Smartkarma Daily Briefs

There are 3 potential changes for the HSIII Index in September. There are couple of names that are close to the inclusion/ deletion thresholds.
The largest inflows will go to Horizon Robotics (9660 HK) following lock-up expiry that increases the Free-Float Adjusted Factor (FAF) by a factor of 7-8x.
There are large capping changes too and the estimated one-way turnover is 9.8% resulting in a round-trip trade of HK$5.65bn (US$720m).

Taiwan Dual-Listings Monitor: TSMC Spread Remains Extreme; UMC ADR Short Interest Falling

By Vincent Fernando, CFA

TSMC: +22.8% Premium; ADR Spread Remains at Historically Extreme Levels
UMC: -0.8% Discount; Wait for More Extreme Levels; Short Interest in ADRs Falling
ASE: -0.1% Discount; Continued Opportunity to Go Long the ADR Spread

Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: I have not covered anything notable this week.
Event-Driven developments:Shibaura Electronics (6957 JP), Toyo Construction (1890 JP), Technopro Holdings (6028 JP), Ashimori Industry (3526 JP), HKBN Ltd (1310 HK), Iress Ltd (IRE AU), Infomedia Ltd (IFM AU).

Apple. A Master Class On How To Win Friends & Influence People

By William Keating

Apple CEO Tim Cook visited the White House announcing an additional $100 billion investment in the US over the next four years, on top of the $500 billion already committed.
He launched the American Manufacturing Program with nine initial members seven of which are already long terms partners and two of which have no direct relationship with Apple at all
Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple announcement. Overall, successful mission by Mr. Cook.

Himax (HIMX US) – Share Drop: Near-Term Weakness Offset by Structural Automotive & AI Growth Drivers

By Vincent Fernando, CFA

2Q25 beat on margins, in-line on profit; automotive and non-driver ICs resilient despite macro headwinds; guidance points to weaker 3Q25 from seasonal bonus costs and softer demand.
Automotive, OLED, WiseEye AI, and WLO/CPO remain multi-year growth drivers; CPO mass production targeted for 2026 with early-stage annualized revenue potential above US$100m.
Shares likely fell on weak near-term outlook, but structural leadership in automotive display ICs, AI sensing, and optical technologies underpins long-term growth runway through 2028.

VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus

By Vincent Fernando, CFA

Digital Growth & Guidance Up: 2Q25 revenue +11.2% YoY (LCY), EBITDA margin 47.8%; digital revenue share hits 16.5%; Group FY25 guidance raised to +13–15% revenue, 14–16% EBITDA growth (LCY).
Uklon Boost: First consolidation of Uklon ridesharing acquisition added US$21.7m revenue, US$9.3m EBITDA to the quarter; expansion in Uzbekistan underway, Kazakhstan a likely future market.
Fintech Momentum: JazzCash +47% revenue; Banglalink digital bank license pending; Ukraine fintech optionality via Kyivstar, Helsi, and Uklon integration. We maintain our Structural Long rating for the shares.

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Aug 11

Daily Brief Quantitative Analysis: A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China, Shandong Gold Mining
HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF
HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile
KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM
TWSE Foreign Holding Weekly (Aug 8th): TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial
Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem
TWSE Short Interest Weekly (Aug 8th): Lite-On Technology, CTBC Financial, Taishin Financial
Bursa Short Interest Weekly (Aug 8th): Top Glove, Inari Amertron, YTL, Hartalega, Frontken

A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China, Shandong Gold Mining

We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.9% as of Aug 8th.
The average A-H premium changed by -2.3ppt week-on-week, led by materials, health care, utilities.
We highlight weekly changes in A-H premium for Metallurgical Corporation Of China, Shandong Gold Mining, China Shenhua Energy, Tianqi Lithium.

HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Aug 1st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Li Auto, TraHK HSI ETF.

HK Connect Flows Weekly (Aug 8th): Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Kuaishou, Alibaba, Meituan, Li Auto, China Mobile.

KRX Foreign Holding Weekly (Aug 8th): Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM

We analyzed the changes in foreign holdings of KRX stocks as of Aug 8th. The aggregated holding was USD649.4bn.
We estimate that foreign flows to be outflows of USD271mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, NAVER, KEPCO, Kakao, HYUNDAI ROTEM.

TWSE Foreign Holding Weekly (Aug 8th): TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial

We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 8th. The aggregated holding was USD1,194.8bn.
We estimate that foreign flows to be inflows of USD1,623mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Hon Hai Precision, Quanta Computer, Taishin Financial, Wistron, TSMC, Hon Hai Precision, Quanta Computer, Wistron, Taishin Financial.

