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Smartkarma Daily Briefs

Daily Brief ESG: Iliad – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Iliad – ESG Report – Lucror Analytics


Iliad – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Iliad’s ESG as “Adequate”, in line with its “Adequate” Social and Governance scores, while the Environmental score is “Strong”. Controversies are “Immaterial” and Disclosure is “Adequate”.


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Daily Brief Thematic (Sector/Industry): Nuclear Zeitgeist Part 1: A Reactor Primer and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Nuclear Zeitgeist Part 1: A Reactor Primer
  • Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names
  • Ohayo Japan | Stocks Rally as Oil Declines
  • [Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK
  • [Blue Lotus Daily]:300750 CH/1211 HK/1519 HK/ZTO US/1810 HK/600690 CH/000333 CH/000651 CH
  • SA Listed Property Review – September 2024


Nuclear Zeitgeist Part 1: A Reactor Primer

By Douglas O’Laughlin

  • Last month, the DOE published a paper about the commercial liftoff of Advanced Nuclear. 
  • Larry Ellison mentioned that SMRs (Small modular reactors) will power data centers in the future, and Microsoft will unshutter 3 Mile Island for one last puff of a half-smoked cigarette. Just a few years ago, it was closed for economic reasons.
  • This is going to be the first in a series about Nuclear Power. Today, I’ll talk about Nuclear Reactors and the basics.

Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names

By Andrew Jackson

  • NVDA lifts markets on comments from Hon Hai Chairman that demand for Blackwell was ‘crazy’.
  • Oil related names in JP will follow US lower on the drop in oil, despite Hurricane Milton having the potential to disrupt production.
  • HK futures finding off the lows overnight should point to upside for related China names in Japan to start; Gamers to be sold heavily after PIF sale.

Ohayo Japan | Stocks Rally as Oil Declines

By Mark Chadwick

  • U.S. stocks rebounded Tuesday as oil prices retreated, easing Middle East tensions concerns
  • Tech stocks led gains, with Nvidia and Broadcom up 4% and 3% respectively
  • The Tokyo Stock Exchange’s CEO emphasizes the growing importance of shareholder dialogue in Japan’s corporate governance reform.

[Blue Lotus Daily-TMT Update]:TCOMUS/PDDUS/BABA/JD/002352CH/700HK/NTES/BILI/002624CH/3888HK/3690HK

By Ying Pan

  • TCOM US: Overseas Travel for National Holiday Grow Faster than Domestic Travel, Potentially Signaling the End of Consumption Downgrading (+)
  • PDD US: PDD announces another support plan for “quality merchants” (/)
  • BABA US/JD US/002352 CH: E-commerce players intensify logistics competition in Hong Kong (////-)

[Blue Lotus Daily]:300750 CH/1211 HK/1519 HK/ZTO US/1810 HK/600690 CH/000333 CH/000651 CH

By Eric Wen

  • 300750 CH/1211 HK:A fire broke out at CATL’s Fujian factory, negatively affecting its safety image (-)
  • 1211 HK:BYD recalls close to 100,000 vehicles, mainly produced in 2022-23 (/)
  • 1519 HK/ZTO US: Parcel volume collection +40% yoy in prior week (+)

SA Listed Property Review – September 2024

By Garreth Elston

  • The South African All Property Index (J803) continued its strong 2024 run in September, rising by 5.16% for the month, taking the index’s 2024 Total Return to 29.73%.
  • The third quarter saw a 19.14% total return, and all three months delivered positive returns. On a rolling one-year basis, the J803’s Total Return has been very robust at 46.98%. 
  • The sector shrugged off concerns that it may start to run out of steam, and as several companies posted better than expected annual results and pre-close updates during the month.

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Daily Brief Technical Analysis: Bull Trap Still Brewing?; Treasury Yields and DXY Climbing; Stay Defensive With $SPX Below 5783 and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Bull Trap Still Brewing?; Treasury Yields and DXY Climbing; Stay Defensive With $SPX Below 5783


Bull Trap Still Brewing?; Treasury Yields and DXY Climbing; Stay Defensive With $SPX Below 5783

By Joe Jasper

  • The $SPX continues to hold below 5783, the upper-end of an important target/resistance area (5670-5783) we’ve discussed since our 8/13/24 Compass, just after SPX hit our 5100-5191 “expected pullback zone.”
  • The current “breakout” above 5670 is an extraordinarily weak one, which suggests a false breakout/bull trap is brewing; SPX has spent nearly three weeks above 5670, with zero upside follow-through.
  • As long as the SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives.

