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Smartkarma Daily Briefs

Jul 17
0

Daily Brief Industrials: Jardine Matheson Holdings, Delta Air Lines, GFL Environmental , Kinik Company, J Com Holdings, Copa Holdings Sa Class A, Oswal Pumps and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
  • Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!
  • GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!
  • TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push
  • J Com Holdings (2462 JP): Full-year FY05/25 flash update
  • Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?
  • Oswal Pumps Ltd- IPO to the Rescue

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.

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.

GFL Environmental: A Focus On Profitability with Smart Buyouts, EPR Expansion & A Renewable Push!

By Baptista Research

  • GFL Environmental Inc.’s latest quarterly results present a nuanced picture of its current financial standing and strategic direction.
  • The company reported a 12.5% year-over-year increase in revenue, which totaled $1.56 billion for the first quarter.
  • This outperformed the company’s initial 2025 guidance and is attributed to several factors, including effective pricing strategies that achieved a price increase of 5.7%, surpassing their planned estimates.

TechChain Insights: Kinik – The Hidden Enabler Behind TSMC’s Sub-2nm Push

By Vincent Fernando, CFA

  • We Engaged with Kinik Recently to Get Insight on Activity Strength for TSMC’s Expansion into Nodes 2nm and Below
  • Diamond Tooling: Quietly Powering Advanced Logic; Kinik Recently Running at Max Capacity for Key DBU Business Segment… also at 100% for SBU Segment
  • Takeaways — Kinik as a Concentrated Play on Advanced Node Transitions… Also, We Believe Signs Remain Positive for TSMC’s Recent Activity Momentum

J Com Holdings (2462 JP): Full-year FY05/25 flash update

By Shared Research

  • Revenue increased by 3.1% YoY to JPY62.3bn, while operating profit decreased by 11.5% YoY to JPY3.0bn.
  • Child-Rearing Support Service revenue rose 8.6% YoY to JPY33.0bn, but operating profit fell 11.3% YoY.
  • Comprehensive Human Resources Service revenue declined 5.6% YoY to JPY20.6bn, yet operating profit increased by 1.0% YoY.

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.

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.

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Jul 17
0

Daily Brief Health Care: Jubilant Pharmova, Ensysce Biosciences , Fresenius Medical Care & , J Frontier Co Ltd, PolyPid , Sino Biopharmaceutical, Stevanato Group SpA, Cybin , Unisplendour Guhan Group A and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • The Beat Ideas: Jubilant Pharmova – Turning Capex Into Catalysts for Long-Term Value
  • ENSC: Game-changing Pain Reliever Begins Phase 3
  • Fresenius Medical Care: Can Its Hydration-Free Dialysis (HDF) Innovation Be The Next Big Game Changer?
  • J Frontier Co Ltd (2934 JP): Full-year FY05/25 flash update
  • PYPD: Positive Topline Data From D-PLEX100 Trial Contributes to Multiple Subsequent Benefits
  • Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence
  • Stevanato Group Is Future-Proofing Pharma with AI-Pricing
  • Cybin, Inc. – CYB003 Vs. Other Aspiring Novel Depression Treatments
  • Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping

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.

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.

Fresenius Medical Care: Can Its Hydration-Free Dialysis (HDF) Innovation Be The Next Big Game Changer?

By Baptista Research

  • Fresenius Medical Care reported its first quarter 2025 results, showcasing a mixed performance across various segments and geographies.
  • The company achieved a strong organic revenue growth of 5%, driven by improvements in both Care Delivery and Care Enablement segments.
  • However, challenges such as a severe flu season and one fewer dialysis day in the quarter impacted overall volume growth in the U.S. 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.

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.

PYPD: Positive Topline Data From D-PLEX100 Trial Contributes to Multiple Subsequent Benefits

By Zacks Small Cap Research

  • Zacks Small-Cap Research Note for PolyPid Ltd. (PYPD)

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

By Tina Banerjee

  • Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
  • With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
  • The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.

Stevanato Group Is Future-Proofing Pharma with AI-Pricing

By Baptista Research

  • Stevanato Group’s first quarter of fiscal 2025 results showcase both strengths and challenges in their operational execution, highlighting the complexities of navigating a global manufacturing and business environment.
  • The company’s total revenue increased by 9% to EUR 256.6 million compared to the prior year, primarily driven by the Biopharmaceutical and Diagnostics Solutions (BDS) segment, which saw an 11% revenue increase.
  • The Engineering Segment experienced a 4% revenue decline, primarily due to legacy projects impacting profitability.

