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Smartkarma Daily Briefs

Jul 18
0

Daily Brief Financials: Samsung Life Insurance, Bitcoin, Insignia Financial, ICICI Prudential AMC and more

By | Daily Briefs, Financials

In today’s briefing:

  • Samsung Jay Lee Cleared by Supreme Court — Market Reaction Could Flip From Consensus
  • Altcoin Strategic Reserves: Why Are Public Companies Buying Altcoins?
  • Insignia Financial Ltd – The Overnight Report: New ASX Record Beckons
  • ICICI Prudential AMC IPO: Over 55% of AUM in High-Margin Equity, Powering B30 Growth

Samsung Jay Lee Cleared by Supreme Court — Market Reaction Could Flip From Consensus

By Sanghyun Park

  • Jay Lee’s clean Supreme Court win may cool Samsung’s governance trade near term. With legal risks gone, there’s less urgency to push structural changes or shuffle shares now.
  • Samsung C&T, a hotspot for governance spec flows, may see bids fade as urgency for structural shifts drops; longs on revamp bets might consider fading or shorting amid lingering risks.
  • Samsung Life gets relief as forced Elec share sales drop, supporting its stock. Samsung Elec stays neutral. Trade idea: Samsung Life long, Samsung C&T short on cooled governance hopes.

Altcoin Strategic Reserves: Why Are Public Companies Buying Altcoins?

By Animoca Brands Research

  • Evolving Treasury Landscape: Corporate treasuries face challenges from macroeconomic shifts, including high interest rate volatility, significant monetary expansion leading to inflation, and increasing geopolitical risks impacting cash flows and profitability.
  • Bitcoin as a Strategic Asset: Bitcoin has emerged as an alternative asset for these challenges, offering a scarce and increasingly institutionally viable asset for potential long-term value preservation and portfolio diversification, as demonstrated by MicroStrategy’s pioneering strategy.
  • The “Financial Engineering” Playbook: MicroStrategy’s approach goes beyond simple asset allocation, employing sophisticated financial engineering (e.g., convertible notes, equity issuances) to create value for shareholders by continuously acquiring more Bitcoin per share. 

Insignia Financial Ltd – The Overnight Report: New ASX Record Beckons

By FNArena

  • A global perspective on what happened overnight

ICICI Prudential AMC IPO: Over 55% of AUM in High-Margin Equity, Powering B30 Growth

By Sudarshan Bhandari

  • ICICI Prudential AMC (570643Z IN) is the largest AMC in India by active mutual fund QAAUM with 13.3% market share.
  • Company is growing at more than 30% CAGR in last 3 years and having focus on B30 Cities and emerging markets to drive growth.
  • Since company is cash rich with no borrowings, they are coming up with 100% OFS.

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Jul 18
0

Daily Brief Consumer: Seven & I Holdings, PointsBet Holdings , Geely Auto, Pop Mart International Group L, Ryohin Keikaku, Silicon2, Hagihara Industries, Koninklijke Ahold Delhaize NV and more

By | Consumer, Daily Briefs

In today’s briefing:

  • 7&I (3382 JP) – Alimentation Couche-Tard Walks, Lobbing a Letter Bomb
  • PointsBet (PBH AU): Betr Firms “Superior Offer”. Expect The Board To Reject. Again
  • Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks
  • Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers
  • Quiddity Leaderboard HSCEI Sep25: Final Expectations; One Index Change Possible
  • Ryohin Keikaku (7453 JP): Global Index Inclusion Likely in August
  • Geely (175 HK): Deliveries Up by 42% YoY in June – Rapid Growth to Go On in 3Q25
  • Insiders Selling at Silicon2: Negative Impact on Share Price
  • Hagihara Industries Co., Ltd. (7856 JP): Research Update
  • Ahold Delhaize – The Bold Bet on Private Labels

7&I (3382 JP) – Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

By Travis Lundy

  • Alimentation Couche-Tard (ATD CN) which proposed a takeover to Seven & I Holdings (3382 JP) almost a year ago, has walked. They delivered a letter bomb on the way out.
  • The letter is titled “ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN & I HOLDINGS DUE TO LACK OF ENGAGEMENT.” This is not the first time they have complained.
  • The letter is not aimed at the 7&i Board or at ATD stakeholders. It is meant to drive a wedge between 7&i active shareholders and its management team. We’ll see.

