, Films was the largest contributor to segment OP growth (+11.5x YoY), followed by Functional Textiles and Trading, which reduced its segment operating loss. 

💡 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



Daily Brief Industrials: Makino Milling Machine Co, Kuang-Chi Technologies , Iljin Hysolus, SITC International, Sodick Co Ltd, Koninklijke Philips NV, Wilmar International, Hydrofarm Holdings Group Inc, DBS and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Makino Milling Machine (6135 JP): A White Knight Bidder Is Emerging
  • CSI300 Index Rebalance Preview: 7 Changes a Side as Market Trades in a Range
  • An Update on the Potential KOSPI 200 Rebalance Candidates in June 2025
  • SITC International (1308 HK): Another Strong Year, with Excellent Yield
  • Sodick (6143 JP) – Signalling a Positive Shift
  • What’s New(s)) in Amsterdam – 10 March (Philips | Corporate agenda)
  • Institutional Investors Book Highest Net Weekly Inflows Since December
  • Hydrofarm Holdings Group, Inc: 4Q24 Results Reflect Prevailing Industry Headwinds..
  • HLA Chair Kwek Leng Peck Increases Stake After 35% Rise in FY24 Net Profit


Makino Milling Machine (6135 JP): A White Knight Bidder Is Emerging

By Arun George

  • Makino Milling Machine Co (6135 JP) has disclosed that it has received initial letters of intent from multiple third parties, reportedly private equity funds, to launch a competing tender offer.
  • My analysis suggests that a white knight bid could be as high as JPY13,284, 20.8% higher than Nidec’s JPY11,000 offer and 10.2% higher than the last close price of JPY12,050.
  • Nidec Corp (6594 JP) will take a wait-and-see approach. However, regardless of whether a white knight bidder emerges, Nidec will eventually have to bump.

CSI300 Index Rebalance Preview: 7 Changes a Side as Market Trades in a Range

By Brian Freitas

  • There could be 7 changes at the June rebalance with the Information Technology sector gaining 3 index spots and the Materials sector losing 3 spots.
  • We estimate one-way turnover of 1.45% at the rebalance leading to a round-trip trade of CNY 28.1bn (US$3.9bn). There are 6 stocks with over 2x ADV to trade.
  • There have been redemptions in mainland China ETFs over the last couple of months and that leads to a lower impact on the stocks compared to the last rebalance.

An Update on the Potential KOSPI 200 Rebalance Candidates in June 2025

By Douglas Kim

  • We discuss the potential KOSPI 200 rebalance candidates in June 2025. In recent years, there have been some alpha generating stocks arising from the KOSPI 200 rebalances.
  • We include eight companies as potential inclusion candidates including LG CNS,  HD Hyundai Marine Solution, Shift Up, and Hanwha Engine.
  • The top 5 potential deletion candidates for KOSPI 200 rebalance in June 2025 include Iljin Hysolus, Hansae, Foosung, Sam A Aluminum, and TKG Huchems.  

SITC International (1308 HK): Another Strong Year, with Excellent Yield

By Osbert Tang, CFA

  • SITC International (1308 HK)‘s 93.5% profit growth in FY24 is at the top-end of the positive profit alert. A final DPS of HK$1.4 put it on a 7.3% dividend yield. 
  • The FY25 long-term contract rate is expected to rise 10%, with volume growing at least 5% and lower costs. The consensus forecast of a 23.1% earnings decline is too conservative. 
  • Having an ROE of 32% for FY25F, its 12-month forward P/B of 2.46x (vs. average of 2.59x) with net cash equals 5.4% of market capitalisation are inexpensive. 

Sodick (6143 JP) – Signalling a Positive Shift

By Astris Advisory Japan

  • A turnaround in progress – Q1-4 FY12/24 results were significantly ahead of guidance and a positive surprise, showing a solid recovery YoY with 9.7% sales growth YoY and a return to positive earnings territory.
  • This indicates solid execution of structural reforms, with fixed costs being reduced by streamlining overseas staff and internalizing parts production that were previously outsourced.
  • An uptick in demand in Q4 FY12/24 for both Machine Tools and Industrial Machinery was driven by connectors used in high-density fiber optic connections in the data center and telecommunications sectors. 

What’s New(s)) in Amsterdam – 10 March (Philips | Corporate agenda)

By The IDEA!

  • In this edition: • Philips | large Dutch pension funds refrain from seeking financial compensation in apnea affair • Corporate agenda | week 11 – 15

Institutional Investors Book Highest Net Weekly Inflows Since December

By Geoff Howie

  • Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January’s last week.
  • Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.
  • ISDN Holdings’ share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.

Hydrofarm Holdings Group, Inc: 4Q24 Results Reflect Prevailing Industry Headwinds..

By Water Tower Research

  • HYFM is a leading manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA).
  • The company’s products consist primarily of consumable products, such as nutrients and growth media, grow lights, climate control solutions, rolling racks/benches, and various other equipment and supplies.
  • Meeting full-year 2024 guidance despite weaker 4Q24. 

HLA Chair Kwek Leng Peck Increases Stake After 35% Rise in FY24 Net Profit

By Geoff Howie

  • Institutions were net sellers of Singapore stocks, with a net outflow of S$117 million from Feb 28 to Mar 6.
  • DBS Group Holdings led share buybacks with 700,000 shares at S$46.15 each, totaling S$39,960,047 across 23 companies.
  • Hong Leong Asia’s Executive Chairman increased his stake to 1.29% by acquiring 767,000 shares at S$0.989 each.