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Daily Brief ECM: Hyundai Motor India Sets IPO Price Range and more

By | Daily Briefs, ECM

In today’s briefing:

  • Hyundai Motor India Sets IPO Price Range
  • Hyundai Motor India IPO: Upsized Valuation Driven by Strong Investor Interest
  • CR Beverage IPO: Valuation First-Look
  • Orum Therapeutics IPO Preview
  • Dr Agarwal’s Health Care Pre-IPO Tearsheet
  • Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long
  • TNB Aura joins US$8M Series A round of EV charging operator Charge+ | e27
  • TailorTech bags funding for its off-grid power management solution | e27


Hyundai Motor India Sets IPO Price Range

By Douglas Kim

  • Hyundai Motor India (1342Z IN) has set an IPO price range of 1,865 to 1,960 rupees per share, aiming for a valuation as high as US$19 billion. 
  • Hyundai Motor (005380 KS) is selling a 17.5% stake in Hyundai Motor India in this public offering. Hyundai Motor India IPO is scheduled to trade starting 22 October.
  • Our updated base case valuation of Hyundai Motor India is market cap of US$19.7 billion based on P/E of 25.9x our estimated net profit of 64.1 billion INR. 

Hyundai Motor India IPO: Upsized Valuation Driven by Strong Investor Interest

By Devi Subhakesan

  • Hyundai Motor India (1342Z IN) ’s IPO, launching next week, is expected to be priced between Rs1,865 and Rs1,960, valuing the company at USD 18-19 billion.
  • At this valuation, Hyundai’s India unit will account for over 40% of its parent company’s market cap, potentially unlocking significant value for Hyundai Motor (005380 KS).
  • Despite a weak growth in India’s passenger vehicle sales ytd, investor interest in the IPO is reportedly strong thanks to India’s booming equity market and robust fund inflows.

CR Beverage IPO: Valuation First-Look

By Arun George


Orum Therapeutics IPO Preview

By Douglas Kim

  • Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024. The IPO price range is from 30,000 won to 36,000 won. 
  • The expected market cap after IPO is from 648 billion won to 778 billion won. The book building for the institutional investors starts on 24 October. 
  • Orum Therapeutics’ main pipelines include ‘ORM-6151’, a new drug candidate for acute myeloid leukemia, ‘ORM-5029’, a HER2-targeting breast cancer treatment candidate, and ‘ORM-1023’, a small cell carcinoma tumor candidate. 

Dr Agarwal’s Health Care Pre-IPO Tearsheet

By Akshat Shah

  • Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO. The deal will be run by Jefferies, Kotak, MS and Motilal.
  • Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
  • According to the CRISIL MI&A report, it had a ~25% market share of the total eye care service chain market in India in FY24. 

Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long

By Andrei Zakharov

  • Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
  • Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  
  • The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.

TNB Aura joins US$8M Series A round of EV charging operator Charge+ | e27

By e27

  • Singapore-based electric vehicle (EV) charging operator Charge+ has received an undisclosed sum from TNB Aura to complete its US$8 million Series A round.
  • The startup, which operates over 2,000 EV charging points across Southeast Asia, will use the funds to expand its charging infrastructure.
  • The startup received an undisclosed sum in a Series A round led by TRIVE Venture Capital in October 2023.

TailorTech bags funding for its off-grid power management solution | e27

By e27

  • TailorTech, a Malaysian startup focused on transforming power management for off-grid locations, has raised US$110,000 from Antler.

  • Founded by brothers Ts. Dr. Indera Shaiful and Ts. Indera Shafiq, TailorTech aims to tackle problems faced by industries that are reliant on generator sets in remote and off-grid locations, including inefficiencies, high costs, frequent maintenance, and the environmental impact associated with conventional generator sets.

  • TailorTech has developed the Power Enhancer System (PES), an integrated smart power management solution designed to optimise the use of generator sets.


