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Smartkarma Daily Briefs

Daily Brief Health Care: Japan Eyewear Holdings , Jiangsu Hengrui Medicine, Atea Pharmaceuticals , Cencora , Hologic Inc, Kadimastem, Ansell Ltd, Sunshine Lake Pharma, Arrowhead Pharmaceuticals , Bio Techne Corp and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Japan Eyewear (5889) – “Second IPO” Equity Offering Creates TOPIX Inclusion
  • Jiangsu Hengrui Pharma A/H Listing – Innovation and Overseas Expansion Driving Earnings Rebound
  • Reviving two old ideas
  • Cencora Inc.: Can the MSO Strategy with RCA & OneOncology Drive Sustainable Growth?
  • Hologic: The Future of 3D Mammography and Molecular Diagnostics—What’s Next?
  • Kadimastem (KDST.TA) Core Investment Case 11022025
  • Ansell Ltd (ANN AU): Healthcare Business Revival Drives H1 Result; FY25 Guidance Raised
  • Pre-IPO Sunshine Lake Pharma – “Outdated” Pipeline Is Difficult to Obtain Decent Valuation
  • Arrowhead Pharmaceuticals Inc – On February 10
  • Bio-Techne Corporation: How Spatial Biology and Molecular Diagnostics Are Changing the Game!


Japan Eyewear (5889) – “Second IPO” Equity Offering Creates TOPIX Inclusion

By Travis Lundy

  • Janaghan Jeyakumar, CFA has had Japan Eyewear Holdings (5889 JP) on his watchlist. He wrote on 6 Feb 2025 in his TOPIX Who Is Ready piece he expected Q1 inclusion.
  • He also noted that an equity offering might be required. Monday, we got a forecast revision (upward) for the year ended 31 January, an equity offering, and TOPIX inclusion.
  • The equity offering proposed is large enough one could consider it a “Second IPO”. This matters in terms of absorption and in thinking about the TOPIX Inclusion event.

Jiangsu Hengrui Pharma A/H Listing – Innovation and Overseas Expansion Driving Earnings Rebound

By Sumeet Singh

  • Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.
  • JHP  has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

Reviving two old ideas

By Turtles all the way down

  • I have again taken a position in Atea Pharma (AVIR) .
  • I wrote this up a little over a year ago and flipped it for about a 20% profit within a few months.
  • I kind of forgot about it as I lost interest in these pharma special situations, but given recent events AVIR is too enticing to ignore.

Cencora Inc.: Can the MSO Strategy with RCA & OneOncology Drive Sustainable Growth?

By Baptista Research

  • Cencora reported a robust performance in the first quarter of fiscal year 2025, showcasing significant growth across various metrics.
  • The company recorded a revenue increase of 13%, reaching $81.5 billion, driven primarily by strong gains in the U.S. Healthcare Solutions segment.
  • This growth included a substantial rise in sales of GLP-1 products, which alone saw a 53% year over-year increase.

Hologic: The Future of 3D Mammography and Molecular Diagnostics—What’s Next?

By Baptista Research

  • Hologic, Inc. reported its first-quarter fiscal 2025 results, reflecting both positive operational efficiencies and some challenges impacting revenue streams.
  • The overall revenue for the quarter came in at $1.022 billion, marking a modest 1% increase on a constant currency basis.
  • Noteworthy is the impact of the stronger U.S. dollar, which reduced reported revenue by about $9 million.

Kadimastem (KDST.TA) Core Investment Case 11022025

By ACF Equity Research

  • Kadimastem (KDST.TA:TASE) is an Israeli-based clinical-stage cell therapy company pioneering regenerative medicine for insulin dependent type 1 diabetes (T1D) (no more injections) and amyotrophic lateral sclerosis (ALS).
  • KDST has a proprietary stem-cell differentiation platform for scalable therapies designed to replace lost or damaged cells.
  • KDST’s T1D IsletRx program aims to revolutionize insulin production for diabetes patients using off-the-shelf allogeneic encapsulated pancreatic islet cells with immune protection.

Ansell Ltd (ANN AU): Healthcare Business Revival Drives H1 Result; FY25 Guidance Raised

By Tina Banerjee

  • Ansell Ltd (ANN AU) reported 30% YoY growth in revenue to $1,019M in 1HFY25 backed by strong Healthcare and Industrial business contribution. EBIT margin expanded 250bps to 12.5%.
  • KBU integration is progressing well and APIP measures bearing fruit generating higher savings. The company has realized a savings of $22M in H1FY25, compared to $7M in H1FY24.
  • Ansell revised FY25 adjusted EPS from $1.10–1.27 to $1.18–1.28, with the midpoint beating consensus. Management expects continued organic constant currency sales growth in H2FY25, but slower than H1FY25.

Pre-IPO Sunshine Lake Pharma – “Outdated” Pipeline Is Difficult to Obtain Decent Valuation

By Xinyao (Criss) Wang

  • Most revenue was contributed by Kewei, but kewei has been included in VBP.Together with increasing competition, the outlook is gloomy if Sunshine Lake Pharma continues to mainly rely on Kewei.
  • There’s a significant gap in Sunshine Lake Pharma’s R&D progress/clinical data compared to the products of peers.The pipeline has been “disconnected” from the level of domestic biotech in recent years
  • Sunshine Lake Pharma is inferior to other pharmaceutical companies in China.Even if CJ Pharma will be merged into Sunshine Lake Pharma, its market value should be lower than leading Biotech.

