All Posts By

Smartkarma Daily Briefs

Daily Brief China: Haitong Securities Co Ltd (H), Bloks Group, Guming Holdings, LXJ International Holdings, Centurion Corp and more

By | China, Daily Briefs

In today’s briefing:

  • Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch
  • Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry
  • Guming Holdings (Goodme) Pre-IPO – Refiling Updates – Showing Some Recent Weakness in Margins
  • LXJ International IPO Preview
  • Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.
  • Bloks Group IPO Trading – Strongest HK IPO Demand in Recent Years


Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch

By Arun George

  • The exchange ratio for the merger between Guotai Junan Securities (2611 HK) and Haitong Securities Co Ltd (H) (6837 HK) is 0.62x. 
  • The merger closing is subject to several effectiveness and implementation conditions. The latest update suggests that the remaining conditions are CSRC and HKEx approvals.
  • The satisfaction of the remaining conditions is a formality. At the last close and for an end February payment, the gross/annualised spread is 3.2%/26.4%. 

Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry

By Dimitris Ioannidis

  • Bloks (325 HK)  is expected to be assigned an index nationality of Hong Kong instead of China due to its incorporation in the Cayman Islands.
  • The security is expected to be added at the September 2025 review following the 6-month IPO lock-up expiry which increases the fcap above the APAC threshold.
  • The security is ineligible for the other global index until January 2026 because of the free float being below the minimum threshold of 15%.

Guming Holdings (Goodme) Pre-IPO – Refiling Updates – Showing Some Recent Weakness in Margins

By Clarence Chu

  • Guming Holdings (GUM HK) is looking to raise US$300m in its upcoming Hong Kong IPO.
  • Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
  • In our earlier notes, we had looked at the firm’s past performance. In this note, we discuss its refiling updates.

LXJ International IPO Preview

By Douglas Kim

  • LXJ International Holdings (LXJ HK) (knowns as Lao Xiang Ji or Home Original Chicken) is getting ready to complete its IPO in Hong Kong in 1H 2025. 
  • Founded in 1982 by Shu Congxuan, LXJ International specializes in traditional Chinese style chicken dishes. The company is one of the major local players in China’s fast food industry.
  • LXJ’s solid growth in sales and profits in the past several years despite weak Chinese economy is a strong reflection of the company’s loyal customers in China. 

Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.

By Asia Real Estate Tracker

  • Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.
  • Microsoft plans to make a significant investment of $3 billion in India’s digital infrastructure, the largest commitment in Asia.
  • Hong Kong is testing the market by announcing a land tender following the successful sale of an MTR plot, signaling confidence in the property sector.

Bloks Group IPO Trading – Strongest HK IPO Demand in Recent Years

By Clarence Chu

  • Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
  • Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
  • We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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

Sign Up for Free

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

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



Daily Brief Japan: Seven & I Holdings, Fuji Soft Inc, Fast Retailing, Aeon Delight and more

By | Daily Briefs, Japan

In today’s briefing:

  • 7&I (3382 JP) – Dippity Doo Dah – Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace
  • Fuji Soft (9749 JP): KKR Extends Again, Delaying the Inevitable Bump
  • Fast Retailing (9983) | Global Growth Shines Amid China Challenges
  • Aeon Delight (9787 JP): Q3 FY02/25 flash update


7&I (3382 JP) – Dippity Doo Dah – Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

By Travis Lundy

  • Recent news on the Seven & I Holdings (3382 JP) situation includes better-than-expected possible sale of the SST business, a little headline fear-mongering on national security, and earnings.
  • Earnings this year will be volatile vs expectations. Timing (and magnitude) of kitchen-sinking matters. But neither ACT nor you should be buying it based on trough earnings expectations.
  • The call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again. 

Fuji Soft (9749 JP): KKR Extends Again, Delaying the Inevitable Bump

By Arun George

  • KKR has extended the close date of the Fuji Soft Inc (9749 JP) second tender offer period from 9 to 24 January. All other terms remain unchanged. 
  • KKR unconvincingly tries to criticize the Bain offer and unsurprisingly believes there will not be a tender offer by Bain that investors can tender into. 
  • Despite KKR’s gamesmanship, it has not declared its offer final. A bump remains necessary as Bain remains resolute in launching its offer. The final winning offer could be around JPY10,000. 

