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Smartkarma Daily Briefs

May 11
0

Daily Brief Consumer: Shin Young Wacoal, YETI Holdings Inc, Altria Group, Domino’s Pizza, General Motors, Kraft Heinz Co, Mondelez International, Royal Caribbean Cruises, SHEIN, Coca Cola Co and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]
  • Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles
  • Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!
  • Domino’s Pizza Defies the Economic Slump with a Bold New Strategy – Here’s What You Missed!
  • General Motors (GM): Expansion in Electric Vehicle Production
  • The Kraft Heinz Company: Will Its Focus on Growth in Emerging Markets Pay Off?
  • Mondelez International’s Smart Pricing Play Is Beating Cocoa Inflation—Here’s How!
  • Royal Caribbean Group: Will Its Market Expansion Into The Vacation Industry Help Expand Footprint Beyond Traditional Cruising?
  • SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!
  • The Coca-Cola Company: An Insight Into Its Revenue Growth Management (RGM) & Margin Expansion!

Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]

By Douglas Kim

  • A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won. 
  • Shinyoung Wacoal’s net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.
  • Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women’s underwear.

Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles

By Baptista Research

  • YETI Holdings reported its first quarter fiscal 2025 earnings, revealing mixed results.
  • During this period, the company focused on three main areas: accelerating product innovation, transforming supply chain logistics to minimize exposure to China, and enforcing operational discipline to maintain a strong financial position.
  • Despite a generally positive performance in some aspects, notable challenges were encountered, impacting the company’s financial outlook for the year.

Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!

By Baptista Research

  • Altria Group reported its first-quarter performance for 2025 amidst varying market dynamics.
  • The company, known primarily for its tobacco products, emphasized robust operations in its Smokeable Products and Oral Tobacco Products segments.
  • Altria CEO Billy Gifford highlighted that the core traditional tobacco business remained profitable in a challenging environment, and the company’s flagship brand, Marlboro, continued to show resilience despite economic pressures.

Domino’s Pizza Defies the Economic Slump with a Bold New Strategy – Here’s What You Missed!

By Baptista Research

  • Domino’s Pizza delivered a mixed performance in the first quarter of 2025, demonstrating resilience through strategic innovation and operational discipline amid a difficult macroeconomic environment.
  • The company reported earnings per share of $4.33, up 21% year over year and ahead of Wall Street expectations, driven primarily by increased franchise advertising revenue, supply chain income from franchisee purchases, and international royalty and fee growth.
  • However, total revenue came in at $1.11 billion, below the analyst estimate of $1.13 billion.

General Motors (GM): Expansion in Electric Vehicle Production

By Baptista Research

  • General Motors Company reported its first-quarter 2025 financial results, highlighting a complex environment marked by significant policy shifts and evolving market dynamics.
  • The company’s revenue for the quarter reached $44 billion, marking a 2% year-over-year increase.
  • GM also achieved $3.5 billion in adjusted EBIT and $2.78 in adjusted diluted EPS, though EBIT-adjusted margins stood at 7.9%, slightly down from the previous year.

The Kraft Heinz Company: Will Its Focus on Growth in Emerging Markets Pay Off?

By Baptista Research

  • The Kraft Heinz Company, during its first quarter of 2025, demonstrated a blend of steady execution in certain strategic areas against a backdrop of ongoing market challenges.
  • The company’s performance was marked by top-line results aligning with expectations, strong cash flow, and a robust balance sheet.
  • However, the company also faced amplified pressures contributing to a broader cut in guidance, notably larger than previous adjustments.

Mondelez International’s Smart Pricing Play Is Beating Cocoa Inflation—Here’s How!

By Baptista Research

  • Mondelez International reported its first-quarter 2025 earnings, showing solid results amidst challenging external conditions.
  • The company’s revenue grew by 3.1%, driven primarily by robust pricing execution in its chocolate business due to unprecedented cocoa input costs.
  • However, volume/mix decreased by 3.5% as elasticity pressures continued.

Royal Caribbean Group: Will Its Market Expansion Into The Vacation Industry Help Expand Footprint Beyond Traditional Cruising?

