Smartkarma Daily Briefs, Author at Smartkarma

Jul 19

Daily Brief ESG: Companies Seem Reluctant to Hold Online AGMs with Online Attendance and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Companies Seem Reluctant to Hold Online AGMs with Online Attendance

Companies Seem Reluctant to Hold Online AGMs with Online Attendance

By Aki Matsumoto

Online AGMs using Internet account for 18%. More than 90% of these meetings are limited to broadcasting the meeting, without allowing shareholders to exercise their voting rights during the meeting.
Technical issues are cited as the reason why online shareholder meetings are not increasing, and the Ministry of Justice’s advisory board is discussing legal reforms.
For companies whose goal is to pass company proposals at AGMs and end quickly, even if the resolution of issues is included in legal revision, it will have little effect.

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Jul 19

Daily Brief China: Iron Ore, Hang Seng Index, Longfor Properties and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

[IO Technicals 2025/29] Near Term Bullish Trend to Persist
Hong Kong Single Stock Options Weekly (July 14 – 18): HSI at Fresh Highs But Option Volumes Lag
Lucror Analytics – Morning Views Asia

[IO Technicals 2025/29] Near Term Bullish Trend to Persist

By Umang Agrawal

Iron ore prices topped $100/ton as Beijing’s push on steel overcapacity and hopes of property support lifted sentiment, alongside tighter inventories fuelling restocking expectations.
Rio Tinto’s early Simandou shipments from November sparked fresh interest, though RBC sees output reaching just 12 million tons by 2026, ramping up slowly.
Prices are holding firm above key moving averages, pointing to continued upward momentum, while the MACD above its signal line reinforces the bullish trend.

Hong Kong Single Stock Options Weekly (July 14 – 18): HSI at Fresh Highs But Option Volumes Lag

By John Ley

HSI continued its rally, breaking out to the highest level since early 2022.
Breadth was solid and all sectors finished the week higher, led by standout moves in Health Care.
Call volumes were underwhelming given the breakout to new highs.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Adani Ports, Adani Green Energy
UST yields were broadly stable yesterday. The yield on the 2Y UST rose 1 bp to 3.91%, while the yield on the 10Y UST was unchanged at 4.45%. Equities rallied, following the release of strong retail sales data. The S&P 500 rose 0.5% to a new high of 6,297, while the Nasdaq was up 0.7% at 20,886.
Several Fed officials spoke yesterday. New York Fed President John Williams said it is “entirely appropriate” to maintain the current modestly restrictive monetary policy stance, as he expects inflation to increase in the coming months. Atlanta Fed President Raphael Bostic also said that he still supports holding interest rates steady, stating that inflation may be at an “inflection point” after several months of soft price increases.

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Jul 19

Daily Brief Japan: Alinco Inc, TSE Tokyo Price Index TOPIX, Yoshinoya Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Alinco Inc (5933 JP): Q1 FY03/26 flash update
Companies Seem Reluctant to Hold Online AGMs with Online Attendance
Yoshinoya Holdings (9861 JP): Q1 FY02/26 flash update

Alinco Inc (5933 JP): Q1 FY03/26 flash update

By Shared Research

Q1 FY03/26 revenue rose 6.1% YoY to JPY15.4bn; operating profit increased 16.9% YoY to JPY644mn.
Recurring profit fell 20.5% YoY to JPY614mn; net income attributable to owners dropped 40.4% YoY to JPY399mn.
Construction demand and rental shifts impacted segment revenues and profits, with mixed YoY results across business areas.

Companies Seem Reluctant to Hold Online AGMs with Online Attendance

By Aki Matsumoto

Online AGMs using Internet account for 18%. More than 90% of these meetings are limited to broadcasting the meeting, without allowing shareholders to exercise their voting rights during the meeting.
Technical issues are cited as the reason why online shareholder meetings are not increasing, and the Ministry of Justice’s advisory board is discussing legal reforms.
For companies whose goal is to pass company proposals at AGMs and end quickly, even if the resolution of issues is included in legal revision, it will have little effect.

