Smartkarma Daily Briefs

AH spreads are SHARPLY narrower. The effect is dramatic across the “skew” i.e. very wide AH premia contracted more than very narrow premia. BYD is on its own.
This smells very much like someone knows something. I expect RMB dual counters may be in the works. Caixin had an article Friday.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

HK Connect SOUTHBOUND Flows (To 13 June 2025); Volumes Up, TECH Down, HEALTHCARE Bought Big

Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.
Among the top buys as a percentage of volume, HEALTHCARE, FINANCIALS, ENERGY stand out, dramatically. Among top sells, INFO TECH again. 9 weeks in a row negative. Tencent bigly sold.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Weekly Deals Digest (15 Jun) – Haitian, Sanhua, Toyota Industries, Tryt, Fengxiang, HKBN, Mayne

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Foshan Haitian Flavouring & Food Company (3288 HK) and Zhejiang Sanhua Intelligent Controls (2050 HK) H share listings and CaoCao Inc (1646553D CH) IPO.
Event-Driven developments: Toyota Industries (6201 JP), TRYT (9164 JP), With Us Corp (9696 JP), Shandong Fengxiang (9977 HK), HKBN Ltd (1310 HK), Mayne Pharma (MYX AU).

China Healthcare Weekly (Jun.15) – Outlook of GLP-1 Market, WuXi Bio’s Placement, Keymed’s Placement

By Xinyao (Criss) Wang

The GLP-1 market has officially transitioned from a duopoly to a state where Tirzepatide is eating away at Semaglutide’s market share, which should be a highly valued advance signal.
WuXi Bio’s Placing price of HK$26.51-26.88/share is expansive if based on 2025 forecast.Obviously, WuXi Bio hopes to leverage the positive market sentiment to complete the placement at high share price
Keymed plans to raise about HK$854million through a top-up placement. However, reasonable valuation for Keymed is RMB5-10 billion. In other words, the Placing Price of HK$45.48 per Share is expensive.

Baidu Inc.: Dealing With The Uncertain Commercial Viability of Autonomous Driving

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.
This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.
A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core’s revenue, up from 20% in the previous year.

Alibaba’s Bold AI & Cloud Bet Is Driving Our Optimism–But It Comes at A BIG COST!

Alibaba Group delivered a mixed performance in the March quarter and for the full fiscal year 2025, showing resilience in its core operations while falling short of analyst expectations on key financial metrics.
The company reported revenue of $32.58 billion for the quarter, marking a 7% year-over-year increase, but this fell below projections of $33.28 billion.
Net income for the period came in at $1.71 billion, significantly lower than the anticipated $2.93 billion.

iQIYI Inc.: Growing Its Content Ecosystem & Executing Overseas Market Expansion to Help Alter The Playing Field?

iQIYI’s first-quarter 2025 results exhibited growth across several key business segments, though certain challenges remain.
The company experienced sequential growth in total revenues, largely attributed to their emphasis on premium content production and strong performance in long-form and micro-dramas.
This focus has effectively positioned iQIYI as a leading platform for both long-form and short-form entertainment content, contributing positively to user engagement and content consumption.

[Quiddity Index] MV Global Uranium & Nuclear Energy Jun25 Rebalance Results: Flow Expectations

The MV Global Uranium & Nuclear Energy index represents the performance of the biggest and the most liquid companies in the Uranium and Nuclear industries.
Cgn Mining (1164 HK) will be an ADD and Endesa SA (ELE SM) will be a DELETE in June 2025.
There are also some big capping flows so we expect a one-way flow of US$227mn for June 2025, which translates to a turnover of 15.7%.

JD.com: AI Expansion into On-Demand Retail & Food Delivery Is An Interesting New Development!

In the first quarter of 2025, JD.com reported strong financial and operational performance, indicating a positive start to the year.
The company’s total revenues increased by 16% year-over-year, showing accelerated growth compared to the previous quarter.
This growth was broad-based, with electronics and home appliances revenue up by 17% and general merchandise revenue rising by 15%, demonstrating the strength of JD.com’s diversified product range and supply chain capabilities.