By Baptista Research

  • Royal Caribbean Group reported its first-quarter 2025 results, highlighting a mix of strong performance and strategic initiatives offset by awareness of potential macroeconomic challenges.
  • The company exceeded expectations with adjusted earnings per share of $2.71, surpassing their guidance by $0.23.
  • This outperformance was driven by strong consumer demand and pricing, particularly with close-in bookings surpassing prior trends.

SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!

By Daniel Hellberg

  • Recently we revisited the SHEIN vs Amazon shopping comparison we first tried in Dec 2023
  • For the items we purchased 17 months ago, total cost at AMZN was largely unchanged
  • But at SHEIN, those items almost tripled in cost, still feature slow transits, difficult returns

The Coca-Cola Company: An Insight Into Its Revenue Growth Management (RGM) & Margin Expansion!

By Baptista Research

  • The Coca-Cola Company’s first quarter in 2025 demonstrated its adaptation to the dynamic global environment, producing significant growth in organic revenues and operating margins.
  • The company reported a 2% increase in volume growth and robust organic revenue growth, aligning with their longstanding growth algorithm.
  • Coca-Cola maintained a resilient posture amidst challenges such as macroeconomic uncertainties and geopolitical tensions, achieving these results through enhanced capabilities, improved local execution, and effective alignment across systems.

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May 11
0

Daily Brief TMT/Internet: Tencent, Taiwan Semiconductor (TSMC) – ADR, Imagica Robot Holdings, Baudroie, Spotify, Nihon Denkei, Teradyne Inc, E2open Parent Holdings Inc, Paypal Holdings, First Solar Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week
  • TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.
  • Imagica (6879 JP): MBO Tender Offer at JPY795
  • TOPIX Inclusions: Who Is Ready (May 2025)
  • Spotify Bets Big on Audiobooks—Is This the Platform’s Most Disruptive Move Yet?
  • Nihon Denkei (9908 JP): Full-year FY03/25 flash update
  • Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!
  • E2open Surging Amid Takeover Chatter—Here’s Why It’s on Wisetech’s Radar
  • PayPal Holdings: Product & Geographic Diversification To Upsurge Global Transaction Footprint Amid Competition & Geopolitical Changes!
  • First Solar’s Flexible Production Strategy Is a Game-Changer—These 4 Elements Are Propelling The Company Forward!

HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

By Travis Lundy

  • Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by >HK$100bn. Five weeks into Q2 we are at HK$175bn.
  • 3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

By Patrick Liao

  • Taiwan Semiconductor (TSMC) – ADR (TSM US)’s 2nm process is said to be comparable to Intel Corp (INTC US)’s 18A technology.
  • It is reported that Intel has placed orders for TSMC’s 2nm capacity, as we previously highlighted, due to its timely availability.
  • Nonetheless, Intel continues to invest in its own manufacturing roadmap, targeting risk production of the 14A node around 2027.

Imagica (6879 JP): MBO Tender Offer at JPY795

By Arun George

  • Imagica Robot Holdings (6879 JP) has recommended a MBO tender offer from Shunjiro Nagase (President) at JPY795 per share, a 43.0% premium to the undisturbed price.
  • The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. 
  • Irrevocables (55.40% ownership ratio) pave the way for deal completion. The tender runs from 12 May to 20 June (30 business days).

TOPIX Inclusions: Who Is Ready (May 2025)

By Janaghan Jeyakumar, CFA

Spotify Bets Big on Audiobooks—Is This the Platform’s Most Disruptive Move Yet?

By Baptista Research

  • Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp drop in its stock price.
  • Despite posting a 12% year-over-year increase in premium subscribers to 268 million—exceeding analyst estimates of 265 million—Spotify shares fell 8.7% in early trading to $545.77.
  • The company also registered 678 million monthly active users, up 10%, broadly meeting expectations.

