Smartkarma Daily Briefs

By Small Cap Consumer Research

SunCar Technology Group ((NASDAQ: SDA) is a leading Chinese cloud-based provider of digital enterprise auto services and auto eInsurance services in China.
The company offers one-stop, fully digital, on-demand automotive service systems to help enterprise clients build up their customer base and serve their end customers (auto owners).
The company has grown revenues rapidly in recent years, which we expect to continue in the near-to-midterm.

Nasdaq 100 (NDX INDEX) Outlook: Is The Bear Market Over or Not?

By Nico Rosti

The Nasdaq-100 Stock Index (NDX INDEX) stalled this week. The week is not over yet, but let’s take a closer look at our tactical model to assess short-term scenarios.
Obviously tariffs will impact the economy but often markets can defy rationality, leading to short-term pain if we’re positioned incorrectly.
This insight evaluates how far the rally could extend and how deep a pullback might go, this can be of interest to option desks or to anyone looking to hedge.

JAKK: 1Q Review: Impressive Q; Remain Cautious; Reiterate Buy, $40 PT

We are reiterating our Buy rating and $40 price target on JAKKS Pacific after the company demonstrated the overall strength of their business model and management’s ability to “control what they can control” with a highly impressive 1Q25.
That said, we are reducing our 2025 and 2026 projections to reflect the near-term material uncertainty from the imposition of over 100% tariffs on China goods from April onward.
While we believe JAKKS is well positioned, with strong trade, licensee and retailer relationships, a focus on lower priced goods, the ability to shift some production from China and to increase the level of international revenue, to weather the current storm and drive potential upside, we believe the current level of uncertainty will be a drag, which will begin to abate in 4Q25 and into 2026.

ABEO: Zevaskyn Approved by FDA Raising Valuation to 11

On April 29, 2025, Abeona Therapeutics, Inc. (ABEO) announced that the U.S. Food and Drug Administration (FDA) has approved Zevaskyn (prademagene zamikeracel) for the treatment of wounds in adult and pediatric patients with recessive dystrophic epidermolysis bullosa (RDEB).
The company announced that the wholesale acquisition cost of Zevaskyn will be $3.1 million, which is significantly higher than what we had been modeling ($1.2 million).
Management also guided that following the commercial launch in the third quarter of 2025, the company expects 10-14 patients to be treated and revenue from those treatments to be recognized by the end of this year.

Southern Energy Corp. (SOUC LN/SOU CN): Reserves resilient to low US gas prices

By Auctus Advisors

• Southern achieved production of 2,259 boe/d in 4Q24, close to with our forecasts of 2,192 boe/d.
The YE24 working capital deficit of US$24.9 mm also met our expectations.
• YE24 1P and 2P reserves were estimated at 12.7 mmboe and 27.9 mmboe, respectively.

GMGI’s goal is to maintain sufficient liquidity and financial flexibility to fund operations and growth.

GMGI’s goal is to maintain sufficient liquidity and financial flexibility to fund operations and growth.
Its capital allocation strategy also includes share repurchases and strategic M&A funded using cash, shares & earnouts.
With strong momentum as illustrated by 63% y/y 2024 revenue improvement, GMGI is expanding its reach and portfolio.

Don’t Expect A Resolution of Tariff Chaos To Lift Container Shipping Rates Like Covid-19 Did

By Daniel Hellberg

The resilience of global container shipping stocks is surprising given weak price trend
Many market participants appear to be betting on a surge in rates after tariff issues settle
But there are several reasons why a bump in rates is unlikely in the near- to medium-term

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May 01

Daily Brief China: Soundwill Holdings, Suzhou Kematek, SunCar Technology Group , Chery Automobile Co. Ltd., Green Tea Group and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote
Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations
SDA: SunCar reports 2024 financial and operating results which showed strong revenue and adjusted EBITDA growth. The company continues to secure multiple business agreements and partnerships.
Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth
Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion

Soundwill Holdings (878 HK): Wide Spread Ahead of the 23 May Scheme Vote

By Arun George

Soundwill Holdings (878 HK)’s IFA opines that the Foo family’s HK$8.50 offer is fair and reasonable. The vote is on 23 May.
Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders’ rejection) and a headcount test. No shareholder holds a blocking stake.
The offer is attractive compared to historical trading ranges. The vote risk is low. At the current price and for a June 11 payment, the gross/annualised spread is 4.3%/44.0%.

Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations

CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
We expect up to four ADDs and six DELs for the CSI All Share Semiconductors index during this index review based on the latest available data.

SDA: SunCar reports 2024 financial and operating results which showed strong revenue and adjusted EBITDA growth. The company continues to secure multiple business agreements and partnerships.

SunCar Technology Group ((NASDAQ: SDA) is a leading Chinese cloud-based provider of digital enterprise auto services and auto eInsurance services in China.
The company offers one-stop, fully digital, on-demand automotive service systems to help enterprise clients build up their customer base and serve their end customers (auto owners).
The company has grown revenues rapidly in recent years, which we expect to continue in the near-to-midterm.

Chery Auto Pre-IPO – The Positives – Very Strong Earnings Growth

By Sumeet Singh

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we look at the company’s past performance.

Green Tea Group Pre-IPO – PHIP Updates – Still Being Driven Purely by Store Expansion

By Troy Wong

Green Tea Group (GTG) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Citi and CMBI.
GTG is a leading Casual Chinese restaurant chain operator in Mainland China, its revenue growth has been driven mainly via rapid store expansion.
Persistently negative SSSG post-COVID could signal potential cannibalization or a negative impact from a shift in consumer spending behavior.

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May 01

Daily Brief India: Gensol Engineering, Indusind Bank, Prestige Hospitality Ventures Ltd, Fdc Ltd, Adani Energy Solutions, Adani Green Energy and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Gensol Engineering Scandal: Our AI System Saw This Coming
Indusind Bank: KMP Resignations Amid Derivative Discrepancy Flags Strategic Concerns
Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet
Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories
Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion
Lucror Analytics – Morning Views Asia

Gensol Engineering Scandal: Our AI System Saw This Coming

By Mark Jolley

Indian regulator barred Gensol Engineering’s founders for alleged fund diversion, causing a 90% stock plunge
Unusual growth and poor governance were flagged in Gensol’s accounts by Transparently’s AI system
Transparently’s “F” risk rating would have likely steered investors away from Gensol.

Indusind Bank: KMP Resignations Amid Derivative Discrepancy Flags Strategic Concerns

By Nimish Maheshwari

Indusind Bank (IIB IN) , one of India’s prominent private-sector banks, recently disclosed a significant accounting discrepancy related to its derivatives portfolio.
The estimated adverse impact of these lapses is INR 1,959 crore (~2.27% of the bank’s net worth), which will be accounted for in Q4FY25, likely resulting in a net loss.
The resignations of the CEO and Deputy CEO raise concerns on potential unidentified issues, including regulatory scrutiny, other accounting lapses and potential slowdown in business post top management rejig.

Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Prestige Hospitality Ventures Ltd (1831338D IN) (PHVL) is looking to raise around US$317m in its upcoming India IPO. The bookrunners for the deal are JM Fin, CLSA, JPM, Kotak.
PHVL is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
As of Dec 24, PHVL’s portfolio includes seven operating hospitality assets with a total of 1,445 keys, including one property under renovation with 190 keys.

Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories

FDC Limited is a pioneer in India’s pharmaceutical landscape, especially in Oral Rehydration Salts (ORS) and specialized formulations.
The company’s flagship brand, Electral, continues to be a major revenue contributor, despite margin pressures from regulatory price caps.
FDC’s strategic capex in ophthalmic, ear, and nasal drops business, coupled with its domestic and international presence, positions it strongly for sustained growth.

Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion

Adani Energy Solutions (ADANIT IN)’s Q4 FY25 PAT jumped 87% YoY to INR 714 crore, driven by strong transmission execution and distribution growth.
The company’s record order book of INR 59,936 crore and aggressive smart metering ramp-up signal sustained growth ahead.
AESL is strengthening its position across transmission, distribution, and metering, reinforcing its multi-year growth visibility.

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Meituan
US equity rose for the sixth consecutive day, the best streak since March 2022, as it continued to look past weak consumer confidence and labour data as well as no signs of an easing in the tariff situation .
The S&P 500 was up by 0.6%, and the Nasdaq by 0.5%. US Treasury yields shrank 3-5 bps across the curve. The biggest move was probably a 6.7% correction in steel prices (HRC), following a YTD spike.

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May 01

Daily Brief Japan: Aisin , Kawasaki Heavy Industries, Toyota Industries, Anicom Holdings, Sumitomo Pharma, Infomart Corp, Naigai Trans Line, TSE Tokyo Price Index TOPIX, Olba Healthcare Holdings, Sms Co Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Aisin (7259) – Executing the Capital Policy Side of Its MTMP – Big ¥120bn (8.8%) Buyback
Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon
Anicom (8715 JP)
Sumitomo Pharma (4506 JP): Guidance Revised Upward for FY25 Driven by North America
Infomart Corp (2492 JP): Q1 FY12/25 flash update
Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
A Guide May Be Offered to Disclose MTPs that Focus More on Strategy Rather than Matching Numbers
Olba Healthcare Holdings (2689 JP): Q3 FY06/25 flash update
Sms Co Ltd (2175 JP): Full-year FY03/25 flash update

Aisin (7259) – Executing the Capital Policy Side of Its MTMP – Big ¥120bn (8.8%) Buyback

By Travis Lundy

Last Friday during market hours, Toyota Group member Aisin (7259 JP) announced earnings, guidance, its MTMP progress update, and a buyback.
Earnings were OK, all things considered. Guidance was disappointing, but tariff impact is real. The buyback headlines are huge (17%); reality is about half that given the stock price.
If they execute via TN-3 near-term, it just sets up the next one, but they may do 2/3 TN=3 and 1/3 market. There may be Toyota Industries factors involved.

Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.

(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

By David Blennerhassett

For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including Toyota Industries (6201 JP)‘s potential Offer.
The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

Anicom (8715 JP)

By Michael Fritzell

Japanese pet insurance company with 40-50% market share thanks to its OTC settlement system and a network of pet shop/veterinary clinic partners
The stock trades at around 13x current-year earnings, a modest multiple given the secular growth that’s ahead of it. The pet/human population ratio is low. Pet insurance is still unusual.
Well-Regarded investor Hikari Tsushin just took a 5.2% position in the company, highlighting the value in the company at the current 1.5x book.

Sumitomo Pharma (4506 JP): Guidance Revised Upward for FY25 Driven by North America

By Tina Banerjee

Sumitomo Pharma (4506 JP) revised revenue guidance for FY25 to ¥399B from previous ¥381B. New guidance represents 27% YoY growth.
This comes on the back of higher than expected sales in North American segment, which contributed 61% sales in 9MFY25.
Operating profit guidance have been revised to ¥43.2B from ¥30B on controlled cost and higher sales.

Infomart Corp (2492 JP): Q1 FY12/25 flash update

Sales increased 22.3% YoY to JPY4.3bn, with BtoB Platform Food sales rising 29.5% YoY due to cloud-based management systems.
Operating profit surged 152.6% YoY to JPY581mn, driven by reduced data center costs and software amortization expenses.
BtoB Platform ES segment sales grew 10.8% YoY, with increased system usage fees from digitalization and invoicing service adoption.

Naigai Trans Line (9384 JP): Q1 FY12/25 flash update

Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.
Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.
Overseas subsidiaries’ sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.

