Smartkarma Daily Briefs

By Special Situation Investments

Reece Ltd (REH AU)‘s stock price has dropped a lot over the last year, and the significantly lower market cap could result in global index deletion in August.
Short interest started to pick up early this year and has accelerated over the last couple of months. There are indications of positioning in the stock.
Reece Ltd (REH AU) has underperformed its peers but still trades at a higher EV/EBITDA and forward PE compared to most of its peer group.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup.

By Gaudenz Schneider

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

Asset Sales, Mergers, and Regulatory Developments: Key Updates from SSI Weekly Newsletter

Next Science (NXS:AX) plans a large capital return after selling assets to Demetra Holdings, with a 13% spread to expected distribution.
Cantor Equity Partners I (CEPO) merges with BSTR, becoming a major Bitcoin treasury, exiting with a 17% gain.
Banxa’s (BNXA:V) spread widens to 30% amid shareholder sales and pending acquisition by OSL Group, with Genius Act tailwinds.

Waypoint REIT (WPR AU) Vs. Region Group (RGN AU): Aussie REIT Spread Trade Looks Ripe

By Gaudenz Schneider

Context: The Region (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: The pair shows strong alignment in both statistical terms and fundamental metrics and factors.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Provaris Energy (ASX:PV1) RaaS Interview Transcript 21 July 2025

By Research as a Service (RaaS)

RaaS Research’s Finola Burke and Andrew Williams interview Provaris Energy Managing Director/CEO Martin Carolan on the company’s strategy, its partnerships with Yinson and K Line and path to a FID.

Netwealth (NWL AU) Vs. Hub24 (HUB AU): Can Netwealth Catch Up to Hub24’s Momentum?

By Gaudenz Schneider

Context: The Netwealth (NWL AU) vs. Hub24 (HUB AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: The two companies share very similar business models and target markets. While they are closely correlated, their current price momentum is a factor when considering relative value trades.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Regis Resources Ltd – The Monday Report – 21 July 2025

By FNArena

Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

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

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

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

Jul 21

Daily Brief Japan: Tokai Carbon, Resonac Holdings , Ono Pharmaceutical, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating
Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials
Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More
Rather than “Technical Guidance,” What Is Needed Is Thorough Fiduciary Duty to Shareholders

Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating

Revenue peaked in FY23 but margins have declined due to cost pressures and impairments.
The company is exiting underperforming assets and expanding in fine carbon, furnaces, and carbon black.
At ¥1,010, it trades at ~19.6x FY25e P/E, in line with peers but below book at 0.8x P/B.

Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials

Past Performance: Revenues stable; margins improved due to semiconductor growth, despite weak performance in legacy chemicals and graphite electrodes.
Strategy & Shutdown: Shutting 30% electrode capacity; refocusing on high-margin semiconductor, SiC, and packaging materials with ¥330 bn capex planned by FY25.
Valuation: Trades at 8x EV/EBITDA and 14x P/E FY25E; re-rating possible with higher margins and semiconductor mix.

Ono Pharmaceutical (4528 JP): Label Expansion Helps, But Long-Term Growth Momentum Calls for More

By Tina Banerjee

Ono Pharmaceutical (4528 JP) guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
Opdivo in combination with Yervoy (from Bristol Myers Squibb) was approved in Europe, US, South Korea, and Japan for the first-line treatment of patients with unresectable or metastatic hepatocellular carcinoma.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.

Rather than “Technical Guidance,” What Is Needed Is Thorough Fiduciary Duty to Shareholders

By Aki Matsumoto

While very few companies allocate cash appropriately, many companies simply announce small-scale share buybacks, resulting in cash being used in a half-hearted manner for both growth and shareholder returns.
The problem is that many managers lack awareness of their fiduciary responsibility to make sincere decisions on cash allocation based on the idea that free cash flow belongs to shareholders.
Even for listed companies, the time has come to discuss the role of managers who are unable to thoroughly fulfill their fiduciary duties to shareholders.

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

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

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

Jul 21

Daily Brief South Korea: SK Hynix, Kakaopay and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

SK Hynix Single-Stock ETF Scheduled for 3Q: Watch for a Repeat of the Samsung ETF Playbook
Kakao Pay’s Unique Quick-Flip EB: Watch Hedges & Rolls for Trading Angle

SK Hynix Single-Stock ETF Scheduled for 3Q: Watch for a Repeat of the Samsung ETF Playbook

By Sanghyun Park

When the SK Hynix ETF drops, expect meaningful physical buying shaking up supply-demand. Arb desks and alpha shops could pile in early, pushing the stock higher on flow.
Going long Hynix near listing could pay off if demand mirrors Samsung’s—ETF flows, NAV arb, and delta hedging drove a 4% jump with a noticeable increase in program buying.
Get in around the listing, watch flows, and take profits quickly. This is a short 2–3 day tactical play, with sharper front-running expected based on the Samsung ETF template.

Kakao Pay’s Unique Quick-Flip EB: Watch Hedges & Rolls for Trading Angle

By Sanghyun Park

This Kakao Pay EB deal is basically a quick block trade with immediate share exchange and a 90–102% strike price, letting them sell shares quietly with a built-in discount.
Korea’s seen many EBs, but Kakao Pay’s quick-flip, discount deal is really unique. Watch hedging and roll activity—timing these can capture the sell-off and unwind bounce.
Goldman’s sell-down triggers initial short covering and price bumps; new buyers then short, causing a second wave. Near exchange, more covering leads to choppy, drawn-out price swings.

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

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

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

Jul 21

Daily Brief United States: Copper, Shoulder Innovations and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Bullish Copper: Comex-LME Spreads Off The Charts + Positive China TSF Data
Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

Bullish Copper: Comex-LME Spreads Off The Charts + Positive China TSF Data

By Sameer Taneja

In our previous insight, Trump 50% Import Tariff Could Send Copper Into Stratosphere Short-Term: LME Can Breach 11k USD/Ton, we highlighted upside risk to the LME price.
Comex-LME spreads remain elevated at $ 2,500/ton levels, reflecting the impact of tariffs that haven’t yet been imposed, amid ongoing supply disruptions. Inventories, though, have stopped depleting on the LME.
We remain bullish on copper in the countdown to August 1st, where it is likely that tariffs of 50% are imposed on copper.

Shoulder Innovations IPO Preview: Seeing Value In InSet Glenoid Technology and Disruptive Ecosystem

By Andrei Zakharov

Shoulder Innovations Inc., high-growth and pure-play shoulder arthroplasty device company, filed for an IPO in the United States.
Their flagship product, InSet Glenoid, is the first and only FDA cleared device that solves glenoid loosening. The company has raised ~$115M in equity according to the S-1.
I believe there is good near-term visibility for growth as Shoulder Innovations drives commercial expansion and achieves greater domestic reach.

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

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

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

Jul 21

Daily Brief India: Max Healthcare Institute, Anthem Biosciences, JSW Steel Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning
Anthem Biosciences IPO: Lists Today; Index Inclusion Timing
JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation

NIFTY50 Index Rebalance Preview: Forecast Changes, Impact, Positioning

InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) should replace Indusind Bank (IIB IN) and Hero Motocorp (HMCL IN) in the NIFTY Index in September.
The review period for the September rebalance ends 31 July, the announcement of the changes will take place end August and implemented at the close of trading on 29 September.
While there has been a steady increase in cumulative excess volume for Max Healthcare Institute (MAXHEALT IN), there could be more room to run in the stock.

Anthem Biosciences IPO: Lists Today; Index Inclusion Timing

Anthem Biosciences raised INR 34bn (US$394m) in its IPO valuing the company at INR 320bn (US$3.7bn). The stock lists today.
The grey market premium is INR 132/share, so the stock could list 23.2% higher than the IPO price. That will help in getting larger index flows.
Anthem Biosciences could be added to one global index in November while the stock price gain will determine whether the stock is added to the other global index in December.

JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation

Recent Results: Q1 EBITDA surged 38% YoY to ₹7,576 Cr, driven by volume ramp-up, improved product mix, and lower coking coal costs.
FY26 Guidance: Company maintains production at 30.5 mt and sales at 29.2 mt, reflecting confidence in its ramp-up and downstream expansion roadmap.
Valuation & Growth: Trading at ~18× FY27E P/E and ~7× EV/EBITDA—above global peers—justified by projected 20% EBITDA and 23% EPS growth into FY27.

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

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

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

Jul 21

Daily Brief China: BYD, Pop Mart International Group L, Sichuan Kelun-Biotech Biopharm, Dickson Concepts Intl, ENN Energy, 52TOYS Development, Bright Smart Securities, Tencent and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Curator’s Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector and Asian Ports in Focus
Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks
Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion
Dickson Concept (113 HK): More Minority Teeth Bared As Another Scheme Fails
Merger Arb Mondays (21 Jul) – ENN Energy, HEC Pharma, Shibaura, Abacus Storage, Insignia, Zeekr
Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind
Bright Smart (1428 HK): Valuation Update
ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

Curator’s Cut: Japan Insurers Vs Banks, the State of the Chinese EV Sector and Asian Ports in Focus

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare Japanese insurers versus banks, look at the Chinese EV sector and explore how tariff hikes benefit Asian port operators
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

Quiddity Leaderboard Hang Seng Index Sep25: BeOne, TME, and Pop Mart Among Our Top Picks

By Janaghan Jeyakumar, CFA

The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in September 2025.
The index changes are expected to be confirmed on 22nd August 2025.

Sichuan Kelun Biotech (6990 HK): Price Surge & Global Index Inclusion

The recent placement and price surge in Sichuan Kelun-Biotech Biopharm (6990 HK) could result in the stock being added to a global index in August.
Sichuan Kelun-Biotech Biopharm has outperformed its peers as the entire industry has been trading well. There is a small increase in short interest in the stock.
Positioning has increased steadily over the last month. Momentum in the stock and its peers could lead to further upside before profit taking kicks in.

Dickson Concept (113 HK): More Minority Teeth Bared As Another Scheme Fails

By David Blennerhassett

Three for three. Three low-balled Hong Kong Offers, by way of Schemes, have now lapsed over the past ten weeks.
Both Goldlion Holdings (533 HK) and Soundwill Holdings (878 HK) spectacularly failed back in May.
Now Dickson Concepts Intl (113 HK) has followed suit. But the vote was (much) closer than it should have been.

Merger Arb Mondays (21 Jul) – ENN Energy, HEC Pharma, Shibaura, Abacus Storage, Insignia, Zeekr

By Arun George

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), ENN Energy (2688 HK), Yichang HEC Changjiang Pharma (1558 HK), Insignia Financial (IFL AU), Santos Ltd (STO AU), Smart Share Global (EM US).
Lowest spreads: Bright Smart Securities (1428 HK), Humm Group (HUM AU), New World Resources (NWC AU), Hainan Meilan International Airport (357 HK), Avjennings Ltd (AVJ AU), ZEEKR (ZK US).

Pre-IPO 52TOYS Development – The Business Model and the Concerns Behind

By Xinyao (Criss) Wang

For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.
Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS’s market share may be further squeezed.
The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than Pop Mart (9992 HK), Bloks (325 HK).

Bright Smart (1428 HK): Valuation Update

By Osbert Tang, CFA

Bright Smart Securities (1428 HK) rallied by 132% since our last Insight, fueled by the euphoria in the brokerage and securities sector on the HK government’s stablecoin initiative.
At HK$16.44, it is at 100% PER premium to the sector average, ex-Guotai Junan International (1788 HK). The risk-reward payoff now looks less attractive.
It also implies net profit to grow by 150% by FY31F and priced at 18x PER. This appears stretched in the near term, though long-term prospects stay decent.

ECM Weekly (21 July 2025) – Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, filings and listings have cooled off going into the general summer lull.
On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.

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

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

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

Jul 21

Daily Brief Quantitative Analysis: A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene
HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi
HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng
Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development
TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components
TWSE Short Interest Weekly (Jul 18th): Unimicron Technology, Jinan Acetate Chemical, Ctbc Financial
Bursa Short Interest Weekly (Jul 18th): Top Glove, Axiata, Sunway, NationGate, Supermax
KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.
The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.
We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.

HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi, Pop Mart Intl, ABC, Xpeng.

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.

Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.

TWSE Short Interest Weekly (Jul 18th): Unimicron Technology, Jinan Acetate Chemical, Ctbc Financial

We analyzed the changes in short interest of TWSE Stocks as of Jul 18th. The aggregated short interest was USD25.8bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Unimicron Technology, Jinan Acetate Chemical, Ctbc Financial.

Bursa Short Interest Weekly (Jul 18th): Top Glove, Axiata, Sunway, NationGate, Supermax

We analyzed the changes in short interest of Bursa stocks as of Jul 18th. The aggregated short interest is USD386m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Top Glove, Axiata, Sunway, NationGate, Supermax.

KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

We analyzed the changes in foreign holdings of KRX stocks as of Jul 18th. The aggregated holding was USD636.7bn.
We estimate that foreign flows to be inflows of USD758mln. We tabulates 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, Sksquare, SK Hynix, Naver.

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

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

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

Jul 21

Daily Brief ESG: Rather than “Technical Guidance and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Rather than “Technical Guidance,” What Is Needed Is Thorough Fiduciary Duty to Shareholders

Rather than “Technical Guidance,” What Is Needed Is Thorough Fiduciary Duty to Shareholders

By Aki Matsumoto

While very few companies allocate cash appropriately, many companies simply announce small-scale share buybacks, resulting in cash being used in a half-hearted manner for both growth and shareholder returns.
The problem is that many managers lack awareness of their fiduciary responsibility to make sincere decisions on cash allocation based on the idea that free cash flow belongs to shareholders.
Even for listed companies, the time has come to discuss the role of managers who are unable to thoroughly fulfill their fiduciary duties to shareholders.

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

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

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

Jul 21

Daily Brief Industrials: Reece Ltd, Asian Terminals, MMC Port Holdings Berhad and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Reece (REH AU): Positioning Increases as Global Index Deletion Nears
Asian Terminals (ATI PM)
MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

Reece (REH AU): Positioning Increases as Global Index Deletion Nears

Reece Ltd (REH AU)‘s stock price has dropped a lot over the last year, and the significantly lower market cap could result in global index deletion in August.
Short interest started to pick up early this year and has accelerated over the last couple of months. There are indications of positioning in the stock.
Reece Ltd (REH AU) has underperformed its peers but still trades at a higher EV/EBITDA and forward PE compared to most of its peer group.

Asian Terminals (ATI PM)

By Michael Fritzell

Asian Terminals (ATI PM — US$941 million) is a Philippines-based port operator.
It’s owned by Eusebio (“Yosi”) Tanco, recently famous for having hit a jackpot with online bingo operator DigiPlus and school operator STI Education.
Asian Terminals has also done exceptionally well. It was set up in the 1980s and managed to acquire the Manila South Harbor port in the early 1990s.

MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary

By Nicholas Tan

MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
In this note, we talk about the positive aspects of the deal.

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

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

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

Jul 21

Daily Brief Energy/Materials: Adnoc Gas , Tokai Carbon, Resonac Holdings , JSW Steel Ltd, Provaris Energy , Copper, Regis Resources and more

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

In today’s briefing:

ADNOC Gas (ADNOCGAS UH): Global Index Inclusion Following $2.8B Offering
Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating
Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials
JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation
Provaris Energy (ASX:PV1) RaaS Interview Transcript 21 July 2025
Bullish Copper: Comex-LME Spreads Off The Charts + Positive China TSF Data
Regis Resources Ltd – The Monday Report – 21 July 2025

ADNOC Gas (ADNOCGAS UH): Global Index Inclusion Following $2.8B Offering

By Dimitris Ioannidis

Adnoc Gas (ADNOCGAS UH) had been omitted from both global indices due to insufficient float cap despite a market cap of over $60bn.
On 21 February 2025, the company completed a Secondary Offering of $2.8bn, resulting in a free float increase from 5% to 9%.
Adnoc Gas (ADNOCGAS UH) is expected to be added to Global All-World at the September 2025 review due to an increased float cap.

Tokai Carbon (5301.T) – Portfolio Shift Underway; Margin Recovery Key to Re-Rating

Revenue peaked in FY23 but margins have declined due to cost pressures and impairments.
The company is exiting underperforming assets and expanding in fine carbon, furnaces, and carbon black.
At ¥1,010, it trades at ~19.6x FY25e P/E, in line with peers but below book at 0.8x P/B.

Resonac Holdings (TSE: 4004) – Strategic Pivot Toward Semiconductor Materials

Past Performance: Revenues stable; margins improved due to semiconductor growth, despite weak performance in legacy chemicals and graphite electrodes.
Strategy & Shutdown: Shutting 30% electrode capacity; refocusing on high-margin semiconductor, SiC, and packaging materials with ¥330 bn capex planned by FY25.
Valuation: Trades at 8x EV/EBITDA and 14x P/E FY25E; re-rating possible with higher margins and semiconductor mix.

JSW Steel (NSE: JSWSTEEL) – Strong Q1 Beat, Confident FY26 Guidance, Premium Valuation