Smartkarma Daily Briefs

Lens Technology is getting ready to complete its IPO in Hong Kong. Lens Technology is planning to raise as much as HK$4.77 billion (US$608 million) in this IPO.
If the offer size adjustment and overallotment options are exercised, the IPO gross proceeds could increase to HK$6.3 billion (US$803 million).
In 2024, the company held a 13% share of the global market for precision structural parts and modules for consumer electronics and a 20.9% share of smart vehicle interaction systems.

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

By Nimish Maheshwari

Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations.
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding. market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player

Lens Technology IPO (Hong Kong) Valuation Analysis

Our base case valuation of Lens Technology is market cap of 146 billion CNY based on P/E of 24.9x our estimated net profit of 5.8 billion CNY in 2026.
The company’s current market cap is 120.7 billion CNY. Thus, our base case valuation represents a 21% upside from current levels.
Lens Technology is well positioned to be one of the first companies to undertake large-scale production of key components and complete device assembly for humanoid robots and AI glasses.

Verint Systems: Why Thoma Bravo May Be Eyeing This Flat-Growth AI Play!

Verint Systems Inc. presented its Q1 2026 earnings results, showcasing a strong beginning to the fiscal year.
The company reported accelerated annual recurring revenue (ARR) growth of 6%, with total revenue of $208 million and non-GAAP diluted earnings per share (EPS) of $0.29, both surpassing guidance expectations.
This positive performance was primarily attributed to the company’s expanding AI momentum, led by its AI-powered bots and CX automation platform.

Coosea Smart Technology Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

Coosea Smart Technology Co., Ltd. (CST) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Citic.
According to Frost & Sullivan, in 2024, CST was the world’s second largest end-to-end solution provider for local smartphone brands by shipment volume, and rose to first place in 1Q25.
During the Track Record Period, CST generated revenue from over 70 countries or regions, mainly focusing on Asia and Americas.

Hong Kong Single Stock Options Weekly (June 30 – July 04): Narrowing Breadth and Rising Put Activity

By John Ley

Hong Kong single stocks traded lower in a holiday-shortened week.
Breadth pulled back sharply from the previous week’s extremes and Put activity picked up noticeably across single stock options.
Intervention in HKD continues to ramp steadily higher with HKD bumping along top of the range.

Pinterest’s Hidden Comeback: Why This Social Stock May Still Surprise Wall Street

Pinterest, once seen as an also-ran in the social media race, is quietly engineering one of the most data-driven comebacks in the digital advertising world.
With its Q1 2025 results showing a 16% year-over-year revenue increase to $855 million and monthly active users (MAUs) hitting a record 570 million (+10% YoY), Pinterest is demonstrating clear traction.
The platform’s focused evolution—from a passive pinboard to an AI-powered visual discovery engine with deep commerce integrations—is attracting attention across investor circles.

Why Mobix Labs Wants Peraso: The Surprising Value Behind a Loss-Making mmWave Pioneer!

Peraso Inc. reported its financial performance for the first quarter of 2025, unveiling a combination of significant advancements and continuing challenges faced by the company.
The firm’s revenues reached $3.9 million, up from $2.8 million in the same quarter of the previous year, showing a clear year-over-year growth.
This expansion was driven primarily by increased shipments of millimeter wave (mmWave) products, indicating their growing market acceptance.

Core Scientific’s $3.7 Billion Puzzle: Why CoreWeave Might Be Ready to Buy a Loss-Making Giant

Core Scientific’s first quarter fiscal year 2025 results highlight its strategic pivot towards high-density colocation infrastructure, driven largely by its significant agreements with CoreWeave.
This strategic focus is shaped by the growing demand for advanced computing capabilities informed by AI-driven infrastructures, representing both opportunities and challenges for the company’s future.
A pivotal point in Core Scientific’s strategy is its collaboration with CoreWeave, which underpins its expansion into AI-focused datacenter infrastructure.

Ambarella in Play? Why This AI Chipmaker Is Suddenly on Every Rival’s Radar

Ambarella Inc., the Santa Clara-based semiconductor designer known for its AI-enabled imaging chips, is reportedly exploring strategic options—including a potential sale.
The company has engaged bankers and quietly approached potential acquirers, according to Bloomberg.
Shares of Ambarella surged over 21% on the news, pushing its market capitalization to approximately $2.6 billion.

