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Smartkarma Daily Briefs

May 04
0

Daily Brief Quantitative Analysis: HK Connect Flows Weekly (May 2nd): Meituan and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

HK Connect Flows Weekly (May 2nd): Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 2nd.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Meituan, Tencent, Ping An Insurance, BYD, SMIC, China Mobile.

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May 04
0

Daily Brief ECM: CATL H Share Listing: AH Discount Views and more

By | Daily Briefs, ECM

In today’s briefing:

  • CATL H Share Listing: AH Discount Views

CATL H Share Listing: AH Discount Views

By Arun George

  • Contemporary Amperex Technology (CATL) (300750 CH), the world’s largest supplier of EV and ESS batteries, is set to launch an H Share listing to raise US$5 billion.
  • In CATL H Share Listing: The Investment Case, a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF margin and an attractive valuation are highlighted.  
  • In this note, I examine the likely discount CATL will offer its H Shares compared to the A Shares.

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May 04
0

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (May 4)- Takeda Pharma and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

By Tina Banerjee

  • Prescription drug sales in Japan in FY25 increased 0.6% YoY to ¥10.8T on an NHI price basis. Takeda Pharmaceutical and Daiichi Sankyo remained the top 2 pharmaceutical companies.
  • Samsung Biologics signed $514M CDMO deal with an undisclosed U.S.-based pharmaceutical company. Celltrion has received approval in Korea to conduct phase 3 clinical trial for its Keytruda biosimilar candidate CT-P51.
  • Dr. Reddy’s Laboratories expands its strategic partnership with Sanofi to introduce RSV drug, Beyfortus in India. Medanta is entering North-East India by building a 400-bed super specialty hospital in Guwahati.

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May 04
0

Daily Brief Equity Bottom-Up: Asian Dividend Gems: Sankyo Co and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Asian Dividend Gems: Sankyo Co
  • The Interpublic Group of Companies (IPG): Solid Merger Synergies With Omnicom But These Are The 4 BIGGEST Roadblocks In Its Path!
  • Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?
  • VeriSign’s Domain Name Registration Growth Is Here To Stay But What Are The Challenges Ahead?
  • Pool Corporation: A Strategic Approach to Pricing & Market Dynamics To Strengthen Market Stability & Ensure Continued Customer Trust!
  • SS&C Technologies Is Powering Ahead with AI & Platform Growth—But There’s MORE To The Story!
  • Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!
  • LKQ Corporation: An Insight Into Its North American Business Strategy And Its Market Position In Aftermarket Collision Parts!
  • Oisix: Major Growth Expected in Foodtech
  • Teck Resources Limited: Expansion of Copper Production Capacity Is A Critical Driver For Stock Performance!

Asian Dividend Gems: Sankyo Co

By Douglas Kim

  • Sankyo is a leading Japanese maker of Pachinko and Pachislot machines. The company has a consistent record of generating positive free cash flow and operating cash flow.
  • It trades at 6x EV/EBITDA (2025E) and P/E of 9.5x (2025E). Its net margin improved from 9.9% in 2021 to 21.8% in 2022, and 27% in 2024.
  • Sankyo has also been aggressively buying back its shares in the past five years. We believe Sankyo could continue to outperform the market in the next 1-2 years. 

The Interpublic Group of Companies (IPG): Solid Merger Synergies With Omnicom But These Are The 4 BIGGEST Roadblocks In Its Path!

By Baptista Research

  • Interpublic Group’s (IPG) recent earnings detailed the company’s financial and operational performance for the first quarter of 2025, illustrating a mixed yet strategically potent landscape.
  • With an organic revenue decrease of 3.6%, this was in line with IPG’s expectations for the quarter.
  • The company attributed this decline to adverse impacts from past account losses, which primarily affected the U.S., Europe, and Asia Pacific regions.

Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?