Cybin, Inc. – CYB003 Vs. Other Aspiring Novel Depression Treatments

By Water Tower Research

  • Lessons learned from Lykos’ FDA blowback. Our podcast began by recalling our podcast with Drysdale about one year ago.
  • At that time, the regulatory pathway for psychedelics was shrouded by uncertainty over the FDA’s concerns over the conduct of Lykos’ Phase 3 trial for its promising MDMA-AT for PTSD.
  • Drysdale explained how these revelations represented perfect timing for Cybin, right ahead of a pre-planned meeting with the FDA to prepare CYB003’s transition into its Phase 3 program.

Unisplendour Corp A/H Listing – Growth Slowing, Margins Dropping

By Sumeet Singh

  • Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.
  • UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

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Jul 17
0

Daily Brief Macro: UK CPI Lifts Hawkish Case in June and more

By | Daily Briefs, Macro

In today’s briefing:

  • UK CPI Lifts Hawkish Case in June
  • CX Daily: China’s GDP Growth Slows to 5.2% as Domestic Demand, Property Continue to Weigh
  • Indonesia: 25bp Rate Cut To 5.25% (Consensus 5.25%) in Jul-25

UK CPI Lifts Hawkish Case in June

By Phil Rush

  • UK inflation surged 0.2pp beyond the consensus again in June, with underlying inflation measures broadly inconsistent with the target and headlines moving the wrong way.
  • The consensus is failing to learn the lesson of intense underlying pressures. The CPI rate rose 0.6pp since Jan instead of falling 0.4pp and is 1.4pp higher than called a year ago.
  • Policymakers seem infected with dovish fear about the labour market ahead of August’s meeting. CPI is 0.9pp higher in our year-ahead forecast, and we were right a year ago.

CX Daily: China’s GDP Growth Slows to 5.2% as Domestic Demand, Property Continue to Weigh

By Caixin Global

  • GDP / China’s GDP growth slows to 5.2% as domestic demand, property continue to weigh
  • Railway /: Global interest in China’s high-speed rail tech picks up speed
  • Consumption /In Depth: The consumption conundrum dividing China’s economists

Indonesia: 25bp Rate Cut To 5.25% (Consensus 5.25%) in Jul-25

By Heteronomics AI

  • Bank Indonesia cut its benchmark rate by 25bp to 5.25% in July 2025, marking the fourth easing since September amid low inflation and strong foreign exchange reserves.
  • The decision reflects confidence in 1.87% June inflation staying within the 2.5±1% target range, the stable rupiah supported by a robust intervention framework, and the need for growth stimulus.
  • Future easing depends on continued inflation anchoring, currency stability, and global developments, including US trade policy and Federal Reserve actions affecting capital flows.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Jul 17
0

Daily Brief Consumer: Dream International, PointsBet Holdings , Alibaba Group Holding , Toyota Motor Corp Spon Adr, Sony Corp, Endeavour Group /Australia, Coles Group , Casey’s General Stores, Simply Good Foods Co, Vector Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Dream International (1126 HK): Riding the Popmart Bubble
  • PointsBet (PBH AU): The Battle of Takeover Offers Commences
  • Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety
  • Toyota Motor Corporation: An Insight Into Its Recent Electrification Efforts
  • Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!
  • Endeavour Group Ltd/Australia – The Overnight Report: Powell Tango Continues
  • Coles Group Ltd – ESG Focus: The Little Big Things – 14-07-2025
  • 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!
  • Vector Inc (6058 JP): Q1 FY02/26 flash update

Dream International (1126 HK): Riding the Popmart Bubble

By Sameer Taneja

  • We believe that toymakers are experiencing a bubble like rally led by Pop Mart International Group L (9992 HK) and Hasbro Inc (HAS US) which raised forecasts recently. 
  • Dream International (1126 HK) has returned >200% since liberation day tariffs were declared on April 2nd 2025 and now trades at 12.7x trailing earnings (vs 3.7x when we initiated). 
  •  “Never look a gift horse in the mouth” ! .We would take some money off the table here as toy stocks go through periods of cyclicality due restocking/destocking.

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. 