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Jun 15

Daily Brief United States: Lam Research, Newmont , NVIDIA Corp, Palantir Technologies , Dick’s Sporting Goods, Elastic NV, C3.ai Inc, Inter Parfums, Dell Technologies , Genesis Healthcare and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

MV US Listed Semiconductor 25 Index Rebalance: US$1.2bn Round-Trip Trade
Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds
[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations
Palantir’s Parabolic Surge: Meme Stock Mania Or AI Megatrend in Motion?
DICK’S Sporting Goods Is Betting Big on Youth Sports—and It Could Be a $40 Billion Win!
Elastic Ramps Up Cybersecurity Assault with Bold Security Platform Expansion!
C3.ai Strikes Gold with Powerhouse Partnerships—Is Big Tech Its Secret Weapon?
Interparfums Unveils Bold Luxury Push with New Premium Brand Additions!
Dell Technologies: AI Server Integration & Backlog Growth As A Pivotal Growth Lever!
GEN Digital Is Tapping Into Telecom & Employers—Can This Be The Biggest Driver Of Its Future Growth?

MV US Listed Semiconductor 25 Index Rebalance: US$1.2bn Round-Trip Trade

There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in June but there are a lot of float and capping changes.
Estimated one-way turnover is 2.5% resulting in a round-trip trade of US$1.2bn. Impact on the stocks is small given they are highly liquid.
There will be more flows in a lot of these stocks from trackers of the Technology Select Sector SPDR (XLK US). Broadcom (AVGO US) will have largest outflows.

Newmont Corporation (NYSE: NEM) – Strong Q1, Tier 1 Growth Ahead, Significant Upside if Gold Holds

Recent Results: Newmont delivered a strong Q1 2025 performance with record free cash flow of $1.2 billion, driven by higher gold prices and increased production from Tier 1 assets.
Future Plans: The company plans to ramp up Tier 1 output to ~6.7 Moz by 2028, led by projects like Ahafo North, Tanami Expansion 2, and Cadia block-cave development.
Valuation Upside: If current gold prices around $3,400/oz persist, Newmont’s earnings could double vs. consensus, unlocking over 50% potential upside from current share levels.

[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the June 2025 rebalance event.
We expect a one-way flow of US$700mn for June 2025.

Palantir’s Parabolic Surge: Meme Stock Mania Or AI Megatrend in Motion?

Palantir Technologies has become one of Wall Street’s most polarizing success stories in 2025.
Riding a 76% year-to-date gain and clocking in at more than 460% over the past 12 months, the company’s stock has reached new highs, closing at a record for three consecutive sessions earlier this month.
The surge puts it in league with speculative darlings like CoreWeave and even evokes comparisons to meme stock veterans such as GameStop.

DICK’S Sporting Goods Is Betting Big on Youth Sports—and It Could Be a $40 Billion Win!

DICK’S Sporting Goods’ recent earnings revealed a robust performance in the first quarter of fiscal 2025, reflecting the effectiveness of its long-term strategies and operational improvements.
The company reported a 4.5% increase in comparable store sales, marking the fifth consecutive quarter of such growth, and achieved a consolidated sales increase of 5.2% to $3.17 billion.
These results were underpinned by a rise in both average ticket value and transaction volume, demonstrating strong consumer demand and engagement with DICK’S product offerings.

Elastic Ramps Up Cybersecurity Assault with Bold Security Platform Expansion!

Elastic N.V. reported a strong fourth quarter, capping off fiscal 2025 with solid growth metrics and notable strategic advancements.
The company’s revenue grew by 16% year-over-year, with Elastic Cloud revenue increasing by 23%, reflecting sustained demand for their solutions.
Elastic’s efforts to penetrate both the enterprise and mid-market segments have borne fruit, as evidenced by the net increase in large customers—those spending over $1 million annually—by approximately 45 this year.