Fast Retailing (9983) | Global Growth Shines Amid China Challenges

By Mark Chadwick

  • Fast Retailing reported significant gains in revenue and profitability for the first quarter of FY2025.
  • Strong performances in North America & Europe (+31% YoY), and Asia (+17%), offset challenges in Greater China (-1%)
  • Overall revenue and operating profit figures came in marginally stronger than our estimates

Aeon Delight (9787 JP): Q3 FY02/25 flash update

By Shared Research

  • Sales increased by 4.7% YoY to JPY253.4bn, with operating profit rising 9.2% YoY to JPY11.9bn.
  • Profit growth exceeded sales growth due to improved GPM and lower SG&A expenses across five segments.
  • The company announced the cancellation of 700,000 treasury shares, representing 1.42% of total outstanding shares.

💡 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



Most Read: Seven & I Holdings, LG CNS, Horizon Robotics, Inari Amertron, Haitong Securities Co Ltd (H), Bloks Group, Dongwon Industries, Suntec REIT, Fuji Soft Inc and more

By | Daily Briefs, Most Read

In today’s briefing:

  • 7&I (3382 JP) – Dippity Doo Dah – Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace
  • LG CNS: Updated IPO Valuation Analysis
  • Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Up to 5 Changes in March
  • Southeast Asia: The Passive Axe Hangs as Positioning Increases
  • Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch
  • Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry
  • [Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible
  • Suntec REIT (SUN SP): Tang’s Curious Bump
  • Fuji Soft (9749 JP): KKR Extends Again, Delaying the Inevitable Bump
  • Ohayo Japan | Diverging Results for Fast & Seven


7&I (3382 JP) – Dippity Doo Dah – Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

By Travis Lundy

  • Recent news on the Seven & I Holdings (3382 JP) situation includes better-than-expected possible sale of the SST business, a little headline fear-mongering on national security, and earnings.
  • Earnings this year will be volatile vs expectations. Timing (and magnitude) of kitchen-sinking matters. But neither ACT nor you should be buying it based on trough earnings expectations.
  • The call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again. 

LG CNS: Updated IPO Valuation Analysis

By Douglas Kim

  • According to our updated valuation analysis of LG CNS, it suggests a base case implied market cap of 7.4 trillion won, representing target price of 76,383 won per share. 
  • Our base case valuation target price of 76,383 won is 23% higher than the high end of the IPO price range. 
  • We lowered our target price by 6%, mainly due to greater political risks arising from the recent cancelled martial law and ongoing impeachment of President Yoon.

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Up to 5 Changes in March

By Brian Freitas

  • The review cutoff date for the March rebalance of the HSIII was 31 December. The changes will be announced on 21 February and become effective after the close 7 March.
  • There could be 5 changes to the index with some inclusions driven by potential addition to the Hang Seng Composite Index. That could lead to buying via Southbound Stock Connect.
  • Horizon Robotics (9660 HK) is a potential inclusion to the HSCI and the Hang Seng TECH Index (HSTECH INDEX) in March.

Southeast Asia: The Passive Axe Hangs as Positioning Increases

By Brian Freitas

  • There are 8 stocks listed in Indonesia, Malaysia, Thailand and Philippines that could be deleted from passive portfolios in February.
  • There is a fair bit to sell in the stocks with over US$50m flow and between 3.5-64x ADV. Positioning is not very high in a lot of the stocks.
  • Stocks could avoid deletion if they move higher in the next week or two. But increased positioning could keep a lid on that.

Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch

By Arun George

  • The exchange ratio for the merger between Guotai Junan Securities (2611 HK) and Haitong Securities Co Ltd (H) (6837 HK) is 0.62x. 
  • The merger closing is subject to several effectiveness and implementation conditions. The latest update suggests that the remaining conditions are CSRC and HKEx approvals.
  • The satisfaction of the remaining conditions is a formality. At the last close and for an end February payment, the gross/annualised spread is 3.2%/26.4%. 

Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry

By Dimitris Ioannidis

  • Bloks (325 HK)  is expected to be assigned an index nationality of Hong Kong instead of China due to its incorporation in the Cayman Islands.
  • The security is expected to be added at the September 2025 review following the 6-month IPO lock-up expiry which increases the fcap above the APAC threshold.
  • The security is ineligible for the other global index until January 2026 because of the free float being below the minimum threshold of 15%.

[Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.
  • We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

Suntec REIT (SUN SP): Tang’s Curious Bump

By David Blennerhassett

  • Back on the 5th December, Gordan Tang (& his wife Celine) acquired a 2.14% stake in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
  • This had all the hallmarks of a technical Offer. The Offer price was S$1.16/share compared to the S$1.17/share undisturbed price. The IFA opined the Offer was not fair nor reasonable. 
  • The Tangs have now bumped to S$1.19/share. Terms are not final. The IFA viewpoint won’t budge. This is an opportunistic move from the Tangs. But why not roll the dice?

Fuji Soft (9749 JP): KKR Extends Again, Delaying the Inevitable Bump

By Arun George

  • KKR has extended the close date of the Fuji Soft Inc (9749 JP) second tender offer period from 9 to 24 January. All other terms remain unchanged. 
  • KKR unconvincingly tries to criticize the Bain offer and unsurprisingly believes there will not be a tender offer by Bain that investors can tender into. 
  • Despite KKR’s gamesmanship, it has not declared its offer final. A bump remains necessary as Bain remains resolute in launching its offer. The final winning offer could be around JPY10,000. 

Ohayo Japan | Diverging Results for Fast & Seven

By Mark Chadwick

  • The US equity markets were closed on Thursday in honour of the national day of mourning following the passing of former President Jimmy Carter.
  • Fast Retailing, Uniqlo’s parent company, reported a 7.4% rise in quarterly operating profit to ¥157.6bn
  • Seven & i Holdings reported a 65% drop in nine-month net profit to ¥63.6bn, citing difficulties in North American operations

💡 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 Analytics and News
  • ✓ Events & Webinars



Daily Brief Industrials: General Electric , Plug Power Inc, Aeon Delight, Amaero International Ltd, Ashtead Technology Holdings, HEICO Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • GE Aerospace’s Strategic Position in Defense & Propulsion Technologies: Is There Any Kind Of Sustainable Competitive Advantages? – Major Drivers
  • Plug Power: Global Expansion & Strategic Partnerships As A Primary Growth Accelerator! – Major Drivers
  • Aeon Delight (9787 JP): Q3 FY02/25 flash update
  • Amaero International Ltd – US government loan of IS$23.5m a significant milestone
  • Ashtead Technology Holdings Plc (AT/ LN) – Wednesday, Oct 9, 2024
  • HEICO’s Explosive Growth Surge: An Insight Into The Growth Potential In Key Aerospace Segments! – Major Drivers


GE Aerospace’s Strategic Position in Defense & Propulsion Technologies: Is There Any Kind Of Sustainable Competitive Advantages? – Major Drivers

By Baptista Research

  • General Electric (GE) Aerospace showcased a robust performance in its Q3 2024 earnings, underscored by substantial growth in orders, revenue, and operating profit, while also facing challenges in specific segments.
  • Positively, GE Aerospace reported a significant 28% increase in orders, driven by heightened demand.
  • Revenues rose by 6%, which, coupled with a 14% uplift in operating profit and a 25% increase in adjusted EPS, highlighted strong operational performance.

Plug Power: Global Expansion & Strategic Partnerships As A Primary Growth Accelerator! – Major Drivers

By Baptista Research

  • Plug Power has demonstrated robust growth in its core markets, particularly in its hydrogen production infrastructure and PEM electrolyzer technologies.
  • In the latest quarter, Plug Power reported revenue of $173.7 million, driven by strong demand for its solutions, especially in electrolyzer and hydrogen infrastructure.
  • Additionally, the company has made significant strides in operational efficiency, as evidenced by a 37% increase in gross margins quarter-over-quarter and a 27% reduction in cash burn.

Aeon Delight (9787 JP): Q3 FY02/25 flash update

By Shared Research

  • Sales increased by 4.7% YoY to JPY253.4bn, with operating profit rising 9.2% YoY to JPY11.9bn.
  • Profit growth exceeded sales growth due to improved GPM and lower SG&A expenses across five segments.
  • The company announced the cancellation of 700,000 treasury shares, representing 1.42% of total outstanding shares.

Amaero International Ltd – US government loan of IS$23.5m a significant milestone

By Research as a Service (RaaS)

  • RaaS Research Group has published an update on advanced materials manufacturing group Amaero International (ASX:3DA) following the company’s announcement yesterday that it has secured final approval for a US$23.5m (A$37.8m) loan from the Export-Import Bank of the United States, the US federal government’s export credit agency, under the Make More in America (MMIA) initiative.
  • The loan will be drawn against the estimated US$28.5m in capital equipment purchases the company has announced for its Tennessee facility.
  • We view this as an important milestone for Amaero as it delivers non-dilutive, US-government funded support to the company on favourable terms.