Nihon Denkei (9908 JP): Full-year FY03/25 flash update

By Shared Research

  • Nihon Denkei’s FY03/25 consolidated sales grew 11.7% YoY, with a gross profit of JPY16.9bn and operating profit up 6.9% YoY.
  • The company announced FY03/26 earnings forecast with sales at JPY124.0bn, operating profit at JPY4.5bn, and EPS of JPY263.21.
  • INNOVATION2030 Ver.2.0 aims for growth by expanding into growth markets and enhancing global business amid macroeconomic uncertainty.

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

By Baptista Research

  • Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.
  • The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.
  • The gross margin of 60.6% also exceeded expectations due to a favorable product mix.

E2open Surging Amid Takeover Chatter—Here’s Why It’s on Wisetech’s Radar

By Baptista Research

  • E2open’s latest earnings presentation paints a nuanced picture of their fiscal performance and outlook.
  • In the fiscal fourth quarter and overall for 2025, E2open achieved subscription revenues of $133 million, ultimately landing within their guidance, yet the company experienced a slight year-over-year decline of 1%.
  • Constant currency adjustments reflected a 0.5% marginal improvement nearing flat growth.

PayPal Holdings: Product & Geographic Diversification To Upsurge Global Transaction Footprint Amid Competition & Geopolitical Changes!

By Baptista Research

  • PayPal Holdings Inc. has demonstrated a sound performance in the first quarter of 2025, indicating positive momentum in its strategic execution and financial outcomes.
  • The company’s ongoing transformation from a traditional payments processor to a comprehensive commerce platform appears to be progressing effectively.
  • This is underscored by the company’s fifth consecutive quarter of profitable growth, highlighted by an 8% growth in transaction margin dollars when adjusted for leap year considerations.

First Solar’s Flexible Production Strategy Is a Game-Changer—These 4 Elements Are Propelling The Company Forward!

By Baptista Research

  • First Solar’s first-quarter 2025 earnings highlighted a mix of opportunities and challenges for the company.
  • The company achieved net bookings of 0.6 gigawatts and now holds a sizeable contracted backlog of 66.3 gigawatts.
  • First Solar’s module sales for the quarter amounted to 2.9 gigawatts, aligning with its previous forecasts.

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May 11
0

Daily Brief Energy/Materials: BP , Nucor Corp, Oneok Inc, Sherwin Williams Co and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Mega Merger in the Making? What a Shell–BP Deal Could Mean for Global Energy
  • Nucor Corporation’s $3 Billion Bet: Is Brandenburg the Game-Changer Steel Was Waiting For?
  • ONEOK: LNG & LPG Export Opportunities As A Pivotal Factor Driving Growth!
  • The Sherwin-Williams Company: Expansion in Emerging Markets to Contribute To A More Balanced Portfolio Globally!

Mega Merger in the Making? What a Shell–BP Deal Could Mean for Global Energy

By Baptista Research

  • In May 2025, the energy sector is abuzz with speculation that Shell is evaluating a potential acquisition of BP.
  • This comes amid a backdrop of declining oil prices, which have recently hit a four-year low due to increased OPEC+ production and global demand uncertainties.
  • Shell, with a market capitalization of approximately £149 billion, is nearly twice the size of BP, whose shares have fallen nearly 30% over the past year, reflecting investor concerns over its strategic direction and financial health.

Nucor Corporation’s $3 Billion Bet: Is Brandenburg the Game-Changer Steel Was Waiting For?

By Baptista Research

  • Nucor Corporation’s first quarter of 2025 results provide a comprehensive overview of both strategic advancements and challenges faced by the company.
  • The details from the conference call highlight several aspects of Nucor’s operational and financial status, guiding an investment thesis that balances growth prospects with market challenges.
  • Financially, the company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $696 million and adjusted earnings per share (EPS) of $0.77.

ONEOK: LNG & LPG Export Opportunities As A Pivotal Factor Driving Growth!

By Baptista Research

  • ONEOK Inc. recently announced its first-quarter 2025 earnings results which were in line with expectations and reaffirmed its 2025 financial guidance and 2026 outlook.
  • The earnings report emphasized the performance of its integrated systems and ongoing disciplined growth strategy.
  • The company achieved a net income attributable to ONEOK of $636 million or $1.04 per share, with an adjusted EBITDA of $1.78 billion, bolstered by contributions from the Medallion and EnLink acquisitions.

The Sherwin-Williams Company: Expansion in Emerging Markets to Contribute To A More Balanced Portfolio Globally!

By Baptista Research

  • The Sherwin-Williams Company’s first-quarter 2025 results reflect a complex balance of challenges and progress within a turbulent demand environment.
  • The company reported that consolidated sales were within their guided range despite volatile market conditions.
  • Notably, the Paint Stores Group saw modest growth, driven by pricing improvements and a favorable product mix, though volume did decrease slightly.

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May 11
0

Daily Brief Health Care: BeiGene , Pfizer Inc, Kissei Pharmaceutical, Regeneron Pharmaceuticals, Astrazeneca Plc Spons Adr, Torii Pharmaceutical, Laboratory Corporation of America Holdings, Novartis and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok
  • Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?
  • Kissei Pharmaceutical (4547 JP): Steady FY25, Licensing Fees To Drag FY26, Margins To Stay Strong
  • Regeneron Pharmaceuticals: An Insight Into Dupixent’s Market Presence & Recent Oncology Portfolio Expansion!
  • AstraZeneca: Pipeline Diversification
  • (Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha
  • Labcorp Rides Regulatory Wins & Fights PAMA—Here’s How It’s Protecting Its Profits!
  • Novartis AG: The Advancements & Challenges in Pelacarsen Development & Other Major Drivers!

China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok

By Xinyao (Criss) Wang

  • Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory “green light” for manufacturing in US, which will change the industry pattern.
  • With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.
  • BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation  is US$24.5-26.5 billion.

Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?

By Baptista Research

  • Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging market environment.
  • Revenue was reported at $13.7 billion, marking a 6% operational decline largely driven by lower Paxlovid sales, partly reflecting a one-time Paxlovid revenue credit from the prior year.
  • Despite this, some of its core products such as the Vyndaqel family, Nurtec, and Padcev demonstrated strong growth, reinforcing the company’s focus on prioritizing key growth drivers.

Kissei Pharmaceutical (4547 JP): Steady FY25, Licensing Fees To Drag FY26, Margins To Stay Strong

By Tina Banerjee

  • Kissei Pharmaceutical (4547 JP) reported 16.9% YoY jump in revenue during FY25 driven by Beova and Tavneos despite price revision pressures and generic competition.
  • The company has issued FY26 guidance of revenue rising 3.6%, with pharmaceuticals segment remaining flat dragged by lower overseas licensing fees.
  • The only trigger point at this moment happens to be the recent licensing deals signed by the company with various players gives it an opportunity to expand offerings and market.

Regeneron Pharmaceuticals: An Insight Into Dupixent’s Market Presence & Recent Oncology Portfolio Expansion!

By Baptista Research

  • Regeneron Pharmaceuticals’ first quarter 2025 results illustrate a multifaceted performance landscape, marked by both promising advancements and significant hurdles across its drug portfolio.
  • Starting with EYLEA, the company saw U.S. net sales of $736 million, a decrease of 39% compared to the prior year, amid heightened competition from low-cost, off-label Avastin, influenced by patient affordability issues due to a funding gap at co-pay assistance foundations.
  • While EYLEA HD sales increased by 54% year-over-year, its sequential growth was stagnant.

AstraZeneca: Pipeline Diversification

By Baptista Research

  • AstraZeneca has reported its first quarter 2025 financial results, revealing a robust performance marked by a 10% increase in total revenue.
  • The pharmaceutical giant’s growth was driven by rising demand for its innovative medicines, with core operating profit up by 12% and core EPS rising by 21%.
  • This performance was partially bolstered by favorable tax settlements.

(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

By David Blennerhassett

Labcorp Rides Regulatory Wins & Fights PAMA—Here’s How It’s Protecting Its Profits!