PointsBet (PBH AU): Betr Firms “Superior Offer”. Expect The Board To Reject. Again

By David Blennerhassett

  • Back on the 20th June, betr (BBT AU) tabled an all-scrip off-market Offer for PointsBet (PBH AU), with no minimum acceptance condition, which they considered superior to MIXI (2121 JP)‘s.
  • Which was a bold statement, as 3.81 new betr shares, at the time, was equivalent to A$1.143/share versus MIXI’s A$1.20/share all-cash Offer. It’s now worth A$1.03/share. 
  • Last night, betr released its Bidder’s Statement. Terms are unchanged.  Offer opens ~31st July. PointsBet was quick to point out, again, the current (low) value of the scrip terms.

Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

By Arun George

  • Couche-Tard has withdrawn its offer for Seven & I Holdings (3382 JP) by unfairly laying the entire blame on the Board.
  • The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.
  • In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. 

Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers

By Janaghan Jeyakumar, CFA

  • The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
  • In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
  • We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.6bn in one-way index flows in September 2025.

Quiddity Leaderboard HSCEI Sep25: Final Expectations; One Index Change Possible

By Janaghan Jeyakumar, CFA

  • The HSCEI serves as a benchmark to reflect the overall performance of the top 50 “Mainland China” securities listed in Hong Kong.
  • In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in September 2025.
  • We expect one ADD and one DEL for September 2025. We also estimate there to be US$269mn in one-way flows.

Ryohin Keikaku (7453 JP): Global Index Inclusion Likely in August

By Brian Freitas

  • Ryohin Keikaku (7453 JP)‘s stock price has more than doubled this year and the increased market cap could now result in a global index inclusion.
  • Ryohin Keikaku (7453 JP) has outperformed its peers by a BIG margin since its inclusion in the Nikkei 225 (NKY INDEX) in September 2024.
  • There appears to be significant positioning in the stock. Given the huge outperformance over the last few months, trim into strength.

Geely (175 HK): Deliveries Up by 42% YoY in June – Rapid Growth to Go On in 3Q25

By Ming Lu

  • Geely announced that its deliveries grew by 42% YoY in June 2025.
  • We expect BEV deliveries will continue to grow fast in 3Q25, but slow down from 4Q25.
  • We believe the stock price will rise by 39% for the next twelve months.

Insiders Selling at Silicon2: Negative Impact on Share Price

By Douglas Kim

  • Insiders have been selling at Silicon2 (257720 KS). The company’s CEO Kim Seong-Woon and other related parties sold 0.37 million shares (0.6% stake) in June 2025.
  • Overall, we are concerned about this recent insider selling at Silicon2. We are lowering our rating on Silicon2 to Negative over the next 6-12 months. 
  • Silicon2 needs to introduce new cosmetic brands such as Joseon Beauty, Round Lab, and Anua that could become very popular on a regular basis. However, that could be a challenge. 

Hagihara Industries Co., Ltd. (7856 JP): Research Update

By Nippon Investment Bespoke Research UK

  • Hagihara Industries [HI] (7856 JP) reported FY25 (Oct year-end) 1H earnings results on 9 June 2025, producing 1H operating profit [OP] of ¥899mil (-30.8% YoY) on sales of ¥16,400mil (+0.2% YoY) versus 1H OP guidance of ¥1,160mil (-10.7% YoY) on sales of ¥16,780mil (+2.5% YoY).
  • Although 1H sales hit a record in semi-annual sales, 1H OP declined -30.8% YoY.
  • HI forecasts FY25 RP of ¥2,500mil (+14.2% YoY) vs the RP target of ¥3,300mil.

Ahold Delhaize – The Bold Bet on Private Labels

By Baptista Research

  • This Q1 2025 analysis of Ahold Delhaize presents both promising aspects and challenges facing the company.
  • Ahold Delhaize reported solid financial performance, demonstrating resilience amidst a challenging macroeconomic environment characterized by geopolitical volatility, fluctuating tariffs, and job insecurity in markets such as the U.S. and parts of Europe.
  • Ahold Delhaize achieved a 5% increase in net sales to EUR 23.3 billion, alongside a 3.8% underlying operating margin despite pressures from strategic price investments.