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Daily Brief Event-Driven: The TOPIX October FFW Trade – BIG Numbers and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • The TOPIX October FFW Trade – BIG Numbers
  • Hyundai Motor India: Index Entry Timing for India’s Biggest IPO
  • Boqi Env (2377 HK): MBO; Or Sinopec Offer?
  • LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes
  • Quiddity Leaderboard KOSPI 200 Dec 24: Up to 5 ADDs & 6 DELs Possible
  • China TCM (570.HK) Privatization Update – The Long Stop Date to Extend or Not?
  • First Pacific (142 HK): Even More Value In The Stub


The TOPIX October FFW Trade – BIG Numbers

By Travis Lundy

  • Post-Close on the 5th business day of October every year, the TSE announces the Free Float Weight review for all stocks where the FY ends in the Jan-March quarter.
  • Yesterday saw 210 decent changes to FFW (more up than down). There are still 400+ Phased Weight Reductions, 3 new adds (3663, 3993, 9341), and some share cancellation-based share-count reductions.
  • It turns out there is a LOT to trade. I see ¥2trln one-way (¥2trln net to buy on 245 names, and ¥2trln to sell on the other nearly 1,900 names). 

Hyundai Motor India: Index Entry Timing for India’s Biggest IPO

By Brian Freitas

  • Hyundai Motor India (1342Z IN) is looking to list on the exchanges by selling up to INR 279bn (US$3.3bn) of stock at a valuation of up to INR 1,593bn (US$19bn).
  • The anchor allocations will be completed early next week, and the stock is expected to start trading on 22 October.
  • The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in February and June next year.

Boqi Env (2377 HK): MBO; Or Sinopec Offer?

By David Blennerhassett

  • China Boqi Environmental Hol (2377 HK), a flue gas treatment play in China, is suspended pursuant to the Takeovers Code.
  • Co-Founders Zeng Zhijun (27.71%, chairman) and Richard Cheng (16.76%, NED) collectively hold 44.47%. However, they had a falling out in January 2021, and probably won’t jointly bid. Individually, maybe.
  • China Petroleum & Chemical (386 HK) (a.k.a. Sinopec) holds 10.97% and could make a move to secure control.

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

By Brian Freitas

  • The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.
  • We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
  • There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.

Quiddity Leaderboard KOSPI 200 Dec 24: Up to 5 ADDs & 6 DELs Possible

By Travis Lundy

  • KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
  • In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.
  • We expect up to five ADDs and six DELs for the KOSPI 200 Index during this rebal event based on the latest available data. Small increase vs two weeks ago.

China TCM (570.HK) Privatization Update – The Long Stop Date to Extend or Not?

By Xinyao (Criss) Wang

  • Investors are concerned the Long Stop Date may be extended.But the style of SOEs is rigorous, which means CNPGC has anticipated the potential delays and reserved more time in advance. 
  • Although CNPGC can extend Long Stop Date, this indicates CNPGC fails to complete the set work in scheduled time, which is equivalent to admitting its previous work arrangement was “inappropriate”.
  • If there’re unexpected circumstances, one possible scenario is privatization would be completed before the Chinese New Year.Because entering 2025, integrating China TCM and Taiji will be the focus of CNPGC.

First Pacific (142 HK): Even More Value In The Stub

By David Blennerhassett

  • Back in October 2023, a consortium including First Pacific (142 HK) took Metro Pacific Investments Co (MPI PM) private. First Pac’s 46.2% share at delisting was worth ~US$1.25bn.
  • Following Mitsui (8031 JP)backed Mit-Pacific’s possible stake in a tollway operator held by MPIC, First Pac’s 43.2% holding in MPIC, including the 47.5% stake in Meralco, is potentially worth ~US$3.21bn.
  • The question is whether this recent development from Mitsui has any bearing. First Pac’s discount to NAV is elevated versus its historical trading range. 

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Daily Brief Equity Bottom-Up: A Message to Rio from an Arcadium Shareholder and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • A Message to Rio from an Arcadium Shareholder
  • SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain
  • The Beat Ideas: HIL Limited – Turnaround Play in Building Material
  • Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.
  • Namaste India 🙏 | India’s Atomic Ambitions
  • Money Forward (3994) | Q3 Results and Strategic Expansion Fueling Long-Term Upside
  • Merdeka Copper Gold (MDKA IJ) – Fully Charged Commodity Play
  • SOC: Pipe to Nowhere, Initiating W/Sell
  • Credit Bureau Asia: Good Fundamentals Even Better Valuations
  • Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.


A Message to Rio from an Arcadium Shareholder

By Money of Mine

  • Arcadia’s share price soared by 47% following news of potential deal with Rio Tinto
  • Rio Tinto confirmed talks with Arcadia for a deal worth $4-6 billion, causing speculation and excitement in the market
  • Arcadia, with ten operating sites and diverse lithium operations, is a key player in the lithium industry with significant growth potential.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain

By Neil Campling

  • Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.
  • SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
  • A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).

The Beat Ideas: HIL Limited – Turnaround Play in Building Material

By Sudarshan Bhandari

  • Change in HIL Ltd (HIL IN) started after the appointment of professional CEO Mr. Akshat Seth. 
  • HIL is turning around its acquisition of Parador and Topline, which were Loss making. The company was not performing due to lower demand in US, EU etc. 
  • Aiming for 14-16% Revenue growth and 2-3% EBITDA Margin improvement due to distribution growth, Parador Turnaround and high demand in real estate segment.

Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.

By Patrick Liao

  • Taiwan Semiconductor (TSMC) – ADR (TSM US) invests over 3.7 billion in Vanguard Intl Semiconductor (5347 TT) to increase its holdings to 27%.
  • Taiwanese authorities, specifically the Investment Commission of the Ministry of Economic Affairs, approved Vanguard’s investment in its first 12-inch factory in Singapore yesterday.
  • Regarding the outlook for 4Q24, we believe it is still evolving, and our current estimate is a ~5% quarter-on-quarter decline.

Namaste India 🙏 | India’s Atomic Ambitions

By Pranav Bhavsar

  • Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.
  • Nuclear power currently contributes less than 2% of India’s total electricity generation, indicating significant room for growth.
  • Going ahead, with earnings taking center stage, the high valuations commanded by iShares MSCI India ETF (INDA US) are likely to get challenged.  

Money Forward (3994) | Q3 Results and Strategic Expansion Fueling Long-Term Upside

By Mark Chadwick

  • With results due October 15, we expect net sales growth of 29% YoY, bringing 9-month revenue on track to meet full-year guidance.
  • Money Forward’s businesses are Japan-centric, creating a steady revenue stream insulated from yen volatility and uncertain global macro conditions.
  • By targeting larger corporations, Money Forward aims to unlock substantial cross-selling potential, supporting long-term growth and market penetration.

Merdeka Copper Gold (MDKA IJ) – Fully Charged Commodity Play

By Angus Mackintosh

  • Merdeka Copper Gold (MDKA IJ) provides a well-rounded exposure to gold and copper, where it has significant expansion plans in place for both metals through developing new assets. 
  • The company has exposure to the EV battery ecosystem through Merdeka Battery Materials, which has one of the world’s largest nickel deposits at its SCM mine, developed by Rio Tinto.
  • Merdeka Battery Materials is developing multiple HPAL processing plants in partnership with leading battery material companies. Valuations for FY2025E and FY2026E look interesting as new projects start to kick in. 

SOC: Pipe to Nowhere, Initiating W/Sell

By Hamed Khorsand

  • We are initiating coverage of Sable Offshore (SOC) with a Sell Rating and $6 target.   
  • SOC is attempting to restart oil production off the coast of Santa Barbara, California that is unlikely to gain the necessary regulatory approvals to move forward.   
  • The offshore oil platforms, previously owned by XOM, have been shut down since 2015. SOC acquired the assets on the expectation it could win approval to restart production. 

Credit Bureau Asia: Good Fundamentals Even Better Valuations

By Pyari Menon

  • Credit Bureau Asia (CBA SP) subscription-based services and transaction fees generate consistent, recurring revenue from financial institutions and other businesses, ensuring significant financial stability and strong financial metrics.
  • Regulatory relationships, vast data repositories, and long-standing client relationships and contracts create significant competitive advantages and protect market share.
  • If markets can get comfortable with this microcap delivering 3% long-term growth forecast and sustainability of current operating and financial metrics the stock should see at least100% upside.  

Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.

By Tech Supply Chain Tracker

  • CSP leading the development of ASIC accelerators for faster processing, enhancing their technological edge in the market.
  • Partnership between Foxconn and Nvidia to build world’s largest GB2000 production line, gearing up for increased demand in the semiconductor industry.
  • Taiwan emerging as a key player in the offshore wind industry, forging partnerships with foreign companies and investing in energy storage technology to stay competitive.

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Daily Brief Macro: Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting. and more

By | Daily Briefs, Macro

In today’s briefing:

  • Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.
  • Yield Curve Reinverts On Rising Soft Landing Expectations
  • Terminal Rates Are Still Too Low
  • The Week at a Glance: No Country for Inflation Undershooting Men
  • [Op-Ed] Tire Market And The Environment Why All The Fuss About 6PPD
  • [US Nat Gas Options Weekly 2024/40] Henry Hub Tumbles as Hurricane Weakens Demand Outlook
  • [US Crude Oil Options Weekly 2024/40] WTI Surged Amid Fears of Israeli Retaliation Against Iran
  • CX Daily: UK Court Accepts Chinese Investor’s Lawsuit Linked to $4 Billion in Laundered Bitcoin


Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.

By Rikki Malik

  • A correction was natural after the fast, strong move up
  • Any detailed fiscal stimulus plan will come from the State Council or the MoF
  • Capital market reforms moving in the right direction with continued focus on consumption.

Yield Curve Reinverts On Rising Soft Landing Expectations

By Srinidhi Raghavendra

  • Despite strong jobs data, the yield curve has inverted once again. This inversion is driven by delay in rate cut expectations.
  • Encouraging PCE data which showed inflation easing to 2.2% (lowest since 2021 & close to Fed’s target), the likelihood of a cumulative 50 bps cut has steadily risen.
  • Soft landing reduces urgency for aggressive rate cuts, giving the Fed more flexibility to monitor the effects of previous rate hikes and to lower rates more gradually.

Terminal Rates Are Still Too Low

By Phil Rush

  • Excessively dovish expectations have repriced recently, but 2025 rates require almost another 20bps increase in the US and Euro area to reverse August’s dysfunctional drop.
  • Rate alignment across the US, UK, and EA limits FX opportunities. Previous contrarian views on USD strength no longer hold amid narrowing central bank policy differences.
  • Equity outlooks remain bullish, supported by monetary easing. Like in 1998, shallower rate cuts would eventually become bearish, but it only requires opportunistic hedging.

The Week at a Glance: No Country for Inflation Undershooting Men

By Ulrik Simmelholt

  • A few hours after the decently strong non-farm payrolls report, Goolsbee of the FOMC commented on inflation undershooting its target, suggesting it will take much more to convince the Fed to change its direction on policy rates.
  • On a broader scale, it’s difficult to be overly concerned about a labor market rebound in the US economy right now.
  • After some time to reflect on Friday’s labor report, a few thoughts emerge: while the report was solid, there are still lingering questions.

[Op-Ed] Tire Market And The Environment Why All The Fuss About 6PPD

By Farah Miller

  •  A chemical used in tire manufacture has been causing controversy since 2020.  
  •  The United States Tire Manufacturers Association (USTMA) is investigating a series of potential alternatives, following new legislation from California that requires any company selling tires in California to either declare that they do not contain 6PPD, or demonstrate that they are seriously seeking alternatives.  
  • As of now, no major fines have been imposed on tire manufacturers specifically for 6PPD use, but there is growing regulatory scrutiny, particularly in regions like the Pacific Northwest where environmental harm has been documented.

[US Nat Gas Options Weekly 2024/40] Henry Hub Tumbles as Hurricane Weakens Demand Outlook

By Suhas Reddy

  • US natural gas prices fell by 1.65% for the week ending 04/Oct, ending a streak of five straight weekly gains. The decline was due to expectations of softening demand.  
  • Henry Hub Put/Call volume ratio fell to 0.98 (04/Oct) from 1.03 the previous week as put volumes fell by 20.2% WoW, while call volumes declined by 16.7%.
  • Put OI increased for contracts expiring in October and November, while call OI rose for expiries in December, January, February, and March.

[US Crude Oil Options Weekly 2024/40] WTI Surged Amid Fears of Israeli Retaliation Against Iran

By Suhas Reddy

  • WTI futures rose by 9.1% for the week ending 04/Oct, its strongest weekly gain since October 2022. The surge was led by escalating tensions between Israel and Iran.
  • WTI options Put/Call volume ratio fell to 0.64 (04/Oct) from 0.76 (27/Sep) as call volume jumped by 120% WoW while put volume grew by 86.6%.
  • WTI OI PCR fell to 0.76 for the week ending 04/Oct from 0.77 last week. Call OI rose by 11.4% WoW, while put OI grew by 10.4%.

CX Daily: UK Court Accepts Chinese Investor’s Lawsuit Linked to $4 Billion in Laundered Bitcoin

By Caixin Global

  • Bitcoin /: U.K. court accepts Chinese investor’s lawsuit linked to nearly $4 billion in laundered Bitcoin
  • Stabbing /: Police arrest Chinese man suspected of stabbing three 5-year-olds in Switzerland
  • Stimulus /In Depth: Stimulus drives China’s biggest stock surge since 2008, but analysts fear it might fizzle

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Daily Brief Crypto: Crypto Crisp: Full-blown Institutional Adoption and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Crypto Crisp: Full-blown Institutional Adoption


Crypto Crisp: Full-blown Institutional Adoption

By Mads Eberhardt

  • The crypto market showed some positive momentum over the weekend.
  • We will not repeat ourselves on why we are highly bullish going into this fourth quarter, so we will spare you that for now.
  • What is notable is the steady stream of major financial institutions announcing new digital asset services on a weekly basis.

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Daily Brief India: Hyundai Motor India , HIL Ltd, Just Dial Ltd, Dr Agarwal’s Health Care Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Hyundai Motor India: Index Entry Timing for India’s Biggest IPO
  • Hyundai Motor India Sets IPO Price Range
  • The Beat Ideas: HIL Limited – Turnaround Play in Building Material
  • Namaste India 🙏 | India’s Atomic Ambitions
  • Dr Agarwal’s Health Care Pre-IPO Tearsheet


Hyundai Motor India: Index Entry Timing for India’s Biggest IPO

By Brian Freitas

  • Hyundai Motor India (1342Z IN) is looking to list on the exchanges by selling up to INR 279bn (US$3.3bn) of stock at a valuation of up to INR 1,593bn (US$19bn).
  • The anchor allocations will be completed early next week, and the stock is expected to start trading on 22 October.
  • The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in February and June next year.

Hyundai Motor India Sets IPO Price Range

By Douglas Kim

  • Hyundai Motor India (1342Z IN) has set an IPO price range of 1,865 to 1,960 rupees per share, aiming for a valuation as high as US$19 billion. 
  • Hyundai Motor (005380 KS) is selling a 17.5% stake in Hyundai Motor India in this public offering. Hyundai Motor India IPO is scheduled to trade starting 22 October.
  • Our updated base case valuation of Hyundai Motor India is market cap of US$19.7 billion based on P/E of 25.9x our estimated net profit of 64.1 billion INR. 

The Beat Ideas: HIL Limited – Turnaround Play in Building Material

By Sudarshan Bhandari

  • Change in HIL Ltd (HIL IN) started after the appointment of professional CEO Mr. Akshat Seth. 
  • HIL is turning around its acquisition of Parador and Topline, which were Loss making. The company was not performing due to lower demand in US, EU etc. 
  • Aiming for 14-16% Revenue growth and 2-3% EBITDA Margin improvement due to distribution growth, Parador Turnaround and high demand in real estate segment.

Namaste India 🙏 | India’s Atomic Ambitions

By Pranav Bhavsar

  • Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.
  • Nuclear power currently contributes less than 2% of India’s total electricity generation, indicating significant room for growth.
  • Going ahead, with earnings taking center stage, the high valuations commanded by iShares MSCI India ETF (INDA US) are likely to get challenged.  

Dr Agarwal’s Health Care Pre-IPO Tearsheet

By Akshat Shah

  • Dr Agarwal’s Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO. The deal will be run by Jefferies, Kotak, MS and Motilal.
  • Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
  • According to the CRISIL MI&A report, it had a ~25% market share of the total eye care service chain market in India in FY24. 

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Daily Brief Australia: Arcadium Lithium and more

By | Australia, Daily Briefs

In today’s briefing:

  • A Message to Rio from an Arcadium Shareholder


A Message to Rio from an Arcadium Shareholder

By Money of Mine

  • Arcadia’s share price soared by 47% following news of potential deal with Rio Tinto
  • Rio Tinto confirmed talks with Arcadia for a deal worth $4-6 billion, causing speculation and excitement in the market
  • Arcadia, with ten operating sites and diverse lithium operations, is a key player in the lithium industry with significant growth potential.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


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