Smartkarma Daily Briefs

Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.
The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.
These positive results underscore the company’s ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.

Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q

By Tina Banerjee

Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.
EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.
Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.

Gen Digital: Investment in Financial Wellness & Trust-based Solutions to Broaden Their Product Portfolio!

Gen Digital Inc.’s latest earnings for the fiscal year 2025 presented a detailed view of the company’s performance, highlighting both achievements and challenges.
The company reported a successful year with record highs in several metrics, demonstrating continued growth momentum in its Cyber Safety solutions and strategic financial discipline.
Gen witnessed a 4% year-over-year increase in total bookings, reaching $4 billion.

Jazz Pharmaceuticals: An Insight Into its Zepzelca’s Expanded Indications & Market Potential!

Jazz Pharmaceuticals reported its first-quarter 2025 financial results, reflecting both strategic advancements and challenges.
The company’s total revenues reached $898 million, driven by strong performances in its neuroscience portfolio, especially with Xywav and Epidiolex, which reported year-over-year sales growth of 9% and 10%, respectively.
Xywav continues to hold its position as the leading treatment for narcolepsy and has demonstrated significant traction in treating idiopathic hypersomnia (IH), bolstered by consumer-targeted campaigns and healthcare provider education initiatives.

Masimo Corporation: Will The Sound United Divestiture & Financial Realignment Efforts Meet Their Ultimate Goal?

Masimo Corporation’s first quarter of 2025 results underscore a period of strategic shifts and operational restructuring, highlighted by solid financial performance and the divestiture of its consumer audio business.
The transition reflects a recalibrated focus on its core healthcare operations, anticipated to drive future growth.
Here’s a neutral analysis of the earnings report, focusing on both opportunities and challenges moving forward.

TNXP: Preparations Continue for Potential Commercial Launch of TNX-102 SL in Fibromyalgia

By Zacks Small Cap Research

On May 12, 2025, Tonix Pharmaceuticals Holding Corp. (TNXP) announced financial results for the first quarter of 2025 and provided a business update.
The company is continuing pre-commercialization activities in preparation for the PDUFA date of August 15, 2025 for TNX-102 SL for the management of fibromyalgia.
If approved, TNX-102 SL would be the first new treatment option for fibromyalgia in more than 15 years.

Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook

By Xinyao (Criss) Wang

Due to fierce competition/VBP, generic drug business has little value, whose valuation should be zero. So, the future valuation performance of Vigonvita would be mainly based on innovative drug pipeline.
Since future demand of COVID-19 drug would decrease sharply, it’s recommended to calculate Vigonvita’s valuation by excluding COVID-19 projects. Vigonvita has to rely on other indication/candidates to support valuation outlook.
Post-Money valuation after Series C financing reached RMB4.45 billion.Short-term valuation is about RMB3-6 billion. If LV232 can be successfully developed, there will be greater room for growth in future valuation.

BLRX: First Quarter Results

By Zacks Small Cap Research

BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.

Cencora’s Billion-Dollar Bet on Specialty & MSO Services Could Reshape Healthcare!

Cencora Inc., a leading pharmaceutical-centric healthcare solutions provider, reported a robust fiscal 2025 second quarter performance characterized by significant revenue growth and improvement in adjusted earnings per share (EPS).
These results are driven largely by the strategic positioning of Cencora within the healthcare market, particularly in specialty pharmaceuticals and innovative healthcare solutions.
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.

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May 29

Daily Brief TMT/Internet: NVIDIA Corp, Anker Innovations Technology, Lens Technology , AppLovin , Synopsys Inc, Soluna Holdings , Fortinet Inc, Xiaomi Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

NVIDIA’s China Dilema Is Worse Than You Think…
STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two
Nvidia 1Q26: The Good Times Keep Rolling, the Stock Is Not Expensive
Lens Technology A/H Listing – Diversifying but Is Tarrified for Now
AppLovin Breaks Out of Gaming—Here’s How Its Non-Gaming Ad Surge Is Supercharging Revenues!
President Trump “orders US Chip Software Suppliers to Stop Selling to China”
All Eyes On Nvidia (NVDA US): Post-Earnings Outlook and Profit Targets
Soluna Holdings, Inc: Announces First Solar Project with 75 MW Facility in Texas
Fortinet’s Global Playbook: Can It Withstand Geopolitical Chaos & Still Dominate Cybersecurity?
Lucror Analytics – Morning Views Asia

NVIDIA’s China Dilema Is Worse Than You Think…

By William Keating

Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies & landing in Taiwan.
He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East
NVIDIA’s market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.

STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

By Brian Freitas

There could be 1 constituent change (maybe 2) for the STAR&CHINEXT 50 Index in June. The announcement of the potential change will be made after market close on Friday.
Anker Innovations Technology could replace Suzhou Maxwell Technologies in the index. If AVIC Chengdu Aircraft is added to the index, Wuxi Lead Intelligent Equipment could be deleted.
Anker Innovations Technology could have opposite flow and Suzhou Maxwell Technologies could have same way flow from passive trackers of other indices on the same day.

Nvidia 1Q26: The Good Times Keep Rolling, the Stock Is Not Expensive

Large impact of H20 discontinued sales to China. Including the impact, 1-2Q26 are inline with consensus. Adding back the H20 missed revenues, 1-2Q26 would have been ~10% above Consensus.
The ramp of GB200 is very impressive, demonstrating Jensen’s point: “it drives down cost and improves quality of response with higher speed”. The Good Times Keep Rolling.
This means that Consensus most likely does not need to revise down FY26 forecasts. This means that the stock is cheap-ish, trading at 31x FY26 EPS and 24x FY27.

Lens Technology A/H Listing – Diversifying but Is Tarrified for Now

By Sumeet Singh

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

AppLovin Breaks Out of Gaming—Here’s How Its Non-Gaming Ad Surge Is Supercharging Revenues!

AppLovin, a leader in performance marketing, has recently announced its first-quarter 2025 financial results, highlighting its robust growth trajectory despite external challenges.
The company has navigated market volatility, such as short-seller scrutiny and broader economic conditions, by focusing on emerging opportunities in the advertising sector.
This quarter is especially significant due to its strategic decision to divest its games business entirely, further sharpening its focus on advertising technology.

President Trump “orders US Chip Software Suppliers to Stop Selling to China”

China represents ~11% of revenues for Cadence and Synopsys. The weight of China has been declining.
China has a number of startup working on replacement software, the leader is Empyrean – good but some years behind Cadence and Synopsys and focused on legacy chip design.
Between this news today and more restrictions on Nvidia’s sales to China, it looks like more US restrictions will come.

All Eyes On Nvidia (NVDA US): Post-Earnings Outlook and Profit Targets

By Nico Rosti

By the time this insight is published, NVIDIA Corp (NVDA US) will have reported earnings. Our model does not rely on fundamentals or news, so the forecast is made in advance.
The stock pulled back last week, mild pullback, not oversold, ideally a buy-the-dip opportunity. Support targets: 123-112
If the stock rallies, the rally could last 3 weeks and reach 156. Read the detailed analysis in the insight.

Soluna Holdings, Inc: Announces First Solar Project with 75 MW Facility in Texas

By Water Tower Research

Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst.
The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources.
Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications including Bitcoin mining, generative AI, and other compute-intensive applications.

Fortinet’s Global Playbook: Can It Withstand Geopolitical Chaos & Still Dominate Cybersecurity?

Fortinet’s first-quarter 2025 financial results showcased a mixture of strong operational metrics and cautious forward-looking guidance amid broader economic uncertainties.
On the positive side, Fortinet reported significant financial achievements, with total revenue rising by 14% year-over-year to $1.54 billion.
This growth was largely driven by product revenue, which increased 12%, and was complemented by service revenue, which similarly grew by 14%.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

US treasuries climbed yesterday, with yields declining in the long end.
This came on the back of a solid auction of 2Y notes, as well as a rally in JGBs on signs that the Japanese government may adjust debt issuance to ease market volatility.
The yield on the 2Y UST edged down 1 bp to 3.98%, while that on the 10Y UST fell 7 bps to 4.45%.

