Smartkarma Daily Briefs

Allison Transmission’s fourth-quarter and full-year 2024 results showcase a solid performance, marked by record net sales of $3.2 billion for the year.
The company’s strategic focus on expanding its market share and diversifying product offerings has contributed positively to its financial outcomes.
On the positive side, Allison Transmission experienced a 15% increase in net sales for its North America on highway market, driven by strong demand for its 3000 and 4000 Series products.

Masco Corporation: An Insight Into The $88 Billion R&R Market That’s Driving Its Growth!

Masco Corporation’s recent fiscal year results and strategic initiatives present a multifaceted picture for potential investors.
The company concluded 2024 with a modest performance, encapsulated by a 3% decrease in fourth-quarter top-line revenue, largely due to its divestiture of Kichler Lighting.
Adjusting for this divestment and currency impacts, sales saw a marginal increase of 1%, driven by higher volumes in the decorative architectural segment.

Sensata Technologies: Automotive Market Expansion to Grow & Capture Market Share Of Automotive Industry!

Sensata Technologies reported its financial results for the fourth quarter and full year 2024, presenting a mixed performance.
The company recorded revenue of $908 million for the fourth quarter, surpassing the top end of its guidance range of $870 million to $900 million.
This represents a sequential improvement in adjusted operating margins for the fourth consecutive quarter.

WESCO International: Why Its Vendor Consolidation Strategy Is a Potential Goldmine!

WESCO International, Inc. reported a mixed set of results during their fourth quarter and full-year 2024 earnings call.
The company highlighted a return to sales growth in Q4, primarily led by an over 70% growth in its Data Center business and a 20% growth in its Broadband business.
However, this was offset by a slowdown in sales with industrial customers in December and a continued weakness in their Utility segment.

Lyft Inc.: The AV Race & Why It Could Make Or Break the Company!

Lyft’s recent financial performance and strategic initiatives provide a multifaceted outlook for potential investors.
In 2024, Lyft achieved several milestones that signal its efforts toward strengthening its market position.
The company reported substantial records with a peak in rides, riders, and driver hours, resulting in increased market share compared to previous years.

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Feb 22

Daily Brief TMT/Internet: Baidu, Samsung Electronics, Confluent, Tyler Technologies, Blackline Inc, Fidelity National Info Serv, GLOBALFOUNDRIES , IAC , Ipg Photonics, Lenovo and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

[Baidu, Inc. (BIDU US, SELL, TP US$80) TP Change]: AI Monetization by How Much & At What Cost?
Tech Supply Chain Tracker (22-Feb-2025): SK Hynix CEO optimistic on semiconductor industry post-DeepSeek.
Confluent Inc.: Expanding Product Offerings To Possibly Disrupt the Market!
Tyler Technologies: Is The Growth in Transactional Revenue & Payments Processing Here To Stay?
BlackLine Inc.: Optimizing Go-To-Market Strategies For Growth Trajectories!
Fidelity National Information Services: Will Its Focus On Core Banking & Digital Transformation Pay Off?
GlobalFoundries: Will Its Geopolitical Strategy Help Tilt The Competitive Dynamics In Its Favor?
IAC Inc.: Can Its Traffic Growth & Monetization Efforts Drive Sustained Revenue Growth?
IPG Photonics: Expansion in Medical & Advanced Applications To Address A Massive TAM!
Lucror Analytics – Morning Views Asia

[Baidu, Inc. (BIDU US, SELL, TP US$80) TP Change]: AI Monetization by How Much & At What Cost?

By Ying Pan

BIDU reported C4Q24 top line, non-GAAP op. profit and GAAP net income in-line, (22%) and (7.0%) vs. our est. and (3.7%), (24%) and in line vs. cons.
While monetization on a largely in-house app repertoire can ensure AI revenue to start kicking in in C2H25, we are concerned on the size of this revenue,
We maintain our SELL but raise TP to US$80 to reflect a short-term trading opportunity around AI monetization.