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Jul 18
0

Most Read: Seven & I Holdings, Mitsui Matsushima, Krungthai Card, PointsBet Holdings , Consun Pharmaceutical, Samsung Life Insurance, Geely Auto, Ryohin Keikaku and more

By | Daily Briefs, Most Read

In today’s briefing:

  • 7&I (3382 JP) – Alimentation Couche-Tard Walks, Lobbing a Letter Bomb
  • [Japan Activism] Mitsui Matsushima (1518 JP) Buyback Tender – Surprising Results and Implications
  • Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover
  • UK Jobs Data And The Muddled MPC
  • PointsBet (PBH AU): Betr Firms “Superior Offer”. Expect The Board To Reject. Again
  • Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks
  • Quiddity Leaderboard Hang Seng Biotech Sep25: 20 Deletions Likely Due to Major Methodology Change
  • Samsung Jay Lee Cleared by Supreme Court — Market Reaction Could Flip From Consensus
  • Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers
  • Ryohin Keikaku (7453 JP): Global Index Inclusion Likely in August

7&I (3382 JP) – Alimentation Couche-Tard Walks, Lobbing a Letter Bomb

By Travis Lundy

  • Alimentation Couche-Tard (ATD CN) which proposed a takeover to Seven & I Holdings (3382 JP) almost a year ago, has walked. They delivered a letter bomb on the way out.
  • The letter is titled “ALIMENTATION COUCHE-TARD ANNOUNCES WITHDRAWAL OF PROPOSAL TO ACQUIRE SEVEN & I HOLDINGS DUE TO LACK OF ENGAGEMENT.” This is not the first time they have complained.
  • The letter is not aimed at the 7&i Board or at ATD stakeholders. It is meant to drive a wedge between 7&i active shareholders and its management team. We’ll see.

[Japan Activism] Mitsui Matsushima (1518 JP) Buyback Tender – Surprising Results and Implications

By Travis Lundy

  • Today, Mitsui Matsushima (1518 JP) announced the results of its Buyback Tender Offer to repurchase up to 3,999,999 shares (35.8% of shares out ex-Treasury) at ¥5,000/share. 
  • Murakami-San owned 42% of the voting rights at announcement, then bought more on the dip just below ¥5,000/share. 
  • The Tender Offer Buyback was “successful” in that it bought back 3.3mm shares. But the result was FAR more interesting than I expected. Surprising Results with Surprising Implications

Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover

By David Blennerhassett

UK Jobs Data And The Muddled MPC

By Phil Rush

  • UK payroll revisions removed most of May’s weakness, while wage and price inflation is too fast, yet the BoE probably won’t back down from an August cut as the UR rises.
  • Fewer payroll inflows explain its downtrend, with <24yo suffering sustained pain, but the 25-64yo endure the taxation hit, structurally raising unemployment by ~0.5pp.
  • Wage growth isn’t showing signs of new disinflationary demand pressures, so we expect excessive underlying wage and price trends to persist, not helped by an August BoE cut.

PointsBet (PBH AU): Betr Firms “Superior Offer”. Expect The Board To Reject. Again

By David Blennerhassett

  • Back on the 20th June, betr (BBT AU) tabled an all-scrip off-market Offer for PointsBet (PBH AU), with no minimum acceptance condition, which they considered superior to MIXI (2121 JP)‘s.
  • Which was a bold statement, as 3.81 new betr shares, at the time, was equivalent to A$1.143/share versus MIXI’s A$1.20/share all-cash Offer. It’s now worth A$1.03/share. 
  • Last night, betr released its Bidder’s Statement. Terms are unchanged.  Offer opens ~31st July. PointsBet was quick to point out, again, the current (low) value of the scrip terms.

Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

By Arun George

  • Couche-Tard has withdrawn its offer for Seven & I Holdings (3382 JP) by unfairly laying the entire blame on the Board.
  • The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.
  • In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. 

Quiddity Leaderboard Hang Seng Biotech Sep25: 20 Deletions Likely Due to Major Methodology Change

By Janaghan Jeyakumar, CFA

  • The Hang Seng Biotech Index (HSHKBIO) will represent the 30 largest biotech companies listed in Hong Kong (HKEX) from September 2025.
  • Due to a methodology change for HSHKBIO announced in late-June 2025, 20 index constituents could face deletion in September 2025.
  • In this insight, we take a look at our final expectations for index changes and capping flows for HSHKBIO index rebal event in September 2025.

Samsung Jay Lee Cleared by Supreme Court — Market Reaction Could Flip From Consensus

By Sanghyun Park

  • Jay Lee’s clean Supreme Court win may cool Samsung’s governance trade near term. With legal risks gone, there’s less urgency to push structural changes or shuffle shares now.
  • Samsung C&T, a hotspot for governance spec flows, may see bids fade as urgency for structural shifts drops; longs on revamp bets might consider fading or shorting amid lingering risks.
  • Samsung Life gets relief as forced Elec share sales drop, supporting its stock. Samsung Elec stays neutral. Trade idea: Samsung Life long, Samsung C&T short on cooled governance hopes.

Quiddity Leaderboard HSTECH Sep25: Final Expectations; ~US$1.6bn One-Way; Long Up 9% Vs Peers

By Janaghan Jeyakumar, CFA

  • The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
  • In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
  • We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.6bn in one-way index flows in September 2025.

Ryohin Keikaku (7453 JP): Global Index Inclusion Likely in August

By Brian Freitas

  • Ryohin Keikaku (7453 JP)‘s stock price has more than doubled this year and the increased market cap could now result in a global index inclusion.
  • Ryohin Keikaku (7453 JP) has outperformed its peers by a BIG margin since its inclusion in the Nikkei 225 (NKY INDEX) in September 2024.
  • There appears to be significant positioning in the stock. Given the huge outperformance over the last few months, trim into strength.

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Jul 17
0

Daily Brief Australia: PointsBet Holdings , Kinatico , Rio Tinto Ltd, Endeavour Group /Australia, Coles Group and more

By | Australia, Daily Briefs

In today’s briefing:

  • PointsBet (PBH AU): The Battle of Takeover Offers Commences
  • Legacy Business Fuels Kinatico’s SaaS Ambition
  • Rio Tinto: Status Quo New CEO and Q2/25 Operations
  • Rio Tinto Q2 2025 Production Update: Copper Leads, Iron Ore Rebounds
  • Endeavour Group Ltd/Australia – The Overnight Report: Powell Tango Continues
  • Legacy Business Fuels Kinatico’s SaaS Ambition
  • Coles Group Ltd – ESG Focus: The Little Big Things – 14-07-2025

PointsBet (PBH AU): The Battle of Takeover Offers Commences

By Arun George

  • BETR Entertainment (BBT AU) has despatched the bidder’s statement for PointsBet Holdings (PBH AU) takeover offer. The offer is scheduled to run from July 31 to September 8.
  • BBT continues to clutch at straws by claiming its offer is superior to Mixi’s A$1.20 all-cash offer. The Mixi scheme results suggest that BBT has limited support from PBH shareholders.
  • BBT will struggle to gain material acceptance, but hints at possible revised terms. Mixi Inc (2121 JP) will also need to reconsider its offer terms to see off BBT. 

Legacy Business Fuels Kinatico’s SaaS Ambition

By FNArena

  • As Kinatico transitions to a new compliance SaaS solution, the legacy business provides funding for the new service development and a pool of potential customers

Rio Tinto: Status Quo New CEO and Q2/25 Operations

By Graeme Cunningham

  • The company reported Q2/25 production, with decent growth for iron ore, copper, aluminum and precious metals as expected, and guidance maintained for all divisions
  • A new CEO announced yesterday, Mr. Simon Trott, is head of Rio’s iron ore segment with  20 years at the company, not indicating any major shake-up of the corporate culture
  • We remain cautious given potential for a reversal of recent jumps in iron ore and copper, and a weak medium-term outlook for the former, while Rio’s valuation remains moderate

Rio Tinto Q2 2025 Production Update: Copper Leads, Iron Ore Rebounds

By Rahul Jain

  • Copper strength continues, driven by the Oyu Tolgoi ramp-up and Arcadium integration, with volumes trending toward the higher end of guidance.
  • Rio Tinto is gradually shifting its portfolio toward copper and lithium to reduce reliance on iron ore and align with energy transition demand.
  • FY25 guidance remains intact across key commodities, with improved operating momentum and diversified growth positioning the company for a resilient second half.

Endeavour Group Ltd/Australia – The Overnight Report: Powell Tango Continues

By FNArena

  • A global perspective on what happened overnight

Legacy Business Fuels Kinatico’s SaaS Ambition

By FNArena

  • As Kinatico transitions to a new compliance SaaS solution, the legacy business provides funding for the new service development and a pool of potential customers

Coles Group Ltd – ESG Focus: The Little Big Things – 14-07-2025

By FNArena

  • The sustainability industry and ESG protocols took some major steps forward in Europe while the US unravels decarbonisation efforts at home

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Jul 17
0

Daily Brief Thailand: Krungthai Card and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover

Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover

By David Blennerhassett

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Jul 17
0

Daily Brief South Korea: Kum Yang and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?

Will A Saudi Arabian Investment Company Save Kum Yang From Delisting?

By Douglas Kim

  • In this insight, we discuss whether a Saudi Arabian investment company (SKAEEB) could save Kum Yang (001570 KS) from delisting.
  • There are several aspects of this deal with SKAEEB that are a bit fishy. 
  • 1) A 50% Market Premium is Not Justified; 2) Does SKAEEB have enough money? 3) Control does not change

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Jul 17
0

Daily Brief Singapore: Jardine Matheson Holdings, Seatrium and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
  • kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive

By David Blennerhassett

  • Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year. 
  • HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
  • The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.

kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock

By Geoff Howie

  • Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure.
  • Seatrium achieved a full-year profit of S$157 million in FY2024, reversing a S$2.0 billion loss in FY2023.
  • As of 1Q 2025, Seatrium’s net order book stood at S$21.3 billion, with 26 projects until 2031.

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Jul 17
0

Daily Brief India: State Bank Of India, Jubilant Pharmova, Tata Consultancy Svcs, HDFC Bank, Zee Entertainment Enterprises, Oswal Pumps, ICICI Prudential AMC, P N Gadgil Jewellers and more

By | Daily Briefs, India

In today’s briefing:

  • SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
  • The Beat Ideas: Jubilant Pharmova – Turning Capex Into Catalysts for Long-Term Value
  • TCS – Fighting on All Fronts: Gen AI, Competition & Macro Uncertainty. Underperformance Ahead
  • HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly
  • Zee Entertainment: A Forensic Perspective
  • Oswal Pumps Ltd- IPO to the Rescue
  • ICICI Pru AMC Pre-IPO Tearsheet
  • The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret

By Sumeet Singh

  • State Bank Of India (SBIN IN) plans to raise around US$3bn via a QIP. The deal is very well flagged and we wrote on it last week.
  • Although the stock has been running up a bit going into the deal and the previous deal didn’t do well.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

The Beat Ideas: Jubilant Pharmova – Turning Capex Into Catalysts for Long-Term Value

By Sudarshan Bhandari

  • Jubilant Pharmova is investing over USD 285 million to expand its PET radiopharmacy sites, CDMO Sterile Injectables, and CRDMO capacity (FTEs from 1,000 to 4,000 by FY27). 
  • These segments, contributing over 80% of FY25 EBITDA, are positioned for faster growth and margin expansion, with Line 3 in Spokane expected to reach peak utilization in 3 years.
  • A pivot towards higher-margin businesses with targeted RoCE above 20% enhances confidence in achieving Vision 2030 goals of doubling revenue and reaching 23–25% EBITDA margins.

TCS – Fighting on All Fronts: Gen AI, Competition & Macro Uncertainty. Underperformance Ahead

By Sreemant Dudhoria,CFA

  • Broad-based Weakness:Tata Consultancy Svcs (TCS IN) ‘s revenue declined 3.1% YoY in CC; domestic business fell sharply due to BSNL, while international demand remained soft across key verticals.
  • GenAI Pivot Amid Margin Pressure: TCS is shifting from GenAI pilots to scaled deployments, investing heavily in AI skilling, while margins face pressure from underutilization and delayed deal ramps.
  • Outlook Cautious Despite TCV Growth: TCV rose 13.2% YoY to $9.4 Bn, but mega deals are missing; execution delays and macro concerns cloud near-term visibility.

HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly

By Nico Rosti

  • HDFC Bank (HDFCB IN) has been rallying strongly since early January 2025, a rally we predicted back then. After 2 weeks down, the stock this week is rising.
  • However, according to our model the current uptrend pattern does not lead to long-lasting rallies, but rather to new, short-term corrections.
  • The time horizon for this rally is 1-2 weeks, when this trend pattern is encountered, so we could expect the stock to rally briefly and then pull back again.

Zee Entertainment: A Forensic Perspective

By Nimish Maheshwari

  • Shareholders recently rejected Zee’s promoter-led capital infusion, limiting the founding family’s stake increase and influence.
  • The failed fundraise underscores persistent questions about financial transparency and management’s past conduct. This decision further impacts market perception and investor confidence.
  • This insight covers the whole story from the beginning of the allegations to the current status of the allegations and fundraising. 

Oswal Pumps Ltd- IPO to the Rescue

By Nitin Mangal

  • Oswal Pumps (1019841D IN)  came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares. 
  • They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications. 
  • Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.

ICICI Pru AMC Pre-IPO Tearsheet

By Akshat Shah

  • ICICI Prudential AMC (570643Z IN) (IPru AMC) is looking to raise about US$1bn in its upcoming India IPO. The deal will be run by a consortium of banks.
  • IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
  • The IPO is entirely an offer for sale by one of the promoters, Prudential Corporation Holdings Limited. 

The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

By Nimish Maheshwari

  • P N Gadgil Jewellers (1742652D IN) is a 190-year-old legacy brand evolving into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion plans.
  • Key growth drivers include 20–25 planned new stores in FY26, a 41.6% YoY jump in studded jewellery share, and a complete exit from INR 700 crore bullion sales.
  • With 5-year PAT CAGR of 52% and a PEG ratio of 0.71, PNGJL stands out among peers as a high-growth, efficiently valued player in organized jewellery retail.

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Jul 17
0

Daily Brief United States: ZEEKR, NVIDIA Corp, Adobe Systems, ArcelorMittal , Delta Air Lines, Ambiq Micro, Casey’s General Stores, Simply Good Foods Co, Copa Holdings Sa Class A, Ensysce Biosciences and more

By | Daily Briefs, United States

In today’s briefing:

  • ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is
  • Strategic Trade-Offs Define Chipmakers’ Limited China Reopening
  • Adobe Has The Potential To Turn AI Into Billions—Can Firefly & GenStudio Redefine Creative Monetization?
  • ArcelorMittal: Initiation of Coverage- Why Its EAF Ramp-Up & Trade Tailwinds Are Fueling a Steel Revival!
  • Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!
  • Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company
  • Casey’s General Stores Is Quietly Expanding Across America with Savvy Acquisitions & Culinary Upgrades!
  • The Simply Good Foods Company: Addressing Distribution Challenges with Atkins to Stabilize & Potentially Restore Growth!
  • Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?
  • ENSC: Game-changing Pain Reliever Begins Phase 3

ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is

By David Blennerhassett

  • Back on the 7th May, Geely Auto (175 HK), China’s second-largest carmaker, made a US$25.66/ADS non-binding proposal for 62.8%-held ZEEKR (ZK US), a premium Chinese electric vehicle manufacturer
  • Yesterday, Geely tweaked and firmed terms at US$26.87/ADS, a 4.7% bump to the original NBIO, and ~3.4% below ZEEKR’s last close.  ZEEKR promptly gained 2.4% on the news.
  • ZEEKR shareholders also have the option to receive Geely scrip. Given Geely’s and Li Shufu’s (10.61%) holdings – neither are required to abstain on voting – this Offer is done. 

Strategic Trade-Offs Define Chipmakers’ Limited China Reopening

By Raghav Vashisht

  • Nvidia and AMD are set to resume scaled-down AI chip exports to China, marking a partial reversal of earlier U.S. export bans.
  • China retains a near-monopoly on REE refining, controlling roughly 90% of global capacity, and its March 2025 export halt highlighted the leverage it holds over high-tech and defence supply chains.
  • While markets rallied on the chip announcements, IV data suggests diverging risk expectations across Nvidia, AMD, and MP Materials, reflecting broader uncertainty around the durability and scope of this reopening.