💡 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



Daily Brief Utilities: Southern Co/The, Wec Energy Group, Ugi Corp, Portland General Electric Company, Vistra , Pinnacle West Capital, Xcel Energy Inc, Public Service Enterprise Group Inc, Sempra Energy, Southwest Gas and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Southern Company: Is The Growth in Southern Power’s Asset Portfolio Sustainable?
  • WEC Energy Group: Will The Data Center Expansion Plans Help Meet Emerging Demand Patterns!
  • UGI Corporation: Expansion & Modernization Of Natural Gas Infrastructure Is A Critical Growth Catalyst!
  • Portland General Electric: Its Recent Renewable Energy Expansion Is A Significant Growth Driver! – Major Drivers
  • Vistra Inc.: Regulatory Clarity & Legislative Developments As A Pivotal Influence On Its Growth Trajectory!
  • Pinnacle West Capital Corporation: Stakeholder Collaboration & Strategic Partnerships to Leverage Emerging Opportunities In Utility Sector!
  • Xcel Energy: Can Its Wildfire Mitigation & Regulatory Engagement Safeguard Infrastructure & Communities?
  • PEG US – PSEG: A Closer Look At Its Nuclear Operations & Key Strategic Developments!
  • Sempra Energy: Growth In Texas Signaling A Robust Progression Trajectory!
  • Southwest Gas Holdings: Centuri Separation & Strategic Focus To Change The Game!


Southern Company: Is The Growth in Southern Power’s Asset Portfolio Sustainable?

By Baptista Research

  • Southern Company reported strong performance for the fourth quarter of 2024, with adjusted earnings per share (EPS) reaching $4.05, marking an 11% growth from the previous year and positioning itself at the top of the 2024 guidance range.
  • This success is attributed to steady investments in state-regulated utilities and the successful management of weather-related impacts.
  • Positives from the earnings report include the addition of 57,000 new residential electric customers and 26,000 new customers in natural gas distribution businesses, reflecting robust growth, particularly in the Southeast.

WEC Energy Group: Will The Data Center Expansion Plans Help Meet Emerging Demand Patterns!

By Baptista Research

  • WEC Energy Group reported its financial results for the year 2024, showing an adjusted earnings per share (EPS) of $4.88, a $0.25 increase from the previous year.
  • Despite facing headwinds due to the warmest winter on record, which negatively impacted EPS by $0.25, the company managed to offset these challenges through various initiatives including efficient O&M management and strategic tax and financing activities.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

UGI Corporation: Expansion & Modernization Of Natural Gas Infrastructure Is A Critical Growth Catalyst!

By Baptista Research

  • UGI Corporation reported its first-quarter fiscal 2025 results, demonstrating a notable 14% year-over-year increase in adjusted diluted earnings per share, reaching $1.37.
  • This improvement is rooted in the company’s diversified business portfolio, effective tax management, and solid operational performance across its segments, particularly within its natural gas and global LPG operations.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Portland General Electric: Its Recent Renewable Energy Expansion Is A Significant Growth Driver! – Major Drivers

By Baptista Research

  • Portland General Electric Company (PGE) has demonstrated solid financial performance and strategic progress throughout 2024.
  • The company reported a year-over-year increase in GAAP net income from $228 million ($2.33 per share) in 2023 to $313 million ($3.01 per share) in 2024, and non-GAAP net income rose from $233 million ($2.38 per share) to $327 million ($3.14 per share).
  • This reflects robust operational reliability, strong safety measures, and considerable investments in clean energy and infrastructure enhancements.

Vistra Inc.: Regulatory Clarity & Legislative Developments As A Pivotal Influence On Its Growth Trajectory!

By Baptista Research

  • Vistra Corp’s financial results for the fourth quarter of 2024 reflect a year of considerable transformation characterized by operational advancements and strategic acquisitions.
  • The company successfully acquired three nuclear sites along with one million retail customers and expanded its workforce by nearly 2,000 employees.
  • This addition was central to the company’s increased adjusted EBITDA of $5.656 billion, exceeding their original guidance ranges, due in part to an unexpected $545 million benefit from a nuclear production tax credit recognized in the fourth quarter.

Pinnacle West Capital Corporation: Stakeholder Collaboration & Strategic Partnerships to Leverage Emerging Opportunities In Utility Sector!

By Baptista Research

  • Pinnacle West Capital Corporation’s latest earnings indicated that the company demonstrated resilience and strategic progress in several areas, although some challenges remain.
  • On the regulatory front, Pinnacle West achieved a constructive outcome in its most recent rate case, an essential factor for operational stability in the utility sector.
  • The approval of a policy statement on formula rates by the Arizona Corporation Commission is a noteworthy development, aiming to reduce regulatory lag and support the company’s growth in Arizona.

Xcel Energy: Can Its Wildfire Mitigation & Regulatory Engagement Safeguard Infrastructure & Communities?

By Baptista Research

  • Xcel Energy reported a solid financial and operational performance for the 2024 fiscal year, despite facing significant challenges.
  • The company posted ongoing earnings of $3.50 per share, marking the 20th consecutive year of meeting its guidance range.
  • This reliability is attributed to Xcel Energy’s strategic investments across its eight-state service area, focusing on infrastructure and clean energy transitions.

PEG US – PSEG: A Closer Look At Its Nuclear Operations & Key Strategic Developments!

By Baptista Research

  • Public Service Enterprise Group (PSEG) presented its 2024 financial results, showcasing strong performance and strategic planning.
  • The company reported robust earnings, with net income reaching $0.57 per share for the fourth quarter and $3.54 per share for the full year.
  • Non-GAAP operating earnings were $0.84 per share for the quarter and $3.68 per share for the full year, aligning with the top of the 2024 guidance range and marking the 20th consecutive year that PSEG has met or exceeded its non-GAAP operating earnings guidance.

Sempra Energy: Growth In Texas Signaling A Robust Progression Trajectory!

By Baptista Research

  • Sempra Energy’s recent earnings highlighted a mixture of achievements and strategic shifts that shape its investment thesis.
  • The company reported 2024 adjusted earnings per share (EPS) of $4.65, which is slightly below the prior guidance midpoint.
  • Despite missing its EPS midpoint, Sempra continues to delineate expansive growth prospects with an adjusted 2025 EPS guidance between $4.30 and $4.70, and a 2026 forecast of $4.80 to $5.30, suggesting an approximate 12% increase from its updated 2025 midpoint.

Southwest Gas Holdings: Centuri Separation & Strategic Focus To Change The Game!

By Baptista Research

  • Southwest Gas Holdings, through its earnings for the fourth quarter and full-year 2024, has laid out its financial performance and forward-looking strategic priorities with a focus on solidifying its position as a leading regulated natural gas utility.
  • The company has successfully executed several strategic initiatives over the past year, positively impacting its operational results and positioning it for future growth.
  • A key positive noted in the call was the record annual operating margin achieved by Southwest Gas Holdings, marking its second consecutive year with a return on equity above 8%.

💡 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



Daily Brief Energy/Materials: Crude Oil, Young Poong, Coal India Ltd, SGX Rubber Future TSR20, GCC SAB de CV, Rayonier Advanced Materials, Arq, Toyobo Co Ltd and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Global Commodities: The pain trade
  • Young Poong: Announces Cancellation of Entire Treasury Shares and 10:1 Stock Split
  • Coal India (COAL IN) Value Trap
  • Indonesian Rubber Sector Falters As Production, Exports Slide
  • GCC* MM – Actinver Research – Cement 4Q24: A Year With Solid Margin Expansion (Quarterly Review)
  • Rayonier Advanced Materials, Inc. – Strong 4Q24 Bodes Well for 2025…
  • Arq, Inc. -Strong Momentum in 2024
  • Toyobo (3101 JP) – Strong Profit Growth Despite One-Off Costs


Global Commodities: The pain trade

By At Any Rate

  • Brent oil price is currently 7% below fair value with short-term technical indicators in oversold territory
  • Forecast predicts Brent oil to average $73 in 2025, with a surplus in global oil market of 1.3 million barrels per day
  • Market consensus diverges from forecast, with disagreements on oil balances and optimism towards non-OPEC supply growth

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


Young Poong: Announces Cancellation of Entire Treasury Shares and 10:1 Stock Split

By Douglas Kim

  • On 10 March, Young Poong (000670 KS) announced that it plans to cancel all of its treasury shares and conduct a 10-to-1 stock split.
  • Driven by the treasury shares cancellation and stock split, Young Poong’s share price rose 8.9% to 489,000 won today (10 March 2025). 
  • Our updated NAV of Young Poong suggests NAV per share of 834,064 per share, representing a 71% upside from current levels.

Coal India (COAL IN) Value Trap

By Rahul Jain

  • COAL’s production growth during Apr-Feb 25 has slowed to 1.5% yoy due to a high base effect and is unlikely to grow significantly in the near future
  • Regulated pricing mechanism means low correlation to international price movements. E-auction (10-12% of volumes) prices crash -25% yoy in line with international trends, impacting profitability
  • Single digit PE is in line with historic multiples. Wage renegotiations due in June 2026, rising coal production from captive producers, surge in renewable capacities are headwinds

Indonesian Rubber Sector Falters As Production, Exports Slide

By Vinod Nedumudy

  • Output hits 2.04 million tons and exports 1.6 million tons in 2024  
  • ANRPC anticipates Indo rubber production to slip by 9.8% in 2025  
  • Chinese tire firms pitching tent in Indo may benefit from trade war

GCC* MM – Actinver Research – Cement 4Q24: A Year With Solid Margin Expansion (Quarterly Review)

By Actinver

  • Although the environment was challenging (still bad weather conditions and higher comps), the Cement Industry’s quarterly results were better than expected.
  • Higher costs were compensated by the companies’ efficiencies and higher prices in local currencies, resulting in the sector’s margin expansion.
  • Total revenues in 4Q24 decreased by 5% YoY, while total EBITDA dropped 3% YoY.

Rayonier Advanced Materials, Inc. – Strong 4Q24 Bodes Well for 2025…

By Water Tower Research

  • Strong 4Q24 caps off a year of continuous improvement. RYAM reported 4Q24 results that included record EBITDA of $62 million in its HPC division despite lower revenue on reduced sales of commodity products.
  • For the year, the company delivered $222 million in EBITDA and 13.4% EBITDA margin, up significantly from 2023 EBITDA of $139 million and 8.3% EBITDA margin, reflecting the positive outcome of management’s decision to reduce exposure to commodity markets and invest in growth of specialty businesses, especially in Biomaterials.
  • The strong results came despite still soft acetates demand and only modest growth in ethers, as margins benefited from cost optimization investments that resulted in lower unit production costs and optimized efficiencies.

Arq, Inc. -Strong Momentum in 2024

By Water Tower Research

  • ARQ management was upbeat during the 2024 results call. ASPs have been on the rise and ARQ is expanding into new end- use markets: (1) cost initiatives are bearing fruit;
  • (2) Phase 1 granular activated carbon (GAC) expansion is on track and production could exceed nameplate capacity;
  • (3) ARQ is positioned for future expansion with its strong balance sheet and cash flow

Toyobo (3101 JP) – Strong Profit Growth Despite One-Off Costs

By Astris Advisory Japan

  • Q3 FY3/25 results showed strong OP recovery (+23.3% YoY), fuelled by price hikes, volume expansion, and cost reduction efforts.
  • Although the OP run rate was 60% of the full-year target, relatively low for Q3, reflecting one-off costs, FY3/25 guidance was maintained.
  • By segment, Films was the largest contributor to segment OP growth (+11.5x YoY), followed by Functional Textiles and Trading, which reduced its segment operating loss. 

