Smartkarma Daily Briefs

JX Advance Metal’s (JXAM) parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
In this note, we talk about the not-so-positive aspects of the deal.

Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project

Kiri Industries (KIRI IN) ’s Q3/9M FY25 results show revenue growth, operational enhancements, and a legal victory in the DyStar case, alongside a strategic shift in joint venture accounting.
The legal win and growth in high-margin segments signal improved profitability and future revenue potential, bolstered by a robust copper project on track for 2028.
The new copper unit: Company investing close to 8000Cr in the new copper business, In first phase co will invest near to 1100Crs.

[US Nat Gas Options Weekly 2025/07] Henry Hub Rises on Cold Weather and Declining Storage

By Suhas Reddy

For the week ending 14/Feb, U.S. natural gas prices gained 12.6% on the back of colder weather forecasts, rising LNG exports, and falling inventories.
Henry Hub Put/Call volume ratio dropped to 0.66 from 1.33 (07/Feb) the previous week as call volumes surged by 102.1% WoW, while put volumes inched down by 0.2%.
Henry Hub OI PCR rose to 0.98 from 0.97 (07/Feb) last week. Call OI rose by 5.2% WoW, while put OI increased by 6.5%.

New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company

By Kilde

New Toyo International, established in 1975, is a leading producer of specialty packaging materials in the Asia Pacific Region. Its operations span across Singapore, Malaysia, Vietnam, Dubai, Indonesia and China.
The Group has two core business divisions. Its Specialty Papers division focuses on the production of laminated foil paper, and coated paper and metalized paper, while the Printed Carton and Labels division offers mainly gravure and lithography or offset printing of packaging materials for cigarettes and fast-moving products. In addition, the Group has a trading business that focuses on tobacco packaging-related materials, as well as a corrugated cartons production operation.
For specialty paper, which is one-third of its revenues, but more than two-thirds of its profitability the company has maintained margins through active cost management and inventory control despite the recent decline in the revenues due to destocking.

[US Crude Oil Options Weekly 2025/07] WTI Falls for Fourth Consecutive Week on Tariff Concerns

By Suhas Reddy

WTI futures fell by 0.4% for the week ending 14/Feb, marking its fourth straight weekly drop. Prices fell due to trade policy uncertainty and rising crude inventories.
WTI options Put/Call volume ratio fell to 0.94 from 1.18 (07/Feb) last week, as call volume rose by 23.6% WoW while put volume dropped by 1.6%.
WTI OI PCR fell to 0.96 from 0.98 last week. Call OI dropped by 16.9% WoW, while put OI decreased by 20.1%.

What’s News in Amsterdam – 18 February 2025 (AkzoNobel)

By The IDEA!

In this edition: • AkzoNobel | Sherwin Williams buys BASF’s Architectural Paints business in Brazil • AkzoNobel | private equity appetite for AkzoNobel’s SE Asian Deco business?

First Quantum Minerals (FM CN): Better Than Expected Results, But Cobre Panama Arbitration Delayed

By Sameer Taneja

Total copper production, excluding Cobre Panamá, was 431,000 tonnes—14% higher than the previous year and exceeding guidance of 420,000 tonnes. Gold production also surpassed guidance at 139,000 ounces.
Management believes the ICC’s five-month arbitration delay for the Cobre Panama mine, now set for February 2026, is unlikely to affect the pace of negotiations.
The company trades at an EV-EBITDA of 9.4x, which is more expensive than some of its peers. However, Cobre Panama’s option value materializing makes it attractive (4.7x EV-EBITDA).

Welspun Corp Q3 Update: Capitalizing on Infrastructure and Renewable Demand

Welspun Corp (WLCO IN)’s Q3 FY25 results show a sequential 9% revenue increase, significant net profit surge to Rs. 675 crore, and a robust order book exceeding Rs. 15,000 crore.
Improved profitability and strategic growth initiatives bolster Welspun’s market position, enabling the company to capitalize on expanding demand in infrastructure and renewable sectors.
Total Order book increased to 8.66L Ton in India and US, DI Pipe order book is at 3.5L Tons, where Saudi order book is for more than 2.5 yrs.

