All Posts By

Smartkarma Daily Briefs

Jul 03
0

Daily Brief Japan: Nh Foods Ltd, Softbank Group, Daiseki Co Ltd, SGX Rubber Future TSR20, Tsubakimoto Kogyo and more

By | Daily Briefs, Japan

In today’s briefing:

  • NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal
  • SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength
  • Daiseki Co Ltd (9793 JP): Q1 FY02/26 flash update
  • Chinese Tire Giants Accelerate Global Expansion Amid Trade Barriers
  • Q4 Follow-Up – Tsubakimoto Kogyo (8052 JP)

NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal

By Nicholas Tan

  • A group of shareholders are looking to raise US$333m from selling their respective stakes in Nh Foods Ltd (2282 JP) .
  • While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength

By Victor Galliano

  • SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings
  • JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities
  • The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks

Daiseki Co Ltd (9793 JP): Q1 FY02/26 flash update

By Shared Research

  • Daiseki’s Q1 FY02/26 sales rose 7.2% YoY to JPY17.9bn, with operating profit declining 1.9% YoY to JPY3.8bn.
  • Daiseki Co.’s FY02/25 sales reached JPY38.5bn, driven by increased recycled fuel shipments, despite flat wastewater intake.
  • DES’s FY02/25 sales declined 17.4% YoY to JPY19.9bn, with operating profit down 19.3% YoY to JPY2.3bn.

Chinese Tire Giants Accelerate Global Expansion Amid Trade Barriers

By Vinod Nedumudy

  • Linglong Tire’s new plants in Brazil, Kenya and Anhui in China  
  • Yongsheng Rubber to take advantage of Morocco’s FTA with West  
  • CNTR’s car tire facility to come up at Alexandria in Egypt  

Q4 Follow-Up – Tsubakimoto Kogyo (8052 JP)

By Sessa Investment Research

  • Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced its Full-year FY2025/3 results on May 8, 2025.
  • The Company achieved record-high orders, sales, and profits across the board, along with a record order backlog.
  • Both net sales and all levels of profit exceeded initial forecasts. This is due to conservative assumptions about the pace of reducing its large order backlog.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief China: Geekplus Technology, Yichang HEC Changjiang Pharma, BlissBio, Dow Jones Commodity Index, Hang Seng Index, Jiaxin International Resources Investment Limited, Jiangxi Copper Co Ltd H, Shanghai Sunmi Technology Co., Ltd., Taste Gourmet and more

By | China, Daily Briefs

In today’s briefing:

  • Geekplus Technology IPO (2590 HK): The Investment Case
  • Yichang HEC (1558 HK): Speculative Scrip Offer? No Thanks – Vote No
  • Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap
  • BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination
  • Global Metals & Mining Playbook – July 2025
  • HSI INDEX Tactical Outlook
  • Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital
  • Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value
  • Shanghai Sunmi Technology Co., Ltd. Pre-IPO Tearsheet
  • Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

Geekplus Technology IPO (2590 HK): The Investment Case

By Arun George

  • Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.     
  • Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
  • The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.  

Yichang HEC (1558 HK): Speculative Scrip Offer? No Thanks – Vote No

By David Blennerhassett

  • A little over a year ago, I wrote about Yichang HEC Changjiang Pharma (1558 HK)‘s overly complicated scrip Offer in Yichang HEC (1558 HK): Absorption Via Speculative Scrip. Avoid.
  • In summary, Yichang HEC shareholders were being offered 0.263614 “Offeror H shares”. These consideration shares are unlisted. The Offeror being Yichang HEC’s controlling shareholder (51.41%).
  • The Composite Doc and the Offeror’s Listing by Way Of Introduction Doc are out.  The independent H-shareholder vote is the 21st July. Shareholders should vote this down.

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

By Andrei Zakharov

  • Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
  • The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
  • I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.

BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

By Ke Yan, CFA, FRM

  • BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.
  • In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.
  • We also look at the company’s management and pre-IPO investors. We think the deal is worth following.

Global Metals & Mining Playbook – July 2025

By Rahul Jain

HSI INDEX Tactical Outlook

By Nico Rosti

  • The Hang Seng Index has been rallying since our last BUY recommendation. However the rally may be temporarily stalling.
  • The index is not overbought according to our model, around 50% probability of WEEKLY reversal – it could go higher.
  • If the index closes this week down, it could be a buy opportunity, depending on the price reached (if the pullback is mild is probably better to hold/wait).

Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital

By Troy Wong

  • Jiaxin International Resources Investment Limited (JIRI) is looking to raise about US$140m in its upcoming Hong Kong IPO.
  • Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production is scheduled to begin in 2Q25, with full ramp-up by 2027.
  • Falling unit costs, rising ASPs, and front-loaded CAPEX point to improving free cash flow. Belt and Road alignment enhances access to funding and policy support.

Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value

By Rahul Jain

  • Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.
  • Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.
  • Trading at a steep discount to Zijin (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.

Shanghai Sunmi Technology Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

  • Shanghai Sunmi Technology Co., Ltd. (SSTC) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB, Citic, and ABCI.
  • SSTC is the largest Android-based BIoT solution provider in the world in terms of revenue in 2024, with a market share of over 10%, according to CIC.
  • The company mainly relies on offline channels as over 99% of total revenue was generated from offline channels over the Track Record Period.

Taste Gourmet FY25: Strong Results, FY26 To See Decent Growth

By Sameer Taneja

  • Taste Gourmet (8371 HK) reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. 
  • Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). 
  • Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. 

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
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: China Water Affairs
  • Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.
  • Equities retreated, as investors rotated out of tech stocks. The S&P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Vietnam Trade Deal Boosts Stocks and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Vietnam Trade Deal Boosts Stocks
  • Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs
  • Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?
  • US Data Centers: AI-Driven Demand Outpacing Supply – BUY EQUINIX (EQIX)

Ohayo Japan | Vietnam Trade Deal Boosts Stocks

By Mark Chadwick

  • S&P hit a record as Trump’s Vietnam deal lifted sentiment, despite weak jobs data raising Fed rate cut speculation; Nike rose 4% on Vietnam exposure.
  • Microsoft will lay off 9,000 employees—under 4% of its workforce—as part of a reorganization to streamline management and focus on strategic growth areas.
  • Fast Retailing’s UNIQLO domestic same-store sales rose 6% in June, driven by summer apparel demand, though unit price per customer dipped 1% on calendar effects.

Japan Morning Connection: AI and Tech Snaps Back with SOX at Recent Highs

By Andrew Jackson

  • Oracle order for millions of homes worth of power consumption sends DC and server related higher.
  • Power semis also up as analysts continue to take a more constructive view.
  • Gaming names may bounce after yesterdays dip given they are seen as ‘tariff proof’ ahead of deadline.

Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?

By Nimish Maheshwari

  • China’s steel industry faces significant oversupply and weak domestic demand, driving aggressive exports and financial losses amidst rising global trade barriers
  • India’s steel growth remains robust, driven by domestic demand, government support, product diversification, cost control, and ESG focus
  • Indian steelmakers note easing import pressure, leveraging quality norms and value-added products, expanding capacity, with JSW Steel Ltd (JSTL IN) targeting 50 MT by 2030 from 27 MT currently.

US Data Centers: AI-Driven Demand Outpacing Supply – BUY EQUINIX (EQIX)

By Jacob Cheng

  • We think the US DC market is on a transformational path – the growth of AI workloads creating huge demand that significantly outpaced supply
  • AI data centers are highly unique, combining with supply constraints has resulted in record low vacancy rate and rental growth across key markets
  • We think Equinix is well positioned to capture this huge opportunity.  EQIX also collaborated with AI leaders like NVDA which gives it a competitive edge

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief Utilities: Adani Power, Tenaga Nasional, China Water Affairs and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet
  • Tenaga Nasional Placement – Has Sold Before but past Deals Haven’t Done Much
  • Lucror Analytics – Morning Views Asia

Adani Power (ADANIPOWER IN): Bangladesh Clears Dues, Strengthens Balance Sheet

By Rahul Jain

  • Adani Power faced nearly USD 900 million in overdue receivables from its 1,600 MW Godda plant under a long-term export PPA.
  • Bangladesh resumed regular payments and cleared USD 437 million in June; future dues secured via Letter of Credit and sovereign guarantee.
  • Working capital improves over 40%, interest costs fall by ₹300–400 crore, and credit upgrade likely; boosts cash flow and strategic flexibility.

Tenaga Nasional Placement – Has Sold Before but past Deals Haven’t Done Much

By Sumeet Singh

  • Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK).
  • Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.
  • In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

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: China Water Affairs
  • Front-end treasury yields rose yesterday, following stronger than expected JOLTS and ISM manufacturing reports (which tempered expectations of Fed easing). The yield on the 2Y UST rose 5 bps to 3.77%, while the yield on the 10Y UST was up 1 bp at 4.24%.
  • Equities retreated, as investors rotated out of tech stocks. The S&P 500 inched down 0.1% to 6,198 (albeit remaining near record high levels), while the Nasdaq fell 0.8% to 20,203.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief Industrials: Geekplus Technology, Singapore Post, Daiseki Co Ltd, PostNL NV, Soilbuild Construction, Titan International , Tsubakimoto Kogyo and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Geekplus Technology IPO (2590 HK): The Investment Case
  • Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap
  • Singapore Post — Searching for a new CEO
  • Daiseki Co Ltd (9793 JP): Q1 FY02/26 flash update
  • What’s New((s) in Amsterdam – 2 July (InPost | JDE Peet’s | PostNL)
  • 10 in 10 with Soilbuild Construction – Rooted in tradition, leading in green building
  • TWI: We are updating our revenue and EPS estimates based on ongoing trade uncertainty and recent public comments by management.
  • Q4 Follow-Up – Tsubakimoto Kogyo (8052 JP)

Geekplus Technology IPO (2590 HK): The Investment Case

By Arun George

  • Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.     
  • Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
  • The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.  

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

By Andrei Zakharov

  • Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
  • The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
  • I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.

Singapore Post — Searching for a new CEO

By Edison Investment Research

Singapore Post (SingPost) has experienced significant changes over the last six months, and further change is likely as the company searches for a new CEO. We expect a strategy update following the hiring of the new CEO. The timing of an appointment is unknown, as are the identity of the candidate and the strategy itself. Given the potential upheaval, we withdraw our forecasts pending strategic clarity.

Daiseki Co Ltd (9793 JP): Q1 FY02/26 flash update

By Shared Research

  • Daiseki’s Q1 FY02/26 sales rose 7.2% YoY to JPY17.9bn, with operating profit declining 1.9% YoY to JPY3.8bn.
  • Daiseki Co.’s FY02/25 sales reached JPY38.5bn, driven by increased recycled fuel shipments, despite flat wastewater intake.
  • DES’s FY02/25 sales declined 17.4% YoY to JPY19.9bn, with operating profit down 19.3% YoY to JPY2.3bn.

What’s New((s) in Amsterdam – 2 July (InPost | JDE Peet’s | PostNL)

By The IDEA!

  • In this edition: • InPost | Advent sold a further 3.5% interest via accelerated placement • JDE Peet’s | sets accelerating medium-term financial targets • PostNL | unions express concerns about mail market proposals to Economic Affairs Minister

10 in 10 with Soilbuild Construction – Rooted in tradition, leading in green building

By Geoff Howie

  • Soilbuild Construction’s revenue surged 58.4% in FY2024, driven by a S$647.5 million PSA Supply Chain Hub contract.
  • The Construction division contributed 81.5% to total revenue, while Precast and Prefabrication grew by 87.1% in FY2024.
  • Soilbuild Construction generated S$35.9 million in operating cash flow in FY2024, improving liquidity for ongoing projects.