Asian Buybacks Accelerating; Consistent Share Repurchasers Offer Safety

By Manishi Raychaudhuri

  • Asian buybacks, dominated by HK, China and Korea, are skyrocketing.  In H125, buybacks more than doubled from their full year 2024 levels in HK/China and increased 40% in Korea. 
  • We screen companies repurchasing consistently, with total buyback of minimum $1bn and buyback over 2024-25 of at least 2% of present market cap, yielding companies in HK(11), Korea(6), Philippines(2), Singapore(1).
  • Top five repurchasers are Alibaba, Tencent, China Communication Construction, AIA, Netease. These, barring the third, are up more than 20% this year. Share price support from buybacks do seem solid.

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.

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

By FNArena

  • A global perspective on what happened overnight

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

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%.

Vector Inc (6058 JP): Q1 FY02/26 flash update

By Shared Research

  • Revenue for Q1 FY02/26 was JPY14.8bn, a 6.7% YoY increase, with operating profit rising 22.9% YoY.
  • PR and Advertising revenue declined 5.0% YoY, while Press Release Distribution saw a 19.7% YoY revenue increase.
  • Direct Marketing revenue grew 36.7% YoY, but recorded an operating loss of JPY224mn due to increased ad spending.

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Jul 17
0

Daily Brief Financials: ZEEKR, State Bank Of India, Nikkei 225, Krungthai Card, HDFC Bank, Mediobanca SpA, ICICI Prudential AMC, FP Partner and more

By | Daily Briefs, Financials

In today’s briefing:

  • ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is
  • SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
  • Nikkei225 and Election: Hedging Activity and Implieds Flag Opportunity
  • Krungthai Card (KTC TB): Buy With Both Hands As Pledged Shares Rollover
  • HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly
  • BMPS–Mediobanca: Offer Live, Market Still Says No
  • ICICI Pru AMC Pre-IPO Tearsheet
  • FP Partner (7388 JP): 1H FY11/25 flash update

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. 

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.

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.

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

By David Blennerhassett

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.

BMPS–Mediobanca: Offer Live, Market Still Says No

By Jesus Rodriguez Aguilar

  • Market assigns low odds to the current terms, with most of the expected value tied to deal failure or a materially higher exchange ratio.
  • BMPS now holds effective control, but the –3.5% spread shows investors doubt the deal will close as is without further sweetening.
  • No arbitrage setup is attractive, as convergence to the implied offer still implies a locked-in loss for Mediobanca holders at current market prices.

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. 

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.

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Jul 17
0

Most Read: Horizon Robotics, Amman Mineral Internasional, Dream International, Shibaura Electronics, ZEEKR, State Bank Of India, Muyuan Foodstuff Co Ltd A, Jardine Matheson Holdings, PointsBet Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change
  • [Quiddity Index] Van Eck Gold Miners ETF (GDX) – Benchmark Change for Sep Rebal – $2.8bn One Way
  • UK CPI Lifts Hawkish Case in June
  • Dream International (1126 HK): Riding the Popmart Bubble
  • Shibaura Electronics (6957 JP): Drawing Nearer to a Conclusion
  • ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is
  • SBI US$3bn QIP – No Surprises – Not the World’s Best Kept Secret
  • Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility
  • Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
  • PointsBet (PBH AU): The Battle of Takeover Offers Commences

HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change

By Brian Freitas

  • The review period for the September rebalance of the Hang Seng TECH Index ended on 30 June, the changes will be announced on 22 August and implemented on 5 September.
  • No constituent changes will result in a one-way turnover of 4.1% and that will mean a round-trip trade of HK$15.2bn (US$1.94bn).
  • An expansion of the index universe could lead to one constituent change and that increases the one-way turnover to 6.2% and the round-trip trade to HK$23.1bn (US$2.94bn).

[Quiddity Index] Van Eck Gold Miners ETF (GDX) – Benchmark Change for Sep Rebal – $2.8bn One Way

By Travis Lundy

  • The VanEck Gold Miners ETF/USA (GDX US) announced last month it would change its benchmark for the September rebalance, to the Market Vectors Global Gold Miners Index. 
  • That means name changes based on methodology and universe changes. So we introduce coverage of the index, its rebalances, and the big flow in September.
  • We also add in cross flows from the MV Junior Gold Miners Index, offer spreadsheets, flow tables, leaderboards for the GDX index. Lots of data here.

UK CPI Lifts Hawkish Case in June

By Phil Rush

  • UK inflation surged 0.2pp beyond the consensus again in June, with underlying inflation measures broadly inconsistent with the target and headlines moving the wrong way.
  • The consensus is failing to learn the lesson of intense underlying pressures. The CPI rate rose 0.6pp since Jan instead of falling 0.4pp and is 1.4pp higher than called a year ago.
  • Policymakers seem infected with dovish fear about the labour market ahead of August’s meeting. CPI is 0.9pp higher in our year-ahead forecast, and we were right a year ago.