Corcel Plc (AIM: CRCL): Raising New Equity to Grow and Progress Angola

By Auctus Advisors

Corcel has raised £2.72 million of new equity at a price of 0.16p per share, representing a premium of 6.7% to yesterday’s close.
The company will also issue one warrant per new share with a strike price of 0.225p per share (24-month duration).
Following a six-month period, Corcel will have the right to request the warrants to be exercised if the share price is equal to or above 0.30p per share for a period of 25 consecutive trading days.

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Feb 19

Daily Brief Consumer: Mixue Group, Tam Jai International, Alibaba Group Holding , Midea Group, Papa John’S Intl, Stamford Tyres Corp, Consorcio ARA, WK Kellogg , Lands’ End Inc and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Mixue Group IPO Preview
Tam Jai Intl (2217 HK): It Seems like Quite Some People Are Unhappy
Alibaba (9988 HK): How Options Traders Are Navigating the Rally and Volatility. Top Trades.
Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis
Midea IPO Re-Evaluation
Papa John’s Takeover Bid? Why This Pizza Chain Could Be A Prime Target For Irth Capital!
Stamford Tyres Corporation Limited (SGX: S29): A Steady Drive
Actinver Research – ARA 4Q24: Positive Quarterly Results in Line with Our Estimates (Quick View)
WK Kellogg Surges on Ferrero Takeover Speculation – Is a Deal on the Horizon?
LE: Snapping the Catalog: Swim Rising; Reiterate Buy Rating, $20 PT

Mixue Group IPO Preview

By Douglas Kim

Mixue Group is getting ready to complete its IPO in Hong Kong in the coming weeks. Mixue Group plans to raise about US$500 million from its Hong Kong IPO.
The company has an excellent income statement with notable growth in sales and profits in the past four years.
Net margin improved from 15.7% in 2023 and 18.7% in 1Q-3Q 2024, driven by higher sales base and lower major operating costs as a percentage of sales

Tam Jai Intl (2217 HK): It Seems like Quite Some People Are Unhappy

By Osbert Tang, CFA

Tam Jai International (2217 HK)‘s privatisation price is lower than we expected, based on 1.37x 12-month forward P/B, against our expectation of 1.63x (the historical average).
The PER of 21.1x for CY25, a premiuim to sector average of 13.7x, however, looks attractive enough for investors that entered in the last 12 months.
The 52.6% discount to IPO price (HK$3.33) and huge net cash have made some early investors unhappy. There is already letter from a minority shareholder calling to vote against it.

Alibaba (9988 HK): How Options Traders Are Navigating the Rally and Volatility. Top Trades.

By Gaudenz Schneider

This Insight analyses Alibaba Group Holding (9988 HK) tailor-made option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.
These traders tailor structures to risk budgets and take calculated bets. Several large box trades appeared on the ticker.
Expect more movement on Alibaba Group Holding (9988 HK)‘s Q3 earnings announcement tomorrow, 20 February 2025. Option-implied move at the end of this Insight.

Mixue IPO: More than Just Tea. Key Facts, Financials and Analysis

By Devi Subhakesan

Mixue Group, the largest freshly-made drinks company in China, is reportedly set to begin book building for its Hong Kong IPO by end-February, targeting to raise approximately USD 500 million.
Mixue Group (MIX HK)‘s mass-market pricing strategy and compelling value for money positioning targets price-sensitive consumers, especially in lower-tier cities and among youth, driving high-volume sales.
Mixue Group (MIX HK) reported robust revenue and profit growth for first nine months of 2024 led by new store openings and margin expansion despite sector slowdown and intensifying competition.

Midea IPO Re-Evaluation

By Alex Ng

Midea is a sound equity investment which is a market leader in the electronics products with just 12.8 trailing PE.
China newly launched consumer trade-in policy could become the new driver of Midea’s revenue stream.
Overseas business expansion could become the new game changer to re-rate the company’s valuation in the longer term.

Papa John’s Takeover Bid? Why This Pizza Chain Could Be A Prime Target For Irth Capital!

Papa John’s International recently announced their third-quarter 2024 financial results, delineating a mixedperformance.
The company’s primary focus is set on improving execution, profitability, and sustainable shareholder value.
Todd Penegor, the recently appointed President and CEO, along with a restructuring inthe leadership team, emphasizes a strategic drive toward refining product propositions, marketing strategies, and technology infrastructure.