C3.ai Strikes Gold with Powerhouse Partnerships—Is Big Tech Its Secret Weapon?

C3.ai has demonstrated dynamic progress and significant strides in its fiscal year ending April 30, 2025, highlighted by impressive growth metrics and strategic advancements.
The company reported a 25% year-over year revenue increase, reaching $389.1 million, marking three consecutive years of accelerating revenue growth.
This upward trajectory underscores the company’s effective strategies in the expansive Enterprise AI market.

Interparfums Unveils Bold Luxury Push with New Premium Brand Additions!

Interparfums reported a 5% increase in net sales for the first quarter of 2025, with a 7% growth on a like-for-like basis.
These results were driven by strong performances from brands such as Coach, Jimmy Choo, and Donna Karan, as well as newer entries like Lacoste and Cavalli.
The company’s diverse product launches and agile supply chain supported its ability to adapt rapidly to market demands, although some challenges remain due to a shifting global landscape.

Dell Technologies: AI Server Integration & Backlog Growth As A Pivotal Growth Lever!

Dell Technologies Inc.’s fiscal year 2026 first quarter financial results provide a mixed but generally positive view of the company’s current performance and future prospects.
The company reported revenue of $23.4 billion, a growth of 5% year-over-year.
This increase was driven by robust performance across its core markets, particularly in Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG), each growing by 8%.

GEN Digital Is Tapping Into Telecom & Employers—Can This Be The Biggest Driver Of Its Future Growth?

Gen Digital’s latest financial results and strategic developments present a balanced picture of growth and ongoing transformation within the company.
During the fiscal year 2025, Gen Digital demonstrated solid financial performance, highlighted by a record revenue of nearly $4 billion, a 4% year-over-year increase, and a non GAAP operating margin of 58.4%.
This growth was driven by strong demand across Gen’s core cyber safety offerings, including security, privacy, and identity theft protection solutions.

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Jun 15

Daily Brief India: Sun Pharmaceutical Industries, Canara Bank and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth
Relative Value Roundup: Performance Recap of Financial Pair Trades

Sun Pharmaceutical (SUNP IN): Timely Succession Plan to Augur Well for Next-Level of Growth

By Tina Banerjee

Sun Pharmaceutical Industries (SUNP IN) is appointing Kirti Ganorkar as the Managing Director to succeed Dilip Shanghvi, effective September 1, 2025, with the entire business reporting to him.
In another development, Richard Ascroft will be joining as CEO – North America, succeeding Abhay Gandhi. Aalok Shanghvi has been additionally entrusted with the responsibility for the North America business.
Succession plan and management rejig come at a time when SPIL is at an inflection point, with its India business being on a strong foothold and specialty business gaining traction.

Relative Value Roundup: Performance Recap of Financial Pair Trades

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Two pair trade opportunities in the Indian financial sector persist, with price ratios exceeding two standard deviations from their historical means.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

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Jun 15

Daily Brief Japan: TSE Tokyo Price Index TOPIX, Azoom, Hino Motors Ltd, Mitsubishi Shokuhin and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

One of the Clues to Know How Serious a Company Is About Shifting to Management that Creates Value
TOPIX Inclusions: Who Is Ready (Jun 2025)
Last Week in Event SPACE: Hino Motors, Hong Kong’s Peg, Zijin Mining, MINISO
(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

One of the Clues to Know How Serious a Company Is About Shifting to Management that Creates Value

By Aki Matsumoto

The driver of higher stock valuations is overseas investors, and engagement by overseas investors is likely to have a positive effect on return on capital and stock valuations.
In many aspects, companies seem to be unwilling to face shareholders. If they don’t confront shareholders and proceed with management reforms, they will not be able to implement serious initiatives.
It can be hypothesized that the behavior of prioritizing control over the AGM over engaging with shareholders provides a clue as to the seriousness of a company’s efforts.

