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Smartkarma Daily Briefs

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (Oct 13)- CSPC Pharma and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm
  • Japan Weekly | Record Highs; Nikon, Konami, Money Forward Outperform


APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

By Tina Banerjee

  • CSPC Pharmaceutical entered into an exclusive license agreement with AstraZeneca for the global development, manufacture, and commercialization bad cholesterol lowering drug candidate YS2302018.
  • Ono Pharmaceutical entered into a license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate (ADC) aimed at being a first-in-class drug in the field of solid tumors.
  • The U.S. International Trade Commission (ITC) has issued final ruling in favor of Hugel. This should accelerate Hugel’s business expansion in the U.S.

Japan Weekly | Record Highs; Nikon, Konami, Money Forward Outperform

By Mark Chadwick

  • Resilient macro data fueled an all-time high for the S&P 500 (+1.1% week-on-week), suggesting continued optimism in the market.
  • In Japan, equities performed well with the Nikkei +2.5% and Topix +0.5% higher as earnings remained supportive.
  • With earnings reports from major companies like ASML, DISCO, and TSMC approaching, semiconductor stocks may dictate overall market moves next week.

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Daily Brief ECM: Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27 and more

By | Daily Briefs, ECM

In today’s briefing:

  • Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27


Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

By e27

  • Singapore-headquartered digital asset exchange SDAX has closed its US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company.
  • This follows a US$18 million Series B round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.
  • The new funds will be used for client acquisition and adding new business lines, such as wealth and fund management.

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Daily Brief Event-Driven: Korea Zinc: Latest Stockholder Record for Proration Risk and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Korea Zinc: Latest Stockholder Record for Proration Risk
  • China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble
  • (Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc
  • Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way
  • Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows


Korea Zinc: Latest Stockholder Record for Proration Risk

By Sanghyun Park

  • If NPS and passive funds each tender half, it could hit 24%, pushing investors to consider both sides. The market’s eyeing a ratio of about MBK 3 to Choi 7.
  • This tight vote could drag out the event longer than expected, and MBK might scoop up more shares if they miss their minimum target.
  • MBK will likely go for open market buys against Korea Zinc’s buyback. Consider tendering to MBK Monday and spread trading futures, or push Korea Zinc to raise their buyback offer.

China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble

By Xinyao (Criss) Wang

  • Leading Chinese biotech firms are among the few sub-sectors sustaining rapid growth. However, RemeGen stands as a negative example, with its business model and investment rationale proving flawed.
  • “Increasing revenue without increasing profits” is actually a “denial” of a company’s business model. Even though the losses decreased in 24H1, this doesn’t change our negative expectations for Zai Lab.
  • Genor Biopharma and Edding Group are merging through a reverse takeover, benefiting both companies by boosting Genor’s valuation and allowing Edding to achieve its goal of going public.

(Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc

By David Blennerhassett


Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way

By David Blennerhassett


Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

By Janaghan Jeyakumar, CFA

  • The HS HK-Listed Biotech Index (“Hang Seng Biotech Index”) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
  • In this insight, we take a look at the final rankings of potential ADDs/DELs and our capping flow expectations for the December 2024 index rebal event.
  • We expect two changes for the HSHKBIO index in December 2024. 

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Daily Brief Equity Bottom-Up: UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S. and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.
  • Shriram Pistons and Rings Ltd- Forensic Analysis


UMC (2303.TT; UMC.US): 4Q24 Outlook Blurred; QCOM Opens up a New Chance; Considering Selling Fab 8S.

By Patrick Liao


Shriram Pistons and Rings Ltd- Forensic Analysis

By Nitin Mangal

  • Shriram Pistons & Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
  • On an overall scheme of things, balance sheet and forensics look good and healthy. 
  • However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.

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Daily Brief Macro: Ministry of Finance Press Conference – First Take and more

By | Daily Briefs, Macro

In today’s briefing:

  • Ministry of Finance Press Conference – First Take


Ministry of Finance Press Conference – First Take

By Rikki Malik

  • Heavyweights attended as per previous conferences. Finance Minister (FM) Lan Foan and his three deputies
  • Economists’ and market expectations damped down to RMB 1.5 – 2 Trillion in stimulus.
  • Some major positive points we believe, but will be a disappointment to some

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Daily Brief South Korea: Korea Zinc and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Korea Zinc: Latest Stockholder Record for Proration Risk


Korea Zinc: Latest Stockholder Record for Proration Risk

By Sanghyun Park

  • If NPS and passive funds each tender half, it could hit 24%, pushing investors to consider both sides. The market’s eyeing a ratio of about MBK 3 to Choi 7.
  • This tight vote could drag out the event longer than expected, and MBK might scoop up more shares if they miss their minimum target.
  • MBK will likely go for open market buys against Korea Zinc’s buyback. Consider tendering to MBK Monday and spread trading futures, or push Korea Zinc to raise their buyback offer.

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

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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



Daily Brief Singapore: SDAX and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27


Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

By e27

  • Singapore-headquartered digital asset exchange SDAX has closed its US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company.
  • This follows a US$18 million Series B round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.
  • The new funds will be used for client acquisition and adding new business lines, such as wealth and fund management.

💡 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



Daily Brief India: Shriram Pistons & Rings Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Shriram Pistons and Rings Ltd- Forensic Analysis


Shriram Pistons and Rings Ltd- Forensic Analysis

By Nitin Mangal

  • Shriram Pistons & Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
  • On an overall scheme of things, balance sheet and forensics look good and healthy. 
  • However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.

💡 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



Daily Brief China: Genor Biopharma Holdings , Haitong Securities Co Ltd (H), QuantumPharm and more

By | China, Daily Briefs

In today’s briefing:

  • China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble
  • Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way
  • Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows


China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble

By Xinyao (Criss) Wang

  • Leading Chinese biotech firms are among the few sub-sectors sustaining rapid growth. However, RemeGen stands as a negative example, with its business model and investment rationale proving flawed.
  • “Increasing revenue without increasing profits” is actually a “denial” of a company’s business model. Even though the losses decreased in 24H1, this doesn’t change our negative expectations for Zai Lab.
  • Genor Biopharma and Edding Group are merging through a reverse takeover, benefiting both companies by boosting Genor’s valuation and allowing Edding to achieve its goal of going public.

Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way

By David Blennerhassett


Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

By Janaghan Jeyakumar, CFA

  • The HS HK-Listed Biotech Index (“Hang Seng Biotech Index”) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
  • In this insight, we take a look at the final rankings of potential ADDs/DELs and our capping flow expectations for the December 2024 index rebal event.
  • We expect two changes for the HSHKBIO index in December 2024. 

💡 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



Daily Brief Japan: Seven & I Holdings and more

By | Daily Briefs, Japan

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc


(Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc

By David Blennerhassett


💡 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