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.

TWSE Short Interest Weekly (Aug 8th): Lite-On Technology, CTBC Financial, Taishin Financial

We analyzed the changes in short interest of TWSE Stocks as of Aug 8th. The aggregated short interest was USD25.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial, Lite-On Technology, CTBC Financial, Taishin Financial, Realtek Semiconductor, ASE Industrial.

Bursa Short Interest Weekly (Aug 8th): Top Glove, Inari Amertron, YTL, Hartalega, Frontken

We analyzed the changes in short interest of Bursa stocks as of Aug 8th. The aggregated short interest is USD405m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Top Glove, Inari Amertron, YTL, Hartalega, Frontken.

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Aug 11

Daily Brief Energy/Materials: Champion Iron, Copper, Intermin Resources, Iron Ore and more

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

In today’s briefing:

Champion Iron (CIA AU) Vs. Stanmore (SMR AU): Coal–Steel Mean Reversion Targeting 12%
COMEX Spread Destroyed By Trump, Long-Term Copper Still Great
Horizon Minerals Ltd – Digging and dealing
Iron Ore: Pullback From 102 USD/Ton to 95 USD/Ton

Champion Iron (CIA AU) Vs. Stanmore (SMR AU): Coal–Steel Mean Reversion Targeting 12%

By Research as a Service (RaaS)

Context: The Champion Iron (CIA AU) vs. Stanmore Resources (SMR AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: The trade targets ~12% return to the one-standard-deviation line.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

COMEX Spread Destroyed By Trump, Long-Term Copper Still Great

By Sameer Taneja

By restricting the announcement of a 50% tariff on copper pipes/wiring and leaving out ores, concentrates, and cathodes, the Trump administration destroyed the COMEX-LME spread in one fell swoop.
COMEX prices have plunged, and the spread now is 150 USD/ton from the highs of almost 3000 USD/ton, with high inventories on the COMEX probably needing to be dumped.
Short term copper prices may face pressure, but we see an excellent outlook for the longer term, given the elevated China copper imports, which rose 18% YoY in July.

Horizon Minerals Ltd – Digging and dealing

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
HRZ has released its June 2025 quarterly report which provides a progress update on mining, exploration and development activities.
Revenue of $33.0m was generated from gold sales at Boorara with another $1.52m received as an early release from the Phillips Find JV.

Iron Ore: Pullback From 102 USD/Ton to 95 USD/Ton

By Sameer Taneja

Following our bullish call on iron ore, Iron Ore: Small Bounce to 100 USD/Ton On Oversold Levels, we are now less excited on iron ore and see it drift lower.
We expected iron ore to test the lower-end of the long-term band of 95-110 USD/ton (vs current spot of 102 USD/ton).
While iron ore inventories/stocks at ports drift lower, mill margins have capped out and are not rising any further, leading us to call for a short-term decline in ore prices.

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Aug 11

Daily Brief Industrials: Toyo Construction, Cosco Shipping Ports and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends

In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted.
Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low.
Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish

COSCO Shipping Ports (1199 HK): Potential Involvement in CKH’s Port Sale

By Osbert Tang, CFA

Cosco Shipping Ports (1199 HK) is a major beneficiary of its parent’s potential 20-30% stake in the consortium to acquire CK Hutchison Holdings (1 HK)‘s port portfolio.
A potential injection of such assets from its parent will enhance its profitability, diversify its throughput mix, and expand its geographical coverage in the future.
Its 8.3x PER and 0.43x P/B are not expensive relative to earnings outlook and ROE. The strong 1Q25 and upcoming 1H25 results mean earnings upgrade potential.

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Aug 11

Most Read: Dian Swastatika Sentosa, Hisense Home Appliances Group Co., Ltd. H, Horizon Robotics, HDFC Bank, DigiPlus Interactive , Consun Pharmaceutical, Shinhan Financial, S&P/ASX 200, Toyo Construction and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Horizon Robotics (9660 HK): Index Inclusion & Upweights to Drive US$1bn Inflows
Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!
Hisense Home Appliances (921 HK): Global Index Deletion Coming Up
Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes
NIFTY Bank Index: Big Flows & The Upcoming Methodology Change
PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock
Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions
Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play
S&P/ASX 200 (AS51 Index) Ahead of 12 Aug RBA Decision: Markets Divided, but I Vote for a 35bps Cut
[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends

Horizon Robotics (9660 HK): Index Inclusion & Upweights to Drive US$1bn Inflows

There should be big passive inflows to Horizon Robotics (9660 HK) over the next 6 weeks and that could take the stock higher in the short term.
Southbound Stock Connect investors have bought more than 10% of the Class B shares outstanding since the stock was added to the link a couple of months ago.
Short interest jumped following the Stock Connect inclusion but there has been covering over the last few weeks. Short-term direction for the stock price looks to be higher.

