Smartkarma Daily Briefs

We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.
The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.
We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.

HK Connect Flows Weekly (Jul 11th): Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, SMIC, Li Auto, Zhongan Online, Alibaba, CMB, Pop Mart Intl, Tencent, China Mobile.

HK Short Interest Weekly: Ali Health, CCB, Giant Biogene

We analyzed the latest HK SFC report for aggregate short position as of Jul 4th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Ali Health, CCB, Giant Biogene.

Thailand Short Interest Weekly (Jul 11th): Central Retail

We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 11th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Central Retail (CRC TB).

Bursa Short Interest Weekly (Jul 11th): Ytl, Nationgate Holdings Berhad, Ytl Power International

We analyzed the changes in short interest of Bursa stocks as of Jul 11th. The aggregated short interest is USD377m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Ytl, Nationgate Holdings Berhad, Ytl Power International, Gamuda, Bumi Armada.

TWSE Short Interest Weekly (Jul 11th): Unimicron Technology, Zhen Ding Technology, Ase Industrial

We analyzed the changes in short interest of TWSE Stocks as of Jul 11th. The aggregated short interest was USD25.6bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Unimicron Technology, Zhen Ding Technology, Ase Industrial, Mediatek, Asustek Computer.

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.
We estimate that foreign flows to be inflows of USD373mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Alteogen, Samsung Electronics.

TWSE Foreign Holding Weekly (Jul 11th): TSMC, Mediatek, Hon Hai Precision, Ctbc Financial

We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 11th. The aggregated holding was USD1,134.8bn.
We estimate that foreign flows to be inflows of USD1,141mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Mediatek, Hon Hai Precision, Ctbc Financial.

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

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

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

Jul 14

Daily Brief ECM: NTT DC REIT IPO: Trading Debut and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

NTT DC REIT IPO: Trading Debut
ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD
NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help
NSDL IPO: The Bear Case
Baige Online Digital Technology – The Business Model and the Risks Behind

NTT DC REIT IPO: Trading Debut

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.
I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights.
NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers’ multiples and yields.

ECM Weekly (14 July 2025) – Meituan, SBI, Kokusai, NTT, Daehan, Anthem, SICC, CIG, FWD

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the previous week was another busy week for listings, with mixed results.
On the placements front, we looked at the possible placements for Meituan (3690 HK) and State Bank Of India (SBIN IN).

NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

By Sumeet Singh

NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.

NSDL IPO: The Bear Case

National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.

Baige Online Digital Technology – The Business Model and the Risks Behind

By Xinyao (Criss) Wang

Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of “disintermediation” in the industry is becoming increasingly evident.
The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.

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

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

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

Jul 14

Daily Brief Event-Driven: Merger Arb Mondays (14 Jul) – Shibaura and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy
Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making
A/H Premium Tracker (To 11 July 2025): “Beautiful Skew” Continues – BIG AH Premia Compression
Weekly Deals Digest (13 Jul) – Toyota Industries, OneConnect, Great Eastern, Johns Lyng, NTT DC REIT
Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence
HK Connect SOUTHBOUND Flows (To 11 July 2025); Volumes Up, Net Buying Up, Non-Bank Financials Hot
Weekly Update (GCI, IGT/BRSL, Greenblatt)

Merger Arb Mondays (14 Jul) – Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Yichang HEC Changjiang Pharma (1558 HK), ENN Energy (2688 HK), Insignia Financial (IFL AU), Seven & I Holdings (3382 JP), Santos Ltd (STO AU).
Lowest spreads: Bright Smart Securities (1428 HK), New World Resources (NWC AU), Humm Group (HUM AU), Hainan Meilan International Airport (357 HK), Avjennings Ltd (AVJ AU).

Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making

By Sanghyun Park

The bill’s side notes clearly state that the mandatory cancellation rule applies retroactively to existing treasury shares without any exemptions.
If this passes the Assembly as-is, it’ll trigger a historic forced cancellation of treasury stock across ~1,660 companies—about three-quarters of the K-equities market.
Watch if this punchy bill clears committee and floor without cuts. Dems plan to fast-track it Sept 1, holding the majority to push it solo, aiming for year-end rollout.

A/H Premium Tracker (To 11 July 2025): “Beautiful Skew” Continues – BIG AH Premia Compression

By Travis Lundy

AH premia flat among liquid names but “beautiful skew” of wide premia converging more than narrow premia continues bigly. It has paid well to be long wide H discounts.
Weeks ago I said, “It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.” Ride on.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Weekly Deals Digest (13 Jul) – Toyota Industries, OneConnect, Great Eastern, Johns Lyng, NTT DC REIT

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: NTT DC REIT (NTTDCR SP) and NSDL (NSDL IN) IPOs.
Event-Driven developments: Toyota Industries (6201 JP), OneConnect Financial Technology (OCFT US), Great Eastern Holdings (GE SP), Johns Lyng (JLG AU), New World Resources (NWC AU).

Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence

By David Blennerhassett

Two months ago, Abacus Storage King (ASK AU) announced, and subsequently rejected, a A$1.47/share NBIO, by way of a Scheme, from Nathan Kirsh’s Ki Corporation and Public Storage (PSA US)
The Kirsh-led consortium has now bumped non-binding terms 14.7% to A$1.65/share, and has been granted six weeks of due diligence.
Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Abacus has never closed above A$1.60/share.

HK Connect SOUTHBOUND Flows (To 11 July 2025); Volumes Up, Net Buying Up, Non-Bank Financials Hot

By Travis Lundy

Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Weekly Update (GCI, IGT/BRSL, Greenblatt)

By Richard Howe

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.
Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.
As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.

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

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

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

Jul 14

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Tariff Tensions Rise and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Tariff Tensions Rise, Markets Hold Steady

Ohayo Japan | Tariff Tensions Rise, Markets Hold Steady

By Mark Chadwick

US equities declined following Trump’s tariff threats; Dow fell 0.6%, S&P 500 down 0.3%, Nasdaq slipped 0.2%
Trump proposed 35% tariffs on Canadian imports, and on Saturday, announced 30% tariffs on Mexico and the EU.
Ryohin Keikaku projects a net profit of ¥47 billion for the fiscal year ending August 2025, marking a ¥1.5 billion upward revision from prior guidance and a 13% increase year-on-year.

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

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

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

Jul 14

Daily Brief Equity Bottom-Up: Japan Activism Briefs | Casio and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Japan Activism Briefs | Casio, Nittoku
Zijin Mining: Strong H1 Guidance, FY25 Upgrades Likely, Gold Listing Adds Catalyst
MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.
IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution
Orient Overseas Intl (316 HK): Something Seems Not Quite Right!
Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation
National Storage REIT – The Monday Report – 14 July 2025
Provaris Energy Ltd – On the cusp of commerciality
Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat
Hisamitsu Pharmaceutical (4530 JP): Guidance Reiterated Amid Seemingly Temporary Hiccup in Q1FY26

Japan Activism Briefs | Casio, Nittoku

By Mark Chadwick

Oasis Management disclosed a 5.2% stake, increasing pressure on Casio to improve capital efficiency and strategic clarity.
City Index disclosed a 5.1% stake, signalling intent to drive value at Nittoku via capital return and improved governance.
3D Investment continue to add to Square Enix position. 3D and Dalton likely to target weak margins, bloated cash, and capital inefficiency – lots to work with.

Zijin Mining: Strong H1 Guidance, FY25 Upgrades Likely, Gold Listing Adds Catalyst

Zijin has guided for a 54% YoY rise in H1 FY2025 net profit to RMB 23.2 billion, driven by strong copper and gold pricing and volume gains.
Based on this, we see scope to revise our FY2025 PAT and EPS estimates up by 16–19%, and EBITDA by 35–50%.
The proposed listing of Zijin Gold International in Hong Kong could unlock value from its high-margin overseas gold assets and enhance investor visibility.

MediaTek (2454.TT): 3Q25 Outlook Is Expected to Decline by Approximately 0–6%.

By Patrick Liao

For Mediatek Inc (2454 TT)’s 3Q25 outlook, its revenue is expected to decline by approximately 0–6% quarter-over-quarter, reflecting a relative low seasonal factors and order adjustments.
Regarding Mediatek Inc (2454 TT)’s partnership with Alphabet (GOOGL US), the TPU v7e is expected to begin tape-out in September 2025.
Based on current project developments using TSMC’s 2nm process, MediaTek is highly likely to co-develop the next-generation MTIA v4 ASIC with Meta (META US).

IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution

Volume Data: IEX volumes rose 15% YoY in Q1 FY26, led by strong RTM and Green Market growth.
Near-Term Outlook: Higher volumes should lift Q1 earnings, with EBITDA and PAT expected to rise ~22%.
Future Plans: IEX is launching new products like G-RTM and LDCs, and investing in P2P and smart grid tech.

Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

By Osbert Tang, CFA

Orient Overseas International (316 HK)‘s 25.9% YTD surge in share price is difficult to justify, as the load factor started to contract and the average freight rate declined.
Transpacific and Asia-Europe freight rates plunged by 14.7% and 17.3% in 2Q25, respectively. The transpacific volume also registered the first YoY decline in the quarter.
Its P/B of 0.85x is 1SD above average, and is way higher than FY21-22. However, the FY25F earnings of US$1.5bn are incomparable to US$7-10bn in FY21-22.

Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

By Alec Tseung

Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.
Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN’s current market capitalization.
Circle’s impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.

National Storage REIT – The Monday Report – 14 July 2025

By FNArena

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

Provaris Energy Ltd – On the cusp of commerciality

Provaris Energy Ltd (ASX:PV1) represents a unique investment opportunity as a leveraged play on the growing shift to alternative energy and carbon reduction, particularly in Europe, but applicable on a global basis.
The keystone to production and growth is the company’s proprietary ‘storage tank’ IP, enabling greater volumes of compressed gases to transport at lower cost (‘more for less’).
The company holds a material early-mover advantage with a number of strategic partnerships and two hydrogen supply, offtake and shipping agreements expected to become unconditional over the next 12 months.

Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat

Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
The company has announced that total revenue in Q4 increased 15% to $8.5m, with higher-margin SaaS (Software-as-a-Service) revenue making up 52% of the total, compared with 38% of total Q4 revenue in FY24.
SaaS revenue grew 57% in the quarter on the previous corresponding period (pcp) to $4.4m and is tracking at $17.5m on an annualised basis.

Hisamitsu Pharmaceutical (4530 JP): Guidance Reiterated Amid Seemingly Temporary Hiccup in Q1FY26

By Tina Banerjee

Hisamitsu Pharmaceutical Co (4530 JP) Q1FY26 revenue of ¥34.7B down 3% YoY, mainly driven by subdued performance in Salonpas focused OTC pharmaceutical products.
Rx business revenues grew 7% as Zicthoru, Apohide, Combipatch,Vivelle-Dot etc clocked healthy numbers excepting Mohrus product line.
Hisamitsu reiterated FY26 guidance expecting revenue to be ¥165B with profits growth expected to decelerate on higher cost.

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

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

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

Jul 14

Daily Brief Australia: Perenti Global, Abacus Storage King, Iron Ore, National Storage REIT, Provaris Energy , Kinatico and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

ASX200 Index AdHoc Rebalance Preview: Potential Replacement for Spartan Resources (SPR AU)
Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence
Iron Ore: Mill Spreads Continue to Improve, Bullish Ore To 110 USD/Ton
National Storage REIT – The Monday Report – 14 July 2025
Provaris Energy Ltd – On the cusp of commerciality
Kinatico RaaS Interview Transcript 14 July 2025
Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat

ASX200 Index AdHoc Rebalance Preview: Potential Replacement for Spartan Resources (SPR AU)

By Brian Freitas

There will be an ad hoc inclusion for the S&P/ASX 200 (AS51 INDEX) at the close on 22 July following Spartan Resources (SPR AU)‘s acquisition by Ramelius Resources (RMS AU).
There are a couple of stocks that are trading neck and neck on average free float market cap and one of them is likely to be added to the index.
Both stocks have seen a big increase in cumulative excess volume over the last few weeks, indicative of positioning in the stock.

Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence

By David Blennerhassett

Two months ago, Abacus Storage King (ASK AU) announced, and subsequently rejected, a A$1.47/share NBIO, by way of a Scheme, from Nathan Kirsh’s Ki Corporation and Public Storage (PSA US)
The Kirsh-led consortium has now bumped non-binding terms 14.7% to A$1.65/share, and has been granted six weeks of due diligence.
Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Abacus has never closed above A$1.60/share.

Iron Ore: Mill Spreads Continue to Improve, Bullish Ore To 110 USD/Ton

By Sameer Taneja

We had called iron ore Iron Ore: Small Bounce From 96 to 100 USD/Ton As China Mill Margins Turn Positive, and we are now at 99 USD/ton.
We continue to see mill margins benefit and the restock in the chain, including coking coal, which has started to move up, and forecast a gradual uptick to 110 USD/ton.
We express our bullishness through owning Fenix Resources (FEX AU), a small-cap iron ore miner (read: Fenix Resources (FEX AU): Q3 FY25 Concall Update + CZR News )

National Storage REIT – The Monday Report – 14 July 2025

By FNArena

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

Provaris Energy Ltd – On the cusp of commerciality

Provaris Energy Ltd (ASX:PV1) represents a unique investment opportunity as a leveraged play on the growing shift to alternative energy and carbon reduction, particularly in Europe, but applicable on a global basis.
The keystone to production and growth is the company’s proprietary ‘storage tank’ IP, enabling greater volumes of compressed gases to transport at lower cost (‘more for less’).
The company holds a material early-mover advantage with a number of strategic partnerships and two hydrogen supply, offtake and shipping agreements expected to become unconditional over the next 12 months.

Kinatico RaaS Interview Transcript 14 July 2025

Kinatico (ASX:KYP) CEO Michael Ivanchenko discusses the company’s Q4 trading update with RaaS director Finola Burke.

Kinatico Ltd – Q4 SaaS revenue surpasses 50%, RaaS forecasts beat

Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
The company has announced that total revenue in Q4 increased 15% to $8.5m, with higher-margin SaaS (Software-as-a-Service) revenue making up 52% of the total, compared with 38% of total Q4 revenue in FY24.
SaaS revenue grew 57% in the quarter on the previous corresponding period (pcp) to $4.4m and is tracking at $17.5m on an annualised basis.

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

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

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

Jul 14

Daily Brief Singapore: NTT DC REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

NTT DC REIT IPO: Trading Debut
NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

NTT DC REIT IPO: Trading Debut

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.
I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights.
NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers’ multiples and yields.

NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

By Sumeet Singh

NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.

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

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

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

Jul 14

Daily Brief South Korea: Shinyoung Securities and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making

Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making

By Sanghyun Park

The bill’s side notes clearly state that the mandatory cancellation rule applies retroactively to existing treasury shares without any exemptions.
If this passes the Assembly as-is, it’ll trigger a historic forced cancellation of treasury stock across ~1,660 companies—about three-quarters of the K-equities market.
Watch if this punchy bill clears committee and floor without cuts. Dems plan to fast-track it Sept 1, holding the majority to push it solo, aiming for year-end rollout.

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

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

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

Jul 14

Daily Brief United States: Coinbase Global , SPDR Gold Shares, Liberty Broadband A and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation
An Update on Gold: Time for a Pause?
Weekly Update (GCI, IGT/BRSL, Greenblatt)

Coinbase 2025 High Conviction Call Update: Limited Near-Term Upside from Current Valuation

By Alec Tseung

Using SOTP is likely the best way to value COIN going forward as its subscription and services revenue is now more substantial and Circle has just gone public.
Non-Transaction revenue is being valued at a much higher multiple than transaction revenue. SOTP valuation indicates limited near-term upside from COIN’s current market capitalization.
Circle’s impact on Coinbase is now twofold: 1) driving its revenue mix shift toward non-transaction revenue; 2) acting as a key benchmark for its non-transaction revenue valuation.

An Update on Gold: Time for a Pause?

By Cam Hui

Gold violated its rising trend line in all major currencies except yen, which may be a technical warning of a tiring bull. Is it time to turn cautious?
We remain gold bulls. Gold prices are consolidating after strong gains in H1 2025, but the trend is still up.
Bullish sentiment isn’t stretched and central bank buying provides long-term demand.

Weekly Update (GCI, IGT/BRSL, Greenblatt)

By Richard Howe

In November 2024, Liberty Broadband (Nasdaq: LBRDA/LBRDK) agreed to be acquired by Charter Communications (CHTR) in an all‑stock deal.
Under the merger agreement, each Liberty Broadband common share will convert into 0.236 share of Charter common stock (plus cash for fractional shares), and each Liberty preferred share will convert to a new Charter preferred share.
As part of the deal, Liberty Broadband will spin off its fully owned Alaska telecom business (GCI, LLC) to Liberty shareholders before the Charter merger closes.

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

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

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

Jul 14

Daily Brief India: Indian Energy Exchange Ltd, NSDL, JSW Steel Ltd, Tata Steel Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution
NSDL IPO: The Bear Case
JSW Steel: Steady Output Amid Pricing Pressure; Record Volumes Likely Ahead
Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

IEX Powers Ahead: Volume Growth Signals Strong Q1 and Strategic Evolution

Volume Data: IEX volumes rose 15% YoY in Q1 FY26, led by strong RTM and Green Market growth.
Near-Term Outlook: Higher volumes should lift Q1 earnings, with EBITDA and PAT expected to rise ~22%.
Future Plans: IEX is launching new products like G-RTM and LDCs, and investing in P2P and smart grid tech.

NSDL IPO: The Bear Case

National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.
In NSDL IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on the core business’s lower growth and margins compared to its key peer and the banking services’ weak performance.

JSW Steel: Steady Output Amid Pricing Pressure; Record Volumes Likely Ahead

Volume: JSW Steel reported 7.26 Mnt of crude steel production in Q1 FY26, up 14% YoY, despite seasonal and maintenance-related disruptions.
Expansion: The company is on track to scale up its capacity from 35.7 MTPA to 43.4 MTPA by FY28, led by ramp-ups at Vijayanagar, Dolvi, and greenfield Odisha.
BPSL: Legal clarity on the BPSL acquisition remains pending, though operations have been successfully ramped up to 4.5 MTPA under JSW’s management.

Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance