All Posts By

Smartkarma Daily Briefs

Daily Brief Macro: [ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts and more

By | Daily Briefs, Macro

In today’s briefing:

  • [ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts
  • How to Revert The U.S. Trade Deficit to Surplus
  • U.S. January Nonfarm Payroll
  • Actinver Research – CEMEX: Reaching a record level in Net Income in 2024 (Quick View)
  • Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions
  • HEW: More Neutral Policy Settings
  • Heard From Fortress Hill: Weekly Market Observations (07 Februray 2025)
  • Actinver Research – Macro Daily: Inflation 2h-Jan (Forecast)
  • CX Daily: Billionaire Investment Banker Bao Fan May Face Bribery Charges, Sources Say


[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

By Suhas Reddy

  • For the week ending 31/Jan, US crude inventories increased by 8.7m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks fell more than expected.
  • US natural gas inventories fell by 174 Bcf for the week ending 31/Jan, beating analyst expectations of a 167 Bcf drawdown. Inventories are 4.4% below the 5-year seasonal average.
  • TotalEnergies’ Q4 adjusted earnings rose 8.1% QoQ and beat estimates by 4.8% led by robust growth in the LNG and Integrated Power divisions.

How to Revert The U.S. Trade Deficit to Surplus

By Alex Ng

  • New U.S. trade deals will likely make slow progress in reducing bilateral trade deficits as the underlying drivers behind the U.S. trade deficit are macro forces. 
  • While the U.S. economy outperforms other major trading partners; the value of the USD remains overvalued
  • As long as tariffs are not high enough to undermine comparative advantage of importing countries, the U.S. will struggle to reduce the size of the trade deficit. 

U.S. January Nonfarm Payroll

By Alex Ng

  • January’s non-farm payroll with a 143k increase is on the low side of expectations, though we suspect January data was restrained by bad weather.
  • January’s non-farm payroll with a 143k increase is on the low side of expectations, though we suspect January data was restrained by bad weather.
  • Unemployment slipped to 4.0% from 4.1%, with weather restraining the labor force more than employment.

Actinver Research – CEMEX: Reaching a record level in Net Income in 2024 (Quick View)

By Actinver

  • Total revenues decreased by 5% to US$3.8 Bn, while EBITDA dropped 3% (or +3% on a like-to-like basis) to US$681 M, slightly above the consensus estimate of US$673 M and slightly below our US$692 M estimate.
  • On the other hand, the net profit of US$48 M compares positively to the US$441 M net loss in 4Q23, while in 2024, the company reached a US$939 M net profit, a record level for CEMEX.
  • CEMEX’s EBITDA margin during the quarter was 17.9% (vs. 17.5% in 4Q23), implying a 0.4 pp.

Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions

By Arusha Das

  • Trade war impacts the market sentiment
  • Arbitrage widens for international cargoes 
  • Lower inventory could bring some buying back

HEW: More Neutral Policy Settings

By Phil Rush

  • New neutral estimates for the UK and Euro area suggest policy is less tight, if at all, urging caution. The BoE unsurprisingly cut again but with a shockingly dovish dissent for 50bp. A strong US labour market and EA inflation sustain cyclical hawkish pressure.
  • Next week’s thin European data calendar leaves UK GDP data as a focal point despite it suffering residual seasonality. US inflation data are more globally relevant, though unlikely to impact monetary policy decisions from the Philippines or Peru.
  • Note: Smartkarma is now the sole distributor of our research, so clients should log in now to ensure smooth ongoing access (send queries to transition@smartkarma.com).

Heard From Fortress Hill: Weekly Market Observations (07 Februray 2025)

By Alex Ng

  • Hong Kong equity boost this week may imply longer positive rally down the road. 
  • In US market, there are a number of individual firms that have rallied over at least 10% this week.
  • Today marks the day for nonfarm payrolls, which may direct not only the equity market but also gives guidance to Fed policies in coming months.