TWI: We are updating our revenue and EPS estimates based on ongoing trade uncertainty and recent public comments by management.

By Zacks Small Cap Research

  • Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
  • The company serves the agricultural, earthmoving / construction, and consumer markets.
  • Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

Q4 Follow-Up – Tsubakimoto Kogyo (8052 JP)

By Sessa Investment Research

  • Tsubakimoto Kogyo Co., Ltd., (hereafter, the Company) announced its Full-year FY2025/3 results on May 8, 2025.
  • The Company achieved record-high orders, sales, and profits across the board, along with a record order backlog.
  • Both net sales and all levels of profit exceeded initial forecasts. This is due to conservative assumptions about the pace of reducing its large order backlog.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief ECM: NTT DC REIT IPO – Decent Yield and more

By | Daily Briefs, ECM

In today’s briefing:

  • NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues
  • Geekplus Technology IPO (2590 HK): The Investment Case
  • NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal
  • Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap
  • BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination
  • Pine Labs Pre-IPO Tearsheet
  • Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital
  • Nykaa Block – US$140m Selldown by Banga Family
  • Ntt Dc Reit Ipo – Thoughts on Valuation
  • IFBH (6603 HK) – Debut Is the Peak, and Then It Wanes?

NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues

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.
  • In this note, we look at the company’s portfolio and its performance.

Geekplus Technology IPO (2590 HK): The Investment Case

By Arun George

  • Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.     
  • Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
  • The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.  

NH Foods Placement: Clean up by Norinchukin Bank; Unrelated Buyback May Buffer Deal

By Nicholas Tan

  • A group of shareholders are looking to raise US$333m from selling their respective stakes in Nh Foods Ltd (2282 JP) .
  • While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap

By Andrei Zakharov

  • Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
  • The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
  • I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.

BlissBio Pre-IPO: Selling Point Still Valid Despite BD Termination

By Ke Yan, CFA, FRM

  • BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.
  • In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.
  • We also look at the company’s management and pre-IPO investors. We think the deal is worth following.

Pine Labs Pre-IPO Tearsheet

By Akshat Shah

  • Pine Labs (0568874D IN) is looking to raise up to US$1bn in its upcoming India IPO. The deal will be run by Axis, Citi, MS, JPM and Jefferies.
  • Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
  • According to a Redseer Report, PL was the largest player in issuances of closed and semi-closed loop gift cards by transaction value in India in FY24.

Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital

By Troy Wong

  • Jiaxin International Resources Investment Limited (JIRI) is looking to raise about US$140m in its upcoming Hong Kong IPO.
  • Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production is scheduled to begin in 2Q25, with full ramp-up by 2027.
  • Falling unit costs, rising ASPs, and front-loaded CAPEX point to improving free cash flow. Belt and Road alignment enhances access to funding and policy support.

Nykaa Block – US$140m Selldown by Banga Family

By Akshat Shah

  • Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
  • He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
  • In this note, we run the deal through our ECM framework and comment on deal dynamics.

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.

IFBH (6603 HK) – Debut Is the Peak, and Then It Wanes?

By Xinyao (Criss) Wang

  • IFBH’s IPO debut is outstanding. Capital/investors are actually voting for “light-asset + high-efficiency” business model, as they see the possibility of achieving great results with small investment in if coconut water. 
  • When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of “riding the wave” into high moat amid supply chain crisis/price wars/single product line.
  • The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief Event-Driven: Yichang HEC (1558 HK): Speculative Scrip Offer? No Thanks – Vote No and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Yichang HEC (1558 HK): Speculative Scrip Offer? No Thanks – Vote No
  • BBVA/Sabadell Update: TSB Sale Shifts Dynamics, Adds Dividend Optionality
  • Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2025)
  • Spectris Update: KKR’s Recommended Counter-Offer Displaces Advent
  • Event Driven: Torrent Acquires JB Chemicals ~ The Second-Largest Pharma Deal in Indian History

Yichang HEC (1558 HK): Speculative Scrip Offer? No Thanks – Vote No

By David Blennerhassett

  • A little over a year ago, I wrote about Yichang HEC Changjiang Pharma (1558 HK)‘s overly complicated scrip Offer in Yichang HEC (1558 HK): Absorption Via Speculative Scrip. Avoid.
  • In summary, Yichang HEC shareholders were being offered 0.263614 “Offeror H shares”. These consideration shares are unlisted. The Offeror being Yichang HEC’s controlling shareholder (51.41%).
  • The Composite Doc and the Offeror’s Listing by Way Of Introduction Doc are out.  The independent H-shareholder vote is the 21st July. Shareholders should vote this down.

BBVA/Sabadell Update: TSB Sale Shifts Dynamics, Adds Dividend Optionality

By Jesus Rodriguez Aguilar

  • Sabadell’s TSB sale unlocks €3.4B in value and supports a €0.50/share special dividend, reducing appeal of BBVA’s current hostile bid.
  • BBVA maintains its offer despite regulatory constraints and limited synergy visibility for 3–5 years.
  • Options activity and share price suggest market expects either a bid bump or re-rating, with dividend yield softening downside.

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2025)

By Douglas Kim

  • In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in May and June 2025.
  • There were 24 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.
  • There were four companies with more than 100 billion won in market cap that announced share buybacks in May and June with at least 3% of outstanding shares. 

Spectris Update: KKR’s Recommended Counter-Offer Displaces Advent

By Jesus Rodriguez Aguilar

  • KKR’s £40/share offer is now board-recommended, displacing Advent’s prior bid; Spectris shares trade near offer price with minimal spread.
  • With full board support and limited regulatory risk, the market implies >99% deal certainty.
  • Advent must act swiftly or concede defeat; further bidding appears unlikely but not impossible.

Event Driven: Torrent Acquires JB Chemicals ~ The Second-Largest Pharma Deal in Indian History

By Nimish Maheshwari

  • Torrent Pharmaceuticals (TRP IN) is acquiring a controlling stake in J.B. Chemicals & Pharmaceuticals (JBCP IN) for INR 25,689 crore, marking the second-largest pharma deal in India’s history.
  • The acquisition strengthens Torrent’s market share in India, expands its therapeutic presence, and opens entry into the growing CDMO sector, diversifying its business model.
  • The merger is expected to drive revenue growth, improve margins, and provide operational synergies, with long-term gains in both domestic and international markets.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief Energy/Materials: Dow Jones Commodity Index, Jiaxin International Resources Investment Limited, Steel, Jiangxi Copper Co Ltd H, James Hardie Industries Plc, Coal India Ltd, Flagship Minerals, SGX Rubber Future TSR20, Copper Fox Metals , Chariot Limited and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Global Metals & Mining Playbook – July 2025
  • Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital
  • Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism
  • Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value
  • James Hardie Industries Plc – The Overnight Report: Bullish Into A Short Week
  • India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles
  • Flagship Minerals Limited – Building Oxide Gold and Copper Projects
  • Chinese Tire Giants Accelerate Global Expansion Amid Trade Barriers
  • Copper Fox Metals Inc – Mining Monthly: June Edition
  • Chariot Limited (AIM: CHAR): Potentially demerging the group

Global Metals & Mining Playbook – July 2025

By Rahul Jain

Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital

By Troy Wong

  • Jiaxin International Resources Investment Limited (JIRI) is looking to raise about US$140m in its upcoming Hong Kong IPO.
  • Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production is scheduled to begin in 2Q25, with full ramp-up by 2027.
  • Falling unit costs, rising ASPs, and front-loaded CAPEX point to improving free cash flow. Belt and Road alignment enhances access to funding and policy support.

Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism

By Rahul Jain

  • Recent Impact: India’s BIS mandate has disrupted steel imports overnight, stranding shipments and pressuring MSMEs.
  • Pricing: While prices have remained broadly stable so far, rising input tightness and seasonal factors suggest upward pressure is likely ahead.
  • Global Trends: Around 25–35% of global steel trade is now under protectionist measures, reflecting a broader shift toward regionalization and defensive trade policies.

Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value

By Rahul Jain

  • Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.
  • Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.
  • Trading at a steep discount to Zijin (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.

James Hardie Industries Plc – The Overnight Report: Bullish Into A Short Week

By FNArena

  • A global perspective on what happened overnight

India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles

By Rahul Jain

  • CIL reports 8.5% drop in June output, while private and captive mines post double-digit growth
  • Unusual monsoon, logistics bottlenecks, and subsidiary underperformance drag PSU volumes
  • Unless execution improves in Q2 and beyond, outlook on CIL remains cautious amid structural market shifts.

Flagship Minerals Limited – Building Oxide Gold and Copper Projects

By Research as a Service (RaaS)

  • Flagship Minerals Limited (ASX:FLG), formerly Pan Asia Metals Limited (ASX:PAM), is a junior explorer with two projects focusing on gold and copper respectively in Chile.
  • Pantanillo is an advanced gold oxide project which has an NI 43-101 based 1.05Moz Au MRE (99.4% Measured and Indicated) which is a Qualified Foreign Estimate under JORC, whilst Rosario represents an earlier-stage copper exploration project.
  • Both projects are subject to binding option agreements whereby FLG will make annual option payments and conduct work programmes to progress the projects.

Chinese Tire Giants Accelerate Global Expansion Amid Trade Barriers

By Vinod Nedumudy

  • Linglong Tire’s new plants in Brazil, Kenya and Anhui in China  
  • Yongsheng Rubber to take advantage of Morocco’s FTA with West  
  • CNTR’s car tire facility to come up at Alexandria in Egypt  

Copper Fox Metals Inc – Mining Monthly: June Edition

By Atrium Research

  • The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well.
  • This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates.
  • Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%.

Chariot Limited (AIM: CHAR): Potentially demerging the group

By Auctus Advisors

  • • The management of Chariot Group are considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power, the latter will also house the hydrogen and water assets.
  • • Pending further details, we are placing our target price under review.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Jul 03
0

Daily Brief TMT/Internet: Microstrategy Inc Cl A, Taiwan Semiconductor (TSMC) – ADR, Pine Labs, Softbank Group, Intel Corp, Spectris PLC, Taiwan Semiconductor (TSMC), Shanghai Sunmi Technology Co., Ltd., Aussie Broadband, Capillary Technologies India Ltd (CTIL) and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Jim Chanos on the Nuttiness of ‘Bitcoin Treasury Companies’
  • TSMC (2330.TT; TSM.US): Halts GaN Production at Fab 5, Shifting to Advanced Packaging.
  • Pine Labs Pre-IPO Tearsheet
  • SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength
  • Intel (INTC.US): Abandon Promoting 18A to Fully Focus on 14A
  • Spectris Update: KKR’s Recommended Counter-Offer Displaces Advent
  • US Congress’s Gift to Semiconductor Manufacturers: 35% Tax Credit on Investments
  • Shanghai Sunmi Technology Co., Ltd. Pre-IPO Tearsheet
  • Aussie Broadband Pty Ltd – Australian Broker Call *Extra* Edition – Jul 02, 2025
  • Capillary Technologies India Ltd Pre-IPO Tearsheet

Jim Chanos on the Nuttiness of ‘Bitcoin Treasury Companies’

By Odd Lots

  • Jim Chanos discusses Bitcoin treasury companies and their flaws on Bloomberg Audio Studios Podcasts Radio News
  • Companies are continuing to adopt the strategy of using treasury to buy Bitcoin
  • The value of companies like MicroStrategy is being inflated by the appreciation of their Bitcoin holdings

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

TSMC (2330.TT; TSM.US): Halts GaN Production at Fab 5, Shifting to Advanced Packaging.

By Patrick Liao

Pine Labs Pre-IPO Tearsheet

By Akshat Shah

  • Pine Labs (0568874D IN) is looking to raise up to US$1bn in its upcoming India IPO. The deal will be run by Axis, Citi, MS, JPM and Jefferies.
  • Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
  • According to a Redseer Report, PL was the largest player in issuances of closed and semi-closed loop gift cards by transaction value in India in FY24.

SoftBank (9984 JP): Challenged by Portfolio Concentration and JPY Strength

By Victor Galliano

  • SoftBank group (SBG) relies increasingly on Arm’s premium valuation for NAV growth, with SBG shares having benefited from their high correlation to those of Arm Holdings
  • JPY-USD FX strengthened recently, with the potential for BoJ monetary tightening and Fed easing set to accentuate this trend; SBG is USD asset heavy, and JPY heavy in its liabilities
  • The Vision Funds are slowly seeing IPO exits for private companies; in essence, we see that SBG shares are challenged by (geo)political, concentration, currency and market risks

Intel (INTC.US): Abandon Promoting 18A to Fully Focus on 14A

By Patrick Liao

  • Even if Intel Corp (INTC US) ceases marketing 18A to new customers, the company will still fulfill existing foundry commitments.
  • In response to the 18A dilemma, Intel’s initial solution is to redirect resources toward the development of 14A, a next-generation process where Intel hopes to gain an edge over TSMC.
  • In addition to the strategic realignment of the foundry business, Tan’s broader efforts include refreshing Intel’s leadership team.

Spectris Update: KKR’s Recommended Counter-Offer Displaces Advent

By Jesus Rodriguez Aguilar

  • KKR’s £40/share offer is now board-recommended, displacing Advent’s prior bid; Spectris shares trade near offer price with minimal spread.
  • With full board support and limited regulatory risk, the market implies >99% deal certainty.
  • Advent must act swiftly or concede defeat; further bidding appears unlikely but not impossible.

US Congress’s Gift to Semiconductor Manufacturers: 35% Tax Credit on Investments

By Nicolas Baratte

  • Tax credit increase from 25% to 35% (portion of investment deducted from taxable income), which becomes as impactful in $ as the direct subsidies or about $40bn. 
  • The US is working hard to make Semi investments more attractive. Subsidies, loans and tax credits altogether now approach $150bn. 
  • That could mitigate a little bit of TSMC price increase in Arizona. But it’s not massive. The impact of tax credits increase from 2% of revenue to 3%. 

Shanghai Sunmi Technology Co., Ltd. Pre-IPO Tearsheet

By Troy Wong

  • Shanghai Sunmi Technology Co., Ltd. (SSTC) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB, Citic, and ABCI.
  • SSTC is the largest Android-based BIoT solution provider in the world in terms of revenue in 2024, with a market share of over 10%, according to CIC.
  • The company mainly relies on offline channels as over 99% of total revenue was generated from offline channels over the Track Record Period.

Aussie Broadband Pty Ltd – Australian Broker Call *Extra* Edition – Jul 02, 2025

By FNArena

  • Extra Edition of the Broker Call Report

Capillary Technologies India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Capillary Technologies India Ltd (CTIL) (0611334D IN)  is looking to raise about US$240m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Nomura.
  • CTIL provides AI-based, cloud-native SaaS products and solutions, primarily serving enterprise customers generating over ₹8 million in annual revenue from operations.
  • As per the Zinnov Report, CTIL was the global leader in loyalty and engagement management by product count in FY25, and among few offering end-to-end loyalty solutions.

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

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free