Arrowhead Pharmaceuticals Inc – On February 10

By Zacks Small Cap Research

  • On February 10, 2024, Arrowhead Pharmaceuticals, Inc. (ARWR) announced financial results for the first quarter of fiscal year 2025 that ended December 31, 2024.
  • Following the company’s recent license and collaboration agreement with Sarepta Therapeutics, 2025 is set to be a catalyst-rich year.
  • The company is now financed through 2028 and potentially through multiple commercial launches by Arrowhead and/or its partners, the first of which could occur this year for plozasiran for the treatment of familial chylomicronemia syndrome (FCS), which has a PDUFA date of November 18, 2025.

Bio-Techne Corporation: How Spatial Biology and Molecular Diagnostics Are Changing the Game!

By Baptista Research

  • Bio-Techne Corporation’s second quarter of fiscal year 2025 results showcased a blend of robust growth and some challenges.
  • The company reported a 9% year-over-year increase in revenue, achieving $297 million in total sales, which was also the growth rate on an organic basis.
  • This performance was largely fueled by significant contributions from the biopharma end markets, especially large pharmaceutical orders for Good Manufacturing Practice (GMP) reagents and protein analytical implementations, alongside notable strides in their ExosomeDx and spatial biology divisions.

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Daily Brief Consumer: Guming Holdings, Shimano Inc, Toyota Motor, Impress Holdings, Murphy Usa Inc, Nhk Spring, Takamatsu Construction, Mitsuba Corp, Happinet Corp, JP-HOLDINGS, INC. and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Guming Holdings (1364 HK): Potential Valuation Upside with Upcoming Mixue IPO
  • Shimano (7309) | A Slow but Steady Ascent
  • EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market
  • Impress Holdings (9479 JP): Q3 FY03/25 flash update
  • Murphy USA Inc.: Can Merchandising Contribution & Growth Catalyze Growth?
  • Nhk Spring (5991 JP): Q3 FY03/25 flash update
  • Takamatsu Construction (1762 JP): Q3 FY03/25 flash update
  • Mitsuba Corp (7280 JP): Q3 FY03/25 flash update
  • Happinet Corp (7552 JP): Q3 FY03/25 flash update
  • JP-HOLDINGS, INC. (2749 JP): Q3 FY03/25 flash update


Guming Holdings (1364 HK): Potential Valuation Upside with Upcoming Mixue IPO

By Devi Subhakesan

  • Guming Holdings (1364 HK) ‘s shares closed 7% below issue price by end of yesterday’s trading. 
  • Institutional investors may be cautious, with many likely waiting for the upcoming IPO of Mixue Group (MIX HK), widely viewed as a more attractive and bigger opportunity in tea space.
  • The upcoming Mixue IPO—aiming to raise about USD500 million—could spark broader investor interest in the sector and may boost valuations for Guming given its relative operational strengths.

Shimano (7309) | A Slow but Steady Ascent

By Mark Chadwick

  • Cautious but Credible – FY25 guidance underwhelms, but Shimano’s realism is justified. The bike market is recovering, even if 2025 will be a grind.
  • Sitting on a Cash Pile – ¥530 billion in net financial assets, yet capital returns remain restrained. Investors will be watching for bolder moves.
  • Quality Wins – mid-cycle ROIC north of 20% and end-market inventories normalising – a long-term winner at a fair price.

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

By Gaudenz Schneider

  • The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
  • Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
  • Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.

Impress Holdings (9479 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue decreased YoY in several segments, with notable declines in Content and Platform Businesses due to market trends.
  • Operating losses were reduced across multiple segments, attributed to improved profitability and lower SG&A expenses despite revenue declines.
  • Certain segments experienced revenue growth, driven by strong sales in Internet Media services and new platform developments.

Murphy USA Inc.: Can Merchandising Contribution & Growth Catalyze Growth?

By Baptista Research

  • Murphy USA recently reported its fourth-quarter and full-year 2024 financial results, presenting a mixed performance and outlook.
  • The company reported an EBITDA of just over $1 billion for 2024, indicating strong revenue capabilities despite several challenges throughout the year.
  • The notable positives include growth in perstore merchandise sales and margin, along with robust retail fuel margins, which improved by 50 basis points to $0.281 per gallon.

Nhk Spring (5991 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue increased YoY across most segments, with Automotive Seating declining; operating profit rose, and GPM improved to 13.7%.
  • Revenue increased YoY, narrowing losses; yen depreciation boosted yen-denominated earnings at overseas subsidiaries.
  • Semiconductor market recovery increased sales of process components, while high-capacity HDD demand boosted HDD suspensions revenue.

Takamatsu Construction (1762 JP): Q3 FY03/25 flash update

By Shared Research

  • Orders increased by 10.3% YoY to JPY275.4bn, with revenue up 10.8% YoY to JPY247.8bn.
  • Architecture segment orders rose 16.7% YoY, while Civil Engineering orders declined 13.0% YoY.
  • Real Estate segment saw a 32.6% YoY increase in orders, with revenue rising 32.5% YoY.