Tech Supply Chain Tracker (22-Feb-2025): SK Hynix CEO optimistic on semiconductor industry post-DeepSeek.

By Tech Supply Chain Tracker

SK Hynix CEO remains bullish on semiconductor industry growth, highlighting new opportunities amidst challenges like DeepSeek.
Oppo forges ahead with release of Find N5 foldable phone, undeterred by market slowdown in pursuit of growth and innovation.
EU greenlights funds for Infineon’s Dresden fab in chip incentive effort, signaling continued support for semiconductor sector. Samsung exec receives sentence for leaking 18nm DRAM tech to CXMT, highlighting importance of protecting intellectual property.

Confluent Inc.: Expanding Product Offerings To Possibly Disrupt the Market!

Confluent, Inc. exhibited several key strengths and challenges in its recent financial performance.
The company’s subscription revenue for the fiscal year grew by 24% to $250.6 million, driven by a 38% increase in Confluent Cloud revenue and a 10% growth in Confluent Platform revenue.
This reflects continued strong demand for enterprise-grade data streaming solutions, particularly in regulated industries.

Tyler Technologies: Is The Growth in Transactional Revenue & Payments Processing Here To Stay?

Tyler Technologies’ fourth-quarter results reflect a period of strong financial performance, characterized by significant growth and expansion across its key operational pillars.
The company experienced 12.5% revenue increase, largely spurred by a 21.9% jump in subscription revenues, particularly within their SaaS offerings which saw close to 23% growth.
This rise in subscription income underscores a strategic pivot towards cloud-based solutions, which remained a focal point in Tyler’s strategy, evident by accelerated SaaS adoption and a reduction in on-premise license revenues.

BlackLine Inc.: Optimizing Go-To-Market Strategies For Growth Trajectories!

BlackLine, a cloud-based platform for finance and accounting professionals, reported its Q4 2024 earnings with mixed performance metrics.
The company achieved 9% revenue growth despite the adverse impact of a strong U.S. dollar, which added currency headwinds.
Non-GAAP operating margin was recorded at 18%, and the revenue renewal rate showed improvement, positioning at 96%—a significant metric in customer retention and satisfaction.

Fidelity National Information Services: Will Its Focus On Core Banking & Digital Transformation Pay Off?

Fidelity National Information Services, Inc. (FIS) presented its financial results for the fourth quarter and full year 2024, outlining a strategic focus on driving commercial excellence, targeting growth vectors, and enhancing profitability.
The company reported overall revenue growth for 2024 and noted that its growth trajectory is set to accelerate in 2025.
In 2024, FIS reported a revenue growth rate between 3% to 4%, slightly below the company’s initial expectations due to one-time items affecting the quarter.

GlobalFoundries: Will Its Geopolitical Strategy Help Tilt The Competitive Dynamics In Its Favor?

GlobalFoundries Inc., a prominent player in the semiconductor manufacturing sector, exhibited a blend of positive outcomes and persistent challenges in its fourth quarter and full year 2024 financial results.
On the positive side, the fourth quarter slightly surpassed the midpoint of the company’s revenue guidance, achieving approximately $1.83 billion, although this was a minor 1% decline compared to the same quarter in the prior year.
The company also reported a significant milestone, as it generated over $1 billion in adjusted free cash flow, exceeding its target and marking robust performance despite industry headwinds.

IAC Inc.: Can Its Traffic Growth & Monetization Efforts Drive Sustained Revenue Growth?

IAC’s recent earnings outlined significant changes and challenges, highlighting both strategic adjustments and the impact of previous business decisions.
The company has faced considerable difficulties in two of its principal businesses: Angi Inc. and Dotdash Meredith.
For Angi Inc., the shift from a previous $260 million EBITDA to just $35 million was a primary concern.

IPG Photonics: Expansion in Medical & Advanced Applications To Address A Massive TAM!

