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Smartkarma Daily Briefs

Jun 14
0

Daily Brief Australia: New World Resources and more

By | Australia, Daily Briefs

In today’s briefing:

  • New World Resources (NWC AU)’s Possible Interloper

New World Resources (NWC AU)’s Possible Interloper

By David Blennerhassett

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Jun 14
0

Daily Brief United States: Crude Oil, Medtronic Plc, Advanced Micro Devices, Bitcoin, Jefferson Capital, U-Haul Holding , Lands’ End Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • Key Markets Tactical Outlooks After Israel Strike on Iran
  • Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business
  • AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
  • Crypto ETFs: Global Landscape, Market Dynamics, and Outlook
  • Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO
  • UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q
  • LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT

Key Markets Tactical Outlooks After Israel Strike on Iran

By Nico Rosti

Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business

By Garvit Bhandari

  • The separation will occur via a two step transaction – an initial minority IPO carve-out followed by a split-off of the remaining stake.
  • Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time.  Diabetes business could be valued between $8-$11B.
  • The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.

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.

Crypto ETFs: Global Landscape, Market Dynamics, and Outlook

By Animoca Brands Research

  • Significant Growth & Untapped Potential: While global crypto ETF AUM has reached $168.3B, this represents a small fraction of the $14.8T global ETF market and the $128T total global AUM, indicating a vast addressable market and substantial room for future expansion. We project the global crypto ETF AUM to potentially exceed $1T in five years, over 6x the current level.
  • US Dominance in AUM, Europe in Variety: The US leads globally with $144.3B in crypto ETF AUM (85.7% market share), largely driven by the successful launch of spot Bitcoin ETFs. Europe, while smaller in AUM ($15.3B), offers a wider array of altcoin ETFs. Canada and Hong Kong have also emerged as important regional hubs.

  • Quantitative Spotlight on US Market Dynamics: Daily net flows into spot ETFs show a positive but modest correlation with Bitcoin price changes (0.34) and a very weak correlation for Ethereum (0.13). Coupled with low R-squared values, this indicates that spot ETF flows, while impacting underlying crypto price, are just one of many factors

Jefferson Capital Inc (JCAP):  Profitable Insolvency Account Manager Sets Terms for IPO

By IPO Boutique

  • Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
  • The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
  • Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

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.

LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we review the June catalog.
  • Picking up on a theme from last month, the June catalog focus is on the Lands’ End “tote girl.” The company has continued to leverage the popularity of their totes (the most purchases Lands’ End item) and an overall trend towards personalization and embellishment, to capture a younger customer and drive multiple item purchases.
  • For June, the focus remains on swimwear (now at 50% off), and great new looks for the Lands’; End summer lifestyle, from a new linen collection, dresses, the emerging swim dress category and fitted tops and cotton sweaters.

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Jun 14
0

Daily Brief India: Vishal Mega Mart, Oswal Pumps, RHI Magnesita India and more

By | Daily Briefs, India

In today’s briefing:

  • Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains
  • Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
  • RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading

Vishal Mega Mart IPO Lockup Expiry – US$4bn Lockup Release with PE Sitting on 10x Gains

By Sumeet Singh

  • Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
  • Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
  • In this note, we will talk about the lock-up dynamics and updates since our last note.

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

By Rahul Jain

  • 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.

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

By Rahul Jain

  • Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.
  • The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.
  • Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.

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Jun 14
0

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • EU Opens Tire Duty Probe Against China, Straining Trade Environs

EU Opens Tire Duty Probe Against China, Straining Trade Environs

By Vinod Nedumudy

  • Investigation covers HS codes 40111000 and 40112010  
  • China criticizes EU protectionism, warns of market impact  
  • EU tire makers to benefit but consumers may feel the pinch

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Jun 14
0

Daily Brief Japan: Nexon, Kitazato, 3 D Matrix Ltd, Cyberdyne Inc, Raccoon Holdings, Inc. and more

By | Daily Briefs, Japan

In today’s briefing:

  • Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?
  • Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market
  • 3 D Matrix Ltd (7777 JP): Full-year FY04/25 flash update
  • Cyberdyne (7779 JP) – Ongoing Improvement in Reducing Operating Loss
  • Raccoon Holdings, Inc. (3031 JP): Full-year FY04/25 flash update

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. 

Kitazato IPO: Domestic Market Challenged by Structural Changes; Limited Prospect in Overseas Market

By Shifara Samsudeen, FCMA, CGMA

  • Kitazato (368A JP) will debut on the Tokyo Stock Exchange’s Prime market on June 25th, with existing shareholders offering 14m shares at an indicative price range of ¥1,300-1,340 per share.
  • Given a structurally challenging domestic market, Kitazato has expanded its operations globally, however, its overseas operations have seen very limited traction over the years.
  • With growth rates expected to plateau, dividends are the only enticing thing and we think the IPO should be priced at a discount to compensate for the concerns.