TOPIX Inclusions: Who Is Ready (Jun 2025)

By Janaghan Jeyakumar, CFA

Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
GMO Financial Gate (4051 JP) and Azoom (3496 JP) have confirmed their moves to the Prime Market which would trigger TOPIX Inclusions for these names at the end of July.
Kitazato (368A JP) is expected to get listed in the Prime market in late-June and that name would also have a TOPIX Inclusion at the end of July.

Last Week in Event SPACE: Hino Motors, Hong Kong’s Peg, Zijin Mining, MINISO

Is Hino (7205 JP) a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.
A Bloomberg op-ed piece concludes it is time to move on from “from an archaic currency regime“. That conclusion on the Hong Kong peg appears presumptuous. And uninformed.
A spin-off makes sense as Zijin (2899 HK) capitalises on the upward cycle in gold prices. However, Zijin is trading at a single-digit NAV discount. Before any holding company discount.

(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

I tally 47 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Three new deal were discussed on Smartkarma this week: New World Resources (NWC AU)‘s Scheme, and Tender Offers for Fuji Corp (7605 JP), TRYT (9164 JP), and Shinsung Tongsang (005390 KS).
Fer.Key updates/news took place on: Austal Ltd (ASB AU), HKBN Ltd (1310 HK), Shandong Fengxiang (9977 HK), and Mitsubishi Shokuhin (7451 JP).

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Jun 14

Most Read: iShares MSCI Singapore ETF, Sasseur REIT, HealthyWay, KE Holdings , Hino Motors Ltd, Zhejiang Sanhua Intellignt Controls, New World Resources, Crude Oil, Wuxi Biologics and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Smartkarma Webinar | Promoting Sustainability in ASEAN: Rise of the Green Economy
Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China’s Retail Outlet Industry
KWEB Index Rebalance: HealthyWay In; East Buy Out
CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact
[Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO
Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones
New World Resources (NWC AU)’s Possible Interloper
Key Markets Tactical Outlooks After Israel Strike on Iran
Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Smartkarma Webinar | Promoting Sustainability in ASEAN: Rise of the Green Economy

By Smartkarma Research

In the next installment of our Webinar series, in collaboration with ASEAN Exchanges, we go live with Smartkarma Insight Provider Sharmila Whelan.

Due to the region’s fast-growing urban areas and proximity to coastal regions, ASEAN is particularly vulnerable to the effects of climate change.
Even as countries in ASEAN pursue economic growth, these efforts cannot be isolated from a focus on sustainability. Achieving sustainable growth will open the doors to not just unprecedented, future-forward opportunities, but also large-scale risks and challenges that demand innovative solutions.
Understanding the myriad benefits that a green economy brings, ASEAN countries have taken several steps to accelerate their green transition.

Join us as Sharmila Whelan shares her thoughts on ASEAN’s energy transition, discussing carbon emission trends, national clean energy policies, green financing progress, and the region’s fastest ESG adopters.

The webinar will be hosted on Wednesday, 4 June 2025, 16:30 SGT/HKT.

Register for the Webinar here

Sharmila Whelan is a seasoned Global Geopolitical-Macro Strategist with nearly three decades of experience advising buy-side clients on multi-asset investment strategies and asset allocations. Her career has been defined by her differentiated thinking, a deep understanding of the interlinkages between global geopolitics, macro and policy dynamics and Austrian business cycle approach to economic analysis. Sharmila has extensive experience in both developed and emerging markets, particularly in China and India, and a proven track record of accurately forecasting investment risks and opportunities ahead of consensus.

Smartkarma Corporate Webinar | Sasseur REIT: Unlocking Value in China’s Retail Outlet Industry

By Smartkarma Research

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, Head of Asset Management, Mr. Cheng Hsing Yuen, and Head of Investor Relations & Capital Markets, Ms. Helen Qiu.

In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.

Register for the Webinar here

About Sasseur REIT

Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors
the unique opportunity to invest in the fast-growing retail outlet mall sector in China through
its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing
Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of
310,241 square metres.

Sasseur REIT is established with the investment strategy to invest principally, directly or
indirectly, in a diversified portfolio of income-producing real estate which is used primarily for
retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,
with an initial focus on Asia.

