Smartkarma Daily Briefs

Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.
Halliburton has underperformed the S&P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.
Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.

Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

By IPO Boutique

Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00 (high-end of the range) and Opened at $33.75 for a 20.5% gain.
The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time.
Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation

Nauticus Robotics, Inc.: On the Anvil of Commercialization

By Water Tower Research

Last year was transformational for KITT, with its strategy shifting to commercializing its technology from its prior focus on research and development.
The company expects 2025 “will continue to be a year of change.”
On the earnings call and callback, our focus was on sizing the opportunity, the outlook for the year given long lead times and seasonality in the business, and the competitive landscape.

[ETP 2025/16] WTI Eyes First Weekly Gain in April; Mild Forecasts Drag Down Henry Hub

For the week ending 11/Apr, U.S. crude inventories rose by 0.5m barrels (vs. expectations of a 0.4m barrel rise). Gasoline and distillate stockpiles fell more than expected.
Henry Hub headed for a fourth straight daily loss, with analysts expecting a 24 Bcf build in U.S. natural gas storage for the week ending 11/Apr.
Analysts cut price targets for Exxon, Chevron, Occidental, Schlumberger, and Halliburton, while TotalEnergies expects Q1 hydrocarbon production at the high end of its guidance range.

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Apr 18

Daily Brief China: Bestechnic Shanghai , Sonoscape Medical Corp, Canvest Environmental Protection Group, IFBH, SHEIN, JD.com Inc (ADR), West China Cement and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Quiddity Leaderboard STAR 50/100 Jun25: Rare Sector-Neutral ADDs Vs DELs Trade with Positive Momentum
Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs
Canvest (1381 HK): Scheme Vote on 12 May
IFBH Pte. Ltd Pre-IPO Tearsheet
Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil
Lucror Analytics – Morning Views Asia

Quiddity Leaderboard STAR 50/100 Jun25: Rare Sector-Neutral ADDs Vs DELs Trade with Positive Momentum

STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs

The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

Canvest (1381 HK): Scheme Vote on 12 May

Canvest Environmental Protection Group (1381 HK)’s IFA opines that Grandblue Environment Co A (600323 CH)’s HK$4.90 offer is fair and reasonable. The vote is on 12 May.
Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders’ rejection). Shareholders with blocking stakes will be supportive.
This is a done deal. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%.

IFBH Pte. Ltd Pre-IPO Tearsheet

By Rosita Fernandes

IFBH (IFBH HK) is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.
IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.
As per CIC, IFBH has led mainland China’s coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.

Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation

By Douglas Kim

In the past week, Reuters reported that Shein has received approval from the UK’s Financial Conduct Authority (FCA) for its IPO in London.
In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion.

[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil

By Ying Pan

We expect JD to report C1Q25 revenue/adjusted net income growth of 13%/21% YoY, both in-line with consensus, boosted by gov’t subsidies.
We see further catalysts from C2Q25 onward, driven by absorption of export-turned orders, helped by additional policy stimulus, which we believe will mainly augment on margins.
We keep JD as the TOP BUY and raise TP from US$52to US$ 60.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)

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Apr 18

Daily Brief Japan: Shibaura Electronics, Topcon Corp, TRYT , Ryobi Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Yageo Bigly Overbids Minebea (+20%) For Shibaura Elec (6957) At ¥5400
[Japan Activism] – ValueAct Agrees to Tender to KKR Topcon (7732) Tender and Join As Buyer
Shibaura Electronics (6957 JP): No Messing Around as Yageo (2327 TT) Returns with a JPY5,400 Offer
TRYT (9164) – Limit Up On Report of Round 2 Bidding; A Growth Multiple Gets You a High Price
Ryobi (5851 JP) – OP Recovery Expected in FY12/25

Yageo Bigly Overbids Minebea (+20%) For Shibaura Elec (6957) At ¥5400

In February Yageo Corporation (2327 TT) made an unsolicited bid for Shibaura Electronics (6957 JP) at ¥4,300/share after getting the cold shoulder for months.
Minebea Mitsumi (6479 JP) was asked to bid, and they did a week ago, bidding ¥4,500/share. Yesterday the Shibaura CEO was in an article saying an overbid would be considered.
Mid-Day, I boomeranged my piece, saying I thought Yageo would overbid. Today after the close, Yageo has overbid with a whopping ¥5,400/share bid, with unchanged start date of 7 May.

