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Smartkarma Daily Briefs

Jun 20
0

Daily Brief Consumer: Pop Mart International Group L, Kimly Ltd, Dongfeng Motor, Tripadvisor Inc, WD-40 Company and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Pop Mart (9992 HK): On IP Choice, But Not Blind Boxes, Waiting for Lower Price
  • Kimly: Stable Consumer Business, with Negative Working Capital and 6.1% Yield
  • Dongfeng Motor(489HK)-Abandoned Restructuring,Cash > MCap : Can It Be A Dark Horse In Coming Future?
  • TripAdvisor: Enhancing User Experience Through Smart Tech & Personalization But Is It Enough?
  • How WD-40 Company Is Winning in Emerging Markets with Hybrid Models & Smart Straw Innovation!

Pop Mart (9992 HK): On IP Choice, But Not Blind Boxes, Waiting for Lower Price

By Ming Lu

  • We believe Pop Mart’s advantage is its ability of choosing available IPs.
  • We expect Pop Mart’s revenue will grow by 69% in 2025.
  • However, the stock is overvalued by cross-sectional comparison and fairly valued by time-series comparison.

Kimly: Stable Consumer Business, with Negative Working Capital and 6.1% Yield

By Punit Khanna

  • Kimly is a traditional coffee shop, food court and industrial canteen operator in Singapore
  • The business is stable ( revenue & ROE) & the company enjoys high occupancy rate 
  • Profitability is facing challenge due to rising operational costs and increasing competition

Dongfeng Motor(489HK)-Abandoned Restructuring,Cash > MCap : Can It Be A Dark Horse In Coming Future?

By Sreemant Dudhoria,CFA

  • Abandoned Restructuring: Recently Dongfeng Motor (489 HK) confirmed that there is no restructuring activity involving its controlling shareholder.This raises hope that it is looking to turnaround its operations by itself.
  • New Energy Vehicle (NEV) transformation gaining momentum: NEV sales grew 34.4% YTD May 2025; Dongfeng leads with proprietary EV platforms, smart tech integration, and Huawei-backed high-end launches.
  • Trades at just 0.32x P/B, Cash at USD 14bn is much higher than market cap of USD 4bn. significantly undervalued versus peers, despite strong cash reserves,rising exports, and NEV scaling.

TripAdvisor: Enhancing User Experience Through Smart Tech & Personalization But Is It Enough?

By Baptista Research

  • TripAdvisor, a prominent player in the online travel space, recently held a conference call to discuss its first quarter 2025 financial results.
  • The company showcased both triumphs and challenges in navigating the evolving landscape of travel and experiences.
  • On the positive side, TripAdvisor reported consolidated revenue of $398 million, marking a 1% increase or approximately 3% growth in constant currency.

How WD-40 Company Is Winning in Emerging Markets with Hybrid Models & Smart Straw Innovation!

By Baptista Research

  • WD-40 Company reported its second-quarter results for fiscal year 2025, highlighting a mix of positive growth in sales and ongoing challenges related to foreign currency exchange rates and other macroeconomic factors.
  • The company recorded net sales of $146.1 million, marking a 5% increase from the previous year.
  • Adjusting for currency translations, this translates to a 9% increase.

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Jun 20
0

Daily Brief Event-Driven: [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
  • [Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
  • China Rare Earth (769 HK)’s Wild Price Movement. An Offer In The Wings?
  • New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel
  • How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
  • SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme
  • Stora Enso: Hidden Forest Value Unlock With a Clean Break Catalyst

[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

By Travis Lundy

  • The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. 
  • That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. 
  • And there are some very interesting dynamics to consider in the meantime. 

[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow

By Travis Lundy

  • Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM. 
  • There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
  • I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.

China Rare Earth (769 HK)’s Wild Price Movement. An Offer In The Wings?

By David Blennerhassett

New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel

By David Blennerhassett

  • Central Asia Metals (CAML LN) has bumped terms for New World Resources (NWC AU) to A$0.053/share, up from A$0.05/share initially. An off-market Offer is in parallel should the Scheme fail. 
  • Separately, NWC announced a A$10mn placement – funded by CAML! – to advance its Antler Project, “conditional on either no competing proposal being received by …. 4 July 2025“. 
  • Toronto-Based PE outfit Kinterra Capital, with a 11.99% stake, has now tapped the Takeovers Panel to declare the placement a frustrating tactic. 

How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?

By Nimish Maheshwari

  • Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. 
  • The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. 
  • BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.

SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme

By Special Situation Investments

  • Berto Acquisition (TACO) is a SPAC that IPO’d in April 2025, led by Harry You, with a $300m IPO size.
  • The SPAC’s current price is $10.53, slightly above its ~$10 trust value, indicating minimal cost for upside potential.
  • TACO’s IPO was upsized from $250m to $261m, excluding the underwriter’s over-allotment, which is uncommon.

Stora Enso: Hidden Forest Value Unlock With a Clean Break Catalyst

By Jesus Rodriguez Aguilar

  • Forest spin-off could unlock €2.2bn in hidden NAV and enhance valuation transparency, but will not reduce debt as shares are distributed directly to shareholders.
  • Industrial operations are undervalued vs peers, providing cyclical recovery upside.
  • Sum-Of-The-Parts (SOTP) path simplification addresses conglomerate discount and improves investor transparency.

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Jun 20
0

Daily Brief TMT/Internet: NTT Data Corp, LG CNS, KPIT Technologies, Allegro MicroSystems , ARM Holdings, Taiwan Semiconductor (TSMC), Intapp , Rubrik , Vishay Intertechnology, Western Union Co and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
  • Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
  • KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning
  • Allegro MicroSystems: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!
  • ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?
  • Taiwan Semiconductor (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?
  • Intapp Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers
  • Rubrik Inc.: Increasing Adoption of Rubrik’s Security Cloud
  • Vishay Intertechnology Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?
  • Western Union Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?

[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

By Travis Lundy

  • The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. 
  • That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. 
  • And there are some very interesting dynamics to consider in the meantime. 

Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging

By Sanghyun Park

  • Macquarie might fast-track its 21.5% LG CNS stake sale, shifting from patience to action — weighing staggered sell-down vs. OTC block to limit price impact.
  • Macquarie’s well in the money — even with a deal discount, they can offload the stake, cover remaining debt, and still lock in solid upside.
  • LG CNS is flying on AI hype, but Macquarie’s post-August 5 exit risk could flip the tape fast — overhang setup worth watching vs. other local AI plays.

KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning

By Ankit Agrawal, CFA

  • KPIT Technologies (“KPIT”) reported $280mm worth of deal wins in Q4Y25, well beyond the typical run-rate of $150mm+, despite the tough demand environment, which demonstrates KPIT’s strong competitive positioning.
  • KPIT’s Q4FY25 PAT excluding one-time income grew 18%+ YoY in INR and 15% YoY in constant currency (CC) terms. Revenue growth was 15% YoY and 3% QoQ in CC terms.
  • Margins continued to be strong with Q4FY25 EBITDA margin at 21.1%. With this, the full-year FY25 EBITDA margin ended at 21%, in line with the upgraded guidance.

Allegro MicroSystems: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!

By Baptista Research

  • Allegro MicroSystems has reported its financial results for the fourth quarter and the full fiscal year 2025.
  • The company is focused on strengthening its market position through innovation and operational efficiencies.
  • President and CEO Mike Doogue, who ascended from being the company’s first Chief Technology Officer, emphasized a strategic focus on expanding product capabilities and extending Allegro’s footprint in lucrative markets such as automotive, industrial, and emerging sectors like medical and robotics.

ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?

By Baptista Research

  • The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking revenue milestones.
  • Arm’s performance was driven by growing demand for power efficient compute solutions, particularly in artificial intelligence (AI) from cloud to edge.
  • The company achieved quarterly revenue exceeding $1 billion for the first time, with fiscal year revenue surpassing $4 billion.

Taiwan Semiconductor (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?

By Baptista Research

  • Taiwan Semiconductor Manufacturing Company Limited’s earnings presentation for the first quarter of 2025 outlines both opportunities and challenges faced by the company.
  • The semiconductor giant reported a sequential decrease of 5.1% in revenue in U.S. dollars, attributed to weaker smartphone demand despite strong growth in sectors like AI.
  • Operational disruptions from an earthquake in January and overseas operations’ initial costs slightly impacted profit margins; gross margin decreased by 0.2% sequentially to 58.8%, and operating margin fell by 0.5% to 48.5%.

Intapp Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers

By Baptista Research

  • Intapp delivered a strong financial performance in its fiscal third quarter of 2025, driven mainly by its cloud and AI capabilities, alongside strategic business expansions.
  • The company’s Cloud Annual Recurring Revenue (ARR) reached $352 million, representing a year-over-year increase of 28%.
  • This growth underscored the importance of cloud solutions, which now account for 77% of Intapp’s total ARR of $455 million.

Rubrik Inc.: Increasing Adoption of Rubrik’s Security Cloud

By Baptista Research

  • Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market position within the cyber resilience space.
  • The company’s subscription ARR reached approximately $1.2 billion, marking a 38% year-over-year increase.
  • Net new subscription ARR also saw significant growth at $89 million for the quarter.

Vishay Intertechnology Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?

By Baptista Research

  • Vishay Intertechnology, a company specializing in semiconductors and passive electronic components, recently reported its first-quarter financial results for 2025.
  • Here’s a detailed assessment of the quarter’s outcomes and the investment considerations that arise from them.
  • Revenue for the first quarter stood at $715 million, slightly above the midpoint of their guidance.

Western Union Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?

By Baptista Research

  • Western Union’s first quarter 2025 results reflect a company in transition, grappling with a challenging macroeconomic environment while pursuing its Evolve 2025 strategy to reinvigorate growth.
  • The company reported revenue of $984 million, marking a 2% decline when adjusted for geopolitical impacts in countries like Iraq, Russia, and Belarus.
  • Despite these challenges, transaction growth continued at 3%, a positive indicator in the broader context of the financial services market.

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Jun 20
0

Daily Brief Macro: BoE Still Seeking Evidence and more

By | Daily Briefs, Macro

In today’s briefing:

  • BoE Still Seeking Evidence
  • Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market
  • CX Daily: How Labubu Became a Monster of a Business
  • Cancellation of Existing Treasury Shares in Korea – Government Likely to Provide a GRACE PERIOD
  • We’re Off to See the Wizard of Fed
  • Norway: 25bp Rate Cut To 4.25% (Consensus 4.5%) in Jun-25
  • Philippines: 25bp Rate Cut to 5.25% (Consensus 5.25%) in Jun-25
  • SNB: 25bp Rate Cut To 0.0% (Consensus 0.0%) in Jun-25
  • Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 20 June 2025
  • [ETP 2025/25] WTI Wavers on Israel-Iran Tensions, While Henry Hub Rebounds on Demand Revival

BoE Still Seeking Evidence

By Phil Rush

  • Guidance around an unsurprisingly unchanged BoE rate preserved the necessary uncertainty about when it might ease again, albeit with a broad bias to do more later.
  • Dave Ramsden joined the dovish dissent, taking it to three for a 25bp cut, but none of them are in the MPC majority revealed in May as leaning towards a slower pace of cuts.
  • We believe the August decision remains finely balanced for the majority. Ongoing data resilience, discouraging the Fed and ECB from easing, should also keep the BoE on hold.

Copper Crunch Deepens: China’s Inventory Collapse Reshapes Global Market

By Rahul Jain

  • Chinese copper inventories have dropped to 15-year seasonal lows, with SHFE stockpiles plunging 60% in April — the sharpest decline on record.
  • This signals intense physical market tightness, driven by strong demand and smelter cutbacks.
  • The trend is reinforcing bullish sentiment, tightening global balances, and spurring strategic moves across the copper supply chain.

CX Daily: How Labubu Became a Monster of a Business

By Caixin Global

  • Labubu / In Depth: How Labubu became a monster of a business
  • Rare earth /: Japan’s business leaders call on China to streamline rare earth export rules as delays hit supply chains
  • British Columbia /: British Columbia moves to diversify trade to rebalance economy

Cancellation of Existing Treasury Shares in Korea – Government Likely to Provide a GRACE PERIOD

By Douglas Kim

  • The Korean government may not force the listed companies to suddenly cancel all their treasury shares all at once. 
  • Rather, a GRACE PERIOD is likely to be given for companies with existing treasury shares by which they need to cancel them.
  • Going forward, the Korean government is likely to decide to allow acquisition new of treasury stocks only when the purpose is to cancel them, excluding bonus payments or stock compensation.

We’re Off to See the Wizard of Fed

By David Mudd

  • The Fed will remain tethered to the movements in the treasury market regardless of its inflation and employment mandates; otherwise, it risks larger economic problems.
  • U.S. Treasury yields are expected to rise due to declining demand and surging supply, regardless of the Fed’s policies.
  • Rising US debt levels are now self-fulfilling as new debt is issued to pay rising interest costs.

Norway: 25bp Rate Cut To 4.25% (Consensus 4.5%) in Jun-25

By Heteronomics AI

  • The Norges Bank unexpectedly reduced its policy rate to 4.25%, defying consensus expectations for a hold, citing a faster-than-anticipated decline in underlying inflation and increased economic slack.
  • The Committee signalled that, if the economy develops as projected, further gradual rate cuts are likely in 2025, but emphasised that policy will remain restrictive until inflation is sustainably on target.
  • Future rate decisions will be highly data-dependent, with the Committee closely monitoring domestic wage and price dynamics, labour market conditions, and external risks such as geopolitical tensions and global trade policy uncertainty.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Philippines: 25bp Rate Cut to 5.25% (Consensus 5.25%) in Jun-25

By Heteronomics AI

  • The Bangko Sentral Ng Pilipinas (BSP) reduced its Target RRP Rate by 25 basis points to 5.25%, a move that aligned with consensus forecasts and was prompted by a sharply lower inflation outlook for 2025.
  • The decision reflects growing concerns over a global economic slowdown, persistent US trade policy uncertainty, and a widening domestic output gap, all of which argue for a more accommodative monetary stance.
  • Future rate decisions will hinge on inflation dynamics, external policy shifts—especially from the US Federal Reserve—and the effectiveness of monetary easing in supporting domestic growth without compromising price stability
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

SNB: 25bp Rate Cut To 0.0% (Consensus 0.0%) in Jun-25

By Heteronomics AI

  • The SNB lowered its policy rate to 0% as expected, responding to declining inflation and subdued price pressures, with the latest forecasts indicating inflation will remain well within the price stability range through 2027.
  • The SNB’s guidance remains cautious, highlighting global trade tensions, external risks, and persistent uncertainties as key factors shaping the interest rate outlook.
  • Future policy decisions will be data-driven, with the SNB prepared to adjust rates further or intervene in currency markets if inflation deviates from target or if external shocks intensify.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 20 June 2025

By Dr. Jim Walker

  • US interest rate cuts expected soon as economic data deteriorates across sectors.

  • Indonesia delays rate cuts; Philippines eases but risks peso weakness.

  • China retail sales rise, but property sector continues to underperform.

[ETP 2025/25] WTI Wavers on Israel-Iran Tensions, While Henry Hub Rebounds on Demand Revival

By Suhas Reddy

  • For the week ending 13/Jun, U.S. crude inventories fell by 11.5m barrels (vs. expectations of a 2.3m barrel decline). Meanwhile, gasoline and distillate stockpiles rose.
  • The EIA reported a 95 Bcf storage build, while analysts forecasted a 96 Bcf increase. Storage levels are 6.1% above the five-year average but 7.7% below year-ago levels.
  • Bernstein downgrades Shell and upgrades Aramco. Meanwhile, Chevron makes a pivot into U.S. lithium production.

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Jun 20
0

Daily Brief Financials: Seven Bank Ltd, Philippine Stock Exchange, Nippon Building Fund, National Stock Exchange, Berto Acquisition, Knowledge Realty Trust, Kobo Resources and more

By | Daily Briefs, Financials

In today’s briefing:

  • [Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
  • Shortlist of High Conviction Philippines Equity Ideas – June 2025
  • Nippon Building Fund Placement – Small Deal but Lacks Accretion
  • How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
  • SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme
  • Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well
  • KRI: Jagger Zone Drill Results Continue to Impress

[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow

By Travis Lundy

  • Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM. 
  • There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
  • I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.

Shortlist of High Conviction Philippines Equity Ideas – June 2025

By Sameer Taneja

  • We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
  • We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
  • We update our readers on developments in Asian Terminals (ATI PM) and Philippine Stock Exchange (PSE PM) 

Nippon Building Fund Placement – Small Deal but Lacks Accretion

By Sumeet Singh

  • Nippon Building Fund (8951 JP) is looking to raise around US$122m in its Primary Offering, to fund the acquisition of Frontier Musashikosugi N Building and S Building.
  • Unusually for Japan, the acquisition was announced at the end of last month, while the raising has only been announced today.
  • In this note, we talk about the deal dynamics and run the deal through our ECM framework.

How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?

By Nimish Maheshwari

  • Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. 
  • The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. 
  • BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.

SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme

By Special Situation Investments

  • Berto Acquisition (TACO) is a SPAC that IPO’d in April 2025, led by Harry You, with a $300m IPO size.
  • The SPAC’s current price is $10.53, slightly above its ~$10 trust value, indicating minimal cost for upside potential.
  • TACO’s IPO was upsized from $250m to $261m, excluding the underwriter’s over-allotment, which is uncommon.

Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well

By Akshat Shah

  • Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
  • Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
  • In this note, we talk about the not-so-positive aspects of the deal.

KRI: Jagger Zone Drill Results Continue to Impress

By Atrium Research

  • What you need to know: • Kobo announced drill results from the ongoing 2025 exploration campaign at its Kossou Gold Project in Côte d’Ivoire.
  • • Seven holes were reported from the Jagger Zone which returned multiple high grade gold intercepts, including three holes over broad intervals of 20m+ (1.41 g/t Au over 20.0m & 1.14 g/t Au over 21.5m).
  • • The 2025 program will consist of between 20,000-30,000m of drilling.

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Jun 20
0

Daily Brief Australia: New World Resources, Provaris Energy , ADX Energy Ltd, Intermin Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel
  • Riding the energy transition wave
  • ADX Energy (ASX: ADX): Focus on the shallow gas prospects
  • Horizon Minerals Ltd – Towards the cash-flow inflection

New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel

By David Blennerhassett

  • Central Asia Metals (CAML LN) has bumped terms for New World Resources (NWC AU) to A$0.053/share, up from A$0.05/share initially. An off-market Offer is in parallel should the Scheme fail. 
  • Separately, NWC announced a A$10mn placement – funded by CAML! – to advance its Antler Project, “conditional on either no competing proposal being received by …. 4 July 2025“. 
  • Toronto-Based PE outfit Kinterra Capital, with a 11.99% stake, has now tapped the Takeovers Panel to declare the placement a frustrating tactic. 

Riding the energy transition wave

By Research as a Service (RaaS)

  • Provaris Energy Ltd (PV1.ASX) represents an unique investment opportunity as a leveraged play on the growing shift to alternative energy and carbon reduction, particularly in Europe, but applicable on a global basis.
  • The keystone to production and growth is proprietary ‘storage tank’ IP, enabling bigger volumes of compressed hydrogen to transport at lower cost (‘more for less’).
  • The company holds a material early-mover advantage with strategic partnerships and supply, offtake and shipping agreements expected to become unconditional over the next 12 months into 2026.

ADX Energy (ASX: ADX): Focus on the shallow gas prospects

By Auctus Advisors

  • • ADX has varied its acreage position to maximise exposure to a proven shallow gas play.
  • A total of seven drill-ready shallow gas play prospects exist within the ADX-AT-I and ADX-AT-II licence areas have been matured for drilling.
  • A further four gas prospects are being matured within its newly varied acreage areas.

Horizon Minerals Ltd – Towards the cash-flow inflection

By Research as a Service (RaaS)

  • Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
  • HRZ released a mining update which provided insights into the ongoing mining operations at the Phillips Find Joint Venture (JV) and Boorara.
  • Phillips Find is largely tracking to expectations with potential upside given the material outperformance in recoveries.

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Jun 20
0

Daily Brief South Korea: LG CNS, Samyang Comtech and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
  • Samyang Comtech IPO Preview

Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging

By Sanghyun Park

  • Macquarie might fast-track its 21.5% LG CNS stake sale, shifting from patience to action — weighing staggered sell-down vs. OTC block to limit price impact.
  • Macquarie’s well in the money — even with a deal discount, they can offload the stake, cover remaining debt, and still lock in solid upside.
  • LG CNS is flying on AI hype, but Macquarie’s post-August 5 exit risk could flip the tape fast — overhang setup worth watching vs. other local AI plays.

Samyang Comtech IPO Preview

By Douglas Kim

  • Samyang Comtec (a mid-sized defense company) is getting ready to complete its IPO in KOSDAQ in July. It is one of the leaders in the bulletproof and protective materials sector.
  • The IPO price range is from 6,600 won to 7,700 won per share. The IPO offering amount range is from 95.7 billion won to 111.7 billion won.
  • The company has experienced a surging growth in exports in the past several years. Exports which accounted for only 6.3% of total sales in 2022, increased to 41% in 2024.

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Jun 20
0

Daily Brief Singapore: Kimly Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Kimly: Stable Consumer Business, with Negative Working Capital and 6.1% Yield

Kimly: Stable Consumer Business, with Negative Working Capital and 6.1% Yield

By Punit Khanna

  • Kimly is a traditional coffee shop, food court and industrial canteen operator in Singapore
  • The business is stable ( revenue & ROE) & the company enjoys high occupancy rate 
  • Profitability is facing challenge due to rising operational costs and increasing competition

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Jun 20
0

Daily Brief Indonesia: Amman Mineral Internasional, PT Perusahaan Listrik Negara and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • AMMN.IJ – Smelter Ramp-Up Underway, Elang Optionality in Focus, Valuation Reflects Long-Term Upside
  • Lucror Analytics – Morning Views Asia

AMMN.IJ – Smelter Ramp-Up Underway, Elang Optionality in Focus, Valuation Reflects Long-Term Upside

By Rahul Jain

  • Q1 2025 results reflected a transitional quarter with lower grades, but FY2025 guidance was maintained.
  • Ongoing investments in smelter ramp-up, power infrastructure, and long-term plans for Elang underscore AMMN’s integrated growth strategy.
  • Valuations appear premium vs peers, but are partly justified by structural cost advantages, downstream leverage, and world-class Elang optionality—though single-asset exposure remains a key risk.

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: Perusahaan Listrik (PLN), Vedanta Resources
  • US treasuries ended little changed yesterday. Yields inched down earlier in the day, after the Fed retained its projections for two rate cuts this year, but rebounded after Fed Chairman Jerome Powell reiterated the risk of higher inflation from tariffs. The yield on the 2Y UST fell 1 bp to 3.94%, while that on the 10Y UST was unchanged at 4.39%.
  • Similarly, equities ended flat, as a rally fizzled out following Mr Powell’s latest warning on tariffs. The S&P 500 was unchanged at 5,981, while the Nasdaq edged up 0.1% to 19,546. The US market is closed for Juneteenth today.

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Jun 20
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Daily Brief India: National Stock Exchange, KPIT Technologies, Knowledge Realty Trust and more

By | Daily Briefs, India

In today’s briefing:

  • How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
  • KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning
  • Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well

How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?

By Nimish Maheshwari

  • Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges. 
  • The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences. 
  • BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.

KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning

By Ankit Agrawal, CFA

  • KPIT Technologies (“KPIT”) reported $280mm worth of deal wins in Q4Y25, well beyond the typical run-rate of $150mm+, despite the tough demand environment, which demonstrates KPIT’s strong competitive positioning.
  • KPIT’s Q4FY25 PAT excluding one-time income grew 18%+ YoY in INR and 15% YoY in constant currency (CC) terms. Revenue growth was 15% YoY and 3% QoQ in CC terms.
  • Margins continued to be strong with Q4FY25 EBITDA margin at 21.1%. With this, the full-year FY25 EBITDA margin ended at 21%, in line with the upgraded guidance.

Knowledge Realty Trust Pre-IPO – The Negatives – Not All Assets Have Been Doing Well

By Akshat Shah

  • Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
  • Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between FY16-9M24, as per the CBRE report.
  • In this note, we talk about the not-so-positive aspects of the deal.

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