You can view their latest factsheet here.

For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

KWEB Index Rebalance: HealthyWay In; East Buy Out

The June rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 13 June.
HealthyWay (2587 HK) will be added to the ETF while East Buy Holding (1797 HK) will be deleted. The passive trading will offer an opportunity to exit positions.
There is a huge lock-up expiry in HealthyWay (2587 HK) on 30 June and the stock could drop ahead of that. Then it could drop some more after lock-up expiry.

CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.
A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.
There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.

[Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO

On the 10th of June, Toyota Motor (7203 JP) subsidiary Hino Motors Ltd (7205 JP) and Mitsubishi-Fuso Truck & Bus Company announced their long-awaited integration plans. We have a deal.
An agreement was signed in 2023, but Hino got in big trouble for falsifying testing data on gasoline engine emissions/efficiency. Hino took a hit in 2023, then 2025. Talks advanced.
The deal announced suggests Toyota has thrown itself and Hino minorities under the proverbial Fuso bus. It’s VERY odd. But… it deserves a look because 2026 will see a re-IPO.

Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones

Zhejiang Sanhua Intellignt Controls Co. (002050 CH)‘s global offering opens today and the raise could reach up to US$1.4bn if the offer-size adjustment option and the overallotment option are exercised.
There is a large allocation to cornerstone investors. The discount of around 22.7% to the A-shares is attractive given the recent trend for Midea (300 HK) and CATL (3750 HK).
The H-shares should be added to Southbound Stock Connect in July, to the HSCI in September, and to a global index in December.

New World Resources (NWC AU)’s Possible Interloper

On the 21st May 2025, copper miner New World Resources (NWC AU) inked a Scheme with Central Asia Metals (CAML LN) at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.
Copper plays are definitely in vogue after Harmony Gold Mining (HAR SJ)‘s recent Offer for MAC Copper (MAC AU), and Bastion Minerals’ tilt for Xanadu Mines (XAM AU).
NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder?

Key Markets Tactical Outlooks After Israel Strike on Iran

By Nico Rosti

A quick look at the tactical forecast models for some key markets impacted by the Israeli attack to Iran on June 13th.
We analyze: Crude Oil Futures (CL1 COM COMDTY) , Gold Futures (GOLD COMDTY) , Nasdaq-100 Index (NDX) , Nikkei 225 Index, Hang Seng Index and NIFTY Index
Keep in mind that high volatility can push easily a market into the model’s tails, and forecasts in tails area rely on less data (i.e. less accurate).

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible

By Sumeet Singh

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Wuxi Biologics Placement – Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

By Sumeet Singh

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK).
This is the company’s 17th placement since it listed in June 2017.
In this note, we talk about the updates since then and run the deal through our ECM Framework.

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Jun 14

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (Jun 13th): Tencent and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

Hong Kong Buybacks Weekly (Jun 13th): Tencent, AIA, Guoquan Food
ASX Short Interest Weekly (Jun 6th): IDP Education, Sigma Pharmaceuticals, Evolution Mining, CSL

Hong Kong Buybacks Weekly (Jun 13th): Tencent, AIA, Guoquan Food

By Ke Yan, CFA, FRM

We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jun 13th 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), AIA (1299 HK), Guoquan Food (2517 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), Bilibili (9626 HK).

ASX Short Interest Weekly (Jun 6th): IDP Education, Sigma Pharmaceuticals, Evolution Mining, CSL

By Ke Yan, CFA, FRM

We analyzed the changes in short interest of ASX Stocks as of Jun 6th (reported yesterday). The aggregated short interest was USD27.4bn.
We tabulate league tables 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 IDP Education, Sigma Pharmaceuticals, Evolution Mining, CSL.