[Japan Activism] – ValueAct Agrees to Tender to KKR Topcon (7732) Tender and Join As Buyer

Last night, Topcon Corp (7732 JP) announced that KKR had agreed a deal with ValueAct Capital who owns 14.62% of Topcon to have VAC tender shares and invest in Bidco.
Topcon’s Special Committee saw nothing wrong with this in terms of fairness. I think that argument needs to be investigated at a broader level.
If Bidder wants 50.1% control and expects passive to agree, and Bidder gets 50.1% to join Bidco at terms, obviously, majority of minority disappears. This is an unintended loophole.

Shibaura Electronics (6957 JP): No Messing Around as Yageo (2327 TT) Returns with a JPY5,400 Offer

Yageo Corporation (2327 TT) has revised its hostile preconditional tender offer for Shibaura Electronics (6957 JP) to JPY5,400, representing a 20.0% premium to Minebea Mitsumi (6479 JP)’s JPY4,500 offer.
All the other terms remain unchanged. In response to the revised Yageo offer, the Board will commence a sincere review to determine if the Yageo offer will enhance corporate value.
There is a 50/50 chance that Minebea walks or revises its offer. Yageo’s revised offer is marginally above the midpoint of Minebea IFA’s DCF range, potentially justifying a higher offer.

TRYT (9164) – Limit Up On Report of Round 2 Bidding; A Growth Multiple Gets You a High Price

TRYT (9164 JP) was bought by EQT years ago and IPOed on TSE Growth in July 2023 at ¥1,200/share. The shares tanked on Day 1, almost reached ¥1,000 days later.
Then they fell, and fell some more, reaching the ¥370s early in Q1, then again post Trump tariff announcement. EQT still holds ~60%. Shares closed at ¥374 on 16 April.
In February, there were noises about EQT putting the business up for sale, reportedly seeking an offer close to ¥1,200/share. Now there are noises of a Second Round.

Ryobi (5851 JP) – OP Recovery Expected in FY12/25

By Astris Advisory Japan

FY12/24 sales rose 3.8% YoY to ¥293.31bn while operating profit dropped -22.3% to ¥9.49bn, surpassing previously revised down forecasts.
Sales growth was boosted by the weak yen. However, the rise was limited by slowing auto production by Japanese, US and European carmakers in China and the impact from new model certification irregularities discovered at domestic automakers in Japan.
OP was hit by rising costs, especially labor. However, the company is expecting a sharp rebound in OP growth in FY12/25 thanks to starting production of new products in Japan, a recovery in customers’ China output and starting to pass on rises in labor and energy costs, rather than only aluminum price fluctuations.

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Apr 18

Daily Brief India: Park Medi World and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Park Medi World Pre-IPO: Some Points Worth Attention

Park Medi World Pre-IPO: Some Points Worth Attention

By Tina Banerjee

Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
The company aims to raise INR9.6B through issuing fresh shares. Founder and Chairman, Dr. Ajit Gupta is the selling shareholder offering shares worth of INR3B for sale.
IPO proceeds will be utilized for debt repayment, funding capex for development of new hospital, expansion of existing hospital, and purchase of medical equipment.