Adobe Has The Potential To Turn AI Into Billions—Can Firefly & GenStudio Redefine Creative Monetization?

By Baptista Research

  • Adobe Inc.’s second quarter financial results for fiscal year 2025 demonstrate a strong performance, marked by significant revenue growth and strategic advancements in its core business segments.
  • The company’s total revenue reached $5.87 billion, an 11% increase year-over-year, with a noteworthy contribution from its Digital Media sector, which achieved $4.35 billion in revenue.
  • This sector’s annual recurring revenue (ARR) grew to $18.09 billion, reflecting a 12.1% increase.

ArcelorMittal: Initiation of Coverage- Why Its EAF Ramp-Up & Trade Tailwinds Are Fueling a Steel Revival!

By Baptista Research

  • ArcelorMittal’s first quarter 2025 performance presents a mixed bag of accomplishments and ongoing challenges.
  • Safety remains a major priority, with the company focusing on implementing strategic changes to achieve zero fatalities and serious injuries, aiming for complete transformation over a three-year period.
  • Financially, the quarter exhibited robust operational performance with strong cash flows, particularly highlighted by exceptional results from the company’s Mining segment in Liberia.

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

By Baptista Research

  • Delta Air Lines’ recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.
  • The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.
  • Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.

Ambiq Micro, Inc. (AMBQ): Peeking at the IPO Prospectus of the Next Semiconductor Solutions Company

By IPO Boutique

  • The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.
  • For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.
  • The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.

Casey’s General Stores Is Quietly Expanding Across America with Savvy Acquisitions & Culinary Upgrades!

By Baptista Research

  • Casey’s General Stores’ performance in Q4 and the fiscal year 2025 showed promising growth along with some challenges.
  • Positively, the company reported record earnings per share for the year, reaching $14.64, a 9% increase over the previous year.
  • Net income also increased to a record $547 million, with EBITDA hitting $1.2 billion, reflecting strong financial health.

The Simply Good Foods Company: Addressing Distribution Challenges with Atkins to Stabilize & Potentially Restore Growth!

By Baptista Research

  • The Simply Good Foods Company reported strong third-quarter fiscal year 2025 performance, bolstered by its strategic acquisition of Only What You Need, Inc. (OWYN) and continued organic growth.
  • Total net sales increased by 13.8% to $381 million, primarily driven by the inclusion of OWYN, which contributed $33.6 million, and Quest’s organic growth of 15%.
  • However, the decline in Atkins sales countered this advancement, as the brand’s consumption decreased by 12.7%.

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?

By Baptista Research

  • Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.
  • The company’s performance was characterized by growth in passenger traffic and an increase in capacity.
  • Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.

ENSC: Game-changing Pain Reliever Begins Phase 3

By Zacks Small Cap Research

  • Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
  • Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
  • The company announced that it has initiated its pivotal Phase 3 study of PF614.

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Jul 17
0

Daily Brief Japan: Nikkei 225, Toyota Motor Corp Spon Adr, Sony Corp, Nissan Motor (ADR), Serverworks, Demae-Can Co., Ltd., TSE Tokyo Price Index TOPIX, FP Partner, J Frontier Co Ltd and more

By | Daily Briefs, Japan

In today’s briefing:

  • Nikkei225 and Election: Hedging Activity and Implieds Flag Opportunity
  • Toyota Motor Corporation: An Insight Into Its Recent Electrification Efforts
  • Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!
  • Lucror Analytics – Morning Views Asia
  • Serverworks (4434 JP): Q1 FY02/26 flash update
  • Demae-Can Co., Ltd. (2484 JP): Q3 FY08/25 flash update
  • Gender Inequality in Politics Is Preventing Implementation of Measures to Achieve Gender Equality
  • FP Partner (7388 JP): 1H FY11/25 flash update
  • J Frontier Co Ltd (2934 JP): Full-year FY05/25 flash update

Nikkei225 and Election: Hedging Activity and Implieds Flag Opportunity

By John Ley

  • Upper House elections are drawing increased scrutiny due to heightened focus on fiscal finances.
  • We examine how risk is being priced across Japanese markets and in particular in Nikkei225 options.
  • Volatility risk appears asymmetric, and we outline ways to mitigate or potentially profit from it.