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Jul 05

Daily Brief Macro: HEW: Payrolls Waking Up Rates Pricing and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

HEW: Payrolls Waking Up Rates Pricing
[IO Technicals 2025/27] Bullish Momentum Gains Traction
CX Daily: Key Challenges China’s Next Five-Year Plan Needs to Tackle
[ETP 2025/27] WTI Volatile on Supply Risks; Henry Hub Slips on Softer Demand Outlook
Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

HEW: Payrolls Waking Up Rates Pricing

By Phil Rush

Dovish rate pricing had been ignoring resilient data until US payrolls delivered a rude awakening. We believe rates remain too dovish relative to reality and equity prices.
BoE surveys also revealed resilience in defiance of dovish pricing, while the rise in EA unemployment merely matched ECB forecasts and was heavily reliant on Italy.
Next week’s deadline for US tariffs is the main risk event, as not all countries will likely get an extension. Monetary policy decisions come from the RBA, RBNZ, BNM, and BOK.

[IO Technicals 2025/27] Bullish Momentum Gains Traction

By Umang Agrawal

Reduced shipments and increased hot metal output buoyed iron ore prices. However, long-term demand faces pressure from Chinese steel stagnation and looming supply from Simandou.
Analysts foresee a balanced iron ore market in 2025, but warn that trade tensions and shifting Chinese policies could undermine demand and price stability.
Prices are trading above short-term moving averages, suggesting ongoing upside momentum, while the MACD above its signal line confirms the prevailing bullish trend.

CX Daily: Key Challenges China’s Next Five-Year Plan Needs to Tackle

By Caixin Global

Policy / In Depth: Key challenges China’s next five-year plan needs to tackle
Chip /: U.S. lifts export ban on chip design software to China amid trade thaw
Regulators /Exclusive: Two securities officials fall to their deaths amid China’s graft sweep

[ETP 2025/27] WTI Volatile on Supply Risks; Henry Hub Slips on Softer Demand Outlook

By Suhas Reddy

For the week ending 27/Jun, U.S. crude inventories rose by 3.8m barrels (vs. expectations of a 3.5m barrel decline). Gasoline stockpiles rose more than expected.
The EIA reported a 55 Bcf storage build, while analysts forecasted a 48 Bcf increase. Storage levels are 6.2% above the five-year average but 5.6% below year-ago levels.
BlackRock may offload its gas pipeline stake back to Aramco, while JP Morgan cut its 12-month PT on SLB and Goldman Sachs did the same for Halliburton.

Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

By Vinod Nedumudy

Continental, Michelin, Bridgestone pivot to premium with local focus
MRF expands in EV, defence, and export markets amid capacity growth
Apollo restructures in Europe, bolstering premium bicycle

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Jul 05

Daily Brief Health Care: Lepu Biopharma, Top Glove Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage
Top Glove Corp (TOPG MK): Competition in Europe Along With ASP Softness to Remain a Concern

Lepu Biopharma (2157 HK): Placing Shares As ADC Pipeline Products Entering Harvesting Stage

By Tina Banerjee

Lepu Biopharma (2157 HK) is placing 93.8M shares at the placing price of HK$5.02 per H Share. The net proceeds from the placing are expected to be approximately HK$463M.
The company intends to use the proceeds for conducting clinical trial, commercialization, and marketing of the core products, and to fund R&D of new products.
Lepu ended 2024 with a cash balance of RMB401M, which has been augmented by the upfront payment from recent BD deal. The company need not raise fund in near-term.

Top Glove Corp (TOPG MK): Competition in Europe Along With ASP Softness to Remain a Concern

By Tina Banerjee

Top Glove Corp (TOPG MK) revenue grew 30% YoY to RM 830M in 3QFY25. Revenue dropped 6% QoQ despite sales volume increasing 4%, due to lower ASP and weaker USD.
The revenue in Europe (contributes 37% of total revenue) softened further in 3QFY25 due to heightened competition. North America region (26% of revenue) witnessed 24% QoQ sales growth in 3QFY25.
Decline in raw material prices in 3QFY25 coupled with competitive pressure led to the ASPs being adjusted downwards.

