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Smartkarma Daily Briefs

Dec 03
0

Daily Brief South Korea: Samsung C&T, KakaoBank , Orion Holdings, S&T Motiv and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Hong Ra-Hee To Give 1.8 Million Shares of Samsung C&T to Her Son Lee Jae-Yong
  • Primer: KakaoBank (323410 KS) – Dec 2025
  • Primer: Orion Holdings (001800 KS) – Dec 2025
  • Primer: S&T Motiv (064960 KS) – Dec 2025

Hong Ra-Hee To Give 1.8 Million Shares of Samsung C&T to Her Son Lee Jae-Yong

By Douglas Kim

  • It was reported that Hong Ra-Hee plans to give all of her 1,808,577 shares in Samsung C&T (1.06% stake) to her son Lee Jae-Yong on 2 January 2026. 
  • After this stake transfer, Lee Jae-Yong’s stake in Samsung C&T will rise to 20.82% and Hong Ra-Hee will no longer have any stake in Samsung C&T. 
  • Higher ownership of Samsung C&T by Lee Jae-Yong will likely place a bigger focus on Samsung C&T, especially on its importance as a quasi-holding company of the entire Samsung Group. 

Primer: KakaoBank (323410 KS) – Dec 2025

By αSK

  • KakaoBank is a dominant digital-only bank in South Korea, leveraging the vast user base of the KakaoTalk messenger platform to achieve significant market penetration and rapid growth. Its branchless model provides a structural cost advantage over traditional incumbents.
  • The bank is pursuing an aggressive growth strategy focused on expanding its customer base to 30 million and total assets to KRW 100 trillion by 2027. Key initiatives include diversifying into new loan products, enhancing platform services (e.g., advertising, loan comparison), and expanding internationally into markets like Indonesia and Thailand.
  • While growth has been robust, the company faces significant risks from intense competition from other digital banks (K-Bank, Toss Bank) and traditional banks’ digital offerings. Furthermore, regulatory uncertainty, particularly concerning its largest shareholder, Kakao Corp., and potential government measures to manage household debt, presents a material headwind.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Orion Holdings (001800 KS) – Dec 2025

By αSK

  • Orion Holdings is a leading South Korean confectionery company with a strong brand portfolio, including the iconic ‘Choco Pie’, and a significant, growing presence in key international markets such as China, Vietnam, and Russia.
  • The company is strategically diversifying its business into new growth areas, including beverages, convenient meal replacements, and biotechnology, to build a more comprehensive food and healthcare enterprise.
  • Despite robust growth in revenue and net income, the company’s market capitalization has underperformed, suggesting a potential valuation disconnect that may present an opportunity for investors.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: S&T Motiv (064960 KS) – Dec 2025

By αSK

  • S&T Motiv is a South Korean manufacturer of automotive components and defense products, with a growing focus on parts for electric and hybrid vehicles.
  • The company’s defense segment, which produces small arms for the South Korean military and for export, is expected to be a significant growth driver due to heightened global security concerns.
  • While the traditional automotive parts business faces challenges from the decline in internal combustion engine vehicles, S&T Motiv‘s investment in electric vehicle components positions it to capitalize on the shift to electrification.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Dec 03
0

Daily Brief ECM: UltraGreen.ai IPO Trading: Attractive Pricing and more

By | Daily Briefs, ECM

In today’s briefing:

  • UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds
  • UACJ Placement: Lacklustre Financial Performance in Recent Period
  • 3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive
  • Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation
  • Meesho – Potential Play on Value E-Commerce
  • Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors
  • Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation
  • Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect
  • Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation

UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

By Hong Jie Seow

  • UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
  • UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
  • We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

UACJ Placement: Lacklustre Financial Performance in Recent Period

By Hong Jie Seow

  • Furukawa Electric is looking to sell around US$128m of Uacj Corp (5741 JP.
  • The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive

By Tina Banerjee

  • 3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
  • The company intends to use 80% of the net proceeds for R&D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
  • The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.

Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

By IPO Boutique

  • Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
  • As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
  • Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.

Meesho – Potential Play on Value E-Commerce

By Himanshu Dugar

  • Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
  • We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
  • IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).

Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors

By Sumeet Singh

  • Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
  • Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
  • In this note, we will talk about the lockup dynamics and possible placement.

Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation

By IPO Boutique

  • Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
  • The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
  • The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.

Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect

By Tina Banerjee

  • Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
  • The company intends to use the IPO proceeds for R&D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           
  • Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.

Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation

By Xinyao (Criss) Wang

  • Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. 
  • The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
  • An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.

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Dec 03
0

Daily Brief Singapore: UltraGreen.AI and more

By | Daily Briefs, Singapore

In today’s briefing:

  • UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

UltraGreen.ai IPO Trading: Attractive Pricing, Strong Tailwinds

By Hong Jie Seow

  • UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
  • UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
  • We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

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Dec 03
0

Daily Brief Technical Analysis: New Lockout Rally Underway on SPX and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

By Joe Jasper

  • We had a near-term bullish outlook on the S&P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.
  • After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).
  • We’ll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new “lockout rally”

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Dec 03
0

Daily Brief India: Aditya Birla Capital Ltd, HDFC Bank, Meesho, NLC India and more

By | Daily Briefs, India

In today’s briefing:

  • NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade
  • HDFC Bank (HDFCB IN): Tactical Outlook Post–NIFTY Bank Index Overhaul
  • Meesho – Potential Play on Value E-Commerce
  • The Beat Ideas: NLC India-A 1.17 Lakh Crores Capex, Renewable Focus

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

By Brian Freitas

  • There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
  • If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
  • The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.

HDFC Bank (HDFCB IN): Tactical Outlook Post–NIFTY Bank Index Overhaul

By Nico Rosti

Meesho – Potential Play on Value E-Commerce

By Himanshu Dugar

  • Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
  • We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
  • IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).

The Beat Ideas: NLC India-A 1.17 Lakh Crores Capex, Renewable Focus

By Sudarshan Bhandari

  • NLCIL has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.
  • This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.
  • The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.

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Dec 03
0

Daily Brief United States: Lumexa Imaging Holdings, Fair Isaac Corp, DoubleVerify, APA , Intel Corp, Alphabet , Wealthfront Corporation, Comstock , Hydrofarm Holdings Group Inc, IDEXX Laboratories and more

By | Daily Briefs, United States

In today’s briefing:

  • Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation
  • Fair Isaac (FICO): High-Margin Scores Franchise With Structural Pricing Power…
  • Ad-Tech Primer: Investing in the Future of Digital Advertising
  • APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?
  • Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.
  • Primer: Alphabet (GOOGL US) – Dec 2025
  • Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation
  • LODE: Turning End-Of-Life Solar into Silver and Low-Cost Waste Wood into High-Value Fuels
  • HYFM: Continuing Market Pressures Drive Weaker 3Q25 Results and CEO Change
  • How Our Research Picks Have Held Up: December 2025

Lumexa Imaging Holdings, Inc. (LMRI): Diagnostic Imaging Service Seeking up to $1.9b Valuation

By IPO Boutique

  • Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
  • As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
  • Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.

Fair Isaac (FICO): High-Margin Scores Franchise With Structural Pricing Power…

By Baptista Research

  • Fair Isaac Corporation (FICO) presented an earnings report for the fourth quarter of 2025 that highlights both the strengths and challenges facing the company.
  • Revenues for the quarter reached $516 million, a 14% increase compared to the previous year, and for the full fiscal year, revenues totaled $1.991 billion, up 16% year-over-year.
  • In their software segment, revenues were $204 million, with a mixed outlook.

Ad-Tech Primer: Investing in the Future of Digital Advertising

By Atrium Research

  • Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
  • Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
  • Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.

APA Corp Is Expanding Its Egyptian Empire; Is The New Acreage A Potential Goldmine?

By Baptista Research

  • APA Corporation’s third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
  • They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
  • In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.

Intel (INTC.US): Apple M-Series in 2027; Intel 18A Is the Key.

By Patrick Liao

  • Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
  • U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
  • The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.

Primer: Alphabet (GOOGL US) – Dec 2025

By αSK

  • Alphabet maintains a dominant position in the digital advertising market through its Google Search and YouTube platforms, which continue to be the primary revenue and profit drivers for the company.
  • Strategic investments in Google Cloud and Artificial Intelligence (notably the Gemini models) are positioned as the next major growth engines, aiming to diversify revenue streams and compete with other technology giants.
  • The company faces significant and growing regulatory scrutiny globally, particularly concerning antitrust issues in its advertising and search businesses, which poses a material risk to its operations and future growth.

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Wealthfront Corporation (WLTH): Financial Platform Sets Terms Seeking North of $2.0b Valuation

By IPO Boutique

  • Wealthfront targets digital-native high earners, with 1.3 million funded clients and $88.2 billion in platform assets, driving strong client retention and organic growth.
  • The IPO offers 34.6 million shares at $12–$14, raising $255.2 million, with proceeds supporting working capital, debt repayment, and potential acquisitions.
  • The company demonstrates robust financial performance: 26% year-over-year revenue growth, 36% net income margins, and a proven product-led growth strategy supported by strong client engagement.

LODE: Turning End-Of-Life Solar into Silver and Low-Cost Waste Wood into High-Value Fuels

By Water Tower Research

  • The management structure is organized around project goals rather than traditional corporate hierarchies. 
  • Teams of scientists, engineers, and commercial experts together target key obstacles and bottlenecks in their markets. 
  • De Gasperis said this collaborative, conflict-surfacing culture enables the company to tackle complex challenges across diverse but interconnected sector interests, including metals, mining, fuels, and real estate.

HYFM: Continuing Market Pressures Drive Weaker 3Q25 Results and CEO Change

By Water Tower Research

  • Top line and margins come in weaker than expected. 
  • Hydrofarm reported 3Q25 results that included net sales of $29.4MM, down 33.3% Y/Y, driven primarily by a 32% decline in volume/mix and (1%) Y/Y price change.
  • Adjusted gross margin of 18.8% declined sequentially and was down meaningfully versus 24.3% in 3Q24 as lower manufacturing production volumes compressed margins, despite a positive mix and largely stable prices. 

How Our Research Picks Have Held Up: December 2025

By Finimize Research

  • Here’s your monthly look at the analysts’ investment ideas – and how they’ve done so far. Plus, the plays that Russell, Theodora, Reda, and Stéphane are watching now.
  • Every month, we round up how our picks and strategies are performing, and the performance data and links to the original Research Drops.
  • Our investing ideas have delivered an average absolute annualized return of 46%, outperforming their benchmarks by 22%, with a “hit rate” of 84%.

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Dec 03
0

Daily Brief Macro: Asian Equities: Southbound Zeal Dips; Some Established Themes Looking Tired and more

By | Daily Briefs, Macro

In today’s briefing:

  • Asian Equities: Southbound Zeal Dips; Some Established Themes Looking Tired, Others Rejuvenated.
  • EA: False Dawn For Disinflation
  • Policy Whispers Offer Relief, but Structural Damage Points to Iron Ore Headwinds
  • The Stupidly Simple Trend-Following Strategy That Actually Works
  • Egypt, December 2nd 2025
  • Oil futures: Crude edges down but amid geopolitics and glut concerns

Asian Equities: Southbound Zeal Dips; Some Established Themes Looking Tired, Others Rejuvenated.

By Manishi Raychaudhuri

  • From the superlative September (US$24.2 bn net buy), onshore investors’ net Southbound buying dipped in October (US$11.9 bn) and November (US$15.7 bn). Xiaomi, Alibaba, PopMart and Meituan were bought most.
  • The most sold stocks during October-November were SMIC, Hua Hong Semi, Innovent Biologics. Enthusiasm for semiconductor and biotech seems to be cooling off, though we believe biotech focus should revive.
  • Investors’ sustained preference is for stocks catering to domestic consumption that are able to adopt AI to improve productivity and expand their cash-generating businesses. Internet platforms fall in this silo.

EA: False Dawn For Disinflation

By Phil Rush

  • A surprise rise in EA inflation to 2.2% in November meant October’s long-awaited dip was a false dawn for a disinflationary consensus exceeded by 0.4pp since June.
  • The accumulated extent and the increase in service inflation to 3.5% are concerning, but the latest news was narrowly concentrated in Greece, with other errors being minor.
  • Stronger underlying momentum into year-end is preventing the January base effects from driving it significantly below target. The ECB’s good place isn’t breaking dovishly.

Policy Whispers Offer Relief, but Structural Damage Points to Iron Ore Headwinds

By Umang Agrawal

  • Vanke’s surprise bond delay sent markets into a tailspin, reviving fears of deeper systemic risk given its size and reputation.
  • Manufacturing softness and rising port inventories indicate weakening hot metal production, signalling renewed downside risks for iron ore. 
  • Any near-term support from stimulus chatter is likely outweighed by fading demand fundamentals and persistent sector-wide confidence erosion.

The Stupidly Simple Trend-Following Strategy That Actually Works

By Finimize Research

  • This neat and tidy method can deliver crisis protection and smoother returns to your portfolio, using just four ETFs and a once-a-month adjustment
  • When markets are choppy, it’s natural to reach for forecasts, hot takes, and the thing everyone’s talking about. 
  • But sometimes the smartest move is also the simplest: following the trend. Here’s a neat and tidy way to keep your portfolio in line with where the prices are heading.

Egypt, December 2nd 2025

By Denis Collot

  • IMF starts its mission in Cairo.                                                                     

  • Budget deficit widens, Growth accelerating.

  • Shipping companies plan full return through the canal.

Oil futures: Crude edges down but amid geopolitics and glut concerns

By Quantum Commodity Intelligence

  • Crude oil futures were moving sideways to lower Tuesday as geopolitical tensions bumped up against nagging concerns over a 2026 supply glut.
  • Front-month Feb26 ICE Brent  futures were trading at $62.38/b (2010 GMT) versus Monday’s settle of $63.17/b, while Jan26 NYMEX WTI was at $58.62/b against a previous close of $59.32/b.
  • Benchmarks steadied early in the week after OPEC+ confirmed the decision to leave Q1 production unchanged, but have struggled to hold gains amid the oversupply concerns.

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Dec 03
0

Daily Brief China: Xiaomi, ANE Cayman Inc, PC Partner, Hebei Changshan Biochemical Pharm, 3SBio Inc, Iron Ore, Hang Seng Index, Mao Geping Cosmetics, Shanghai Bao Pharmaceuticals, Mandi and more

By | China, Daily Briefs

In today’s briefing:

  • HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)
  • ANE Cayman (9956 HK): Q&A With The FA
  • PC Partner: Delisting in HK on 14 January 2026, Only on SGX Going Forward
  • Quiddity ChiNext & ChiNext 50 Dec25 Results: ~US$1.5bn Combined One-Way Flow; Multiple Surprises
  • 3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive
  • Policy Whispers Offer Relief, but Structural Damage Points to Iron Ore Headwinds
  • Macro Monthly (December): Seasonal Strength, Vol Selling Edges and a Notable Nifty Setup
  • Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors
  • Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect
  • Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

By Brian Freitas

  • The December rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.
  • The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.
  • Xiaomi (1810 HK) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (9988 HK) is the biggest capping sell.

ANE Cayman (9956 HK): Q&A With The FA

By David Blennerhassett

  • On the 28th October, ANE Cayman Inc (9956 HK), a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
  • The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR’s approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.
  • I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.

PC Partner: Delisting in HK on 14 January 2026, Only on SGX Going Forward

By Nicolas Van Broekhoven

  • PC Partner (1263 HK) announced it was completing its delisting from HK and moving to Singapore
  • The move to Singapore was a “life or death” situation for the company, as staying in HK precluded it from having access to Nvidia’s latest chips
  • 2026 will be a crucial year to determine PC Partner’s future outlook

Quiddity ChiNext & ChiNext 50 Dec25 Results: ~US$1.5bn Combined One-Way Flow; Multiple Surprises

By Janaghan Jeyakumar, CFA

  • The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced after market close on Friday 28th November 2025.
  • There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.
  • The ChiNext and ChiNext 50 index rebal events could trigger US$1.1bn and US$379mn in one-way flows respectively.

3SBio (1530 HK) Placement: 3SBio’s Pipeline Strength, An Indirect Stake in Mandi Makes It Attractive

By Tina Banerjee

  • 3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
  • The company intends to use 80% of the net proceeds for R&D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
  • The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.

Policy Whispers Offer Relief, but Structural Damage Points to Iron Ore Headwinds

By Umang Agrawal

  • Vanke’s surprise bond delay sent markets into a tailspin, reviving fears of deeper systemic risk given its size and reputation.
  • Manufacturing softness and rising port inventories indicate weakening hot metal production, signalling renewed downside risks for iron ore. 
  • Any near-term support from stimulus chatter is likely outweighed by fading demand fundamentals and persistent sector-wide confidence erosion.

Macro Monthly (December): Seasonal Strength, Vol Selling Edges and a Notable Nifty Setup

By John Ley

  • December seasonals across major markets show a generally positive profile, but the path is uneven, with most gains clustering in the final days of the month.
  • Several markets offer appealing vol selling setups, particularly those with consistently positive December vol premiums and elevated implied levels relative to past outcomes.
  • Nifty vol appears attractively priced, but its tendency not to monetize in December requires traders to think differently about how they extract value.

Mao Geping IPO Lockup – US$4.7bn Lockup Release for Founders and Pre-IPO Investors

By Sumeet Singh

  • Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
  • Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
  • In this note, we will talk about the lockup dynamics and possible placement.

Shanghai Bao Pharmaceuticals IPO: Niche Drug Candidates Entail Long-Term Growth Prospect

By Tina Banerjee

  • Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
  • The company intends to use the IPO proceeds for R&D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           
  • Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.

Pre-IPO Mandi Inc. – The Business Model, the Concerns and the Valuation

By Xinyao (Criss) Wang

  • Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. 
  • The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
  • An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.

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Dec 03
0

Daily Brief Japan: Tsuruha Holdings, Uacj Corp, Inageya Co Ltd, Mixi Inc, Realgate , AZ-Com Maruwa Holdings, Torishima Pump Mfg, TSE Tokyo Price Index TOPIX, Restar Holdings Corporation and more

By | Daily Briefs, Japan

In today’s briefing:

  • [Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share
  • Tsuruha (3391 JP): Aeon (8267 JP) Bumps Its Partial Tender Offer to JPY2,900
  • UACJ Placement: Lacklustre Financial Performance in Recent Period
  • Primer: Inageya Co Ltd (8182 JP) – Dec 2025
  • MIXI Inc. (2121 JP) – A Strategic Pivot to Sports
  • (02 Dec 2025) Real Gate <5532> — Fisco Company Research
  • (02 Dec 2025) AZ-Com Maruwa Holdings(9090 JP) — Fisco Company Research
  • (01 Dec 2025) Torishima Pump Mfg(6363 JP) — Fisco Company Research
  • To Improve the Quality of Listed Companies, Every Effort to Promote Going Private Is Necessary
  • Restar (3156 JP) – Earnings Momentum Regained

[Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share

By Travis Lundy

  • Tsuruha Holdings (3391 JP) had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a “Vision” instead. 
  • Today post-close, Aeon Co Ltd (8267 JP) announced its Partial Tender Offer on TSURUHA (Japanese) at ¥2,900/share. Slightly lower than hoped. Much better than before. 
  • AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. 

Tsuruha (3391 JP): Aeon (8267 JP) Bumps Its Partial Tender Offer to JPY2,900

By Arun George

  • Tsuruha Holdings (3391 JP) announced a partial tender offer from Aeon Co Ltd (8267 JP) at JPY2,900, a 27.2% premium over the previously stated offer price of JPY2,280.
  • Aeon will acquire a maximum (upper limit) of 43.2 million shares (9.52% ownership ratio) such that it attains a 50.90% ownership ratio. There is no lower limit. 
  • The offer is above the midpoint of the IFA DCF valuation range and marginally below the JPY3,100 price Aeon paid in 2024 to acquire Oasis’ stake. 

UACJ Placement: Lacklustre Financial Performance in Recent Period

By Hong Jie Seow

  • Furukawa Electric is looking to sell around US$128m of Uacj Corp (5741 JP.
  • The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Primer: Inageya Co Ltd (8182 JP) – Dec 2025

By αSK

  • Inageya is an established supermarket chain with a strong regional focus in the Tokyo metropolitan area, but it faces significant profitability challenges amidst intense industry competition.
  • Recent financial performance has been volatile, characterized by stagnant revenue, fluctuating margins, and a swing from net loss to a marginal profit, highlighting operational pressures from rising costs and stiff competition.
  • A recent business combination with United Super Markets Holdings (U.S.M.H), making Inageya a wholly-owned subsidiary of U.S.M.H and resulting in its delisting from the Tokyo Stock Exchange in late 2024, is a pivotal strategic shift aimed at enhancing competitiveness in the Kanto region.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

MIXI Inc. (2121 JP) – A Strategic Pivot to Sports

By Astris Advisory Japan

  • MIXI’s Q1–2 FY3/26 results highlight a company in transition.
  • Growth is increasingly driven by the Sports segment, supported by the consolidation of PointsBet Holdings and strong double-digit organic growth in Betting Sports.
  • Underlying profitability in the Sports segment improved to an estimated 5.6% despite one-time acquisition costs.

(02 Dec 2025) Real Gate <5532> — Fisco Company Research

By FISCO

Key points (machine generated)

  • Realgate, listed on the Tokyo Stock Exchange under code 5532, reported an operating profit over 1 billion yen for the fiscal year ending September 2025.
  • Founded in 2009 and led by President Yutaka Iwamoto, Realgate focuses on revitalizing old buildings in urban areas into flexible workspaces.
  • The company has shown consistent revenue growth for 16 periods and became a consolidated subsidiary of CyberAgent in July 2021, leading to its listing in June 2023.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

(02 Dec 2025) AZ-Com Maruwa Holdings(9090 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • AZ-COM Maruwa Holdings, listed as 9090 on the Tokyo Stock Exchange, focuses on third-party logistics (3PL) services for major retail customers.
  • The company reported a significant profit increase for the interim period of the fiscal year ending March 2026, exceeding initial forecasts.
  • Its logistics operations include transportation services and various 3PL segments, supported by a network of 269 locations specializing in e-commerce, low-temperature food, and pharmaceutical logistics.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

(01 Dec 2025) Torishima Pump Mfg(6363 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • Torishima Pump Manufacturing Co., Ltd. specializes in large, high-pressure pumps for essential infrastructure since 1919.
  • The company is a global leader in seawater desalination pumps, serving nearly all of the top 20 desalination plants worldwide.
  • For Q2 of FY ending March 2026, Torishima reported a 48.3 billion yen order intake, down 9.5 billion yen from last year, but sales rose 9.8% to 41.24 billion yen.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

To Improve the Quality of Listed Companies, Every Effort to Promote Going Private Is Necessary

By Aki Matsumoto

  • TSE plans to revise the listing maintenance criteria for its Growth Market to “market capitalization of over 10 billion yen within 5 years of listing,” with announcement scheduled for December.
  • The problem lies not with companies listing on the growth market itself, but with the increasing number of non-growing companies listing on the growth market.
  • Few companies exit the market, not just the growth market, which is why many companies lack growth mindset. Revising listing maintenance standards may slightly increase the number of companies exiting.

Restar (3156 JP) – Earnings Momentum Regained

By Astris Advisory Japan

  • Q1-2 FY3/26 results showed signs of stabilisation, which was a positive development.
  • Restar showed clear earnings recovery in Q2 FY3/26, with OPM improving to 2.3% from 1.2% in Q1 FY3/26, signalling that earnings momentum is returning after a weak start to the year.
  • Adjusting for yen appreciation, underlying sales rose 3.5% YoY. 

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Dec 03
0

Daily Brief Industrials: ANE Cayman Inc, Wacker Neuson Se, Sai Gon Cargo Service , Cahaya Aero Services, CEL Corp, China National Chemical Engineering Company A, Deutsche Lufthansa , Fagerhult Group , Hydrofarm Holdings Group Inc, Shenzhen Jasic Technology A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • ANE Cayman (9956 HK): Q&A With The FA
  • Doosan Bobcat: To Acquire the Controlling Stake & Conduct Tender Offer of Wacker Neuson?
  • Sai Gon Cargo Service (SCS VN): Robust Start To Q4, 7.2x PE/11% Dividend Yield/Net Cash/50% ROCE
  • Primer: Cahaya Aero Services (CASS IJ) – Dec 2025
  • (02 Dec 2025) CEL Corp(5078 JP) — Fisco Company Research
  • Primer: China National Chemical Engineering Company A (601117 CH) – Dec 2025
  • Primer: Deutsche Lufthansa (LHA GR) – Dec 2025
  • Primer: Fagerhult Group (FAG SS) – Dec 2025
  • HYFM: Continuing Market Pressures Drive Weaker 3Q25 Results and CEO Change
  • Primer: Shenzhen Jasic Technology A (300193 CH) – Dec 2025

ANE Cayman (9956 HK): Q&A With The FA

By David Blennerhassett

  • On the 28th October, ANE Cayman Inc (9956 HK), a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
  • The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR’s approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.
  • I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.

Doosan Bobcat: To Acquire the Controlling Stake & Conduct Tender Offer of Wacker Neuson?

By Douglas Kim

  • According to numerous local media, Doosan Bobcat is pursuing the acquisition of a controlling stake in Wacker Neuson Se (WAC GR), a German based compact construction equipment company. 
  • Doosan Bobcat is apparently discussing a plan to acquire approximately 60% of Wacker Neuson. There are also discussions to secure the remaining shares of the company through a tender offer. 
  • Wacker Neuson has a market cap of 1.46 billion EUR (2.5 trillion won) and the acquisition value for a 100% stake is expected to be more than 5 trillion won.

Sai Gon Cargo Service (SCS VN): Robust Start To Q4, 7.2x PE/11% Dividend Yield/Net Cash/50% ROCE

By Sameer Taneja

  • Sai Gon Cargo Service (SCS VN) experienced a robust start to Q4 with October volumes up 8.8% YoY (led by international volume growth of 16% YoY). 
  • On the 9MFY25 trajectory, despite the increase in corporate tax from 11% to 20%, the company will still achieve 5-6% YoY earnings growth, placing it at 7.2x PE FY25e.
  • The company faces ongoing risk from potential volume migration to Long Thanh Airport Terminal 2, slated to begin operations in early 2027, which is expected to divert international cargo.

Primer: Cahaya Aero Services (CASS IJ) – Dec 2025

By αSK

  • Cahaya Aero Services (CASS) is a dominant integrated aviation support provider in Indonesia, poised to capitalize on the nation’s robust recovery and projected long-term growth in air travel.
  • The company is demonstrating exceptional financial performance, characterized by accelerating revenue growth, significant margin expansion, and triple-digit growth in net income and EPS over the past three years.
  • While the company’s strategic focus on reinvesting for growth has fueled impressive operational expansion, this comes at the expense of shareholder distributions, with no dividends paid in recent years.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

(02 Dec 2025) CEL Corp(5078 JP) — Fisco Company Research

By FISCO

Key points (machine generated)

  • Cel Corporation, listed as 5078 on the Tokyo Stock Exchange, specializes in apartment manufacturing and land use consulting.
  • The company has faced decreased revenue and profit due to delays in rental development but maintains its full-year forecast for recovery.
  • Cel Corporation targets young people and the steel-framed apartment sector, with support from its subsidiary, Celent Partners Co., Ltd.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Primer: China National Chemical Engineering Company A (601117 CH) – Dec 2025

By αSK

  • China National Chemical Engineering Co., Ltd. (CNCEC) is a leading engineering and construction company, specializing in the chemical, petrochemical, and energy industries. The company has a strong track record of delivering large-scale projects both domestically and internationally.
  • The company is well-positioned to benefit from China’s continued investment in infrastructure and the chemical sector. CNCEC’s focus on technological innovation and sustainable development aligns with the country’s long-term strategic goals.
  • Despite a challenging global economic environment, CNCEC has demonstrated resilient financial performance. The company’s strong government backing and diversified project portfolio provide a stable foundation for future growth.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Deutsche Lufthansa (LHA GR) – Dec 2025

By αSK

  • Deutsche Lufthansa is a leading global aviation group with a diversified business model encompassing passenger airlines, cargo, and maintenance, repair, and overhaul (MRO) services. This diversification provides multiple revenue streams and resilience against market volatility in any single segment.
  • The company is undergoing a significant strategic transformation focused on fleet modernization, cost reduction, and enhancing operational efficiency to improve profitability.
  • Key challenges for Lufthansa include intense competition from both legacy and low-cost carriers, high operating costs, and susceptibility to external factors such as fuel price volatility, geopolitical instability, and labor disputes.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Fagerhult Group (FAG SS) – Dec 2025

By αSK

  • Fagerhult Group is a leading European professional lighting provider with a strong portfolio of 12 brands, strategically positioned to capitalize on the industry’s shift towards energy-efficient and smart lighting solutions.
  • Financial performance shows recent pressure on profitability, with declining net income and margins despite relatively stable revenues. This highlights challenges from market volatility and the need for operational efficiency.
  • The company’s strategy is focused on organic growth, sustainability, and innovation in connected lighting. Successful execution of this strategy will be critical to navigating a competitive landscape and reversing the negative trend in earnings.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

HYFM: Continuing Market Pressures Drive Weaker 3Q25 Results and CEO Change

By Water Tower Research

  • Top line and margins come in weaker than expected. 
  • Hydrofarm reported 3Q25 results that included net sales of $29.4MM, down 33.3% Y/Y, driven primarily by a 32% decline in volume/mix and (1%) Y/Y price change.
  • Adjusted gross margin of 18.8% declined sequentially and was down meaningfully versus 24.3% in 3Q24 as lower manufacturing production volumes compressed margins, despite a positive mix and largely stable prices. 

Primer: Shenzhen Jasic Technology A (300193 CH) – Dec 2025

By αSK

  • Shenzhen Jasic Technology is a prominent Chinese manufacturer of inverter welding and cutting equipment, demonstrating a strong financial profile with consistent profitability and robust cash flow generation.
  • The company is well-positioned to capitalize on the growing global and domestic welding equipment market, driven by industrial automation, infrastructure development, and a strategic focus on high-end product segments.
  • Despite solid fundamentals, the company faces risks from intense market competition, reliance on export markets, and historical labor disputes that could pose reputational challenges.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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