By Baptista Research

  • Labcorp Holdings reported its financial performance for the first quarter of 2025, reflecting a mixed set of outcomes amidst macroeconomic and regulatory dynamics.
  • The company achieved solid revenue growth of 5.3%, reaching $3.3 billion, driven primarily by organic growth and strategic acquisitions.
  • However, foreign currency translation exerted a slight negative pull on these figures.

Novartis AG: The Advancements & Challenges in Pelacarsen Development & Other Major Drivers!

By Baptista Research

  • Novartis, a global pharmaceutical leader, reported its Q1 2025 results with impressive financial metrics combined with significant advancements in its pharmaceutical portfolio.
  • The company’s operational metrics showcased robust performance, with net sales increasing by 15% and core operating income growing by 27%.
  • This resulted in a core margin of 42.1%, up by 400 basis points, indicating effective cost management and revenue growth strategies.

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May 11
0

Daily Brief Industrials: Shanghai Electric Group Company, Nissin Corp, Paccar Inc, United Parcel Service Cl B, Woodward Inc, Honeywell International, Xylem Inc, NV5 Global and more

By | Daily Briefs, Industrials

In today’s briefing:

  • A/H Premium Tracker (To 9 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha
  • [Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday – The Implied Price Is Light
  • PACCAR: Tariff Management Strategy to Maintain Stability & Upsurge Revenue!
  • United Parcel Service (UPS): Recent Shift to Robotics & Automation Driving Our Bullishness!
  • Woodward Misses a Beat But Bets Big on Naval Dominance With MicroNet Contracts!
  • Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!
  • Xylem Looking To Supercharge Growth With Targeted Acquisitions—Is The Vacom Deal Just The Start?
  • NV5 Global on the Radar: Why Acuren and Others Are Eyeing This Engineering Giant

A/H Premium Tracker (To 9 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha

By Travis Lundy

  • AH spreads are basically flat on the shortened week. AH premia rose in Pharma and Tech, fell in Industrials, Finance, and Banks. 
  • All eyes will be on what happens in Geneva. I personally don’t expect much. 
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

[Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday – The Implied Price Is Light

By Travis Lundy

  • Last year, Nissin Corp (9066 JP) started race-walking the good governance walk. The day they released earnings they announced crossholding sales and an overnight 23.61% ToSTNeT-3 Buyback (executed successfully).
  • They also expected 19% Net Income Growth (to go with accretion), and in November, nearly doubled their dividend on new payout policy (minimum 4% DOE). 
  • Now, Bloomberg reports they are considering going private via a Bain MBO at ¥100bn+ (or a 30% premium). 

PACCAR: Tariff Management Strategy to Maintain Stability & Upsurge Revenue!

By Baptista Research

  • PACCAR Inc.’s recent earnings for the first quarter of 2025 presented a nuanced view of the company’s financial performance and strategic positioning amid complex global economic conditions.
  • The company reported revenues of $7.4 billion and an adjusted net income of $770 million, indicating solid financial health.
  • PACCAR Parts achieved record quarterly revenues of $1.7 billion, with pretax income of $427 million, a testament to their successful expansion and market demand for their products.

United Parcel Service (UPS): Recent Shift to Robotics & Automation Driving Our Bullishness!

By Baptista Research

  • United Parcel Service, Inc. (UPS) reported its first-quarter 2025 financial results amidst a complex global trade landscape and strategic shifts in its business model.
  • The company’s consolidated revenue for the quarter stood at $21.5 billion, a slight decrease of 0.7% from the previous year, aligning with its forecasts.
  • Meanwhile, operating profit rose by 0.9% to $1.8 billion, reflected in an operating margin improvement to 8.2%.

Woodward Misses a Beat But Bets Big on Naval Dominance With MicroNet Contracts!

By Baptista Research

  • Woodward, Inc. delivered a promising performance in the second quarter of fiscal 2025, with net sales rising by 6% year-over-year and adjusted earnings per share increasing by 4%, reflecting steady growth despite challenges, notably from decreased volumes in China’s on-highway market.
  • Excluding the China on-highway impacts, the company posted a 12% increase in revenue and a significant 22% rise in operating earnings, showcasing resilience and efficiency in a challenging global environment.
  • 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.

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

By Baptista Research

  • Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and raised guidance despite a complex macroeconomic backdrop.
  • The company posted adjusted earnings per share of $2.51 on revenue of $9.8 billion, surpassing analyst estimates of $2.21 EPS on $9.6 billion in revenue.
  • This performance also marked a year-over-year improvement from $2.25 EPS on $9.1 billion in sales.

Xylem Looking To Supercharge Growth With Targeted Acquisitions—Is The Vacom Deal Just The Start?

By Baptista Research

  • Xylem Inc. closed the first quarter of 2025 with a performance that surpassed expectations and reaffirmed their guidance for the year.
  • The company reported a robust revenue increase across all segments, contributing to a 120 basis point rise in EBITDA margin and a double-digit growth in earnings per share (EPS), which hit $1.03, outpacing the guidance midpoint by $0.08.
  • Maintaining a backlog of $5.1 billion, Xylem showcased resilience in demand with a book-to-bill ratio exceeding one, although orders slightly dipped due to challenging comparisons in key segments.

NV5 Global on the Radar: Why Acuren and Others Are Eyeing This Engineering Giant

By Baptista Research

  • NV5 Global, Inc.’s fiscal first quarter 2025 financial results highlight a mixture of strength and challenges.
  • The company’s stated focus on providing non-discretionary services in essential sectors, such as infrastructure and utilities, serves as a hedge against economic volatility and supply chain issues.
  • In this quarter, NV5 reported a 10% year-over-year increase in gross revenues, reaching $234 million, and a 10% increase in gross profit to $123.2 million.

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May 10
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (May 9th): AIA and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

Hong Kong Buybacks Weekly (May 9th): AIA, China Hongqiao, Cosco Shipping

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 9th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), China Hongqiao (1378 HK), Cosco Shipping (1919 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), China Hongqiao (1378 HK).

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May 10
0

Daily Brief ECM: Green Tea Group IPO – Peer Comp & Thoughts on Valuation and more

By | Daily Briefs, ECM

In today’s briefing:

  • Green Tea Group IPO – Peer Comp & Thoughts on Valuation
  • Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One
  • Canara Robeco AMC Pre-IPO Tearsheet
  • American Integrity Insurance Group (AII): Sector Dedicated Buyers Get a Winner on Opening Pop

Green Tea Group IPO – Peer Comp & Thoughts on Valuation

By Troy Wong

  • Green Tea Group (GTG) is looking to raise US$157m (HKD 1.2bn) in its upcoming Hong Kong IPO.
  • GTG is the fourth largest Casual Chinese Cuisine player in Mainland China, it has been gaining market share historically and is likely to continue.
  • GTG plans to accelerate its expansion of the restaurant network, focusing on expansion into tier two cities and below, with small restaurants rather than large ones.

Aspen Insurance Holdings Limited (AHL): Attractive Valuation Brings Buyers, Trades Well in Week One

By IPO Boutique

  • The stock opened at $33.25 versus the $30.00 issue price for a gain of 10.8% at first trade.
  • According to guidance that the deal finished north of 10-times oversubscribed. The guidance pointed to a midpoint pricing and that is where the final outcome occurred.
  • The sponsor, Apollo Global, is known for being a shrewd entity and a stickler on price, however, in this instance investors saw solid value in the company.

Canara Robeco AMC Pre-IPO Tearsheet

By Akshat Shah

  • Canara Robeco AMC (570515Z IN) is looking to raise about US$176m in its upcoming India IPO. The deal will be run by Axis, JM Fin and SBI Caps.
  • Canara Robeco is an asset management company engaged in managing mutual funds and providing investment advice on Indian equities to Robeco Hong Kong Limited, a member of the Promoter Group.
  • According to CRISIL, it is India’s second oldest asset management company.