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

By Actinver

  • We expect inflation for the second half of January to be at 0.16% bw, as prices of agricultural products would have continued to decline.
  • The forecast of 0.16% bw is slightly below the historical 0.20% bw for this period, as we expect a -0.33% bw contraction in non-core inflation (historical average of +0.10% bw).
  • Our price monitoring shows a generalized reduction in agricultural and meat & egg prices, which would be partially offset by the increase in energy prices.

CX Daily: Billionaire Investment Banker Bao Fan May Face Bribery Charges, Sources Say

By Caixin Global

  • Investment banks / Exclusive: Billionaire investment banker Bao Fan may face bribery charges, sources say
  • Vaccine /MSD halts supply of HPV vaccine to China after slump in demand
  • Holiday /Analysis: Record Lunar New Year travel boosts consumer spending

💡 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



Daily Brief Thailand: CP ALL PCL, Fabrinet and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CP ALL (CPALL TB) – Caught in a Force Seven Gale
  • Fabrinet – Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!


CP ALL (CPALL TB) – Caught in a Force Seven Gale

By Angus Mackintosh

  • CP ALL (CPALL TB) has seen a rout in its share price as investors worry that it may be drawn into investing in Seven & I Holdings.
  • Indications suggest that if it was to invest, the stake would be much smaller than previously reported and it would likely come with some beneficial concessions.
  • CP ALL (CPALL TB) continues to see a strong recovery in both sales and profitability, with a positive outlook for FY2025, whilst valuations have been compressed to attractive levels.

Fabrinet – Fabrinet: Expansion of Manufacturing Capacity For Resurgence In Telecom!

By Baptista Research

  • Fabrinet reported robust results for the second quarter of fiscal year 2025, showcasing significant topline and bottom-line improvements.
  • Revenue for the quarter reached $834 million, marking a 17% increase year-over-year and a 4% sequential rise.
  • This growth exceeded expectations and translated into a record non-GAAP earnings per share of $2.61.

💡 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



Daily Brief South Korea: Hyundai Motor and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Korea’s First ATS Launching March 4: Arb Opportunities to Watch


Korea’s First ATS Launching March 4: Arb Opportunities to Watch

By Sanghyun Park

  • Korea’s first ATS goes live on March 4, starting with 10 tickers based on liquidity and market cap, expanding to 800 over time. First 10 revealed next week.
  • KRX vs ATS arbitrage will be key, with execution speed differences causing price dislocations, especially for KOSPI 200 stocks. Lower ATS fees may shift institutional flow, increasing arb opportunities.
  • On top of that, lack of market makers could widen bid-ask spreads, creating opportunities for spread scalpers to profit.

💡 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



Daily Brief Indonesia: Bank Mandiri Persero and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Bank Mandiri (BMRI IJ) – Well-Set for 2025 Returns


Bank Mandiri (BMRI IJ) – Well-Set for 2025 Returns

By Angus Mackintosh

  • Bank Mandiri saw a slower finish to the year despite strong loan growth and solid CASA growth, as expenses rose in 4Q2024 and slower recoveries impacted non-interest income.  
  • Strong loan growth was driven by corporate and commercial lending with diverse sector exposure, as it continues to exploit wholesale relationships rather than increase risk, supported by CASA growth.
  • The recent correction looks overdone given the outlook for 2024 looks positive, with loans expected to follow deposit growth in 2025, with credit costs under control. Valuations below historic levels.

💡 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



Daily Brief Singapore: MoneyHero , SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • MoneyHero Group’s Q3 Blowout! 6% Revenue Surge & $3.8M EBITDA Gain
  • Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions


MoneyHero Group’s Q3 Blowout! 6% Revenue Surge & $3.8M EBITDA Gain

By Baptista Research

  • This is a follow-up research note on MoneyHero Group, a leading personal finance and digital insurance aggregation platform in Greater Southeast Asia.
  • The company delivered a strong Q3 2024 performance, signaling a strategic shift towards efficiency and high-margin products.
  • Revenue rose 6% YoY to $20.9M, with personal loans, wealth/investment offerings, and insurance driving significant growth.

Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions

By Arusha Das

  • Trade war impacts the market sentiment
  • Arbitrage widens for international cargoes 
  • Lower inventory could bring some buying back

💡 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



Daily Brief India: Hexaware Technologies, Sify Technologies , Deepak Fertilisers & Petro, Ganesha Ecosphere, Himadri Speciality Chemical, Kent R O Systems and more

By | Daily Briefs, India

In today’s briefing:

  • Hexaware Technologies IPO: The Bull Case
  • Sify Technologies: Unlocking Value with Data Centre IPO
  • Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces
  • Deepak Fertilisers Limited: Q3 FY25 Performance Analysis
  • Ganesha Ecosphere Limited: Q3 FY25 Quarterly Update
  • Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis
  • Kent R O Systems Ltd Pre-IPO Tearsheet


Hexaware Technologies IPO: The Bull Case

By Arun George

  • Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion. 
  • BPEA privatised Hexaware in 2020. In 2021, Carlyle won an auction to acquire a 95.51% stake in Hexaware.
  • The bull case rests on sold revenue growth, reducing customer concentration, high utilization, low attrition rates, high customer satisfaction scores and top-tier cash generation.

Sify Technologies: Unlocking Value with Data Centre IPO

By Sudarshan Bhandari

  • Sify Technologies (SIFY US) is planning a Rs. 3,000 crore IPO for its data centre subsidiary, Sify Infinite Spaces, aiming to unlock significant hidden value and realign its market valuation.
  • The IPO underscores rapid growth in India’s data centre market, driven by Digital India and 5G, offering a strategic edge with lower capital costs versus global peers.
  • Investors can capitalize on a notable valuation arbitrage, as Sify’s data centre arm is vastly undervalued compared to the parent’s market cap, promising long-term upside.

Sify Technologies: Positive Beneficiary of the Potential IPO of Sify Infinit Spaces

By Douglas Kim

  • The potential IPO of Sify Infinite Spaces is likely to have a positive impact on Sify Technologies. 
  • The overall market size of data centers in India is huge and Sify Infinite Spaces certainly has the experience and capability to become one of the leaders in this segment.
  • Despite attractive market opportunity, there will be some investors that will question the overall valuation levels of Sify Infinite Spaces to justify seeking nearly 30 billion INR in the IPO. 

Deepak Fertilisers Limited: Q3 FY25 Performance Analysis

By Sudarshan Bhandari

  • Deepak Fertilisers & Petro (DFPC IN) Q3 FY25 saw revenue rise 39% YoY, EBITDA up 72%, and net profit 318% YoY, driven by expansion and a shift to specialty products.
  • Company saw significant volume growth across segments except crop nutrition segment.
  • Company is under restructuring exercise, which will demerge all the different segment and unlock value over longer term.

Ganesha Ecosphere Limited: Q3 FY25 Quarterly Update

By Sudarshan Bhandari

  • Ganesha Ecosphere (GNPL IN)’s Q3 FY25 revenue surged 39.6% YoY to ₹397.8 crores, with production volume up 22.3% YoY, and capacity expansions underway.
  • Strong revenue growth and capacity expansions enhance GEL’s market position amid rising global demand for sustainable PET recycling.
  • Investors gain confidence in GEL’s strategic shift towards high-value recycled products and international market expansion, promising long-term sustainability.

Himadri Speciality Chemical Ltd: Q3 & 9M FY25 Performance Analysis

By Sudarshan Bhandari

  • Himadri Speciality Chemical (HSCH IN) delivered strong Q3 and 9M FY25 performance, with revenue, EBITDA, and PAT rising significantly, and launched major capacity expansions and new high-value product investments.
  • Himadri is set to capitalize on growing EV and lithium-ion battery markets, enhancing long-term profitability and sustainability.
  • Company acquired Birla tyre and also took more than 10% stake in Sicona, an Australian startup specializing in silicon anode technology, which will drive further growth once stabilise.

Kent R O Systems Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Kent R O Systems (6592700Z IN)  (KROS) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are Motilal and JM Fin.
  • KROS was established in 2007. The brand ‘Kent’ is a leader in the water purifier market in India, recognized for being a pioneer in introducing reverse osmosis (RO) technology.
  • Kent’s water purifiers hold the NSF/ANSI 58 certification, an American national standard for point-of-use reverse osmosis systems, as per Technopak Report.

💡 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



Daily Brief United States: Palantir Technologies , Amazon.com Inc, Sailpoint Technologies Holdings, Occidental Petroleum, Exxon Mobil, BP , Broadridge Financial Solutions, Inc, Crude Oil, Apple and more

By | Daily Briefs, United States

In today’s briefing:

  • This Is Palantir’s Vision for Changing How the US Does Defense Spending
  • Amazon 4Q’24 Update
  • SailPoint, Inc. (SAIL) — Blowout Expected as Investors Pile into First Software IPO of 2025
  • [Earnings Preview] Lower Oil Prices to Pressure Occidental in Q4 While NGL Prices Offer Support
  • ExxonMobil: Liquefied Natural Gas (LNG) Strategy As A Crucial Pillar In Global Energy!
  • Palantir: The “Untamed” AI Giant That Just Shocked Wall Street With a $3.75 Billion Forecast!
  • [Pre Earnings Options Flash] BP’s OI PCR Signals Optimism Despite Bleak Q4 Outlook
  • Broadridge Financial Solutions: Will Its Recurring Revenue Expansion Last In The Long Term?
  • [ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts
  • Apple’s Innovation Engine Is Stalling? AI Struggles, AR/VR Flops, and China’s Regulatory Crackdown!


This Is Palantir’s Vision for Changing How the US Does Defense Spending

By Odd Lots

  • Introduction to the Odd Lots Podcast with hosts Jill Wiesenthal and Tracy Alloway
  • Discussion with guest Sean Sham Sankar, CTO of Palantir, about defense spending and technology
  • Focus on the importance of data integration and human decision-making in the defense industry

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


Amazon 4Q’24 Update

By MBI Deep Dives

  • Amazon faced ~900 Mn FX headwind in 4Q’24 which was ~700 mn higher than assumed.
  • For the third consecutive quarters, AWS grew 19% YoY. Ads grew by +18% YoY, and revenues in other segments increased by mostly High Single Digit (HSD) rate.
  • I’ll discuss more about AWS later, but let’s talk more about Amazon ex-AWS first.

SailPoint, Inc. (SAIL) — Blowout Expected as Investors Pile into First Software IPO of 2025

By IPO Boutique

  • The first software IPO of 2025 is checking all the boxes and is expected to deliver strong returns versus issue price when it debuts on February 13th.
  • There are currently two anchor orders on this deal which have each indicated for up to 20% of the offering (AllianceBernstein & Dragoneer Investment Group). 
  • The IPO market is “eager and ready” for the technology window to open up. We like the risk-reward profile of this deal at this time. 

[Earnings Preview] Lower Oil Prices to Pressure Occidental in Q4 While NGL Prices Offer Support

By Suhas Reddy

  • Occidental’s Q4 revenue and EPS are expected to drop 2.6% and 9.5% YoY, with full-year 2024 declines of 3.8% and 10%, respectively.
  • Occidental’s average realised worldwide oil price dropped by 7.4% QoQ and 11.6% YoY to USD 69.73/b. Conversely, its average realised global NGL price rose by 6.5% QoQ and 4.2% YoY.
  • The STRATOS plant, one of the largest DAC projects globally, will begin operations by mid-2025. It is expected to capture up to 500,000 tonnes of carbon dioxide annually.

ExxonMobil: Liquefied Natural Gas (LNG) Strategy As A Crucial Pillar In Global Energy!

By Baptista Research

  • ExxonMobil reported earnings of $34 billion for the year, marking its third-highest result over the past decade, despite facing softer market conditions.
  • This financial outcome underscores ExxonMobil’s robust operational efficiency and strategic agility.
  • The five-year average return on capital employed (ROCE) stands at an industry leading 11%.

Palantir: The “Untamed” AI Giant That Just Shocked Wall Street With a $3.75 Billion Forecast!

By Baptista Research

  • Palantir Technologies Inc. saw a significant surge in its stock price following a robust earnings report that surpassed analyst expectations.
  • The company projected full-year 2025 revenue of approximately $3.75 billion, exceeding the $3.54 billion consensus estimate.
  • Adjusted operating income is anticipated to be around $1.56 billion, highlighting Palantir’s continued momentum in artificial intelligence and government contracts.

[Pre Earnings Options Flash] BP’s OI PCR Signals Optimism Despite Bleak Q4 Outlook

By Suhas Reddy

  • BP set to report its Q4 and 2024 earnings on 11/Feb, with revenue and EPS projected to fall by 10% YoY and 57%, respectively.
  • As of 06/Feb, BP’s implied volatility (IV) stands at 35.21%, with an IV rank of 82.9% and an IV percentile of 99%.
  • BP’s OI by strike for the 07/Feb expiry shows calls concentrated at strikes 31.5, 32, and 32.5, while puts dominate at 29.5, 30, and 30.5.

Broadridge Financial Solutions: Will Its Recurring Revenue Expansion Last In The Long Term?

By Baptista Research

  • Broadridge Financial Solutions, Inc. reported strong fiscal second-quarter results for 2025, characterized by a 9% growth in recurring revenues and a significant 70% increase in adjusted earnings per share (EPS).
  • A key driver of the revenue growth was organic expansion of 7%, as well as a boost from the acquisition of SIS.
  • Additionally, Broadridge set a new quarterly record with its event-driven revenues, demonstrating the company’s ability to capitalize on transient market opportunities.

[ETP 2025/06] WTI Pressured by Macroeconomic Uncertainty; Henry Hub Rebounds on Colder Forecasts

By Suhas Reddy

  • For the week ending 31/Jan, US crude inventories increased by 8.7m barrels, exceeding expectations of a 2.4m barrel build. Gasoline stockpiles unexpectedly rose, while distillate stocks fell more than expected.
  • US natural gas inventories fell by 174 Bcf for the week ending 31/Jan, beating analyst expectations of a 167 Bcf drawdown. Inventories are 4.4% below the 5-year seasonal average.
  • TotalEnergies’ Q4 adjusted earnings rose 8.1% QoQ and beat estimates by 4.8% led by robust growth in the LNG and Integrated Power divisions.

Apple’s Innovation Engine Is Stalling? AI Struggles, AR/VR Flops, and China’s Regulatory Crackdown!

By Baptista Research

  • Apple delivered a solid revenue forecast for the current quarter, reassuring investors after mixed holiday results that highlighted both strengths and challenges.
  • The company expects revenue growth in the low- to mid-single digits, aligning with analysts’ projections.
  • This guidance helped stabilize Apple’s stock after initial concerns about weaker-than-expected sales in China and a slight decline in iPhone revenue.

💡 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



Daily Brief China: China National Building Material, Breton Technology, Japan Hotel Reit Investment, SGX Rubber Future TSR20 and more

By | China, Daily Briefs

In today’s briefing:

  • CNBM (3323 HK): A Closer Look At Proration
  • Breton Technology Pre-IPO: Growing but Continues to Bleed
  • Asia Real Estate Tracker (07-Feb-2025): KKR & Gaw negotiating $660M sale of Hyatt Regency Tokyo.
  • Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions


CNBM (3323 HK): A Closer Look At Proration

By David Blennerhassett

  • Back on the 6th December, China National Building Material (3323 HK) (CNBM), China’s leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.
  • As this elevates CNBM’s parent’s stake to 50.01% of total shares from 45.02% currently, independent H-shareholder will vote on a whitewash waiver on the 19th February. 
  • Minimum pro-ration is 19.24%. It is likely to be higher. The question is whether to buy, and/or borrow, and tender; or simply short outright.

Breton Technology Pre-IPO: Growing but Continues to Bleed

By Nicholas Tan

  • Breton Technology (1884270D CH)  is looking to raise about US$200m in its upcoming Hong Kong IPO.
  • It is a new energy solution provider in China, focused on the design, development and commercialization of electric-powered engineering machinery, including battery-electric loaders and wide-body dump trucks.
  • In this note, we look at the firm’s past performance.

Asia Real Estate Tracker (07-Feb-2025): KKR & Gaw negotiating $660M sale of Hyatt Regency Tokyo.

By Asia Real Estate Tracker

  • KKR and Gaw are in talks for a $660M sale of Hyatt Regency Tokyo to Japan Hotel REIT, potentially reshaping the hospitality market.
  • Singapore worker housing rents have surged by 10.8% in the second half of 2024, attributed to a significant increase in labor influx.
  • Despite falling rent trends in APAC office markets, Australia and Japan have shown resistance, according to Knight Frank’s report.

Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions

By Arusha Das

  • Trade war impacts the market sentiment
  • Arbitrage widens for international cargoes 
  • Lower inventory could bring some buying back

💡 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



Daily Brief Japan: Jaccs Co Ltd, Astellas Pharma, Charm Care Corp, Hosokawa Micron, IPS Inc, Japan Investment Adviser Co, Kanematsu Corp, Kohsoku Corp, Marubun Corp, Mitsuboshi Belting and more

By | Daily Briefs, Japan

In today’s briefing:

  • Jaccs Co Ltd (8584 JP): Q3 FY03/25 flash update
  • Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised
  • Charm Care Corp (6062 JP): 1H FY06/25 flash update
  • Hosokawa Micron (6277 JP): Q1 FY09/25 flash Update
  • IPS Inc (4390 JP): Q3 FY03/25 flash update
  • Japan Investment Adviser Co (7172 JP): Full-year FY12/24 flash update
  • Kanematsu Corp (8020 JP): Q3 FY03/25 flash update
  • Kohsoku Corp (7504 JP): Q3 FY03/25 flash update
  • Marubun Corp (7537 JP): Q3 FY03/25 flash update
  • Mitsuboshi Belting (5192 JP): Q3 FY03/25 flash update


Jaccs Co Ltd (8584 JP): Q3 FY03/25 flash update

By Shared Research

  • Operating revenue increased by JPY4.3bn YoY, driven by deferred installment income, despite a decline in transaction volume.
  • Consolidated operating expenses rose JPY8.4bn YoY due to higher bad-debt expenses and finance costs amid interest rate hikes.
  • Overseas business saw a segment loss of JPY2.5bn, with increased bad debt expenses and declining transaction volumes in Vietnam and Indonesia.

Astellas Pharma (4503 JP): 9MFY25 Result- Strategic Brands Strong; Margins Expand; Guidance Raised

By Tina Banerjee

  • Astellas Pharma (4503 JP) reported a 22% YoY (6% from favourable Fx rates) revenue growth to ¥1,453B in 9MFY25. The U.S. market continue to be key, contributing 46% of revenue.
  • Operating profit rose 44% YoY to ¥297.5B, with operating margin expanding 310bps to 20.5%. Core profit increased 35% YoY to ¥223B, with margins improving 150bps to 15.4% in 9MFY25.
  • Guidance revised upward, with revenue now expected at ¥1,900B on robust XTANDI performance and favorable forex movement.

Charm Care Corp (6062 JP): 1H FY06/25 flash update

By Shared Research

  • In 1H FY06/25, revenue increased by 7.9% YoY, operating profit grew 11.7% YoY, maintaining high occupancy rates.
  • As of end-Q2, 104 assisted-living facilities operated with 7,086 rooms, maintaining high occupancy despite increased resident departures.
  • Good Partners’ revenue and profit were strong; Charm Senior Living’s referral business contributed to occupancy growth at facilities.