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May 29

Daily Brief Energy/Materials: Taiyo Holdings, MAC Copper, Nufarm Ltd, HD Hyundai , SGX Rubber Future TSR20, United States Steel, Deepak Fertilisers & Petro, Calumet Specialty Products Par, Chemours Co/The and more

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

In today’s briefing:

[Japan Activism/M&A] Taiyo Holdings (4626) Now an MBO Target? KKR and One More Bidding
MAC Copper (MAC AU/MTAL US): Harmony Makes A Move
Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates
Nufarm (NUF AU): Seed Sale Or Full Takeover – Something May Have To Give
Korea Value Up: Outperformance Relative to KOSPI200 & KOSDAQ150 Likely to Attract Greater Capital
Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound
Steel Resolve: Nippon’s Deal Gains Traction Amid Regulatory Reforging
Deepak Fertilizers Q4 FY25 Update: A Specialty Play, Ready for the Mega Run
Sustainable Investing Surveyor Focus on Calumet (CLMT)
The Chemours Company: Advanced Performance Materials (APM) Expansion Can Help Strengthen Its Long-Term Capabilities!

[Japan Activism/M&A] Taiyo Holdings (4626) Now an MBO Target? KKR and One More Bidding

By Travis Lundy

Taiyo Holdings (4626 JP) has an interesting background, embroiled in a separate activist event via its equity affiliate sponsor Dic Corp (4631 JP), and recently an activist target itself.
Today a Bloomberg article said KKR and one other PE fund had made acquisition proposals via TOB. Taiyo confirmed, establishing a Special Committee. A deal is months away, at earliest.
Shares shot up to limit up, opened briefly, then resumed at limit up. The question here and now is valuation.

MAC Copper (MAC AU/MTAL US): Harmony Makes A Move

Dual-Listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, has entered into a Scheme Implementation Deed with Johannesburg-based Harmony Gold Mining (HAR SJ).
Harmony is offering A$18.93/share (US$12.25/share), a 20.7% premium to last close, or a A$1.6bn/US$1.03bn value. The A$ consideration pivots off the USD/AUD exchange rate. The Offer requires FIRB signing off.
The Offer has the unanimous backing of both boards, and also has the backing from shareholders holding 20.1% of shares out. Implementation is October/November. This may need more gruel.

Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

By Arun George

Taiyo Holdings (4626 JP) shares were up 19.1% based on a Bloomberg report that it received privatisation proposals from KKR and Nippon Sangyo Suishin Kiko.
Taiyo confirmed that it has received privatisation offers. The Board would view privatisation as a solution to rid itself of Oasis, which has recently waged an activist campaign.
At the last close price of JPY6,230, Oasis would be up 45.9% on its highest price of JPY4,720. My analysis suggests that an offer around JPY7,000 can be justified.

Nufarm (NUF AU): Seed Sale Or Full Takeover – Something May Have To Give

Nufarm (NUF AU), an agricultural chemical company , is down ~40% since it announced a 39.5% decline in 1H25 profit. The share price is at the lowest level since Covid.
Concurrent with this results, Nufarm announced a review of its seed technology ops. Reportedly Advanta, BP – amongst others- are vying for the est. A$900mn business.
Elsewhere, it is being reported that key shareholders recommend the Nufarm board explore a full takeover.

Korea Value Up: Outperformance Relative to KOSPI200 & KOSDAQ150 Likely to Attract Greater Capital

By Douglas Kim

Korea Value Up index is up 8.2% from 30 September 2024 to 28 May 2025, outperforming KOSPI 200 (up 3.4%) and KOSDAQ 150 (down 7.9%) in the same period.
More capital is likely to flow into the Korea Value Up index going forward. The government’s efforts to continue to push the Korea Value Up index is also positive.
The median market cap of the 27 new additions is 2,310 billion won versus 835 billion won for the 32 deletions. KRX is emphasizing on companies with higher market cap.

Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound

By Vinod Nedumudy

Field latex cross INR 200 (US$2.34) mark, sheet still short of it
Over 40% of smallholders complete rainguarding as rains set in
Compound rubber import worries farmers, traders

Steel Resolve: Nippon’s Deal Gains Traction Amid Regulatory Reforging

By Jesus Rodriguez Aguilar

Nippon Steel proposes binding governance safeguards, including a U.S. CEO, majority-U.S. board, and a “golden share” for U.S. veto power on strategic decisions.
USW union opposition remains vocal, but Trump’s political pivot reframes the deal as a domestic partnership, easing labor and nationalist concerns.
Antitrust risk is low due to limited overlap; CFIUS clearance remains the key regulatory hurdle, with approval possible by late July or early August.

Deepak Fertilizers Q4 FY25 Update: A Specialty Play, Ready for the Mega Run

By Sudarshan Bhandari

Deepak Fertilisers & Petro (DFPC IN) reported robust Q4 and full-year FY25 results, crossing INR 10,000 crores in revenue and doubling PAT year-on-year for FY25.
The strong financial outcomes validate the company’s strategy of aligning with India’s growth story and transitioning from commodities to higher-margin specialty products.
Improved financial health, reduced net debt, and strategic capex nearing completion position DFPCL for future growth and potentially higher profitability despite near-term segment-specific pressures.

Sustainable Investing Surveyor Focus on Calumet (CLMT)

By Water Tower Research

The WTR Sustainable Index was down 3.1% W/W versus the S&P 500 Index (down 2.6%), the Russell 2000 Index (down 3.5%), and the Nasdaq Index (down 2.4%).
Energy Technology (12.4% of the index) was down 5.3%, while Industrial Climate and Ag Technology (47.7% of the index) was down 2.4%, ClimateTech Mining was down 2.6%, and Advanced Transportation Solutions (21.5% of the index) was down 3.7%.
Top 10 Performers: LTBR, NHHH, BNET, FTEK, SX, FCEL, VVPR, EGT, DNMR, TMC

The Chemours Company: Advanced Performance Materials (APM) Expansion Can Help Strengthen Its Long-Term Capabilities!

The Chemours Company recently disclosed its financial results for the first quarter and full year 2025.
The company operates through three primary segments: Titanium Technologies (TT), Thermal & Specialized Solutions (TSS), and Advanced Performance Materials (APM).
Each segment showed distinctive financial performance reflecting differing market dynamics, regional trade developments, and macroeconomic influences.

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May 29

Daily Brief India: SGX Rubber Future TSR20, Deepak Fertilisers & Petro, Zee Media Corporation, Piccadily Agro Indus and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound
Deepak Fertilizers Q4 FY25 Update: A Specialty Play, Ready for the Mega Run
Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Small Cap Companies)
The Beat Ideas: Piccadily Agro Industries Ltd – Indri Dominating Global Whiskey Market

Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound

By Vinod Nedumudy

Field latex cross INR 200 (US$2.34) mark, sheet still short of it
Over 40% of smallholders complete rainguarding as rains set in
Compound rubber import worries farmers, traders

Deepak Fertilizers Q4 FY25 Update: A Specialty Play, Ready for the Mega Run

By Sudarshan Bhandari

Deepak Fertilisers & Petro (DFPC IN) reported robust Q4 and full-year FY25 results, crossing INR 10,000 crores in revenue and doubling PAT year-on-year for FY25.
The strong financial outcomes validate the company’s strategy of aligning with India’s growth story and transitioning from commodities to higher-margin specialty products.
Improved financial health, reduced net debt, and strategic capex nearing completion position DFPCL for future growth and potentially higher profitability despite near-term segment-specific pressures.

Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Small Cap Companies)

By Sreemant Dudhoria

We highlight small cap companies that experienced significant insider buying during May 2025, as reported on the stock exchanges.
As May 2025 is a earnings season month ,very few companies reported insider transactions. However, we should expect increased buy transactions once the earnings season concludes.
Real Estate, Media, Power, Industrials and Financial services are top sectors which saw insider buying in the small cap universe.

The Beat Ideas: Piccadily Agro Industries Ltd – Indri Dominating Global Whiskey Market

By Sudarshan Bhandari

Piccadily Agro has rapidly scaled Indri and Camikara into global alcobev brands, with presence in 28 countries and 24 duty-free outlets, supported by INR 500 crore capex expansion.
This shift marks a decisive pivot from commodity sugar to premium brand-led revenue, improving margins and reducing seasonality and policy risk in its core business model.
PAIL is an emerging alcobev player with global aspirations and a premium product pipeline that could rerate valuations meaningfully.