Yoshinoya Holdings (9861 JP): Q1 FY02/26 flash update

By Shared Research

The company achieved FY02/25 sales of JPY205.0bn, surpassing the JPY180.0bn target, driven by agile menu pricing.
Operating profit for FY02/25 reached JPY7.3bn, exceeding the JPY7.0bn target, despite rising raw material and labor costs.
The company maintained a strong operating margin of 6.3% in FY02/25, supported by cost control and efficiency improvements.

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Jul 19

Daily Brief ECM: Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand
Shoulder Innovations, Inc. (SI): Peeking at the Prospectus of Another MedTech IPO

Anthem Biosciences IPO Trading – Robust Insti Coverage Drives Overall Demand

By Akshat Shah

Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.

Shoulder Innovations, Inc. (SI): Peeking at the Prospectus of Another MedTech IPO

By IPO Boutique

They are a commercial stage medical technology company that currently offers advanced implant systems for shoulder arthroplasty.
They generated net revenue of $31.6 million for the year ended December 31, 2024, compared to net revenue of $19.3 million for the year ended December 31, 2023 (64% growth).
This IPO could set terms as early as next week for a late July or early August debut.

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Jul 19

Daily Brief Thematic (Sector/Industry): If Fed Chair Is Dismissed and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

If Fed Chair Is Dismissed, Then How Will Gold React?
Japan Strategy | Modest Gains Amid Mounting Uncertainty
Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?
Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper
AUCTUS ON FRIDAY – 18/07/2025
Hong Kong’s IPO Boom Breathes Life Into Office Sector, but Rents Still Under Pressure

If Fed Chair Is Dismissed, Then How Will Gold React?

By Amrutha Raj

The potential dismissal of the Federal Reserve Chair by Trump has created uncertainty in the markets. In the short term, this situation is favorable for gold for multiple reasons.
A declining U.S. dollar and increasing inflation expectations, fueled by worries regarding the independence of central banks, are expected to elevate gold prices.
In spite of increasing prices and a rise in call options, the implied volatility for gold has continued to decrease, notwithstanding a mild uptick observed recently.

Japan Strategy | Modest Gains Amid Mounting Uncertainty

By Mark Chadwick

The Nikkei 225 rose 0.6% last week, a measured gain underpinned by strength in technology and defensives, despite intensifying headwinds from U.S. trade policy, domestic political fragility, and currency volatility.
The JPY weakened 0.8% vs USD, closing at 148.67. Japanese bonds came under pressure, with 10Y JGBs +3bps to 1.53%, reflecting nerves ahead of this weekend’s Upper House elections
Seven & i shares fell 13% this week after Alimentation Couche-Tard (ACT) withdrew its ¥2,600 acquisition offer

Thematic Report: Can Tariffs Undermine India’s Pharma Advantage?

By Nimish Maheshwari

India is the largest exporter of generic medicines, contributing 20% to global supply, and accounts for 6% of the world’s API production.
India’s pharma sector offers up to 75% savings in R&D and 55% in manufacturing versus the US, making it essential despite tariff threats.
India’s CRDMO sector is expanding rapidly, with a projected market size of USD 14 billion by 2028, driven by increased demand for biologics and integrated manufacturing solutions.

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

By Sudarshan Bhandari

NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.
From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.
NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds

AUCTUS ON FRIDAY – 18/07/2025

By Auctus Advisors

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB).
AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net).
Both wells are outperforming expectations in terms of flow rates and pressure, which may positively impact reserves estimates.

