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Smartkarma Daily Briefs

May 05
0

Daily Brief India: JSW Infrastructure, Afcons Infrastructure Limited and more

By | Daily Briefs, India

In today’s briefing:

  • JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
  • Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

By Rahul Jain

  • Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
  • Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
  • Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.

Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries

By Dimitris Ioannidis

  • AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.
  • AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.
  • AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.

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May 05
0

Daily Brief China: Chongqing Rural Commercial Ban, Akeso Biopharma Inc, Contemporary Amperex Technology (CATL), CF PharmTech, S.F. Holding and more

By | China, Daily Briefs

In today’s briefing:

  • Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade
  • China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
  • ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
  • Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition
  • Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade

By Janaghan Jeyakumar, CFA

  • CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
  • In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
  • We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.

China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge

By Xinyao (Criss) Wang

  • The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
  • Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
  • Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.

ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
  • On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

By Xinyao (Criss) Wang

  • Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
  • The pipelines have to face fierce competition and don’t have advantage in R&D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. 
  • Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

By Daniel Hellberg

  • SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
  • Only these two express firms reported margin expansion in Q125 — how’d they do it?
  • Q125 results suggest two very different paths toward improved express profitability

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  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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May 05
0

Daily Brief Japan: Toyota Industries, Makino Milling Machine Co, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill
  • Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet
  • Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill

By Arun George

Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet

By Arun George

Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

By Aki Matsumoto

  • Based on experience with “TSE’s request,” it’s impossible to request the same level of disclosure from every company. Companies that overseas investors can target should be requested to disclose proactively.
  • This “FSA’s request” is expected to potentially cause companies to lose the effectiveness of the tactics they have used to control AGMs. Future steps are expected.
  • The slowdown in profit margin growth may also increase calls for improved corporate governance practices, with more companies reducing cross-shareholdings and launching stronger shareholder returns.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


May 05
0

Daily Brief Industrials: JSW Infrastructure, Makino Milling Machine Co, Afcons Infrastructure Limited, Contemporary Amperex Technology (CATL), Amaero International Ltd, S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
  • Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet
  • Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries
  • ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
  • Amaero International Ltd – New five-year contract kicks off commercialisation push
  • Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

By Rahul Jain

  • Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
  • Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
  • Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.

Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet

By Arun George

Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries

By Dimitris Ioannidis

  • AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.
  • AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.
  • AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.

ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
  • On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

Amaero International Ltd – New five-year contract kicks off commercialisation push

By Research as a Service (RaaS)

  • Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
  • The company has announced it has signed a five-year, exclusive supply agreement with US-based metal additive manufacturing technology company Velo3D (OTC:VLDX) for mission-critical parts in the defence, space and aviation industries (ASX release 29 April).
  • Amaero said, based on demand estimates from Velo3D, revenue from C103 and titanium alloy powder sales over the five-year agreement are expected to equal approximately US$22m (A$35m).

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

By Daniel Hellberg

  • SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
  • Only these two express firms reported margin expansion in Q125 — how’d they do it?
  • Q125 results suggest two very different paths toward improved express profitability

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


May 05
0

Daily Brief Energy/Materials: BP PLC, Petroleos Mexicanos and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Crude Awakening: Shell’s Possible Bid to Refine BP’s Future
  • EM Spreads – Weekly News & Views

Crude Awakening: Shell’s Possible Bid to Refine BP’s Future

By Jesus Rodriguez Aguilar

  • Shell–BP deal offers strong industrial logic, with $70B in synergies justifying a 40–50% premium while delivering robust EPS accretion and strategic energy transition alignment.
  • Regulatory hurdles are real but manageable, with anticipated divestitures in UK/EU fuel retail and limited structural issues in the U.S.
  • Multiple financing structures are viable; a 60/40 cash-stock mix preserves leverage discipline, limits dilution, and enhances deal feasibility from a risk-arb perspective.

EM Spreads – Weekly News & Views

By Leandro Gubler

  • Cemex 1Q25: Credit Strength Persists, but No Catalyst for Spread Compression
  • Pemex 1Q25: Upgraded to Market Perform, but Structural Risks Persist
  • YPF and Globant Sign Agreement to Modernize Supply Chain with AI

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  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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May 05
0

Daily Brief TMT/Internet: Smartpay Holdings, Vanguard Intl Semiconductor, Silicon Motion Technology, Airtasker and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20
  • Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.
  • Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning
  • Airtasker Ltd – Key RaaS KPIs heading in the right direction

Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20

By Arun George

  • On 2 May, Smartpay Holdings (SPY NZ) disclosed receiving a third non-binding scheme proposal from another international strategic at NZ$1.20 (A$1.12), 20% premium to the Tyro Payments (TYR AU) offer.
  • Smartpay previously disclosed a NZ$1.00 cash/scrip bid from Tyro and an undisclosed offer from an international strategic (rumoured to be Shift4 Payments (FOUR US)). 
  • Smartpay was susceptible to bids due to the RBA’s surcharge review, but the shareholder structure necessitates an attractive offer. The NZ$1.20 offer is attractive.

Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.