By Baptista Research

  • Tractor Supply Company (TSC) presented its first quarter results for 2025 with a nuanced report that reflects both strong operational execution and the challenges of a shifting macroeconomic environment.
  • Total sales reached a record $3.47 billion, marking a 2.1% increase despite a 0.9% decline in comparable store sales.
  • The growth in sales figures underscores a robust transaction increase; however, it was offset by a decline in the average ticket size, largely attributed to adverse weather conditions impacting seasonal sales and a resulting product mix shift.

VeriSign’s Domain Name Registration Growth Is Here To Stay But What Are The Challenges Ahead?

By Baptista Research

  • VeriSign Inc.’s first quarter of 2025 showed a solid performance with a 4.7% increase in revenue, reaching $402 million compared to the same period last year.
  • This was bolstered by positive trends in domain registrations.
  • The domain name base for .com and .net increased by 777,000 names from the end of 2024, resulting in a total of 169.8 million domain names.

Pool Corporation: A Strategic Approach to Pricing & Market Dynamics To Strengthen Market Stability & Ensure Continued Customer Trust!

By Baptista Research

  • Pool Corporation’s (POOLCORP) first-quarter results for 2025 reveal both challenges and resilience amid a fluctuating market environment.
  • The company recorded net sales of $1.1 billion, a decline of 4% year-over-year, though this figure improved to a 2% decline when adjusting for the same selling days.
  • The first quarter was marked by challenging weather conditions in key markets and an Easter holiday that shifted sales into the second quarter.

SS&C Technologies Is Powering Ahead with AI & Platform Growth—But There’s MORE To The Story!

By Baptista Research

  • SS&C Technologies reported a commendable financial performance for the first quarter of 2025.
  • Adjusted revenue reached $1.5148 billion, reflecting a notable 5.5% increase year-over-year.
  • The adjusted diluted earnings per share rose by 8.3% to $1.44.

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

By Baptista Research

  • Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments.
  • The company reported a 17% increase in revenue, reaching $887 million, largely fueled by strong sales from the MAGIC: THE GATHERING franchise and robust licensing performance.
  • Key strategic initiatives, such as the “Play to Win” strategy, reinforced cost discipline and emphasized profitable growth, contributing to a 50% rise in adjusted operating profit, which resulted in a 70% increase in adjusted earnings per share to $1.04.

LKQ Corporation: An Insight Into Its North American Business Strategy And Its Market Position In Aftermarket Collision Parts!

By Baptista Research

  • LKQ Corporation’s recent financial results reflect a mixed performance, with both favorable developments and ongoing challenges evident in its earnings report.
  • During the quarter, LKQ reported diluted earnings per share of $0.65, marking a $0.06 increase compared to the previous year.
  • However, on an adjusted basis, diluted EPS stood at $0.79, reflecting a slight decline of $0.03 from the prior year, mainly due to decreased segment EBITDA dollars in LKQ’s North American market.

Oisix: Major Growth Expected in Foodtech

By Michael Causton

  • Given Japan’s growing interest in food-based health solutions, multiple players are looking to build businesses in the field across gut health and dietary solutions for the old and infirm.
  • Oisix, the leading online food retailer has developed an incubator for start ups in this area.
  • It is hoping to create a mini silicon valley for food tech businesses.

Teck Resources Limited: Expansion of Copper Production Capacity Is A Critical Driver For Stock Performance!

By Baptista Research

  • Teck Resources Limited, a major Canadian mining and minerals company, presented its financial results for the first quarter of 2025, highlighting both achievements and ongoing challenges.
  • The past few months have seen a challenging macroeconomic environment marked by geopolitical tensions, inflation, and supply chain disruptions.
  • Despite this, Teck remains focused on copper and zinc production, crucial for long-term industrial demand driven by global electrification, manufacturing, and infrastructure needs.

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May 04
0

Daily Brief Event-Driven: Last Week in Event SPACE: Toyota and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General
  • (Mostly) Asia-Pac M&A: Ainsworth Game, Bright Smart, PointsBet, Dickson Concepts, Canvest, Shibaura

Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General

By David Blennerhassett

  • Toyota Chair TOYODA made a proposal to take over Toyota Industries (6201 JP), not because he loves forklifts etc; but an opportunistic way to buy a large block of Toyota.
  • Rio Tinto Ltd (RIO AU) shareholders voted down Palliser’s proposal to review its dual-company structure. That was the right outcome.
  • Hainan Meilan (357 HK)‘s H-share Offer price of HK$10.62/share is not compelling; but it’s not meant to be, as the SPA Buyer and Seller are ultimately controlled by Hainan SASAC.

(Mostly) Asia-Pac M&A: Ainsworth Game, Bright Smart, PointsBet, Dickson Concepts, Canvest, Shibaura

By David Blennerhassett

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May 04
0

Daily Brief Macro: Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share and more

By | Daily Briefs, Macro

In today’s briefing:

  • Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

Singapore: Lawrence Wong Boosted by Mild Improvement in PAP Vote Share

By Prasenjit K. Basu

  • PM Lawrence Wong led the PAP to a bigger victory than in 2020, winning 87 of the 97 seats, and 65.6% of votes in contested seats (vs 61.2% in 2020). 
  • Since one 5-member seat (Marine Parade-Braddell Heights GRC) was won uncontested (while all seats were contested in 2020) the vote share figures aren’t strictly comparable between 2020 and 2025. 
  • Nonetheless, the larger proportion of votes and seats won by PAP give the PM a freer hand in making and implementing policy with a seemingly stronger mandate. Positive for Singapore. 

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May 04
0

Most Read: Laopu Gold, Vcanbio Cell & Gene Engineering, Bank Jago Tbk PT, Hanwha Aerospace, Evolution Mining, Sigma Healthcare, Hanwha Ocean , Ather Energy, S&P/ASX 200 and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Laopu Gold (6181 HK): Global Index Inclusion Likely Derailed by Full Circulation
  • CSI Medical Service Index Rebalance Preview: Five Potential Changes in June
  • IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes
  • FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks
  • Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies
  • Sigma Healthcare (SIG AU): Next Round of Passive Buying Around the Corner
  • Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued
  • Ather Energy IPO: Expensive and No Immediate Index Inclusion
  • ASX200 (AS51 INDEX) Outlook: Rallying Out of a Bear Market Amid Passive Flows And Sector Strength
  • Clarifying the Key Points on Lee Jae-Myung’s Legal Risk and How It Could Affect the Trade

Laopu Gold (6181 HK): Global Index Inclusion Likely Derailed by Full Circulation

By Brian Freitas

  • Laopu Gold (6181 HK) was on track to be added to a global index given its large H-share market cap and a free float that was close to 20%.
  • Completion of the full circulation in April pushed H-share market cap higher while free float market cap remained the same. Crucially, free float dropped below 15%.
  • Laopu Gold (6181 HK) could miss index inclusion in May, while inclusion in August will need some selling from non-float investors following lock-up expiry in June.

CSI Medical Service Index Rebalance Preview: Five Potential Changes in June

By Brian Freitas

  • The review period ends on 30 April, the changes should be announced on 30 May and will be effective after the close of trading on 13 June.
  • We forecast 5 potential changes for the index in June where there could be buying of 0.5-2x ADV in the adds and selling of between 0.7-3.8x ADV in the deletes.
  • The forecast adds and deletes have performed in line over the last few months and there could be outperformance as we near the end of the review period and announcement.

IDX30/​​LQ45/IDX80 Index Rebalance: Few Changes

By Brian Freitas

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks

By Brian Freitas

  • The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of around US$660m.
  • We currently forecast two potential changes at the next rebalance in June – both are high probability changes.
  • The trade has performed well historically with positive performance till implementation followed by reversion post implementation in most cases.

Evolution Mining (EVN AU): Global Index Inclusion in May as Gold Rallies

By Brian Freitas

  • Evolution Mining‘s stock price has moved higher over the last year as Gold has gone on a big run. The increased market cap should result in a global index inclusion.
  • Evolution Mining (EVN AU) has performed in line with its peers over the last year and trades in line with the group on most valuation parameters.
  • Positioning has jumped in Evolution Mining (EVN AU) and its peers over the last couple of months. The index inclusion could result in outperformance over the next few weeks.

Sigma Healthcare (SIG AU): Next Round of Passive Buying Around the Corner

By Brian Freitas

  • There was big passive buying in Sigma Healthcare (SIG AU) in March from S&P/ASX trackers following the completion of the merger with Chemist Warehouse Group.
  • Sigma Healthcare (SIG AU) should be added to a global index in May and those passive trackers will have a lot of stock to buy.
  • While there will be positioning in the stock, it appears lighter than the estimated passive buying. Shorts are being covered and that could provide a boost.

Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued

By Brian Freitas

  • Korea Development Bank is looking to sell 13m shares of Hanwha Ocean (042660 KS). That is US$740m at the top end of the marketed range and 4x ADV. 
  • Following the sale, Korea Development Bank will still own over 15% of the company and that will be an overhang for the stock. Plus the stock appears wildly overvalued.
  • There will be limited buying from passive trackers at the time of the placement with bigger passive flows coming through in June and August.

Ather Energy IPO: Expensive and No Immediate Index Inclusion

By Brian Freitas

  • Ather Energy is looking to raise INR 30bn (US$349m) in its IPO, valuing the company at INR 120bn (US$1.4bn). The company appears to be expensive compared to peers.
  • Ather Energy could be added to one global smallcap index in August/November and to another in December/March. Small Cap classification for AMFI and no major local index inclusion.
  • The continued selloff in Ola Electric will give investors pause, especially given Ather Energy‘s stagnant market share and continued losses. There is supply in Ola Electric with PE/VC investors selling. 

ASX200 (AS51 INDEX) Outlook: Rallying Out of a Bear Market Amid Passive Flows And Sector Strength

By Nico Rosti

  • Over the past three weeks, the S&P/ASX 200 (AS51 INDEX) has staged one of the strongest rebounds since the early April Trump-tariff shock, rallying approximately +15% from its 16-month low.
  • Several factors are driving the rally: recent passive flow activity, as highlighted by Brian Freitas but also broad-based sector strength, with notable gains in energy, healthcare, and consumer staples.
  • Despite a positive outlook, our models indicate the index is currently OVERBOUGHT. This insight breaks down the key details.

Clarifying the Key Points on Lee Jae-Myung’s Legal Risk and How It Could Affect the Trade

By Sanghyun Park

  • If the judicial overhang is overstated, it could distort the regime-change narrative and create new entry points for a deep value setup.
  • The local tape is overpricing post-win disqualification risk, creating a fear premium that could be low-hanging alpha for contrarians willing to fade the noise.
  • Monitor Lee’s poll numbers, as public sentiment impacts the judiciary. This offers a chance to front-run shifts and capitalize on the next rotation, potentially turning into a stealthy upside play.

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May 04
0

Daily Brief United States: Tractor Supply Company, Verisign Inc, Interpublic Group Of Companies, Pool Corp, Lkq Corp, SS&C Technologies, Hasbro Inc, West Pharmaceutical Services Inc, Dover Corp, Dow and more

By | Daily Briefs, United States

In today’s briefing:

  • Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?
  • VeriSign’s Domain Name Registration Growth Is Here To Stay But What Are The Challenges Ahead?
  • The Interpublic Group of Companies (IPG): Solid Merger Synergies With Omnicom But These Are The 4 BIGGEST Roadblocks In Its Path!
  • Pool Corporation: A Strategic Approach to Pricing & Market Dynamics To Strengthen Market Stability & Ensure Continued Customer Trust!
  • LKQ Corporation: An Insight Into Its North American Business Strategy And Its Market Position In Aftermarket Collision Parts!
  • SS&C Technologies Is Powering Ahead with AI & Platform Growth—But There’s MORE To The Story!
  • Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!
  • West Pharmaceutical Services: Will Its SmartDose Technology Development Enhance The Business Segment’s Competitive Positioning?
  • Dover Corporation’s Inventory Gamble: Genius Move Or Costly Misstep In A Volatile Market?
  • Dow Inc.: Dealing With The Impact Of Broad-Based Tariffs on End Market Demand and Near-Term Profitability!

Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?

By Baptista Research

  • Tractor Supply Company (TSC) presented its first quarter results for 2025 with a nuanced report that reflects both strong operational execution and the challenges of a shifting macroeconomic environment.
  • Total sales reached a record $3.47 billion, marking a 2.1% increase despite a 0.9% decline in comparable store sales.
  • The growth in sales figures underscores a robust transaction increase; however, it was offset by a decline in the average ticket size, largely attributed to adverse weather conditions impacting seasonal sales and a resulting product mix shift.

VeriSign’s Domain Name Registration Growth Is Here To Stay But What Are The Challenges Ahead?

By Baptista Research

  • VeriSign Inc.’s first quarter of 2025 showed a solid performance with a 4.7% increase in revenue, reaching $402 million compared to the same period last year.
  • This was bolstered by positive trends in domain registrations.
  • The domain name base for .com and .net increased by 777,000 names from the end of 2024, resulting in a total of 169.8 million domain names.

The Interpublic Group of Companies (IPG): Solid Merger Synergies With Omnicom But These Are The 4 BIGGEST Roadblocks In Its Path!

By Baptista Research

  • Interpublic Group’s (IPG) recent earnings detailed the company’s financial and operational performance for the first quarter of 2025, illustrating a mixed yet strategically potent landscape.
  • With an organic revenue decrease of 3.6%, this was in line with IPG’s expectations for the quarter.
  • The company attributed this decline to adverse impacts from past account losses, which primarily affected the U.S., Europe, and Asia Pacific regions.

Pool Corporation: A Strategic Approach to Pricing & Market Dynamics To Strengthen Market Stability & Ensure Continued Customer Trust!

By Baptista Research

  • Pool Corporation’s (POOLCORP) first-quarter results for 2025 reveal both challenges and resilience amid a fluctuating market environment.
  • The company recorded net sales of $1.1 billion, a decline of 4% year-over-year, though this figure improved to a 2% decline when adjusting for the same selling days.
  • The first quarter was marked by challenging weather conditions in key markets and an Easter holiday that shifted sales into the second quarter.

LKQ Corporation: An Insight Into Its North American Business Strategy And Its Market Position In Aftermarket Collision Parts!

By Baptista Research

  • LKQ Corporation’s recent financial results reflect a mixed performance, with both favorable developments and ongoing challenges evident in its earnings report.
  • During the quarter, LKQ reported diluted earnings per share of $0.65, marking a $0.06 increase compared to the previous year.
  • However, on an adjusted basis, diluted EPS stood at $0.79, reflecting a slight decline of $0.03 from the prior year, mainly due to decreased segment EBITDA dollars in LKQ’s North American market.

SS&C Technologies Is Powering Ahead with AI & Platform Growth—But There’s MORE To The Story!

By Baptista Research

  • SS&C Technologies reported a commendable financial performance for the first quarter of 2025.
  • Adjusted revenue reached $1.5148 billion, reflecting a notable 5.5% increase year-over-year.
  • The adjusted diluted earnings per share rose by 8.3% to $1.44.

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

By Baptista Research

  • Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments.
  • The company reported a 17% increase in revenue, reaching $887 million, largely fueled by strong sales from the MAGIC: THE GATHERING franchise and robust licensing performance.
  • Key strategic initiatives, such as the “Play to Win” strategy, reinforced cost discipline and emphasized profitable growth, contributing to a 50% rise in adjusted operating profit, which resulted in a 70% increase in adjusted earnings per share to $1.04.

West Pharmaceutical Services: Will Its SmartDose Technology Development Enhance The Business Segment’s Competitive Positioning?

By Baptista Research

  • West Pharmaceutical Services has demonstrated a resilient first-quarter performance in 2025, achieving results that exceeded initial expectations, notably benefiting from GLP-1 product contributions and reduced destocking impacts.
  • These factors highlight West’s operational strengths, supported by competitive advantages and robust customer relationships.
  • For the Proprietary Products division, organic sales growth reflected a moderate 2.4% increase, largely driven by pricing strategies and demand for their high-value (HVP) products.

Dover Corporation’s Inventory Gamble: Genius Move Or Costly Misstep In A Volatile Market?

By Baptista Research

  • Dover Corporation reported a positive start to 2025, showcasing a promising first quarter with notable financial performance.
  • The company’s adjusted earnings per share rose by 19% compared to the previous year, and the adjusted EBITDA margin improved by 240 basis points to reach 24%.
  • These results were achieved through a healthy mix of growth platforms, structural cost actions from prior periods, and successful pricing strategies.

Dow Inc.: Dealing With The Impact Of Broad-Based Tariffs on End Market Demand and Near-Term Profitability!

By Baptista Research

  • The Dow Chemical Company has reported its first-quarter financial results for 2025, presenting a mixed picture of operational achievements and ongoing challenges.
  • The company generated $10.4 billion in net sales, down 3% from the prior year due to persistent margin pressures across all operating segments.
  • While sequential sales remained flat, highlighting pricing challenges in Industrial Intermediates & Infrastructure and Performance Materials & Coatings, these were somewhat counterbalanced by improvements in downstream silicone markets tied to home, personal care, and electronics.

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May 04
0

Daily Brief India: Greaves Cotton and more

By | Daily Briefs, India

In today’s briefing:

  • Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability

Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability

By Sudarshan Bhandari

  • Greaves Cotton (GRV IN) reported impressive Q4 and FY25 results, marking a 93% YoY increase in EBITDA and strong revenue growth across key sectors, especially electric mobility.
  • The company’s transformation through diversification into high-margin segments, including EVs and non-auto applications, has improved profitability, solidifying its position for long-term growth.
  • With strong leadership, technological advancements, and a clear 2030 growth vision, Greaves Cotton is well-poised to thrive in emerging markets, especially EV and CNG segments.

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May 04
0

Daily Brief China: Contemporary Amperex Technology (CATL), Eva Airways and more

By | China, Daily Briefs

In today’s briefing:

  • CATL H Share Listing: AH Discount Views
  • Monthly Air Cargo Tracker | Even Before US Tariff Chaos, Conditions Had Turned Weaker (May 2025)

CATL H Share Listing: AH Discount Views

By Arun George

  • Contemporary Amperex Technology (CATL) (300750 CH), the world’s largest supplier of EV and ESS batteries, is set to launch an H Share listing to raise US$5 billion.
  • In CATL H Share Listing: The Investment Case, a leading market position, forecasted return to growth, peer-leading profitability, cash generation, peer-leading FCF margin and an attractive valuation are highlighted.  
  • In this note, I examine the likely discount CATL will offer its H Shares compared to the A Shares.

Monthly Air Cargo Tracker | Even Before US Tariff Chaos, Conditions Had Turned Weaker (May 2025)

By Daniel Hellberg

  • Even before US tariff and de minimis changes, Asian air cargo conditions had turned weaker
  • Carrier load factors were up seasonally in March, but down Y/Y, and remain quite low
  • Data from Taiwanese carriers suggests shift away from Transpacific to short-haul routes

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