Hong Kong’s IPO Boom Breathes Life Into Office Sector, but Rents Still Under Pressure

By Caixin Global

Hong Kong’s booming IPO market is fueling a partial rebound in the city’s beleaguered office sector, with Central’s premium business district leading the recovery.
However, persistently high vacancy rates citywide mean rents are expected to keep falling throughout 2025, according to a report released Monday by CBRE, the real estate services company.
The report shows Hong Kong’s office net absorption — the net change in leased space accounting for new leases, expansions and vacancies — turned positive in the second quarter of 2025. The market recorded 147,700 square feet (13,700 square meters) of net take-up, breaking a two-quarter streak of negative figures and signaling an improvement in leasing activity.

Before it’s here, it’s on Smartkarma

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Jul 19

Daily Brief Event-Driven: Douzone Bizon: First Real Test for Korea’s De Facto Mandatory Tender? and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Douzone Bizon: First Real Test for Korea’s De Facto Mandatory Tender?
Vivendi: Mandatory Buyout in Motion – High-Conviction Risk Arb with 30%+ Upside
Clearing a Common Misconception — No Pre-Cover Needed in Hanil Stock-For-Stock Swap
Next Science Asset Sale to Demetra Holdings: Potential 13% Upside with Capital Return and Strategic Acquisition

Douzone Bizon: First Real Test for Korea’s De Facto Mandatory Tender?

By Sanghyun Park

Founder Kim reportedly looking to offload his 21.5% stake, with EQT eyeing a ~30% control block including Shinhan’s. No succession plans, deal said to be under serious review.
Kim’s control premium ask could trigger Korea’s first test case of expanded fiduciary duty, with minority holders potentially suing if tender terms aren’t seen as fair under new rules.
Buyer likely prepping a Q3 tender offer; key watch is how minority premium stacks vs control block — could be Korea’s first de facto test case of mandatory tender mechanics.

Vivendi: Mandatory Buyout in Motion – High-Conviction Risk Arb with 30%+ Upside

By Jesus Rodriguez Aguilar

Vivendi trades at a 37.7% discount to NAV, with a mandated buyout by Bolloré offering a realistic upside of 22–37% within six months pending French Supreme Court review.
The AMF has ruled that Bolloré must launch a tender offer. Vivendi’s simplified structure, anchored by UMG, enables clear valuation through a detailed SOTP showing €5.26/share NAV.
With liquidity exceeding €3bn, Bolloré can finance a buyout of minority shareholders. Even conservative pricing scenarios imply strong returns for arbitrage investors seeking event-driven upside.

Clearing a Common Misconception — No Pre-Cover Needed in Hanil Stock-For-Stock Swap

By Sanghyun Park

Some still think we must close the borrow pre-settlement in a stock-for-stock merger. But KSD handles it fine — no need to pre-cover if shares stay lendable post-swap.
Spread flipped negative — rare setup in Korea. Tight float on both sides (insider-heavy) is killing liquidity and borrow, leading to this reverse arb play.
Deal break risk is minimal, new share listing is relatively soon, and the negative spread may widen—making this a compelling setup for a reverse arb play.

Next Science Asset Sale to Demetra Holdings: Potential 13% Upside with Capital Return and Strategic Acquisition

By Special Situation Investments

Next Science plans to distribute net proceeds of US$30m from asset sale to shareholders, equating to A$0.158/share.
The asset sale requires shareholder approval, with major stakeholders like the Walker family likely supporting the transaction.
Uncertainties include FDA compliance issues, tax treatment of distribution, and potential changes in net proceeds estimate.

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Jul 19

Daily Brief Industrials: Alinco Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Alinco Inc (5933 JP): Q1 FY03/26 flash update

Alinco Inc (5933 JP): Q1 FY03/26 flash update

By Shared Research

Q1 FY03/26 revenue rose 6.1% YoY to JPY15.4bn; operating profit increased 16.9% YoY to JPY644mn.
Recurring profit fell 20.5% YoY to JPY614mn; net income attributable to owners dropped 40.4% YoY to JPY399mn.
Construction demand and rental shifts impacted segment revenues and profits, with mixed YoY results across business areas.