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Jul 05

Daily Brief Financials: Jilin Jiutai Rural Comm Bank, Nuvama Wealth Management, Capri Global Capital, Credila Financial Services Ltd, Commonwealth Bank of Australia, Yuexiu Property , Asr Nederland Nv, ANZ Group Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Jilin Jiutai Bank (6122 HK): Another Hobson’s Choice
Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case
The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth
Credila Financial Services Pre-IPO Tearsheet
Commonwealth Bank of Australia (CBA AU) Outlook Amid Overblown Passive Inflows And NIM Pressures
Lucror Analytics – Morning Views Asia
ASR Nederland NV – What’s News in Amsterdam
ANZ Group (ANZ AU) Vs. National Australia Bank (NAB AU): Banking on Statistical Arbitrage Pays Off

Jilin Jiutai Bank (6122 HK): Another Hobson’s Choice

By Shifara Samsudeen, FCMA, CGMA

After Jilin Jiutai Bank (6122 HK) was suspended, again, I mused in Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted an expected Offer from Jilin Province Trust.
Jilin Province has now made a voluntary Offer at HK$0.70/share (~0.2x P/B!), below my HK$0.80/share estimate. Apart from a Scheme-like vote, this Offer has an onerous 90% acceptance condition.
And IF the Offer fails and IF Jilin Jiutai cannot resume trading, in accordance with Rule 6.01A(2)(b) of the Listing Rules, Jilin Jiutai may be delisted.

Nuvama Wealth: The “Blessing in Disguise” Amidst Market Jitters in Jane Street Case

By Sudarshan Bhandari

Nuvama Wealth Management (NUVAMA IN)‘s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
This dip is an overreaction; Nuvama’s strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG’s ongoing exit also signals value.
The market correction presents a “blessing in disguise,” opportunity into a fundamentally strong, diversified Indian financial services firm.

The Beat Ideas: Capri Global Capital: Small-Ticket Loans, Big-Ticket Growth

By Sudarshan Bhandari

Capri Global’s foray into merchant banking, investment banking, and wealth management signals a major shift towards becoming a full-spectrum financial services provider, broadening its business model.
With a target of reaching INR 50,000 crore AUM in the next three years, CGCL is positioning itself for significant expansion in India’s underserved financial segments, highlighting strong growth potential.
By integrating AI, data science, and machine learning into its operations, Capri Global is enhancing underwriting, improving customer acquisition, and streamlining business processes, positioning itself for sustained competitive advantage.

Credila Financial Services Pre-IPO Tearsheet

By Akshat Shah

Credila Financial Services Ltd (3452223Z IN) is looking to raise about US$584m in its upcoming India IPO. The deal will be run by Axis, Citi, IIFL, Jefferies and GS.
Credila Financial Services (CFSL) is an Indian education finance company focused on providing education loans to Indian students pursuing higher education in India and overseas.
It was the largest education-focused non-banking financial company (NBFC) in India, in terms of net loans and net profit in FY25, according to a Redseer Report.

Commonwealth Bank of Australia (CBA AU) Outlook Amid Overblown Passive Inflows And NIM Pressures

By Nico Rosti

Commonwealth Bank of Australia (CBA AU)’s shares have surged >80% since November2023, outpacing its underlying profit growth and dividend yields. Passive‐index ETF reallocations are the primary driver of this rally.
A Reuters poll forecasts the RBA will cut rates by 25 bps to 3.60% on July 8—with further cuts likely into year‐end. This will compress NIMs, a key earnings driver for CBA.
This insight marks the start of our coverage for CBA: the stock closed this week down (CC -1) reaching oversold levels, it can bounce but the rally potential appears limited.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

Treasury yields jumped yesterday, led by the short-end, as a stronger than expected nonfarm payrolls report drove traders to exit bets on a July rate cut.
As of yesterday, Fed-dated OIS were pricing in an almost zero chance of a rate decrease in July, along with 51 bps of cuts by year-end (vs. 65 bps as of Wednesday).
The yield on the 2Y UST rose 10 bps to 3.88%, while the yield on the 10Y UST was up 7 bps at 4.35%.

ASR Nederland NV – What’s News in Amsterdam

By The IDEA!

