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Smartkarma Daily Briefs

Jun 05
0

Daily Brief Event-Driven: Mayne Pharma (MYX AU): Twists and Turns as Cosette Chases a Get-Out-Of-Jail-Free Card and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Mayne Pharma (MYX AU): Twists and Turns as Cosette Chases a Get-Out-Of-Jail-Free Card
  • Spartan Resources (SPR AU): Scheme Vote on 11 July
  • Spartan Resources (SPR AU): 11th July Vote On Ramelius’ Offer
  • Underwritten and Unlisted: GCO’s Delisting Looks Inevitable
  • Cantor Equity Partners SPACs: Crypto-Linked Opportunities with Political Ties
  • Mao Geping IPO Lockup – Stock Is up 4x, US$400m Cornerstone Lockup Release
  • Sidara/Wood: Energy Engineering in Limbo, Value Beckons Amid Governance Fog

Mayne Pharma (MYX AU): Twists and Turns as Cosette Chases a Get-Out-Of-Jail-Free Card

By Arun George

  • Mayne Pharma (MYX AU) disclosed that Cosette served a scheme termination notice. Mayne maintains that a material adverse clause was not breached and considers the termination notice invalid.
  • The Cosette MAC breach claims likely hinge on establishing that forecasts provided during due diligence are materially lower than the unaudited management accounts. Precedents do not favour Mayne. 
  • While the last close price (A$4.48) is below the undisturbed price (HK$5.41), there remains downside. My estimated deal break valuation range is A$3.26-A$4.00.

Spartan Resources (SPR AU): Scheme Vote on 11 July

By Arun George

  • The Spartan Resources (SPR AU) IE considers Ramelius Resources (RMS AU)’s offer (A$0.25 cash per share + 0.6957 RMS shares per SPR share) fair and reasonable.
  • The offer is conditional on SPR shareholder approval. The vote remains low-risk and is aided by irrevocables (16.87% of outstanding shares). 
  • This is a done deal. At the last close and for a 31 July payment, the gross/annualised spread is 0.8%/5.0%.  

Spartan Resources (SPR AU): 11th July Vote On Ramelius’ Offer

By David Blennerhassett

  • On the 17th March, Spartan (SPR AU) agreed to merge with Ramelius (RMS AU). The cash/scrip merger combined operations around the Mount Magnet and Dalgaranga region in Western Australia.
  • The implied price of A$1.78/share was a 27.5% premium to 30-day VWAP.  The deal arrived after Spartan was outbid for Karora (KRR CN), and Spartan rebuffed Westgold (WGX AU)‘s approach.
  • The Scheme Booklet is now out, with a Scheme Meeting on the 11th July, and expected implementation on or before the 31st July. The IE (BDO) says “fair & reasonable“.

Underwritten and Unlisted: GCO’s Delisting Looks Inevitable

By Jesus Rodriguez Aguilar

  • Inocsa seeks 75%+ control of GCO via a near-fair €49.45/share offer, aiming for strategic delisting. Minority holders risk illiquidity if they do not tender.
  • GCO’s fundamentals remain strong: 9.2x NTM P/E, 0.9x P/TBV, 242% solvency, and ample excess capital suggest fair value is higher than the offer.
  • While upside is capped, low risk and firm financing support offer risk-arb desks an annualized ~4% return before a likely late-August settlement.

Cantor Equity Partners SPACs: Crypto-Linked Opportunities with Political Ties

By Special Situation Investments

  • CEPO and CEPT SPACs, run by Howard Lutnick, trade above trust value with potential multibagger upside in crypto-related deals.
  • Cantor Fitzgerald, led by Lutnick’s son, has deepened its crypto involvement, including a 5% stake in Tether.
  • Cantor’s SPACs feature no warrants, a sponsor note boosting trust value, and no specified target sectors.