Stamford Tyres Corporation Limited (SGX: S29): A Steady Drive

By Kilde

Headquartered in Singapore, Stamford Tyres Corporation Ltd. is a leading player in the global tire industry, primarily involved in the wholesale distribution, retail, and service of tires, automotive parts, and accessories. It is well-known for its extensive network of customers and strong relationships with major tire manufacturers.
The company has formed strategic partnerships with top tire manufacturers including with Falken, Dunlop and Continental. These collaborations provide Stamford Tyres access to high-quality products and a competitive edge in the market.
Southeast Asia remains the core market for the company contributing nearly 88% of revenues. Of this, Singapore is the largest market (42% of revenues) followed by Indonesia (18%), Thailand (15%) and Malaysia (10%). Stamford Tyres also generates 10% of revenues from South Africa.

Actinver Research – ARA 4Q24: Positive Quarterly Results in Line with Our Estimates (Quick View)

By Actinver

Total revenues of P$1.8bn were in line with our estimates and increased 18% YoY.
Housing revenues (95% of total) were up 21% due to a 14% YoY increase in the housing volume and a 6% YoY gain in the average selling price to P$1.2 million.
Revenues from the affordable and middle-income segments maintain a positive trend, being the main catalyst for the positive results.

WK Kellogg Surges on Ferrero Takeover Speculation – Is a Deal on the Horizon?

By Small Cap Consumer Research

The WK Kellogg Company recently reported its fourth-quarter and full-year 2024 financial results with notable highlights and areas for investor consideration.
On the positive side, the company successfully progressed its strategic priorities, notably modernizing its supply chain and developing its standalone operating infrastructure following its separation from Kellanova.
This has already led to improved supply chain performance, with increased operational efficiency and a boost to gross margins, which grew by 90 basis points to 29.8% for the year.

LE: Snapping the Catalog: Swim Rising; Reiterate Buy Rating, $20 PT

We are reiterating our Buy rating, projections and $20 price target for Lands’ End after reviewing the February catalog.
After a small taste last month, swimwear and Spring are the key focuses, with almost 50% of the February catalog swimwear related.
February demonstrates a continued focus on features to tell a compelling retail story, expansion into more fashion driven silhouettes, creating an outfit driven culture to drive multiple item purchases and positioning Lands’ End as a solutions-driven retailer.

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Feb 19

Daily Brief Health Care: Mesoblast Ltd, Japan Eyewear Holdings , Cytokinetics Inc, Classys, Rani Therapeutics Holdings , Encompass Health , Arcutis Biotherapeutics , VISEN Pharmaceuticals, Ab&B Bio-Tech, Telomir Pharmaceuticals and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

S&P/ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly
Japan Eyewear Holdings: A Short-Term Setback, Long-Term Opportunity?
Cytokinetics Back In The Spotlight Amid Fresh Takeover Speculation: Why Big Pharma May Be Eyeing This Biotech Gem?
Classys (214150 KS): 2024 Sales Beat Guidance; New Record Sales Target for 2025
RANI: Impressive Bioavailability for RT-116
Encompass Health Corporation: An Insight Into Its Strategic Construction
Arcutis Biotherapeutics Attracting Takeover Speculation Amid Explosive Growth: What Is It Worth?
Pre-IPO VISEN Pharmaceuticals (PHIP Updates) – Some Points Worth the Attention
Ab&B Bio-Tech (中慧生物) Pre-IPO: A Shaky Story of Flu Vaccine Rising Star
TELO: Exciting Test Results Bode Well for Future

S&P/ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly

By Brian Freitas

Nearing a few days left in the review period, there could be 39 adds/deletes across the S&P/ASX family of indices in March.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&P/ASX 200 and S&P/ASX 300.
Except for the S&P/ASX 200 (AS51 INDEX) that is heavily tracked, the performance of the forecast changes to the other indices has been very stable with adds outperforming deletes bigly.

Japan Eyewear Holdings: A Short-Term Setback, Long-Term Opportunity?

By Oshadhi Kumarasiri

On February 14, 2025, JEH announced the cancellation of its planned share offering and withdrew its Prime Market listing application due to a potential insider trading violation involving an executive.
While the news may trigger a sharp correction in the stock, JEH’s core business remains strong, driven by pricing power, expansion opportunities, and growing inbound demand.
If governance concerns are effectively addressed, the stock could offer a compelling buy-and-hold opportunity once market sentiment stabilizes.

Cytokinetics Back In The Spotlight Amid Fresh Takeover Speculation: Why Big Pharma May Be Eyeing This Biotech Gem?

Cytokinetics Inc. reported its third quarter 2024 results, highlighting significant developments across its pipeline and commercial readiness efforts.
A notable achievement was the completion of the rolling submission and the new drug application to the FDA for aficamten, a cardiac myosin inhibitor targeting obstructive hypertrophic cardiomyopathy (HCM).
This represents a key milestone in Cytokinetics’ efforts to bring potentially transformative therapies to market.

Classys (214150 KS): 2024 Sales Beat Guidance; New Record Sales Target for 2025

By Tina Banerjee

Classys (214150 KS) reported record-high revenue of KRW243B for 2024, 8% ahead of guidance. Operating profit grew 37% YoY to KRW 123B, and the operating profit margin improved to 50.4%.
Volnewmer remained the key growth driver. Volnewmer has exceeded 1,200 units in annual global sales mainly due to successful launches in major countries including Brazil, Thailand, and the U.S.
The company has guided for 2025 sales of KRW350B, up 44% YoY. 2025 operating profit margin is expected to improve from the operating profit margin of 48.1% reported in 4Q24.

RANI: Impressive Bioavailability for RT-116

By Zacks Small Cap Research

Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

Encompass Health Corporation: An Insight Into Its Strategic Construction

Encompass Health Corporation concluded its fourth quarter of 2024 with a robust financial performance, emphasizing strategic growth and improved patient care metrics.
The company reported a 12.7% increase in revenue for the quarter, reaching $1.4 billion, alongside a 13.6% rise in adjusted EBITDA to $289.6 million.
Key metrics contributing to this growth were the 7.8% increase in discharges and a 4.2% rise in net revenue per discharge.

Arcutis Biotherapeutics Attracting Takeover Speculation Amid Explosive Growth: What Is It Worth?

Arcutis Biotherapeutics’ latest financial results show a mix of strategic execution and market opportunity, underpinned by the performance of its ZORYVE portfolio.
The company’s Q3 2024 results highlighted substantial sales growth, reflecting a year-over-year increase of 452% and a sequential quarterly rise of 45%, bringing net product revenue to $44.8 million.
This growth is underpinned by the expansion of ZORYVE’s indications, now covering psoriasis, seborrheic dermatitis, and atopic dermatitis.

Pre-IPO VISEN Pharmaceuticals (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

All the three candidates lonapegsomatropin, TransCon CNP, palopegteriparatide in the pipeline of VISEN are based on Exclusive License Agreements with Ascendis Pharma. So, there’re concerns about VISEN’s independent R&D capabilities.
VBP would destroy the price system of growth hormone market in China, and market size would shrink due to price reduction and decreasing demand as fewer babies will be born.
Post investment valuation reached US$1.03 billion. Since leading domestic companies have dominated the market, it’s not easy for VISEN to break through. Valuation of VISEN could be lower than peers.

Ab&B Bio-Tech (中慧生物) Pre-IPO: A Shaky Story of Flu Vaccine Rising Star

By Ke Yan, CFA, FRM

China-Based vaccine biopharmaceutical company Ab&B is looking to raise at least US$100 million via a Hong Kong listing.
In this note, we look at the story that the company is trying to market.
We are of the view that the potential of its core flu vaccine product is not that rosy. Its pre-IPO investors and founders are of mediocre quality.

TELO: Exciting Test Results Bode Well for Future

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 preclinical test results that showed exciting developments that could lead to a better treatment for AMD.

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Feb 19

Daily Brief TMT/Internet: XtalPi Holdings, Taiwan Semiconductor (TSMC) – ADR, Hexaware Technologies, Taiwan Semiconductor (TSMC), Baidu, SUTL Enterprise, Anterix , Innolux Corp, Mixi Inc, Soluna Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Xtapli Placement – Questionable Timing. An AI Momentum Play, at Best
Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications
Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall
Profit Targets for TSMC (2330.TT) After Intel Acquisition Announcement
[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse
SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
Anterix’s Strategic Review Sparks Acquisition Speculation: Is a Buyout on the Horizon?
Tech Supply Chain Tracker (19-Feb-2025): ASE opens fifth factory in Penang, with AI-driven smart manufacturing.
MIXI Inc. (2121 JP) – Sustaining Higher Returns Looks Realistic
Soluna Holdings, Inc. – CEO Highlights Growth Plans for 2025

Xtapli Placement – Questionable Timing. An AI Momentum Play, at Best

Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.
QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
In this note, we will talk about the placement and run the deal through our ECM framework.

Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications

By Vincent Fernando, CFA

TSMC & Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space
Taiwan AI Server Leader Expanding to Texas with New Production Hub
Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where’s The AI Effect?

Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall

Hexaware Technologies raised around US$1bn in its India IPO, while its anchor book was strong, overall coverage was not.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

Profit Targets for TSMC (2330.TT) After Intel Acquisition Announcement

By Nico Rosti

Taiwan Semiconductor (TSMC) (2330 TT) started to rally after an article on the WSJ said that the Taiwanese company is considering buying Intel’s semiconductor manufacturing plants.
As always, buy the rumor, sell the news is a possibile strategy here: our models say the stock is getting quickly overbought (WEEKLY period).
In this insight we will provide some short-term, tactical guidance to identify profit targets, where can you expect to see the stock reaching in the next few days/weeks.

[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse

By Ying Pan

We expect BIDU to post C4Q24 top line,non-GAAP operating profit and GAAP net income (5.1%), (7.7%) and (8.7%) vs. consensus.We expect BIDU to issue C1Q25 top line guidance (1.2%) vs.consensus;
BIDU’s problem is not only manifested in the loss of the Apple contract,it is also the loss of first mover advantage in both Generative Artificial Intelligence and Autonomous Driving Services.
Losing traffic advantage, BIDU has become a self-containing app ecosystem but all pillars of this ecosystem is facing intensifying competition. SELL @US$78.

SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific

By Kilde

Singapore’s Premier Marina Operator. SUTL Enterprise is a leading Singapore-based marina developer, operator, and consultant, specializing in integrated luxury marina projects under its proprietary ONE°15 brand.
The company operates its flagship ONE°15 Marina Sentosa Cove and extends its expertise to third-party marinas through long-term management contracts and consultancy services. With a strong brand position and established industry leadership, SUTL is expanding across Asia-Pacific, capitalizing on growing demand for luxury yachting and premium marina infrastructure.
Diverse and Resilient Revenue Streams. SUTL generates revenue through recurring membership fees, marina management contracts, and sales of goods and services.

Anterix’s Strategic Review Sparks Acquisition Speculation: Is a Buyout on the Horizon?

Anterix has showcased notable developments in its fiscal third quarter of 2025 that have implications for prospective and current investors.
The company has announced a $13.5 million expansion agreement with the Lower Colorado River Authority, which expanded Anterix’s 900-megahertz broadband spectrum coverage in Texas.
This expansion is a testament to Anterix’s growing scale and its penetration into utility communications solutions, covering a substantial geographic footprint across 15 states, surpassing U.S. Cellular in coverage.

Tech Supply Chain Tracker (19-Feb-2025): ASE opens fifth factory in Penang, with AI-driven smart manufacturing.

By Tech Supply Chain Tracker

ASE opens its 5th factory in Penang, emphasizing AI-driven smart manufacturing to enhance production efficiency and quality.
Win Semiconductors plans to expand in optical communications by leveraging SiPh CPO technology, aiming to capitalize on growing market demand.
DRAM manufacturers are considering discontinuing production of DDR3 and DDR4 by the end of 2025, signaling a shift towards newer technologies.

MIXI Inc. (2121 JP) – Sustaining Higher Returns Looks Realistic

By Astris Advisory Japan

Stronger than expected performance – Q1-3 FY3/25 results were a positive surprise, with larger than expected OPM expansion YoY driven by effective advertising cost control in both the Digital Entertainment and Lifestyle segments and strong sales growth in the Sports segment driven by the Spectator Sports business.
The company has upwardly revised FY3/25 guidance, denoting a strong finish for Q4 FY3/25 and indicating that profitability will remain higher than expected for the medium term.
We have revised our earnings estimates for FY3/26, which denotes flat reported earnings growth YoY; the underlying trend, excluding the sale of Timee (215A) shares in FY3/25, shows OP growth of approximately 10% YoY.

Soluna Holdings, Inc. – CEO Highlights Growth Plans for 2025

By Water Tower Research

Belizaire discussed the strength of the 3Q24 numbers (4Q24 earnings report is due soon).
Results included a 30% Y/Y revenue increase, an adjusted EBITDA flip from a loss of $4.5 million in 3Q23 to a profit of $3.5 million in 3Q24, and the development of the Soluna Cloud (for AI computing).
For 2025, Belizaire is looking at a growing set of projects moving to operation and revenue, including a growing pipeline, hitting 2.6GW of computing power (with demand for more), flagship Dorothy, and projects Kati and Rosa.

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Feb 19

Daily Brief Financials: Goodman Group, EFCI Ltd, Keppel DC REIT, Arvind SmartSpaces, Banco BPM SpA, Volta Finance , Clip Money and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering
EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals
Asia Real Estate Tracker (18-Feb-2025): ADIA, Hines sell Shanghai Trophy Tower for $1.5B
Arvind SmartSpaces Limited Q3 Update: Leveraging Market Trends for Future Revenue Potential
UniCredit’s Banco BPM Takeover: A Deal on the Brink?
Volta Finance Limited (VTAS): 2024 experience bodes well for 2025
Clip Money, Inc. – Raising Estimates Due to Faster Growth and the New Green Dot Partnership

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

By Brian Freitas

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.

EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals

EFCI Ltd (EFCIL IN) witnessed a robust Q3 & 9M FY25 growth with sequential revenue, EBITDA, and PAT increases; new SM REIT registration and strategic seat expansion initiatives bolster operations.
Strong financial performance amid market challenges underscores resilience in flexible workspace and real estate sectors, positioning EFC India to capitalize on rising demand and government support.
Company is planning to add 25000 seats annually, where expecting furniture vertical worth INR 150Crs and Design & Build worth INR 225-250Crs next year.

Asia Real Estate Tracker (18-Feb-2025): ADIA, Hines sell Shanghai Trophy Tower for $1.5B

By Asia Real Estate Tracker

ADIA and Hines sell Shanghai Tower for $1.5B to insurer-backed fund, showcasing large-scale real estate transactions.
Keppel DC REIT sells German data centre at 39% loss from 2019 purchase price, indicating potential challenges in the real estate market.
TPG offers $65M for Econ Healthcare, Singapore nursing home operator, amidst growing interest in healthcare industry investments.

Arvind SmartSpaces Limited Q3 Update: Leveraging Market Trends for Future Revenue Potential

Arvind SmartSpaces (ARVSMART IN) posted 149% YoY revenue growth in Q3 FY25 and secured new projects worth RS. 3,850 crore, despite a 20% YoY decline in bookings due to approval delays.
Improved profitability and strategic project wins underscore its resilience in a dynamic real estate market, driving long-term value despite operational hurdles.
Company is planning to deploy Rs.500 to Rs. 600 crore in both vertical and horizontal projects over the next six months.

UniCredit’s Banco BPM Takeover: A Deal on the Brink?

By Jesus Rodriguez Aguilar

Danish Compromise Uncertainty: If Banco BPM fails to secure Danish Compromise approval, its CET1 ratio could decline by 268bps, making it a riskier acquisition for UniCredit, potentially jeopardizing the deal.
UniCredit’s Strategic Dilemma: UniCredit may renegotiate the exchange ratio, withdraw the bid, or pursue Commerzbank instead, as Banco BPM’s Anima acquisition increases capital consumption risks and complicates UniCredit’s strategic plans.
Market Skepticism: As of February 18, 2025, Banco BPM’s shares trade at €9.04, while UniCredit’s offer values them at €8.47, leading to a +6.7% gross spread.

Volta Finance Limited (VTAS): 2024 experience bodes well for 2025

By Hardman & Co

Volta has delivered +21.2% 2024 total NAV return, outperforming i) B-rated CLO tranches (+19.2%), ii) US high yield (+8.2%), iii) Euro high yield (+8.6%), and iv) global loans (+7.3%).
Its performance reflects positive markets and the incremental value added by the manager through its asset selection and portfolio management.
Looking into 2025, we expect another strong year from CLOs: more market growth (partially driven by loans issued to fund greater PE activity), and stable, if not falling, defaults offsetting some spread tightening and fewer pull to par benefits from loans restructuring.

Clip Money, Inc. – Raising Estimates Due to Faster Growth and the New Green Dot Partnership

By Zacks Small Cap Research

Clip Money is a rapidly growing NCR-backed start-up based in Ottawa, Canada, and operating in Canada and the US.
It is helping physical stores and businesses quickly, safely, and less expensively deposit cash into their bank accounts, as well as replenishing notes and coins for store operations.
The company uses its proprietary software platform to facilitate cash management, and its network is made up of a network of DropBoxes, NCR ATMs located in retail outlets and a second half roll out at Green Dot locations.

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Feb 18

Daily Brief ESG: Going Private Is Not a Problem for a Special Company and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Going Private Is Not a Problem for a Special Company, but a Common Problem for All Listed Companies

Going Private Is Not a Problem for a Special Company, but a Common Problem for All Listed Companies

By Aki Matsumoto

While the homework imposed on companies has been increasing year by year, TSE’s market restructuring and “request to raise P/B” have made companies directly aware of the cost of listing.
MBO is a company’s choice to go private as a result of the cost of maintaining a public listing. Many companies have yet to reach this conclusion.
The conversion of listed subsidiaries into wholly owned subsidiaries is a conclusion that has finally been reached; 230 listed subsidiaries will have to come to some conclusion eventually.

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Feb 18

Daily Brief Thematic (Sector/Industry): Understanding the cattle cycle and more

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

In today’s briefing:

Understanding the cattle cycle, why US beef prices are at record highs and the role of Australia …
Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where’s The AI Effect?
Ohayo Japan | Japan GDP Surprises
[Blue Lotus China New Consumer Weekly, 7/52] Xi’s Meeting with Ma Closed the Anti-Monopoly Chapter

Understanding the cattle cycle, why US beef prices are at record highs and the role of Australia …

By Commodities Focus

The cattle cycle is a long-term cyclical fluctuation in cattle inventory driven by economic signals
Important metrics to consider include availability of female animals, profitability in feeding and cow-calf sectors
Brazil and Australia are the main suppliers of beef to the US, with a large portion of imports being lean trim beef

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where’s The AI Effect?

By William Keating

Q424 revenues for the top 5 WFE players amounted to $28.7 billion, up 10% QoQ and up 21.7% YoY and an all time record high quarterly revenue for the segment
For the full year 2024, revenues amounted to $99.74 billion, up 7% sequentially, and slightly exceeding our forecasted 5% growth.
WFE growth in 2025 will be similar to 2024, with slowing China spending coupled with historic over capacity across the industry countering anticipated AI & technology transition related increases

Ohayo Japan | Japan GDP Surprises

By Mark Chadwick

US market closed for Presidents’ Day; The Stoxx Europe 600 index rose 0.5%
European defense stocks soared Monday, with BAE Systems, Thales, and Rheinmetall jumping over 7%, driven by NATO allies’ plans to boost defense budgets
Japan’s economy grew 2.8% annually (0.7% QoQ) in the October-December period, exceeding forecasts, driven by external demand

[Blue Lotus China New Consumer Weekly, 7/52] Xi’s Meeting with Ma Closed the Anti-Monopoly Chapter

By Eric Wen

Many has cheered or felt relieved over Xi’s weekend meeting with the top Chinese business community. We see a closer relationship between the state apparatus and private enterprises going forward;
January 2025 saw improvement in social financing, with meaningful recovery in corporate financing. Recovery for BOSS might be forthcoming;
BYD dropped the bombshell in populating autonomous driving service (ADS) in sub-Rmb100K vehicles. We view it as another DeepSeek moment. The biggest loser is Tesla. Fast ADS rollout supports AGI.

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✓ Unlimited Research Summaries
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✓ Company Data and News
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Feb 18

Daily Brief ECM: Sony To Sell Down SRE Holdings (2980 JP) Block – AI-Related Growth Stock Should See Support and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Sony To Sell Down SRE Holdings (2980 JP) Block – AI-Related Growth Stock Should See Support
JX Advance Metals Pre-IPO – The Positives – Transforming
Pre-IPO MIXUE Group Update – The Snow King Is Facing Headwinds
Hi-Think Technology Pre-IPO Tearsheet

Sony To Sell Down SRE Holdings (2980 JP) Block – AI-Related Growth Stock Should See Support

By Travis Lundy

SRE Holdings Corp (2980 JP) does a business in AI Cloud&Consulting for the real estate, finance, and Life & Healthcare business. Sony Corp (6758 JP) is selling a stake.
The offering is for about US$50mm assuming a 10% discount today’s close. It is not clear how much this was expected but there is a decent-sized short position.
The stock has its ups and downs, and recently decided it liked Q3 earnings and guidance. That bodes well for the offering.

JX Advance Metals Pre-IPO – The Positives – Transforming