IPG Photonics, a global leader in laser technology, reported its fourth-quarter earnings reflecting a nuanced blend of strategic planning and ongoing challenges.
For the quarter, IPG Photonics recorded revenues at the higher end of its guidance, amounting to $234 million, a slight sequential improvement but a year-over-year decline of 22%.
This decline was attributed primarily to weak performance in key application areas such as welding, cutting, and marking, amidst a challenging macroeconomic landscape and increased competition, particularly from Chinese manufacturers, in laser cutting systems.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In the US, the Conference Board leading economic index fell 0.3% (-0.1% e / 0.1% revised p) to 101.5 in January.
Overall, the index recorded a 0.9% decline in the six months ended January 2025, which was lower than the 1.7% drop over the preceding six months.
Separately, initial jobless claims for the week ended February 15th edged up to 219 k (215 k e / 214 k revised p).

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Feb 22

Daily Brief Health Care: Royalty Pharma , Genuine Biotech, Exelixis Inc, Grace Therapeutics, GRAIL, Telomir Pharmaceuticals and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Royalty Pharma: These Are The Major Shifts That Could Redefine Biopharma Royalties!
Genuine Biotech (真实生物) Pre-IPO Tearsheet
Exelixis Inc.: Pipeline Expansion & Innovation to Build A Robust Portfolio!
GRCE: STRIVE-ON Results Reported
GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26
TELO: Test Results Open Huge Market Potential

Royalty Pharma: These Are The Major Shifts That Could Redefine Biopharma Royalties!

Royalty Pharma has reported robust financial results for the fourth quarter and full year 2024, underscoring its position as a leading funder of innovation within the life sciences sector.
With a significant emphasis on strategic capital deployment, Royalty Pharma achieved portfolio receipts of $2.8 billion, marking a commendable 13% growth and surpassing initial guidance expectations of 5% to 9%.
This financial performance reflects the company’s adept management and its capacity to expand its portfolio effectively.

Genuine Biotech (真实生物) Pre-IPO Tearsheet

By Ke Yan, CFA, FRM

Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.
Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.
The company’s founder has experience of R&D in the relevant area in leading NMCs.

Exelixis Inc.: Pipeline Expansion & Innovation to Build A Robust Portfolio!

Exelixis reported a robust performance for the fourth quarter and fiscal year 2024, highlighting significant financial growth and ongoing developments in their oncology portfolio.
The company’s total revenues for the fourth quarter reached approximately $567 million, driven by the strong performance of the cabozantinib franchise, specifically CABOMETYX, which achieved net product revenues of $515.2 million.
For the full year 2024, Exelixis reported U.S. cabo franchise net product revenues of $1.81 billion, reflecting substantial year-over-year growth.

GRCE: STRIVE-ON Results Reported

By Zacks Small Cap Research

Grace is a clinical-stage, biotechnology company focused on rare disease.
Its lead program, GTX-104, is a novel injectable formulation of nimodipine for the treatment of aneurysmal subarachnoid hemorrhage (aSAH).
Other programs include GTX-102 for Ataxia Telangiectasia & GTX-101 for postherpetic neuralgia.

GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

By Andrei Zakharov

GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.
Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.
A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.

TELO: Test Results Open Huge Market Potential

By Zacks Small Cap Research

Telomir Pharmaceuticals is a preclinical stage company focused on the science of lengthening telomere caps, which the company believes will extend human lifespans and improve quality of life as people age.
The company released test results that showed Telomir-1 captured and stabilized the highly reactive Silver(II) in a biologically compatible form.
This creates the potential for entry into a multi-billion-dollar market.

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Feb 22

Daily Brief Consumer: Mixue Group, REA Group Ltd, TSE Tokyo Price Index TOPIX, World Co Ltd, Allied Blenders & Distillers, LCI Industries, Korea Stock Exchange KOSPI 200, JAKKS Pacific and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