Ashtead Technology Holdings Plc (AT/ LN) – Wednesday, Oct 9, 2024

By Value Investors Club

  • Ashtead Technology is undervalued due to market misunderstandings about potential growth in offshore wind, past financial performance, and concerns about the US election
  • The company, founded in 1985, operates in the rental equipment sector for offshore wind, oil, and natural gas industries
  • Despite strong fundamentals and growth potential through acquisitions, some investors are hesitant but the author predicts a rerating within a year as misconceptions are addressed

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


HEICO’s Explosive Growth Surge: An Insight Into The Growth Potential In Key Aerospace Segments! – Major Drivers

By Baptista Research

  • HEICO Corporation’s fourth-quarter financial results for fiscal 2024 reveal a mixed yet promising outlook for the company.
  • The company reported record consolidated operating income and net sales, achieving a 15% increase in the former and an 8% rise in the latter compared to the same quarter in fiscal 2023.
  • Net income surged by 35% to $139.7 million, setting a new benchmark for the organization.

💡 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 Industrials: General Electric , Plug Power Inc, Aeon Delight, Amaero International Ltd, Ashtead Technology Holdings, HEICO Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • GE Aerospace’s Strategic Position in Defense & Propulsion Technologies: Is There Any Kind Of Sustainable Competitive Advantages? – Major Drivers
  • Plug Power: Global Expansion & Strategic Partnerships As A Primary Growth Accelerator! – Major Drivers
  • Aeon Delight (9787 JP): Q3 FY02/25 flash update
  • Amaero International Ltd – US government loan of IS$23.5m a significant milestone
  • Ashtead Technology Holdings Plc (AT/ LN) – Wednesday, Oct 9, 2024
  • HEICO’s Explosive Growth Surge: An Insight Into The Growth Potential In Key Aerospace Segments! – Major Drivers


GE Aerospace’s Strategic Position in Defense & Propulsion Technologies: Is There Any Kind Of Sustainable Competitive Advantages? – Major Drivers

By Baptista Research

  • General Electric (GE) Aerospace showcased a robust performance in its Q3 2024 earnings, underscored by substantial growth in orders, revenue, and operating profit, while also facing challenges in specific segments.
  • Positively, GE Aerospace reported a significant 28% increase in orders, driven by heightened demand.
  • Revenues rose by 6%, which, coupled with a 14% uplift in operating profit and a 25% increase in adjusted EPS, highlighted strong operational performance.

Plug Power: Global Expansion & Strategic Partnerships As A Primary Growth Accelerator! – Major Drivers

By Baptista Research

  • Plug Power has demonstrated robust growth in its core markets, particularly in its hydrogen production infrastructure and PEM electrolyzer technologies.
  • In the latest quarter, Plug Power reported revenue of $173.7 million, driven by strong demand for its solutions, especially in electrolyzer and hydrogen infrastructure.
  • Additionally, the company has made significant strides in operational efficiency, as evidenced by a 37% increase in gross margins quarter-over-quarter and a 27% reduction in cash burn.

Aeon Delight (9787 JP): Q3 FY02/25 flash update

By Shared Research

  • Sales increased by 4.7% YoY to JPY253.4bn, with operating profit rising 9.2% YoY to JPY11.9bn.
  • Profit growth exceeded sales growth due to improved GPM and lower SG&A expenses across five segments.
  • The company announced the cancellation of 700,000 treasury shares, representing 1.42% of total outstanding shares.

Amaero International Ltd – US government loan of IS$23.5m a significant milestone

By Research as a Service (RaaS)

  • RaaS Research Group has published an update on advanced materials manufacturing group Amaero International (ASX:3DA) following the company’s announcement yesterday that it has secured final approval for a US$23.5m (A$37.8m) loan from the Export-Import Bank of the United States, the US federal government’s export credit agency, under the Make More in America (MMIA) initiative.
  • The loan will be drawn against the estimated US$28.5m in capital equipment purchases the company has announced for its Tennessee facility.
  • We view this as an important milestone for Amaero as it delivers non-dilutive, US-government funded support to the company on favourable terms.

