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Smartkarma Daily Briefs

Jul 11
0

Daily Brief Industrials: Tenneco Clean Air India Ltd, Nidec Corp, Aalberts Industries Nv, S&SYS, Johns Lyng and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Tenneco Clean Air India Ltd Pre-IPO Tearsheet
  • Nidec (6594 JP): New Factory in China
  • What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)
  • S&SYS IPO Preview
  • Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light

Tenneco Clean Air India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Tenneco Clean Air India Ltd (1880671D IN)  (TCAIL)  is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, Citi, Axis, HSBC.
  • TCAIL designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs, export markets, and the aftermarket, serving PVs, CVs, OHs, and industrial applications.
  • According to the CRISIL Report, TCAIL was the largest supplier of Clean Air Solutions to Indian commercial truck (CT) OEMs with a 60% market share in FY24.

Nidec (6594 JP): New Factory in China

By Scott Foster

  • Nidec has opened a new motor factory in China to meet an anticipated increase in demand for home appliances. 
  • Sensing an opportunity for growth, management is already considering the construction of a second factory. 
  • This fits with the Chinese government’s efforts to promote domestic demand and with Nidec’s need for a new growth driver in China.

What’s New(s) in Amsterdam – 10 July (ABN Amro | Aalberts | Volksbank)

By The IDEA!

  • In this edition: • ABN Amro | court dismisses mass claim regarding overcharging on variable-rate loans • Aalberts | to acquire Grand Venture Technology • Volksbank | to remain state-owned for at least another year

S&SYS IPO Preview

By Douglas Kim

  • S&SYS is getting ready to complete its IPO in KOSDAQ in August. S&SYS is a shipbuilding equipment integrated solution company. 
  • The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won. 
  • To value S&SYS, the bankers used Sejin Heavy Industries Co Ltd (075580 KS), Halla IMS, HD Hyundai Marine Solution (443060 KS), and Ksp Co Ltd (073010 KS) as comps. 

Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light

By David Blennerhassett

  • A month ago, Integrated building services provider Johns Lyng (JLG AU) fielded a non-binding Offer, by way of a Scheme, from Aussie fund manager Pacific Equity Partners (PEP).
  • JLG and PEP have now entered into a SID at A$4/share, a 77% premium to undisturbed. CEO Scott Didier, JLG’s largest shareholder with 17.64%, is supportive. 
  • A shareholder vote is expected to take place in October, with the transaction potentially wrapping up in November. This may need more gruel.

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Jul 11
0

Daily Brief Health Care: HLB Life Science, China Medical System, Shanghai MediTrust Health Technology Group, CStone Pharmaceuticals, Soligenix , Cigna Group, Elevance Health , Ainos and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • The HLB Merger Swap Turned into a Messier Trading Setup with Layered Dynamics in Play
  • China Medical System (867 HK): SGX Secondary Listing Benefits Questionable
  • Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet
  • CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?
  • SNGX: Multiple Catalysts Upcoming in 2H25
  • Cigna Group: Broad Suite of GLP-1 Solutions to Innovate & Lead In Addressing Contemporary Healthcare Challenges Efficiently!
  • Elevance Health: Affordable Care Act (ACA) Market Dynamics To Be A Robust Segment Within Its Diverse Portfolio!
  • Ainos, Inc. – New Partnerships Drive Growing Momentum for Ainos’ SmellTech Solutions

The HLB Merger Swap Turned into a Messier Trading Setup with Layered Dynamics in Play

By Sanghyun Park

  • Street’s wrongly assuming only 1% of total shares can exercise appraisal rights, but under Korean law, pre-meeting dissent suffices — today’s vote tells us nothing about actual buyback risk.
  • Focus is on pre-dissent size — local checks point to 20% of SO, 4x the 40B KRW cap. With stock 40% below appraisal price, merger break risk looks real.
  • Market’s treating deal break as bearish, deterring some from exercising appraisal despite being in the money. With spread this wide, swap leg offers high-risk, high-reward setup worth watching.

China Medical System (867 HK): SGX Secondary Listing Benefits Questionable

By David Blennerhassett

  • On the 24th June 2025, specialty pharmaceutical play China Medical System (867 HK) (CMS) announced a proposed secondary SGX listing, by way of introduction.  No equity fundraising will occur.
  • The SGX has given the green light, with shares expected to commence trading on the 15th July. 
  • This secondary listing is not, it would seem, a pre-cursor to an HKEx withdrawal; but to “enhance the [CMS’s] global visibility, thereby facilitating its international business expansion“. 

Shanghai MediTrust Health Technology Group Pre-IPO Tearsheet

By Troy Wong

  • Shanghai MediTrust Health Technology Group Co., Ltd. (SMHTG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by GS, HSBC, and CICC.
  • SMHTG is the largest innovative healthcare payor platform in China, according to Frost & Sullivan (F&S).
  • SMHTG is transforming the healthcare payment system in China by addressing funding and payment challenges faced by patients, health insurers and pharmaceutical companies.

CStone Pharma (2616 HK): Placement to Fund R&D; Sugemalimab Changes Fortune For Now, What Lies Next?

By Tina Banerjee

  • CStone Pharmaceuticals (2616 HK) announced the placement of 100M shares for subscription at HK$4.72 per share. Placing shares represent approximately 7.33% of existing issued shares capital of the company.
  • The company intends to use 90% of the net proceeds from the for further research and development relating to assets in the company’s “Pipeline 2.0”.
  • Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets augurs well, but concerns remain.

SNGX: Multiple Catalysts Upcoming in 2H25

By Zacks Small Cap Research

  • Soligenix, Inc. (SNGX) has a number of important catalysts ahead in the second half of 2025.
  • The company is currently conducting the Phase 3 FLASH2 trial of HyBryte (SGX301) for the treatment of early-stage cutaneous T cell lymphoma (CTCL).
  • We anticipate an update on enrollment in the 2H25, with topline results expected in the 2H26.

Cigna Group: Broad Suite of GLP-1 Solutions to Innovate & Lead In Addressing Contemporary Healthcare Challenges Efficiently!

By Baptista Research

  • Cigna Group reported its first quarter 2025 financial results, demonstrating robust performance amid a dynamic market environment.
  • The company highlighted total revenues of $65.5 billion and adjusted earnings per share of $6.74.
  • Subsequently, Cigna increased its full-year EPS guidance to at least $29.60.

Elevance Health: Affordable Care Act (ACA) Market Dynamics To Be A Robust Segment Within Its Diverse Portfolio!

By Baptista Research

  • Elevance Health, formerly known as Anthem, outlined its first quarter results for 2025, reflecting consistent progress in strategic initiatives and financial performance.
  • Elevance Health emphasized its mission of advancing human health, underpinning its operations and strategic direction.
  • The company highlighted important strategic moves, particularly in patient advocacy solutions and enhancements to the HealthOS platform, which have been key in simplifying healthcare experiences and streamlining provider workflows.

Ainos, Inc. – New Partnerships Drive Growing Momentum for Ainos’ SmellTech Solutions

By Water Tower Research

  • Ainos expands its AI-powered digital olfaction platform. Ainos has established several new/expanded partnerships since the company provided its mid-year update.
  • The three partnerships announced in the past two weeks point to a significant strategic pivot toward expanding Ainos as a critical SmellTech provider in verticals beyond healthcare to multiple industrial sectors, adding significant growth potential.
  • The integration of AI Nose with these partners’ platforms will provide smell, the missing link in factory sensing.

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Jul 11
0

Daily Brief Consumer: Crizac, Fast Retailing, Sa Sa International Hldgs, Tata Motors, Nike, Vince Holding, Koshidaka Holdings, TSE Tokyo Price Index TOPIX, Cie Automotive Sa and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Crizac (CRIZ:NS). Sell into the Aftermarket.
  • Fast Retailing(9983) | Q3 Miss But FY Guide Intact – Execution Solid, China Still Weak
  • Sa Sa Intl (178 HK): Looking Better Forward
  • Tata Motors – JLR Q1FY26 Weakness
  • Nike to Cut China Footwear Output to Counter $1 Billion Tariff Hit
  • VNCE: 2H Signposts: Tariffs Defer the VNCE Growth Story; Reiterate Buy, $4 PT
  • Koshidaka Holdings (2157 JP): Q3 FY08/25 flash update
  • The Gap with Investors’ Perspective Stems from Managers Trying to Distance Themselves from Investors
  • CIE Partial Tender Fizzles – No Proration, Bullish Signal

Crizac (CRIZ:NS). Sell into the Aftermarket.

By Edward Slade

  • Crizac has had a successful IPO, pricing at 28x PE. 
  • Before any aftermarket premium, the company is already at a significant valuation premium to other global education stocks.
  • CRIZ has too many risks to justify a high rating. 95% of revenues come from India-UK student placement, aggregating applications for 10,362 agents.   