MIXUE IPO – Decent Cornerstone, past Sentiment Overhang
MIXUE Group (2097 HK) IPO: The Bull Case
StubWorld: REA Group Dives As CoStar Muscles Into Turf
Mixue Group IPO: Value For Money Pricing and Attractive Valuations
Not Promptly Retiring Treasury Stock Has Increased the Market Cap of Japanese-Style Calculations
World Buys Mitsubishi Clothing Business
Allied Blenders & Distillers Ltd Q3FY25 Update: Volume Growth, Premiumization
LCI Industries Fights Back Against Tariffs – Can They Survive The Trade War?
KOSPI 200 – Upcoming BOK Rate Decision: Navigating Market Moves and Profit Opportunities
JAKK: 4Q Review: Solid Q, Dividend Catalysts for 2025; Reiterate Buy, $40 PT

MIXUE IPO – Decent Cornerstone, past Sentiment Overhang

By Sumeet Singh

Mixue Group is now looking to raise around US$450m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.

MIXUE Group (2097 HK) IPO: The Bull Case

By Arun George

Mixue Group (MIX HK), a world-leading manufacturer of freshly made drinks, is seeking to raise US$445 million through an HKEx IPO.
According to CIC, Mixue is the largest freshly made drinks company in China and worldwide, according to the number of stores as of September 30, 2024.
The bull case rests on a strong brand, leading market share, peer-leading revenue growth, top-tier profitability and cash generation.

StubWorld: REA Group Dives As CoStar Muscles Into Turf

A double dose of StubWorld this week: REA Group Ltd (REA AU)‘s rolls over as CoStar Group (CSGP US) bets big on key rival Domain Holdings Australia (DHG AU).
Preceding my comments on REA and News Corp (NWSA US) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Mixue Group IPO: Value For Money Pricing and Attractive Valuations

By Devi Subhakesan

Mixue Group (MIX HK) is offering 17.06 million shares at HK$202.50 apiece to raise HK$3.45 billion ($444 million) in its initial public offering in Hong Kong
Mixue’s IPO was launched today morning and will close on Wednesday 26th February. The stock is due to list on HK bourses on 3rd March.
Mixue, China’s value-for-money freshly made beverage leader, has priced its IPO shares attractively given its robust growth track record and long term competitive strengths.

Not Promptly Retiring Treasury Stock Has Increased the Market Cap of Japanese-Style Calculations

By Aki Matsumoto

The fact that few companies promptly retire treasury stock is the reason for the large gap between market capitalization including treasury stock and market capitalization calculated without including treasury stock.
It’s odd that EV/EBITDA of a company will be smaller after cancelling treasury shares than before, but this shouldn’t be too much trouble for institutional investors who analyze it closely.
Although this gap may widen for more companies as more cross-shareholdings will be bought back with treasury stock, the increase in share repurchases is a favorable development.

World Buys Mitsubishi Clothing Business

By Michael Causton

World may finally have found the key to real growth after years of trying to build a fashion retail business in shopping centres, but with limited success.
The big problem was that it didn’t have the supply chain skills to compete with the big retailers like Uniqlo and Adastria.
Buying the supplier that helped grow those same chains means World now has a real chance to enter the big leagues.

Allied Blenders & Distillers Ltd Q3FY25 Update: Volume Growth, Premiumization

By Sudarshan Bhandari

Allied Blenders & Distillers (9844250Z IN) ‘s Q3 FY25 results showed robust growth in revenue at Rs. 2,346 crores (up 15.5% sequentially, 12.9% YoY) and strong premiumisation with expanded export reach.
Enhanced margins driven by effective cost optimization and profitable state brand mix highlight ABDL’s resilience and ability to capture premium market trends, strengthening its competitive position in India’s spirits industry.
The company aims to grow the aggregate market share of its four millionaire brands and consolidate its position in the P&A whisky segment through its three millionaire brands

LCI Industries Fights Back Against Tariffs – Can They Survive The Trade War?

By Small Cap Consumer Research

LCI Industries reported a stabilized financial performance amidst tough market conditions in the RV and marine industries.
For the full year 2024, the company reported revenues of $3.7 billion, a slight decrease of 1% compared to the previous year.
Despite headwinds, including a challenging RV and marine market, LCI Industries managed to achieve this minimal decline owing to its diversified business model.

