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Smartkarma Daily Briefs

Jun 08
0

Daily Brief Energy/Materials: Washington H. Soul Pattinson and Co. Ltd and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

By David Blennerhassett

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Jun 08
0

Daily Brief China: Newtrend Technology, DiDi Global and more

By | China, Daily Briefs

In today’s briefing:

  • China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing
  • Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene’s Trouble, Views on Newtrend IPO Pricing

By Xinyao (Criss) Wang

  • Summit’s chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
  • The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
  • The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the “price war” and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).

Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

By Daniel Hellberg

  • Didi reported solid top-line growth, improving core margins (and OpCF) in Q125
  • Drivers of Q125 top-line growth were broad-based, but note F/X impact on International
  • We believe Didi should move to re-list shares while earnings & conditions are supportive

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Jun 07
0

Daily Brief Australia: Helloworld Ltd, Iron Ore and more

By | Australia, Daily Briefs

In today’s briefing:

  • Webjet Group Faces Potential Takeover Amidst Interest from BGH Capital, Helloworld, and International Giants
  • [IO Fundamentals 2025/22] PMI Data Divergence and Declining IO Inventories
  • [IO Technicals 2025/23] Bearish Momentum Persists

Webjet Group Faces Potential Takeover Amidst Interest from BGH Capital, Helloworld, and International Giants

By Special Situation Investments

  • BGH Capital and Garry Weiss hold an 11% stake in WJL, acquired at A$0.80/share, and submitted a rejected offer at the same price.
  • Helloworld increased its stake in WJL to 15%, purchasing shares at A$0.85 and A$0.89/share, and proposed a merger.
  • WJL suspended its share buyback program amid takeover interest, and instructed advisors to explore alternative buyers.

[IO Fundamentals 2025/22] PMI Data Divergence and Declining IO Inventories

By Pranay Yadav

  • China’s NBS manufacturing PMI edged up to 49.5 in May, while Caixin PMI dropped sharply to 48.3 signaling the first contraction in 8 months. 
  • China’s industrial profits stagnated in April 2025, highlighting persistent challenges from weak demand, trade war tensions, and deflationary pressures.
  • Iron ore inventories continued to decline amid slowing shipments and softer blast furnace demand, signaling ongoing destocking.  

[IO Technicals 2025/23] Bearish Momentum Persists

By Pranay Yadav

  • Iron ore supply remains steady despite falling Australian exports and surging Brazilian shipments. However, weak Chinese property demand continues to cloud the market outlook.
  • Analysts at Singapore Ferrous Week trimmed 2025 iron ore surplus forecasts to 20–30 million tons, citing resilient demand, rising steel exports, and Australian supply disruptions.
  • Prices remain below key moving averages, signalling downside momentum, while the MACD staying under its signal line reinforces the ongoing bearish outlook.

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Jun 07
0

Daily Brief Singapore: Great Eastern Holdings, SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Great Eastern (GE SP): OCBC Bumps Terms – $30.15/Share Exit Offer
  • Higher Rubber Values Come In Handy For Vietnam, Though Volume Down

Great Eastern (GE SP): OCBC Bumps Terms – $30.15/Share Exit Offer

By David Blennerhassett

  • The prior Offer for Great Eastern Holdings (GE SP) closed on the 12th July 2024, with OCBC holding 93.62%. Shares have been suspended ever since. Compulsory acquisition was not afforded.
  • To break the deadlock, I mused in This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension, that OCBC needed to come out with a improved Offer of ~S$30/share.
  • That has now unfolded. Minorities have the option of a S$30.15/share Exit Offer; or voting for the resumption of trading, which will be possible via the issuance of bonus shares.

Higher Rubber Values Come In Handy For Vietnam, Though Volume Down

By Vinod Nedumudy

  •  During January-April 2025, exports at 452,866 tons, down 11% YoY  
  • January-April 2025 exports value at US$872.78 mn, up 20.4% YoY  
  • Vietnam Rubber Group reports net profit of US$45.4 mn in Q1 2025  

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Jun 07
0

Daily Brief South Korea: Samsung Life Insurance and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

Top 30 Best Performing Stocks in KOSPI in Past Week and Surging Price of Samsung Life Insurance

By Douglas Kim

  • In this insight, we also provide a list of 30 top performing stocks in KOSPI in the past one week (in terms of price performance and trading value).
  • We also discuss the surging share price of Samsung Life Insurance which suggests a near-term regulation change that could require the company to partially dispose its stake in Samsung Electronics. 
  • With Lee Jae-Myung becoming the new South Korean President, the probability of Samsung Life Insurance being forced to sell its stake in Samsung Electronics has risen much more.

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Jun 07
0

Daily Brief United States: Gap Inc/The, Broadcom , Crowdstrike Holdings , Guidewire Software, elf Beauty Inc, UiPath Inc, Cooper Cos, Hewlett Packard Enterprise , Synopsys Inc, Costco Wholesale and more

By | Daily Briefs, United States

In today’s briefing:

  • Gap Inc.: An Insight Into Its Product Innovation & Brand Rejuvenation Efforts & Key Growth Catalysts!
  • AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive
  • CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?
  • Guidewire’s Cloud Takeover: How It’s Winning Big With Insurers & Crushing Legacy Systems!
  • e.l.f. Beauty Just Acquired rhode—Can This Power Duo Redefine Celebrity Skincare?
  • UiPath Inc.: Expansion in Vertical & Public Sector Markets to Diversify Revenue Streams!
  • Cooper Companies: Product Expansion
  • Hewlett Packard Enterprise (HPE) Cuts Jobs—Why Is The Management Focused On Building A Leaner Tech Giant?
  • How Is Synopsys Thriving Globally While China Sales Decline—What’s the Real Strategy?
  • Costco Wholesale Corporation: Supply Chain Optimization to Enhance Efficiency & Support Competitive Pricing Strategy!

Gap Inc.: An Insight Into Its Product Innovation & Brand Rejuvenation Efforts & Key Growth Catalysts!

By Baptista Research

  • The Gap Inc. reported first-quarter fiscal 2025 results showcasing a mix of positive outcomes and ongoing challenges across its portfolio of brands.
  • Highlights of the quarter include improvements in certain financial metrics and continued execution of its strategic initiatives, although the company is facing headwinds primarily related to tariffs which could impact its financial outlook.
  • 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.

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

By Nicolas Baratte

  • 2025 AI revenue ~US$19bn, up 55-60% YoY. Similar growth in 2026 or $~30bn. Mngt declined to update 2027 addressable market (SAM), previously stated at $60-90bn. That looks too high.
  • Risk of disappointment for 2027? No, Consensus is too low. Our estimate for 2026 revenue is $79bn versus consensus at $73bn, $95bn in ’27 vs Consensus $83.
  • Consensus for AI stocks is too low. But AVGO is expensive at 33x FY26 Consensus, most likely ~30x and ~25x 2027 if I’m correct. That’s more expensive than NVDA.

CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?

By Baptista Research

  • CrowdStrike Holdings, Inc., a leader in cybersecurity, delivered a robust performance in its fiscal first quarter of 2026, demonstrating both strengths and challenges.
  • The company’s headline achievement was its double-digit million-dollar addition to net new ARR, significantly surpassing expectations and reaching an ending ARR of $4.4 billion.
  • This milestone reinforces its stature as a dominant player in pure-play cybersecurity software at scale.

Guidewire’s Cloud Takeover: How It’s Winning Big With Insurers & Crushing Legacy Systems!

By Baptista Research

  • Guidewire Software, Inc.’s latest financial results for the third quarter of fiscal year 2025 demonstrate a mix of robust performance and strategic progress.
  • The company reported a record-breaking quarter in terms of sales activities, showcasing strong demand for its cloud offerings, with Annual Recurring Revenue (ARR) reaching $960 million.
  • Notably, Guidewire expects to surpass the $1 billion ARR milestone by the end of the fiscal year, indicating significant traction and growth in their subscription model.

e.l.f. Beauty Just Acquired rhode—Can This Power Duo Redefine Celebrity Skincare?

By Baptista Research

  • e.l.f. Beauty recently reported its financial performance for the fourth quarter and fiscal year of 2025, characterized by continued momentum and strategic expansion initiatives.
  • The company exhibited a robust growth trajectory, marking its 25th consecutive quarter of net sales growth.
  • For fiscal 2025, net sales increased by 28%, while adjusted EBITDA went up by 26%.

UiPath Inc.: Expansion in Vertical & Public Sector Markets to Diversify Revenue Streams!

By Baptista Research

  • UiPath, a leader in robotic process automation (RPA), recently reported its first-quarter results for fiscal 2026, highlighting both progress and challenges amidst a variable macroeconomic environment.
  • The company announced revenue of $357 million, a modest year-over-year increase of 6%, and an annual recurring revenue (ARR) of $1.693 billion, reflecting a 12% increase.
  • While these figures exceeded expectations, it’s important to dive deeper into the dynamics driving these results.

Cooper Companies: Product Expansion

By Baptista Research

  • Cooper Companies delivered a solid second quarter fiscal performance for 2025, exhibiting a 7% organic growth in consolidated revenues, driven primarily by robust expansions in its CooperVision and CooperSurgical segments.
  • CooperVision’s revenue reached $670 million, showcasing a 7% organic growth, while CooperSurgical posted revenues of $333 million with similar organic growth.
  • The performance was notably buoyed by double-digit growth in key product lines such as daily silicone hydrogel lenses and the office and surgical portfolio.

Hewlett Packard Enterprise (HPE) Cuts Jobs—Why Is The Management Focused On Building A Leaner Tech Giant?

By Baptista Research

  • Hewlett Packard Enterprise’s fiscal 2025 second quarter performance presents a mixed bag of outcomes, reflecting both areas of improvement and ongoing challenges.
  • Revenue reached $7.6 billion, showing a 7% year-over-year increase, which exceeded the upper bound of the company’s guidance.
  • This growth was driven by strong revenue performance across all product segments, notably in AI systems and Intelligent Edge.

How Is Synopsys Thriving Globally While China Sales Decline—What’s the Real Strategy?

By Baptista Research

  • Synopsys Inc. reported a robust second quarter for fiscal year 2025, showcasing substantial strength in revenue growth and operational execution.
  • The company achieved a 10% year-over-year revenue increase, reaching $1.6 billion, surpassing the midpoint of its forecast.
  • Non-GAAP earnings per share (EPS) also exceeded expectations, underlining the efficacy of Synopsys’ business model amid challenging market conditions.

Costco Wholesale Corporation: Supply Chain Optimization to Enhance Efficiency & Support Competitive Pricing Strategy!

By Baptista Research

  • Costco Wholesale Corporation’s financial and operational performance during the third quarter of fiscal 2025 reflects a mix of strategic growth and operational challenges.
  • The company reported net income of $1.9 billion, an increase of over 13% from the previous year, and net sales rose to $61.96 billion, up 8% compared to the prior year.
  • These improvements were driven by solid sales momentum despite persistent headwinds like a $130 million LIFO charge and adverse foreign exchange impacts, which collectively affected net profit.

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Jun 07
0

Daily Brief India: Vedanta Ltd, Ircon International, Prince Pipes and Fittings, Innovatiview India Ltd, Central Mine Planning Design Institute Ltd (CMPDIL) and more

By | Daily Briefs, India

In today’s briefing:

  • Vedanta Demerger: Key Highlights, Value Drivers, and Risks
  • IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles
  • The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow
  • Innovatiview India Ltd Pre-IPO – Growth Amid Cash Flow Pressures
  • Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet

Vedanta Demerger: Key Highlights, Value Drivers, and Risks

By Rahul Jain

  • Latest Update: NCLAT has stayed NCLT’s rejection, allowing Vedanta’s five-way demerger to proceed, with completion targeted by September 2025.
  • Value Concentration: Over 85% of Vedanta’s SOTP value stems from Aluminium and Residual Vedanta, driven by strong EBITDA and asset base.
  • Upside and Risks: SOTP suggests 20%+ upside, but risks include regulatory delays, execution slippage in aluminium/zinc projects, and commodity price volatility.

IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles

By Rahul Jain

  • FY25 results reflected margin pressure and a 14% revenue decline due to project completions, with FY26 guidance indicating flat revenue and lower core EBITDA margins (5–5.25%).
  • Indian Railways’ capex is expected to grow at a 6–10% CAGR over the next decade, offering sustained demand across new lines, electrification, and safety systems.
  • While valuations appear reasonable, near-term growth visibility remains limited due to a muted order book and transition away from cost-plus contracts.

The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow

By Sudarshan Bhandari

  • Prince Pipes entered the premium bathware segment with the Aquel acquisition, expanding into lifestyle plumbing beyond traditional piping systems.
  • This move broadens its addressable market and margin profile, creating cross-selling opportunities across its large dealer network.
  • With margin recovery likely and industry destocking easing, Prince Pipes appears well-positioned for rerating and multi-year profit growth.

Innovatiview India Ltd Pre-IPO – Growth Amid Cash Flow Pressures

By Rosita Fernandes

  • Innovatiview India Ltd (INNOVATIVIEWINDIA IN)  (IIL) is planning to raise about US$230m in its upcoming India IPO. 
  • IIL is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
  • As of Sep 24, IIL was the largest player in examination integrated security solutions in India, according to F&S Report.

Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)  is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, SBI Caps.
  • CMPDIL provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design. 
  • As per the CRISIL Report, it is the largest coal and mineral consultancy in India by market share in FY25 and serves as the preferred consultant for Coal India Limited.

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Jun 07
0

Daily Brief China: PDD Holdings, FS.COM, Hang Seng Index and more

By | China, Daily Briefs

In today’s briefing:

  • Pinduoduo (PDD): Plunged After Weak Results, But Overly Impacted
  • FS.COM Limited Pre-IPO Tearsheet
  • Hong Kong Single Stock Options Weekly (June 02 – 06): Broad Gains as Option Activity Fades

Pinduoduo (PDD): Plunged After Weak Results, But Overly Impacted

By Ming Lu

  • The stock price plunged by 16% after the 1Q25 results.
  • The two major competitors benefited from the state subsidies, but PDD did not.
  • However, PDD balances well between revenue growth and operating cash flow.

FS.COM Limited Pre-IPO Tearsheet

By Troy Wong

  • FS.COM Limited (FS) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, China Sec, and CMS.
  • FS is the world’s second largest online DTC networking solution provider in terms of revenue in 2024, as per Frost & Sullivan (F&S).
  • It focuses on providing general networking solutions and high-performance networking solutions mainly to the US and Europe, serving more than 450,000 customers and covering approx. 60% of Fortune 500 companies.

Hong Kong Single Stock Options Weekly (June 02 – 06): Broad Gains as Option Activity Fades

By John Ley

  • A weekly roundup of key option and price metrics for Hong Kong single stocks.
  • Option volumes on par with the lowest levels seen over the past 6 months.
  • Implied volatility appears to have broadly settled around current levels.

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Jun 07
0

Daily Brief Japan: Metaplanet and more

By | Daily Briefs, Japan

In today’s briefing:

  • Metaplanet (3350) | Metaplanet’s Treasury Ambition Grows

Metaplanet (3350) | Metaplanet’s Treasury Ambition Grows

By Mark Chadwick

  • Metaplanet aims to raise ¥745B via a 555M share issuance to expand its Bitcoin holdings, targeting 100,000 BTC by end-2026.
  • The raise implies significant dilution, but rising share prices and strong NISA retail demand could make the capital goal achievable within 12–18 months.
  • Early investors benefit structurally from raises above NAV, as Metaplanet evolves into a long-term institutional vehicle for Bitcoin exposure and monetary debasement hedging.

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Jun 07
0

Daily Brief Industrials: Ircon International, Prince Pipes and Fittings, Central Mine Planning Design Institute Ltd (CMPDIL) and more

By | Daily Briefs, Industrials

In today’s briefing:

  • IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles
  • The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow
  • Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet

IRCON International – Stable Franchise with Long-Term Tailwinds, Near-Term Execution Hurdles

By Rahul Jain

  • FY25 results reflected margin pressure and a 14% revenue decline due to project completions, with FY26 guidance indicating flat revenue and lower core EBITDA margins (5–5.25%).
  • Indian Railways’ capex is expected to grow at a 6–10% CAGR over the next decade, offering sustained demand across new lines, electrification, and safety systems.
  • While valuations appear reasonable, near-term growth visibility remains limited due to a muted order book and transition away from cost-plus contracts.

The Beat Ideas: Prince Pipes- Margin Recovery and Market Expansion in Full Flow

By Sudarshan Bhandari

  • Prince Pipes entered the premium bathware segment with the Aquel acquisition, expanding into lifestyle plumbing beyond traditional piping systems.
  • This move broadens its addressable market and margin profile, creating cross-selling opportunities across its large dealer network.
  • With margin recovery likely and industry destocking easing, Prince Pipes appears well-positioned for rerating and multi-year profit growth.

Central Mine Planning Design Institute Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)  is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, SBI Caps.
  • CMPDIL provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design. 
  • As per the CRISIL Report, it is the largest coal and mineral consultancy in India by market share in FY25 and serves as the preferred consultant for Coal India Limited.

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