3 D Matrix Ltd (7777 JP): Full-year FY04/25 flash update

By Shared Research

  • Operating revenue increased 51.1% YoY to JPY6.9bn, driven by strong sales of absorbable local hemostat TDM-621.
  • The company reported an operating loss of JPY1.2bn, narrowing by JPY961mn YoY, with a recurring loss of JPY2.5bn.
  • FY04/26 forecast anticipates JPY9.3bn operating revenue, JPY400mn operating profit, and JPY301mn net income attributable to owners.

Cyberdyne (7779 JP) – Ongoing Improvement in Reducing Operating Loss

By Astris Advisory Japan

  • Cleared two major hurdles, accelerating the path to profitability – Management executed a large-scale restructuring of the U.S. subsidiary RISE Healthcare Group (RHG) and completed the divestiture of the underperforming LeyLine business.
  • These actions have materially contributed to narrowing operating losses and advancing the group’s overall turnaround.
  • Overseas drove the growth of the Product Rental business – FY results showed strong overseas performance in the Product Rental segment, led by demand from Ukraine and Malaysia.

Raccoon Holdings, Inc. (3031 JP): Full-year FY04/25 flash update

By Shared Research

  • Raccoon Holdings achieved 5.0% YoY revenue growth in FY04/25, with EC and Financial businesses rising 6.9% and 2.4% respectively.
  • Operating profit increased 121.3% YoY, driven by reduced advertising expenses and increased personnel costs, resulting in a 20.6% OPM.
  • Revenue for FY04/26 is projected at JPY6.7bn (+10.5% YoY), with EC and Financial businesses growing 10.1% and 11.1% respectively.

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Jun 14
0

Daily Brief China: Zhejiang Sanhua Intellignt Controls, Wuxi Biologics, Zhejiang Sanhua Intelligent Controls, Shandong Gold Mining Co., Ltd, Bloks Group, Iron Ore, SGX Rubber Future TSR20, Ping An Insurance (H), Seazen (Formerly Future Land) and more

By | China, Daily Briefs

In today’s briefing:

  • 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
  • Sanhua Intelligent Controls H Share Listing (2050 HK): Valuation Insights
  • Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins
  • Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits
  • [IO Technicals 2025/24] Downward Momentum Lingers
  • EU Opens Tire Duty Probe Against China, Straining Trade Environs
  • Ping An (2318 HK): Strategic Insights and Top Option Trades
  • Lucror Analytics – Morning Views Asia

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.

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

By Arun George

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

By Rahul Jain

  • 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.

Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits

By Andrei Zakharov

  • Bloks Group is one of the top performing stocks in Hong Kong this year, with shares up 186% over the year versus a ~19% gain on the HSI.
  • Chinese assembly character toy maker priced its offering at HK$60.35 per share in January, top of a range, and raised ~HK$1.8B of the net proceeds.
  • The offering was 5,000+ times oversubscribed and Bloks Group IPO attracted a surge of retail investors. The company’s six-month IPO lockup will expire on July 9, 2025.

[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. 

EU Opens Tire Duty Probe Against China, Straining Trade Environs

By Vinod Nedumudy

  • Investigation covers HS codes 40111000 and 40112010  
  • China criticizes EU protectionism, warns of market impact  
  • EU tire makers to benefit but consumers may feel the pinch

Ping An (2318 HK): Strategic Insights and Top Option Trades

By Gaudenz Schneider

  • Be inspired by sophisticated, live, multi-leg options strategies on Ping An Insurance (2318 HK), executed over the period from 6 to 12 June on the Hong Kong exchange.
  • Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.
  • Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US treasuries climbed yesterday, on the back of soft PPI data as well as a solid auction of 30Y notes.
  • The UST curve bull flattened, with the yield on the 2Y UST declining 4 bps to 3.91%, while that on the 10Y UST was down 6 bps at 4.36%.
  • Equities rose, with the S&P 500 and Nasdaq up 0.4% and 0.2%, respectively.

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Jun 13
0

Most Read: KE Holdings , Toyota Industries, MINISO Group Holding , Hino Motors Ltd, Nexon, Zijin Mining Group Co Ltd H, Consun Pharmaceutical, Zhejiang Sanhua Intellignt Controls Co., Ltd., Everest Medicines and more

By | Daily Briefs, Most Read

In today’s briefing:

  • CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact
  • Toyota Industries (6201 JP): Thoughts on Intrinsic Value
  • MINISO (9896 HK)’s (Possible) TOP TOY Spin-Off Is Priced In
  • [Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO
  • More Accurate Context Behind Tencent’s Nexon Moves Reported by Bloomberg
  • Zijin Mining (2899 HK): Fully Valued Ahead Of (Expected) Gold Unit Spin-Off
  • UK: Retreating To Trend Again
  • Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change
  • Zhejiang Sanhua Intelligent Controls (2050 HK): Big Raise Supported by Cornerstones
  • Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted

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

By Brian Freitas

  • 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.