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Apr 18

Daily Brief Industrials: PEC Ltd., TRYT , Grab Holdings , Canvest Environmental Protection Group, Wintermar Offshore Marine, Nauticus Robotics , Ryobi Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

PEC Ltd. (PEC SP): 5th May Vote On Liberty’s Offer
TRYT (9164) – Limit Up On Report of Round 2 Bidding; A Growth Multiple Gets You a High Price
Grab Holdings (GRAB US) – New Products with a Heavy Hint of AI
Canvest (1381 HK): Scheme Vote on 12 May
Wintermar Offshore Marine (WINS IJ) – Ahoy! Recovery Ahead
Nauticus Robotics, Inc.: On the Anvil of Commercialization
Ryobi (5851 JP) – OP Recovery Expected in FY12/25

PEC Ltd. (PEC SP): 5th May Vote On Liberty’s Offer

By David Blennerhassett

Back on the 17th Feb, PEC Ltd. (PEC SP), a plant and terminal engineering specialist, announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
Liberty offered S$0.84/share (not final), including a AS$0.20/share special dividend, a 12.8% premium to undisturbed; but more like a >35% premium. Irrevocables from the board of 63.38% had been secured.
The Scheme Doc is now out, with an EGM on the 5th May, with payment on or before the 20th June. The IFA (Deloitte) says “fair & reasonable“.

TRYT (9164) – Limit Up On Report of Round 2 Bidding; A Growth Multiple Gets You a High Price

TRYT (9164 JP) was bought by EQT years ago and IPOed on TSE Growth in July 2023 at ¥1,200/share. The shares tanked on Day 1, almost reached ¥1,000 days later.
Then they fell, and fell some more, reaching the ¥370s early in Q1, then again post Trump tariff announcement. EQT still holds ~60%. Shares closed at ¥374 on 16 April.
In February, there were noises about EQT putting the business up for sale, reportedly seeking an offer close to ¥1,200/share. Now there are noises of a Second Round.

Grab Holdings (GRAB US) – New Products with a Heavy Hint of AI

By Angus Mackintosh

Grab hosted “GrabX” in Singapore and online to showcase a range of AI-driven product offerings that promise to be future growth drivers for the company.
GrabFood For One and Shared Saver both have the potential to attract significant new business, but there was also the launch of AI-assistant Maya for Merchants to drive orders.
Additionally, Grab Unlimited continues to grow and be transformed into a fully-fledged loyalty program. Valuations are attractive, and Grab is set to make a net profit this year.

Canvest (1381 HK): Scheme Vote on 12 May

Canvest Environmental Protection Group (1381 HK)’s IFA opines that Grandblue Environment Co A (600323 CH)’s HK$4.90 offer is fair and reasonable. The vote is on 12 May.
Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders’ rejection). Shareholders with blocking stakes will be supportive.
This is a done deal. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%.

Wintermar Offshore Marine (WINS IJ) – Ahoy! Recovery Ahead

By Angus Mackintosh

Wintermar Offshore Marine booked a strong set of FY2024, confirming the ongoing recovery of the offshore oil & gas shipping segment and especially demand for higher-tier vessels.
The company continues to build its fleet with several vessels coming on stream in FY2025 and FY2026, driven by optimism around ongoing investments in offshore oil & gas in Indonesia.
Wintermar Offshore Marine intends to sell its low-tier vessels and invest in more high-tier vessels this year, helping to drive future growth.

Nauticus Robotics, Inc.: On the Anvil of Commercialization

By Water Tower Research

Last year was transformational for KITT, with its strategy shifting to commercializing its technology from its prior focus on research and development.
The company expects 2025 “will continue to be a year of change.”
On the earnings call and callback, our focus was on sizing the opportunity, the outlook for the year given long lead times and seasonality in the business, and the competitive landscape.

Ryobi (5851 JP) – OP Recovery Expected in FY12/25

By Astris Advisory Japan

FY12/24 sales rose 3.8% YoY to ¥293.31bn while operating profit dropped -22.3% to ¥9.49bn, surpassing previously revised down forecasts.
Sales growth was boosted by the weak yen. However, the rise was limited by slowing auto production by Japanese, US and European carmakers in China and the impact from new model certification irregularities discovered at domestic automakers in Japan.
OP was hit by rising costs, especially labor. However, the company is expecting a sharp rebound in OP growth in FY12/25 thanks to starting production of new products in Japan, a recovery in customers’ China output and starting to pass on rises in labor and energy costs, rather than only aluminum price fluctuations.