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May 29

Daily Brief Singapore: CapitaLand Ascendas REIT, SGX Rubber Future TSR20, Amara Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Capitaland Ascendas REIT Placement: DPU and NAV Accretive
Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound
Amara (AMA SP): Trading At Terms. Will Be Suspended At Offer Close. Tender/Sell – Or Avoid

Capitaland Ascendas REIT Placement: DPU and NAV Accretive

By Nicholas Tan

CapitaLand Ascendas REIT (CLAR SP) is looking to raise at least S$500M in a private placement, to fund the acquisition of some valuable properties.
These acquisitions will expand the firm’s portfolio exposure to Singapore and data centers.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

Supply Squeeze Drives Up Indian Latex Prices, Sheet Range Bound

By Vinod Nedumudy

Field latex cross INR 200 (US$2.34) mark, sheet still short of it
Over 40% of smallholders complete rainguarding as rains set in
Compound rubber import worries farmers, traders

Amara (AMA SP): Trading At Terms. Will Be Suspended At Offer Close. Tender/Sell – Or Avoid

Back on the 28 April, Amara (AMA SP), a property/hotel play, announced a best-and-final conditional S$0.895/share Offer, a 27% to undisturbed and a lifetime high, from the controlling Teo family.
This was the Family’s second attempt to take Amara private after its November 2023 best-and-final unconditional Offer at S$0.60/share as discussed in Amara (AMA SP): Teo Family’s Lifetime High Offer.
The Offeree circ is now out. The IFA says fair & reasonable. The Offer closes on the 10th June – no extension. The Offer is unconditional in all respects.

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May 29

Daily Brief South Korea: HD Hyundai , Samsung Life Insurance and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Korea Value Up: Outperformance Relative to KOSPI200 & KOSDAQ150 Likely to Attract Greater Capital
Getting a Clear Read on the Samsung Life Play to Flip into a Financial Holding Co

Korea Value Up: Outperformance Relative to KOSPI200 & KOSDAQ150 Likely to Attract Greater Capital

By Douglas Kim

Korea Value Up index is up 8.2% from 30 September 2024 to 28 May 2025, outperforming KOSPI 200 (up 3.4%) and KOSDAQ 150 (down 7.9%) in the same period.
More capital is likely to flow into the Korea Value Up index going forward. The government’s efforts to continue to push the Korea Value Up index is also positive.
The median market cap of the 27 new additions is 2,310 billion won versus 835 billion won for the 32 deletions. KRX is emphasizing on companies with higher market cap.

Getting a Clear Read on the Samsung Life Play to Flip into a Financial Holding Co

By Sanghyun Park

Samsung C&T must give up control of Samsung Life if it goes holdco—market expects a spin-off to form a new financial holdco to retain group structure.
Rerating momentum is building as Samsung C&T and Life gain from governance and credibility boosts, with the BioLogics spin-off hinting at early, proactive restructuring moves by the group.
Locals focus on Samsung C&T and Life for momentum trades, sidelining BioLogics; this trend will likely intensify post-June 3 election, shaping key market dynamics to watch.

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May 29

Daily Brief Consumer: 52TOYS Development, The Walt Disney Co, MercadoLibre , Amara Holdings, TSE Tokyo Price Index TOPIX, Topbuild Corp, Zee Media Corporation, Wynn Resorts, Carvana , Rivian Automotive and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

52 Toys Development Co. Ltd Pre-IPO Tearsheet
Disney’s $875 Million Streaming Comeback and UAE Power Move Could Change Everything!
MercadoLibre’s Fintech Empire Is Growing: Credit
Amara (AMA SP): Trading At Terms. Will Be Suspended At Offer Close. Tender/Sell – Or Avoid
Not the Timing of Annual Securities Report Disclosure, but Rather Company Management Objectives
TopBuild Corp Is Powering Ahead with Aggressive M&A Playbook To Capture Market Share; What’s Next?
Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Small Cap Companies)
Wynn Resorts: Will Its Global Expansion Efforts & High-Stakes Bet on the UAE Yield Results?
Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected
Rivian Automotive: Will its Expansion of Production & New Models Help Stay Competitive In A Turbulent EV Market?

52 Toys Development Co. Ltd Pre-IPO Tearsheet

By Rosita Fernandes

52TOYS Development (TOY HK) is planning to raise about US$200m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citi, Huatai International.
52Toys was established in 2015. The firm is one of the leading IP toy company in China.
According to CIC, the company was the second-largest multi-genre Chinese IP toy company in terms of China GMV in 2024.

Disney’s $875 Million Streaming Comeback and UAE Power Move Could Change Everything!

Walt Disney’s second-quarter 2025 earnings report was met with a wave of investor enthusiasm, driving the stock up 11% to over $102.
This optimism was not only driven by stronger-than-expected financials but also by the high-profile announcement of a new theme park in Abu Dhabi.
The planned park marks Disney’s seventh globally and is set to be developed in collaboration with the Miral Group.

MercadoLibre’s Fintech Empire Is Growing: Credit

MercadoLibre, the leading e-commerce and fintech company in Latin America, has reported its financial performance for the first quarter of 2025, showcasing strong growth across its major business segments.
The company continues to consolidate its position as a key player in both the e-commerce and financial services sectors in the region.
On the positive side, MercadoLibre has maintained robust growth in net revenues, reflecting the momentum achieved in 2024.

Amara (AMA SP): Trading At Terms. Will Be Suspended At Offer Close. Tender/Sell – Or Avoid

Back on the 28 April, Amara (AMA SP), a property/hotel play, announced a best-and-final conditional S$0.895/share Offer, a 27% to undisturbed and a lifetime high, from the controlling Teo family.
This was the Family’s second attempt to take Amara private after its November 2023 best-and-final unconditional Offer at S$0.60/share as discussed in Amara (AMA SP): Teo Family’s Lifetime High Offer.
The Offeree circ is now out. The IFA says fair & reasonable. The Offer closes on the 10th June – no extension. The Offer is unconditional in all respects.

Not the Timing of Annual Securities Report Disclosure, but Rather Company Management Objectives

By Aki Matsumoto

For dialogue with shareholders, annual securities reports should be disclosed in English for overseas investors, who are eager to request the pre-AGM submission and have high demand for this information.
To change a company to a mindset of dialogue with shareholders rather than controlling AGM, it needs to have a successful experience in converting management to create value through dialogue.
It’ll be interesting to see if the traditional values of companies, which has been accustomed to management that does not face shareholders, can be changed in the coming years.

TopBuild Corp Is Powering Ahead with Aggressive M&A Playbook To Capture Market Share; What’s Next?

TopBuild Corp.’s first quarter performance of 2025 reflects a mixed outlook with certain challenges and strengths highlighted across their operations.
With a reported decline of 3.6% in total sales to $1.2 billion, the company felt the impact of weakened residential construction demand.
This decline in new residential construction, the company’s largest segment, was partially mitigated by growth in its commercial and industrial sectors.

Prices Drop, Eyes Pop: Insider Buying Update – May 2025 (Small Cap Companies)

By Sreemant Dudhoria

We highlight small cap companies that experienced significant insider buying during May 2025, as reported on the stock exchanges.
As May 2025 is a earnings season month ,very few companies reported insider transactions. However, we should expect increased buy transactions once the earnings season concludes.
Real Estate, Media, Power, Industrials and Financial services are top sectors which saw insider buying in the small cap universe.

Wynn Resorts: Will Its Global Expansion Efforts & High-Stakes Bet on the UAE Yield Results?

Wynn Resorts recently conducted its Q1 2025 earnings review, which showcased both strengths and challenges within its operations.
This assessment provides a comprehensive analysis of the company’s recent performance and strategic positioning.
In Las Vegas, Wynn Resorts acknowledged the significant impact of tariffs on its operations, with a pronounced effect on capital expenditures (CapEx) rather than operating expenditures (OpEx).