KOSPI 200 – Upcoming BOK Rate Decision: Navigating Market Moves and Profit Opportunities

By Gaudenz Schneider

The Bank of Korea is expected to cut interest rates to 2.75% on 25 February 2025. The decision, however, is not expected to be unanimous and some analysts argue against.
Historical data from 120 BoK announcements and subsequent moves in the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY) is examined.
Options market pricing seems to lean toward a “surprise and no-change” outcome. Traders can seek opportunities with short straddles or long puts depending on anticipated outcomes.

JAKK: 4Q Review: Solid Q, Dividend Catalysts for 2025; Reiterate Buy, $40 PT

We are reiterating our Buy rating and $40 price target for JAKKS Pacific after the company announced slightly below consensus 4Q24 results, launched a $1.00 annual dividend per share program, and remained confident in their ability to drive solid results, even in the face of tariffs and economic uncertainty.
We believe, with continued strong licensed products, easy comparisons (especially in 1H25) and upside drivers in international, expansion into the sporting goods channel with Authentic Brands Group (“ABG”) seasonal offerings, The Simpsons and further private label expansion, momentum will remain strong at JAKKS.
Now with a compelling dividend and a valuation of 4.6X our 2026 EBITDA projection, we believe the risk/reward in JAKK remains compelling, and we reiterate our Buy rating and $40 price target.

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Feb 22

Daily Brief Financials: Religare Enterprises, Freshworks, Fuji Soft Inc, Upstart Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Religare’s New Dawn: The Burman Family Takes Control
Freshworks Inc.: Advancements in AI & IT Solutions To Drive Market Penetration Across Various Customer Segments!
Asia Real Estate Tracker (21-Feb-2025): Brookfield sells Sydney complex for $210M
Upstart Holdings Inc.: Expansion into New Loan Products & Markets As A Crucial Factor In Stock Trajectory!

Religare’s New Dawn: The Burman Family Takes Control

By Nimish Maheshwari

After an 18-month saga, the Burman family has taken control of REL, acquiring 25.16% equity and planning a INR 2,000 crore capital infusion.
This takeover ends promoter-less governance, injecting fresh strategic capital to transform Religare into a competitive NBFC and drive long-term recovery.
Investors should now view Religare as a turnaround story, with robust governance reforms, lower debt, and renewed focus on core financial services promising sustainable growth.

Freshworks Inc.: Advancements in AI & IT Solutions To Drive Market Penetration Across Various Customer Segments!

Freshworks’ latest financial performance and strategic initiatives offer a complex picture with both strengths and potential challenges.
Over the fourth quarter and full fiscal year 2024, the company delivered strong financial results, marking significant improvements in revenue and profit margins compared to prior estimates.
Freshworks recorded a revenue increase of 22% year-over-year, reaching $194.6 million in Q4 alone, while reporting a notable non-GAAP operating margin of 21%.

Asia Real Estate Tracker (21-Feb-2025): Brookfield sells Sydney complex for $210M

By Asia Real Estate Tracker

Brookfield has sold a Sydney logistics complex for $210M to Ontario Teachers’, KIC, and Gateway.
CapitaLand Investment has closed a $130M private credit fund in Korea.
Sun Hung Kai has bought a $77M residential plot, the cheapest land sale in 11 years in Hong Kong.

Upstart Holdings Inc.: Expansion into New Loan Products & Markets As A Crucial Factor In Stock Trajectory!

Upstart Holdings Inc. recently reported a strong financial performance for the fourth quarter and full-year 2024, marking significant progress in various aspects of its operations.
The company demonstrated a noteworthy increase in both origination volume and revenue, reflecting substantial growth compared to previous quarters and the prior year.
Originations grew by 33% sequentially, and revenue increased by 35% in the same period.

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Feb 22

Most Read: Shin Kong Financial Holding, Goodman Group, Xiaomi Corp, Britannia Industries, China National Building Material, Domain Holdings Australia , Mixue Group, Mayne Pharma, REA Group Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Shin Kong (2888 TT) / Taishin (2887 TT) – Waiting on the FSC
Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering
Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)
India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn
CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration
Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today
Domain (DHG AU): CoStar’s A$4.20/Share NBIO
MIXUE IPO – Decent Cornerstone, past Sentiment Overhang
Mayne Pharma (MYX AU): Cosette’s A$7.40/Share Scheme
StubWorld: REA Group Dives As CoStar Muscles Into Turf

Shin Kong (2888 TT) / Taishin (2887 TT) – Waiting on the FSC

By Travis Lundy

The TFTC approved in early January, The TFTC said market power would be limited and competition unrestricted. Another CNA article suggested the two FHCs were completing employee placement plans.
Apparently, as of a month ago, only the Shin Kong Bank employee settlement plan had not been completed but the FSC has rules about that. Consideration likely proceeds.
There are specific rules about how these things are dealt with. In the meantime, the spread – still wide – is narrowing.

Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering

Goodman Group went into a trading halt and then announced results and an underwritten equity placement of A$4bn (US$2.54bn) to pursue growth opportunities across logistics and data center operations.
The stock has dropped since CIC’s stake sale in December but still continues to handily outperform peers.
There will be some passive buying in the stock at the time of share settlement and more a few days later to mop up around 37% of the offering.

Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index and HSCI Index (among others) post market close today.
The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.
Capping will lead to most inflows to Meituan (3690 HK) while the largest outflows will be from Alibaba Group Holding (9988 HK) and Xiaomi Corp (1810 HK).

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.
The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.
Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.

CNBM (3323 HK): Whitewash Waiver Secured. Next Is The Proration

On the 6th December 2024, China National Building Material (3323 HK) (CNBM), China’s leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.
This elevated CNBM’s parent’s stake to 50.01% of total shares from 45.02% currently, necessitating a whitewash waiver so the parent would not be obliged to make a full blown offer.
Independent H-shareholder overwhelmingly approved the waiver yesterday, the 19th February. Tendering closes on the 5th March. Minimum pro-ration is 19.24%. I’m estimating at least 35%. The Offer is now unconditional.

Domain Holdings (DHG AU): CoStar Makes an NBIO; Buys 16.9% Stake; Short Covering Today

Costar Group (CSGP US) bought a 16.9% stake in Domain Holdings Australia (DHG AU) yesterday at A$4.2/share in cash. That is a 34.6% premium to the last close.
Then, Costar Group (CSGP US) made a non-binding indicative proposal to buy all the Domain Holdings Australia (DHG AU) shares it did not own at A$4.2/share.
Nine Entertainment Co Holdings (NEC AU) owns just over 60% of Domain Holdings Australia (DHG AU) and should move higher on the offer.

Domain (DHG AU): CoStar’s A$4.20/Share NBIO

Domain Holdings Australia (DHG AU), Australia’s number two player in the online real estate market, has announced a non-binding proposal, by way of a Scheme, from CoStar Group (CSGP US).
CoStar is offering A$4.20/share, in cash. A A$0.02/share dividend declared on the 13th Feb will be added (but now ex). CoStar also acquired 16.9% of shares out, also at A$4.20/share.
Domain is 60% owned by Nine Entertainment Co Holdings (NEC AU), and has been known to be scoping out a buyer. A firm offer will require FIRB to sign off.

MIXUE IPO – Decent Cornerstone, past Sentiment Overhang

By Sumeet Singh

Mixue Group is now looking to raise around US$450m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.

Mayne Pharma (MYX AU): Cosette’s A$7.40/Share Scheme

Mayne Pharma (MYX AU), a leader in dermatology and women’s health, has entered into a Scheme Implementation Deed with US-based pharmaceutical outfit, Cosette Pharmaceuticals.
Cosette is offering A$7.40/share, a 37% premium to last close. Apart from Mayne’s shareholder approval, the Offer requires FIRB signing off.
The Offer also has the backing of Mayne’s two largest shareholder, Viburnum and Bruce Mathieson, collectively holding 14.1%. Implementation is expected late May, early June 2025. This is done.

StubWorld: REA Group Dives As CoStar Muscles Into Turf