Before it’s here, it’s on Smartkarma

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

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Jul 19

Daily Brief Crypto: Singapore Emerges as the Stablecoin Safehouse and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

Singapore Emerges as the Stablecoin Safehouse

Singapore Emerges as the Stablecoin Safehouse

By GEMS Research – Aletheia Capital

Singapore has emerged as one of the earliest jurisdictions to establish a comprehensive regulatory regime for fiat-referenced stablecoins.
The Monetary Authority of Singapore (MAS) has adopted the Single-Currency Stablecoin (SCS) Framework.
The adoption is mainly in institutional trials and crypto-native payment flows, but the potential is immense.

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Jul 19

Daily Brief Energy/Materials: Hanil Cement Co Ltd/New, James Hardie Industries , TotalEnergies , Iron Ore, Crude Oil, Northern Star Resources, Zephyr Energy, Santos Ltd, Andean Precious Metals and more

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

In today’s briefing:

Clearing a Common Misconception — No Pre-Cover Needed in Hanil Stock-For-Stock Swap
James Hardie Industries: Initiation of Coverage- $625 Million Synergy Blueprint Set to Reshape Industry Dynamics!
[Earnings Preview] Crude and LNG Slump to Undercut TotalEnergies Q2 Performance
[IO Technicals 2025/29] Near Term Bullish Trend to Persist
[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak
Northern Star Resources: Initiation of Coverage- Why Mining Stabilization at Super Pit Could Be a Game-Changer!
Zephyr Energy Plc (AIM: ZPHR): Refining the path to first production in the Paradox. About to start drilling in the Rockies
Santos Limited: Initiation of Coverage- Power Moves in Contracts, Decommissioning, & Growth!
APM: Q2 Production Results; Expecting Large Cashflow

Clearing a Common Misconception — No Pre-Cover Needed in Hanil Stock-For-Stock Swap

By Sanghyun Park

Some still think we must close the borrow pre-settlement in a stock-for-stock merger. But KSD handles it fine — no need to pre-cover if shares stay lendable post-swap.
Spread flipped negative — rare setup in Korea. Tight float on both sides (insider-heavy) is killing liquidity and borrow, leading to this reverse arb play.
Deal break risk is minimal, new share listing is relatively soon, and the negative spread may widen—making this a compelling setup for a reverse arb play.

James Hardie Industries: Initiation of Coverage- $625 Million Synergy Blueprint Set to Reshape Industry Dynamics!

By Baptista Research

James Hardie Industries Plc demonstrated a mixed performance in its fiscal fourth quarter of 2025, underpinned by its strategic growth initiatives amidst challenging market conditions.
Despite facing a softer demand environment and macroeconomic uncertainties, the company managed to achieve its financial targets, indicative of its strategic agility and operational discipline.
On the positive side, James Hardie’s focus on strategic investments and scaling the organization has borne fruit.

[Earnings Preview] Crude and LNG Slump to Undercut TotalEnergies Q2 Performance

By Suhas Reddy

TotalEnergies’ Q2 2025 revenue is expected to drop 17.2% QoQ and 19.4% YoY. Similarly, its EPS is projected to drop 8.7% QoQ and 15.7% YoY.
TotalEnergies is expected to post its weakest quarterly revenue and EPS reading since Q1 2021, as falling crude and LNG prices overshadow gains in refining.
With 80% of earnings tied to upstream and LNG, even strong production and steady downstream performance leave little room for upside.

[IO Technicals 2025/29] Near Term Bullish Trend to Persist

By Umang Agrawal

Iron ore prices topped $100/ton as Beijing’s push on steel overcapacity and hopes of property support lifted sentiment, alongside tighter inventories fuelling restocking expectations.
Rio Tinto’s early Simandou shipments from November sparked fresh interest, though RBC sees output reaching just 12 million tons by 2026, ramping up slowly.
Prices are holding firm above key moving averages, pointing to continued upward momentum, while the MACD above its signal line reinforces the bullish trend.

[ETP 2025/29] Chevron Secures Guyana Win as SLB Surprises; WTI Slips, Henry Hub Snaps Losing Streak

By Suhas Reddy

Chevron’s arbitration win over ExxonMobil unlocks Guyana’s Stabroek Block, a key asset underpinning its USD 53 billion Hess acquisition.
SLB outperformed Q2 estimates despite YoY declines and also completed its ChampionX acquisition amid regulatory challenges.
WTI crude found support late-week after better-than-expected economic data tempered demand fears, despite early pressure from inventory and macro concerns.

Northern Star Resources: Initiation of Coverage- Why Mining Stabilization at Super Pit Could Be a Game-Changer!

By Baptista Research

Northern Star Resources Ltd’s March 2025 quarterly results showcased a strong financial and operational performance, despite facing some operational challenges.
The company generated robust net mine cash flow of $295 million, with positive contributions from all production centers.
The gold price, exceeding AUD 5,000 per ounce, aided this financial strength, alongside the company’s low-risk mining jurisdictions in Western Australia and Alaska.

Zephyr Energy Plc (AIM: ZPHR): Refining the path to first production in the Paradox. About to start drilling in the Rockies

By Auctus Advisors

• The Paradox initial processing capacity is envisaged to be able to handle 5-10 mmcf/d.
Our base case assumes a conservative 5 mmcf/d, although throughput capacity is expected to increase with the tie-in of additional wells, including 16-2LN-CC and 28-11.
Notably, the plant’s initial capacity is below the production potential of the 36-2R well.

Santos Limited: Initiation of Coverage- Power Moves in Contracts, Decommissioning, & Growth!

By Baptista Research

Santos Limited reported its 2024 full-year financial and operational results, presenting a detailed picture of the company’s current status, achievements, and challenges.
The company highlighted a strong financial performance supported by disciplined cost controls, robust revenues, and significant strategic projects either completed or progressing as scheduled.
On the positive side, Santos reported sales revenue of $5.4 billion, which translated into $3.7 billion in EBITDAX and $1.2 billion in profit after tax.

APM: Q2 Production Results; Expecting Large Cashflow

By Atrium Research

What you need to know: • APM reported its Q2 production results, producing 24.3Koz AuEq between its Golden Queen and San Bartolome assets, softer than our estimates (primarily due to seasonality that we have now adjusted for).
• Management reiterated that 60% of its annual production will be mined in H2 and that it remains on track for the top end of guidance.
APM remains set up to generate large cash flow in the quarter, growing into H2.

Before it’s here, it’s on Smartkarma

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Jul 19

Daily Brief Financials: USD Coin, Longfor Properties and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Singapore Emerges as the Stablecoin Safehouse
Lucror Analytics – Morning Views Asia

Singapore Emerges as the Stablecoin Safehouse

By GEMS Research – Aletheia Capital

Singapore has emerged as one of the earliest jurisdictions to establish a comprehensive regulatory regime for fiat-referenced stablecoins.
The Monetary Authority of Singapore (MAS) has adopted the Single-Currency Stablecoin (SCS) Framework.
The adoption is mainly in institutional trials and crypto-native payment flows, but the potential is immense.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Longfor Group, Adani Ports, Adani Green Energy
UST yields were broadly stable yesterday. The yield on the 2Y UST rose 1 bp to 3.91%, while the yield on the 10Y UST was unchanged at 4.45%. Equities rallied, following the release of strong retail sales data. The S&P 500 rose 0.5% to a new high of 6,297, while the Nasdaq was up 0.7% at 20,886.
Several Fed officials spoke yesterday. New York Fed President John Williams said it is “entirely appropriate” to maintain the current modestly restrictive monetary policy stance, as he expects inflation to increase in the coming months. Atlanta Fed President Raphael Bostic also said that he still supports holding interest rates steady, stating that inflation may be at an “inflection point” after several months of soft price increases.

Before it’s here, it’s on Smartkarma

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

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