Toyota Motor Corporation: An Insight Into Its Recent Electrification Efforts

By Baptista Research

  • Toyota Motor Corporation’s latest financial results present a mixed bag of data for investors to consider.
  • For the fiscal year ending March 2025, the company reported a robust operating income of JPY 4.8 trillion, primarily driven by revised pricing strategies and value chain profit expansion.
  • However, this figure represents a decline from the previous year’s results, which were buoyed by one-time favorable effects.

Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!

By Baptista Research

  • Sony Group Corporation’s recent earnings underscore a strategic pivot towards a more entertainment-centric business model, emphasizing the importance of content creation and technological innovation.
  • The company’s repositioning towards entertainment is highlighted by its 51% contribution to consolidated sales, showcasing the segment’s resilience, especially during economic downturns like the COVID-19 pandemic.
  • The focus on expanding IP presence in gaming, music, film, and anime demonstrates a coherent vision aligning with its longterm creative goals.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Nissan Motor
  • UST yields jumped 4-6 bps across the curve yesterday, as the benign core CPI data pared market expectations for Fed easing. Feddated OIS are now pricing in 43 bps of rate cuts this year (vs. 49 bps as of Monday), with the first cut expected in October. The yield on the 2Y UST rose 4 bps to 3.94%, while the yield on the 10Y UST climbed 5 bps to 4.48%.
  • Equities were mixed. The S&P 500 declined 0.4% to 6,244, although the Nasdaq rose 0.2% to 20,678. In the US, the June CPI inched up to 2.7% y-o-y (2.6% e / 2.4% p) and 0.3% m-o-m (0.3% e / 0.1% p).

Serverworks (4434 JP): Q1 FY02/26 flash update

By Shared Research

  • Revenue reached JPY9.2bn (+6.8% YoY), with operating profit at JPY200mn (-55.0% YoY) and net income JPY114mn (+59.0% YoY).
  • Resale services revenue was JPY8.3bn (+7.9% YoY), driven by increased AWS usage and strong proprietary service sales.
  • Cloud Integration revenue was JPY526mn (-5.5% YoY), with average project unit price at JPY2.2mn (+9.5% YoY).

Demae-Can Co., Ltd. (2484 JP): Q3 FY08/25 flash update

By Shared Research

  • Revenue reached JPY30.2bn, a 20.8% YoY decline, with operating, recurring, and net losses each at JPY3.1bn.
  • Gross merchandise value (GMV) was JPY126.3bn, a 12.5% YoY decrease, with 45.82mn orders and 4.76mn active users.
  • Revised FY08/25 forecast anticipates JPY39.5bn revenue, JPY4.8bn operating loss, and no dividend payment.

Gender Inequality in Politics Is Preventing Implementation of Measures to Achieve Gender Equality

By Aki Matsumoto

  • Japan’s overall gender gap index for 2025 remained unchanged from 2024 (118th place), with only slight improvements. The tendency toward significant gender disparities in politics and economics remains unchanged.
  • Gender wage gaps are caused by the low percentage of women in managerial positions, and the reason for this is that women bear the brunt of childcare and housework.
  • Political leadership is necessary to reform traditional gender inequality values and implement measures that allow women to continue working after giving birth and raising children.

FP Partner (7388 JP): 1H FY11/25 flash update

By Shared Research

  • In 1H FY11/25, revenue was JPY16.4bn (-4.1% YoY), with operating profit at JPY1.5bn (-45.0% YoY).
  • Full-year forecasts revised downward: revenue JPY32.6bn, operating profit JPY2.1bn, net income JPY1.3bn, EPS JPY58.20.
  • Dividend forecast remains unchanged at JPY94 per share, despite downward revision of full-year net income forecast.

J Frontier Co Ltd (2934 JP): Full-year FY05/25 flash update

By Shared Research

  • In FY05/24, the company reported revenue of JPY21.5bn (+21.4% YoY) and net income of JPY88mn.
  • The company forecasts FY05/26 revenue of JPY23.6bn (+9.7% YoY) and net income of JPY100mn (+14.2% YoY).
  • The Healthcare Marketing business achieved revenue of JPY9.7bn (+53.0% YoY) with an operating profit of JPY127mn.

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