A Guide May Be Offered to Disclose MTPs that Focus More on Strategy Rather than Matching Numbers

By Aki Matsumoto

It’s progress that more companies are including ROE and ROIC as KPIs in mid-term management plans. On the other hand, it’s true that many disclosures are misaligned with investors’ perspectives.
As a result of not taking action on problem businesses, it’s often the case that deteriorating environment increases losses of the business, leading to revision of the “medium-term management plan.”
Investors are more likely to portray corporate value if a company provides measures for problem solving and growth, and reliable execution, rather than goals that are uncertain to be achieved.

Olba Healthcare Holdings (2689 JP): Q3 FY06/25 flash update

Sales increased by 3.4% YoY to JPY92.5bn, but operating profit decreased by 23.3% YoY to JPY1.3bn.
Medical Devices and Consumables segment sales rose 6.7% YoY, driven by consumables and new facility acquisitions.
Equipment sales declined 15.3% YoY, while SG&A expenses increased, leading to a 25.8% YoY drop in operating profit.

Sms Co Ltd (2175 JP): Full-year FY03/25 flash update

Sales increased by 12.9% YoY to JPY60.6bn, driven by Career and Kaipoke businesses, despite higher costs.
FY03/26 forecasts sales of JPY67.5bn (+10.8% YoY), operating profit of JPY7.3bn (+15.0% YoY), and net income of JPY7.0bn (+16.1% YoY).
Company plans a share buyback of 3,382,600 shares, valued at JPY4.0bn, from April 30 to July 31, 2025.

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May 01

Daily Brief Utilities: Adani Energy Solutions, Adani Green Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion
Lucror Analytics – Morning Views Asia

Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion

Adani Energy Solutions (ADANIT IN)’s Q4 FY25 PAT jumped 87% YoY to INR 714 crore, driven by strong transmission execution and distribution growth.
The company’s record order book of INR 59,936 crore and aggressive smart metering ramp-up signal sustained growth ahead.
AESL is strengthening its position across transmission, distribution, and metering, reinforcing its multi-year growth visibility.

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Green Energy, Meituan
US equity rose for the sixth consecutive day, the best streak since March 2022, as it continued to look past weak consumer confidence and labour data as well as no signs of an easing in the tariff situation .
The S&P 500 was up by 0.6%, and the Nasdaq by 0.5%. US Treasury yields shrank 3-5 bps across the curve. The biggest move was probably a 6.7% correction in steel prices (HRC), following a YTD spike.

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May 01

Daily Brief Industrials: DN Solutions, Kawasaki Heavy Industries, Hanwha Aerospace, Adi Sarana Armada, Naigai Trans Line, Deutsche Post, Azoom, Aktor SA Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways
Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks
DN Solutions Cancels IPO
Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors
Hanwha Aerospace Rights Offering – Third Time Is a Charm?
Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem
Naigai Trans Line (9384 JP): Q1 FY12/25 flash update
What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)
Azoom (3496 JP): 1H FY09/25 flash update
Aktor Group of Companies – April 17, 2025

DN Solutions IPO Officially Withdrawn: Background and Key Takeaways

By Sanghyun Park

Book built weak, even under ₩65,000. Both local and foreign demand was super soft. Company floated printing at the bottom, but floor didn’t hold. Now, the deal is officially dead.
The real overhang was valuation; the IPO priced too high for the growth story. Without a strong momentum trade, DN Solutions couldn’t ride the wave, and sentiment soured fast.
They’re not waiting too long — likely aiming for a H2 comeback. KRX might skip the full review, and they may focus on domestic investors this time without an OC.

Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.

DN Solutions Cancels IPO

By Douglas Kim

DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive which is up 23% in the past one year.

Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors

By Sanghyun Park

The first pricing is May 20, ex-rights on May 22, and rights trading runs June 16-20. Final pricing is June 26, with subscription July 1, and shares trade July 21.
The FSS is unlikely to make this a political issue, especially with Hanwha’s detailed amended filing. The rights offering should go ahead, so we’re prepping for that in trading.
It’s similar to SDI, focusing on stock rights to lower entry cost. The offering size dropped 30%, but defense sector volatility and intense short action could still cause price swings.

Hanwha Aerospace Rights Offering – Third Time Is a Charm?

By Douglas Kim

Hanwha Aerospace (012450 KS) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.

Adi Sarana Armada (ASSA IJ) – Indonesia’s Leading Logistics and Mobility Ecosystem

By Angus Mackintosh

Adi Sarana Armada has seen its end-to-end logistics ecosystem under Cargoshare take over as its biggest revenue driver, with car rentals, vehicle auction, and used cars also showing solid growth.
All divisions booked revenue growth, with the auction business seeing the strongest performance, but the logistics saw the biggest turnaround, booking a profit in FY2024 versus a loss in FY2023.
Cargoshare is increasingly deploying solutions-based logistics, especially for FMCG companies, which are increasingly outsourcing logistics. ASSA’s mobility ecosystem continues to thrive through synergies, with captive car supply from ASSA Rent.

Naigai Trans Line (9384 JP): Q1 FY12/25 flash update

Sales increased by JPY1.3bn (+16.4% YoY), but operating profit decreased by JPY17mn (-2.0% YoY) due to higher SG&A expenses.
Non-consolidated sales rose 19.7% YoY, but operating profit declined 7.5% YoY due to tender offer costs.
Overseas subsidiaries’ sales grew 10.4% YoY, with a 5.5% increase in segment profit, driven by ASEAN and China performance.

What’s New(s) in Amsterdam – 30 April (Adyen | AkzoNobel | ASM Int’l | dsm-firmenich | DHL)

By The IDEA!

In this edition: • Adyen | solid 1Q25 revenue development – reiterates financial objectives • ASM International | better than expected gross margin and cost control resulting in a strong beat in operational profitability • AkzoNobel | PPG beats expectations and reaffirms FY25 guidance • dsm-firmenich | 1Q25 falls slightly short of market expectations; FY25 guidance intact • DHL | 1Q25 shows clear beat of consensus; external environment remains uncertain

Azoom (3496 JP): 1H FY09/25 flash update

By VRS (Valuation & Research Specialists)

The company reported YoY sales growth of 28.5% to JPY6.3bn, with operating profit up 37.6% to JPY1.2bn.
The Idle Asset Utilization segment, driven by parking services, achieved sales of JPY6.0bn, with a 92.9% occupancy rate.
The Visualization segment reported 1H sales of JPY115mn, with a segment operating loss of JPY5mn, despite launching “MyRenderer.”

Aktor Group of Companies – April 17, 2025

Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe with more than 6,000 employees.
The group is executing an ambitious trans- formation strategy aimed at securing diversified EBITDA streams by leveraging its robust construction expertise to enter and scale adjacent businesses.
The company’s growth plan involves strategic acquisitions, such as the acquisi- tion of Entelecheia regarding construction and that of a security company in facility management. In addition, it includes development and acquisitions of high-value real estate assets, and a bold expansion into renewable energy markets with new agreements.

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May 01

Daily Brief Energy/Materials: Suzhou Kematek, Gensol Engineering, Itochu Enex, Southern Energy Corp and more

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

In today’s briefing:

Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations
Gensol Engineering Scandal: Our AI System Saw This Coming
Itochu Enex (8133 JP): Full-year FY03/25 flash update
Southern Energy Corp. (SOUC LN/SOU CN): Reserves resilient to low US gas prices

Quiddity Leaderboard CSI All Share Semiconductors Jun25: Final Expectations

CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
We expect up to four ADDs and six DELs for the CSI All Share Semiconductors index during this index review based on the latest available data.

Gensol Engineering Scandal: Our AI System Saw This Coming

By Mark Jolley

Indian regulator barred Gensol Engineering’s founders for alleged fund diversion, causing a 90% stock plunge
Unusual growth and poor governance were flagged in Gensol’s accounts by Transparently’s AI system
Transparently’s “F” risk rating would have likely steered investors away from Gensol.