In this edition: • Ahold Delhaize | rival Jumbo reports having made good progress in 1H25 • ASR Nederland | to become the sole shareholder of HumanTotalCare • BAM Group | HAL to acquire VolkerWessels’ operations in the Netherlands • PostNL | new parcels depot in Belgium • E-commerce/E-com Logistics | EUR 2/item handling fee on low value parcels is “a joke”

ANZ Group (ANZ AU) Vs. National Australia Bank (NAB AU): Banking on Statistical Arbitrage Pays Off

By Gaudenz Schneider

Context: This article provides an update on the Insight Long ANZ (ANZ AU), Short National Australia Bank (NAB AU): Banking on Statistical Arbitrage, published on 22 June 2025.
Key Insights: The trade has hit its exit signal as the price ratio reverted to its one-standard deviation band, yielding a positive return.
Why Read: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.

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Jul 05

Daily Brief Industrials: Geekplus Technology, Samsung Heavy Industries, Krones AG and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Beijing Geek IPO: Not Worth It
Samsung’s Vietnam Pivot: Small Deal, Big Signal
Krones AG: Initiation of Coverage- Turbocharging Global Expansion Through Smart Tariff Defense and Localized Production!

Beijing Geek IPO: Not Worth It

Chinese Autonomous Mobile Robotics player, Geekplus Technology (2590 HK) plans to raise US$300m through its HKEx IPO at a valuation of around US$2.5bn.
Top line growth has slowed down while there also has been a decline in the no. of newly acquired customers. Exports to US accounts for a significant share of revenues.
Our valuation analysis suggests that the company’s IPO is significantly overvalued compared to global robotic players.

Samsung’s Vietnam Pivot: Small Deal, Big Signal

By Rahul Jain

SHI has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.
With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.
While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.

Krones AG: Initiation of Coverage- Turbocharging Global Expansion Through Smart Tariff Defense and Localized Production!

Krones AG, a leading provider of filling and packaging technologies, reported its Q1 2025 earnings, showcasing a positive start to the fiscal year.
The company’s revenue reached €1.410 billion, marking a 13.1% growth compared to the same period in 2024.
This growth is partially attributed to the inclusion of Netstal, adding approximately €60 million to the revenue.

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Jul 05

Daily Brief Consumer: Netflix Inc, Patanjali Foods, REA Group Ltd, SeedWorks International Ltd, Yukiguni Maitake, Jumia Technologies AG, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Netflix Is Going Unscripted: Music Shows, Live Events & Reality TV Shake-Up Its Strategy!
Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?
REA Group (REA AU) Vs. News Corp (NWS AU): Owner Diverges From Its Growth Engine
SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline
Yukiguni Factory (1375 JP) – Preview Report
Jumia on the Radar: Why Axian Might Bet on Africa’s E-Commerce Giant Despite the Red Ink
Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

Netflix Is Going Unscripted: Music Shows, Live Events & Reality TV Shake-Up Its Strategy!

Netflix, once the poster child for prestige TV and high-budget scripted series, is now rewriting its own playbook.
In a strategic pivot to broaden its appeal, the streaming giant is aggressively moving into unscripted entertainment, including music competitions, celebrity interviews, global live events, and talent shows.
Among the most notable developments, Netflix is set to debut Building the Band, a reality competition blending the secrecy of Love Is Blind with the structure of The Voice, hosted by Backstreet Boys’ AJ McLean.

Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition?

By Nimish Maheshwari

Patanjali Ayurved (holding company of Patanjali Foods (PATANJAL IN)) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.
Patanjali seeks to diversify, leveraging its brand and distribution network to tap India’s underpenetrated insurance market, aligning with IRDAI’s “Insurance for All by 2047” vision.
Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.

REA Group (REA AU) Vs. News Corp (NWS AU): Owner Diverges From Its Growth Engine

By Gaudenz Schneider

Context: The REA Group Ltd (REA AU) vs. News Corp (NWS AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Statistical mean reversion suggests going long REA Group Ltd (REA AU) and short News (NWS AU). A target return is provided. News Corp is the majority owner of REA.
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.

SeedWorks International Ltd Pre-IPO – Sowing Seeds Amid Sluggish Bottomline

By Rosita Fernandes

SeedWorks International Ltd (1441147D IN) (SIL) is planning to raise about US$115m in its upcoming India IPO.
SIL is a seed research and development organization engaged in the research, production, and marketing of hybrid seeds.
As per F&S Report, in FY24, the company ranked 3rd in cotton seeds, 4th in hybrid rice and pearl millet seeds, in terms of volume of seeds sold in India.