Upgrading Consumer Discretionary (XLY) To Overweight; 5700-5785 SPX Gap Support Holding as Expected

By Joe Jasper

A weak 20-year note auction last Wednesday sparked the first semi-meaningful pullback since this lockout rally began April 22nd, when we turned short-term bullish (4/22/25Compass) as SPX was testing 5100-5120.
We will be watching the 10- and 30-year Treasury yields closely, as both are approaching important resistance levels (more on that below).
Unsurprisingly, SPX only tested short-term gap support on the pullback at 5700-5785, where we said to expect support in last week’s Compass (5/20/25). Expect this gap support to hold.

Rivian Automotive: Will its Expansion of Production & New Models Help Stay Competitive In A Turbulent EV Market?

Rivian Automotive Inc.’s latest earnings results present a nuanced view of the company’s current trajectory and strategic plans.
The first quarter of 2025 showcased Rivian’s efforts to achieve financial and operational milestones, while also highlighting potential challenges it faces in the evolving market landscape.
On the positive side, Rivian reported a second consecutive quarter of positive gross profit, achieving $206 million.

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May 29

Daily Brief China: 52TOYS Development, Anker Innovations Technology, Lens Technology , Vigonvita Life Sciences, Xiaomi Corp and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

52 Toys Development Co. Ltd Pre-IPO Tearsheet
STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two
Lens Technology A/H Listing – Diversifying but Is Tarrified for Now
Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook
Lucror Analytics – Morning Views Asia

52 Toys Development Co. Ltd Pre-IPO Tearsheet

By Rosita Fernandes

52TOYS Development (TOY HK) is planning to raise about US$200m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citi, Huatai International.
52Toys was established in 2015. The firm is one of the leading IP toy company in China.
According to CIC, the company was the second-largest multi-genre Chinese IP toy company in terms of China GMV in 2024.

STAR&CHINEXT 50 Index Rebalance Preview: One Set of Change; Maybe Two

By Brian Freitas

There could be 1 constituent change (maybe 2) for the STAR&CHINEXT 50 Index in June. The announcement of the potential change will be made after market close on Friday.
Anker Innovations Technology could replace Suzhou Maxwell Technologies in the index. If AVIC Chengdu Aircraft is added to the index, Wuxi Lead Intelligent Equipment could be deleted.
Anker Innovations Technology could have opposite flow and Suzhou Maxwell Technologies could have same way flow from passive trackers of other indices on the same day.

Lens Technology A/H Listing – Diversifying but Is Tarrified for Now

By Sumeet Singh

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Pre-IPO Vigonvita Life Sciences – The Challenges Behind the Pipeline and the Outlook

By Xinyao (Criss) Wang

Due to fierce competition/VBP, generic drug business has little value, whose valuation should be zero. So, the future valuation performance of Vigonvita would be mainly based on innovative drug pipeline.
Since future demand of COVID-19 drug would decrease sharply, it’s recommended to calculate Vigonvita’s valuation by excluding COVID-19 projects. Vigonvita has to rely on other indication/candidates to support valuation outlook.
Post-Money valuation after Series C financing reached RMB4.45 billion.Short-term valuation is about RMB3-6 billion. If LV232 can be successfully developed, there will be greater room for growth in future valuation.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

US treasuries climbed yesterday, with yields declining in the long end.
This came on the back of a solid auction of 2Y notes, as well as a rally in JGBs on signs that the Japanese government may adjust debt issuance to ease market volatility.
The yield on the 2Y UST edged down 1 bp to 3.98%, while that on the 10Y UST fell 7 bps to 4.45%.

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May 29

Daily Brief United States: NVIDIA Corp, United States Steel, AppLovin , Azek, Uber Technologies , Synopsys Inc, iShares 3-7 Year Treasury Bond, The Walt Disney Co and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

NVIDIA’s China Dilema Is Worse Than You Think…
Steel Resolve: Nippon’s Deal Gains Traction Amid Regulatory Reforging
Nvidia 1Q26: The Good Times Keep Rolling, the Stock Is Not Expensive
AppLovin Breaks Out of Gaming—Here’s How Its Non-Gaming Ad Surge Is Supercharging Revenues!
The AZEK Company: Will Its Recent Mergers & Acquisitions Help Enhance Market Reach & Customer Value?
Uber Technologies: Adoption & Integration of Autonomous Vehicles In An Attempt To Build A Unique Competitive Edge In Mobility!
President Trump “orders US Chip Software Suppliers to Stop Selling to China”
All Eyes On Nvidia (NVDA US): Post-Earnings Outlook and Profit Targets
Bond Market Monitor: TRUMPoline Projectile
Disney’s $875 Million Streaming Comeback and UAE Power Move Could Change Everything!