💡 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



Daily Brief Health Care: Sun Pharmaceutical Industries, Huge Dental, Ainos , Illumina Inc, Lantern Pharma , Prestige Brands Holdings, Inc, Cingulate and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes
  • Pre-IPO Huge Dental Limited – The Business and the Concerns Behind
  • Ainos, Inc – Partners AI Nose to Give Robots the Ability to Smell
  • China Bans Illumina’s Gene Sequencers Amid Escalating Trade Sanctions
  • LTRN: M&A Illuminates GBM Value
  • Prestige Consumer Healthcare, Inc. – Initiating Coverage
  • CING: April Pre-NDA Meeting


Sun Pharmaceutical (SUNP IN): Checkpoint Acquisition Does Not Check All the Boxes

By Tina Banerjee

  • Sun Pharmaceutical Industries (SUNP IN) (SPIL) announced the plan to acquire Checkpoint Therapeutics (CKPT US), a commercial stage immunotherapy and targeted oncology company, for ~$200M.
  • In December, Checkpoint has received FDA approval for its maiden drug, Unloxcyt (cosibelimab), for the treatment of certain type of skin cancer. Unloxcyt has peak sales estimate of $1.6B.
  • SPIL’s offer for Checkpoint seems compelling and provides superior risk-adjusted value. However, the acquisition will not be near-term value generator for SPIL, which doesn’t have good track record for acquisition.

Pre-IPO Huge Dental Limited – The Business and the Concerns Behind

By Xinyao (Criss) Wang

  • Since HUGE ranks in the first tier among domestic brands, the import substitution would be the main logic to continue driving the performance growth based on its strong cost effectiveness.
  • If HUGE wants to achieve success in non-advantageous areas in the future, reducing price to compete for more market share could be an essential means. VBP is also a challenge.
  • Comparable companies include Sinocera Functional Material, Yantai Zhenghai Bio-Tech, Angelalign, Modern Dental Group, Topchoice Medical. We think valuation of HUGE could be higher than peers due to higher profitability.

Ainos, Inc – Partners AI Nose to Give Robots the Ability to Smell

By Water Tower Research

  • Integrating AI Nose into robots. Ainos entered a strategic partnership with ugo, a leading Japanese robotics company, to integrate AI Nose into service robots, enhancing robotic solutions to improve industrial safety, public security, environmental monitoring, and healthcare support.
  • Under the collaboration, the AI Nose technology will be licensed to ugo, with the companies working together to design and validate AI Nose-enabled ugo robots for multiple industries.
  • Partners with leading Japanese robotics company. ugo (pronounced “you-go”) develops and commercializes next- generation avatar robots, with conventional and autonomous capabilities.

China Bans Illumina’s Gene Sequencers Amid Escalating Trade Sanctions

By Caixin Global

  • China has banned Illumina, the U.S. genomics giant, from exporting gene sequencing machines to the country, escalating sanctions imposed last month when the company was added to Beijing’s Unreliable Entity List.
  • The move is expected to accelerate domestic alternatives in the gene sequencing industry.
  • Illumina, a dominant player in the global gene sequencing industry, has been a major supplier in China since entering the market in 2005. It once held a near-monopoly in the country’s gene sequencing sector before Chinese rival MGI Tech Co. Ltd. emerged in 2015 as a competitor. Since then, the two companies have battled for market share in China while engaging in global patent disputes.

LTRN: M&A Illuminates GBM Value

By Zacks Small Cap Research

  • Lantern Pharma uses AI & data to identify drug responders, uncover mechanism of action & rescue failed drugs.
  • It is developing LP-300 for non- & never smoker NSCLC in the Harmonic trial.
  • Secondary candidates include LP-100 for mCRPC and LP-184 and LP-284 which are in clinical development for multiple biomarker-defined tumors and hematological cancers, respectively.

Prestige Consumer Healthcare, Inc. – Initiating Coverage

By Water Tower Research

  • We are initiating coverage of Prestige Consumer Healthcare, Inc. (PBH), a leading provider of over-the-counter (OTC) health and personal care products.
  • Our initial FY25 EPS estimate is $4.50, up 6.7% from $4.21 in FY24.
  • This is in line with consensus of $4.50 and management guidance of $4.50. Our FY26 EPS estimate is $4.80 (up 6.9%) and slightly above consensus of $4.79.

CING: April Pre-NDA Meeting

By Zacks Small Cap Research

  • Cingulate is developing its Precision Timed Release (PTR) technology to deliver ADHD drugs to improve onset & efficacy of previously approved products.
  • It licensed rights to manufacturing a 3-layer tablet that releases dexmethylphenidate (CTx-1301) over the active day.
  • CTx-1301 provides immediate onset, eliminates the need for a booster dose, reduces diversion & simplifies dosing among other benefits.

💡 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



Daily Brief Industrials: Makino Milling Machine Co, Kuang-Chi Technologies , Iljin Hysolus, SITC International, Sodick Co Ltd, Koninklijke Philips NV, Wilmar International, Hydrofarm Holdings Group Inc, DBS and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Makino Milling Machine (6135 JP): A White Knight Bidder Is Emerging
  • CSI300 Index Rebalance Preview: 7 Changes a Side as Market Trades in a Range
  • An Update on the Potential KOSPI 200 Rebalance Candidates in June 2025
  • SITC International (1308 HK): Another Strong Year, with Excellent Yield
  • Sodick (6143 JP) – Signalling a Positive Shift
  • What’s New(s)) in Amsterdam – 10 March (Philips | Corporate agenda)
  • Institutional Investors Book Highest Net Weekly Inflows Since December
  • Hydrofarm Holdings Group, Inc: 4Q24 Results Reflect Prevailing Industry Headwinds..
  • HLA Chair Kwek Leng Peck Increases Stake After 35% Rise in FY24 Net Profit


Makino Milling Machine (6135 JP): A White Knight Bidder Is Emerging

By Arun George

  • Makino Milling Machine Co (6135 JP) has disclosed that it has received initial letters of intent from multiple third parties, reportedly private equity funds, to launch a competing tender offer.
  • My analysis suggests that a white knight bid could be as high as JPY13,284, 20.8% higher than Nidec’s JPY11,000 offer and 10.2% higher than the last close price of JPY12,050.
  • Nidec Corp (6594 JP) will take a wait-and-see approach. However, regardless of whether a white knight bidder emerges, Nidec will eventually have to bump.