Dream International (1126 HK): Riding the Popmart Bubble

By Sameer Taneja

  • We believe that toymakers are experiencing a bubble like rally led by Pop Mart International Group L (9992 HK) and Hasbro Inc (HAS US) which raised forecasts recently. 
  • Dream International (1126 HK) has returned >200% since liberation day tariffs were declared on April 2nd 2025 and now trades at 12.7x trailing earnings (vs 3.7x when we initiated). 
  •  “Never look a gift horse in the mouth” ! .We would take some money off the table here as toy stocks go through periods of cyclicality due restocking/destocking.

Shibaura Electronics (6957 JP): Drawing Nearer to a Conclusion

By Arun George

  • Yageo Corporation (2327 TT) has extended the close of its offer for Shibaura Electronics (6957 JP) from July 15 to August 1, the end of the waiting period for FEFTA approval. 
  • Yageo remains confident of securing FEFTA approval. Blocking an acquisition of a Type 1 (non-designated business sector) company by a Taiwanese company would set a bad precedent. 
  • There is a medium to high probability that Yageo secures FEFTA approval. Minebea Mitsumi (6479 JP) is likely to walk as it signalled a limited appetite to match Yageo’s offer. 

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. 

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.

Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility

By Sumeet Singh

  • Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
  • MF is a leading pork company with over 30 years of expertise in the hog farming industry.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

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.

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. 

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Jul 16
0

Daily Brief South Korea: Netmarble , SK Telecom, Dong A St and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Netmarble Is Considering on Issuing EB Worth 250 Billion Won Backed by Its Stake in HYBE
  • Div Tax Intel Drop: Street Pivoting to Forward Yield Plays (Consensus Data Excel Attached)
  • Dong A St (170900 KS): Five Reasons Why Performance Improvement Is Expected

Netmarble Is Considering on Issuing EB Worth 250 Billion Won Backed by Its Stake in HYBE

By Douglas Kim

  • According to the local media, Netmarble is considering on issuing exchangeable bonds (EB) worth about 250 billion won backed by its stake in HYBE.
  • The potential EB issue is likely to be slightly positive on Netmarble and slightly negative on HYBE (mainly due to additional shares that could be sold in the market). 
  • We are Negative on BOTH Netmarble and HYBE. Their valuations are not attractive. Plus, HYBE could face a major negative issue of its founder Bang Si-hyuk who could be jailed. 

Div Tax Intel Drop: Street Pivoting to Forward Yield Plays (Consensus Data Excel Attached)

By Sanghyun Park

  • This is MoEF’s first gov-led tax reform—not lawmaker-initiated—and unlike April’s DP bill, it carries broader scope and priority fast-track status, boosting passage odds.
  • Local chatter says MoEF is eyeing end-July to table its tax reform bill — that’s the base case making the rounds on the tape today.
  • Gov may go full-scope: 9–25% div tax on all firms plus tax credits. Traders are now rotating into high forward-yield names ahead of MoEF’s late-July package.

Dong A St (170900 KS): Five Reasons Why Performance Improvement Is Expected

By Tina Banerjee

  • Dong A St (170900 KS) 1Q25 revenue rose 21% YoY, which is a significant improvement as the company recorded just 6% YoY growth in revenue in 2024.
  • Existing operation of Dong A St is showing strength. Stelara biosimilar to generate sales royalties from this year. Cenobamate launch is expected by next year.
  • Pipeline is promising, with upcoming data readouts expected through 2026. Obesity drug candidate has best-in-class potential.

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Jul 16
0

Daily Brief Australia: New World Resources, Adriatic Metals PLC, CSL Ltd, oOh!Media Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • New World Resources (NWC AU): Expect CAML To Match Kinterra’s Terms
  • Adriatic Metals (ADT AU): 13th August Vote On Dundee Metals (DPM CN)’s Offer
  • Treasure Chest: CSL Not A One-Trick Pony
  • oOh!Media Ltd – The Overnight Report: Long-End Yields Rising

New World Resources (NWC AU): Expect CAML To Match Kinterra’s Terms

By David Blennerhassett

  • Writing reports on copper-play New World Resources (NWC AU) is tricky as they have a half-life of days, sometimes hours, as Kinterra and Central Asia Metals (CAML LN) compete head-to-head.
  • Last week, Kinterra bumped its off-market Offer to A$0.063/share; which increases to A$0.064/share if it gets to 30%. CAML, currently at A$0.062/share, has matching rights up until the 17th July.
  • The Takeovers Panel has now, not altogether unsurprisingly, opted not to declare unacceptable circumstances regarding Kinterra’s two applications.