Hosokawa Micron (6277 JP): Q1 FY09/25 flash Update

By Shared Research

  • The company recorded orders of JPY20.2bn, sales of JPY18.1bn, and an order backlog of JPY48.6bn, all declining YoY.
  • FY09/25 forecasts include sales of JPY83.0bn, operating profit of JPY6.5bn, and recurring profit of JPY6.9bn, all decreasing YoY.
  • Capital expenditures for FY09/25 are planned at JPY5.0bn, with R&D expenses at JPY1.2bn, both increasing YoY.

IPS Inc (4390 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue increased to JPY11.2bn (+34.5% YoY) with growth in Global Telecommunications, but declines in Domestic Telecommunications and Medical & Healthcare.
  • Operating profit rose to JPY3.2bn (+120.8% YoY), driven by cost ratio reduction and Global Telecommunications segment performance.
  • Global Telecommunications business achieved JPY7.8bn revenue (+97.8% YoY) and JPY2.9bn operating profit (+347.5% YoY).

Japan Investment Adviser Co (7172 JP): Full-year FY12/24 flash update

By Shared Research

  • FY12/24 revenue increased 42.7% YoY, with operating profit up 120.5% and recurring profit up 217.2%.
  • Operating Lease business revenue rose 47.5% YoY, contributing 90.8% of total revenue, with equity sales at JPY113.1bn.
  • FY12/25 forecast includes revenue of JPY36.9bn, operating profit of JPY18.1bn, and a 50% dividend payout ratio.

Kanematsu Corp (8020 JP): Q3 FY03/25 flash update

By Shared Research

  • Companywide revenue rose to JPY781.7bn (+7.7% YoY), driven by mobile and aerospace business sales, with operating profit at JPY33.4bn (+0.9% YoY).
  • Segment reclassification in FY03/25 affected revenue and profit figures, with notable increases in mobile, semiconductor, and aerospace businesses.
  • Declines in operating profit were observed in the meat products, feedstuff, iron, steel, and energy businesses, impacting overall profitability.

Kohsoku Corp (7504 JP): Q3 FY03/25 flash update

By Shared Research

  • Revenue for cumulative Q3 FY03/25 increased by 8.5% YoY, reaching JPY88.4bn, with a gross profit of JPY17.4bn.
  • Operating profit and recurring profit both rose by 8.5% and 8.2% YoY, respectively, with net income up 8.9%.
  • SG&A expenses increased by JPY1.22bn, primarily due to higher salaries, freight, packaging, and bonus provisions.

Marubun Corp (7537 JP): Q3 FY03/25 flash update

By Shared Research

  • Net sales decreased by 15.4% YoY, with significant declines in the Electronic Devices business due to weak demand.
  • Operating income fell by 33.9% YoY, impacted by lower net sales and increased SG&A expenses, with forex losses of JPY1.2bn.
  • Electronic Systems business saw an 8.9% YoY sales increase, driven by medical equipment and defense market expansion.

Mitsuboshi Belting (5192 JP): Q3 FY03/25 flash update

By Shared Research

  • Mitsuboshi’s Q4 revenue is typically lower due to decreased demand for agricultural machinery and snowmobile belts in the US.
  • Revenue increased 7.7% YoY to JPY67.9bn, with operating profit up 4.8% YoY to JPY6.5bn.
  • Automotive and industrial belts saw YoY revenue growth, with strong demand for repair parts and new products.

💡 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



Daily Brief Utilities: Naturgy Energy Group SA and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Naturgy Acquisition Talks: Diplomatic and Financial Hurdles Persist


Naturgy Acquisition Talks: Diplomatic and Financial Hurdles Persist

By Jesus Rodriguez Aguilar

  • Diplomatic tensions hinder acquisition: Algeria opposes Taqa’s takeover of Naturgy due to geopolitical conflicts with the UAE, complicating Spain’s energy security and disrupting acquisition negotiations.
  • Corporate governance challenges: Naturgy faces board restructuring, with five seats up for renewal and shareholder disputes over representation, potentially impacting governance stability and strategic decision-making.
  • Despite acquisition uncertainties, Naturgy is expected to report solid 2024 financial results and unveil a strategic plan focusing on decarbonization, diversification, and operational efficiency in early 2025.

💡 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