Dian Swastatika Sentosa (DSSA IJ): Surprise, Surprise!

Dian Swastatika Sentosa (DSSA IJ) will be added to a global index in August and that should come as a surprise to most of the market.
The stock is up 10x over the last 18 months and liquidity has shown a marked improvement in the last year.
Dian Swastatika Sentosa (DSSA IJ) trades at nosebleed valuations and there is the risk of a sell off following index inclusion.

Hisense Home Appliances (921 HK): Global Index Deletion Coming Up

The fall in Hisense Home Appliances Group (921 HK)‘s stock price over the last year puts it at risk of deletion from a global index in August.
Short interest and positioning have picked up in the stock over the last couple of weeks and there should be short covering against the passive selling.
The AH premium for Hisense Home Appliances Group could increase over the near-term as positioning continues ahead of the passive selling.

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Constituent, FAF & Capping Changes

There are 3 potential changes for the HSIII Index in September. There are couple of names that are close to the inclusion/ deletion thresholds.
The largest inflows will go to Horizon Robotics (9660 HK) following lock-up expiry that increases the Free-Float Adjusted Factor (FAF) by a factor of 7-8x.
There are large capping changes too and the estimated one-way turnover is 9.8% resulting in a round-trip trade of HK$5.65bn (US$720m).

NIFTY Bank Index: Big Flows & The Upcoming Methodology Change

In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. The recommendations have to be implemented by 3 November.
There is a high probability that NSE Indices implements the changes for the NSE Nifty Bank Index (NSEBANK INDEX) at the September rebalance. Nothing has been announced yet though.
If implemented in September, Yes Bank and Union Bank Of India could be added to the index. Estimated one-way turnover is 22.35% and the round-trip trade is INR 149bn (US$1.7bn).

PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock

As forecast, DigiPlus Interactive (PLUS PM) will replace Bloomberry Resorts (BLOOM PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 15 August.
DigiPlus Interactive has traded lower following the filing of the Online Gambling Regulatory bill that aims to enhance responsible gaming standards and strengthen regulatory oversight in the sector.
DigiPlus Interactive is in the early stages of a buyback and is looking to launch in Brazil and South Africa. The index inclusion could provide some respite in the short-term.

Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions

A methodology change for the Hang Seng Biotech Index (HSHKBIO Index) will result in 20 deletions at the close of trading on 5 September.
Estimated one-way turnover at the rebalance is 9.5% resulting in a round-trip trade of HK$1.3bn (US$162m). Passive trackers need to sell between 0.05-1x ADV in the deletes.
The forecast deletes have underperformed the other index constituents since the start of the year but there has been little movement since the announcement of the methodology change.

Korea Local Banks: New Dividend Tax Effectively Locks in a De Facto Minimum Yield Play

By Sanghyun Park

We’ve got a locked-in floor on ’26 DPS and clear upside, providing a solid dividend yield baseline—ideal for leaning into aggressive trade setups.
We can lean into spot longs with covered calls, but yields (especially KB, Shinhan) aren’t yet compelling. A pullback before the ’26 dividend run is a prime entry window.
Plus, a bank long-short: long KB/Shinhan, short Hana/Woori. KB and Shinhan face payout increases, with ’26 guidance in 4Q25 earnings as the catalyst.

S&P/ASX 200 (AS51 Index) Ahead of 12 Aug RBA Decision: Markets Divided, but I Vote for a 35bps Cut

The Reserve Bank of Australia (RBA) meets on Tuesday, 12 August 2025, with a rate decision due at 14:30h AEST.
Highlight: Markets are divided between a 0.25% and 0.50% rate cut. Discover my unique take, which differs from both expectations, and the reasoning behind it.
Why Read: Fixed income and equity derivatives markets are sending conflicting signals. Dive into the historical market impact of each possible scenario to better navigate the uncertainty.

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends

In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted.
Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low.
Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish

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Aug 11

Daily Brief Health Care: Consun Pharmaceutical, Mayne Pharma, BeiGene , Guangzhou Innogen Pharmaceutical Group, Terumo Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions
Merger Arb Mondays (11 Aug) – Mayne, PointsBet, Infomedia, Ashimori, Toyo Const, HKBN, Joy City
SSI Weekly Newsletter: Key Updates on Mergers, Legal Disputes, Asset Sales, and Shareholder Votes
BeiGene (6160.HK/ONC US) 25Q2 – The High Growth of BRUKINSA May Not Bring High Valuation
Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now
Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions

A methodology change for the Hang Seng Biotech Index (HSHKBIO Index) will result in 20 deletions at the close of trading on 5 September.
Estimated one-way turnover at the rebalance is 9.5% resulting in a round-trip trade of HK$1.3bn (US$162m). Passive trackers need to sell between 0.05-1x ADV in the deletes.
The forecast deletes have underperformed the other index constituents since the start of the year but there has been little movement since the announcement of the methodology change.

Merger Arb Mondays (11 Aug) – Mayne, PointsBet, Infomedia, Ashimori, Toyo Const, HKBN, Joy City

By Special Situation Investments

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Ashimori Industry (3526 JP), ENN Energy (2688 HK), Ci Medical (3540 JP), Joy City Property (207 HK), Santos Ltd (STO AU).
Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Ainsworth Game Technology (AGI AU), Welcia Holdings (3141 JP), ZEEKR (ZK US), Soft99 Corp (4464 JP).

SSI Weekly Newsletter: Key Updates on Mergers, Legal Disputes, Asset Sales, and Shareholder Votes

Mayne Pharma faces legal challenges with Cosette over merger termination, maintaining no breach occurred; hearing set for September 9.
OCI N.V. plans $700m shareholder return via capital repayment and extraordinary dividend, with ex-dividend date on August 18.
Banxa’s acquisition vote set for August 28, with regulatory approvals pending; spread narrows from 38% to 25%.

BeiGene (6160.HK/ONC US) 25Q2 – The High Growth of BRUKINSA May Not Bring High Valuation

By Xinyao (Criss) Wang

BeiGene’s 25Q2 performance beat expectations. The main driver was still BRUKINSA. The growth rate of tislelizumab was surprising.Sales of tislelizumab in international market is expected to be reflected in 25H2.
BeiGene’s turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.
There’s no next blockbuster that can drive BeiGene to a big step forward.This is why the market is reluctant to offer higher valuation, despite current high growth in product revenue.

Innogen IPO: Competition Mars Outlook, Long Way To Go, Listing Gain Only Incentive For Now

By Tina Banerjee

Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.

Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

By Tina Banerjee

Terumo Corp (4543 JP) reported strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.
The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).
Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.

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Aug 11

Daily Brief Thematic (Sector/Industry): Is There Value in Singapore? and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Is There Value in Singapore?

Is There Value in Singapore?

By GEMS Research – Aletheia Capital

We have conducted a review of the STI to identify deep value players.
We have identified the companies that are trading below net cash, net working capital, Net-Net Working Capital.
Singapore stands out as a deep value market. We have applied three valuation metrics to assess the undervalued stocks on the STI.

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Aug 11

Daily Brief Financials: HDFC Bank, MS&AD Insurance, Toyota Motor, Canara Bank, Bullish US, Uco Bank and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

NIFTY Bank Index: Big Flows & The Upcoming Methodology Change
[Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (11 Aug)
Case Study: Time-Based Exit in Two Long-Running Pair Trades
Bullish (BLSH US): Split Inclusion Across Global & US Indices
UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade

NIFTY Bank Index: Big Flows & The Upcoming Methodology Change

In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. The recommendations have to be implemented by 3 November.
There is a high probability that NSE Indices implements the changes for the NSE Nifty Bank Index (NSEBANK INDEX) at the September rebalance. Nothing has been announced yet though.
If implemented in September, Yes Bank and Union Bank Of India could be added to the index. Estimated one-way turnover is 22.35% and the round-trip trade is INR 149bn (US$1.7bn).

[Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct

TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
783 new CGRs filed in July 2025 (after 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input a name, see the changes.
The JPX Council of Experts met on 9 July. The parent-sub changes are slow to come.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (11 Aug)

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Currently nine pair trade opportunities across three markets and five sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Case Study: Time-Based Exit in Two Long-Running Pair Trades

Context: This Insight is an update on two previously published relative value pairs.
Highlight: The trades provide a case study illustrating how mean-reversion trades can fail to revert or hit stop-losses within extended timeframes.
Why Read: Gain insights into timing-related challenges in mean-reversion strategies and time-based exit as a risk management choice.

Bullish (BLSH US): Split Inclusion Across Global & US Indices

By Dimitris Ioannidis

Bullish US (BLSH US) will be excluded from the one US index due to foreign SEC filings.
Bullish US (BLSH US) will be excluded from the one Global index due to insufficient float cap.
Bullish US (BLSH US) is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.

UCO Bank (UCO IN) Vs. Central Bank Of India (CBOI IN): Statistical Edge in India Bank Pair Trade

Context: The UCO Bank (UCO IN) vs. Central Bank Of India (CBOI IN) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Both stocks are trading near 52-week lows, opening a window for a statistically supported mean-reversion setup.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

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Aug 11

Daily Brief Consumer: DigiPlus Interactive , Alibaba, Bluestone Jewellery and Lifestyle Ltd Ltd (BJL), Haier Smart Home , Sony Corp and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock
ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock
Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold
Haier D-Share (690D GR) — 2025 Update
Weekly Update (LION, MAGN, NLOP, SONY)

PCOMP Index Rebalance: PLUS to Replace BLOOM as Regulatory Concerns Hit Stock

As forecast, DigiPlus Interactive (PLUS PM) will replace Bloomberry Resorts (BLOOM PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 15 August.
DigiPlus Interactive has traded lower following the filing of the Online Gambling Regulatory bill that aims to enhance responsible gaming standards and strengthen regulatory oversight in the sector.
DigiPlus Interactive is in the early stages of a buyback and is looking to launch in Brazil and South Africa. The index inclusion could provide some respite in the short-term.

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

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, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

By Sreemant Dudhoria,CFA

Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.

Haier D-Share (690D GR) — 2025 Update

By Michael Fritzell

Haier is the world’s largest home appliances company, with particular strength in refrigerators and washing machines. It’s got multiple world-renowned brands, including Haier, GE Appliance, Fisher & Paykel, Candy and more.
The company was largely built by visionary entrepreneur Zhang Ruimin, who created a corporate culture unique in China and beyond. He spearheaded Haier’s international expansion, acquiring companies such as America’s GE Appliances and Italy’s Candy, giving it local distribution networks for its lower-priced Haier offering.
In late 2020, Haier Smart Home merged with its separately-listed distribution subsidiary Haier Electronics. Following this complex transaction, Haier was left with three separate share classes: A-shares listed in Shanghai, H-shares listed in Hong Kong and D-shares listed in Frankfurt.

Weekly Update (LION, MAGN, NLOP, SONY)

By Richard Howe

Sony Group Corporation (SONY) is planning to partially spin off its financial services division, Sony Financial Group Inc. (SFGI), in what would be Japan’s first major spin‑off with a direct listing in over two decades.
The company will divest 80% of its stake while retaining the remaining 20%, and the spin‑off is scheduled for September 29, 2025.
This looks interesting to me as I see potential for indiscriminate selling. Sony Financial Service Group contributes ~13% of Company Net Income (¥1,067.4B).

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Aug 11

Daily Brief Event-Driven: [Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends
Merger Arb Mondays (11 Aug) – Mayne, PointsBet, Infomedia, Ashimori, Toyo Const, HKBN, Joy City
[Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct
SSI Weekly Newsletter: Key Updates on Mergers, Legal Disputes, Asset Sales, and Shareholder Votes
Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress
Weekly Update (LION, MAGN, NLOP, SONY)

[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private – Governance Torture Ends

In March 2022, Infroneer bid ¥770. The Board said “too low” but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted.
Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low.
Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,850/share. Infroneer and YFO have agreed to sell. Minorities win… -ish

Merger Arb Mondays (11 Aug) – Mayne, PointsBet, Infomedia, Ashimori, Toyo Const, HKBN, Joy City

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Ashimori Industry (3526 JP), ENN Energy (2688 HK), Ci Medical (3540 JP), Joy City Property (207 HK), Santos Ltd (STO AU).
Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Ainsworth Game Technology (AGI AU), Welcia Holdings (3141 JP), ZEEKR (ZK US), Soft99 Corp (4464 JP).

[Japan CorpGov] TSE “Mgmt Conscious” Reports (Aug25), Changes to Code of Corporate Conduct

By Special Situation Investments

TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
783 new CGRs filed in July 2025 (after 1,389 in June). Our tools show every report, links to every document, and a diff-file tool. Input a name, see the changes.
The JPX Council of Experts met on 9 July. The parent-sub changes are slow to come.

SSI Weekly Newsletter: Key Updates on Mergers, Legal Disputes, Asset Sales, and Shareholder Votes

Mayne Pharma faces legal challenges with Cosette over merger termination, maintaining no breach occurred; hearing set for September 9.
OCI N.V. plans $700m shareholder return via capital repayment and extraordinary dividend, with ex-dividend date on August 18.
Banxa’s acquisition vote set for August 28, with regulatory approvals pending; spread narrows from 38% to 25%.

Weekly Deals Digest (10 Aug) – Shibaura, Toyo Construction, Technopro, Ashimori, HKBN, Iress