Mitsuba Corp (7280 JP): Q3 FY03/25 flash update

By Shared Research

  • Cumulative Q3 revenue rose 0.2% YoY to JPY257.4bn, with notable growth in the Other business segment.
  • Operating profit increased 8.0% YoY to JPY15.6bn, driven by price improvements and growth in core business segments.
  • Transportation Equipment-related Operations faced a 23.1% YoY revenue decline in China, despite growth in other regions.

Happinet Corp (7552 JP): Q3 FY03/25 flash update

By Shared Research

  • Sales increased to JPY283.2bn (+4.0% YoY) driven by growth in Toys and Amusement segments despite declines elsewhere.
  • Operating profit rose to JPY9.8bn (+26.7% YoY) with improved margins, despite a decline in the Video Games segment.
  • Full-year targets for FY03/25 were raised, forecasting JPY360.0bn sales and JPY130.0 dividend per share.

JP-HOLDINGS, INC. (2749 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue increased by 6.5% YoY, with operating profit and recurring profit growing 25.5% and 28.1% YoY, respectively.
  • The company opened 20 new facilities, including nurseries and after-school clubs, expanding its child-rearing support facilities.
  • Net income attributable to owners rose 36.6% YoY, driven by increased child enrollment and revised staffing ratios.

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Daily Brief Industrials: Delhivery , Contemporary Amperex Technology (CATL), Action Construction Equipment, Recruit Holdings, BQE Water , Seino Holdings, Stanley Black & Decker, Tokyu Construction, CoreCivic , Enersys and more

By | Daily Briefs, Industrials

In today’s briefing:

  • NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March
  • CATL A/H Listing – IPO Filing Updates
  • Action Construction Equipment Limited: Q3 FY25 Update
  • Recruit 3Q: Strong Set of Results Despite Slowdown in Labour Markets
  • BQE: Evaluating the Blue-Sky Opportunity
  • (9076 JP) New Efficiencies and Modernisation in Consumer Goods Shipping
  • Stanley Black & Decker: How Can It Deal With Supply Chain Overhaul Risks
  • Tokyu Construction (1720 JP): Q3 FY03/25 flash update
  • CXW: 4Q24 Beat Reflects Efficiencies, New Agreements ICE Need Expected to Climb
  • Enersys – EnerSys: Electrification & Digitization Trends Can Shape The Future Of Energy Management!


NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

By Brian Freitas

  • With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.
  • Estimated one-way turnover is 8.3% resulting in a one-way trade of INR 7.65bn (US$88m). With over US$40bn tracking the index actively, the impact on the stocks will be much larger.
  • The outright adds have outperformed the forecast deletes over the last 6 months, but there has been underperformance this calendar year.

CATL A/H Listing – IPO Filing Updates

By Sumeet Singh

  • Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
  • CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
  • We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.

Action Construction Equipment Limited: Q3 FY25 Update

By Sudarshan Bhandari

  • Action Construction Equipment (ACCE IN)’s Q3/9M-FY25 performance shows strong revenue growth (up 16.6% in Q3, 15.2% over nine months), improved EBITDA margins, and robust unit sales in key equipment segments.
  • Improved product mix and a focus on high-value equipment drive operational efficiency, boosting profitability amid increasing infrastructure and capital expenditure trends.
  • In the next 2 years, company will increase the proportion of exports that will drive the revenue growth.

Recruit 3Q: Strong Set of Results Despite Slowdown in Labour Markets

By Shifara Samsudeen, ACMA, CGMA

  • Recruit Holdings (6098 JP) reported 3QFY03/2025 results today which were in line with estimates. Despite labour markets cooling off, Recruit managed to report a strong set of results.
  • The company also has provided revised guidance for full-year FY03/2025 with an upward revision to revenues while Adj. EBITDA is forecast to be above the midpoint of the previous range.
  • Despite the slowdown in labour markets, Recruit’s monetisation efforts have paid off, however, we would not rush to make an entry.

BQE: Evaluating the Blue-Sky Opportunity

By Atrium Research

  • What you need to know: • BQE has various blue-sky opportunities ahead which we do not account for in our model.
  • This report breaks down each opportunity to paint a picture of a bull case scenario for the Company.
  • • This includes company maker projects, new applications and technologies, the mining bull cycle, capital allocation plans, geographic expansion, trust in management, and multiple expansion.

(9076 JP) New Efficiencies and Modernisation in Consumer Goods Shipping

By Michael Causton

  • Despite a year passing since the new rules on driver overtime came into force, transport companies are still coming up with ways to keep to the new regulations.
  • Seino, one of the largest trucking companies, has consolidated its regional subsidiaries and plans to open new regional hubs to reduce route distances.
  • Others will do the same and more collaborations are likely, lowering costs and improving efficiency for consumer distribution.

Stanley Black & Decker: How Can It Deal With Supply Chain Overhaul Risks

By Baptista Research

  • Stanley Black & Decker reported a mixed set of results for the fourth quarter and full year of 2024.
  • The company achieved some notable financial milestones, such as maintaining flat full-year revenues of $15.4 billion organically, despite challenging market conditions.
  • There was a positive response from some segments, notably DEWALT, which reported mid-single-digit organic growth, demonstrating resilience against a softer consumer and DIY backdrop.