Adriatic Metals (ADT AU): 13th August Vote On Dundee Metals (DPM CN)’s Offer

By David Blennerhassett

  • Back on the 13th June, dual-listed silver play Adriatic Metals PLC (ADT AU) announced a cash/scrip Offer from Dundee Precious Metals (DPM CN),with an implied Offer price of A$5.56/share, a
  • Dundee is offering 0.1590 new Dundee shares per ADT share, plus 93 pence in cash. Roughly a 35:65 cash/scrip split for the Aussie-listed line. And a 47.8% premium to undisturbed.
  • As Adriatic is incorporated in the UK, the Offer is being done by a UK Scheme. The Scheme Doc is now out, with a shareholder vote on the 13th August. 

Treasure Chest: CSL Not A One-Trick Pony

By FNArena

  • FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts.
  • Today’s idea is on CSL

oOh!Media Ltd – The Overnight Report: Long-End Yields Rising

By FNArena

  • A global perspective on what happened overnight

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Jul 16
0

Daily Brief Indonesia: Amman Mineral Internasional and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • [Quiddity Index] Van Eck Gold Miners ETF (GDX) – Benchmark Change for Sep Rebal – $2.8bn One Way

[Quiddity Index] Van Eck Gold Miners ETF (GDX) – Benchmark Change for Sep Rebal – $2.8bn One Way

By Travis Lundy

  • The VanEck Gold Miners ETF/USA (GDX US) announced last month it would change its benchmark for the September rebalance, to the Market Vectors Global Gold Miners Index. 
  • That means name changes based on methodology and universe changes. So we introduce coverage of the index, its rebalances, and the big flow in September.
  • We also add in cross flows from the MV Junior Gold Miners Index, offer spreadsheets, flow tables, leaderboards for the GDX index. Lots of data here.

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Jul 16
0

Daily Brief India: LIC Housing Finance, Ola Electric, Hexaware Technologies, Adani Green Energy, Emmvee Photovoltaic Power Limited and more

By | Daily Briefs, India

In today’s briefing:

  • The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?
  • Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential
  • Hexaware Technologies (HEXT IN): Addition to One Global Index, Potential Deletion from the Other
  • Lucror Analytics – Morning Views Asia
  • Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

By Nimish Maheshwari

  • India’s largest HF company with a stable loan book, supported by LIC’s parentage and a focus on salaried home loans, shows its fundamental strength.  
  • The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  
  • It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.

Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential

By Nimish Maheshwari

  • Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries
  • Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.
  • Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.

Hexaware Technologies (HEXT IN): Addition to One Global Index, Potential Deletion from the Other

By Dimitris Ioannidis

  • Hexaware Technologies (HEXW IN) went public on the NSE on 19 February 2025. Since then, the price has surged 20%, resulting in a market cap of ~$6.0bn.
  • The security is forecasted to be added to Global All-World at the September 2025 review, having surpassed the market cap and float cap thresholds.
  • If the price continues to rise, the security may be assigned to Global Standard, which could result in deletion from SmallCap without inclusion in Standard due to insufficient float cap.

Lucror Analytics – Morning Views Asia

By Tanvi Arora

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Yanlord Land, China Vanke
  • The UST curve bear-steepened marginally yesterday, in line with a steepening in the JGB curve and amid an absence of macro news. The yield on the 2Y UST rose 1 bp to 3.90%, while the yield on the 10Y UST was up 2 bps at 4.44%.
  • Equities shrugged off earlier losses to end the day marginally higher, after US President Donald Trump told reporters there could be trade talks, including with Europe. The S&P 500 rose 0.1% to 6,269, while the Nasdaq was up 0.3% at 20,640. The market focus today is on the US CPI for June.

Emmvee Photovoltaic Power Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Emmvee Photovoltaic Power Limited (0198068D IN)  (EPPL)  is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Jefferies, Kotak.
  • EPPL is an integrated solar PV module and cell manufacturer offering advanced technologies like TOPCon and Mono PERC.
  • According to the CRISIL Report, as on Mar 25, EPPL was the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturer in India by production capacity.

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