American Integrity Insurance Group (AII): Sector Dedicated Buyers Get a Winner on Opening Pop

By IPO Boutique

  • Specialty insurer American Integrity Insurance Group (AII US) came to market Thursday with solid interest from sector-dedicated investors producing a 15.6% winner at first trade.
  • According to our sources, the deal was well-oversubscribed which equates to roughly 5x-6x in terms of granular subscription levels.
  • Given the choppiness of the broad market in April and the temporary pause in the IPO market, the insurance sector was the perfect area to lead the comeback.

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May 10
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Daily Brief Thematic (Sector/Industry): Thematic Report- India-UK FTA: A Stitch in Time for the Indian Textile Sector? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Thematic Report- India-UK FTA: A Stitch in Time for the Indian Textile Sector?
  • Japan Strategy Weekly | Tariff Relief
  • AUCTUS ON FRIDAY – 09/05/2025
  • [Blue Lotus Daily-TMT Update]:BIDU US/JD US/PDD US/AAPL US/BILI US/700 HK
  • European IT Services: Q1 2025 Takeaways – Tariffs Hurt on Discretionary IT Spending
  • What’s New(s) in Amsterdam

Thematic Report- India-UK FTA: A Stitch in Time for the Indian Textile Sector?

By Nimish Maheshwari

  • The India-UK FTA, signed on May 6, 2025, provides Indian textile exports with zero-duty access to 99% of their products, removing tariffs as high as 12%.
  • This landmark deal offers a substantial opportunity to increase India’s market share in the $19.7 billion UK apparel market and boosts competitiveness against Bangladesh and China.
  • With enhanced pricing power, Indian textile companies like KPR Mill (KPR IN), Welspun India (WLSI IN), and S.P. Apparels (SPAL IN) are well-positioned to scale, increasing their export share.

Japan Strategy Weekly | Tariff Relief

By Mark Chadwick

  • Japanese equities advanced in a holiday-shortened week, buoyed by global risk-on sentiment and a weaker yen
  • Strangely, Services PMI rose to 52.4 in April, showing continued expansion with stronger new orders despite falling business confidence and other lead indicators
  • NTT Data Corp (9613 JP)  stock surged +41% this week following the announcement that parent company NTT will launch a tender offer to acquire all remaining shares

AUCTUS ON FRIDAY – 09/05/2025

By Auctus Advisors

  • AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK49 per share: ~12 mbbl/d in 1Q25.
  • Re-iterating FY25 guidance – 1Q25 production was ~12 mbbl/d, including 6,841 bbl/d in Gabon, 3,661 bbl/d in Equatorial Guinea and 1,492 bbl/d in Tunisia.
  • Production in Gabon and Equatorial Guinea was previously reported by BW Energy and Kosmos Energy.

[Blue Lotus Daily-TMT Update]:BIDU US/JD US/PDD US/AAPL US/BILI US/700 HK

By Ying Pan

  • BIDU US: Baidu Apollo Partners with CAR Inc to Pioneer Autonomous Ride-Hailing in Tourism Hubs (+)
  • JD US: JD.com Launches Unlimited-Salary Tech Talent Program to Rival Google DeepMind (-)
  • PDD US : Slight Increase in Technology Service Fees (+)

European IT Services: Q1 2025 Takeaways – Tariffs Hurt on Discretionary IT Spending

By Gregory Ramirez

  • Economic uncertainty, weak industrial demand, and tariffs have triggered a downturn for European IT services firms in Q1, marking their first recessive quarter since 2020 and causing them to underperform.   
  • Discretionary IT spending is declining again in manufacturing, while structural challenges in Europe around competitiveness and regulation, limit recovery prospects, prompting firms to shift focus toward defence and sovereignty.   
  • Generative and agentic AI are expected to drive a new growth cycle, with potential for significant productivity gains and reduced dependence on human labour, though current AI-driven revenues remain modest.

What’s New(s) in Amsterdam

By The IDEA!

  • Having digested yesterday’s published 1Q25 solid set of results and information that was shared during the company’s earnings call, we decided to stick to our neutral stance on the stock.
  • Although the company has proven to be rather resilient and performed better than expected in the current uncertain environment, we fear that the real test still lies ahead: the potential impact of the trade tariffs still has to kick in.
  • After all, a lot of the tariffs that were announced on ‘Liberation Day’ have been postponed for 90 days.