CSI300 Index Rebalance Preview: 7 Changes a Side as Market Trades in a Range

By Brian Freitas

  • There could be 7 changes at the June rebalance with the Information Technology sector gaining 3 index spots and the Materials sector losing 3 spots.
  • We estimate one-way turnover of 1.45% at the rebalance leading to a round-trip trade of CNY 28.1bn (US$3.9bn). There are 6 stocks with over 2x ADV to trade.
  • There have been redemptions in mainland China ETFs over the last couple of months and that leads to a lower impact on the stocks compared to the last rebalance.

An Update on the Potential KOSPI 200 Rebalance Candidates in June 2025

By Douglas Kim

  • We discuss the potential KOSPI 200 rebalance candidates in June 2025. In recent years, there have been some alpha generating stocks arising from the KOSPI 200 rebalances.
  • We include eight companies as potential inclusion candidates including LG CNS,  HD Hyundai Marine Solution, Shift Up, and Hanwha Engine.
  • The top 5 potential deletion candidates for KOSPI 200 rebalance in June 2025 include Iljin Hysolus, Hansae, Foosung, Sam A Aluminum, and TKG Huchems.  

SITC International (1308 HK): Another Strong Year, with Excellent Yield

By Osbert Tang, CFA

  • SITC International (1308 HK)‘s 93.5% profit growth in FY24 is at the top-end of the positive profit alert. A final DPS of HK$1.4 put it on a 7.3% dividend yield. 
  • The FY25 long-term contract rate is expected to rise 10%, with volume growing at least 5% and lower costs. The consensus forecast of a 23.1% earnings decline is too conservative. 
  • Having an ROE of 32% for FY25F, its 12-month forward P/B of 2.46x (vs. average of 2.59x) with net cash equals 5.4% of market capitalisation are inexpensive. 

Sodick (6143 JP) – Signalling a Positive Shift

By Astris Advisory Japan

  • A turnaround in progress – Q1-4 FY12/24 results were significantly ahead of guidance and a positive surprise, showing a solid recovery YoY with 9.7% sales growth YoY and a return to positive earnings territory.
  • This indicates solid execution of structural reforms, with fixed costs being reduced by streamlining overseas staff and internalizing parts production that were previously outsourced.
  • An uptick in demand in Q4 FY12/24 for both Machine Tools and Industrial Machinery was driven by connectors used in high-density fiber optic connections in the data center and telecommunications sectors. 

What’s New(s)) in Amsterdam – 10 March (Philips | Corporate agenda)

By The IDEA!

  • In this edition: • Philips | large Dutch pension funds refrain from seeking financial compensation in apnea affair • Corporate agenda | week 11 – 15

Institutional Investors Book Highest Net Weekly Inflows Since December

By Geoff Howie

  • Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January’s last week.
  • Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.
  • ISDN Holdings’ share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.

Hydrofarm Holdings Group, Inc: 4Q24 Results Reflect Prevailing Industry Headwinds..

By Water Tower Research

  • HYFM is a leading manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA).
  • The company’s products consist primarily of consumable products, such as nutrients and growth media, grow lights, climate control solutions, rolling racks/benches, and various other equipment and supplies.
  • Meeting full-year 2024 guidance despite weaker 4Q24. 

HLA Chair Kwek Leng Peck Increases Stake After 35% Rise in FY24 Net Profit

By Geoff Howie

  • Institutions were net sellers of Singapore stocks, with a net outflow of S$117 million from Feb 28 to Mar 6.
  • DBS Group Holdings led share buybacks with 700,000 shares at S$46.15 each, totaling S$39,960,047 across 23 companies.
  • Hong Leong Asia’s Executive Chairman increased his stake to 1.29% by acquiring 767,000 shares at S$0.989 each.

💡 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



Daily Brief Financials: Insignia Financial, S&P/ASX 200, Sun Hung Kai Properties, Longfor Properties, Mgic Investment, Lincoln National, F&G Annuities & Life , Aflac Inc, SK Inc, EURO/US DOLLAR and more

By | Daily Briefs, Financials

In today’s briefing:

  • Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out
  • S&P/ASX 200 Index Outlook Post-Rebalance
  • Seeking Value and Safety in HK/China: SHKP 16 HK
  • Lucror Analytics – Morning Views Asia
  • MGIC Investment Corporation: Will Their Capital Management Strategy Pay Off?
  • How Is Lincoln National Corporation Shifting Business Mix Towards Spread-Based Products!
  • F&G Annuities Life: Is Their Expansion in Reinsurance and Offshore Operations A Game Changer In The Making?
  • Aflac Incorporated: Will Its Reinsurance & Capital Efficiency Help Up Its Game?
  • Asia Real Estate Tracker (10-Mar-2025): Warburg Pincus teams with SK Group for Korean senior living.
  • Comment on Exchange Rate EUR/USD – February 26, 2025


Insignia Financial (IFL AU): Bain and CC Capital Bumps to A$5.00, While Brookfield Drops Out

By Arun George

  • On 7 March, Insignia Financial (IFL AU) disclosed a revised non-binding privatisation offer from Bain and CC Capital at A$5.00, an 8.7% premium to their previous A$4.60 offer.
  • The exclusive due diligence period ends on 17 April (six weeks from signing the exclusivity deed). The Board will recommend a binding offer of at least A$5.00. 
  • The offer is attractive compared to historical trading ranges, peer multiples and precedent transactions. Therefore, a binding offer would gain shareholder support.

S&P/ASX 200 Index Outlook Post-Rebalance

By Nico Rosti

  • The S&P/ASX 200 (AS51 INDEX) has suffered a continuous sell-off for the past 3 weeks. The index is deeply oversold, our model predicts an imminent reversal.
  • The reversal could lift the index to the 8091-8208 price area, but the index may start to fall again after that.
  • As posted by Brian Freitas there has been 7 changes for the S&P/ASX 200 (index rebalance), read his insight for further details on this.

