All Posts By

Smartkarma Daily Briefs

Daily Brief ESG: Growth Policy Score Improved with the Request to Raise P/B and more

By | Daily Briefs, ESG

In today’s briefing:

  • Growth Policy Score Improved with the Request to Raise P/B, but Other Criteria Are in the Process


Growth Policy Score Improved with the Request to Raise P/B, but Other Criteria Are in the Process

By Aki Matsumoto

  • It is commendable that more listed companies as a whole are setting ROE and ROIC as their targets. The real value of actually achieving these goals will now be tested.
  • Dividend Policy score, Treasury Shares Retirement score, AGM Disclosure score, and IR Disclosure score improved slightly, but the listed companies as a whole have yet to show improvement.
  • Even though higher stock prices negatively impacted Policy Stock Holding score, overall improvement has not been achieved for the listed companies. Cash allocation also remains an issue for many companies.

💡 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 Quantitative Analysis: Hong Kong Buybacks Weekly (Jan 10th): Tencent and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (Jan 10th): Tencent, Anta Sports Products, AIA
  • ASX Short Interest Weekly (Jan 3rd): Paladin Energy, Santos, Ramsay Health Care, Amcor


Hong Kong Buybacks Weekly (Jan 10th): Tencent, Anta Sports Products, AIA

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 10th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta Sports Products (2020 HK), AIA (1299 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Anta Sports Products (2020 HK).

ASX Short Interest Weekly (Jan 3rd): Paladin Energy, Santos, Ramsay Health Care, Amcor

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Jan 3rd (reported today) which has an aggregated short interest worth USD21.7bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Paladin Energy, Santos, Ramsay Health Care, Amcor.

💡 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 Thematic (Sector/Industry): Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025
  • India’s GDP Growth Moderates: What’s Next for FY25?
  • Singapore Market Roundup (10-Jan-2025): OCBC downgrades UOB to ‘hold’.
  • #85 India Insight: Adani Wilmar Oversubscribed, HDFC Hits ₹25,000 Cr AUM, GOI To Aid LPG Losses
  • What Has Happened in the First Ten Days of 2025?
  • Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences
  • Payment Companies – Key Picks and Potential IPOs in Focus
  • AUCTUS ON FRIDAY – 10/01/2025
  • Surge in Chinese Overseas Tourism Set for Lunar New Year


Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025

By Mark Chadwick

  • A rather inauspicious start to the year and equities tumbling 2.5% in the first trading week
  • Japan should be a top performing market in 2025 – it is undervalued, buoyed by reforms and has strong domestic fund flow
  • Wage growth is key this year, setting stage for a stronger economy. Semiconductor stocks were the star performers this week! 

India’s GDP Growth Moderates: What’s Next for FY25?

By Nimish Maheshwari

  • India’s real GDP growth for FY25 is forecast at 6.4%, reflecting a significant slowdown from FY24’s 8.2%, driven by weaker investment and industrial performance.
  • The slower growth trajectory highlights the challenges in maintaining momentum, with key sectors like manufacturing and mining underperforming, signaling potential long-term structural issues for India’s economy.
  • This outlook suggests a cautious approach to India’s growth, indicating that short-term consumer-driven growth may not offset the long-term impact of subdued investment and external imbalances

Singapore Market Roundup (10-Jan-2025): OCBC downgrades UOB to ‘hold’.

By Singapore Market Roundup

  • OCBC downgrades UOB to ‘hold’ due to new high share price, signaling potentially limited growth opportunities.
  • CGSI reinitiates coverage on Food Empire, sets ambitious new target price at $1.43, indicating strong growth potential.
  • UOB Kay Hian raises Digital Core REIT’s target price to 99 US cents and maintains ‘buy’ on SingPost, with positive outlook for both companies.

#85 India Insight: Adani Wilmar Oversubscribed, HDFC Hits ₹25,000 Cr AUM, GOI To Aid LPG Losses

By Sudarshan Bhandari


What Has Happened in the First Ten Days of 2025?

By Eric Wen

  • In the first ten days of 2025, Shanghai SSE Composite declined 5.5% and broke the key 3,200 support level. The main reason for the weakness is exchange rate;
  • From November 5th when Trump won election, Renminbi exchange rate to US dollar has declined 3.3% and broke key support levels;
  • The impact has started to shown in China’s residential property market. After a strong opening, new home sales quickly petered out. Whether rebound in the next few days is critical.

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

By Hardman & Co

  • The Hardman & Co Healthcare Index (HHI) has been running since 2009.
  • Its main function is to highlight the attractions of life sciences investments over the long term.
  • For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.

Payment Companies – Key Picks and Potential IPOs in Focus

By Victor Galliano

  • We update Klarna’s pre-IPO valuation based on recent private share transactions and that of Stripe; Indian payments company Pine Labs is reputedly looking for an IPO valuation of USD6bn
  • Our 2H24 recommended shares performance was suboptimal; only two of our four longs delivered gains, and our short’s share price was strong in the “risk on” investor climate
  • We downgrade Shift4 to neutral, keeping PagSeguro as our core value pick along with European value play Nexi and US megacap Visa; we keep our sell rating on Affirm

AUCTUS ON FRIDAY – 10/01/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/ CN)C; Target price of £0.80 per share: Flow rate in line with expectations at AB-1.
  • Two more appraisal wells in January – The AB-1 (Alberta Llanos) exploration well is now on production at an oil rate of 658 bbl/d gross (329 bbl/d net) with 49% water cut from 62 feet of net pay in the Ubaque.
  • The IP rate is in line with the expectations set out in the company’s September corporate presentation (321 bbl/d net).

Surge in Chinese Overseas Tourism Set for Lunar New Year

By Caixin Global

  • Many Chinese travelers are opting to head to destinations in East and Southeast Asia for the upcoming Lunar New Year holiday, underscoring a gradual recovery in outbound travel.
  • Searches for travel to Japan and South Korea during the holiday period from Jan. 28 to Feb.4 have more than doubled on Trip.com compared with last year’s holiday period, while interest in Southeast Asia has risen by 47%, according to data provided by the travel agency.
  • Japan, Thailand, Malaysia, Indonesia, Singapore, Vietnam and South Korea are the top outbound destinations for Chinese travelers during the holiday, according to hotel booking data provided by Trip.com and Qunar, another travel agency.

💡 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 ECM: Wuxi XDC Placement – A Repeat of Biologics Placement Saga and more

By | Daily Briefs, ECM

In today’s briefing:

  • Wuxi XDC Placement – A Repeat of Biologics Placement Saga, Last Deal Did Well
  • LXJ International Holdings Pre-IPO Tearsheet


Wuxi XDC Placement – A Repeat of Biologics Placement Saga, Last Deal Did Well

By Sumeet Singh

  • WuXi AppTec (2359 HK) aims to raise around US$150m via selling around 3% stake in WuXi XDC Cayman (2268 HK).
  • WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

LXJ International Holdings Pre-IPO Tearsheet

By Akshat Shah

  • LXJ International Holdings (LXJ HK) is looking to raise atleast US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC and Haitong.
  • LXJ International Holdings Limited (LXJIH) is a Chinese-style QSR brand having a chain of fast food restaurants in China.
  • It was ranked first in the Chinese-style QSR industry in China by GMV in 2023, according to CIC, making it the largest Chinese-style QSR brand in China.

💡 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 Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia
  • UPL Limited – ESG Report – Lucror Analytics


Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Shui On Land, Country Garden
  • In the US, the UST curve bull flattened slightly in a shortened trading session. The yield on the 2Y UST fell 2 bps to 4.27%, while that on the 10Y UST was unchanged at 4.69%.
  • The US equity market was closed yesterday, in observance of the national day of mourning for former president Jimmy Carter.

UPL Limited – ESG Report – Lucror Analytics

By Trung Nguyen

  • Headquartered in Mumbai, UPL Limited is a global agrochemical company listed on the Indian stock exchange.
  • It is the fifth-largest generic agrochemical company in the world (after Bayer, Dupont, Syngenta and BASF), with revenues of over USD 5.2 bn in FY 2023-24 (following the acquisition of Arysta LifeScience in 2019 for USD 4.2 bn).
  • The bond issuer, UPL Corp, is 78% owned by UPL Limited, with TPG and the Abu Dhabi Investment Authority each holding 11% stakes. UPL Limited is 27.9% owned by the family of Rajnikant Shroff, who is known as the Crop Protection King.

💡 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 Equity Bottom-Up: NVIDIA @ CES 2025. Forget The AIPC and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • NVIDIA @ CES 2025. Forget The AIPC, We’ve Got A Supercomputer PC!
  • Technically Speaking, Breakouts and Breakdowns: HONG KONG (January 6)
  • Veren Energy: Could Its Infrastructure Optimization & Expansion Be a Game-Changing Move? – Major Drivers
  • This Is How Electricity Rates Are Actually Set
  • HCA Healthcare: The Volume Growth & Payer Mix Dynamics! – Major Drivers
  • Hisamitsu Pharmaceutical (4530 JP): Growth Momentum Intact; FY25 Guidance Raised
  • Asia Real Estate Tracker (10-Jan-2025): Gordon Tang raises bid for Suntec REIT.
  • PERF: Perfect Corp. Completes the Acquisition of Wannaby
  • Baillie Gifford US Growth Trust – A unique high-growth strategy meriting support
  • Tech Supply Chain Tracker (11-Jan-2025): Intel’s Panther Lake boosts AI PC growth, foundry recovery by 2H25.


NVIDIA @ CES 2025. Forget The AIPC, We’ve Got A Supercomputer PC!

By William Keating

  • Project Digits is a supercomputer on everybody’s desk for $3000. Seems crazy but feels like 1977 Ken Olson moment “no reason anyone would want a computer in their home”
  • Lack of data center revenue growth predictions likely spooked investors and triggered a ~10% pullback. Just buy the dip, you know you want to…
  • Micron and MediaTek both jumped on news of their further involvement in NVIDIA’s AI acceleration hardware supply chain. 

Technically Speaking, Breakouts and Breakdowns: HONG KONG (January 6)

By David Mudd

  • Mainland investors continue their record southbound purchases during 2024 and into 2025. 
  • GDS Holdings (9698 HK) , GDS Holdings (ADR) (GDS US) had a break out from its triangle formation in its continuation pattern.  The company may list its China REIT assets.
  • Tencent (700 HK) had a symmetrical pattern breakdown after the announcement that the US pentagon had placed the company on its blacklist.  The company began a large share buyback.

Veren Energy: Could Its Infrastructure Optimization & Expansion Be a Game-Changing Move? – Major Drivers

By Baptista Research

  • Veren has reported its third quarter results for 2024, shedding light on both its operational successes and the challenges it faces.
  • The company generated excess cash flow of $114 million, with $85 million returned to shareholders.
  • A strategic infrastructure transaction was completed for $400 million, and total net debt is expected to be reduced by $1.3 billion by the end of 2024.

This Is How Electricity Rates Are Actually Set

By Odd Lots

  • On the All Thoughts podcast, Tracy Alloway and Joe discuss Tracy’s new solar panel and energy challenges during a snowstorm.
  • Duke Energy’s Senior VP of Pricing and Customer Solutions discusses the complexities of energy pricing, renewable energy, and the future of the grid.

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


HCA Healthcare: The Volume Growth & Payer Mix Dynamics! – Major Drivers

By Baptista Research

  • HCA Healthcare recently held its third-quarter earnings call, and the insights provided offer a complex view of the company’s current position and future outlook.
  • The financial results reflected strong performance despite notable challenges, particularly from recent hurricanes.
  • Positively, HCA Healthcare reported substantial year-over-year growth in several key financial metrics.

Hisamitsu Pharmaceutical (4530 JP): Growth Momentum Intact; FY25 Guidance Raised

By Tina Banerjee

  • Hisamitsu Pharmaceutical Co (4530 JP) reported single-digit revenue growth and net profit growth in low-teens during 9MFY25, on the back of 13% YoY growth in Salonpas focused OTC segment.
  • Rx business revenue grew 4% YoY as new products such as Zicthoru, Apohide, Combipatch, Vivelle-Dot etc clocked healthy numbers.
  • Hisamitsu raised its FY25 guidance for revenue by 1% to ¥154B, operating profit by 24% to ¥18B, and net profit by 24% to ¥20.5B.

Asia Real Estate Tracker (10-Jan-2025): Gordon Tang raises bid for Suntec REIT.

By Asia Real Estate Tracker

  • Gordon Tang increases buyout offer for Suntec REIT in response to investor dissatisfaction with original bid.
  • Texas teachers ramp up real estate investments, committing 61% more funds totaling $1.6 billion by 2024.
  • The Cheng family of Hong Kong faces challenges as an Australian casino operator experiences a cash shortage, impacting their holdings.

PERF: Perfect Corp. Completes the Acquisition of Wannaby

By Zacks Small Cap Research

  • Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as six mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing and most recently, Gen AI creation and editing.
  • It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.
  • It has a dominant market share and serves almost all the major beauty brands worldwide.

Baillie Gifford US Growth Trust – A unique high-growth strategy meriting support

By Edison Investment Research

Baillie Gifford US Growth Trust (USA) invests in exceptional US businesses with the potential to grow substantially faster than the market and deliver above-market returns. Such businesses tend to operate at the cutting edge of technology-led change and USA has exposure to companies focused on AI, space travel and online services. This note reiterates USA’s unique investment proposition and scrutinises a recent proposal from Saba, a US hedge fund manager, aimed at ousting USA’s board and replacing its investment managers. Saba currently owns less than 28% of USA shares in issue. The trust’s board has urged shareholders to reject Saba’s hostile takeover at the general meeting scheduled for 3 February 2025 and we agree with this recommendation, for reasons discussed below.


Tech Supply Chain Tracker (11-Jan-2025): Intel’s Panther Lake boosts AI PC growth, foundry recovery by 2H25.

By Tech Supply Chain Tracker

  • Intel’s Panther Lake chip set to drive growth in AI PC market and spark resurgence in semiconductor foundry industry by second half of 2025.
  • Rapidus to provide 2nm chip samples to Broadcom, highlighting advancements in semiconductor technology and potential for increased performance.
  • Taiwanese companies eye opportunities in expanding renewable energy market in the Philippines, showcasing interest in sustainable business practices. CES 2025 sees Nvidia unveiling robot collaborations while concerns emerge over South Korea’s absence. Honda and Sony face uncertainty as Afeela 1 debuts, while Tata Elxsi and Qualcomm team up to develop virtual models of Snapdragon Digital Chassis solutions. UK-Taiwan tech partnerships strengthen as British Representative to Taiwan concludes term, reflecting deepening alliance between the two countries.

💡 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 Event-Driven: KRX’s Responses to TMI-Related Confusions on KRX Semicon & Autos Rebalancing and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • KRX’s Responses to TMI-Related Confusions on KRX Semicon & Autos Rebalancing
  • VCredit (2003 HK): Offer Now Open. IFA Says Not Fair. Not Even Close
  • GJS/Haitong Merger: One Formality Reg To Go
  • [Quiddity Index Jan25] Nikkei 225 Mar Rebal: 3 IN, 3 OUT, $3bn One Way
  • EQD| SPX Volatility During the Trump Years (2017-2020)
  • Chung Yong-Jin Will Receive 10% of E Mart Shares from His Mum to Become the Controlling Shareholder
  • BBVA’s Bid for Sabadell: A Tough Road Ahead
  • Weekly Update: January 10, 2025
  • A Strategic Pivot: Adani Enterprises Exits Adani Wilmar for $2B
  • Destination XL Group Faces Potential Buyout: Fund 1 Investments Considers Raising Initial $3/Share Offer


KRX’s Responses to TMI-Related Confusions on KRX Semicon & Autos Rebalancing

By Sanghyun Park

  • KRX confirmed no immediate changes on KRX Semicon and KRX Autos. The universe will switch from BMI to TMI large and mid-caps, with constituent updates happening in the September rebalancing.
  • TMI rebalances quarterly, while KRX Semicon and Autos rebalance annually in September. KRX confirmed these indices will use the September TMI rebalancing results.
  • TMI rebalances quarterly, likely releasing results before KRX Sector Indices, giving a window to predict shifts in KRX Semicon and Autos stocks and position ahead of the sector rebalancing.

VCredit (2003 HK): Offer Now Open. IFA Says Not Fair. Not Even Close

By David Blennerhassett

  • Back on the 20 December, VCredit Holdings (2003 HK), a provider of consumer financial services in China, announced a unconditional MGO from Ma Ting Hung, VCredit’s chairman. and concert parties.
  • The catch? The Offer Price of HK$1.80/share was a 9.09% discount to undisturbed. It will not be increased. 
  • VCredit’s Composite Doc is now out, with the Offer open for tendering, with a 3rd February first close. The IFA says “not fair and not reasonable. Trading 45% through terms.

GJS/Haitong Merger: One Formality Reg To Go

By David Blennerhassett

  • Back on the 9th October, China’s leading state-backed brokerages Guotai Junan Securities (2611 HK) (GJS) and Haitong Securities (6837 HK) announced a scrip merger, with GJS the surviving entity.
  • Barring a China Traditional Chinese Medicine (570 HK)-like obstacle/debacle, this transaction was a wrap. Fortunately, key regulatory approvals (SAMR and SASAC) have been ticked off.
  • Approval from the Shanghai Stock Exchange was secured overnight. That was a formality. One approval remains – CSRC. Expect that condition to be satisfied shortly. GJS is no longer shortable.

[Quiddity Index Jan25] Nikkei 225 Mar Rebal: 3 IN, 3 OUT, $3bn One Way

By Travis Lundy

  • In December, I thought the March 2025 Nikkei 225 Rebalance was going to be 2 ADDs 2 DELETEs and a double-capping for Fast Retailing. 
  • Fast Retailing has fallen sharply vs Nikkei 225, and another stock has announced a large-multiple share split, making it a strong candidate for Nikkei 225 ADDITION in March 2025.
  • There is short-term path risk on all three ADDs, but they are definitely worth watching. Keep an eye out for separate insights on two of these names.

EQD| SPX Volatility During the Trump Years (2017-2020)

By John Ley

  • Common perception is that Trump = Volatility. We look at average monthly historic volatility and returns across 2017-2020 and compare with prior 19 years.
  • Trumps term in office included “Volmageddon”, the Christmas Massacre and Covid but we still find that the returns and historic volatility were not out of line.
  • Although a small sample size, we see a pattern to how historic volatility deviated from the average over his last term in office. 

Chung Yong-Jin Will Receive 10% of E Mart Shares from His Mum to Become the Controlling Shareholder

By Douglas Kim

  • E Mart’s Chairman Chung Yong-Jin will receive the entire 10% shares of E Mart held by his mum Lee Myung-Hee.
  • After this transaction, Chung Yong-Jin will become the largest shareholder in E Mart with a 28.6% stake in the company.
  • This is likely to positively impact E Mart. In Korea, when the final major ownership stake is transferred, there is often a positive boost to the share price.

BBVA’s Bid for Sabadell: A Tough Road Ahead

By Jesus Rodriguez Aguilar

  • Lower Acceptance Threshold: BBVA reduced its tender offer threshold to 49.3%, excluding Sabadell’s 1.4% treasury shares to ensure voting rights focus on active shareholders.
  • Shareholder and Regulatory Hurdles: Retail shareholder resistance, extended antitrust reviews, and opposition from Spanish and Catalonian governments complicate the takeover.
  • Sabadell’s Defensive Moves: A €2.9 billion shareholder return plan, potential treasury share expansion to 10%, and Zurich’s 3% stake further reduce the offer’s likelihood of success.