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May 10
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Daily Brief Event-Driven: StubWorld: Geely Is (Mostly) Trading “Rich”; And May Still Bump Zeekr Terms and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • StubWorld: Geely Is (Mostly) Trading “Rich”; And May Still Bump Zeekr Terms
  • Korea Zinc Announces Cancellation of Its Treasury Shares
  • Aadhar Housing Finance IPO Lockup – PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon
  • Webjet (WJL AU): Undisclosed Buyer Buying
  • Wanda Hotel Development’s Asset Sale: Potential Upside and Key Risks Analyzed
  • Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal
  • AVJennings (AVJ AU): Scheme Vote on 11 July

StubWorld: Geely Is (Mostly) Trading “Rich”; And May Still Bump Zeekr Terms

By David Blennerhassett

  • Geely Auto (175 HK)‘s discount to NAV is less than half its 12-month average. And Geely is generally trading tighter to listed PRC auto peers. 
  • Preceding my comments on Geely – and NTT Data Corp (9613 JP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Korea Zinc Announces Cancellation of Its Treasury Shares

By Douglas Kim

  • Korea Zinc (010130 KS)’s chairman Choi Yoon-Beom announced that the company will cancel all 2.04 million treasury shares that the company acquired through a tender offer last year.
  • Now the company has finally decided to cancel all of the treasury shares this year, this should have a positive impact on its share price.
  • Korea Zinc announced better than expected earnings in 1Q25. Korea Zinc achieved more than 3.5-fold increase in sales in the strategic minerals sector, including antimony, indium, and bismuth in 1Q25.

Aadhar Housing Finance IPO Lockup – PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

By Sumeet Singh

  • Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
  • AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
  • In this note, we will talk about the lockup dynamics and possible placement.

Webjet (WJL AU): Undisclosed Buyer Buying

By David Blennerhassett

  • On the 30th September 2024, B2C-player Webjet Group (WJL AU) demerged from (now) B2B-player WEB Travel Group (WEB AU). This was discussed in Thoughts On Webjet (WEB AU)’s Demerger. 
  • Webjet is up 34% this week, on decent volume. The word on the street is that an undisclosed buyer with ~5% was seeking to add an additional 5% (19.6mn shares). 
  • Webjet announced after market yesterday it had became aware of such a buyer. That’s all the information at hand.

Wanda Hotel Development’s Asset Sale: Potential Upside and Key Risks Analyzed

By Special Situation Investments

  • Wanda Hotel Development plans to sell hotel management operations to Tongcheng Travel for HK$2.4bn, exceeding its market cap.
  • WHD intends to return most sale proceeds to shareholders, retaining some for working capital and future investments.
  • WHD retains valuable real estate assets, including Chicago condos and a Guilin shopping mall, with potential additional sales.

Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal

By Arun George

  • Domain Holdings Australia (DHG AU) entered a scheme implementation deed with Costar Group (CSGP US) at A$4.43 per share, a 42.0% premium to the undisturbed price.
  • As CoStar is a US entity, FIRB approval should be forthcoming. The scheme vote is low-risk, as Nine (60.05% of outstanding shares) will vote in favour of it. 
  • While attractive to precedent transaction multiples, the offer remains light compared to peer multiples. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%. 

AVJennings (AVJ AU): Scheme Vote on 11 July

By Arun George

  • The Avjennings Ltd (AVJ AU) IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.
  • The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. 
  • The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  

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May 10
0

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

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: West China Cement, Medco Energi
  • The US has unveiled a trade agreement with the UK. The US will maintain a 10% blanket tariff on UK imports, while UK duties on US goods will be reduced to 1.8% from 5.1%. It is unclear how the figures are tabulated.
  • In addition, tariffs on UK autos will be adjusted such that a 10% tariff will apply to the first 100 k vehicle imports, with any additional vehicles facing a 25% rate.

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