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Apr 18

Daily Brief Energy/Materials: SK Innovation, Gold, Halliburton Co, Iron Ore, Crude Oil, West China Cement and more

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

In today’s briefing:

Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely
The Drill: A rush for gold amidst a geopolitical circus unfolding
[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs
Fenix Resources (FEX AU): Q3 FY25 Concall Update + CZR News
[ETP 2025/16] WTI Eyes First Weekly Gain in April; Mild Forecasts Drag Down Henry Hub
Lucror Analytics – Morning Views Asia

Explaining the Whole SK Enmove IPO Delay Situation This Morning: SK Innovation Rights Issue Likely

By Sanghyun Park

KRX’s move on SK Enmove this morning ramps up the odds of an SKI rights issue.
Timing’s again the key — unlike POSCO Future M, this isn’t a clean setup. Word is SK may wait for H2 rate cuts and a more risk-on market backdrop.
So, doesn’t look near-term — likely post-June once local tape firms up. Watch quirky local hot money flows that front-run moves like this.

The Drill: A rush for gold amidst a geopolitical circus unfolding

By Andreas Steno

Time for your weekly fix of what’s going on at the messy intersection of commodities and geopolitics.
Energy prices are drifting lower — just as Trump said they would — but I’m not so sure the driver is the one Trump and his team anticipated.
We’re staring down the barrel of a pretty material manufacturing slump in Q2.

[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs

Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.
Halliburton has underperformed the S&P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.
Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.

Fenix Resources (FEX AU): Q3 FY25 Concall Update + CZR News

By Sameer Taneja

Fenix Resources (FEX AU) reported an increase in deliveries from Q3 FY25 to 704k tons from 346k tons/587k tons in Q1/Q2 FY25, transitioning from a 1.3 mtpa-2.8 mtpa runrate.
The company remains on track to commence production from the Beebyn W-11 mine by the September quarter of 2025, taking the annualized production rate to>4.0 mtpa.
At ~4 mtpa, we expect the mines to generate 200 mn AUD of operating cash flow (at 100 USD/ton iron ore price), equivalent to FEX’s market cap.

[ETP 2025/16] WTI Eyes First Weekly Gain in April; Mild Forecasts Drag Down Henry Hub

For the week ending 11/Apr, U.S. crude inventories rose by 0.5m barrels (vs. expectations of a 0.4m barrel rise). Gasoline and distillate stockpiles fell more than expected.
Henry Hub headed for a fourth straight daily loss, with analysts expecting a 24 Bcf build in U.S. natural gas storage for the week ending 11/Apr.
Analysts cut price targets for Exxon, Chevron, Occidental, Schlumberger, and Halliburton, while TotalEnergies expects Q1 hydrocarbon production at the high end of its guidance range.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)

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Apr 18

Daily Brief TMT/Internet: Shibaura Electronics, Topcon Corp, Bestechnic Shanghai , Taiwan Semiconductor (TSMC) – ADR, Taiwan Semiconductor (TSMC), Mediatek Inc, Elevarm Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Yageo Bigly Overbids Minebea (+20%) For Shibaura Elec (6957) At ¥5400
[Japan Activism] – ValueAct Agrees to Tender to KKR Topcon (7732) Tender and Join As Buyer
Quiddity Leaderboard STAR 50/100 Jun25: Rare Sector-Neutral ADDs Vs DELs Trade with Positive Momentum
Shibaura Electronics (6957 JP): No Messing Around as Yageo (2327 TT) Returns with a JPY5,400 Offer
TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly
TSMC 1H25 Revenue up 37% YoY. Upside to Full Year Outlook. AI and CoWoS Revenue Double in 2025.
Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies
Elevarm Nets US$4.25M to Boost Smallholder Horticulture Farmers with AI | E27

Yageo Bigly Overbids Minebea (+20%) For Shibaura Elec (6957) At ¥5400

In February Yageo Corporation (2327 TT) made an unsolicited bid for Shibaura Electronics (6957 JP) at ¥4,300/share after getting the cold shoulder for months.
Minebea Mitsumi (6479 JP) was asked to bid, and they did a week ago, bidding ¥4,500/share. Yesterday the Shibaura CEO was in an article saying an overbid would be considered.
Mid-Day, I boomeranged my piece, saying I thought Yageo would overbid. Today after the close, Yageo has overbid with a whopping ¥5,400/share bid, with unchanged start date of 7 May.