Ashtead Technology Holdings Plc (AT/ LN) – Wednesday, Oct 9, 2024

By Value Investors Club

  • Ashtead Technology is undervalued due to market misunderstandings about potential growth in offshore wind, past financial performance, and concerns about the US election
  • The company, founded in 1985, operates in the rental equipment sector for offshore wind, oil, and natural gas industries
  • Despite strong fundamentals and growth potential through acquisitions, some investors are hesitant but the author predicts a rerating within a year as misconceptions are addressed

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


HEICO’s Explosive Growth Surge: An Insight Into The Growth Potential In Key Aerospace Segments! – Major Drivers

By Baptista Research

  • HEICO Corporation’s fourth-quarter financial results for fiscal 2024 reveal a mixed yet promising outlook for the company.
  • The company reported record consolidated operating income and net sales, achieving a 15% increase in the former and an 8% rise in the latter compared to the same quarter in fiscal 2023.
  • Net income surged by 35% to $139.7 million, setting a new benchmark for the organization.

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

Sign Up for Free

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

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



Daily Brief Utilities: Neoen and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Brookfield/Neoen: Close to Completion


Brookfield/Neoen: Close to Completion

By Jesus Rodriguez Aguilar

  • Brookfield acquired a 53.12% stake in Neoen for €39.85/share, triggering a mandatory tender offer for remaining shares and bonds, aiming for a squeeze-out and delisting Neoen.
  • Regulatory approvals were secured from the EU, France, the US, and Australia, addressing antitrust, foreign investment laws, and energy security concerns.
  • My PT remains €39.85, in line with the price offered by Brookfield and its partners, which I believe is fair. Completion is expected in Q1 2025. Gross spread is 0.33%.Tender.

💡 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 Health Care: Mesoblast Ltd, Chemed Corp and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Mesoblast (MSB AU): What Lies Ahead After FDA Approval
  • Chemed Corporation: How Is The Management Tackling Roto-Rooter Challenges & Other Risks? -Major Drivers


Mesoblast (MSB AU): What Lies Ahead After FDA Approval

By Tina Banerjee

  • Mesoblast Ltd (MSB AU) got FDA approval for Ryoncil for steroid-refractory acute graft versus host disease (SR-aGvHD) in pediatric patients 2 months of age and older.
  • Following approval in pediatric patients, Mesoblast intends to commence a Phase 3 trial of Ryoncil in adults and adolescents, which has larger market size.
  • FDA approval enhances conviction on the commercial prospect of the other late-stage product candidates of the company, including Revascor for advanced chronic heart failure and rexlemestrocel-L for inflammatory pain indications.

Chemed Corporation: How Is The Management Tackling Roto-Rooter Challenges & Other Risks? -Major Drivers

By Baptista Research

  • Chemed Corporation’s third-quarter 2024 earnings present a mixed performance across its two primary business segments: VITAS Healthcare and Roto-Rooter.
  • The company reports strong performance from VITAS, while Roto-Rooter is facing challenges.
  • VITAS Healthcare displayed robust growth in the quarter, primarily driven by increased admissions and the successful acquisition of Covenant Health.

💡 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 Financials: Haitong Securities Co Ltd (H), Suntec REIT, Thanachart Capital, BlackRock Greater Europe Inves, Centurion Corp, Chesnara PLC and more

By | Daily Briefs, Financials

In today’s briefing:

  • Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch
  • Suntec REIT (SUN SP): Tang’s Curious Bump
  • Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again
  • BlackRock Greater Europe Investment Trust – Positive prospects for high-quality portfolio
  • Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.
  • Chesnara plc: Happy new acquisition


Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch

By Arun George

  • The exchange ratio for the merger between Guotai Junan Securities (2611 HK) and Haitong Securities Co Ltd (H) (6837 HK) is 0.62x. 
  • The merger closing is subject to several effectiveness and implementation conditions. The latest update suggests that the remaining conditions are CSRC and HKEx approvals.
  • The satisfaction of the remaining conditions is a formality. At the last close and for an end February payment, the gross/annualised spread is 3.2%/26.4%. 

Suntec REIT (SUN SP): Tang’s Curious Bump

By David Blennerhassett

  • Back on the 5th December, Gordan Tang (& his wife Celine) acquired a 2.14% stake in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
  • This had all the hallmarks of a technical Offer. The Offer price was S$1.16/share compared to the S$1.17/share undisturbed price. The IFA opined the Offer was not fair nor reasonable. 
  • The Tangs have now bumped to S$1.19/share. Terms are not final. The IFA viewpoint won’t budge. This is an opportunistic move from the Tangs. But why not roll the dice?