Toyota Industries (6201 JP): Thoughts on Intrinsic Value

By Arun George

  • Several investors have sharply criticised Toyota Industries (6201 JP)’s preconditional tender offer from Toyota Fudosan. Oasis is pushing for a higher offer. 
  • The offer has several issues that are detrimental to minorities’ interests. The key grievance is that it is below TICO’s intrinsic value.
  • Due to TICO’s varied business units, SoTP valuation is the most appropriate methodology. My analysis suggests a base case intrinsic value of around JPY19,000.

MINISO (9896 HK)’s (Possible) TOP TOY Spin-Off Is Priced In

By David Blennerhassett

  • Three months ago, local media reported that Chinese lifestyle retailer MINISO Group Holding (9896 HK) was considering spinning off its collectible toy unit TOP TOY on the Hong Kong exchange. 
  • Reportedly, MINISO could raise ~US$300mn from an IPO. MINISO has now confirmed that a spin-off is being contemplated; although a proposal is only at a preliminary stage. 
  • TOP TOY has been a growth engine. But its contribution to the group is still ~6%. Applying a holding company discount, post spin-off, MINISO’s upside appears limited.

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

By Travis Lundy

  • 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.

More Accurate Context Behind Tencent’s Nexon Moves Reported by Bloomberg

By Sanghyun Park

  • Government aims to sell 30.6% NXC stake by 2027 for ₩4T tax revenue, offering NXC a buyback or selling with management control to attract bidders.
  • The family won’t buy back the 30.6% stake but may allow partial management rights, with Tencent eyeing that stake—not a full $15B Nexon buyout as Bloomberg suggested.
  • Tencent’s targeting that stake chunk only, no control shift, so no mandatory tender offer triggered—at least for now.

Zijin Mining (2899 HK): Fully Valued Ahead Of (Expected) Gold Unit Spin-Off

By David Blennerhassett

  • Back on the 30th April 2025, Zijin Mining (2899 HK)  said it planned to spin off its overseas gold mine assets on the Hong Kong exchange.
  • The newly created unit, Zijin Gold International, owns/operates mines in South America, Central Asia, Africa and Oceania, including the Buritica project in Colombia, the nation’s largest gold mine.
  • A Circular is now out concerning the spin-off, which is not subject to shareholder approval. Pegged to peers, Zijin appears fully valued.

UK: Retreating To Trend Again

By Phil Rush

  • Residual seasonality shocked the consensus again, this time on the downside, as the spurious surge is replaced with stagnation for the rest of the year in our view.
  • The 0.3% m-o-m decline dragged GDP back toward its trend, wiping out the highly supportive statistical carryover effect for Q2, which we now forecast at 0.1% q-o-q.
  • BoE forecasts are on track, allowing the MPC’s bias to slow easing to materialise with a pause. We expect cuts to keep being rolled later, with no more delivered in this cycle.

Quiddity Leaderboard Hang Seng Biotech Sep25: Three Changes Likely + One Intra-Review Change

By Janaghan Jeyakumar, CFA

  • The Hang Seng Biotech index (HSHKBIO) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
  • In this insight, we take a look at the potential index changes and the resultant capping flows for the HSHKBIO index rebal event in September 2025.
  • Based on the latest data, we see three ADDs and three DELs.

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

By Brian Freitas

  • 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.

Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted

By Nicholas Tan

  • Everest Medicines (1952 HK) aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.
  • This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount. 
  • In this note, we comment on the deal dynamics and run the deal through our ECM framework.

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Jun 13
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Oracle Rallies on AI Demand and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Oracle Rallies on AI Demand
  • Quick Note: 1M HIBOR Decline by 300bps – Implications for Hong Kong Real Estate
  • The Stocks to Own in ASEAN – Vol. 51
  • The Stocks to Own in Asia – Vol. 49
  • Japan Morning Connection: Air India Crash Sends Boing Lower, AMD’s AI Event Fails to Impress

Ohayo Japan | Oracle Rallies on AI Demand

By Mark Chadwick

  • The S&P 500 gained 0.38% to 6,045, sitting less than 2% from its record high
  • Oracle surged 13% after beating earnings expectations and forecasting cloud infrastructure revenue growth exceeding 70% in fiscal 2026, driven by AI demand
  • 3D Investment Partners, a Singapore-based activist fund, increased its Square Enix stake to 9.79%

Quick Note: 1M HIBOR Decline by 300bps – Implications for Hong Kong Real Estate

By Jacob Cheng

  • 1M HIBOR has declined by 300bps to 0.6%, which is a sharp decline. Mortgage rate, which is tied to HIBOR, will have to be adjusted downward
  • Mortgage rate declines, affordability will improve, and there is positive carry.  Developers will enjoy lower borrow cost and better earnings. 100bps change in rates leads to 2% earnings impact
  • However, the HIBOR decline can reverse, if capital flow changes and affects HKMA’s aggregate balance.  US/China interest rate movements and geo-political risks also have to be monitored closely

The Stocks to Own in ASEAN – Vol. 51

By Dr. Andrew Stotz, CFA

  • We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
  • Portfolio changes: Five stocks remain, nine stocks added into portfolio
  • Since its inception, the portfolio has generated a before-fee total return of 264% versus MSCI ASEAN’s 46%

The Stocks to Own in Asia – Vol. 49

By Dr. Andrew Stotz, CFA

  • We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
  • Portfolio changes: All fourteen stocks have changed in the portfolio
  • Since its inception, it has generated a before-fee total return of 262% versus the MSCI Asia ex Japan of 110%

Japan Morning Connection: Air India Crash Sends Boing Lower, AMD’s AI Event Fails to Impress

By Andrew Jackson

  • Oracle’s good numbers pulling AI and DC related names up, while Samsung failing its NVDA HBM certification (again) positive for Micron.
  • Tencent is back at the table looking to bid for Nexon, whose outstanding short interest could see a rapid squeeze.
  • All the good news out for Konami? Looks like it after their even last night with further upside catalysts lacking.

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Jun 13
0

Daily Brief ECM: Everest Medicine Placement: Another Sell-Down by CBC and more

By | Daily Briefs, ECM

In today’s briefing:

  • Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted
  • CaoCao IPO: The Bull Case
  • Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain
  • Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake
  • Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
  • Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market
  • Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation
  • Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day
  • Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

Everest Medicine Placement: Another Sell-Down by CBC, Some Caution Warranted

By Nicholas Tan

  • Everest Medicines (1952 HK) aims to raise around US$150m in a secondary sell-down of shares conducted by CBC Group.
  • This comes on the heels of a similar secondary sell down in Jan 2025, whereby CBC sold ~US$100m worth of stock, priced at a 10% discount. 
  • In this note, we comment on the deal dynamics and run the deal through our ECM framework.

CaoCao IPO: The Bull Case

By Arun George

  • CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.   
  • CaoCao was incubated by Geely Auto (175 HK). Geely founder Li Shufu owns 83.9% of CaoCao.
  • The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. 

Eternal Beauty Pre-IPO – PHIP Updates – Perfumes Growing, Challenges Remain

By Sumeet Singh

  • Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. 
  • Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
  • We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.

Sai Life Sciences IPO Lockup – US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

By Akshat Shah

  • SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
  • Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
  • In this note, we will talk about the lockup dynamics and possible placement.

Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky

By Sumeet Singh

Liuliu Orchard Group Co Ltd Pre-IPO – Category Leader Scaling Direct Channels in Fragmented Market

By Troy Wong

  • Liuliu Orchard Group Co Ltd (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO.
  • LOGCL is China’s leading plum-based snack player, benefiting from strong consumer demand, brand leadership, and favorable health trends.
  • Despite operating in a fragmented market, LOGCL has consistently grown revenue through successful offline expansion, increased direct sales penetration, and effective cost control even amid raw material cost pressures.

Oswal Pumps IPO – RHP Updates & Thoughts on Peer Comp and Valuation

By Akshat Shah

  • Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
  • Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day

By IPO Boutique

  • Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.
  • The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.
  • Chime’s order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction. 

Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

By Nicholas Tan

  • CaoCao Inc (1646553D CH) is looking to raise up to $US300m in its upcoming Hong Kong IPO. 
  • It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
  • In this note, we provide updates on the firm’s past performance.

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Jun 13
0

Daily Brief Australia: Dalrymple Bay Infrastructure L, Jupiter Mines and more

By | Australia, Daily Briefs

In today’s briefing:

  • Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
  • Exxaro’s Strategic Moves: Potential Full Buyout of Jupiter Mines Following JV Acquisition in Manganese Sector

Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky

By Sumeet Singh

Exxaro’s Strategic Moves: Potential Full Buyout of Jupiter Mines Following JV Acquisition in Manganese Sector

By Special Situation Investments

  • Jupiter Mines’ valuation is implied at A$0.315/share, a 60% premium to current trading levels, following a JV sale.
  • Exxaro Resources acquired a 20% stake in Jupiter Mines at A$0.315/share, indicating interest in further consolidation.
  • The Tshipi Borwa mine, a Tier 1 asset, contributes ~6% to global manganese supply, primarily for steel production.

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

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