Seeking Value and Safety in HK/China: SHKP 16 HK

By Jacob Cheng

  • MSCI China has rallied 19% YTD, outperforming DM and EM by 18% and 14% respectively.  We think it makes sense to look at China and Hong Kong again
  • Part of the rally is driven by AI optimism.  In terms of fund flow, we are seeing increasing south-bound fund flow to HK equity market at a fast pace
  • We think Sun Hung Kai Properties, which is a proxy for Hong Kong, may benefit and play the catch up game on the back of very attractive valuation

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: Longfor Group, Melco Resorts, Sands China, Tata Motors
  • In the US, February nonfarm payrolls increased to 151 k (160 k e / 125 k revised p), albeit the figure came in slightly below estimates. Moreover, the January number was revised downwards to 125 k (143 k p), with the two-month revision at negative 2 k (+100 k p). The unemployment rate edged up to 4.1% (4.0% e / 4.0% p). The average hourly earnings rose 0.3% m-o-m (0.3% e / 0.4% revised p) and 4.0% y-o-y (4.1% e / 3.9% revised p).

  • Fed Chairman Jerome Powell has reiterated that the US central bank is in no rush to reduce rates. He said: “Despite elevated levels of uncertainty, the US economy continues to be in a good place”, adding that “sentiment readings have not been a good predictor of consumption growth in recent years”.


MGIC Investment Corporation: Will Their Capital Management Strategy Pay Off?

By Baptista Research

  • The recent results from MGIC Investment Corporation for the fourth quarter of 2024 highlight both strengths and potential challenges within the company.
  • With a net income of $185 million for Q4 and a 14% annualized return on equity, MGIC showcases financial stability.
  • In contrast, for the full year, net income stood at $763 million, a moderate increase from $730 million in the prior year.

How Is Lincoln National Corporation Shifting Business Mix Towards Spread-Based Products!

By Baptista Research

  • Lincoln Financial Group has reported its financial performance for the fourth quarter and full year of 2024, showcasing a blend of strategic progress and challenges that reflect its ongoing transformation.
  • A key highlight of the results is the marked increase in adjusted operating income, which reached its highest level in three years amidst a backdrop of strategic repositioning and capital strengthening efforts.
  • In 2024, the company successfully raised its RBC ratio to over 430% by year-end.

F&G Annuities Life: Is Their Expansion in Reinsurance and Offshore Operations A Game Changer In The Making?

By Baptista Research

  • Fidelity & Guaranty Life (F&G) has reported a robust performance for the fourth quarter and full year of 2024.
  • The company achieved record gross sales of $15.3 billion, marking a 16% increase from the previous year, driven by strong demand across its individual annuity and life solutions segments.
  • Retail channel sales reached a record $12 billion, a 20% gain, highlighting the significant traction in its Fixed Index Annuity (FIA), Multi-Year Guaranteed Annuity (MYGA), and Indexed Universal Life (IUL) products.

Aflac Incorporated: Will Its Reinsurance & Capital Efficiency Help Up Its Game?

By Baptista Research

  • In the fourth quarter of 2024, Aflac Incorporated reported strong earnings, with net earnings per diluted share rising by 23.8% to $9.63, and adjusted earnings per diluted share increasing by 15.7% to $7.21.
  • This positive performance was largely driven by the company’s operations in Japan, which accounted for over 70% of pretax adjusted earnings.
  • Aflac Japan enjoyed a stable premium persistency rate of 93.4% and reported a 15.5% growth in pretax adjusted earnings.

Asia Real Estate Tracker (10-Mar-2025): Warburg Pincus teams with SK Group for Korean senior living.

By Asia Real Estate Tracker

  • Warburg Pincus and SK Group have joined forces to launch a new senior living venture in Korea.
  • KKR, APG, Gaw, and Alyssa will be participating in discussions about residential trends on MTD TV Forum.
  • Alyssa has extended its partnership with Dai-Ichi Life for the management of 669 Japanese apartments.

Comment on Exchange Rate EUR/USD – February 26, 2025

By VRS (Valuation & Research Specialists)

  • During the period under consideration, i.e. January 27th, 2025 to February 26th, 2025, the EUR/USD pair posted both downward and upward swings.
  • In the beginning, it faced a general decrease, until February 10th where the pair faced a sharp increase.
  • After that, it fluctuated sideways in a slight but steady upward momentum, and by the end of the period the price traded at almost the same level as of January 27th. 

💡 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



Daily Brief Consumer: Seven & I Holdings, DoorDash , Alibaba Group Holding , VGI PCL, Cocoa Futures, Cisarua Mountain Dairy, Kenvue , JNBY Design Ltd, Anjoy Foods Group and more

By | Consumer, Daily Briefs

In today’s briefing:

  • 7&I (3382) – Artisan Writes (Again) And 7&I Updates (Again) – More Positive Outlook Now
  • Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter
  • S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance
  • Alibaba Group’s AI Power Move—Can It Outpace DeepSeek and OpenAI?
  • SET50 Index Rebalance Preview: VGI Could Be an Ad Hoc Add; Then 3/4 More in June
  • Cocoa Prices Disconnected from Reality? // Breakout Time in Oil and FX
  • Cisarua Mountain Dairy (CMRY IJ) – New Variants and Channels
  • Sell Kenvue + What I’m Buying
  • HK-Listed Apparel & Footwear Screener: March 2025 / Analysing JNBY, Leverstyle, And More
  • Anjoy Foods Group A/H Listing – A Leader in a Fragmented Industry


7&I (3382) – Artisan Writes (Again) And 7&I Updates (Again) – More Positive Outlook Now

By Travis Lundy

  • On Thursday 6 March we got a Nikkei article then a company announcement for Seven & I Holdings (3382 JP)‘s proposed management measures and update on ACT Bid Process.  
  • It involved Isaka-san stepping down, Stephen Dacus stepping up, selling York to Bain for ¥814.7bn, IPOing 7-Eleven US, a ¥2trln share buyback over 5yrs, and ACT process update. 
  • It was OK. Good, bad, and ugly. But Artisan wrote a letter over the weekend and 7&i responded and suddenly, their concerns are mostly addressed and the outlook is different.

Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

By Arun George

  • The Seven & I Holdings (3382 JP) Board has released a public letter to address Artisan Partners’ letter and provide more details on the Alimentation Couche-Tard (ATD CN) constructive engagement. 
  • The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. 
  • However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. 

S&P500/400/600/Equal-Weight Flows for March 2025 Rebalance

By Travis Lundy

  • On Friday post-close, S&P DJI announced the changes to the S&P500, S&P MidCap400, and S&P SmallCap600 Indices. The S&P500 names will get added to/deleted from the S&P500 Equal-Weight Index too.
  • There will be 4 changes for the S&P500 and all 4 DELs from S&P500 are demoted to the S&P600 Index. SPDR Select and Equal-Weight Indices add up to big volumes.
  • There is a theoretical quantity to trade, and an expected quantity to trade and it is worth knowing the difference. EW, of course, is still “live” for a few days.

Alibaba Group’s AI Power Move—Can It Outpace DeepSeek and OpenAI?

By Baptista Research

  • Alibaba Group Holding has made a significant move in the AI space with the release of its latest artificial intelligence model, QwQ-32B, as it seeks to establish itself as China’s leading AI developer, challenging DeepSeek.
  • The model, which excels in mathematical reasoning, coding, and problem-solving, demonstrates capabilities comparable to both DeepSeek’s R1 and OpenAI’s latest technology.
  • However, a key differentiator is its size, as QwQ-32B operates with only 32 billion parameters compared to DeepSeek R1’s 671 billion.

SET50 Index Rebalance Preview: VGI Could Be an Ad Hoc Add; Then 3/4 More in June

By Brian Freitas


Cocoa Prices Disconnected from Reality? // Breakout Time in Oil and FX

By The Commodity Report

  • Breakout Time in Oil and FX During the last week there occurred many breakout patterns as the volatility in financial markets has risen significantly after president Trump introduced tariffs on Mexico and Canada.
  • The Ukraine-drama also doesn’t really help to calm market participants at the moment either.
  • We just highlight the technical pattern and add a few words about our current framework and how we view these markets at the moment. 

Cisarua Mountain Dairy (CMRY IJ) – New Variants and Channels

By Angus Mackintosh

  • Cisarua Mountain Dairy booked a strong finish to the year in terms of sales growth despite a high base driven by premium consumer foods, but with dairy showing recovery. 
  • The company saw an improvement in gross margins in 4Q2024 driven by the stabilization of raw materials and product mix, but operating margins were impacted by higher promotional spending..
  • Cimory will drive future growth by expanding across channels, especially general trade and with the launch of new products in both dairy and consumer food segments. Valuations remain attractive.

Sell Kenvue + What I’m Buying

By Richard Howe

  • I’m closing out my Kenvue (KVUE) recommendation and will be selling my shares.

  • Following the spin-off from Johnson & Johnson (JNJ), KVUE shares performed poorly for a variety of reasons (lockluster growth, Tylenol related litigation, etc.) that I thought were overblown.

  • At the time, Kenvue was trading at a sharp discount to its consumer health care peers. Today, Kenvue trades at a slight discount to peers (21 P/E vs. 23.3x for the group).


HK-Listed Apparel & Footwear Screener: March 2025 / Analysing JNBY, Leverstyle, And More

By Sameer Taneja


Anjoy Foods Group A/H Listing – A Leader in a Fragmented Industry

By Sumeet Singh

  • Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$300m in its H-share listing.
  • AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost & Sullivan report. 
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

💡 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



Daily Brief TMT/Internet: TKO Group Holdings , Xiaomi Corp, Sea Ltd, Quantum , Bharti Airtel, Argo Blockchain PLC, Greenidge Generation Holdings, Geniee Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO
  • Xiaomi (1810 HK): 4Q24 Preview, All Businesses Healthy, But Vehicle Overvalued
  • Sea Ltd (SE US) – Shifting into Overdrive
  • Tech Supply Chain Tracker (11-Mar-2025): Global smartphones in 4Q 2024
  • Bharti Airtel – ESG Report – Lucror Analytics
  • Xiaomi Aims to Take Its EV Sales Overseas by 2027
  • Hybridan Small Cap Feast: 03/03/2025
  • Greenidge Generation Holdings, Inc. – Pre-Announces 4Q24;
  • Geniee (6562 JP) – SaaS Drives Accelerating Growth, M&A Adds Momentum


Select Sector Indices and S&P Equal Weight Rebalance: US$16.3bn Trade; Big Impact for EXE, TKO

By Brian Freitas

  • Constituent changes to the S&P500 INDEX and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&P500 Equal Weight Index.
  • The Select Sector index trackers and S&P500 Equal Weight trackers will need to buy the adds to the S&P500 INDEX and sell the deletes, further increasing flow for the stocks.
  • The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.

Xiaomi (1810 HK): 4Q24 Preview, All Businesses Healthy, But Vehicle Overvalued

By Ming Lu

  • We believe all business, including smartphone and vehicle, will grow strongly in 4Q24 and 2025.
  • We expect EPS will increase by 15% YoY in 4Q24 and 41% in 2025.
  • However, we believe the market overvalues the newly launched vehicle business.

Sea Ltd (SE US) – Shifting into Overdrive

By Angus Mackintosh

  • Sea Ltd booked a blowout set of results, with strong growth and profitability across all three divisions, surpassing previous guidance and bringing about the second profitable year for the company. 
  • E-Commerce was the key feature, with GMV surpassing US$100bn with increasing take rates, with core marketplace GAAP Revenues booking nearly +50% YoY growth in 4Q2024, confirming Shopee’s lead position. 
  • Digital Financial Services and Digital Entertainment also booked strong growth, with management highlighting a positive outlook for all three segments in 2025. Sea Ltd remains a core holding. 

Tech Supply Chain Tracker (11-Mar-2025): Global smartphones in 4Q 2024

By Tech Supply Chain Tracker

  • Global smartphone market expected to see substantial growth in 4th quarter of 2024, indicating a positive trend for the industry.
  • TSMC experiences a drop in revenue in Q1, as AI sector continues to expand and company addresses discrimination allegations.
  • AMD CEO recognizes value of open-source technology in DeepSeek, while HP announces plans to reduce workforce by cutting 2,000 jobs, reflecting industry challenges.

Bharti Airtel – ESG Report – Lucror Analytics

By Trung Nguyen

Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a smaller extent Bangladesh and Sri Lanka. The largest shareholders are Bharti Enterprises (42%) and Singtel (14%). Bharti Enterprises was founded/owned by Sunil Bharti Mittal. It is one of India’s first conglomerates, with interests in telecommunications, space, insurance, real estate, hospitality and food.

We view Bharti Airtel as “Low Risk” on the LARA scale, mainly given its strong market position as the second-largest player in India’s telecom industry. The company owns robust network infrastructure across the country, with a broad customer base. We also note positively the improving industry outlook, with rationalising competition and industry consolidation benefiting Bharti Airtel, along with improving regulatory conditions. The company is committed to prudent balance-sheet management and stable leverage. However, capex requirements will likely remain substantial given Bharti Airtel’s 5G rollout, with a risk that capex will be higher than projected.


Xiaomi Aims to Take Its EV Sales Overseas by 2027

By Caixin Global

  • Xiaomi Corp. aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its other consumer electronics, company president William Lu said at the Mobile World Congress (MWC) in Barcelona on Monday.
  • During the event, Xiaomi unveiled its high-end Xiaomi 15 Ultra smartphone series to the global market, priced at 1,499 euros. The company also showcased its premium electric sedan, the SU7 Ultra, and the Xiaomi SU7, though these vehicles have yet to be launched outside China.
  • “After MWC, I plan to visit several European countries with the goal of officially introducing Xiaomi cars overseas by 2027,” Lu said on the sidelines of the event. He revealed that Xiaomi will begin offering its home appliance products in international markets next year.

Hybridan Small Cap Feast: 03/03/2025

By Hybridan

  • The blockchain technology Company announced that it entered into a non-binding term sheet for up to $40m in senior secured convertible loans on 25 February 2025.
  • The initial tranche of the Financing would be $15m with follow on tranches of up to $25m advanced over the next 18 months.
  • The proceeds of the Financing are to be used to refresh Argo’s Baie Comeau, Quebec mining fleet, to strengthen the balance sheet, and to assess a pipeline of merger and acquisition possibilities. 

Greenidge Generation Holdings, Inc. – Pre-Announces 4Q24;

By Water Tower Research

  • Greenidge pre-announced solid 4Q24 results, beating on both revenue ($14.8 million versus consensus of $13.6 million) and adjusted EBITDA ($3.1 million at the midpoint versus consensus of $1.0 million).
  • CEO Jordan Kovler said, “Throughout 2024, we took significant steps to further right-size the business and stabilize our operations, reducing SG&A expenses by almost $9 million.
  • We also implemented important new growth strategies, including the acquisition and successful buildouts of sites in Mississippi and North Dakota that represented 15MW of additional mining capacity.”

Geniee (6562 JP) – SaaS Drives Accelerating Growth, M&A Adds Momentum

By Astris Advisory Japan

  • Geniee delivered accelerating double-digit growth in sales (+40.6% YoY) and normalized OP (+50.8% YoY) with its Q1-3 FY3/25 results.
  • The new Digital PR business (formed following the Social Wire acquisition) is in its early days, but there are signs that it is performing above. forecasts.
  • Coupled with accelerating growth and improving profitability in the Company’s Overseas and Marketing SaaS segment, we think Geniee is turning a corner on its growth trend. 

💡 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



Daily Brief Quantitative Analysis: Thailand Short Interest Weekly (Mar 7th): Bangkok Dusit Medical Services and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Thailand Short Interest Weekly (Mar 7th): Bangkok Dusit Medical Services, WHA, Airports of Thailand
  • KRX Foreign Holding Weekly (Mar 7th): Samsung Electronics, SK Hynix, Samsung H.I.
  • TWSE Foreign Holding Weekly (Mar 7th): Jinan Acetate Chemical, TSMC, Mediatek
  • TWSE Short Interest Weekly (Mar 7th): Chung-Hsin Electric & Machinery Mfg, Wiwynn, Formosa Plastics


Thailand Short Interest Weekly (Mar 7th): Bangkok Dusit Medical Services, WHA, Airports of Thailand

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 7th.We estimate that they had an aggregated short interest worth USD2.0bn.
  • We tabulate league table 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 Bangkok Dusit Medical Services, WHA, Airports of Thailand, PTT GlobalChem, Thai Oil, Delta Electronics.

KRX Foreign Holding Weekly (Mar 7th): Samsung Electronics, SK Hynix, Samsung H.I.

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Mar 7th which has an aggregated holding worth USD479.8bn.
  • We estimate that foreign flows to be outflows of USD1,400mln. 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, SK Hynix, Samsung H.I..

TWSE Foreign Holding Weekly (Mar 7th): Jinan Acetate Chemical, TSMC, Mediatek

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Mar 7th which has an aggregated holding worth USD963.2bn.
  • We estimate that foreign flows to be outflows of USD5,430mln. 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 Jinan Acetate Chemical, TSMC, Mediatek, Hon Hai Precision Industry, Delta Electronics, Quanta Computer.

TWSE Short Interest Weekly (Mar 7th): Chung-Hsin Electric & Machinery Mfg, Wiwynn, Formosa Plastics

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Mar 7th which has an aggregated short interest worth USD21.2bn.
  • We tabulate league table 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 Chung-Hsin Electric & Machinery Mfg, Wiwynn, Formosa Plastics, Walsin Lihwa, Nanya Technology, Global Unichip, China Steel.

💡 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