Yukiguni Factory (1375 JP) – Preview Report

By Sessa Investment Research

YUKIGUNI FACTORY CO., LTD. (hereinafter, “the Company”) produces, processes, and sells Maitake, which was the first in the world to be successfully mass- produced (with approximately 52% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).
In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from mushrooms.
1) Through a vertically integrated value chain covering production, processing, and sales of mushrooms, the Company ensures strict quality control and stable year-round supply.

Jumia on the Radar: Why Axian Might Bet on Africa’s E-Commerce Giant Despite the Red Ink

Jumia Technologies AG’s first quarter 2025 financial results present a mixed picture of progress in cost management and challenges posed by external factors.
On the positive side, the company demonstrated improvements in operational efficiency, particularly through measures such as targeted cost-cutting across logistics, staffing, and technology.
These efforts have resulted in a reduction in fulfillment expenses per order and an overall decrease in cash burn, signaling effective cost control.

Tire Giants Redraw India Playbooks; Indian Firms Rework Overseas

By Vinod Nedumudy

Continental, Michelin, Bridgestone pivot to premium with local focus
MRF expands in EV, defence, and export markets amid capacity growth
Apollo restructures in Europe, bolstering premium bicycle

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Jul 05

Most Read: Taishin Financial Holding, IFBH, NTT DC REIT, Kcc Corp, FWD Group Holdings, Industrias Penoles, S.A.B. De C.V., Jilin Jiutai Rural Comm Bank, Lens Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Taishin (2887 TT)/Shin Kong (2888 TT) Merger: Index Flows in July
HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added
NTT DC REIT IPO – Thoughts on Valuation
KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps
FWD Group Holdings (1828 HK): Low Free Float Delays and Limits Global Index Inclusion
[Quiddity Index] MV Junior Gold Miners Sep25 Rebalance Predictions: Flow Expectations
Jilin Jiutai Bank (6122 HK): Another Hobson’s Choice
HEW: Payrolls Waking Up Rates Pricing
SEBI Vs Jane Street: India’s Most Shocking Index Manipulation Case Yet
Lens Technology IPO Preview

Taishin (2887 TT)/Shin Kong (2888 TT) Merger: Index Flows in July

By Brian Freitas

Taishin Financial Holding (2887 TT) and Shin Kong Financial Holding (2888 TT) announced a Merger of Equals in August 2024 and completion is expected on 24 July.
Taishin Financial Holding (2887 TT) has underperformed its peers over the last 18 months while Shin Kong Financial Holding (2888 TT) has underperformed its peers following the merger announcement.
There will be passive flows in the merged entity following the completion of the merger and could help reverse some of Taishin Financial Holding (2887 TT)‘s underperformance.

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

By Brian Freitas

We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

NTT DC REIT IPO – Thoughts on Valuation

By Sumeet Singh

NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.

KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps

KCC announced that it is issuing an EB worth $625 million in foreign currency using its stake in HD Korea Shipbuilding & Offshore Engineering as the underlying asset.
The asset that is used as the underlying asset for the EB is 2.056 million shares of HD Korea Shipbuilding & Offshore Engineering held by the KCC Corp
We believe this large EB issue by KCC Corp is likely to have a positive impact on KCC Corp but slightly negative impact on HD KSOE.

FWD Group Holdings (1828 HK): Low Free Float Delays and Limits Global Index Inclusion

By Dimitris Ioannidis

FWD Group Holdings (1828 HK) fails to meet the minimum free float thresholds of both Global indices prior to the IPO lock-up expiry.
The security is expected to be added to Global All-World at the September 2026 review following the 6-month lock-up expiry.
The security is likely to remain excluded from Global Standard even after the lock-up expiry due to insufficient float cap.

[Quiddity Index] MV Junior Gold Miners Sep25 Rebalance Predictions: Flow Expectations

By Travis Lundy

The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world.
This index is reviewed semi-annually in March/September. During these reviews, names can be added or deleted from the index. We like it because a lot of money tracks it.
There are several potential ADDs/DELs for the Index Rebal Event in September 2025 but as yet most are Medium Conviction. There are a couple of large capping flows expected.

Jilin Jiutai Bank (6122 HK): Another Hobson’s Choice

After Jilin Jiutai Bank (6122 HK) was suspended, again, I mused in Jilin Jiutai Bank (6122 HK): Now Is The Time To Be Delisted an expected Offer from Jilin Province Trust.
Jilin Province has now made a voluntary Offer at HK$0.70/share (~0.2x P/B!), below my HK$0.80/share estimate. Apart from a Scheme-like vote, this Offer has an onerous 90% acceptance condition.
And IF the Offer fails and IF Jilin Jiutai cannot resume trading, in accordance with Rule 6.01A(2)(b) of the Listing Rules, Jilin Jiutai may be delisted.

HEW: Payrolls Waking Up Rates Pricing

By Phil Rush

Dovish rate pricing had been ignoring resilient data until US payrolls delivered a rude awakening. We believe rates remain too dovish relative to reality and equity prices.
BoE surveys also revealed resilience in defiance of dovish pricing, while the rise in EA unemployment merely matched ECB forecasts and was heavily reliant on Italy.
Next week’s deadline for US tariffs is the main risk event, as not all countries will likely get an extension. Monetary policy decisions come from the RBA, RBNZ, BNM, and BOK.

SEBI Vs Jane Street: India’s Most Shocking Index Manipulation Case Yet

By Nimish Maheshwari

SEBI has cracked down on Jane Street Group, a global trading giant, for manipulating the BANKNIFTY index during expiry days using coordinated cash and F&O trades.
The Group allegedly pushed up prices in morning sessions to create misleading signals, and then profited massively by taking opposite positions in options.
SEBI estimates illegal gains of INR 43,289 crore in Index Options over a two-year period, primarily through this strategy.

Lens Technology IPO Preview

Lens Technology is getting ready to complete its IPO in Hong Kong. Lens Technology is planning to raise as much as HK$4.77 billion (US$608 million) in this IPO.
If the offer size adjustment and overallotment options are exercised, the IPO gross proceeds could increase to HK$6.3 billion (US$803 million).
In 2024, the company held a 13% share of the global market for precision structural parts and modules for consumer electronics and a 20.9% share of smart vehicle interaction systems.

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Jul 04

Daily Brief Australia: New World Resources, Coronado Global Resources Inc, Silk Logistics, Dexus Property, DroneShield Ltd, Warriedar Resources , Aft Pharmaceuticals, Nanosonics Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra’s Bid
Coronado Global (CRN AU): Partial/Full Sale? Something’s Up (As Is The Share Price)
Silk Logistics (SLH AU): ACCC’s Green Light
Dexus – The Overnight Report: Tariff Deadline Looms
Rudi’s View: Charter Hall, Droneshield, Pinnacle, WiseTech & More
Warriedar Resources Limited – Gold Tinted with a Critical Mineral
AFT Pharmaceuticals — Making progress on growth strategy
In Brief: Austal, Superloop, Motorcycle Holdings & Nanosonics

New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra’s Bid

Suitors Central Asia Metals (CAML LN) and Kinterra Capital are locked at A$0.062/share bids apiece for copper play New World Resources (NWC AU).
Kinterra has tapped the Takeovers Panel after NWC failed to terminate the CAML placement “despite the relevant condition for the termination of that agreement having been satisfied“.
Kinterra’s application has merit. Expect the Panel to make orders preventing the placement. Kinterra currently holds 19.3% of shares out and CAML 12.08%.

Coronado Global (CRN AU): Partial/Full Sale? Something’s Up (As Is The Share Price)

Declining coking coal prices, operational issues, a credit rating downgrade, and Sev.en Global’s failed Offer, have resulted in met coal play Coronado (CRN AU)‘s shares trading around an all-time low.
Shares popped 14.8% today, and are now up ~48% from its all-time low a month ago.
What gives? Coronado has already confirmed the potential sale of a minority interest in certain assets. But there is speculation a full Offer may be in the wings.