Tokyu Construction (1720 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue for Q3 FY03/25 was JPY196.8bn, a 4.1% YoY decline, with a 66.9% progress rate.
  • Full-year forecast revisions include JPY6.9bn operating profit and JPY5.0bn net income, with unchanged dividend expectations.
  • Strategic shareholdings reduced to JPY14.4bn by March 2024, aiming for below 10% ratio by FY03/31.

CXW: 4Q24 Beat Reflects Efficiencies, New Agreements ICE Need Expected to Climb

By Zacks Small Cap Research

  • Reflecting the limited supply of and older state of many government-owned correctional facilities, among other factors, we anticipate that the company will continue to sign new business that, in turn, will further enhance operating leverage, results and multiple expansion.
  • The company recently expanded the occupancy it provides to the state of Montana and there are multiple new RFIs and RFPs from ICE for new capacity.
  • Reflecting CXW’s ongoing discussions with both existing and potential government partners for new occupancy, we believe the outlook for new business activity for CXW is strong.

Enersys – EnerSys: Electrification & Digitization Trends Can Shape The Future Of Energy Management!

By Baptista Research

  • EnerSys reported a mixed but promising outlook for their fiscal third quarter of 2025.
  • Revenue increased by 5% year-over-year, reaching approximately $906 million, though this growth was mildly under expectations due to foreign exchange pressures, slower U.S. communication market recovery, and a disruption at a motive power customer’s facility in EMEA.
  • A key positive for the quarter was the notable margin expansion driven by a strong price/mix across all business lines, operational improvements in Energy Systems, and contributions from the recent Bren-Tronics acquisition.

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Daily Brief Financials: Lifestyle Communities, Guotai Junan Securities , DBS, Anima Holding, WeWork India Management Ltd, American International Group, Bitcoin, Swire Properties and more

By | Daily Briefs, Financials

In today’s briefing:

  • Thoughts On An Ingenia (INA AU) / Lifestyle (LIC AU) Merger
  • FXI Rebalance Preview: GTJA, ZTE In; CTG, China Coal Out
  • DBS – Granular Disclosure Shows Aggressive Deterioration in HK and China. Look at Pillar 3 Also.
  • Banco BPM’s Sweetened Takeover Offer for Anima Holding
  • WeWork India Management Ltd Pre-IPO Tearsheet
  • American International Group (AIG) – Tuesday, Nov 12, 2024
  • The More Things Change, The More They Stay The Same
  • Asia Real Estate Tracker (12-Feb-2025): LaSalle appoints APAC Co-Heads; Claire Tang moves to Rava.


Thoughts On An Ingenia (INA AU) / Lifestyle (LIC AU) Merger

By David Blennerhassett

  • Reportedly, Ingenia Communities (INA AU) and Lifestyle Communities (LIC AU) –  companies which provide low-cost housing needs for working, semi-retired, and/or retired people – are mulling a merger.
  • Part of the rumourmill pivots off of the fact Lifestyle will release its 1H25E results after market on the 24th Feb, shortly ahead of Ingenia’s own release the following morning.
  • Lifestyle’s share price remain 25% adrift of levels shortly ahead of a July 2024 ABC report alleging excessive exit fees. 

FXI Rebalance Preview: GTJA, ZTE In; CTG, China Coal Out

By Brian Freitas


DBS – Granular Disclosure Shows Aggressive Deterioration in HK and China. Look at Pillar 3 Also.

By Daniel Tabbush

  • Granular data from DBS shows worsening credit metrics in Greater China and in Hong Kong.
  • We use DBS and other banks, as a window on credit metrics for China banks and HK local banks.
  • The NPL ratio for its HK business moved from 1.1% to 1.7% YoY, while Pillar 3 data shows sharp rise in New NPLs in 2H24

Banco BPM’s Sweetened Takeover Offer for Anima Holding

By Jesus Rodriguez Aguilar

  • Banco BPM raises offer for Anima to €7.00 per share, securing over 43% shareholder support. Shareholders will vote on February 28, with deal completion expected in mid-2025, pending regulatory approvals.
  • Strategic acquisition boosts Banco BPM’s non-interest income to 50% of total revenues and strengthens its wealth management and insurance business, reinforcing its defense against UniCredit’s €10 billion takeover attempt.
  • Market assigns a 92% probability of deal completion. Shareholders are advised to accept, as failure to tender may result in lower liquidity.

WeWork India Management Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • WeWork India Management Ltd (1690124D IN)  (WIML) is looking to raise about US$450m in its upcoming India IPO. The bookrunners for the deal are JMFin, ICICI, Jefferies, Kotak, 360 One.
  • WIML was established in 2016 under the name, “Halosaur Bengaluru Private Limited” and is backed by Embassy Group. It is one of the leading premium flexible workspace operators.
  • WIML has been the largest operator by total revenue in the past three Fiscals, according to the CBRE Report.

American International Group (AIG) – Tuesday, Nov 12, 2024

By Value Investors Club

  • AIG has completed efforts to reposition itself as a leader in the insurance industry
  • The company has a renewed strategy for growth and improved financial performance
  • A strong leadership team and clear vision for the future position AIG to deliver value for customers and shareholders

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


The More Things Change, The More They Stay The Same

By Etherbridge

  • 2025 is off to a tough start. Our call on boring or scary price action seems to be holding up.
  • Bitcoin remains boring and is range-bound between $106k and $91k.
  • Altcoins have been scary, with the average sector down 25%+. Sector Performance for Jan 2025.

