Smartkarma Daily Briefs

Jinke Smart Services (9666 HK) is in a trading halt “pending the release of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers which constitutes inside information.”
It is likely that Boyu, the largest shareholder, is seeking to privatise Jinke. The privatisation of PRC-incorporated entities is usually done through a merger by absorption.
I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45% premium to the last close.

Vesync (2148 HK): Scheme Vote on 23 April

Vesync (2148 HK)’s IFA opines that the Yang family’s HK$5.60 cash offer is fair and reasonable. The IFA does not recommend the scrip option. The vote is on 23 April.
Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders rejection). The offer price is final.
The vote is low-risk due to a lack of opposition. At the last close and for the 15 May payment, the gross/annualised spread is 2.9%/28.7%.

Merger Arb Mondays (31 Mar) – ENN Energy, ESR, Vesync, Seven & I, Topcon, Sinarmas Land, Gold Road

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: ENN Energy (2688 HK), Seven & I Holdings (3382 JP), OneConnect Financial Technology (OCFT US), Insignia Financial (IFL AU), Smart Share Global (EM US), Soundwill Holdings (878 HK).
Lowest spreads: Makino Milling Machine Co (6135 JP), Shibaura Electronics (6957 JP), PointsBet Holdings (PBH AU), Millennium & Copthorne Hotels Nz (MCK NZ), Tonami Holdings (9070 JP).

Vesync (2148 HK): 23rd April Scheme Vote. Done Deal

On the 27th December, Vesync (2148 HK), a manufacturer of small home appliances, announced an Offer, by way of a Scheme, from the Yang family controlling ~69.04% of Vesync.
The Cancellation Price of $5.60/share – declared final – was a 33.3% premium to undisturbed, and above the 2020 IPO price of HK$5.52/share.
The Scheme Doc is now out, with a Court Meeting on the 23rd April, and expected payment on or before the 15th May. The IFA (Somerley) says “fair & reasonable”.

HSI Index Options Weekly (Mar 24-28): Volatility Softens as HSI Takes a Breather

A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics
Implied vol softened this week—we examine the trend and its potential implications.
HSI’s performance vs. SP500 is highlighted against a backdrop of tariffs and global shifts.

CICC (3908 HK): Underestimated by the Market

By Osbert Tang, CFA

China International Capital Corporation (3908 HK)‘s 2H24 net profit surged 33.6% in 2H24, reversing the downtrend in 1H24. It has benefited from lower staff and other operating costs.
Better 1Q25 market turnover and activities, more IPOs and placements and improved cost dynamics imply that the consensus forecasts are too conservative.
Its 0.55x P/B cannot adequately reflect better profitability. Despite the denial, CICC’s potential merger with China Galaxy Securities (H) (6881 HK) cannot be completely ruled out.

ECM Weekly (31st Mar 2025) – Xiaomi, NIO, FCT, Gigabyte, DN Sol, Nanshan Al, Zenergy, LXJ, Veeda

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, DN Solutions (298440 KS)‘s range looks a little pricey, while Eco-Shop Marketing (ECO MY) could trade ahead of its listed peers, in our view.
On the placements front, Xiaomi Corp (1810 HK) matched BYD (1211 HK) in size, but couldn’t do so in returns.

Hong Kong Single Stock Options Weekly (March 24 – 28): Earnings Wrap as Breadth Deteriorates

Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.
Breadth continues to deteriorate against an increasingly hostile global backdrop.
Both price and implied volatility declined on average, with the typical stock still well below its 52-week high.

Mixue Vs Guming: Valuation Premium. Comparing Earnings Growth in 2024

By Devi Subhakesan

The comparison between Mixue Group (2097 HK) and Guming (1364 HK)’s 2024 annual results highlight how their financial and operational performance diverged sharply.
Mixue’s vertically integrated operations provide it a strong competitive edge and superior margins while Guming, operating in the mid-priced segment faced fierce competition
Mixue’s high-quality earnings growth underscores a robust business model that attracts premium valuation multiples.

HSCEI Index Options Weekly (Mar 24-28): Call Volumes Rise as Market Digests Key Events

A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
HSCEI price and implied vols both softer on the week after digesting large share sale and key earnings reports.
We highlight the performance of HSCEI vs SP500 and note that this is a relationship to monitor in the rapidly changing political climate.

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Mar 31

Daily Brief Japan: Topcon Corp, BayCurrent Consulting , Seven & I Holdings, Nikkei 225, J Front Retailing and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan Activism] – KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share
Nikkei 225 Mar25 Rebal – A Big Buy With Buying Shadow, A Bigger Sell, And $2bn of Funding Flows
Weekly Deals Digest (30 Mar) – Seven & I, Topcon, ENN Energy, Jinke Smart, Sinarmas Land, Gold Road
Nikkei Index Options Weekly (Mar 24 – 28): Weak Finish Despite USD/JPY Strength
J Front Diversifies to Generate More Income

[Japan Activism] – KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don’t replace the CEO.
After 4+mos of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an “MBO” at ¥3,300/share.
Unusually, the lower limit is 50.1%. This is an OK exit for the “Bad Cops” but not a great one. It should be higher. Start delayed for 4 months.

Nikkei 225 Mar25 Rebal – A Big Buy With Buying Shadow, A Bigger Sell, And $2bn of Funding Flows

The Nikkei 225 March 2025 rebalance is today. The ADD is big, with more to buy later. The SELL is a really big sell in terms of float.
The Sell, Mitsubishi Logistics (9301 JP), means Max Real World Float doubles. It’s like a huge offering, with warning.
There’s a big cap trade on Fast Retailing (9983 JP) where timing is not on its side, leaving US$2bn to buy in funding. 25 names at 0.4x ADV to buy.

Weekly Deals Digest (30 Mar) – Seven & I, Topcon, ENN Energy, Jinke Smart, Sinarmas Land, Gold Road

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: DN Solutions (298440 KS) seeks to raise US$1.1 billion in a KRX IPO.
Event-Driven developments: Seven & I Holdings (3382 JP), Topcon Corp (7732 JP), ENN Energy (2688 HK), Jinke Smart Services (9666 HK), Sinarmas Land (SML SP), Gold Road Resources (GOR AU).

Nikkei Index Options Weekly (Mar 24 – 28): Weak Finish Despite USD/JPY Strength

A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
USD/JPY and Nikkei moved in opposite directions, with the index underperforming its historical relationship to FX.
Options volume increased throughout the week, peaking on Friday’s move lower.

J Front Diversifies to Generate More Income

By Michael Causton

J Front has been pushing ahead with new ways to get younger (and richer) customers into its stores.
It recently opened a high end art floor at Matsuzakaya Nagoya, continues to expand its fashion subscription business, and will shortly open the first joint store with Komehyo.
It is also investing heavily in real estate in key cities as a third major platform to its business.

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Mar 31

Most Read: NetEase , Shinko Electric Industries, Topcon Corp, BayCurrent Consulting , Hang Seng TECH Index, Seven & I Holdings, KOSDAQ 150 Index, Jinke Smart Services and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Hang Seng Indexes: FAF Methodology Change for Secondary Listings; Over US$1bn to Buy in NetEase
Shinko Electric (6967) – Chicken and Logistics
[Japan Activism] – KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share
Nikkei 225 Mar25 Rebal – A Big Buy With Buying Shadow, A Bigger Sell, And $2bn of Funding Flows
Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats
ETF Flows in Q1: Inflows for Taiwan, Outflows for China
Last Week in Event SPACE: Seven & I, ENN Energy, Sun Corp, Great Eastern Holdings
Weekly Deals Digest (30 Mar) – Seven & I, Topcon, ENN Energy, Jinke Smart, Sinarmas Land, Gold Road
Korea Short Selling: Off to the Races
Jinke Smart Services (9666 HK): Boyu to Launch a Privatisation Offer?

Hang Seng Indexes: FAF Methodology Change for Secondary Listings; Over US$1bn to Buy in NetEase

Hang Seng Indexes has announced a change in the FreeFloat-Adjusted Factor (FAF) methodology for Secondary Listings that will be implemented from the next rebalance in June.
NetEase (9999 HK), Baidu (9888 HK), Trip.com (9961 HK), NIO (9866 HK), New Oriental Education & Techn (9901 HK) and Weibo (9898 HK) benefit; GDS Holdings (9698 HK) loses out.
The FAF changes along with capping changes will result in a round-trip trade of HK$34.2bn (US$4.4bn) at the June rebalance with the largest turnover for the Hang Seng TECH Index.

Shinko Electric (6967) – Chicken and Logistics

The Tender Offer closed end of last week. The bidder JICC-04 got 59.281mm shares. Most of what was left over – perhaps even more than 100%, was passive-owned.
More than 100%? How does that work? It works because of how the logistics goes.
And right now, the reason why the stock is trading well through terms is a matter of Chicken and Logistics.

[Japan Activism] – KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don’t replace the CEO.
After 4+mos of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an “MBO” at ¥3,300/share.
Unusually, the lower limit is 50.1%. This is an OK exit for the “Bad Cops” but not a great one. It should be higher. Start delayed for 4 months.

Nikkei 225 Mar25 Rebal – A Big Buy With Buying Shadow, A Bigger Sell, And $2bn of Funding Flows

The Nikkei 225 March 2025 rebalance is today. The ADD is big, with more to buy later. The SELL is a really big sell in terms of float.
The Sell, Mitsubishi Logistics (9301 JP), means Max Real World Float doubles. It’s like a huge offering, with warning.
There’s a big cap trade on Fast Retailing (9983 JP) where timing is not on its side, leaving US$2bn to buy in funding. 25 names at 0.4x ADV to buy.

Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

Topcon Corp (7732 JP) recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.
The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high.
The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions.

ETF Flows in Q1: Inflows for Taiwan, Outflows for China

The largest ETF inflows in the region have been in Taiwan as investors rush into indices that have higher dividend yields.
China had large inflows last year as markets floundered. With markets trading in a range over the last 6 months, those flows have reversed in Q1 this year.
Australia has seen net inflows this year, while there have been net outflows from Hong Kong, India and Japan focused ETFs.

Last Week in Event SPACE: Seven & I, ENN Energy, Sun Corp, Great Eastern Holdings

If you don’t think Seven & I (3382 JP)‘s Standalone Plan has legs to go north of here, or ACT gets its act together, then you should sell into strength.
ENN Energy (2688 HK)‘s cash and scrip (into a unlisted H-share-equivalent entity) Offer was not what the doctor ordered.
Sun Corp (6736 JP) is cheap to its holding in Cellebrite DI (CLBT US). How cheap depends on the form and structure of its eventual exit.

Weekly Deals Digest (30 Mar) – Seven & I, Topcon, ENN Energy, Jinke Smart, Sinarmas Land, Gold Road

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: DN Solutions (298440 KS) seeks to raise US$1.1 billion in a KRX IPO.
Event-Driven developments: Seven & I Holdings (3382 JP), Topcon Corp (7732 JP), ENN Energy (2688 HK), Jinke Smart Services (9666 HK), Sinarmas Land (SML SP), Gold Road Resources (GOR AU).

Korea Short Selling: Off to the Races

Short selling in Korea resumes in a couple of hours. Expect heightened volatility for a few days before things settle down.
Foreign investors have increased their holdings over the last five weeks and there could be further buying in select stocks on stock price drops.
The KOSPI 200 INDEX has outperformed the KOSDAQ 150 Index, and the forecast index deletes have underperformed the indices indicating that there will be positioning for the short-sell resumption.

Jinke Smart Services (9666 HK): Boyu to Launch a Privatisation Offer?

Jinke Smart Services (9666 HK) is in a trading halt “pending the release of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers which constitutes inside information.”
It is likely that Boyu, the largest shareholder, is seeking to privatise Jinke. The privatisation of PRC-incorporated entities is usually done through a merger by absorption.
I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45% premium to the last close.

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Mar 30

Daily Brief Quantitative Analysis: HK Short Interest Weekly: Trip.Com and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

HK Short Interest Weekly: Trip.Com, Zto Express, Wuxi Apptec, Anta Sports, Midea

HK Short Interest Weekly: Trip.Com, Zto Express, Wuxi Apptec, Anta Sports, Midea

By Ke Yan, CFA, FRM

We analyzed the latest HK SFC report for aggregate short position as of Mar 21st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Trip.Com, Zto Express, Wuxi Apptec, Anta Sports, Midea.

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Mar 30

Daily Brief ESG: Aiming for REITs with Lower Downside Risk and Expectations of Higher Shareholder Returns? and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Aiming for REITs with Lower Downside Risk and Expectations of Higher Shareholder Returns?

Aiming for REITs with Lower Downside Risk and Expectations of Higher Shareholder Returns?

By Aki Matsumoto

REITs, whose main players are regional banks that invest as a bond alternative, tend to stop their market decline when the spread with JGB yields approaches 400 basis points.
While there is certainly room for REITs to strengthen shareholder returns, the possibility that domestic investors may want stable dividends cannot be denied.
Other activist investors are watching with interest to see if the shareholder activism approach works in REITs as well, but the main battleground is still listed equities.

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Mar 30

Daily Brief Thematic (Sector/Industry): Automobile Industry FY25: Expectations for Different Verticals and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Automobile Industry FY25: Expectations for Different Verticals
Chinese Banks Relax Loan Terms to Fuel Tech Sector M&A Deals
RBI’s Overhaul of India’s Priority Sector Lending Norms
AI Boom Puts Pressure on China’s Power Grid as Data Centers Eat Up Electricity
APAC Healthcare Weekly (Mar 30)- Eisai, Kaken, Mochida, Shionogi, SK Bioscience, PharmaEssentia

Automobile Industry FY25: Expectations for Different Verticals

By Nimish Maheshwari

Automobile industry is expected to witness a mixed performance in FY25 Volume growth, with robust growth in tractors, moderate increases in 2W’s and PV’s, and a slight decline in CV’s
Favorable farmer sentiment driving tractor demand and substantial export opportunities for 2W’s are key growth triggers anticipated.
Escorts Kubota Limited (ESCORTS IN) with a revenue share of 80% from tractor business, foresees significant growth driven by a robust domestic market and double-digit growth in their export business.

Chinese Banks Relax Loan Terms to Fuel Tech Sector M&A Deals

By Caixin Global

Several Chinese banks have handed out loans to support selected tech firms’ merger-and-acquisition (M&A) deals under a newly launched pilot program to improve access to credit for innovative businesses.
China Construction Bank, one of the country’s biggest state-owned lenders, has issued 190 million yuan ($26.3 million) in an M&A loan to a publicly listed tech firm in Suzhou, Jiangsu province, people familiar with the deal told Caixin.
The loan, covering 80% of the acquisition cost with an eight-year term, is the first loan of this type disbursed by a large state bank after the easing M&A loan policies by financial regulators to help tech enterprises.

RBI’s Overhaul of India’s Priority Sector Lending Norms

By Nimish Maheshwari

RBI has expanded PSL norms higher loan limits, broader beneficiary definitions, and new incentives to push credit into underserved sectors and geographies.
This modernizes India’s financial inclusion framework, aligns credit policy with inflation, green goals, and gender inclusion, and reduces compliance friction for banks.
PSL is evolving into a growth lever, not just a mandate impacting loan strategies, certificate pricing, and long-term retail credit profitability for banks and fintechs.

AI Boom Puts Pressure on China’s Power Grid as Data Centers Eat Up Electricity

By Caixin Global

China’s rapidly expanding artificial intelligence (AI) industry is eating up electricity at an alarming rate — a factor analysts say could disrupt the country’s power grid if infrastructure doesn’t keep pace.
By 2035, China’s data centers will consume 400 billion kilowatt-hours (kWh) of electricity a year — around four times their 2024 usage, Bloomberg analyst Lv Jinghong estimated at the BloombergNEF Summit in Beijing Thursday.
That will account for 3.2% of national power consumption, comparable to the entire electricity usage of Sichuan province.

APAC Healthcare Weekly (Mar 30)- Eisai, Kaken, Mochida, Shionogi, SK Bioscience, PharmaEssentia

By Tina Banerjee

Eisai is eyeing for Leqembi global revenue of ¥250–280B in FY28. Kaken Pharmaceutical inlicensed dermatology drug candidate from Alumis. Kaken’s onychomycosis drug got approval in Italy.
Mochida Pharmaceutical has applied for marketing approval of Actembra biosimilar in Japan. Shionogi has filed for indication expansion of Xocova for post-exposure prophylaxis of COVID-19 in Japan.
SK Bioscience got approval for Phase 3 clinical trial of 21-valent pneumococcal vaccine in European countries. PharmaEssential obtained approval for Phase 3 clinical trial of Ropeginterferon alfa-2b in China.

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Mar 30

Daily Brief Event-Driven: Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats
ETF Flows in Q1: Inflows for Taiwan, Outflows for China
(Mostly) Asia-Pac M&A: Gold Fields, Sinarmas Land, Shinko Electric, Domain, Japfa, Tsuruha/Welcia
The Widjaja Family’s Tilt For Sinarmas Land: This Needs A Bump
Last Week in Event SPACE: Seven & I, ENN Energy, Sun Corp, Great Eastern Holdings

Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

Topcon Corp (7732 JP) recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.
The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high.
The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions.

ETF Flows in Q1: Inflows for Taiwan, Outflows for China

The largest ETF inflows in the region have been in Taiwan as investors rush into indices that have higher dividend yields.
China had large inflows last year as markets floundered. With markets trading in a range over the last 6 months, those flows have reversed in Q1 this year.
Australia has seen net inflows this year, while there have been net outflows from Hong Kong, India and Japan focused ETFs.

(Mostly) Asia-Pac M&A: Gold Fields, Sinarmas Land, Shinko Electric, Domain, Japfa, Tsuruha/Welcia

I tally 55 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week: Gold Road Resources (GOR AU),ENN Energy (2688 HK), and Sinarmas Land (SML SP).
Key updates/news took place on: Shinko Electric Industries (6967 JP), Domain Holdings (DHG AU),Japfa Ltd (JAP SP), Paragon REIT (PGNREIT SP), and Tsuruha Holdings (3391 JP)/Welcia Holdings (3141 JP).

The Widjaja Family’s Tilt For Sinarmas Land: This Needs A Bump

The family trust of the Widjaja Family has made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
The S$0.31 cash Offer (not declared final) for the (mainly) Indo property play is a 12.9% premium to last close; but a 73.9% discount to Sinarmas’ 1H24 NAV of S$1.19/share.
The Offer is unconditional in all respects. Trading a spread through terms. This deserves a bump.

Last Week in Event SPACE: Seven & I, ENN Energy, Sun Corp, Great Eastern Holdings

If you don’t think Seven & I (3382 JP)‘s Standalone Plan has legs to go north of here, or ACT gets its act together, then you should sell into strength.
ENN Energy (2688 HK)‘s cash and scrip (into a unlisted H-share-equivalent entity) Offer was not what the doctor ordered.
Sun Corp (6736 JP) is cheap to its holding in Cellebrite DI (CLBT US). How cheap depends on the form and structure of its eventual exit.

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Mar 30

Daily Brief Equity Bottom-Up: Prodia (PRDA IJ) – Expanding and Digitally Remastered and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Prodia (PRDA IJ) – Expanding and Digitally Remastered
Asian Dividend Gems: Asian Terminals Inc
UMC (2303.TT; UMC.US): 1Q25 Results Could Be Upbeat, but 2Q25 Could Be a Bit Downside.
Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue
Cheniere Energy’s Geopolitical Tailwinds Are Fading—Is The Growth Story Losing Steam?
Dentsply Sirona’s Plan: Merging Tech
GitLab’s MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?
HashiCorp Ramps Up Cloud Revenue: Could This Be Their Most Profitable Move Yet?
Lumentum Holdings: Their Recent Capacity Expansion and Technology Growth Is Fuelling Our Optimism!
Macy’s Inc. A Tale Of Reimagined Store Initiatives & Digital Integration To Push For Growth!

Prodia (PRDA IJ) – Expanding and Digitally Remastered

By Angus Mackintosh

Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection.
The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025.
Prodia also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,

Asian Dividend Gems: Asian Terminals Inc

By Douglas Kim

Backed by DP World (DPW DU), Asian Terminals (ATI PM) is one of the largest owners and operators of ports and related infrastructure in the Philippines.
We are impressed with the company’s excellent financials including consistent profit margins and free cash flow, strong market share, and execution of its business strategies.
It also trades at cheap valuations with solid dividends and it has also been buying back shares.

UMC (2303.TT; UMC.US): 1Q25 Results Could Be Upbeat, but 2Q25 Could Be a Bit Downside.

By Patrick Liao

The 1Q25 outlook is slightly affected by earthquakes, but production can resume in late 1Q25.
The UMC 12nm project could be in vain if Intel collaborates with TSMC or if TSMC takes over Intel’s foundry service.
UMC’s annual revenue could see a -5% year-over-year growth in 2025, but there may be a few percentages increase in wafer shipments.

Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

By Tina Banerjee

Innovent Biologics Inc (1801 HK) has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.
On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.
Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030.

Cheniere Energy’s Geopolitical Tailwinds Are Fading—Is The Growth Story Losing Steam?

Cheniere Energy posted robust results for the fourth quarter and full year 2024, demonstrating its strong operational and financial performance.
The company reported a consolidated adjusted EBITDA of approximately $1.6 billion for the fourth quarter, with a full-year total of $6.155 billion.
This reflects solid underlying business performance, driven by Cheniere’s focus on safety, operational excellence, customer engagement, and financial discipline.

Dentsply Sirona’s Plan: Merging Tech

DENTSPLY SIRONA’s fourth-quarter and full-year 2024 earnings report reflects a mixed performance amid ongoing challenges and strategic repositioning.
On the positive side, the company experienced growth in several areas, including a 13% uplift in imaging and a 7% increase in Wellspect sales.
In Europe, DENTSPLY SIRONA achieved a 2% organic sales growth, supported by significant momentum in Germany and a 20% year-on-year growth in the SureSmile business.

GitLab’s MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?

GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved profitability metrics.
The company’s revenue increased by 29% year-over-year to $211.4 million, driven by robust momentum in its enterprise offerings, particularly GitLab’s Ultimate and Duo products.
Notably, the company demonstrated significant operating leverage with a non-GAAP operating margin of 17.7%, an increase of more than 960 basis points compared to the same period in the previous year.

HashiCorp Ramps Up Cloud Revenue: Could This Be Their Most Profitable Move Yet?

HashiCorp has reported its fiscal 2024 fourth-quarter earnings, surpassing expectations with $156 million in revenue, signaling a 15% year-over-year growth.
The company has shown strong overall performance in the context of a challenging economic landscape, indicating potential recovery signs in the market.
The non-GAAP remaining performance obligations also reported a growth of 21% year-over-year, reaching $483 million, reflecting continuous demand for its offerings.

Lumentum Holdings: Their Recent Capacity Expansion and Technology Growth Is Fuelling Our Optimism!

Lumentum Holdings recently released its second-quarter fiscal year 2025 earnings, presenting a blend of strong performance in certain segments and ongoing challenges in others.
Led by CEO Alan Lowe, who has announced his retirement, the company highlighted key financial results and strategic initiatives amidst a backdrop of leadership transition.
In the second quarter, Lumentum exceeded the high end of its guidance range for both revenue and earnings per share.

Macy’s Inc. A Tale Of Reimagined Store Initiatives & Digital Integration To Push For Growth!

Macy’s Inc.’s fourth quarter 2024 results reflect a mixture of strategic advancements and continued challenges within a shifting retail landscape.
First, the positive aspect of Macy’s strategy comes through its “Bold New Chapter” framework, which focuses on enhancing customer experiences, optimizing store operations, and improving merchandising and digital capabilities.
This plan is seemingly paying off as Macy’s achieved a 0.2% year-over-year increase in comparable sales, marking its best performance in 11 quarters.

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Mar 30

Daily Brief Macro: Overview #21 India and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Overview #21 India, Gold and the Slow Death of AI

Overview #21 India, Gold and the Slow Death of AI

By Rikki Malik

A review of recent events/data impacting our investment themes or outlook
Indian market has discounted some of the issues the country faces
The best performing assets in Q1 2025 continue to be our favourites

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

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

Mar 30

Daily Brief Energy/Materials: Celanese Corp Series A, Cheniere Energy, Pembina Pipeline , Weatherford International and more

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

In today’s briefing:

Celanese’s Strategic Shake-Up: New Board, New Markets, New Era of Dominance?
Cheniere Energy’s Geopolitical Tailwinds Are Fading—Is The Growth Story Losing Steam?
Pembina Pipeline: A Bold Greenlight Project Plan & Critical Factors Driving Their Growth In 2025 & Beyond!
Weatherford’s Strategic Execution Sparks Turnaround As Global Energy Demand Rebounds! What’s Next?

Celanese’s Strategic Shake-Up: New Board, New Markets, New Era of Dominance?

Celanese Corporation recently concluded its Q4 2024 earnings call, led by CEO Scott Richardson and CFO Chuck Kyrish.
The company has been taking proactive measures to enhance performance amidst industry challenges.
The leadership’s focus has been on cash generation, cost reduction, and strategic divestitures, as reflected in the company’s actions over the past quarters.

Cheniere Energy’s Geopolitical Tailwinds Are Fading—Is The Growth Story Losing Steam?

Cheniere Energy posted robust results for the fourth quarter and full year 2024, demonstrating its strong operational and financial performance.
The company reported a consolidated adjusted EBITDA of approximately $1.6 billion for the fourth quarter, with a full-year total of $6.155 billion.
This reflects solid underlying business performance, driven by Cheniere’s focus on safety, operational excellence, customer engagement, and financial discipline.

Pembina Pipeline: A Bold Greenlight Project Plan & Critical Factors Driving Their Growth In 2025 & Beyond!

Pembina Pipeline Corporation’s latest financial results reveal a mix of record achievements and ongoing strategic developments, indicating both opportunities and challenges for investors.
For the fourth quarter of 2024, Pembina reported significant financial gains, with earnings of $572 million, record quarterly adjusted EBITDA of $1.254 billion, and record quarterly adjusted cash flow from operating activities of $922 million or $1.59 per share.
The fiscal year concluded with full-year earnings totaling $1.874 billion, record annual adjusted EBITDA of $4.408 billion, and record full-year adjusted cash flow from operating activities of $3.265 billion or $5.70 per share.

Weatherford’s Strategic Execution Sparks Turnaround As Global Energy Demand Rebounds! What’s Next?