Fast Retailing(9983) | Q3 Miss But FY Guide Intact – Execution Solid, China Still Weak

By Mark Chadwick

  • Q3 revenue/OP miss vs. our est. on weaker-than-expected Uniqlo International – FX and China weakness key drivers.
  • Japan and Western markets continue to outperform; U.S. and Europe now rival China in size.
  • FY company guidance unchanged but rising risks to next FY from tariffs and persistent China underperformance.

Sa Sa Intl (178 HK): Looking Better Forward

By Osbert Tang, CFA

  • Sa Sa International Hldgs (178 HK)‘s 1Q FY26 update provides evidence for a business recovery as turnover grew 4.7%, against a YoY drop in the last 5 quarters.  
  • Resurgence in mainland tourist arrivals is a driver. The start of 2Q FY26 also looks good, as this has increased 21.8% YoY in the last 15 days.
  • At 1.55x P/B, it is only 7% above the trough since 2020. Also, it traded at a higher multiple in FY20-22 when it was loss-making. 

Tata Motors – JLR Q1FY26 Weakness

By Sreemant Dudhoria,CFA

  • Q1FY26 Decline: JLR’s Q1FY26 wholesale volumes dropped 10.7% YoY and 21.7% QoQ, signaling a tougher-than-expected environment amid planned model transitions and tariff shocks.
  • US Tariffs & Jaguar Phase-Out Drag Down Sales:Pause in US shipments post-April’25 and wind-down of legacy Jaguar models led to sharp volume contraction in key markets, particularly UK and North-America.
  • Luxury Mix Strong, but Growth Uncertain:While 77.2% of Q1FY26 volumes came from high-margin models (Range Rover/Defender),growing reliance on a few nameplates adds concentration risk in a sluggish global macro environment

Nike to Cut China Footwear Output to Counter $1 Billion Tariff Hit

By Caixin Global

  • Nike Inc. is undertaking a major overhaul of its global supply chain to reduce its reliance on Chinese manufacturing for footwear destined for the U.S. market. The move comes as the sportswear giant faces mounting tariff pressures and falling sales.
  • Currently, China accounts for about 16% of Nike’s footwear imported into the United States, Matthew Friend, Nike’s chief financial officer, said during an earnings call on Thursday. The company wants to cut that figure to a “high single-digit percentage range” by May 2026, shifting production to other countries to offset rising tariff costs.
  • Nike estimates tariffs imposed by the Trump administration will add roughly $1 billion to its expenses, highlighting the urgency of diversifying its sourcing strategy.

VNCE: 2H Signposts: Tariffs Defer the VNCE Growth Story; Reiterate Buy, $4 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $4 price target and projections for Vince as we look at key trends for 2HFY25 and beyond.
  • We believe, more than any other player in our universe, VNCE has been affected by worries over tariffs; given that the company registered over 60% of their goods from China in FY24, this is not surprising.
  • That said, we believe Vince management has done yeoman’s work in quickly diversifying the supply chain and focusing on the key longer term drivers of the business, from continued store expansion and upgrades, increasing wholesale penetration, international growth, deepening the focus on men’s and adding new categories to the store mix to become even more of a lifestyle brand.

Koshidaka Holdings (2157 JP): Q3 FY08/25 flash update

By Shared Research

  • In cumulative Q3 FY08/25, revenue was JPY51.4bn (+10.7% YoY), with operating profit at JPY8.4bn (+19.1% YoY).
  • The company opened 31 facilities and closed seven, totaling 688 facilities and 18,574 rooms by end-Q3 FY08/25.
  • Personnel expenses rose 9.2% YoY, rent increased 11.8% YoY, and SG&A expenses rose to JPY5.1bn (+0.7% YoY).

The Gap with Investors’ Perspective Stems from Managers Trying to Distance Themselves from Investors

By Aki Matsumoto

  • The trend of AGMs being concentrated in the last week of June remains unchanged, and this’s seen as attempt to divert shareholder attention and reluctant attitude toward dialogue with shareholders.
  • The rise in share proposals has made some managers wary, and we are not optimistic about pushing AGM later dates and disclosing annual securities reports well in advance of AGM.
  • There are gap between what is stated and what actually happens in “the reasons for not introducing anti-takeover measures,” “compliance with constructive dialogue with shareholders,” and disclosure of “TSE’s requests.”

CIE Partial Tender Fizzles – No Proration, Bullish Signal

By Jesus Rodriguez Aguilar

  • CIE’s €24/share partial offer closed with just 9.8% uptake, suggesting investors see more value ahead. No proration required. Treasury shares may support future free float improvements.
  • The weak subscription outcome aligns with our DCF-based fair value of €31–33/share. Market consensus also points to €32, underscoring material undervaluation and long-term upside potential.
  • Strong fundamentals, 4.0% yield, and attractive peer comps reinforce the case. Investors chose to stay long, confirming confidence in CIE’s strategic direction, liquidity plans, and re-rating potential.

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Jul 11
0

Daily Brief TMT/Internet: SK Square , Taiwan Semiconductor (TSMC), Oneconnect Financial Technology, Lg Innotek, Lenovo, Indra Sistemas Sa, Shift Inc, TPG Telecom , WingArc1st Inc, Quartix Holdings and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • SK Square: Time to Take Profits + Why Are There Holdco Discounts in the First Place?
  • TSMC June Revenue Down 17.7% Mom. What Gives?
  • OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR
  • KOSPI Size Indices: Overlaps Between Active & Passive Flows
  • PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year
  • Indra Sistemas: Initiation of Coverage- Is This Underrated Tech Powerhouse Europe’s Next Big Defense Bet?
  • Shift Inc (3697 JP): Q3 FY08/25 flash update
  • TPG Telecom Ltd – The Overnight Report: Trump Cheers Record Highs
  • WingArc1st Inc (4432 JP): Q1 FY02/26 flash update
  • Quartix Holdings plc – Hybridan Small Cap Feast: 03/07/2025

SK Square: Time to Take Profits + Why Are There Holdco Discounts in the First Place?

By Douglas Kim

  • We are changing our View on SK Square (402340 KS) to Negative.
  • The major reason for this change is due to the surge in its share price along with lack of upside relative to its NAV.
  • Regarding SK Square, our holdco discount remains 40%. However, if there are real, positive continued efforts to improve corporate governance, this holdco discount could be reduced further.   

TSMC June Revenue Down 17.7% Mom. What Gives?

By William Keating

  • TSMC today reported June 2025 revenues of NT$263.71 billion, a decrease of 17.7 % MoM but an increase of 26.9% YoY
  • At the guided exchange rate of 32.5, TSMC’s Q225 revenue amounts to $28.7 billion, up 12.2% QoQ and up 37.6% YoY, but roughly $100 million below the guided midpoint
  • However, if we take today’s exchange rate of 29.24, Q225 revenue comes in at $31.9 billion, way above the guide. Take your pick & let’s see this day next week

OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR

By David Blennerhassett

  • On the 15th May, dual-listed Oneconnect (6638 HK/OFT US), a digital retail banking/commercial banking/digital insurance play, announced a firm Scheme Offer from Ping An, OneConnect’s controlling shareholder.
  • Ping An is offering HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. Net cash is, however,  ~HK$1.83/share. The price is final.
  • SAMR has now signed off on the deal, satisfying the pre-condition. We await directions from the Cayman court on timing. I’m estimating late-September payment. Should the deal get up.

KOSPI Size Indices: Overlaps Between Active & Passive Flows

By Brian Freitas

  • The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
  • Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
  • Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.

PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year

By Nicolas Baratte

  • Consumer demand remains slow but Enterprises are upgrading to Windows 11. Low risk of tariff distortion: 1Q was too high in the US but 2Q has slowed down. 
  • 2Q25 highest YoY growth: Apple (22%), Asus (17%), Lenovo (16%). Others are flat. Enterprise growth also implies higher ASP and margins for PC and CPU vendors.
  • On the CPU side, AMD share gains have slowed in PC, accelerated in Server. Given their roadmap, AMD should keep gaining slowly, Intel defending with difficulty.

Indra Sistemas: Initiation of Coverage- Is This Underrated Tech Powerhouse Europe’s Next Big Defense Bet?

By Baptista Research

  • Indra Sistemas S.A. showcased a mixed yet promising performance in its recent quarterly earnings report.
  • The company demonstrated resilience and growth in several strategic areas amidst a favorable market environment driven by increased defense budgets in Spain and broader Europe.
  • Key financial metrics such as backlog, order intake, and income displayed notable increases, signaling robust future order flow and operational momentum.

Shift Inc (3697 JP): Q3 FY08/25 flash update

By Shared Research

  • In cumulative Q3 FY08/25, the company reported sales of JPY95.4bn, gross profit of JPY33.0bn, and operating profit of JPY11.9bn.
  • Software Testing Related Services segment sales reached JPY61.9bn, with gross profit at JPY22.8bn and operating profit at JPY16.2bn.
  • The revised full-year forecast for FY08/25 anticipates sales of JPY130.0bn and operating profit of JPY15.0bn.

TPG Telecom Ltd – The Overnight Report: Trump Cheers Record Highs

By FNArena

  • A global perspective on what happened overnight

WingArc1st Inc (4432 JP): Q1 FY02/26 flash update

By Shared Research

  • FY02/26 revenue was JPY7.3bn (+2.7% YoY), with operating profit at JPY2.1bn (-13.1% YoY) and EBITDA JPY2.5bn (-10.6% YoY).
  • Q1 FY02/26 BDS sales revenue rose 3.1% YoY to JPY4.8bn, while DE business revenue increased 2.1% YoY to JPY2.5bn.
  • WingArc1st revised FY02/26 forecast projects revenue of JPY31.2bn (+8.7% YoY) and operating profit of JPY9.0bn (+8.9% YoY).

Quartix Holdings plc – Hybridan Small Cap Feast: 03/07/2025

By Hybridan

  • * A corporate client of Hybridan LLP.
  • ** Potential means Intention to Float (ITF) or similar announcement has been made.
  • ***Arranged by type of listing and date of announcement.

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Jul 11
0

Daily Brief Financials: SK Square , State Bank Of India, US Bancorp, Philippine Stock Exchange, Wells Fargo & Co, American International Group, Aflac Inc, Cincinnati Financial, DigiCo Infrastructure REIT, Shui On Land and more

By | Daily Briefs, Financials

In today’s briefing:

  • SK Square Placement: Clean up by Kakao
  • SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well
  • U.S. Bancorp: Will The Management Focus On Payments Power & Precision Cost Control Pay Off?
  • Shortlist of High Conviction Philippines Equity Ideas – July 2025
  • Wells Fargo: Focus On Non-Interest Revenue & Critical Growth Levers!
  • American International Group (AIG) Is Using AI To Add To Its Competitive Advantage In Underwriting Precision; But Is It Enough?
  • Aflac Inc.: Expanding Product Portfolio in Japan to Capitalize On Demographic Shifts!
  • Cincinnati Financial Delivers 14% Investment Income Surge—But Is It Enough To Warrant Optimism?
  • DigiCo Infrastructure REIT – Rudi’s View: The Megatrend You Simply Cannot Ignore
  • Lucror Analytics – Morning Views Asia

SK Square Placement: Clean up by Kakao

By Nicholas Tan

  • Kakao Corp (035720 KS) is looking to raise US$316m from a clean-up sale in SK Square (402340 KS) .
  • The deal is a small one, representing 5.4 days of the stock’s three month ADV, and 1.7% of total shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

SBI Possible US$3bn QIP – Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

By Sumeet Singh

  • As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.
  • SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.
  • In this note, we will talk about the possible fund raising and other deal dynamics.

U.S. Bancorp: Will The Management Focus On Payments Power & Precision Cost Control Pay Off?

By Baptista Research

  • U.S. Bancorp reported first-quarter 2025 earnings with earnings per share of $1.03 and a return on tangible common equity of 17.5%.
  • The company demonstrated progress on its strategic priorities, achieving a year-over-year positive operating leverage of 270 basis points on an adjusted basis.
  • This improvement was driven by disciplined expense management, momentum across fee businesses, and modest margin expansion.

Shortlist of High Conviction Philippines Equity Ideas – July 2025

By Sameer Taneja

Wells Fargo: Focus On Non-Interest Revenue & Critical Growth Levers!

By Baptista Research

  • The recent earnings call for Wells Fargo & Company presented a generally solid performance for the first quarter of 2025, reflecting progress against its strategic priorities amidst a challenging economic environment.
  • With net income at $4.9 billion, or $1.39 per diluted common share, the company reported a 16% increase in earnings per share compared to the previous year.
  • Despite a decline in revenue due to lower net interest income, Wells Fargo managed to grow fee-based revenue across various sectors, illustrating the benefit of its investment diversification strategy.

American International Group (AIG) Is Using AI To Add To Its Competitive Advantage In Underwriting Precision; But Is It Enough?

By Baptista Research

  • American International Group (AIG) presented its first quarter of 2025 results, showcasing a mix of achievements and challenges that yield insights for potential investors.
  • The company’s performance was framed by significant strategic moves, including the deconsolidation of Corebridge Financial in mid-2024, which has reorganized its financial statements to treat Corebridge’s historical results as discontinued operations.
  • AIG reported an adjusted after-tax income of $702 million or $1.17 per diluted share for the period.

Aflac Inc.: Expanding Product Portfolio in Japan to Capitalize On Demographic Shifts!

By Baptista Research

  • Aflac Incorporated reported its financial results for the first quarter of 2025 with mixed outcomes across its Japan and U.S. operations.
  • For the quarter, Aflac achieved net earnings per diluted share of $0.05, notably impacted by net investment losses.
  • Conversely, its adjusted earnings per diluted share stood at $1.66, remaining consistent with the previous year.

Cincinnati Financial Delivers 14% Investment Income Surge—But Is It Enough To Warrant Optimism?

By Baptista Research

  • Cincinnati Financial Corporation’s first quarter of 2025 was marked by significant challenges and notable resilience in certain areas.
  • Faced with widespread weather-related catastrophes, the company reported a net loss of $90 million, primarily driven by a substantial increase in catastrophe losses estimated at $356 million after taxes.
  • Despite these setbacks, Cincinnati Financial saw growth in its property casualty premiums by 11%, demonstrating its ability to maintain momentum amidst adverse conditions.

DigiCo Infrastructure REIT – Rudi’s View: The Megatrend You Simply Cannot Ignore

By FNArena

    Lucror Analytics – Morning Views Asia

    By Leonard Law, CFA

    • In today’s Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Vedanta Resources, JSW Steel, Nissan Motor
    • UST yields declined yesterday (the first drop in a week), on the back of a solid auction of 10Y notes. The yield on the 2Y UST fell 5 bps to 3.84%, while the yield on the 10Y UST was down 7 bps at 4.33%. Equities rallied, led by gains in large tech stocks. The S&P 500 rose 0.6% to 6,263, while the Nasdaq climbed 0.9% to 20,611.
    • US President Donald Trump has released more tariff-letter screenshots on Truth Social, outlining a 25% rate on the Philippines, 30% on Sri Lanka and 50% on Brazil, among others. In particular, the letter for Brazil highlighted the “witch hunt” on former Brazilian president Jair Bolsonaro, as well as the country’s “insidious attacks on free elections and the fundamental free speech rights of Americans”, citing the Brazilian Supreme Court’s censorship orders on US social media platforms.

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    Jul 10
    0

    Daily Brief Australia: S&P/ASX 200, Arena Reit, Lifestyle Communities, Beetaloo Energy Australia and more

    By | Australia, Daily Briefs

    In today’s briefing:

    • S&P/ASX 200 Outlook Following Proposed Index Rule Review
    • Arena REIT (ARF AU) Vs National Storage REIT (NSR AU): Statistical Arbitrage in Two Australian REITs
    • Lifestyle Communities Ltd – The Overnight Report: Nvidia Tops US$4trn
    • Beetaloo Energy Australia – C-5H Stimulated Completed – Now for the Gas Rate

    S&P/ASX 200 Outlook Following Proposed Index Rule Review

    By Nico Rosti

    • As reported by Gaudenz Schneider , the 90-Day pause on country-specific reciprocal tariffs was set to expire on July 9, 2025 and Australia and its Minerals sector might suffer indirectly. 
    • Australia has business with a number of Asian countries, especially China and Japan. Any shock to the growth of other economies in the region could affect the S&P/ASX 200 INDEX. 
    • This insight will focus on the short-term tactical outlook and possible trend direction for the Australian index for the coming weeks. 

    Arena REIT (ARF AU) Vs National Storage REIT (NSR AU): Statistical Arbitrage in Two Australian REITs

    By Gaudenz Schneider

    • The Arena REIT (ARF AU) vs. National Storage REIT (NSR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
    • This relative value opportunity can be implemented as a long-short pair trade or as relative over-/underweights in a long only context.
    • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

    Lifestyle Communities Ltd – The Overnight Report: Nvidia Tops US$4trn

    By FNArena

    • A global perspective on what happened overnight

    Beetaloo Energy Australia – C-5H Stimulated Completed – Now for the Gas Rate

    By Research as a Service (RaaS)

    • Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets.
    • BTL has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
    • The company has announced the successful completion of the stimulation phase of the Carpentaria-5H (C-5H) testing and evaluation campaign, with the outcomes in-line with the initial specifications.

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    Jul 10
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    Daily Brief Quantitative Analysis: KRX Short Interest Weekly (Jul 4th): Hanwha Ocean and more

    By | Daily Briefs, Quantitative Analysis

    In today’s briefing:

    • KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

    KRX Short Interest Weekly (Jul 4th): Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax

    By Ke Yan, CFA, FRM

    • We analyzed the changes in short interest of KRX stocks as of Jul 4th. The aggregated short interest was USD9.1bn.
    • 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 Hanwha Ocean, Hyundai Rotem, Kiwoom, Doosan Enerbility, Cosmax.

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    Jul 10
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    Daily Brief South Korea: LOTTE Corporation, HYBE , Samsung Electronics and more

    By | Daily Briefs, South Korea

    In today’s briefing:

    • Treasury Cancellation Bill Latest: 10% Holding Cap for Existing Ones — Targets Screened in Excel
    • A Pair Trade Between SM Entertainment (Long) Vs HYBE (Short)
    • Samsung 2Q25: It’s Even Worse than the Official Leak

    Treasury Cancellation Bill Latest: 10% Holding Cap for Existing Ones — Targets Screened in Excel

    By Sanghyun Park

    • Market focus is now on retroactive impact — existing treasury holdings above 10% must be canceled within a year, flipping earlier expectations that they’d be exempt.
    • DP’s fast-tracking the bill, targeting a September vote and mid-October go-live, with this Commercial Act tweak topping their legislative priority list.
    • Excel below shows 230 stocks above the 10% treasury cap, including 35 large-caps — prime candidates for momentum trades as the mandatory buyback burn bill gains steam.

    A Pair Trade Between SM Entertainment (Long) Vs HYBE (Short)

    By Douglas Kim

    • In this insight, we discuss a pair trade between SM Entertainment Co (041510 KS) (long) vs HYBE (352820 KS) (short).
    • There is an increasing probability that HYBE’s founder Bang Si-hyuk could face some jail time in which case there could be some vacuum of management leadership at HYBE.
    • Despite its recent outperformance, SM Entertainment’s valuation is much more attractive than HYBE (SM is trading at 9.6x EV/EBITDA vs 18.5x for HYBE in 2026).

    Samsung 2Q25: It’s Even Worse than the Official Leak

    By Nicolas Baratte

    • 1st July the Korean media was “pre-announcing” 2Q25 operating profit to be “weaker than expected”, declining “by more than 15% from the first quarter” to KRW mid-5 trillion range. 
    • Samsung official announcement is worse: operating profit KRW 4.6tn, down -56% YoY and -31% QoQ. This suggests a lower margins mix (less HBM, higher Foundry losses) and more Opex. 
    • Last week, Consensus was expecting 2Q OP KRW 6.7tn, now down to 6.1tn. The reported 4.6tn is a nasty miss that implies that Consensus is way too high for 2H25. 

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    Jul 10
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    Daily Brief India: Travel Food Services Ltd and more

    By | Daily Briefs, India

    In today’s briefing:

    • Travel Food Services IPO: Capitalizing on the Global Airport F&B Boom

    Travel Food Services IPO: Capitalizing on the Global Airport F&B Boom

    By Sudarshan Bhandari

    • Travel Food Services leads India’s airport QSR sector with a 24% market share and expands internationally through strategic partnerships, capitalizing on the growing global travel F&B market. 
    • With a debt-free balance sheet and robust margins, TFS ensures scalable growth through strategic joint ventures and partnerships, minimizing capital expenditure while expanding operations. 
    • With its diverse brand portfolio and a presence in high-traffic airports across India and abroad. The company’s expansion into new airports ensures sustained growth in the travel food services sector.

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    Jul 10
    0

    Daily Brief United States: Meta, Figma, Brightstar Lottery, JAKKS Pacific , Lands’ End Inc, Earth Science Tech, Nurexone Biologic, Revelation Biosciences , Spectral AI, Transcat and more

    By | Daily Briefs, United States

    In today’s briefing:

    • Meta Just Bought into EssilorLuxottica.
    • Figma Inc (FIG): Peeking at the Prospectus of the Next Software IPO
    • Brightstar Lottery (fka IGT) Capital Return is Better Than Expected
    • JAKK: 2H Signposts: Creating the New Normal; Reiterating Buy Rating, $40 PT
    • LE: 2H Signposts: Moving Past the Gap to Growth; Reiterate Buy, $20 PT
    • ETST: Initiating Coverage of a Strategic Holding Company Focused on the Healthcare Industry
    • NRXBF: Test Results Show Spinal Injury Recovery
    • REVB: Topline Results About to Be Released
    • MDAI: DeepView De Novo Submission
    • What Do Investors See in Sleepy Transcat?

    Meta Just Bought into EssilorLuxottica.

    By Fallacy Alarm

    • We won’t be generation heads-down forever. Handsets are impractical as our primary device to interact with information technology.

    • When we use them, we lose touch to the real world. Headsets are the obvious next step to allow for a more integrated experience.

    • Meta has been betting on the handset-to-headset transition for more than a decade. And they have been doing so with courage and determination.

    Figma Inc (FIG): Peeking at the Prospectus of the Next Software IPO

    By IPO Boutique

    • Figma (FIG US) filed for an IPO on the NYSE on July 1st for a debut later this month. 
    • Their revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-over-year growth.
    • Adobe’s acquisition of Figma collapsed in December 2023 after regulatory hurdles paving the way for this IPO. 

    Brightstar Lottery (fka IGT) Capital Return is Better Than Expected

    By Richard Howe

    • Brightstar Lottery (fka IGT) announced a better than expected capital return program following the closing of the Apollo transaction.
    • Brightstar will pay a $3 special dividend (7/14 ex date) and buy back $500MM of stock.
    • Brightstar is in a quiet period, but I would expect it to aggressively buy back stock following its earnings report on July 29, 2025.

    JAKK: 2H Signposts: Creating the New Normal; Reiterating Buy Rating, $40 PT

    By Small Cap Consumer Research

    • We are reiterating our Buy rating, $40 price target and projections for JAKKS Pacific as we look at key trends for 2H2025 and beyond.
    • With toy production, especially on the lower end, firmly established in China, and with limited near term options, JAKKS will, as they have done throughout their 30-year history, have to transform to maximize overall returns.
    • We believe management has the financial firepower, relationships and product offerings to maintain their strong market position and once again quickly return to driving solid top and bottom line growth.

    LE: 2H Signposts: Moving Past the Gap to Growth; Reiterate Buy, $20 PT

    By Small Cap Consumer Research

    • We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we look at key trends for 2HFY25 and beyond.
    • We believe Lands’ End is poised to move into the next phase of the transformation of the company into a higher margin, higher return global brand, as the recently launched licensing initiatives begin expanding the overall category levels, as opposed to shifting prior owned categories into licensing relationships which, while driving higher return on assets, led to YoY revenue declines.
    • Further, with continued international expansion (both owned and licensed) on tap, further key wins at Lands’ End Outfitters and the potential to continue to drive higher returns (and sales) in the core business as the company shifts the business model, we believe Lands’ End remains well situated to drive further top and bottom line upside, and we reiterate our Buy rating and $20 price target.

    ETST: Initiating Coverage of a Strategic Holding Company Focused on the Healthcare Industry

    By Zacks Small Cap Research

    • Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
    • Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
    • The firm was incorporated in 2010, with headquarters in Miami, Florida.

    NRXBF: Test Results Show Spinal Injury Recovery

    By Zacks Small Cap Research

    • NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
    • The technology involved also has the potential to more efficiently get other treatments to the needed area.
    • The company announced results from preclinical testing that showed higher doses of ExoPTEN resulted in subjects regaining mobility after a spinal cord injury.

    REVB: Topline Results About to Be Released

    By Zacks Small Cap Research

    • Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
    • The company announced that enrollment in the Phase 1b study of Gemini in CKD patients will be completed this month and top line results will follow shortly.
    • Investors should take a look at REVB before the positive results start coming in.

    MDAI: DeepView De Novo Submission

    By Zacks Small Cap Research

    • Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
    • The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
    • Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

    What Do Investors See in Sleepy Transcat?

    By J Capital Research

    • Transcat (NASDAQ: TRNS) is a roll-up of companies that serve the pharmaceutical, aerospace, utilities, oilfield, and other industries with measurement equipment, calibration services, and sales.
    • TRNS sells and rents equipment and maintains a fleet of vans that it dispatches to client premises to adjust their measuring equipment.
    • Listed since 1972, the company has never paid a dividend and has no plans to do so.

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