Silk Logistics (SLH AU): ACCC’s Green Light

By Research as a Service (RaaS)

Given the ACCC’s comprehensive list of concerns, as detailed in Silk Logistics (SLH AU): ACCC’s Statement Of Issues, this approval comes as a (pleasant) surprise.
DP World’s Offer for Silk Logistics (SLH AU) remains subject to FIRB signing off and a Scheme vote. Neither of which should pose an issue.
Timing? The IE and Scheme Booklet are all in place – from December last year. This requires a new schedule from the Courts. A possible revised timetable suggest late-August completion.

Dexus – The Overnight Report: Tariff Deadline Looms

By FNArena

A global perspective on what happened overnight

Rudi’s View: Charter Hall, Droneshield, Pinnacle, WiseTech & More

By FNArena

Update on changes to and revisions of analysts’ Best Ideas and Conviction Calls, as well as Model Portfolio compositions

Warriedar Resources Limited – Gold Tinted with a Critical Mineral

Warriedar Resources Limited (ASX:WA8) is an emerging gold and antimony developer whose flagship Golden Range project hosts ~2.3moz in AuEq resources in the prolific gold producing Murchison region of Western Australia.
Since the acquisition of the project in CY23, WA8 has expanded the gold resource and delineated a globally significant antimony resource which is also contained in the core Ricciardo deposit.
Whilst the gold resource alone could support a commercial development, the overlapping antimony resource not only increases the economic value, it adds a strategic value to the project given the supply shortages and trade restrictions affecting this commodity.

AFT Pharmaceuticals — Making progress on growth strategy

By Edison Investment Research

AFT Pharmaceuticals has provided an investor update for Q2 CY25 (Q1 FY26), summarising material progress made across its global expansion and R&D-driven growth strategy. The highlight of the period was the launch of Maxigesic IV/Combogesic IV in Canada, marking the beginning of direct sales in North America. This, along with the expanded licensing and profit-share agreement with Hikma in May 2025 (to include distribution of Combogesic Rapid in the US), provides AFT with a solid foundation to expand its footprint in these key global markets. The period also saw notable R&D progress including a pre-investigational new drug (IND) filing with the FDA for AFT’s antibiotic eyedrop targeting resistant ocular infections (eg MRSA), and preparations for filings related to its strawberry birthmarks topical (pre-IND) treatment and the Phase-III ready novel injectable iron therapy. A paediatric study of Maxigesic IV is also planned, which could expand the addressable patient populations.

In Brief: Austal, Superloop, Motorcycle Holdings & Nanosonics

By FNArena

Structural growth and challenges are in focus this week for In Brief’s stock snacks with those companies benefitting from longer term trends or impeded by uncertainty

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Jul 04

Daily Brief South Korea: Kcc Corp, Cosmecca Korea and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps
Cosmecca Korea: Switching Listing from KOSDAQ to KOSPI Likely to Be Completed in 2H 2025

KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps

KCC announced that it is issuing an EB worth $625 million in foreign currency using its stake in HD Korea Shipbuilding & Offshore Engineering as the underlying asset.
The asset that is used as the underlying asset for the EB is 2.056 million shares of HD Korea Shipbuilding & Offshore Engineering held by the KCC Corp
We believe this large EB issue by KCC Corp is likely to have a positive impact on KCC Corp but slightly negative impact on HD KSOE.

Cosmecca Korea: Switching Listing from KOSDAQ to KOSPI Likely to Be Completed in 2H 2025

On 2 July, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. Cosmecca Korea is the third largest cosmetics ODM company in Korea.
Cosmecca Korea’s ROE is similar to the average ROE of the comps. However, Cosmecca Korea’s P/B valuation is 36% discount to that of the comps.
By switching its listing from KOSDAQ to KOSPI, there is an increasing probability of the Cosmecca Korea receiving higher valuations, narrowing the gap with its peers.