Mao Geping IPO Lockup – Stock Is up 4x, US$400m Cornerstone Lockup Release

By Sumeet Singh

  • Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.
  • Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.
  • In this note, we will talk about the lockup dynamics and possible placement.

Sidara/Wood: Energy Engineering in Limbo, Value Beckons Amid Governance Fog

By Jesus Rodriguez Aguilar

  • Sidara’s persistence through multiple PUSU extensions and deep due diligence implies strong strategic interest despite Wood’s governance turbulence and suspended trading.
  • Wood’s record $2B+ contract wins in Asia Pacific show the business remains commercially viable and strategically relevant in the energy infrastructure value chain.
  • Free cash flow expected to turn meaningfully positive in 2026, supporting a standalone recovery case if no deal emerges—valuation suggests >2x upside potential.

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Jun 05
0

Daily Brief Thematic (Sector/Industry): Wise Plc: Low-Cost Brand and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Wise Plc: Low-Cost Brand, High-Quality Client Base for an EMI
  • Ohayo Japan | Markets Mixed as Economic Data Weakens
  • Japan Morning Connection: Power/Analog Semi Names Leading Tech Higher once Again
  • #158 India Insights: India Mulls 24% Steel Duty; Record Grains; Maruti Hit by China Curbs
  • [Blue Lotus Daily]:LKNCY US/1810 HK/New Energy Vehicle
  • [Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

Wise Plc: Low-Cost Brand, High-Quality Client Base for an EMI

By Tatja Karkkainen

  • Wise reports a stickier deposit mix than Revolut and is likely to outline an evolutionary service roadmap when it releases FY-25 results on 5 June.
  • FTSE-100 lift-off in dollar terms Wise’s September promotion is set to trigger roughly $0.7 – $1.1 billion of forced buying from index-tracking funds.
  • Management is willing to fund a selective business product push, adding payroll, treasury and deeper API integrations for SMEs.

Ohayo Japan | Markets Mixed as Economic Data Weakens

By Mark Chadwick

  • Stocks were mixed as weak hiring and services data signaled slowing growth, while renewed tariff tensions and US-China trade uncertainty pressured sentiment and Treasury yields fell.
  • Nintendo’s game console “Nintendo Switch 2” will be released today
  • Dalton Investments, a U.S. activist fund, acquired a 5.01% stake in Senko Group Holdings

Japan Morning Connection: Power/Analog Semi Names Leading Tech Higher once Again

By Andrew Jackson

  • Comments from STMicro CEO reflect a similar positiveness from Onsemi management for auto and industrial chips.
  • Memory plays strong but still limited follow through for Japanese HDD component makers.
  • Plant Labs strong earnings highlights the importance of satellite images…positive IQPS, Synspective and Sky perfect.

#158 India Insights: India Mulls 24% Steel Duty; Record Grains; Maruti Hit by China Curbs

By Sudarshan Bhandari

  • India considers raising safeguard duty on steel from 12% to 24% to protect local steelmakers from Chinese imports and trade diversion.
  • India’s wheat and rice production is set to reach record highs in 2025, with wheat at 117.5 million tons.
  • Maruti Suzuki India (MSIL IN) faces potential production delays due to China’s rare earth magnet export curbs, though it’s in talks with the government.

[Blue Lotus Daily]:LKNCY US/1810 HK/New Energy Vehicle

By Eric Wen

  • LKNCY US: Luckin coffee launches RMB 6.9/ Cup Coupons (-) 
  • 1810 HK: Xiaomi Auto Expected to Turn Profitable in 3Q-4Q25(+)
  • New Energy Vehicle: China Major Automakers May 2025 Sales Summary(-)

[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

By Ying Pan

  • TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) 
  • JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)
  • 700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)

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Jun 05
0

Daily Brief Equity Bottom-Up: Japan Post Bank: From Stagnation to Opportunity and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Japan Post Bank: From Stagnation to Opportunity
  • CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating
  • Intel @ BofA Securities 2025 Global Technology Conference
  • Shriram Pistons & Rings Ltd: Powering Forward with Precision and Purpose
  • NAVA Limited (NAVA.IN): Diversified Growth, Strong Financials, and Strategic Global Expansion
  • Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up
  • Kilburn Engineering: Record Performance and Robust Growth Outlook
  • Time Technoplast Limited: Value-Added Products and Composites Drive Strong Performance
  • AVIC (9554 JP) – System in Place for Rapid In-House Launch of Live Commerce Business
  • Chow Tai Fook (1929 HK) – H2FY25 Outlook, Cost Management & Pricing Optimization to Drive Growth.

Japan Post Bank: From Stagnation to Opportunity

By Rikki Malik

  • Non-Controversial changes in asset allocation will provide a big boost to earnings.
  • Demand problems brewing in the JGB market may provide the catalyst
  • The path is clear to enter new businesses after parent lowers  stake below 50%

CMOC Group Limited (HKEX: 3993) – High-Growth, Low-Cost Producer Positioned for Re-Rating

By Rahul Jain

  • EBITDA more than doubled (25% CAGR) over 3 years, with copper and cobalt output up ~3.5x and ~5.7x on ramp-up of TFM and KFM.
  • $4.3 bn invested in DRC; low-cost leaching drives margins; gold entry via Cangrejos adds diversification and long-term optionality.
  • Strong cash flows, growth pipeline, and ~4x EV/EBITDA valuation position CMOC for sustained upside amid rising energy transition metal demand.

Intel @ BofA Securities 2025 Global Technology Conference

By William Keating

  • Intel Products CEO Michelle Johnston Holthaus reveals that the company is now also including Samsung as a second foundry option
  • The practice of Intel offering OEM incentives appears to be coming to the end of its unnatural life as LBT sets the tone. Great news for AMD I would think.
  • Further investment in A14 capacity will now be contingent on having customers committing to taking up that capacity. No more build it and they will come a la Mr. Gelsinger. 

Shriram Pistons & Rings Ltd: Powering Forward with Precision and Purpose

By Viral Kishorchandra Shah

  • The company is expanding into EV motors, precision plastics, and exports to over 45 countries worldwide
  • SPRL reported  Rs 36,612 million total income in FY25, with 15.3% YoY growth and a 22.8% EBITDA margin
  • SPRL balances legacy ICE products with new EV, plastics, and non-auto segments for resilient growth

NAVA Limited (NAVA.IN): Diversified Growth, Strong Financials, and Strategic Global Expansion

By Rahul Jain

  • NAVA’s net profit doubled from ₹536 Cr in FY23 to ₹1,091 Cr in FY25, driven by strong power and mining earnings.
  • Maamba Phase II will double Zambian power capacity to 600 MW by FY27 with $400M investment. Zambia agri projects in avocado and sugar aim for diversified, steady revenue from FY27.
  • NAVA has become debt-free, strengthening its balance sheet. Improved credit ratings reflect steady profits, healthy cash flows, and low debt risk.

Gujarat Fluorochemicals Limited: Robust Core Business Performance and EV Ramp-Up

By Sudarshan Bhandari

  • Gujarat Fluorochemicals (FLUOROCH IN) reported strong consolidated Q4FY25 financials, driven by fluoropolymers, with significant PAT growth and reduced net debt.
  • This indicates sustained momentum in core fluoropolymers, potential for significant revenue contribution from the new EV business in the coming years, and an improved balance sheet supporting future investments.
  • Capex of INR 1,600 crs in FY26 funded via external accruals will expand EV and fluoropolymer capacities, enabling long-term growth across energy, mobility, and specialty segments.

Kilburn Engineering: Record Performance and Robust Growth Outlook

By Sudarshan Bhandari

  • Kilburn Engineering (KEL IN) achieved highest-ever standalone/consolidated revenue and EBITDA, completed two strategic acquisitions (ME Energy, Monga Strayfield), and secured record orders, particularly entering the Nuclear sector.
  • The performance validates the company’s strategy of diversification and inorganic growth, providing strong visibility for future revenue with 50% growth target for FY26 .
  • The strong execution, robust order book, and confident management guidance reinforce a positive outlook, suggesting significant growth potential building on recent strategic moves.

Time Technoplast Limited: Value-Added Products and Composites Drive Strong Performance

By Sudarshan Bhandari

  • Strong FY25 financial performance driven by volume growth outpacing revenue, significant PAT increase, and improved margins, particularly from higher-growth value-added and composite product segments.
  • The strategic focus on higher-margin value-added products, especially composites, is enhancing profitability (margins, ROCE) and positioning the company for future growth in key sectors like clean energy and sustainability.
  • The consistent execution on strategic targets (ROCE, debt reduction, composite growth) strengthens conviction in the management’s ability to deliver and capitalize on emerging opportunities, despite some project timeline shifts.

AVIC (9554 JP) – System in Place for Rapid In-House Launch of Live Commerce Business

By Sessa Investment Research

  • Over the past six months, AViC’s share price has undergone a major re-rate.
  • Its closing price on May 16, 2025, the day after Q2 FY2025/9 results announcement, stood at JPY 1,825, up 67.6% from the closing price of JPY 1,089 on November 14, 2024, when it announced FY2024/9 results.
  • Based on the projected EPS of JPY 73.59 for FY2025/9, the Company’s share looks to be trading at a premium with a forward P/E ratio of 24.8x. 

Chow Tai Fook (1929 HK) – H2FY25 Outlook, Cost Management & Pricing Optimization to Drive Growth.

By Sreemant Dudhoria

  • Despite short-term demand headwinds, Chow Tai Fook Jewellery (1929 HK) remains well-positioned for structural growth via product premiumization(e.g.,CTF Rouge,Palace Museum), omni-channel scaling, and selective global expansion in culturally aligned markets.
  • Company continues to defend margins through product mix optimization (fixed-price gold up to 25.6% of gold RSV),disciplined SG&A control, and aggressive retail network rationalization.
  • Trading at ~26xx TTM P/E, it commands premium to peers, backed by industry-leading ROE (~25%),brand strength,and high dividend payout (~79%), though clear earnings rebound remains key to justify the multiple.

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Jun 05
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.
  • The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.
  • Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.

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Jun 05
0

Daily Brief Macro: US vs EU: Mutually Assured Destruction? and more

By | Daily Briefs, Macro

In today’s briefing:

  • US vs EU: Mutually Assured Destruction?
  • Lee Jae-Myung Becomes the New South Korean President – Four Investment Themes That Could Outperform
  • CX Daily: China’s Bank Deposit Insurance Plan Is Seen Needing New Support
  • Canada: Policy Rate Held At 2.75% (Consensus 2.75%) in Jun-25
  • Sri Lanka Rubber Product Exports Skid Amid Concerns Over US Tariffs

US vs EU: Mutually Assured Destruction?

By Alastair Newton

  • Section 899 is generally understood to be about leverage and deterrence.
  • It is unlikely to be fully implemented due to the potential harm it could cause to the US.
  • There are concerns about what could happen if the EU challenges this approach or if it is partially intended as a method to raise revenue.

Lee Jae-Myung Becomes the New South Korean President – Four Investment Themes That Could Outperform

By Douglas Kim

  • Now that Lee Jae-Myung has become new South Korean President, the uncertainty revolving who will lead South Korea in the next five years is now over.
  • In this insight, we discuss four investment themes (related to Lee Jae-Myung becoming the new South Korean President) that could outperform the market for the remainder of 2025.
  • The four investment themes include Korean Holdcos/Quasi Holdcos, Korean Cultural Contents, Securities, and SK Group Companies.

CX Daily: China’s Bank Deposit Insurance Plan Is Seen Needing New Support

By Caixin Global

  • Banks / Cover Story: China’s bank deposit insurance plan is seen needing new support In the spring of 2019, a quiet but historic event shook China’s banking sector: Baoshang Bank collapsed.
  • It was the first true bank failure in the country since the founding of the People’s Republic, and the first real test of a deposit insurance system created four years earlier.
  • That test would define the future of financial risk management in China.

Canada: Policy Rate Held At 2.75% (Consensus 2.75%) in Jun-25

By Heteronomics AI

  • The Bank of Canada held its policy rate at 2.75%, as expected, but disappointed market participants who anticipated a dovish signal or rate cut, reflecting a cautious, data-dependent stance.
  • Firmer-than-expected core inflation and persistent tariff-related cost pressures have offset the disinflationary effects of a softening domestic economy, prompting the Bank to be vague and non-committal about the potential for further rate cuts.
  • The interest rate outlook remains highly uncertain, with future policy decisions hinging on the evolution of inflation, domestic demand, and the unpredictable trajectory of US trade policy.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Sri Lanka Rubber Product Exports Skid Amid Concerns Over US Tariffs

By Vinod Nedumudy

  • First quarter tire and tube exports fall by around 24% YoY  
  • SLAMERP asks Govt to talk tariff disparity with US  
  •  CEAT’s share in OE tire market tops 90%

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Jun 05
0

Daily Brief ECM: Kelun-Biotech Placement – Recent Run-Up Makes Its Tricky and more

By | Daily Briefs, ECM

In today’s briefing:

  • Kelun-Biotech Placement – Recent Run-Up Makes Its Tricky
  • Virgin Australia IPO – Not Terribly Exciting, After Significant Items Adjustment
  • Guangzhou Xiao Noodles Catering Management Pre-IPO – Fast-Growing Noodle Chain Navigates Competition
  • Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO
  • Shanghai Forest Cabin Biological-Tech Pre-IPO Tearsheet
  • Jefferson Capital Inc (JCAP): Peeking at the IPO Prospectus of PE-Backed Insolvency Account Manager
  • Pre-IPO Annoroad Gene Technology – The Outlook Is Not Optimistic
  • Busy Ming Pre-IPO: Scaled up but Fragmented Market

Kelun-Biotech Placement – Recent Run-Up Makes Its Tricky

By Akshat Shah

  • Sichuan Kelun-Biotech Biopharm (6990 HK) is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.
  • The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Virgin Australia IPO – Not Terribly Exciting, After Significant Items Adjustment

By Sumeet Singh

  • Bain Capital is looking to raise around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
  • Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
  • In this note, we look at the company’s past performance and provide our thoughts on valuations.

Guangzhou Xiao Noodles Catering Management Pre-IPO – Fast-Growing Noodle Chain Navigates Competition

By Troy Wong

  • Guangzhou Xiao Noodles Catering Management (GXNCM) is looking to raise about US$200m in its upcoming Hong Kong IPO.
  • GXNCM has shown strong growth momentum by expanding its network of corporate-owned restaurants and improving overall profitability, benefiting from post-COVID recovery and economies of scale, with operational performance turning positive.
  • However, its reliance on price cuts to stay competitive, coupled with weakening same-store sales and a highly fragmented market, raises concerns about long-term sustainability.

Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

By IPO Boutique

  • Sixth Street Partners is a significant investor in Caris Life Sciences and has been involved in multiple funding rounds since 2018.
  • The company has more than 100 biopharma partners, such as Moderna, AbbVie, Xencor, and Merck KGaA.
  • For the three months ended March 31, 2025 and 2024, they generated total revenue of $120.9 million and $80.7 million, respectively. The company also has significant net losses.

Shanghai Forest Cabin Biological-Tech Pre-IPO Tearsheet

By Troy Wong

  • Shanghai Forest Cabin Biological-Tech Co., Ltd. (SFC) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic, and Huatai.
  • SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market In 2024, its flagship brand, Forest Cabin.
  • As of FY24, Forest Cabin had 188 SKUs with its core products at a recommended retail price range of RMB 200-800, targeting primarily consumers aged 25-40.

Jefferson Capital Inc (JCAP): Peeking at the IPO Prospectus of PE-Backed Insolvency Account Manager

By IPO Boutique

  • They are a leading analytically driven purchaser and manager of charged-off and insolvency consumer accounts with four geographic regions with the majority of their operations landing in the USA.
  • The principal purposes of this offering are to increase their capitalization and flexibility, facilitate an orderly distribution for the selling stockholders, and create a public market for their common stock.
  • We anticipate this offering to likely find participation from sector dedicated investors and not draw the attention of “traditional” IPO players.

Pre-IPO Annoroad Gene Technology – The Outlook Is Not Optimistic

By Xinyao (Criss) Wang

  • Annoroad has its competitiveness in the industry, but in a complex market environment, the comprehensive product lines may not necessarily bring high performance growth and large revenue scale.
  • The prenatal testing business is not easy. VBP is headwind.After Illumina was listed on “Unreliable Entity List”, it’s uncertain whether NextSeq 550AR sequencer can continue to be sold in China.
  • Taking into account the future growth uncertainty/centralized procurement/competitive pressure/lack of deep layout of the entire industry chain/policy risks, it’s already good to have a valuation of RMB2-3.5 billion after IPO

Busy Ming Pre-IPO: Scaled up but Fragmented Market

By Nicholas Tan

  • Busy Ming Group (BMG HK)  is looking to raise at least US$300m in its upcoming Hong Kong IPO.
  • It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.
  • In this note, we look at the firm’s past performance.

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Jun 05
0

Daily Brief ESG: Success Experiences Will Be Necessary for IR to Function and more

By | Daily Briefs, ESG

In today’s briefing:

  • Success Experiences Will Be Necessary for IR to Function

Success Experiences Will Be Necessary for IR to Function

By Aki Matsumoto

  • While TSE will require companies to have IR staff, but most companies disclose that they have IR staff, there is gap with investors who believe that IR is not functioning.
  • The issue is the substance issue, as most companies have disclosed that they have already conducted the information meetings included in the implementation of specific IR activities expected by TSE.
  • The reason why many companies still do not make IR function may be because they do not realize the effect of IR in terms of higher stock valuations.

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Jun 04
0

Daily Brief Quantitative Analysis: HSI Index Earning Revision (May): Xiaomi and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HSI Index Earning Revision (May): Xiaomi, ICBC, Tencent, China Life, Meituan, Smic
  • JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

HSI Index Earning Revision (May): Xiaomi, ICBC, Tencent, China Life, Meituan, Smic

By Ke Yan, CFA, FRM

  • We analysed the earning revision of component stocks of HSI in the past month.
  • We tabulated stocks with the top impact on index’s EPS, stocks’ EPS revision, and revenue revision.
  • We highlighted EPS revision on Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.

JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

By Ke Yan, CFA, FRM

  • We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.
  • We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
  • We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.

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Jun 04
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries fell and yields rose yesterday, amid renewed US-China trade tensions and a large supply of corporate issuances.
  • Yields on the 2Y and 10Y USTs rose 4 bps to 3.94% and 4.44%, respectively.
  • Equities climbed, led by tech stocks, after the White House indicated that US President Donald Trump and his Chinese counterpart Xi Jinping will “likely” speak this week.

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Jun 04
0

Daily Brief Technical Analysis: Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over? and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

Gap Supports Holding; Expecting Test of All-Time Highs; Long-Term Treasury Yields Rolling Over?

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
  • We will maintain our bullish view as long as market dynamics remain healthy and the S&P 500 (SPX) is above 5500.
  • Our base case expectation is that SPX holds above short-term gap support at 5700-5785 (which is also where the 20-day, 100-day, and 200-day MAs all converge).

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