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Jun 14

Daily Brief Industrials: Zhejiang Sanhua Intellignt Controls, Zhejiang Sanhua Intelligent Controls, Oswal Pumps, U-Haul Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible
Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

Zhejiang Sanhua Intelligent Controls A/H Listing – Relatively Large but Digestible

By Sumeet Singh

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights

By Arun George

Zhejiang Sanhua Intelligent Controls (2050 HK) has launched its H Share listing at HK$21.21 to HK$22.53 per H Share. Pricing will be on 19 June.
I discussed the H Share listing in Sanhua Intelligent Controls H Share Listing: The Investment Case.
The proposed AH discount of 20.2%-24.9% (based on 12 June A Share price) is attractive and I would participate in the H Share listing.

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.

UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

By Zacks Small Cap Research

U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
U-Haul is also the third largest self-storage operator in North America.
U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 & FY2022.

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Jun 14

Daily Brief TMT/Internet: Advanced Micro Devices, Nexon, Nanya Technology, Koninklijke KPN and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?
Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear
What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

By Nicolas Baratte

AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.

Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

By Douglas Kim

Tencent has been interested in acquiring Nexon for more than six years. However, the timing and price were not right for such a deal to take place in the past.
The higher probability scenario is for Kim’s family members to sell when the timing and price is right. This time around, a $15 billion could be the right price.
Late founder Kim’s family members own a 44.4% stake in Nexon through NXC Corp and its affiliate NXMB BV. Kim’s wife and daughters own a 67.6% stake in NXC Corp.

Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear

By Vincent Fernando, CFA

DRAM — Global Memory Market Has Regained Momentum in Mid-2025, Driven by a Sharp Upswing in Spot Prices.
NAND Flash — Strategic Outsourcing, High ASP Segments Drive Memory Controller Specialist Gains
Conclusion — Short-Term Gains vs. Long-Term Growth in Memory Markets

What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)

By The IDEA!

In this edition: • KPN | more behind the VodafoneZiggo / Delta Fiber access deal than meets the eye?
• Odido | IPO expected to be postponed until after the summer • Triodos Bank | intends to focus more on the Netherlands

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Jun 14

Daily Brief Energy/Materials: New World Resources, Crude Oil, Shandong Gold Mining Co., Ltd, Iron Ore, RHI Magnesita India, SGX Rubber Future TSR20, Santacruz Silver Mining and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

New World Resources (NWC AU)’s Possible Interloper
Key Markets Tactical Outlooks After Israel Strike on Iran
Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins
[IO Technicals 2025/24] Downward Momentum Lingers
RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading
EU Opens Tire Duty Probe Against China, Straining Trade Environs
SCZ: Q1 Financials Beat on Major Cost Improvements

New World Resources (NWC AU)’s Possible Interloper

On the 21st May 2025, copper miner New World Resources (NWC AU) inked a Scheme with Central Asia Metals (CAML LN) at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.
Copper plays are definitely in vogue after Harmony Gold Mining (HAR SJ)‘s recent Offer for MAC Copper (MAC AU), and Bastion Minerals’ tilt for Xanadu Mines (XAM AU).
NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder?

Key Markets Tactical Outlooks After Israel Strike on Iran

By Nico Rosti

A quick look at the tactical forecast models for some key markets impacted by the Israeli attack to Iran on June 13th.
We analyze: Crude Oil Futures (CL1 COM COMDTY) , Gold Futures (GOLD COMDTY) , Nasdaq-100 Index (NDX) , Nikkei 225 Index, Hang Seng Index and NIFTY Index
Keep in mind that high volatility can push easily a market into the model’s tails, and forecasts in tails area rely on less data (i.e. less accurate).

Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins

EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.
Shandong Gold aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth & higher prices.
Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.

[IO Technicals 2025/24] Downward Momentum Lingers

By Umang Agrawal

The U.S. will impose a 55% tariff on Chinese goods; China responds with 10%, as part of a deal addressing trade and fentanyl concerns.
China’s steelmakers face pressure as EV price wars cut margins. Platts to lower iron ore spec to 61% in 2026, prompting SGX contract adjustments.
Prices hold below key moving averages, reflecting downside momentum, while the MACD staying under its signal line supports the ongoing bearish outlook.

RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading