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Smartkarma Daily Briefs

Jul 11
0

Daily Brief Thematic (Sector/Industry): What Are Singapore’s Dividend Diamonds? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • What Are Singapore’s Dividend Diamonds?
  • Ohayo Japan | Markets Climb as Nvidia, Bitcoin Soar
  • Why the World’s Biggest Funds Get Mining Wrong (David Sparks)
  • Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26
  • Copper Miners Update Post US Tariff Announcement
  • Japan Morning Connection: Airlines Surging After Delta Numbers Helping SPX Close at New Records

What Are Singapore’s Dividend Diamonds?

By GEMS Research – Aletheia Capital

  • Singapore stands out as a compelling market for income investing.
  • Singapore has consistently offered superior dividend yields relative to its ASEAN peers and the broader MSCI Asia ex-Japan Index.
  • Most global markets focus on capital appreciation. Singapore’s listed equities on the SGX (Singapore Exchange) have been favoured by investors seeking stable and rising income streams.

Ohayo Japan | Markets Climb as Nvidia, Bitcoin Soar

By Mark Chadwick

  • S&P 500 +0.27% to 6,280; Nasdaq +0.09%; Dow +0.43% – all record highs
  • Fast Retailing net profit rose 8% to ¥339bn (Sep–May), a four-year high; quarterly OP misses on China weakness
  • Seven & i net profit jumped 2.3x to ¥49bn, boosted by Ito-Yokado asset sale, but core conbini sales declined

Why the World’s Biggest Funds Get Mining Wrong (David Sparks)

By Money of Mine

  • Discussion with David Sparks about the challenges of investing in commodity players and natural resource companies for pod shops and multi strat funds like Citadel and Millennium
  • David Sparks has experience working in multi strat hedge funds and now runs a discretionary strategy focusing on metals and mining at First New York
  • Multi strat funds aim to optimize risk and returns by combining different investment strategies, requiring a unique approach for sectors like mining and energy due to their volatile nature.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Thematic Report : FY25 Earnings Report: Sector Leaders and What’s Shaping FY26

By Sudarshan Bhandari

  • In FY25, India Inc. showed strong resilience despite global challenges, with a sharp earnings rebound in Q4 offsetting earlier softness. 
  • A standout trend was the clear earnings outperformance of mid- and small-cap (SMID) companies, which led in 15 out of 19 sectors. 
  • Sectors like consumer durables, capital goods, and chemicals led SMID gains, and their momentum is expected to sustain in FY26 amid steady capex and demand.

Copper Miners Update Post US Tariff Announcement

By Rikki Malik

  • While tariff headlines may dominate, accumulate the miners on weakness
  • The positive Supply and Demand drivers for copper are  still intact
  • Latest tariffs add to the continued inflationary pulse around the world

Japan Morning Connection: Airlines Surging After Delta Numbers Helping SPX Close at New Records

By Andrew Jackson

  • Chip tester Teradyne jumping on reports it has a new FA arm.
  • Intel admitting its now not even in the top-10 chipmakers anymore.
  • Estee lauder strength may help Shiseido with better trends in Hainan reported.

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Jul 11
0

Daily Brief Event-Driven: OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR
  • The HLB Merger Swap Turned into a Messier Trading Setup with Layered Dynamics in Play
  • New World Resources (NWC AU): Kinterra Tweaks Its Offer Structure and Bumps
  • China Medical System (867 HK): SGX Secondary Listing Benefits Questionable
  • CIE Partial Tender Fizzles – No Proration, Bullish Signal
  • Johns Lyng (JLG AU): PEP’s A$4/Share Offer Looks Light

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.

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.

New World Resources (NWC AU): Kinterra Tweaks Its Offer Structure and Bumps

By Arun George

  • Kinterra increased its New World Resources (NWC AU) offer to A$0.063, which will be increased to A$0.064 and declared unconditional if Kinterra acquires 30% of voting rights by 11 July.
  • Central Asia Metals (CAML LN) has five business days to match Kinterra’s offer. While CAML today lowered its FY2025 production guidance, it retains the headroom to return with revised terms.
  • Trump’s recent copper tariffs support the case for the ongoing bidding war. Crucially, none of the bidders has declared their offer best and final. 

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“. 

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.