Asia Real Estate Tracker (12-Feb-2025): LaSalle appoints APAC Co-Heads; Claire Tang moves to Rava.

By Asia Real Estate Tracker

  • LaSalle appoints Japan, Korea-based APAC Co-Heads as Tang heads to Rava, highlighting leadership changes within the company.
  • Dash Living’s expansion in Japan to 19 locations through partnerships with BlackRock and Greystar reflects their growth strategy in the region.
  • Swire Properties expecting a $103M loss as Pacific Place rents drop 16% due to markdowns, showcasing the impact of market changes on the company.

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Most Read: Contemporary Amperex Technology (CATL), Kokusai Electric , Samsung Life Insurance, Furukawa Co Ltd, Japan Eyewear Holdings , Eva Airways, Shanghai Henlius Biotech , Lifestyle Communities, Guming Holdings, Cambricon Technologies Lt and more

By | Daily Briefs, Most Read

In today’s briefing:

  • CATL (300750 CH): Index Inclusion Post H-Share Listing
  • Kokusai Electric (6525) – Upcoming Lockup Expiry And BIG Index Demand
  • Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M
  • Furukawa (5715 JP) – Third Capital Policy Change in a Year Means Big Buyback
  • Japan Eyewear (5889) – “Second IPO” Equity Offering Creates TOPIX Inclusion
  • Taiwan Top 50 ETF Rebalance Preview: Eva Air (2618 TT) Winging Its Way In
  • Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update
  • Thoughts On An Ingenia (INA AU) / Lifestyle (LIC AU) Merger
  • Guming Holdings IPO Trading – Strong Retail Demand, with Decent Coverage on the Insti Tranche
  • China A50 ETFs Rebalance Preview: Three Changes in March


CATL (300750 CH): Index Inclusion Post H-Share Listing

By Brian Freitas


Kokusai Electric (6525) – Upcoming Lockup Expiry And BIG Index Demand

By Travis Lundy

  • Kokusai Electric (6525 JP) was IPOed in September 2023. The stock was cheap. It rose sharply, tripling in 9 months. At the ATH, the pre-IPO owners launched a HUGE secondary.
  • It was like a second IPO. The stock dipped, rallied, plummeted into pricing. Stayed there for two days, and in 6 months, the shares have halved. 
  • Lockup expiry is next week, and there is a likely large index event in ~10 weeks.

Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M

By Douglas Kim

  • Samsung Life Insurance (032830 KS) and Samsung Fire & Marine Insurance (000810 KS) plan to sell about 278 billion won of Samsung Electronics (005930 KS) in block deal sales.
  • A total of 5 million shares of Samsung Electronics shares that are expected to be sold in this block deal sale represents 0.1% of Samsung Electronics’ outstanding shares.
  • If Samsung Life Insurance is able to sell 4.256 million shares of Samsung Electronics for 236.4 billion won, this would represent 1.3% of Samsung Life Insurance’s market cap. 

Furukawa (5715 JP) – Third Capital Policy Change in a Year Means Big Buyback

By Travis Lundy

  • In May 2023, Furukawa Co Ltd (5715 JP) decided it would review cross-holdings as part of its Actions to Implement Management Awareness of Capital Cost and Share Price.
  • In February 2024, it announced a cross-holding reduction policy, and then accelerated it in May 2024. They’ve been selling. They did a small buyback too. 
  • Monday they announced a LARGE buyback (looks larger than it is) leaving future capital allocation policy better, but still wanting. The question is now the forward-forward bet.

Japan Eyewear (5889) – “Second IPO” Equity Offering Creates TOPIX Inclusion

By Travis Lundy

  • Janaghan Jeyakumar, CFA has had Japan Eyewear Holdings (5889 JP) on his watchlist. He wrote on 6 Feb 2025 in his TOPIX Who Is Ready piece he expected Q1 inclusion.
  • He also noted that an equity offering might be required. Monday, we got a forecast revision (upward) for the year ended 31 January, an equity offering, and TOPIX inclusion.
  • The equity offering proposed is large enough one could consider it a “Second IPO”. This matters in terms of absorption and in thinking about the TOPIX Inclusion event.

Taiwan Top 50 ETF Rebalance Preview: Eva Air (2618 TT) Winging Its Way In

By Brian Freitas


Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update

By Xinyao (Criss) Wang

  • LVC continues to increase its holdings in Henlius, indicating that LVC remains optimistic about Henlius as its internationalization process significantly accelerated. We are interested to see Lin Lijun’s next move. 
  • In the short to medium term, based on our conservative forecast on peak sales of HANQUYOU/HANSIZHUANG in overseas markets and domestic product sales, Henlius’ market value could reach RMB13-16 billion.
  • Considering other candidates(e.g. HLX15, HLX11, HLX14), indication expansion, drug combination, etc., revenue of Henlius could reach about RMB8-9 billion in the long term, with market value to reach RMB24-27 billion.

Thoughts On An Ingenia (INA AU) / Lifestyle (LIC AU) Merger

By David Blennerhassett

  • Reportedly, Ingenia Communities (INA AU) and Lifestyle Communities (LIC AU) –  companies which provide low-cost housing needs for working, semi-retired, and/or retired people – are mulling a merger.
  • Part of the rumourmill pivots off of the fact Lifestyle will release its 1H25E results after market on the 24th Feb, shortly ahead of Ingenia’s own release the following morning.
  • Lifestyle’s share price remain 25% adrift of levels shortly ahead of a July 2024 ABC report alleging excessive exit fees. 