[Japan Activism] – ValueAct Agrees to Tender to KKR Topcon (7732) Tender and Join As Buyer

Last night, Topcon Corp (7732 JP) announced that KKR had agreed a deal with ValueAct Capital who owns 14.62% of Topcon to have VAC tender shares and invest in Bidco.
Topcon’s Special Committee saw nothing wrong with this in terms of fairness. I think that argument needs to be investigated at a broader level.
If Bidder wants 50.1% control and expects passive to agree, and Bidder gets 50.1% to join Bidco at terms, obviously, majority of minority disappears. This is an unintended loophole.

Quiddity Leaderboard STAR 50/100 Jun25: Rare Sector-Neutral ADDs Vs DELs Trade with Positive Momentum

STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.

Shibaura Electronics (6957 JP): No Messing Around as Yageo (2327 TT) Returns with a JPY5,400 Offer

Yageo Corporation (2327 TT) has revised its hostile preconditional tender offer for Shibaura Electronics (6957 JP) to JPY5,400, representing a 20.0% premium to Minebea Mitsumi (6479 JP)’s JPY4,500 offer.
All the other terms remain unchanged. In response to the revised Yageo offer, the Board will commence a sincere review to determine if the Yageo offer will enhance corporate value.
There is a 50/50 chance that Minebea walks or revises its offer. Yageo’s revised offer is marginally above the midpoint of Minebea IFA’s DCF range, potentially justifying a higher offer.

TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly

By Patrick Liao

Revenue expected to be USD$28.4-29.2 bn (+13% QoQ/38% YoY), with gross margin projected to be 57-59% and operating profit margin at 47-49%.
Tariffs still have uncertainties, so our current capability to share is expected to maintain 24-26% YoY.
Taiwan Semiconductor (TSMC) – ADR (TSM US) plans to build 6 Fabs in Arizona, with 2nm being the main focus there, hence 30% will be allocated there.

TSMC 1H25 Revenue up 37% YoY. Upside to Full Year Outlook. AI and CoWoS Revenue Double in 2025.

By Nicolas Baratte

2Q25 strong revenue. Full year outlook (revenue up mid-20% YoY) looks a bit low since 1H25 is growing at ~37%. CoWoS and AI revenues still expected to double in 2025.
Revenue and capacity outlook: very confident. US capacity is accelerating. But margins dilution warning, part of this is US import tariffs uncertainty. Strong denial on any Intel linkup.
The stock is cheap at 14.7x 2025 EPS (consensus probably a bit low) and 12.5x 2026 EPS. The market might still be in correction mode, but TSMC is nicely discounted.

Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

By Nicolas Baratte

1Q15 Smartphone units up 1.5-3% YoY but given accelerated imports to US and Chinese consumer subsidies, end-demand was probably flat YoY. TSMC 1Q25 revenues suggest that Smartphone chips declined YoY.
We should expect a correction in 2H25 and overall flat 2025 YoY.
The only positive is that chips are getting bigger (AI cores) and more expensive (3nm) and hence positive to Mediatek and Qualcomm, but not to phone Brands Apple included.

Elevarm Nets US$4.25M to Boost Smallholder Horticulture Farmers with AI | E27

By e27

Elevarm, an Indonesian agritech startup that aims to enhance the yield and income of smallholder horticulture farmers throughout Indonesia, has raised US$4.25 million in pre-Series A financing led by Intudo.
Existing investors Insignia Ventures Partners and 500 Global participated.
Founded in 2022, Elevarm specialises in horticulture production and the provision of “high-quality” agricultural inputs, including superior seeds, bio-based fertilisers, and environmentally friendly pest control solutions.

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Apr 18

Daily Brief Health Care: Sonoscape Medical Corp, Park Medi World and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs
Park Medi World Pre-IPO: Some Points Worth Attention

Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs