All Posts By

Smartkarma Daily Briefs

Apr 05
0

Daily Brief United States: S&P 500 INDEX, Shell , Crude Oil, Reynolds Consumer Products I, Steven Madden, Century Communities, Bright Horizons Family Solutions, BigCommerce Holdings, CytoSorbents and more

By | Daily Briefs, United States

In today’s briefing:

  • Global Markets: Why This Sell-Off Is Different and What It Signals
  • Shell’s Next Phase: Leaner Operations, Stronger Cash Flow, and Higher Shareholder Returns
  • [ETP 2025/14] WTI Plummets on Tariffs and OPEC Output Hike, Henry Hub Supported by Cooler Weather
  • SP500: Friday Sell-Offs, the VIX, and a Bit of 1987
  • Reynolds Consumer Products Reveals A New Strategy To Capture Retail Shelves Nationwide!
  • Steven Madden Just Acquired Kurt Geiger—Is This The Start Of A Fashion Empire?
  • Century Communities: The 5 Critical Challenges Lying Ahead in 2025!
  • Bright Horizons’ Backup Care Boom: $600 Million Powerhouse Reshaping the Future of Childcare!
  • BigCommerce’s Targeted B2B Expansion Plan & 5 Factors That Are Changing The Game!
  • CTSO: CytoSorbents reports 4th quarter and 2024 financial results which showed impressive product revenue growth that was above our expectations.

Global Markets: Why This Sell-Off Is Different and What It Signals

By John Ley

  • The SP500 and DXY both dropped yesterday—historically an unusual development.
  • We examine the SP500-DXY relationship alongside long-term shifts in capital flow and what this could mean for global markets vs SP500.
  • A distinct performance trend that began in 2009 may now be in the process of reversing.

Shell’s Next Phase: Leaner Operations, Stronger Cash Flow, and Higher Shareholder Returns

By Suhas Reddy

  • Shell reaffirmed its strategy, prioritizing efficiency, LNG growth, and shareholder returns, unlike BP’s strategic shift back to hydrocarbons after an aggressive renewables push.
  • As the world’s largest LNG trader, Shell plans 4%-5% annual LNG sales growth, capitalizing on rising global demand while maintaining financial discipline and emissions targets
  • Shell aims to save USD 5 – 7 billion by 2028, cut capex to USD 20 – 22 billion, and streamline operations to enhance free cash flow and investor returns.

[ETP 2025/14] WTI Plummets on Tariffs and OPEC Output Hike, Henry Hub Supported by Cooler Weather

By Suhas Reddy

  • For the week ending 28/Mar, U.S. crude inventories rose by 6.2m barrels (vs. expectations of 0.2k fall), and gasoline stockpiles fell less than expected.
  • US natural gas inventories rose by 29 Bcf for the week ending 28/Mar, exceeding analyst expectations of a 27 Bcf build. Inventories are 4.3% below the 5-year seasonal average.
  • Chevron sold its Texas gas assets for USD 525 million, while Exxon, Occidental, Schlumberger, and Aramco had their price targets cut.

SP500: Friday Sell-Offs, the VIX, and a Bit of 1987

By John Ley

  • Drops greater than 5% on a Friday are rare, we examine historical returns after such events.
  • We revisit 1987 price action and reconstructed VIX levels to add historical context.
  • With circuit breakers now in place and political volatility elevated, we assess what today’s sell-off might mean for the next trading day.

Reynolds Consumer Products Reveals A New Strategy To Capture Retail Shelves Nationwide!

By Baptista Research

  • Reynolds Consumer Products, Inc. reported its financial performance for the fourth quarter and full year of 2024.
  • The company experienced a modest volumetric growth of 1% in the fourth quarter across its business units, which include Reynolds Cooking & Baking, Hefty Waste & Storage, Presto, and Hefty Tableware.
  • Despite navigating a challenging market environment, the company achieved its strongest profitability since the COVID 19 surge in 2020, highlighted by expanded margins and earnings surpassing initial projections.

Steven Madden Just Acquired Kurt Geiger—Is This The Start Of A Fashion Empire?

By Baptista Research

  • Steven Madden, Ltd. reported solid financial results for the full year 2024, with revenue increasing 15.2% year over-year to $2.3 billion and diluted earnings per share rising 9% to $2.67.
  • The company emphasized four key business drivers: international expansion, category diversification beyond footwear, growth in direct-to-consumer (DTC) channels, and reinforcement of its U.S. wholesale footwear business.
  • International revenue rose 12%, with notable growth in the EMEA region (18%), including Europe, the Middle East, and South Africa.

Century Communities: The 5 Critical Challenges Lying Ahead in 2025!

By Baptista Research

  • Century Communities reported a record-breaking performance for both the fourth quarter and full year 2024, highlighted by increased deliveries and community expansion.
  • The company delivered 11,007 homes in 2024, a 15% increase year-over-year, and expanded its community count by 28% to 322.
  • This growth was robust despite fluctuating mortgage rates, which were offset by strategic incentives to drive sales.

Bright Horizons’ Backup Care Boom: $600 Million Powerhouse Reshaping the Future of Childcare!

By Baptista Research

  • Bright Horizons Family Solutions concluded its fourth quarter and full-year 2024 with notable financial results, reflecting significant revenue and earnings growth.
  • For the year, the company reported an 11% increase in total revenue and a remarkable 22% growth in adjusted EPS, surpassing initial projections.
  • A key contributor to this performance was the back-up care segment, which exceeded expectations on revenue and operating income, thereby strengthening the company’s overall business mix.

BigCommerce’s Targeted B2B Expansion Plan & 5 Factors That Are Changing The Game!

By Baptista Research

  • BigCommerce’s fourth quarter and fiscal year 2024 earnings announcement revealed a mixed financial performance as the company navigates its transformational strategy towards more efficient and profitable operations.
  • The company’s non-GAAP operating income showed a remarkable improvement, surpassing $19 million, which is nearly double the original forecast, while operating cash flow reached $26 million, marking a $50 million increase from 2023.
  • These outcomes underscore BigCommerce’s effective cost management, attributed to decreased ineffective sales and marketing expenditure and a 10% headcount reduction.

CTSO: CytoSorbents reports 4th quarter and 2024 financial results which showed impressive product revenue growth that was above our expectations.

By Zacks Small Cap Research

  • CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
  • The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
  • Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with regulatory decisions expected in 2025.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 05
0

Daily Brief China: Regencell Bioscience Holdings, Xiaomi Corp, Ares Management and more

By | China, Daily Briefs

In today’s briefing:

  • Is This Chinese Biotech Going Out of Business?
  • Lucror Analytics – Morning Views Asia
  • Asia Real Estate Tracker (04-Apr-2025): JD Property buying Brisbane estate for $153M.

Is This Chinese Biotech Going Out of Business?

By J Capital Research

  • This Nasdaq-listed, Hong Kong-based company hopes to apply Traditional Chinese Medicine (TCM) to significant illnesses like ADHD, but that seems unlikely. The company is a family affair, with all research provided by the CEO’s father, so one wonders how objective scientific assessment can be.
  • The stock surged by more than 700% in a month without patent approval, a buyout offer, or other notable news. The CEO funded a share buyback, but rather than demonstrating faith in the company, the repurchase looked suspiciously like a way to inflate the short-term share price, possibly for an equity issue or insider self- enrichment since the CEO’s compensation is tied to market capitalization.
  • This is a highly speculative business run by a family team from Hong Kong, thus little trusted in the U.S. and very volatile.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

  • In the US, the ISM services index declined to 50.8 (52.9 e / 53.5 p) in March 2025, the lowest level since June 2024, albeit remaining in expansion territory for the ninth consecutive month.
  • Meanwhile, the March 2025 final S&P services PMI climbed to 54.4 (54.2 e / 51.0 p), but was stable compared to the preliminary reading of 54.3.
  • The composite PMI rose to 53.5 (53.5 e / 51.6 p). Separately, the trade deficit narrowed to USD 122.7 bn (USD 123.5 bn e / USD 130.7 bn revised p) in February. 

Asia Real Estate Tracker (04-Apr-2025): JD Property buying Brisbane estate for $153M.

By Asia Real Estate Tracker

  • JD Property is acquiring Brisbane estate from ESR JV for $153M, expanding their real estate portfolio in Australia.
  • M&G and Nuveen have appointed new global real estate heads, signaling strategic leadership changes within their respective companies.
  • GLP completes a $360M China data center fund, highlighting their continued investment in the growing data center market in China. Warburg Pincus acquires Tokyo office building through Life Sciences JV with Eastgate, further expanding their real estate holdings in Asia.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 05
0

Daily Brief India: NIFTY Index, JSW Steel Ltd, Tata Motors Ltd, Pace Digitek Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Global Stocks Outlook: Where Is the Bottom for This Crash?
  • JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations
  • Can Tata Motors Withstand the 25% U.S. Auto Tariffs Or It Will Collapse Further?
  • Pace Digitek Ltd Pre-IPO Tearsheet

Global Stocks Outlook: Where Is the Bottom for This Crash?

By Nico Rosti

  • Analysis of the NIFTY, Nikkei 225, Hang Seng, KOSPI 200, S&P/ASX 200, S&P 500 and Nasdaq-100 stock indices: where is the bottom for the global stock market rout?
  • As explained in this insight, our models have been battle-tested since 2008. While they can’t predict the future, they provide valuable insights for identifying market bottoms during crashes.
  • What follows is a focused analysis of each market index we track, aimed at identifying potential bottoms amid extreme sell-offs, helping position ahead of the next Bear Market rally/reversal.

JSW Steel: Low Cost Capacity Expansion Underpin Premium Valuations

By Rahul Jain

  • JSW Steel has grown its domestic steelmaking capacity at CAGR of 14% over the last 2 decades (2x industry) and at 25% lower costs
  • Gradual capacity ramp-up at recently completed expansion at Vijayanagar (5m) and actively pursuing 10-15mt of new capacity additions over the next 3-5 years
  • Valuations: JSW Steel trades at premium to its 5yr average EV/EBITDA likely due to a) impending imposition of a 12% safeguard duty b) superior capital allocation etc.

Can Tata Motors Withstand the 25% U.S. Auto Tariffs Or It Will Collapse Further?

By Sudarshan Bhandari

  • The US imposed a 25% tariff on auto imports, affecting Tata Motors’ JLR unit, where the US accounts for 22% of sales.
  • This could shave off 200–300 bps from JLR’s EBITDA margin or weaken US volumes if costs are passed on to consumers.  
  • Tata Motors’ FY25 EBIT margin guidance of ≥8.5% looks ambitious; a realistic range may shift to 6.5–7.5% without swift demand or cost-side offsets.

Pace Digitek Ltd Pre-IPO Tearsheet

By Rosita Fernandes

  • Pace Digitek Ltd (0180382D IN)  (PDL) is planning to raise about US$105m through its upcoming India IPO. The lead bookrunner for the deal is Unistone.
  • PDL provides multi-disciplinary solutions in telecom passive infrastructure, offering turnkey services across India, Myanmar, and Africa. Initially manufacturing passive equipment, it expanded into products, projects, O&M, and service solutions.
  • PDL transitioned from manufacturing passive telecom equipment to providing multi-disciplinary solutions, including telecom, energy, and ICT products, services, and turnkey projects, with a focus on O&M, renewables, and infrastructure development.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 05
0

Daily Brief Japan: Makino Milling Machine Co, Mitsubishi Logisnext Co., Ltd., Paramount Bed Holdings Co Lt, TSE Tokyo Price Index TOPIX, Carta Holdings, Inc., Onward Holdings and more

By | Daily Briefs, Japan

In today’s briefing:

  • Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings
  • Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale
  • Paramount Bed Holdings (7817 JP): Guidance Reaffirmed, But Sluggishness To Stay Amid Falling Margins
  • It’s Not a Lack of Analyst Coverage that Is Causing the Lack of Trading…..
  • Carta Holdings (3688 JP) – A Year Focused on Strengthening Organizational Capabilities
  • Onward Holdings (8016 JP): Full-year FY02/25 flash update

Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings

By Travis Lundy

  • Nidec Corp (6594 JP) bid ¥11,000 for Makino Milling Machine Co (6135 JP) in December, saying it expected to launch on 4-April. It launched its ¥11,000 bid on 4-April. 
  • A Nikkei article in March suggested Makino had found multiple competing bidders, some who had put in “legally binding bids.” No news on those yet, but we have a month.
  • Earnings are 9-May. Strategy on timing for Makino differs according to its desired outcome. It has to opine on Nidec’s bid by about 18 April. Be long. Carry 🍿🍿🍿 .

Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale

By Travis Lundy

  • There was a Nikkei article in December about the Mitsubishi Heavy Industries (7011 JP) selling its interests in Mitsubishi Logisnext Co., Ltd. (7105 JP). 
  • The stock popped. Then popped some more. It was not expensive yet, but no longer dirt cheap. Now the stock is falling as Trump Tariffs threaten to throttle exports.
  • The reasons why this takeout price could be “high” are unchanged. Tariffs meant to drive US-manufacturing don’t reduce need for forklifts. Logisnext is not badly placed.

Paramount Bed Holdings (7817 JP): Guidance Reaffirmed, But Sluggishness To Stay Amid Falling Margins

By Tina Banerjee

  • During 9MFY25, Paramount Bed Holdings Co Lt (7817 JP) reported 3% YoY revenue growth to ¥75B, mainly driven by the nursing care businesses.
  • Due to higher SG&A expenses, operating profit decreased 15% YoY to ¥7.2B and net profit was down 11% YoY to ¥5.9B.
  • Paramount Bed has reiterated FY25 guidance, which calls for 2% YoY revenue growth, while higher SG&A is expected to erode operating profit by almost 6% YoY.

It’s Not a Lack of Analyst Coverage that Is Causing the Lack of Trading…..

By Aki Matsumoto

  • 70% of Tokyo market is traded by overseas investors, so even companies with smaller market capitalization need to catch the attention of overseas investors by increasing their return on capital.
  • It is possible that the difference in stock valuations over the past few years has been due to a greater difference in return on capital between large-cap and small-cap stocks.
  • Skillful IR alone is not enough to raise stock price valuations. The IR department must have management who can execute management strategies and personnel who can formulate persuasive plans.

Carta Holdings (3688 JP) – A Year Focused on Strengthening Organizational Capabilities

By Sessa Investment Research

  • In FY2024/12, CARTA HOLDINGS reported operating profit of JPY 2,139 mn (+64.4% YoY).
  • Given the achievement of securing an operating profit of JPY 4,973 mn in FY2021/12, the absolute level remains insufficient.
  • However, amid a challenging business environment where the transaction volume of high-margin reservation-based ads declined YoY for 11 consecutive quarters up to the April-June 2024 period, the Company achieved a V-shaped recovery as a result of structural reforms, including the withdrawal from unprofitable businesses and the implementation of a voluntary retirement program. 

Onward Holdings (8016 JP): Full-year FY02/25 flash update

By Shared Research

  • Onward’s FY02/25 sales reached JPY208.4bn (+9.9% YoY), with a net income of JPY8.5bn (+28.8% YoY).
  • FY02/26 projections include sales of JPY230bn (+10.4% YoY) and operating profit growth of 13.3% YoY to JPY11.5bn.
  • The company plans to introduce an interim dividend system, targeting a total annual dividend of JPY30 per share.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 05
0

Most Read: Rio Tinto Ltd, Hanmi Semiconductor, Solar Industries India, The Shanghai Commerical & Sa, Makino Milling Machine Co, Mitsubishi Logisnext Co., Ltd., Korea Stock Exchange Kospi Index, Dada Nexus , Regencell Bioscience Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification
  • Korea Short Selling: What Happened on Day 1?
  • AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely
  • Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas
  • US Tariff Impact Estimates
  • Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings
  • Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale
  • Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade
  • Dada Nexus (DADA US): JD.Com’s US$2/ADS Firm Offer
  • Is This Chinese Biotech Going Out of Business?

Rio Tinto (RIO AU/LN): Shareholders To Vote On Merits Of Unification

By David Blennerhassett

  • Palliser Capital, which reportedly holds ~$300mn in Rio Tinto Ltd (RIO AU/LN) shares across its dual-head structure, has campaigned for near-on a year to unify the primary listing in Australia.
  • Palliser’s reasonings (and others) to unify make sense, such as access to stock-based mergers and eliminating franking wastage. A recent independent assessment from Grant Thornton is also supportive of unification.
  • Shareholders will vote on the resolution on 3rd April  for UK-listed shares and 1st May for Australian-listed shares. The UK line holds the key to the vote outcome.

Korea Short Selling: What Happened on Day 1?

By Brian Freitas

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

By Brian Freitas

  • We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
  • From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
  • There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.

Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

By Janaghan Jeyakumar, CFA

  • The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
  • In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.
  • We expect five changes for the TDIV index. On top of that, there will be capping flows too.

US Tariff Impact Estimates

By Phil Rush

  • New US tariffs ignored any notion of reciprocity, reaching shockingly substantial sizes. However, the UK was relatively fortunate in landing on the 10% minimum rate.
  • Repeating 2024’s imports would raise $577bn in tariff revenue, which is worth ~3% of consumption. 70% pass-through to prices would add 2% to the level over 1-2 years.
  • Negotiations need to conclude rapidly to avoid these front-loaded price rises. The EU’s likely retaliations would magnify its pain, but the US is the biggest stagflationary loser.

Nidec Launches on Makino Milling (6135) – Others Presumably Wait In the Wings

By Travis Lundy

  • Nidec Corp (6594 JP) bid ¥11,000 for Makino Milling Machine Co (6135 JP) in December, saying it expected to launch on 4-April. It launched its ¥11,000 bid on 4-April. 
  • A Nikkei article in March suggested Makino had found multiple competing bidders, some who had put in “legally binding bids.” No news on those yet, but we have a month.
  • Earnings are 9-May. Strategy on timing for Makino differs according to its desired outcome. It has to opine on Nidec’s bid by about 18 April. Be long. Carry 🍿🍿🍿 .

Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale

By Travis Lundy

  • There was a Nikkei article in December about the Mitsubishi Heavy Industries (7011 JP) selling its interests in Mitsubishi Logisnext Co., Ltd. (7105 JP). 
  • The stock popped. Then popped some more. It was not expensive yet, but no longer dirt cheap. Now the stock is falling as Trump Tariffs threaten to throttle exports.
  • The reasons why this takeout price could be “high” are unchanged. Tariffs meant to drive US-manufacturing don’t reduce need for forklifts. Logisnext is not badly placed.

Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade

By Sanghyun Park

  • The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.
  • The Democratic Party is the frontrunner, and if they win, expect a “regime change trade” with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.
  • Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.

Dada Nexus (DADA US): JD.Com’s US$2/ADS Firm Offer

By David Blennerhassett

  • Back on the 27th January, Dada Nexus (DADA US), a Chinese on-demand retail and delivery platform, announced a preliminary non-binding proposal from JD.com (9618 HK).
  • JD.com, a 63.2% shareholder, was offering US$0.50/share (US$2.00/ADS), a 42% premium to last close. Those terms are now firm and a definitive agreement entered into.
  • The merger is expected to close in the third quarter. Trading at 4.7%/15%, gross/annualised spread, assuming a four month off-ramp.

Is This Chinese Biotech Going Out of Business?

By J Capital Research

  • This Nasdaq-listed, Hong Kong-based company hopes to apply Traditional Chinese Medicine (TCM) to significant illnesses like ADHD, but that seems unlikely. The company is a family affair, with all research provided by the CEO’s father, so one wonders how objective scientific assessment can be.
  • The stock surged by more than 700% in a month without patent approval, a buyout offer, or other notable news. The CEO funded a share buyback, but rather than demonstrating faith in the company, the repurchase looked suspiciously like a way to inflate the short-term share price, possibly for an equity issue or insider self- enrichment since the CEO’s compensation is tied to market capitalization.
  • This is a highly speculative business run by a family team from Hong Kong, thus little trusted in the U.S. and very volatile.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Analytics and News
  • ✓ Events & Webinars
Sign Up for Free



Apr 04
0

Daily Brief Credit: JSW Infrastructure – ESG Report – Lucror Analytics and more

By | Credit, Daily Briefs

In today’s briefing:

  • JSW Infrastructure – ESG Report – Lucror Analytics
  • Lucror Analytics – Morning Views Asia

JSW Infrastructure – ESG Report – Lucror Analytics

By Trung Nguyen

  • Established in 2004, JSW Infrastructure (JSWIL) is the second-largest commercial port operator in India in terms of cargo-handling capacity.
  • The company owned nine ports/terminals for a total installed capacity of 173.2 mn mtpa at end-December 2021.
  • The company is majority-owned and controlled by the Sajjan Jindal Family Trust, which also owns and controls other JSW Group-related companies, including JSW Steel. 

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • US President Donald Trump has announced a minimum 10% tariff on all exporters to the US, as well as additional reciprocal duties on c. 60 nations.
  • Vietnam faces one of the steepest tariff increases at 46%, while China will be subject to an additional tariff hike of 34% (on top of an existing 20% duty tied to fentanyl trafficking).
  • Meanwhile, India, South Korea and Japan have been hit with tariffs of 26%, 25% and 24%, respectively. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 04
0

Daily Brief ESG: Now Is the Time to Turn the Slowdown in Profit Growth into an Opportunity and more

By | Daily Briefs, ESG

In today’s briefing:

  • Now Is the Time to Turn the Slowdown in Profit Growth into an Opportunity

Now Is the Time to Turn the Slowdown in Profit Growth into an Opportunity

By Aki Matsumoto

  • The profit outlook for many Japanese companies may not be good enough for overseas investors, who are selecting the best investments from among stocks around the world.
  • In FY2025, both sales and recurring profit are expected to slow in the manufacturing sector. This casts a shadow over TSE stock prices, which are dominated by manufacturing companies.
  • Companies whose corporate performance are at a standstill has good opportunity to show investors how it will use the proceeds from the sale of cross-held shares to expand corporate value.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 04
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Mar 28th): Commonwealth Bank Of Australia and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Mar 28th): Commonwealth Bank Of Australia, James Hardie Industries

ASX Short Interest Weekly (Mar 28th): Commonwealth Bank Of Australia, James Hardie Industries

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Mar 28th (reported today) which has an  aggregated short interest worth USD 23.9bn.
  • We tabulate league table for top short by value and short as multiple of ADT.
  • We highlight short interest changes in Commonwealth Bank Of Australia, James Hardie Industries, Westpac, Suncorp, ANZ, Macquarie.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 04
0

Daily Brief Thematic (Sector/Industry): Charted Insights: Understanding the Impact of the US Reciprocal Tariff Plan: A Data-Backed Breakdown and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Charted Insights: Understanding the Impact of the US Reciprocal Tariff Plan: A Data-Backed Breakdown
  • Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead
  • Ohayo Japan | Tariffs On, Risk Off
  • Junior Copper Miners: An Update After 1Q25
  • No Tariffs on Semiconductors – but Does It Matter?
  • Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate
  • Hardman & Co Insight: 2024 Pharma Statistics
  • South African Listed Property Review – March 2025
  • US EV Charging Infrastructure Tracker – March 2025

Charted Insights: Understanding the Impact of the US Reciprocal Tariff Plan: A Data-Backed Breakdown

By Nimish Maheshwari

  • In early 2025, former US President Donald Trump announced a new “Reciprocal Tariff Plan” as part of his economic strategy to address trade imbalances.
  • The plan involves levying additional tariffs on countries where the US runs a trade deficit, aimed at “equalizing” tariff rates between the US and its trading partners.
  • We analyze how the tariffs across major US trading partners will change post reciprocal tariffs.

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

By Nimish Maheshwari

  • Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
  • Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
  • Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.

Ohayo Japan | Tariffs On, Risk Off

By Mark Chadwick

  • US stocks cratered on Thursday in their worst one-day sell-off since 2020, with the Dow tumbling almost 1,700 points; NKY Futures weaker
  • Mitsubishi Corporation plans to buy back up to ¥1 trillion of its shares, acquiring up to 689 million shares, or 17% of total issued shares
  • An investment company associated with activist investor Yoshiaki Murakami has acquired over 5% of Fuji Media Holdings’ outstanding shares

Junior Copper Miners: An Update After 1Q25

By Nicolas Van Broekhoven

  • Copper prices started the year roaring: +26% YTD. US futures prices outpaced LME prices.
  • Much of the trade was driven by re-allocation of copper inventories to beat potential US tariffs. The  White House yesterday exempted copper from any import tariffs.
  • Copper miners show a mixed bag, our basket of favorites was led by Arras Minerals (ARK V EQUITY) which increased 182% YTD.

No Tariffs on Semiconductors – but Does It Matter?

By Nicolas Baratte

  • Import tariff into the US: Korea 25%, Taiwan 32%. But the White house clarified: no Reciprocal Tariff on semiconductors.  
  • There are other exemption (pharmaceuticals, lumber, certain minerals not available in the US). But then Apple or Nvidia don’t import Semis from Taiwan or Korea. 
  • They import iPhones from China / India or Servers made in Taiwan. Is it a little bug to be fixed? There’s an interesting loophole: 10% tariff on Singapore.  

Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate

By Andrew Jackson

  • Huge losses for tech/AI/banks in the biggest selloff since Covid.
  • Intel gaining after reports it has agreed to a JV with TSMC for their Fab business.
  • Sec. of State Rubio pushing EU leaders to shoulder a higher defence burden; European plays higher.

Hardman & Co Insight: 2024 Pharma Statistics

By Hardman & Co

  • An efficient reporting system has seen all the listed multinational pharmaceutical companies announce results for 2024, which has given us the opportunity to update our industry statistics and drug database.
  • This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2024.
  • The year was characterised by 9.2% underlying (ex-COVID-19) growth.

South African Listed Property Review – March 2025

By Garreth Elston

  • March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.
  • The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.
  • The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.

US EV Charging Infrastructure Tracker – March 2025

By Garvit Bhandari

  • Total public EV charging stations (incl. temporary unavailable locations) were 77,514 as of March 31, 2025. Compared to the end of FY24, it is an increase of 3.4%. 
  • Total EV charging ports (including the temporary unavailable ports) were 217,353, up nearly 5.1% compared to the end of 2024 and up 2.0% over February 2025.
  • California has the highest number of active DC Fast ports as of March 2025 at 13,611 (~26% of the total), followed by Texas at 3,347 .

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Apr 04
0

Daily Brief ECM: Clearing up FSS Review of Samsung SDI & Hanwha Aerospace: Watch for Ramped-Up Recall Pressure and more

By | Daily Briefs, ECM

In today’s briefing:

  • Clearing up FSS Review of Samsung SDI & Hanwha Aerospace: Watch for Ramped-Up Recall Pressure
  • Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap
  • Chagee Holdings IPO Preview
  • Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet
  • Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates
  • Lotte Global Logistics IPO Valuation Analysis

Clearing up FSS Review of Samsung SDI & Hanwha Aerospace: Watch for Ramped-Up Recall Pressure

By Sanghyun Park

  • Samsung SDI’s rights offering is locked in and even accelerated. Hanwha Aerospace awaits FSS approval, but a pullback is unlikely, with no major red flags seen by regulators.
  • With a four-week gap, supply pressure eases, reducing overhang concerns. This shift in dynamics impacts stock rights pricing and is key for any arb setup.
  • The wider schedule gap between deals boosts lenders’ flexibility, increasing the likelihood of a stronger share recall. This makes for a solid trade setup, targeting recall-driven price action.

Duality Biotherapeutics (映恩生物) Pre-IPO: Valuation and the Trap

By Ke Yan, CFA, FRM

  • Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
  • We look at the company’s valuation based on its core products, namely DB-1303, DB-1311, and DB-1305.
  • We highlight key differences between our valuation and the broker valuation guidance.

Chagee Holdings IPO Preview

By Douglas Kim

  • Chagee Holdings (CHA US) is getting ready to complete its IPO on NASDAQ in the next several weeks. Chagee is one of the largest premium tea chains in China. 
  • The company’s sales and profits have been exploding higher in the past three years. Its sales jumped from 0.5 billion RMB in 2022 to 12.4 billion RMB in 2024. 
  • Chagee could raise more than $500 million in this IPO. However, this is subject to change. 

Xiamen Hithium Energy Storage Technology Pre-IPO Tearsheet

By Troy Wong

  • Xiamen Hithium Energy Storage Technology (XH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai, Citic, ABC, and BOC.
  • XH is a leading pure-play global energy storage company, it’s ranked third in the global energy storage market in 2024, in terms of lithium-ion ESS battery shipments, as per CIC.
  • With its integrated value chain and mainly in-house manufacturing, XH offers end-to-end energy storage solutions across various application scenarios, mainly collaborate with third-party system integrators in their main market, China.

Lotte Logistics Pre-IPO – Sluggish Revenues, High Dependence on Group Affiliates

By Akshat Shah

  • Lotte Global Logistics (LGG KS) aims to raise around US$140m in its Korea IPO via selling a mix of primary and secondary shares.
  • Lotte Global Logistics is a logistics and shipping company engaged in a comprehensive logistics service business including courier service, land transportation, 3PL, port loading and unloading, and international logistics.
  • In this note, we talk about the company’s historical performance.

Lotte Global Logistics IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Lotte Global Logistics is implied market cap of 560 billion won, which represents target price of 13,454 won per share. 
  • We have a negative view of this IPO as our target price does not provide a meaningful upside to the IPO price range. 
  • Four major factors we are negative on this IPO include lack of sales growth, excessive competition (Coupang and CJ Logistics), mystery of put option clause, and highly geared balance sheet.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free