NVIDIA’s China Dilema Is Worse Than You Think…

By William Keating

Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies & landing in Taiwan.
He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East
NVIDIA’s market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.

Steel Resolve: Nippon’s Deal Gains Traction Amid Regulatory Reforging

By Jesus Rodriguez Aguilar

Nippon Steel proposes binding governance safeguards, including a U.S. CEO, majority-U.S. board, and a “golden share” for U.S. veto power on strategic decisions.
USW union opposition remains vocal, but Trump’s political pivot reframes the deal as a domestic partnership, easing labor and nationalist concerns.
Antitrust risk is low due to limited overlap; CFIUS clearance remains the key regulatory hurdle, with approval possible by late July or early August.

Nvidia 1Q26: The Good Times Keep Rolling, the Stock Is Not Expensive

Large impact of H20 discontinued sales to China. Including the impact, 1-2Q26 are inline with consensus. Adding back the H20 missed revenues, 1-2Q26 would have been ~10% above Consensus.
The ramp of GB200 is very impressive, demonstrating Jensen’s point: “it drives down cost and improves quality of response with higher speed”. The Good Times Keep Rolling.
This means that Consensus most likely does not need to revise down FY26 forecasts. This means that the stock is cheap-ish, trading at 31x FY26 EPS and 24x FY27.

AppLovin Breaks Out of Gaming—Here’s How Its Non-Gaming Ad Surge Is Supercharging Revenues!

AppLovin, a leader in performance marketing, has recently announced its first-quarter 2025 financial results, highlighting its robust growth trajectory despite external challenges.
The company has navigated market volatility, such as short-seller scrutiny and broader economic conditions, by focusing on emerging opportunities in the advertising sector.
This quarter is especially significant due to its strategic decision to divest its games business entirely, further sharpening its focus on advertising technology.

The AZEK Company: Will Its Recent Mergers & Acquisitions Help Enhance Market Reach & Customer Value?

AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges.
The quarter saw consolidated net sales grow by 8% year-over-year to $452 million, while the residential segment led growth with a 9% year-over-year increase in net sales.
This robust performance was driven by mid-single-digit sell-through growth and continued expansion in product lines such as TimberTech and AZEK Exteriors.

Uber Technologies: Adoption & Integration of Autonomous Vehicles In An Attempt To Build A Unique Competitive Edge In Mobility!

Uber Technologies’ Q1 2025 earnings call provided insights into the company’s performance, operations, and strategic outlook.
The results reflected robust growth across key metrics, albeit in a competitive and dynamic environment.
Here’s a synopsis of the key points from the call, reflecting both strengths and challenges faced by the company.

President Trump “orders US Chip Software Suppliers to Stop Selling to China”

China represents ~11% of revenues for Cadence and Synopsys. The weight of China has been declining.
China has a number of startup working on replacement software, the leader is Empyrean – good but some years behind Cadence and Synopsys and focused on legacy chip design.
Between this news today and more restrictions on Nvidia’s sales to China, it looks like more US restrictions will come.

All Eyes On Nvidia (NVDA US): Post-Earnings Outlook and Profit Targets

By Nico Rosti

By the time this insight is published, NVIDIA Corp (NVDA US) will have reported earnings. Our model does not rely on fundamentals or news, so the forecast is made in advance.
The stock pulled back last week, mild pullback, not oversold, ideally a buy-the-dip opportunity. Support targets: 123-112
If the stock rallies, the rally could last 3 weeks and reach 156. Read the detailed analysis in the insight.

Bond Market Monitor: TRUMPoline Projectile

By Warut Promboon

We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.

Disney’s $875 Million Streaming Comeback and UAE Power Move Could Change Everything!