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✓ Custom Watchlists
✓ Company Data and News
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Jul 04

Daily Brief United States: Intel Corp, Gold, Robinhood Markets , USD, Meta, Crude Oil, Copper, Bwx Technologies, SmartRent, Yorkville Acquisition and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm
Global Macro Outlook (July): Trump Volatility Playbook Offers Clues for July Positioning
Robinhood’s CEO on the Plan to Tokenize Everything
Global FX Derivatives: Thin Cushion. A Slippery Slope from Calm to Uncertainty
Meta Superintelligence Labs. Genius Move Or Desperate Gamble?
OPEC, IEA, EIA Forecast Rising Oil Supply, Sluggish Demand
Real Asset Chartbook Week #13: The Copper Surge Continues
BWX Technologies: Innovations in Nuclear Medicine & Molybdenum-99 Production Driving Our Optimism!
SmartRent’s Stock Surge: How a Bold Pivot to Recurring Revenues Could Redefine Its Future!
Analyzing Active Portfolio Ideas: SPACs, Mergers, Asset Sales, and Litigation Opportunities in 2025

Intel 18A Not Ready for Foundry (Preparing for Bad News?), TSMC Exit GaN (Doesn’t Matter), UMC 6nm

By Nicolas Baratte

The real point of Reuters’ article on Intel CEO “new” Foundry strategy is, imo, to pre-announce the possibility of a very large write off
TSMC discontinues GaN doesn’t matter, it’s not even 1% of revenue. 1) Auto demand is slow, GaN is lower margins, lot of competition 2) management has better things to do
UMC 6nm rumor, maybe yes but most likely with Intel’s manufacturing after 2030. UMC and Intel first start with 12nm in 2027-28.

Global Macro Outlook (July): Trump Volatility Playbook Offers Clues for July Positioning

By John Ley

Across markets realized volatility generally came in below implied, making June favorable for volatility sellers.
July has historically rewarded vol sellers; we reference a prior Insight on volatility during Trump’s first term highlighting a large deviation from average in July.
Average July returns are mixed, but there are clear standouts among the macro markets.

Robinhood’s CEO on the Plan to Tokenize Everything

By Odd Lots

The culture of trading has shifted, with people enjoying losing money and constantly looking for prices on various assets
Robinhood caught the wave of this cultural shift with its user-friendly interface and introduction of free stock trading during the pandemic

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

Global FX Derivatives: Thin Cushion. A Slippery Slope from Calm to Uncertainty

By At Any Rate

FX volumes expected to remain steady in the next month and a half before potentially increasing later in Q3
Dollar risk reversals are priced expensively for puts, suggesting the need for alternative option structures
Consideration of bullish yen option trades in lower beta crossian underlyings like CNH as alternatives to dollar yen positions due to stretched spec positioning and high carry costs

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

Meta Superintelligence Labs. Genius Move Or Desperate Gamble?

By William Keating

On Monday, June 30, Meta CEO Mark Zuckerberg announced the creation of Meta Superintelligence Labs, staffing it with a host of leading researchers from the likes of OpenAI and Google
With astronomical hiring bonuses and lucrative compensation packages, this newly assembled team will struggle to gel and likely drive an exodus of existing Meta AI employees elsewhere
Yann LeCun is sidelined in the MSL memo. He believes LLMs are not the way to achieve human-level AI. It appears that Mark Zuckerberg disagrees. Let’s see…

OPEC, IEA, EIA Forecast Rising Oil Supply, Sluggish Demand

By Suhas Reddy

OPEC maintained steady demand forecasts, while the IEA and EIA cut 2025 growth estimates. All agencies see limited near-term catalysts for a meaningful rise in global oil demand.
OPEC, EIA, and IEA project rising oil supply, driven by non-OPEC producers and near-term OPEC+ overproduction.
The EIA remains bullish on Henry Hub gas prices, forecasting strong demand and tightening supply through late 2025.

Real Asset Chartbook Week #13: The Copper Surge Continues

By Massif Capital Research

Two weeks ago, we flagged our Tanker Equity Basket as a potentially interesting place to look for opportunities.
The week after we flagged it, the basket bounced, presumably on events in the Middle East, and this week has given back most of those returns.
The basket has now fallen below the 10-day moving average and is bouncing along the 200-day moving average.

BWX Technologies: Innovations in Nuclear Medicine & Molybdenum-99 Production Driving Our Optimism!

BWX Technologies, Inc. (BWXT) reported its first quarter 2025 financial results, illustrating both robust performance and future growth opportunities.
The highlights of the quarter included double-digit revenue, EBITDA, and earnings per share growth compared to the previous year.
This strong performance was attributed to effective execution and an increased pace of work, along with strategic wins in both commercial and government operations.

SmartRent’s Stock Surge: How a Bold Pivot to Recurring Revenues Could Redefine Its Future!