By Patrick Liao

  • We assume that Vanguard Intl Semiconductor (5347 TT) will see an upside in its 2Q25 outlook by a few percentage points.
  • The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.
  • Vanguard Intl Semiconductor (5347 TT) and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products. 

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

By Vincent Fernando, CFA

  • SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.
  • SIMO’s MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.
  • Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.

Airtasker Ltd – Key RaaS KPIs heading in the right direction

By Research as a Service (RaaS)

  • Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
  • ART has reported its Q3 FY25 trading update with key RaaS KPIs all heading in the right direction.
  • Another quarter of positive cash flow was achieved, resulting in a stable net cash position of $18.3m.

💡 Before it’s here, it’s on Smartkarma

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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May 05
0

Daily Brief Consumer: Toyota Industries, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill
  • Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill

By Arun George

Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors

By Aki Matsumoto

  • Based on experience with “TSE’s request,” it’s impossible to request the same level of disclosure from every company. Companies that overseas investors can target should be requested to disclose proactively.
  • This “FSA’s request” is expected to potentially cause companies to lose the effectiveness of the tactics they have used to control AGMs. Future steps are expected.
  • The slowdown in profit margin growth may also increase calls for improved corporate governance practices, with more companies reducing cross-shareholdings and launching stronger shareholder returns.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


May 05
0

Daily Brief Financials: Chongqing Rural Commercial Ban, S&P Global and more

By | Daily Briefs, Financials

In today’s briefing:

  • Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade
  • Weekly Update (LION, STRZ, GTX, LBTYA, WDC)

Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade

By Janaghan Jeyakumar, CFA

  • CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
  • In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
  • We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.

Weekly Update (LION, STRZ, GTX, LBTYA, WDC)

By Richard Howe

  • S&P Global (SPGI) announced on April 29, 2025, its intention to spin off its Mobility division into a standalone publicly traded company.

  • This strategic move aims to streamline operations and allow S&P Global to concentrate on its core businesses: Market Intelligence, Ratings, Commodity Insights, and Dow Jones Indices.

  • The Mobility division, which provides data and analytics to the automotive industry, generated $1.6 billion in revenue in fiscal year 2024, marking an 8% year-over-year increase.

💡 Before it’s here, it’s on Smartkarma

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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May 05
0

Daily Brief Health Care: Akeso Biopharma Inc, CF PharmTech and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
  • Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge

By Xinyao (Criss) Wang

  • The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
  • Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
  • Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.

Pre-IPO CF PharmTech – The Outlook Is Bleak Due to VBP and Fierce Competition

By Xinyao (Criss) Wang

  • Unlike most biotech companies in Hong Kong which focus on innovative drugs, CF PharmTech mainly produces generic drugs. Its revenue mainly comes from CF017, with high single product risk.
  • The pipelines have to face fierce competition and don’t have advantage in R&D progress in from of competing candidates. CF PharmTech is hard to generate decent profits due to VBP. 
  • Since its establishment, CF PharmTech has raised its valuation step by step through multiple rounds of capital increase and equity transfer.Valuation was RMB4.021 billion in 2022, which is already high.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


May 05
0

Daily Brief Industrials: JSW Infrastructure, Makino Milling Machine Co, Afcons Infrastructure Limited, Contemporary Amperex Technology (CATL), Amaero International Ltd, S.F. Holding and more

By | Daily Briefs, Industrials

In today’s briefing:

  • JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
  • Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet
  • Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries
  • ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha
  • Amaero International Ltd – New five-year contract kicks off commercialisation push
  • Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

By Rahul Jain

  • Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
  • Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
  • Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.

Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet

By Arun George

Afcons Infrastructure (AFCONS IN): Global Index Inclusion & Upweights Post Lock-Up Expiries

By Dimitris Ioannidis

  • AFCONS debuted on the NSE on 4 November 2024. As of 2 May 2025, the price was 420 INR resulting in a market cap of ~$1.8bn.
  • AFCONS is forecasted to be added to Global-F at the June 2025 review with a free float of 31.7% following the 3-month lock-up expiry of the Anchor Investors.
  • AFCONS is forecasted to experience a free float increase in Global-M from 35% to 45% at the August 2025 review following the 6-month lock-up expiry of the pre-IPO shareholders.

ECM Weekly (5 May 2025) – CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

By Sumeet Singh

  • Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
  • On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
  • On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.

Amaero International Ltd – New five-year contract kicks off commercialisation push

By Research as a Service (RaaS)

  • Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
  • The company has announced it has signed a five-year, exclusive supply agreement with US-based metal additive manufacturing technology company Velo3D (OTC:VLDX) for mission-critical parts in the defence, space and aviation industries (ASX release 29 April).
  • Amaero said, based on demand estimates from Velo3D, revenue from C103 and titanium alloy powder sales over the five-year agreement are expected to equal approximately US$22m (A$35m).

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

By Daniel Hellberg

  • SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
  • Only these two express firms reported margin expansion in Q125 — how’d they do it?
  • Q125 results suggest two very different paths toward improved express profitability

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

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

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free