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 China: Oneconnect Financial Technology, China Medical System, Lenovo, Sa Sa International Hldgs, Shui On Land, Zijin Mining Group , China Northern Rare Earth Group High-Tech, Shanghai MediTrust Health Technology Group, CStone Pharmaceuticals and more

By | China, Daily Briefs

In today’s briefing:

  • OneConnect (6638 HK/OCFT US): Ping An’s Offer Gets The Nod From SAMR
  • China Medical System (867 HK): SGX Secondary Listing Benefits Questionable
  • PC 2Q25: 6-7% Unit Growth YoY Is Pretty Good. 2025 Looks like a 5-6% Growth Year
  • Sa Sa Intl (178 HK): Looking Better Forward
  • Lucror Analytics – Morning Views Asia
  • Zijin to Float Its Overseas Arm to Fund Global Expansion as Gold Prices Soar
  • China Northern Rare Earth (600111.SH): Strong H1 Guidance Supports Full-Year Outlook
  • 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?

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.

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“. 

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.

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. 

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.

Zijin to Float Its Overseas Arm to Fund Global Expansion as Gold Prices Soar

By Caixin Global

  • Zijin Mining Group Co. Ltd., China’s largest gold producer, is carving out its fast-growing international operations for an initial public offering (IPO) in Hong Kong, aiming to build a well-funded global powerhouse as gold prices reach record heights.
  • Already listed in Hong Kong and Shanghai, Zijin announced Monday that its subsidiary Zijin Gold International Co. Ltd. has submitted an IPO application to the Hong Kong Stock Exchange.
  • The offering — jointly underwritten by Morgan Stanley and Citic Securities — will float up to 15% of the unit’s shares, with an overallotment option of an additional 15% of that tranche.

China Northern Rare Earth (600111.SH): Strong H1 Guidance Supports Full-Year Outlook

By Rahul Jain

  • China Northern Rare Earth issued a mid-year earnings guidance of ¥900–960 million for H1 FY2025, marking a 1,900%+ YoY increase and reflecting strong volume recovery and operational leverage.
  • The company is on track to meet our full-year net profit estimate of ¥2.33 billion and EPS of ¥0.65, assuming a seasonally stronger H2.
  • Key risks include ongoing export restrictions, global supply chain diversification efforts, and downstream demand volatility, while long-term plans remain aligned with China’s rare earth consolidation and value-added material strategy.

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.

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Jul 11
0

Daily Brief United States: US Bancorp, Wells Fargo & Co, American International Group, Cincinnati Financial, Aflac Inc, Euler, Citigroup Inc, Allstate Corp, JPMorgan Chase & Co, Bank Of New York Mellon and more

By | Daily Briefs, United States

In today’s briefing:

  • U.S. Bancorp: Will The Management Focus On Payments Power & Precision Cost Control Pay Off?
  • 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?
  • Cincinnati Financial Delivers 14% Investment Income Surge—But Is It Enough To Warrant Optimism?
  • Aflac Inc.: Expanding Product Portfolio in Japan to Capitalize On Demographic Shifts!
  • Euler (EUL) – DeFi Lending Protocol on Ethereum Advancing Aave and Compound
  • Citigroup’s High-Stakes Banamex IPO Gambit: Can It Provide An Upside To Shareholders?
  • Allstate Corporation: Dealing With The Reinsurance Cost & Adequacy Challenge & Other Major Roadblocks!
  • JPMorgan Chase & Co.: These Are The 4 Biggest Challenges In Its Path!
  • BNY Mellon: Reinventing Income Strategy with High-Beta Deposits & NII Resilience!

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.

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.

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.

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.

Euler (EUL) – DeFi Lending Protocol on Ethereum Advancing Aave and Compound

By Tatja Karkkainen

  • Euler’s differentiated design, which combines isolated vaults with pooled asset markets, enables bespoke collateral positioning and niche-token lending
  • Picks-And-Shovels strategy to exploit the current stable coin market growth
  • Team Quality & Innovation: Dr Michael Bentley’s lead team explores opportunities and ships fast

Citigroup’s High-Stakes Banamex IPO Gambit: Can It Provide An Upside To Shareholders?

By Baptista Research

  • Citigroup has released its fourth quarter earnings for 2024, showcasing a notable rise in net income by almost 40% to $12.7 billion for the full year, indicating positive momentum across key business segments.
  • This performance was coupled with a revenue increase of 5% excluding divestitures, supported by a 17% uptick in fee revenue, and an efficiency ratio improvement by 340 basis points, which highlights the company’s operational improvements.
  • However, certain macroeconomic challenges remain persistent, such as China’s slower-than-anticipated growth and Europe’s underperformance.

Allstate Corporation: Dealing With The Reinsurance Cost & Adequacy Challenge & Other Major Roadblocks!

By Baptista Research

  • Allstate Corporation’s first-quarter 2025 performance highlighted a combination of solid revenue growth and strategic efforts to enhance market share in personal property-liability while expanding customer protection.
  • The company’s revenues rose impressively by 7.8% year-over-year to $16.5 billion, with a notable net income of $566 million.
  • Adjusted net income stood at $949 million or $3.53 per diluted share, reflecting strong operational efficiency and capital management, yielding a 23.7% return on equity over the past 12 months.

JPMorgan Chase & Co.: These Are The 4 Biggest Challenges In Its Path!

By Baptista Research

  • JPMorgan Chase reported solid financial performance in its first quarter of 2025, with net income standing at $14.6 billion on revenues of $46 billion.
  • This reflected an 8% increase year-over-year.
  • Earnings per share were pegged at $5.07, and the firm’s return on tangible common equity (ROTCE) solidified at a robust 21%.

BNY Mellon: Reinventing Income Strategy with High-Beta Deposits & NII Resilience!

By Baptista Research

  • BNY Mellon reported robust financial results for the first quarter of 2025, showcasing significant year-over-year growth across key financial metrics.
  • The company achieved an Earnings Per Share (EPS) of $1.58, marking a 26% increase from the previous year on a reported basis, and 22% when excluding notable items.
  • Total revenue rose by 6% to $4.8 billion, underpinned by a 3% increase in fee revenue and an 11% growth in net interest income.

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Jul 11
0

Daily Brief ECM: SK Square Placement: Clean up by Kakao and more

By | Daily Briefs, ECM

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
  • Tenneco Clean Air India Ltd Pre-IPO Tearsheet
  • 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?
  • S&SYS IPO Preview

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.

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.

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.

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. 

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Jul 11
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

  • 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 11
0

Daily Brief Crypto: Euler (EUL) – DeFi Lending Protocol on Ethereum Advancing Aave and Compound and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Euler (EUL) – DeFi Lending Protocol on Ethereum Advancing Aave and Compound

Euler (EUL) – DeFi Lending Protocol on Ethereum Advancing Aave and Compound

By Tatja Karkkainen

  • Euler’s differentiated design, which combines isolated vaults with pooled asset markets, enables bespoke collateral positioning and niche-token lending
  • Picks-And-Shovels strategy to exploit the current stable coin market growth
  • Team Quality & Innovation: Dr Michael Bentley’s lead team explores opportunities and ships fast

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Jul 11
0

Daily Brief Macro: De-Dollarisation Debate : Unmasking USD Over-Valuation and more

By | Daily Briefs, Macro

In today’s briefing:

  • De-Dollarisation Debate : Unmasking USD Over-Valuation
  • US Claims Continue To Cruise Calmly
  • Low-Risk, High Stakes: India Sharpens Rubber EUDR Compliance Focus
  • Actinver Research – Macro Daily: Inflation Below 4.0% in July
  • CX Daily: China’s Polysilicon Majors Plan to Bail Out Rest of Glut-Stricken Industry
  • Actinver Research – Macro Daily: Inflation (2h-Jun)
  • Korea: Policy Rate Held At 2.5% (Consensus 2.5%) in Jul-25
  • Actinver Research – Industrial Real Estate: In the Mood for (Later) Growth (Coverage Initiation)

De-Dollarisation Debate : Unmasking USD Over-Valuation

By Kok Peng Chan

  • Despite headlines about BRICS alternatives, gold hoarding, and China’s reduced U.S. Treasury holdings, the data shows no structural shift away from the dollar.
  • A 10% decline in the DXY under six months is not an uncommon  occurence from a longer term perspective.  
  • The dollar’s weakness is driven by a historically overvalued real effective exchange rate (REER)  and falling oil prices, not a structural decline.

US Claims Continue To Cruise Calmly

By Phil Rush

  • Rising continuing claims in recent months have been heralded as a canary warning of belated suffering in the labour market. But the problem is ending before it ever began.
  • US employment growth is still aligned with its long-run average, and the unemployment rate is unchanged on the year. Openings and quits are also steady with averages.
  • The Fed needs excess disinflation to cut, and we believe this won’t materialise. That also avoids demand and policy pressure on the BoE and ECB, helping them hold rates.

Low-Risk, High Stakes: India Sharpens Rubber EUDR Compliance Focus

By Vinod Nedumudy

  • Rubber Board undertakes nationwide EUDR sensitization drives  
  • Geo-mapping and traceability systems scaled up across states  
  •  Low-risk status to come under EU review in 2026

Actinver Research – Macro Daily: Inflation Below 4.0% in July

By Actinver

  • Inflation could once again fall below 4.0% in July, reflecting a base effect.
  • In recent months, inflation has rebounded, reaching its highest point in May at 4.42%.
  • This increase reflects the seasonal pressure typically seen in agricultural products during July and August.

CX Daily: China’s Polysilicon Majors Plan to Bail Out Rest of Glut-Stricken Industry

By Caixin Global

  • Solar / In Depth: China’s polysilicon majors plan to bail out rest of glut-stricken industry
  • Tariffs /: Vietnam imposes anti-dumping tariffs on Chinese steel amid rising U.S. pressure
  • Alzheimer /: China halts experimental Alzheimer’s surgery, leaving patients in limbo

Actinver Research – Macro Daily: Inflation (2h-Jun)

By Actinver

  • In the second half of June, inflation stood at 0.16% biweekly, contributing to a decline in the annual rate to 4.13%.
  • We expect this downward trend to continue in the short term.
  • The figure came in slightly above both the market consensus and our forecast, which were both at 0.13% biweekly.

Korea: Policy Rate Held At 2.5% (Consensus 2.5%) in Jul-25

By Heteronomics AI

  • The Bank of Korea held its base rate at 2.50% as expected, pausing its easing cycle after household loans surged 6.5 trillion won in June and housing prices accelerated in Seoul, demonstrating that financial stability concerns now outweigh immediate growth support needs.
  • While economic growth remains subdued with a revised 0.8% forecast for 2025 and trade uncertainty persists, the Committee prioritised evaluating recently strengthened household debt management measures over additional monetary stimulus, signalling a defensive policy stance.
  • Future rate cuts remain contingent on financial stability developments and external conditions, with September presenting the next likely opportunity for easing if household debt growth moderates and US-Korea trade relations stabilise.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Actinver Research – Industrial Real Estate: In the Mood for (Later) Growth (Coverage Initiation)

By Actinver

  • A year of lackluster growth plans in the Industrial Real Estate sector doesn’t mean that opportunities aren’t there.
  • While our outlook in the overall Real Estate industry is neutral, we are mostly positive on Industrial Real Estate, given its long-term horizon, tenant stickiness, and diversification between internal (i.e., in logistics and e-commerce) and external (i.e., in manufacturing) drivers.
  • While we expect growth to slow down this year due to current trade uncertainties and the high growth exhibited by these companies in the last couple of years, 2026 onwards could turn to a more positive trend.

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Jul 11
0

Daily Brief Utilities: Adani Power and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Adani Power Adds 600 MW—One Step Closer to 30 GW

Adani Power Adds 600 MW—One Step Closer to 30 GW

By Rahul Jain

  • Adds 600 MW operational capacity in Maharashtra, acquired via CIRP at ₹6.67 crore/MW.
  • Supports Adani’s goal to reach 30,670 MW by FY2030 through scale-driven, base-load expansion.
  • Stock trades at ~12x forward P/E—undervalued given 70% capacity growth and strong operating leverage.

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Jul 11
0

Daily Brief Japan: Fast Retailing, Nidec Corp, Shift Inc, WingArc1st Inc, Koshidaka Holdings, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Fast Retailing(9983) | Q3 Miss But FY Guide Intact – Execution Solid, China Still Weak
  • Nidec (6594 JP): New Factory in China
  • Shift Inc (3697 JP): Q3 FY08/25 flash update
  • WingArc1st Inc (4432 JP): Q1 FY02/26 flash update
  • Koshidaka Holdings (2157 JP): Q3 FY08/25 flash update
  • The Gap with Investors’ Perspective Stems from Managers Trying to Distance Themselves from Investors

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.

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.

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.

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).

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.”

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