Guming Holdings IPO Trading – Strong Retail Demand, with Decent Coverage on the Insti Tranche

By Clarence Chu

  • Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
  • Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
  • We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

China A50 ETFs Rebalance Preview: Three Changes in March

By Brian Freitas


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Daily Brief Quantitative Analysis: HSI Rising and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HSI Rising, CSI 300 Stalled: No Divergence, No Arbitrage, Both Show a SELL Signal
  • KRX Short Interest Weekly (Feb 7th): SK Hynix, Samsung H.I.


HSI Rising, CSI 300 Stalled: No Divergence, No Arbitrage, Both Show a SELL Signal

By Nico Rosti


KRX Short Interest Weekly (Feb 7th): SK Hynix, Samsung H.I.

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of KRX stocks as of Feb 7th which has an aggregated short interest worth USD3.6bn.
  • 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 SK Hynix, Samsung H.I..

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Daily Brief ESG: Activist Investors with Increased AUM Will Also Likely Target Larger Companies for Investment and more

By | Daily Briefs, ESG

In today’s briefing:

  • Activist Investors with Increased AUM Will Also Likely Target Larger Companies for Investment


Activist Investors with Increased AUM Will Also Likely Target Larger Companies for Investment

By Aki Matsumoto

  • Engagement begins only when there is a common understanding that “the management goal is to increase corporate value and shareholder interest.
  • Because of differences in the level of understanding among listed companies, not all companies are able to smoothly discuss solutions to management issues based on the same common understanding.
  • While ROA improved moderately, ROE improved slightly, indicating that more and more companies are committed to shareholder returns.

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Daily Brief Thematic (Sector/Industry): Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?
  • Ohayo Japan | Stocks Mixed As Powell Signals Cautious Approach to Rate Cuts
  • #100 India Insight: ITC’s Revenue Grows, India Shifts Focus, China Cuts Renewable Subsidies
  • Japan Morning Connection: Selective Squeezes May Continue with Japan Back from Holiday
  • Trump’s FCPA Pause: How Does It Affect Adani’s Bribery Charges?
  • Monday Delight: 10/02/25
  • Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends – Phillip Securities.
  • Themes of India : How Pre-Engineered Buildings(PEB) Are Transforming India’s Construction Landscape?
  • Weekly Sustainable Investing Surveyor – February 10, 2025
  • Biopharma Week in Review – February 10, 2025


Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

By William Keating

  • Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:
  • As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.
  • WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to >15% 

Ohayo Japan | Stocks Mixed As Powell Signals Cautious Approach to Rate Cuts

By Mark Chadwick

  • US Markets: Stocks closed mixed as investors assessed tariffs and Powell’s testimony. Intel surged 6.5% on AI chip support, while Tesla dropped 5% on BYD’s AI deal.
  • Japan: Japan’s current account surplus hit ¥29.26tn in 2024, boosted by foreign investments. Nitori and Nissan announced major investment and restructuring plans.
  • Earnings Highlights: SoftBank’s telecom unit saw net income rise 7% to ¥437bn. Shiseido posted an ¥11bn loss, while OMRON raised profit forecasts by 54%.

#100 India Insight: ITC’s Revenue Grows, India Shifts Focus, China Cuts Renewable Subsidies

By Sudarshan Bhandari

  • ITC Ltd (ITC IN)  revenue growth was driven by its diversified businesses, but profitability was hit by high raw material costs.
  • India is shifting its capital expenditure focus from FY25-30 towards energy infrastructure, including power generation and grid integration. 
  • China plans to reduce subsidies for renewable energy projects after surpassing its 2030 solar and wind power targets early.

Japan Morning Connection: Selective Squeezes May Continue with Japan Back from Holiday

By Andrew Jackson

  • US semi onshoring plays lifted by Vance comments on US production comments.
  • SMCI preliminary numbers after market pointing to big upside for 2026 and 30% uptake in new DC’s.
  • Shiseido numbers missed but there were bright spots…enough to cover up the blemishes for a squeeze?

Trump’s FCPA Pause: How Does It Affect Adani’s Bribery Charges?

By Nimish Maheshwari

  • The US administration has issued a six-month pause on FCPA enforcement, potentially revisiting and scaling back past actions, including those linked to the Adani bribery charges.
  • This executive order could alleviate regulatory pressures, offering companies like Adani a temporary reprieve and potentially reshaping global enforcement norms for corporate bribery cases.
  • Investors may now see a more balanced regulatory landscape, reducing immediate legal risks for multinational corporations while prompting a reassessment of FCPA’s impact on global business conduct.

Monday Delight: 10/02/25

By Contrarian Cashflows

  • Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
  • The ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
  • If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends – Phillip Securities.

By Singapore Market Roundup

  • Phillip Securities believes Q&M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.
  • UOB Kay Hian optimistic about Wilmar’s improving China operations; analysts raise DBS’s target prices above $51 on strong capital returns.
  • Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS’s target price to $50 after record profits in FY2024 under Piyush Gupta’s leadership.

Themes of India : How Pre-Engineered Buildings(PEB) Are Transforming India’s Construction Landscape?

By Nimish Maheshwari

  • As of FY19 PEB was only 2-4% of overall construction, and is projected to reach 5-7% by FY28. Low current share in overall construction indicates high growth potential in India.
  • The PEB Sector is rapidly becoming a key pillar of modern infrastructure. Driven by industrialization and urbanization, its adoption is accelerating, especially in the industrial and commercial sectors.
  • The Rapid Growth of the PEB Industry in India is driven by industrial demand, infrastructure expansion, and rising adoption in warehouses, data centers, logistics, and commercial buildings.

Weekly Sustainable Investing Surveyor – February 10, 2025

By Water Tower Research

  • The WTR Sustainable Index was up 0.5% W/W versus the S&P 500 Index (down 0.2%), the Russell 2000 Index (down 0.3%) and the Nasdaq Index (up 0.1%).
  • Energy Technology (13.3% of index) was down 1.2%, while Industrial Climate and Ag Technology (46.6% of index) was up 0.3%, ClimateTech Mining was up 0.4%, and Advanced Transportation Solutions (21.7% of index) was up 2.0%.
  • Top 10 Performers: FGPHF, AZRE, CRE, LTBR, NVVE, OPTT, AMSC, TGEN, VLI, ELBM

Biopharma Week in Review – February 10, 2025

By Water Tower Research

  • The Senate committee advanced RFK Jr.’s HHS secretary nomination with a vote along party lines, as Senator Bill Cassidy (R) was swayed by numerous promises to not dismantle vaccine policies.
  • Even ahead of RFK Jr.’s now likely confirmation, health agencies have faced disruptive changes and uncertainty from Trump’s anti-DEI executive orders.
  • The latest was a $4 billion cut to NIH grant funding, reducing support for academic research at universities, hospitals, and other grant recipients. 

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Daily Brief ECM: Hexaware Technologies IPO – Not Cheap on Its Own and more

By | Daily Briefs, ECM

In today’s briefing:

  • Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher
  • Guming (1364 HK): Upsized at Top-Price. Strong Retail Demand
  • Guming Holdings IPO Trading – Strong Retail Demand, with Decent Coverage on the Insti Tranche
  • PegBio (派格生物) IPO: Thoughts on Valuation
  • SailPoint, Inc. (SAIL) — IPO Price Range Increased; Software Order Book Demand Is Fever Pitch
  • Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO


Hexaware Technologies IPO – Not Cheap on Its Own, but Peers Are Trading a Lot Higher

By Clarence Chu

  • Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO.
  • Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
  • In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.

Guming (1364 HK): Upsized at Top-Price. Strong Retail Demand

By Devi Subhakesan

  • Guming Holdings, the leading mid-priced milk tea player in China, has priced its IPO at the top-end and upsized it to 182.6 mn shares, raising a total of HKD1.8 Bn. 
  • With strong HK retail investor demand, International investors bidding for Guming stock in the IPO had their allocations scaled back to 56.5% from 90% earlier.
  • Guming will list at the HK stock exchange today and could likely see a good  uptick upon listing given robust investor demand.

Guming Holdings IPO Trading – Strong Retail Demand, with Decent Coverage on the Insti Tranche

By Clarence Chu

  • Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
  • Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
  • We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

PegBio (派格生物) IPO: Thoughts on Valuation

By Ke Yan, CFA, FRM

  • PegBio, a China-based biotech company, plans to raise up to USD 150 million via a Hong Kong listing.
  • In our previous note, we examined the company’s core product namely PB-119.
  • In this note, we will provide a valuation for the company’s key products.

SailPoint, Inc. (SAIL) — IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

By IPO Boutique

  • The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.
  • Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. 
  • The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.

Aardvark Therapeutics (AARD): Caution Needed Ahead of Small-Cap Obesity Biotech IPO

By IPO Boutique

  • We believe exercising caution based upon the small market cap of the company and the existing backers is the prudent play at this time.
  • Aardvark Therapeutics develops novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases.
  • Their lead product candidate is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen and have initiated a Phase 3 trial for hyperphagia associated with PWS.

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Daily Brief Equity Bottom-Up: Alibaba (BABA) 3Q25 Preview: Benefit from Boycott Against Competitor and Disposals and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Alibaba (BABA) 3Q25 Preview: Benefit from Boycott Against Competitor and Disposals
  • Uranium Wild Predictions and which Base Metals Restart will Make Bank First?
  • SMIC (981.HK): Revenue Growth Decelerated in 4Q24, and Growth Momentum to Be Regained in 1Q25.
  • Qualcomm’s AI-Powered Future: Will It Dominate PCs, Smartphones, and Cars?
  • AMD’s AI Bet Is Failing? DeepSeek Challenges the Market While Nvidia Widens the Gap!
  • Alphabet’s AI Spending Nightmare: Will $75 Billion CapEx Be Enough To Come Close To DeepSeek & OpenAI?
  • Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update
  • Toyota Motors: Is It Really Adapting to China’s Market For Long-Term Growth?
  • China Pair Trade: Long China Comm Const (1800 HK), Short China Railway Group (390 HK)
  • Shimano (7309) | Q4 Preview and Outlook


Alibaba (BABA) 3Q25 Preview: Benefit from Boycott Against Competitor and Disposals

By Ming Lu

  • We believe the boycott against JD.com benefited Alibaba’s Taobao and Tmall Group in 3Q25 results. 
  • We believe 3Q25 results will not reflect the benefits of the disposal of Intime and Sun Art despite that Alibaba may not revise its financial data in 3Q25 results.
  • We set a stock upside of 42% for the next twelve months.

Uranium Wild Predictions and which Base Metals Restart will Make Bank First?

By Money of Mine

  • BHP plans for a small increase in uranium production at Olympic Dam, with speculation on the impact
  • Interview with Grant Isaac from Cameco sheds light on the uranium market trends

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


SMIC (981.HK): Revenue Growth Decelerated in 4Q24, and Growth Momentum to Be Regained in 1Q25.

By Patrick Liao

  • SMIC’s 1Q25 guidance is for revenue to increase by 6% to 8% QoQ, and the gross margin to range from 19% to 21%.   
  • Client revenue contribution from China/Europe/US has changed from 80.8%/15.7%/3.5% in 4Q23 to 89.1%/8.9%/2% in 4Q24. These numbers indicate that SMIC is gradually becoming independent from Europe and the US. 
  • SMIC’s guidance for the year 2025 is that revenue growth is expected to be higher than the industry average in the same markets.

Qualcomm’s AI-Powered Future: Will It Dominate PCs, Smartphones, and Cars?

By Baptista Research

  • Qualcomm reported a strong financial performance in its latest quarter, with revenue increasing 17% year-over year to $11.67 billion, surpassing analyst expectations.
  • Growth was primarily driven by increased sales in its handset and automotive segments.
  • Despite a broader market slowdown, Qualcomm’s handset revenue rose 13%, benefiting from higher premium-tier smartphone sales and design wins with major manufacturers like Samsung and Chinese OEMs. The company also reported a 61% increase in automotive revenue to $961 million, reflecting strong demand for its Snapdragon Digital Chassis solutions.

AMD’s AI Bet Is Failing? DeepSeek Challenges the Market While Nvidia Widens the Gap!

By Baptista Research

  • Advanced Micro Devices reported fourth-quarter revenue of $7.7 billion, a 24% increase year-over-year, driven by strong growth in the data center and client segments.
  • The data center segment, which includes AI accelerators and server processors, delivered $3.9 billion in revenue, up 69% year-over-year but missing analyst expectations of $4.09 billion.
  • The company gained market share in CPUs, securing key wins with hyperscalers like Microsoft, Meta, and Google.

Alphabet’s AI Spending Nightmare: Will $75 Billion CapEx Be Enough To Come Close To DeepSeek & OpenAI?

By Baptista Research

  • Alphabet Inc. has faced a significant market correction, with its stock declining by 5% over the past week, leading to a $200 billion reduction in its market capitalization.
  • This sell-off followed the release of the company’s latest financial results, which, despite reporting revenue growth, highlighted structural challenges that have raised concerns among investors.
  • The primary issues stem from Alphabet Inc.’s substantial capital expenditure on artificial intelligence, slowing momentum in cloud computing, and increasing competitive pressures from more agile AI players such as OpenAI and DeepSeek.

Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update

By Xinyao (Criss) Wang

  • LVC continues to increase its holdings in Henlius, indicating that LVC remains optimistic about Henlius as its internationalization process significantly accelerated. We are interested to see Lin Lijun’s next move. 
  • In the short to medium term, based on our conservative forecast on peak sales of HANQUYOU/HANSIZHUANG in overseas markets and domestic product sales, Henlius’ market value could reach RMB13-16 billion.
  • Considering other candidates(e.g. HLX15, HLX11, HLX14), indication expansion, drug combination, etc., revenue of Henlius could reach about RMB8-9 billion in the long term, with market value to reach RMB24-27 billion.

Toyota Motors: Is It Really Adapting to China’s Market For Long-Term Growth?

By Baptista Research

  • Toyota Motor Corporation’s financial results for the second quarter of fiscal year 2025 reveal a period of cautious resilience amidst both internal challenges and external pressures.
  • The company’s operating income for the first half of the fiscal year was recorded at JPY 2.4642 trillion, closely matching the figures from the same period last year, despite hurdles including production halts due to certification issues and the incremental costs associated with addressing these disruptions.
  • 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.

China Pair Trade: Long China Comm Const (1800 HK), Short China Railway Group (390 HK)

By Osbert Tang, CFA

  • Long China Communications Construction (1800 HK), short China Railway Group Ltd H (390 HK) is a good strategy to capitalise on the recent underperformance of CCCC.
  • CCCC has a stronger contract momentum than CRG – its FY24 new contracts were up 7.3%, but CRG was down 12.4%. CCCC is also better positioned for urban construction growth.
  • In terms of dividend yield, CCCC is higher at 6.8% for FY25, yet CRG is only 6.3%. CCCC’s performance should pick up in the rest of 2025.

Shimano (7309) | Q4 Preview and Outlook

By Mark Chadwick

  • Q4 Risks Remain: Market conditions deteriorated in late 2024, and key data points suggest a potential miss on Q4 earnings expectations.
  • Focus on 2025 Outlook: Investors should shift attention to Shimano’s guidance, capital allocation strategy, and potential shareholder return initiatives in the coming year.
  • Long-Term Value: Despite short-term uncertainties, Shimano’s strong fundamentals and disciplined strategy position it well for sustainable growth and high returns.

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