Itochu Enex (8133 JP): Full-year FY03/25 flash update

In FY03/25, Itochu Enex reported JPY924.5bn sales revenue (-4.0% YoY), JPY26.9bn operating profit (+14.0% YoY), JPY17.1bn net profit (+23.2% YoY).
For FY03/26, Itochu Enex forecasts JPY24.5bn operating profit (-2.0% YoY), JPY26.3bn pre-tax profit (+1.2% YoY), JPY16.0bn net profit (+3.2% YoY).
Itochu Enex’s ENEX2030 plan targets JPY16.0bn net income annually, JPY38.0bn net operating cash flow, 9.0% ROE, JPY50.0bn investments.

Southern Energy Corp. (SOUC LN/SOU CN): Reserves resilient to low US gas prices

By Auctus Advisors

• Southern achieved production of 2,259 boe/d in 4Q24, close to with our forecasts of 2,192 boe/d.
The YE24 working capital deficit of US$24.9 mm also met our expectations.
• YE24 1P and 2P reserves were estimated at 12.7 mmboe and 27.9 mmboe, respectively.

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May 01

Daily Brief Health Care: Fdc Ltd, Sumitomo Pharma, Abeona Therapeutics , Hanmi Pharm and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories
Sumitomo Pharma (4506 JP): Guidance Revised Upward for FY25 Driven by North America
ABEO: Zevaskyn Approved by FDA Raising Valuation to 11
Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

Seasonal Play: FDC Ltd- Electral’s Summer Surge and Expanding into Growing Categories

FDC Limited is a pioneer in India’s pharmaceutical landscape, especially in Oral Rehydration Salts (ORS) and specialized formulations.
The company’s flagship brand, Electral, continues to be a major revenue contributor, despite margin pressures from regulatory price caps.
FDC’s strategic capex in ophthalmic, ear, and nasal drops business, coupled with its domestic and international presence, positions it strongly for sustained growth.

Sumitomo Pharma (4506 JP): Guidance Revised Upward for FY25 Driven by North America

By Tina Banerjee

Sumitomo Pharma (4506 JP) revised revenue guidance for FY25 to ¥399B from previous ¥381B. New guidance represents 27% YoY growth.
This comes on the back of higher than expected sales in North American segment, which contributed 61% sales in 9MFY25.
Operating profit guidance have been revised to ¥43.2B from ¥30B on controlled cost and higher sales.

ABEO: Zevaskyn Approved by FDA Raising Valuation to 11

By Research as a Service (RaaS)

On April 29, 2025, Abeona Therapeutics, Inc. (ABEO) announced that the U.S. Food and Drug Administration (FDA) has approved Zevaskyn (prademagene zamikeracel) for the treatment of wounds in adult and pediatric patients with recessive dystrophic epidermolysis bullosa (RDEB).
The company announced that the wholesale acquisition cost of Zevaskyn will be $3.1 million, which is significantly higher than what we had been modeling ($1.2 million).
Management also guided that following the commercial launch in the third quarter of 2025, the company expects 10-14 patients to be treated and revenue from those treatments to be recognized by the end of this year.

Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

By Tina Banerjee

Hanmi Pharm (128940 KS) recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.
Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.
Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.

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May 01

Daily Brief TMT/Internet: Mediatek Inc, WRKR, Nasdaq-100 Stock Index, Samsung Electronics Pref Shares, Infomart Corp, Delta Electronics, ASE Technology Holding and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Mediatek 1Q25 6% Beat, Growth Accelerating in 2Q, Large Revenue Opportunity for Data Center ASIC
WRKR Ltd – Building the platform for strong revenue growth
MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs
MediaTek (2454.TT): Tariffs Are Highly Uncertain, but Client Purchasing Hasn’t Changed Much.
Nasdaq 100 (NDX INDEX) Outlook: Is The Bear Market Over or Not?
Samsung 1Q25: Already Reported Was Decent, 2Q / 2H Outlook Uninspiring. The Stock Will Remain Cheap
Infomart Corp (2492 JP): Q1 FY12/25 flash update
Delta Taiwan Vs. Delta Thailand: Valuation Gap Widens After Strong 1Q25; Why AI Now Needs Microgrids
ASE Technology: Demand Pull-Ins and Tariff Fears Create an Uneven Outlook for Backend Services
ASEH (3711.TT; ASX.US): Slight Upside in 2Q25; Uncertainty Expected in 2H Due to Tariffs.

Mediatek 1Q25 6% Beat, Growth Accelerating in 2Q, Large Revenue Opportunity for Data Center ASIC

By Nicolas Baratte

Mediatek beats in 1Q, good guidance for 2Q, but close to Consensus. Several positives in 2025: flagship smartphone gains, smartphone AI upgrades, strong WiFi and Connectivity growth, progress in Auto.
How large is the “sizable revenue” opportunity of data center custom ASICs from 2026? Management sounds increasingly positive / confident. The stock valuations reflect this.
The stock trades at 18.5x 2025 EPS, 15.5x 2026 EPS, not extravagant but on the high-end. If you have the stock, keep it. If you don’t, TSMC looks more interesting.

WRKR Ltd – Building the platform for strong revenue growth

Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
WRK’s Q3 FY25 activities report demonstrates a continued balance of cost management (up just 3% against Q3 FY24) against lumpy cash receipts (down 6% against Q3 FY24 but up 39% on Q2 FY25) amidst continued milestone/project work, which should drive revenue in FY26.
This quarter saw the receipt of a $328k R&D tax credit but also a record capitalised IP spend of $985k as new product development and systems integration continues.

MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

By Vincent Fernando, CFA

MediaTek beat 1Q25 EPS expectations as Smart Edge and mobile segments delivered strong sequential growth; flagship SoC traction supports improved ASP mix.
AI remains central to strategy: NVIDIA partnership progressing — NT$1bn AI ASIC revenue targeted for 2026.
Tariff-Driven macro caution clouds 2H outlook, but we maintain Structural Long view — AI, auto, and premium mobile SoCs drive long-term opportunity.

MediaTek (2454.TT): Tariffs Are Highly Uncertain, but Client Purchasing Hasn’t Changed Much.

By Patrick Liao

2Q25 guidance is projected to be between NT$147.2bn and NT$159.4bn (midpoint-flat QoQ), with a gross margin expected to range between 45.5% and 48.5%, and operating expenses between 27% and 31%.
In 2Q25, MediaTek expects mobile to be flat to slightly down, continued QoQ growth in smart edge, and QoQ growth in power ICs.
Regarding flagship smartphone SoCs, MediaTek remains optimistic about gaining market share and expects the ASP (average selling price) of its next-generation flagship chips to continue rising.

Nasdaq 100 (NDX INDEX) Outlook: Is The Bear Market Over or Not?

By Nico Rosti

The Nasdaq-100 Stock Index (NDX INDEX) stalled this week. The week is not over yet, but let’s take a closer look at our tactical model to assess short-term scenarios.
Obviously tariffs will impact the economy but often markets can defy rationality, leading to short-term pain if we’re positioned incorrectly.
This insight evaluates how far the rally could extend and how deep a pullback might go, this can be of interest to option desks or to anyone looking to hedge.

Samsung 1Q25: Already Reported Was Decent, 2Q / 2H Outlook Uninspiring. The Stock Will Remain Cheap

By Nicolas Baratte

Samsung Electronics (005930 KS) already released 1Q25 data, we knew it was a decent quarter on good Smartphone sales. What we didn’t know is how bad Memory was.
Memory revenues declined sharply -17% QoQ on poor 4.4% OP margins: loss of HBM 2/3 revenues (China ban), no HBM3E, ASP pressure for Commodity DRAM and NAND
Smartphone is seasonally down in 2Q and HBM3E will start very slowly. A small upside possible on pre-tariff demand but the bigger negative remains Samsung low exposure to AI growth.

Infomart Corp (2492 JP): Q1 FY12/25 flash update