Weekly Update: January 10, 2025

By Richard Howe

  • Galapagos NV (GLPG), a Belgian biotechnology company, announced on January 8, 2025, its plan to split into two publicly traded entities by mid-2025.
  • Vivendi (VIV), the French media conglomerate, has recently undergone a significant restructuring by spinning off several of its key divisions into independent entities.
  • On December 30, 2024, Lions Gate Entertainment (LGFA/LGFB) filed its latest proxy related to the spin-off of Lionsgate Studios (LION). You can read it here.

A Strategic Pivot: Adani Enterprises Exits Adani Wilmar for $2B

By Nimish Maheshwari

  • Adani Enterprises (ADE IN) exits Adani Wilmar (AWLTD IN), selling its entire 44% stake for over $2 billion, redirecting funds toward core infrastructure ambitions.
  • The exit frees capital for energy, transport, and logistics projects, showcasing Adani’s commitment to strategic resource deployment and robust corporate governance.
  • Adani’s strategic divestment highlights its focus on infrastructure-driven growth, underscoring the potential for shareholder value creation through timely exits from non-core businesses.

Destination XL Group Faces Potential Buyout: Fund 1 Investments Considers Raising Initial $3/Share Offer

By Dalius Tauraitis

  • Destination XL Group received a non-binding $3/share proposal from Fund 1 Investments, holding a 21% stake.
  • Fund 1’s offer values DXLG at 6.1x EBITDA, with potential for a higher bid if additional value is identified.
  • DXLG repurchased 6.6% of shares in Q3 2024 at an average price of $2.80/share, totaling $10 million.

💡 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 Macro: [ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices and more

By | Daily Briefs, Macro

In today’s briefing:

  • [ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply
  • Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 10 Jan 2025
  • CX Daily: As Risks Mount, China Races to Regulate Battery Recycling
  • HEW: Happy(ish) New Year
  • ‘Colorful’ 2024 For Cambodia In Rubber, Tire Sectors


[ETP 2025/02] Bearish EIA Inventory Report Drags WTI Prices, Henry Hub Rebounds on Tightening Supply

By Suhas Reddy

  • For the week ending 03/Jan, U.S. crude inventories fell by 1m barrels, missing expectations of a 1.8m barrel decrease. Gasoline and distillate stockpiles rose more than expected.
  • U.S. natural gas inventories fell by 40 Bcf for the week ending 03/Jan, moderately beating analyst expectations of a 39 Bcf drawdown. Inventories are 6.5% above the 5-year seasonal average.
  • Analysts lowered 12-month PTs on Exxon, BP, Halliburton, TotalEnergies, and SLB. Morgan Stanley upgraded rating on Shell to Overweight and raised PT to USD 79.8 from USD 66.5.

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 10 Jan 2025

By Dr. Jim Walker

  • China’s economic strategy should focus on market-driven consolidation, high-quality investments, and expanding its services sector for sustainable growth.
  • Most Asian economies report positive growth, with India and Vietnam leading, while Korea and Malaysia show signs of contraction.
  • The Philippines faces weakening momentum, with declining trade balances and potential currency pressures.

CX Daily: As Risks Mount, China Races to Regulate Battery Recycling

By Caixin Global

  • Batteries / In Depth: As risks mount, China races to regulate battery recycling 
  • China-U.S. /In Depth: Decades-old research pact survives China-U.S. tensions
  • Corruption /State-backed documentary exposes minister’s corruption

HEW: Happy(ish) New Year

By Phil Rush

  • Markets began arguably as they will continue in 2025, with little beta and many quirks to source alpha. US payrolls boomed while EA inflation unsurprisingly rose.
  • More releases return next week, with UK inflation our highlight, as low airfares may disappoint many forecasts. US CPI and final EA HICP also matter. It’s still quiet for monetary policy decisions, with Indonesia and Korea the only exceptions.
  • Note: Smartkarma becomes our research portal in January, so clients should set their login details to maintain smooth access (send queries to transition@smartkarma.com).

‘Colorful’ 2024 For Cambodia In Rubber, Tire Sectors

By Vinod Nedumudy

  • Highlights ·       Set to finish 2024 with a 30% rise in rubber sale values YoY ·       Exports tires worth US$772.5 million during Jan-Nov 2024 ·       Minister charts course of action for 2025   Cambodia has made impressive strides in 2024, fueled by higher global rubber prices and exceptional progress in its burgeoning tire production and export industry, marking a pivotal step in its transformation into a key player in the global rubber value chain.
  •   The Southeast Asian kingdom earned US$472 million from exports of NR latex during January-October 2024, up 22.5% over the same period the previous year.
  • On the other hand, it gained US$568 million from exports of the product during January-November 2024, up 26.7% over the same period in 2023.

💡 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: Samsung KODEX Autos ETF, E Mart Inc, Hyundai Motor Securities and more

By | Daily Briefs, South Korea

In today’s briefing:

  • KRX’s Responses to TMI-Related Confusions on KRX Semicon & Autos Rebalancing
  • Chung Yong-Jin Will Receive 10% of E Mart Shares from His Mum to Become the Controlling Shareholder
  • Hyundai Motor Securities: FSS Approves A 200 Billion Won Capital Raise + Rising Real Estate PF Risk


KRX’s Responses to TMI-Related Confusions on KRX Semicon & Autos Rebalancing

By Sanghyun Park

  • KRX confirmed no immediate changes on KRX Semicon and KRX Autos. The universe will switch from BMI to TMI large and mid-caps, with constituent updates happening in the September rebalancing.
  • TMI rebalances quarterly, while KRX Semicon and Autos rebalance annually in September. KRX confirmed these indices will use the September TMI rebalancing results.
  • TMI rebalances quarterly, likely releasing results before KRX Sector Indices, giving a window to predict shifts in KRX Semicon and Autos stocks and position ahead of the sector rebalancing.

Chung Yong-Jin Will Receive 10% of E Mart Shares from His Mum to Become the Controlling Shareholder

By Douglas Kim

  • E Mart’s Chairman Chung Yong-Jin will receive the entire 10% shares of E Mart held by his mum Lee Myung-Hee.
  • After this transaction, Chung Yong-Jin will become the largest shareholder in E Mart with a 28.6% stake in the company.
  • This is likely to positively impact E Mart. In Korea, when the final major ownership stake is transferred, there is often a positive boost to the share price.

Hyundai Motor Securities: FSS Approves A 200 Billion Won Capital Raise + Rising Real Estate PF Risk

By Douglas Kim

  • On 10 January, it was reported that Hyundai Motor Securities (001500 KS)’s 200 billion won capital increase plan passed the Financial Supervisory Service’s review.
  • Based on the recent revised report to the FSS, Hyundai Motor Securities disclosed that there is a risk of loss in domestic real estate PF and overseas real estate investment.
  • The company’s decision to proceed with the capital raise is likely to weaken its share price to below its expected rights offering price of 6,640 won in the coming weeks.

💡 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: SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • ‘Colorful’ 2024 For Cambodia In Rubber, Tire Sectors


‘Colorful’ 2024 For Cambodia In Rubber, Tire Sectors

By Vinod Nedumudy

  • Highlights ·       Set to finish 2024 with a 30% rise in rubber sale values YoY ·       Exports tires worth US$772.5 million during Jan-Nov 2024 ·       Minister charts course of action for 2025   Cambodia has made impressive strides in 2024, fueled by higher global rubber prices and exceptional progress in its burgeoning tire production and export industry, marking a pivotal step in its transformation into a key player in the global rubber value chain.
  •   The Southeast Asian kingdom earned US$472 million from exports of NR latex during January-October 2024, up 22.5% over the same period the previous year.
  • On the other hand, it gained US$568 million from exports of the product during January-November 2024, up 26.7% over the same period in 2023.

💡 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