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Smartkarma Daily Briefs

May 04
0

Daily Brief Japan: Sankyo Co Ltd, Shibaura Electronics, Toyota Industries, Oisix ra daichi and more

By | Daily Briefs, Japan

In today’s briefing:

  • Asian Dividend Gems: Sankyo Co
  • (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
  • Oisix: Major Growth Expected in Foodtech

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. 

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

By David Blennerhassett

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.

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.

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May 04
0

Daily Brief Industrials: Contemporary Amperex Technology (CATL), Dover Corp, Eva Airways, Greaves Cotton, Textron Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • CATL H Share Listing: AH Discount Views
  • Dover Corporation’s Inventory Gamble: Genius Move Or Costly Misstep In A Volatile Market?
  • Monthly Air Cargo Tracker | Even Before US Tariff Chaos, Conditions Had Turned Weaker (May 2025)
  • Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability
  • Textron Inc.: Aviation Aftermarket Strategy To Strengthen Client Relationships & Bolster Profitability!

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.

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.

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

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.

Textron Inc.: Aviation Aftermarket Strategy To Strengthen Client Relationships & Bolster Profitability!

By Baptista Research

  • Textron’s Q1 2025 earnings report indicates a mixed performance with areas of strength and challenges.
  • The company’s overall revenues increased by 5% to $3.3 billion, led notably by Bell, while segment profit decreased by $10 million from the prior year to $280 million.
  • Adjusted income from continuing operations rose marginally to $1.28 per share, up from $1.20 the previous year, although the manufacturing cash flow saw a substantial use of $158 million compared to $81 million last year.

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May 04
0

Daily Brief Energy/Materials: Balchem Corp, Dow , Eastman Chemical Co, Teck Resources and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Balchem Corporation: How Are They Executing Margin Expansion Through Pricing and Supply Chain Flexibility?
  • Dow Inc.: Dealing With The Impact Of Broad-Based Tariffs on End Market Demand and Near-Term Profitability!
  • Eastman Chemical Company: Growth in Specialty Plastics & Performance Films Segments Driving Our ‘Outperform’ Rating!
  • Teck Resources Limited: Expansion of Copper Production Capacity Is A Critical Driver For Stock Performance!

Balchem Corporation: How Are They Executing Margin Expansion Through Pricing and Supply Chain Flexibility?

By Baptista Research

  • Balchem Corporation reported strong financial results for the first quarter of 2025, marked by record consolidated revenue, adjusted EBITDA, and adjusted net income.
  • The company recorded $251 million in revenue, representing a 4.5% increase over the prior year, driven by growth in all three of its reporting segments: Human Nutrition & Health, Animal Nutrition & Health, and Specialty Products.
  • Gross margin improved by 120 basis points to 35.2%, driven by a favorable product mix, while operating expenses declined by $3 million year-over-year due to lower amortization and compensation-related costs.

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.

Eastman Chemical Company: Growth in Specialty Plastics & Performance Films Segments Driving Our ‘Outperform’ Rating!

By Baptista Research

  • In the recently conducted conference call, Eastman Chemical Company (Eastman) provided insights into their first quarter financial results for 2025 and outlined expectations and challenges for the remainder of the year.
  • The discussion indicated both positive operational performance and challenges stemming mainly from international trade dynamics, notably with China.
  • Positively, Eastman’s methanolysis program at Kingsport is progressing well.

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 Industrials: Contemporary Amperex Technology (CATL), Dover Corp, Eva Airways, Greaves Cotton, Textron Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • CATL H Share Listing: AH Discount Views
  • Dover Corporation’s Inventory Gamble: Genius Move Or Costly Misstep In A Volatile Market?
  • Monthly Air Cargo Tracker | Even Before US Tariff Chaos, Conditions Had Turned Weaker (May 2025)
  • Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability
  • Textron Inc.: Aviation Aftermarket Strategy To Strengthen Client Relationships & Bolster Profitability!

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.

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.

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

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.

Textron Inc.: Aviation Aftermarket Strategy To Strengthen Client Relationships & Bolster Profitability!

By Baptista Research

  • Textron’s Q1 2025 earnings report indicates a mixed performance with areas of strength and challenges.
  • The company’s overall revenues increased by 5% to $3.3 billion, led notably by Bell, while segment profit decreased by $10 million from the prior year to $280 million.
  • Adjusted income from continuing operations rose marginally to $1.28 per share, up from $1.20 the previous year, although the manufacturing cash flow saw a substantial use of $158 million compared to $81 million last year.

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May 04
0

Daily Brief TMT/Internet: Shibaura Electronics, Verisign Inc, SS&C Technologies, Celestica and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Ainsworth Game, Bright Smart, PointsBet, Dickson Concepts, Canvest, Shibaura
  • VeriSign’s Domain Name Registration Growth Is Here To Stay But What Are The Challenges Ahead?
  • SS&C Technologies Is Powering Ahead with AI & Platform Growth—But There’s MORE To The Story!
  • Celestica Inc.: An Insight Into Its AI/ML Compute & Networking Ramps & Other Major Drivers!

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

By David Blennerhassett

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.

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.

Celestica Inc.: An Insight Into Its AI/ML Compute & Networking Ramps & Other Major Drivers!

By Baptista Research

  • Celestica Inc., a key player in the electronic manufacturing services sector, showcased encouraging yet complex financial dynamics in its Q1 2025 earnings report.
  • The company’s financial performance exceeded expectations, with revenue reaching $2.65 billion, a year-over-year increase driven by robust demand in its Communications & Enterprise (CCS) segment.
  • The company’s adjusted EPS stood at $1.20, reflecting an impressive 45% increase from the prior year.

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May 04
0

Daily Brief Health Care: West Pharmaceutical Services Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

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

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.

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May 04
0

Daily Brief Consumer: Sankyo Co Ltd, Interpublic Group Of Companies, Toyota Industries, Tractor Supply Company, Pool Corp, Lkq Corp, Hasbro Inc, Oisix ra daichi and more

By | Consumer, Daily Briefs

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!
  • Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General
  • Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?
  • 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!
  • Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!
  • Oisix: Major Growth Expected in Foodtech

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.

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.

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.

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.

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.

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.

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May 03
0

Daily Brief Quantitative Analysis: Japan CorpGovReports: TSE “Mgmt Conscious Blah Blah” (May25) and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Japan CorpGovReports: TSE “Mgmt Conscious Blah Blah” (May25), Minor Updates

Japan CorpGovReports: TSE “Mgmt Conscious Blah Blah” (May25), Minor Updates

By Travis Lundy

  • 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.
  • 370 new CGRs filed since 1-Apr-25. Our tools show every report, links to every document, and a diff file tool. Input a name, see the changes in the reports.
  • The JPX Council of Experts met on 22 April. Mgmt Conscious updates came this month. Parent-sub follow-ups in Fall/Winter 2025. Slow. ‘Going Private’ policy is under public comment now.

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May 03
0

Daily Brief Technical Analysis: Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.
  • Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int’l Compass. For now we want to remain near-term bullish
  • 200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won’t.

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May 03
0

Daily Brief ESG: Substantial “pre AGM Filing of Annual Securities Reports” Will Be After 2027 and more

By | Daily Briefs, ESG

In today’s briefing:

  • Substantial “pre AGM Filing of Annual Securities Reports” Will Be After 2027

Substantial “pre AGM Filing of Annual Securities Reports” Will Be After 2027

By Aki Matsumoto

  • Even if annual securities reports are filed earlier, a few days before the AGM, there is not enough time for institutional investors to use them for proxy voting.
  • Many companies believe that they could control the AGM by two things: diversifying shareholder attention by holding the AGM on the same day and not providing sufficient information to shareholders.
  • In its next request, FSA plans to encourage companies to move AGM to later date by changing “record date.” However, it’ll take time to come to a compromise with companies.

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