Quiddity Leaderboard SET50 Jun 25: One Change Possible; Delta on Thin Ice Again

By Janaghan Jeyakumar, CFA

  • The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
  • In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in June 2025.
  • Currently, we see one expected change, but since the market cap reference period is yet to start, the rankings can fluctuate significantly before the base date.

BlackRock Greater Europe Investment Trust – Positive prospects for high-quality portfolio

By Edison Investment Research

BlackRock Greater Europe Investment Trust (BRGE) is one of six funds in the AIC Europe sector. Co-managers Stefan Gries and Alexandra Dangoor note that although BRGE delivered a modest below-market performance over the last 12 months, the trust’s NAV total return has retained the top spot over the last decade. Despite a somewhat weak European economic backdrop and the risk of tariffs under returning US President Donald Trump, the managers are positive about the prospects for the trust’s portfolio of high-quality growth companies. They are sticking with their long-term approach, viewing themselves as investors in businesses rather than traders in shares.


Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.

By Asia Real Estate Tracker

  • Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.
  • Microsoft plans to make a significant investment of $3 billion in India’s digital infrastructure, the largest commitment in Asia.
  • Hong Kong is testing the market by announcing a land tender following the successful sale of an MTR plot, signaling confidence in the property sector.

Chesnara plc: Happy new acquisition

By Hardman & Co

  • After an interval of 18 months, Chesnara announced a new acquisition just before Christmas.
  • Although relatively small, it is another positive step for the company.
  • The deal is a further acquisition from Canada Life UK, this time a portfolio of unit-linked bonds and legacy pension business, consisting of ca.17,000 policies and £1.5bn of AUM.

💡 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 Consumer: Seven & I Holdings, Bloks Group, Dongwon Industries, Guming Holdings, Fast Retailing, Greaves Electric Mobility Ltd (GEML), Toll Brothers, Aspen Aerogels, LXJ International Holdings, Crizac and more

By | Consumer, Daily Briefs

In today’s briefing:

  • 7&I (3382 JP) – Dippity Doo Dah – Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace
  • Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry
  • [Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible
  • Guming Holdings (Goodme) Pre-IPO – Refiling Updates – Showing Some Recent Weakness in Margins
  • Fast Retailing (9983) | Global Growth Shines Amid China Challenges
  • Greaves Electric Mobility Ltd Pre-IPO Tearsheet
  • Toll Brothers: Community Growth & Product Diversification Fueling Our ‘Buy’ Rating! – Major Drivers
  • Aspen Aerogels Inc (ASPN) – Thursday, Oct 10, 2024
  • LXJ International IPO Preview
  • Crizac Pre-IPO – Expanding Network and Service Portfolio to Drive Growth


7&I (3382 JP) – Dippity Doo Dah – Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

By Travis Lundy

  • Recent news on the Seven & I Holdings (3382 JP) situation includes better-than-expected possible sale of the SST business, a little headline fear-mongering on national security, and earnings.
  • Earnings this year will be volatile vs expectations. Timing (and magnitude) of kitchen-sinking matters. But neither ACT nor you should be buying it based on trough earnings expectations.
  • The call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again. 

Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry

By Dimitris Ioannidis

  • Bloks (325 HK)  is expected to be assigned an index nationality of Hong Kong instead of China due to its incorporation in the Cayman Islands.
  • The security is expected to be added at the September 2025 review following the 6-month IPO lock-up expiry which increases the fcap above the APAC threshold.
  • The security is ineligible for the other global index until January 2026 because of the free float being below the minimum threshold of 15%.

[Quiddity Index Jan25] KOSPI 200 Leaderboard Jun25: Up to 6 Changes Possible

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.
  • We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.

Guming Holdings (Goodme) Pre-IPO – Refiling Updates – Showing Some Recent Weakness in Margins

By Clarence Chu

  • Guming Holdings (GUM HK) is looking to raise US$300m in its upcoming Hong Kong IPO.
  • Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
  • In our earlier notes, we had looked at the firm’s past performance. In this note, we discuss its refiling updates.

Fast Retailing (9983) | Global Growth Shines Amid China Challenges

By Mark Chadwick

  • Fast Retailing reported significant gains in revenue and profitability for the first quarter of FY2025.
  • Strong performances in North America & Europe (+31% YoY), and Asia (+17%), offset challenges in Greater China (-1%)
  • Overall revenue and operating profit figures came in marginally stronger than our estimates

Greaves Electric Mobility Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Greaves Electric Mobility Ltd (GEML) (1295040D IN) is looking to raise about US$120m in its upcoming India IPO. The bookrunners for the deal are Motilal Oswal, IIFL, JM fin.
  • GEML is a manufacturer of electric vehicles in India, specializing in electric two-wheelers and three-wheelers.
  • The company is recognized as one of the pioneers in India’s electric vehicle (EV) market, playing a significant role in driving EV adoption in the country, as per CRISIL Report.

Toll Brothers: Community Growth & Product Diversification Fueling Our ‘Buy’ Rating! – Major Drivers

By Baptista Research

  • Toll Brothers, a prominent luxury homebuilder, delivered a robust performance in the fourth quarter of fiscal 2024, demonstrating resilience and adaptability amidst external challenges.
  • The company’s financial results were highlighted by a significant increase in home deliveries and sales revenues.
  • It delivered 3,431 homes, marking a year-over-year increase of 25% in unit delivery and a 10% rise in revenue, totaling $3.3 billion.

Aspen Aerogels Inc (ASPN) – Thursday, Oct 10, 2024

By Value Investors Club

  • Aspen Aerogels, Inc. is a leading company in high-performance aerogel technology, specializing in thermal management solutions for industries like electric vehicles, energy infrastructure, and sustainable building insulation.
  • Their PyroThin® insulation product is popular in the EV sector due to its ability to enhance battery safety and performance.
  • Founded in 2001 and headquartered in Massachusetts, Aspen has seen significant revenue growth and market expansion, with a market cap of $1.6 billion in Q3 2024, positioning them for further growth in the energy-efficient sectors they serve.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


LXJ International IPO Preview

By Douglas Kim

  • LXJ International Holdings (LXJ HK) (knowns as Lao Xiang Ji or Home Original Chicken) is getting ready to complete its IPO in Hong Kong in 1H 2025. 
  • Founded in 1982 by Shu Congxuan, LXJ International specializes in traditional Chinese style chicken dishes. The company is one of the major local players in China’s fast food industry.
  • LXJ’s solid growth in sales and profits in the past several years despite weak Chinese economy is a strong reflection of the company’s loyal customers in China. 

Crizac Pre-IPO – Expanding Network and Service Portfolio to Drive Growth

By Akshat Shah

  • Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
  • Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
  • In this note, we talk about the company’s historical performance.

💡 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 Energy/Materials: Targa Resources, Shell PLC, Boise Cascade Co, SGX Rubber Future TSR20, Tenaz Energy, Vale , Eni SpA, Equinor ASA, PetroTal, Antero Midstream Corp and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Targa Resources: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
  • What’s New(s) in Amsterdam – 9 January 2025 (Shell | Odido)
  • Boise Cascade: An Insight Into The Impact Of The Latest Market Dynamics and Housing Industry Trends Impacting Its Business! – Major Drivers
  • Experts Chart Course For Vietnamese Rubber To EUDR At Seminar
  • Tenaz Energy Corp (TNZ.) – Wednesday, Oct 9, 2024
  • Vale S.A.: Cost Reduction & Efficiency in Iron Ore Production Driving Our Bullishness! – Major Drivers
  • Eni SPA: Here Are The 7 Biggest Factors Shaping Its Performance In 2025 & Beyond! – Major Drivers
  • Equinor ASA: Will The Increased Gas Exposure in Europe Decision Ignite a Breakthrough? – Major Drivers
  • PetroTal Corp (AIM: PTAL): Higher Production and Cash Balance than Expected.
  • Antero Midstream’s Smart CapEx Strategy: How It’s Fueling Next-Level Infrastructure Growth! – Major Drivers


Targa Resources: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers

By Baptista Research

  • Targa Resources Corp. has demonstrated a robust performance during the third quarter of 2024, with record volumes and adjusted EBITDA, suggesting a significant growth trajectory.
  • The company’s strategic positioning in volatile markets, a strong Permian Basin presence, and a focus on fee-based or fee floor contracts, primarily in the Gathering and Processing (G&P) segments, have mitigated exposure to commodity price downturns.
  • Notably, Targa has invested in long-term growth by expanding its infrastructure and capacity through key projects, such as the construction of new processing plants and sour gas treating facilities in the Permian Delaware Basin, expected to be operational by the upcoming years.

What’s New(s) in Amsterdam – 9 January 2025 (Shell | Odido)

By The IDEA!

  • Shell | 4Q24 trading update disappoints: In 4Q24, Shell posted ‘significantly lower’ results in its Integrated Gas, Chemical and Renewables divisions. This became clear on the back of the yesterday’s issued trading update.
  • Odido | IPO expected at some point in 1H25: According to Bloomberg, Apax Partners and Warburg Pincus have selected various banks for an intended IPO of Dutch telecom provider Odido at some point in 1H25.  

Boise Cascade: An Insight Into The Impact Of The Latest Market Dynamics and Housing Industry Trends Impacting Its Business! – Major Drivers

By Baptista Research

  • Boise Cascade Company reported its third-quarter financial results for 2024, highlighting the challenges and opportunities it faces within the U.S. construction materials sector.
  • Overall, the company’s performance demonstrates resilience in a complex economic environment, with specific insights into the operations of its Wood Products and Building Materials Distribution (BMD) segments.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Experts Chart Course For Vietnamese Rubber To EUDR At Seminar

By Vinod Nedumudy

  • The Vietnam Rubber Seminar held on December 12, 2024, saw experts presenting their assessment of challenges facing the Vietnamese rubber sector in complying with the European Union Deforestation Regulation (EUDR).
  • While rubber industry expert Dr. Tran Thi Thuy Hoa, during her holistic survey, offered actionable tips for Vietnamese operators to tackle EUDR, FSC Vietnam Country Manager Vu Thi Que Anh highlighted the role of FSC Certification in meeting the EU Regulation.
  • Challenges in EUDR compliance Dr. Tran Thi Thuy Hoa said Vietnam’s rubber supply chain remains both complex and fragmented, which poses substantial challenges for EUDR compliance.

Tenaz Energy Corp (TNZ.) – Wednesday, Oct 9, 2024

By Value Investors Club

  • Tenaz Energy is a debt-free E&P company with low-decline, high-margin natgas assets in the Dutch North Sea
  • Led by former CEO Anthony Marino, the company has seen its share price increase significantly and is considered undervalued
  • Strong M&A strategy and track record of success, with original asset Leduc-Woodbend now only a small portion of its FCF, highlighting growth potential and attractive valuation

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


Vale S.A.: Cost Reduction & Efficiency in Iron Ore Production Driving Our Bullishness! – Major Drivers

By Baptista Research

  • Vale S.A.’s third quarter 2024 results present a mixed picture, with notable progress and some ongoing challenges.
  • New CEO Gustavo Pimenta highlighted the company’s strategic vision, focusing on operational efficiencies, portfolio enhancements, and stakeholder trust.
  • These pillars aim to drive Vale back to a competitive position, emphasizing safety, cost efficiency, and quality.

Eni SPA: Here Are The 7 Biggest Factors Shaping Its Performance In 2025 & Beyond! – Major Drivers

By Baptista Research

  • Eni, a prominent energy company, presented its Q3 2024 financial results during a period marked by volatile energy markets influenced by a mix of fundamentals, geopolitical tensions, and speculative trading.
  • The company’s performance objectives centered around maintaining resilient and competitive operations, reinforcing its balance sheet, funding business investments, distributing attractive returns to shareholders, and progressing its strategic initiatives.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Equinor ASA: Will The Increased Gas Exposure in Europe Decision Ignite a Breakthrough? – Major Drivers

By Baptista Research

  • Equinor ASA’s recent performance for the third quarter highlights several noteworthy financial and operational metrics, reflecting both strengths and challenges in its strategic execution.
  • For the quarter, Equinor reported an adjusted operating income of $6.9 billion before tax and an IFRS net income of $2.3 billion.
  • Year-to-date, the company has generated $14 billion in cash flow from operations after tax.

PetroTal Corp (AIM: PTAL): Higher Production and Cash Balance than Expected.

By Auctus Advisors

  • 3Q24 production was 19,150 bbl/d including 18,938 bbl/d from Bretana and the remainder at Block 131.
  • This performance exceeded expectations, as we had anticipated 17,900 bbl/d for Bretana.
  • FY24 production at Bretana was 17,733 bbl/d, which is above the guidance of 16.5-17.5 mbbl/d.

Antero Midstream’s Smart CapEx Strategy: How It’s Fueling Next-Level Infrastructure Growth! – Major Drivers

By Baptista Research

  • Antero Midstream Corporation, in its third-quarter 2024 investor conference call, provided key insights into its financial performance and strategic outlook.
  • The company reported an EBITDA of $256 million, marking a modest 2% increase from the previous year.
  • Free cash flow after dividends stood at $40 million, a significant 32% increase year-over-year.

💡 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