Smartkarma Daily Briefs

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.

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.

JX Advance Metals Pre-IPO – The Negatives – Isn’t There Yet

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.

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

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.

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.

Innovatiview India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Innovatiview India Ltd (INNOVATIVIEWINDIA IN) is looking to raise about US$230m in its upcoming India IPO. The bookrunners for the deal are DAM, ICICI, JM FIn, Motilal.
Innovatiview India ltd (IIL) is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
IIL was the largest player in examination integrated security solutions in India, with a market share of 73.7% in terms of revenue for FY24, according to F&S Report.

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Feb 19

Daily Brief Event-Driven: Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering
PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group
Japan Eyewear Holdings: A Short-Term Setback, Long-Term Opportunity?
Profit Targets for TSMC (2330.TT) After Intel Acquisition Announcement
UniCredit’s Banco BPM Takeover: A Deal on the Brink?

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.

PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group

By David Blennerhassett

PEC Ltd. (PEC SP), a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
Liberty is offering S$0.84/share (not final) – including a AS$0.20/share special dividend – a 12.8% premium to undisturbed; but really more like a >35% premium.
Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread.

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.

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.

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.

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Feb 19

Daily Brief Equity Bottom-Up: Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications and more

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

In today’s briefing:

Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications
Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates
[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse
Tam Jai Intl (2217 HK): It Seems like Quite Some People Are Unhappy
SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
Midea IPO Re-Evaluation
Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project
New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company
Cytokinetics Back In The Spotlight Amid Fresh Takeover Speculation: Why Big Pharma May Be Eyeing This Biotech Gem?
Papa John’s Takeover Bid? Why This Pizza Chain Could Be A Prime Target For Irth Capital!

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?

Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates

By Douglas Kim

The resumption of short selling in Korea will start again on 31 March. There has been a ban on short selling in Korea since November 2023.
We provide some short selling candidates in Korea. Their sharply increasing share prices in the past five years have resulted in much more burdensome valuations.
Despite their burdensome valuations and sharply higher share prices, the remains high risk of some of these stocks that could overshoot to the upside.

[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.

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.

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.

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.

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.

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.

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.

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.

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Feb 19

Daily Brief Macro: Smartkarma Webinar | Australia-ASEAN Summit: Prospering in Partnership and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Smartkarma Webinar | Australia-ASEAN Summit: Prospering in Partnership
[US Nat Gas Options Weekly 2025/07] Henry Hub Rises on Cold Weather and Declining Storage
UK: Hawkish Alignment As 2024 Ends
Trump’s Reciprocal Tariffs and Reducing Bilateral Trade Imbalances
India & Trump’s Trade War
[US Crude Oil Options Weekly 2025/07] WTI Falls for Fourth Consecutive Week on Tariff Concerns
First Quantum Minerals (FM CN): Better Than Expected Results, But Cobre Panama Arbitration Delayed
CX Daily: How to Provide Relief as Personal Debt Piles up in China
Australia: 25bp Rate Cut to 4.1% (Consensus 4.1%) in Feb-25
Cocoa Price Update // CTAs Are Quite Long Commodities

Smartkarma Webinar | Australia-ASEAN Summit: Prospering in Partnership

By Smartkarma Research

In the next installment of our Webinar series, in collaboration with ASEAN Exchanges, we go live with Smartkarma Insight Provider Thomas Lam.

Australia and ASEAN have built a strong, enduring partnership over the past 50 years, culminating in the Australia-ASEAN Comprehensive Strategic Partnership (CSP) in 2021.
The CSP has accelerated inter-regional cooperation across key areas such as the energy transition, digital economy, health, and human rights, reflecting a shared commitment to regional stability and growth.
In October 2024, the 4th ASEAN-Australia Summit in Vientiane, Laos emphasized the importance of connectivity, infrastructure development, and economic integration to support ASEAN’s community-building efforts.

Join us as Thomas Lam shares his expert analysis on the Summit, and what the Australia-ASEAN collaboration means for the future of the ASEAN region.

The webinar will be hosted on Wednesday, 26 February 2025, 16:30 SGT/HKT.

Register for the Webinar here

Thomas Lam has over two decades of experience in the realm of economics and finance, with expertise ranging from covering the global economy, deciphering financial markets, including macro forecasting, to advising on investment strategy. He commenced his career in New York, initially at a large money-center bank and then at a hedge fund. Thereafter, while in Singapore, he worked at two financial institutions and later joined academia. Tom has been consistently ranked among the top five most accurate economists in the world on forecasting the US economy overall (placed third, last published by the “Bloomberg Rankings of Top Forecasters”). During the Global Financial Crisis, he was also acknowledged as the second-best US forecaster worldwide.

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

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%.

UK: Hawkish Alignment As 2024 Ends

By Phil Rush

Unemployment’s rising trend was a dovish crutch broken by stability in December, with the turn in underlying changes repeating the hawkish patterns after Jul-23 and Feb-24.
An intensification of wage growth to 0.7% m-o-m extended its hawkish trend to return the annual rate to around 6%, meaning no progress on where it started the year.
Payback in unemployment follows that in GDP, bringing the data to a more consistently hawkish position at the end of 2024. We still only expect a final BoE rate cut in May.

Trump’s Reciprocal Tariffs and Reducing Bilateral Trade Imbalances

By Alex Ng

President Trump’s executive order on reciprocal tariffs has not produced much market reaction, as the proposals will not be delivered to the president until April 1
The process of Commerce/U.S. Treasury and Homeland Security input is seen reducing the odds of penal tariffs.
However, uncertainty still exists and the EU in particular is at real risk of threats and implementation in the spring.

India & Trump’s Trade War

By Sharmila Whelan

Buy and hold investors should be looking to buy on dip, and we are structurally long Indian equities.
However the attraction of India as a hedge against Trump’s global trade war and China has diminished. Two reasons.
First, India’s disappointing economic performance. Second, Trading Post’s expectations that the trade war will be over sooner than consensus is expecting and that a US-China trade deal will be struck.

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

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%.

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).

CX Daily: How to Provide Relief as Personal Debt Piles up in China

By Caixin Global

Debt / Cover Story: How to provide relief as personal debt piles up in China
Private business /: Xi emphasizes private sector’s role in rare meeting with business titans
Shenzhen /: Shenzhen may report first drop in fiscal revenue since 1990

Australia: 25bp Rate Cut to 4.1% (Consensus 4.1%) in Feb-25

By Heteronomics AI

The RBA lowered the cash rate to 4.1% as inflation moderates faster than expected, with underlying inflation at 3.2% in the December quarter, supported by easing wage pressures and subdued private demand.
Labour market tightness persists despite overall economic weakness, with the unemployment rate at 4%, sustained employment growth, and high unit labour costs posing potential inflationary risks.
The outlook remains uncertain, with global risks including US trade tensions and geopolitical instability, while further rate cuts will depend on continued disinflation and stable labour market conditions.

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

Cocoa Price Update // CTAs Are Quite Long Commodities

By The Commodity Report

Cocoa Price Update Much of the price increase between summer and winter can be fundamentally explained with the decision by the cocoa board of the Ivory Coast (about 35-40% of global supply) not to allow farmers to plant new trees to discipline supply, as cocoa bean prices were too low from its perspective.
Also contributing were cyclical happenings such as complicated weather occurring, swollen shoot virus and speculation.
By now, the liquidity (measured by open interest in the futures market) in the cocoa market is quite low, making it almost impossible for smaller retail investors to participate in the market anymore.

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Feb 19

Daily Brief Australia: Goodman Group, Mesoblast Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering
S&P/ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly

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.

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.

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Feb 19

Daily Brief South Korea: Rainbow Robotics, Classys and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates
Classys (214150 KS): 2024 Sales Beat Guidance; New Record Sales Target for 2025

Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates

By Douglas Kim

The resumption of short selling in Korea will start again on 31 March. There has been a ban on short selling in Korea since November 2023.
We provide some short selling candidates in Korea. Their sharply increasing share prices in the past five years have resulted in much more burdensome valuations.
Despite their burdensome valuations and sharply higher share prices, the remains high risk of some of these stocks that could overshoot to the upside.

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.

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Feb 19

Daily Brief Singapore: PEC Ltd., SUTL Enterprise, New Toyo International Holdings, Stamford Tyres Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group
SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company
Stamford Tyres Corporation Limited (SGX: S29): A Steady Drive

PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group

By David Blennerhassett

PEC Ltd. (PEC SP), a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
Liberty is offering S$0.84/share (not final) – including a AS$0.20/share special dividend – a 12.8% premium to undisturbed; but really more like a >35% premium.
Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread.

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.

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.

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.

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Feb 19

Daily Brief United States: Natural Gas, Cytokinetics Inc, Papa John’S Intl, Crude Oil, Anterix , Rani Therapeutics Holdings , Encompass Health , Arcutis Biotherapeutics , Copper, WK Kellogg and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

[US Nat Gas Options Weekly 2025/07] Henry Hub Rises on Cold Weather and Declining Storage
Cytokinetics Back In The Spotlight Amid Fresh Takeover Speculation: Why Big Pharma May Be Eyeing This Biotech Gem?
Papa John’s Takeover Bid? Why This Pizza Chain Could Be A Prime Target For Irth Capital!
[US Crude Oil Options Weekly 2025/07] WTI Falls for Fourth Consecutive Week on Tariff Concerns
Anterix’s Strategic Review Sparks Acquisition Speculation: Is a Buyout on the Horizon?
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?
First Quantum Minerals (FM CN): Better Than Expected Results, But Cobre Panama Arbitration Delayed
WK Kellogg Surges on Ferrero Takeover Speculation – Is a Deal on the Horizon?

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

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%.

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.

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.

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

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%.

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.

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.

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).

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

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.

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Feb 19

Daily Brief India: Hexaware Technologies, Kiri Industries, EFCI Ltd, Arvind SmartSpaces, Innovatiview India Ltd, Welspun Corp and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall
Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project
EFC India Limited Q3 Update: Driving Growth Through Design and Build Verticals
Arvind SmartSpaces Limited Q3 Update: Leveraging Market Trends for Future Revenue Potential
Innovatiview India Ltd Pre-IPO Tearsheet
Welspun Corp Q3 Update: Capitalizing on Infrastructure and Renewable Demand

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.

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.

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.

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.

Innovatiview India Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Innovatiview India Ltd (INNOVATIVIEWINDIA IN) is looking to raise about US$230m in its upcoming India IPO. The bookrunners for the deal are DAM, ICICI, JM FIn, Motilal.
Innovatiview India ltd (IIL) is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
IIL was the largest player in examination integrated security solutions in India, with a market share of 73.7% in terms of revenue for FY24, according to F&S Report.

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.

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Feb 19

Daily Brief Japan: JX Advanced Metals, Japan Eyewear Holdings , Duskin Co Ltd, Japan Elevator Service Holding, Mixi Inc, MARUKA FURUSATO and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

JX Advanced Metals (5016 JP) IPO: The Bull Case
Japan Eyewear Holdings: A Short-Term Setback, Long-Term Opportunity?
JX Advance Metals Pre-IPO – The Negatives – Isn’t There Yet
Duskin (4665 JP) – Entering a Critical Phase
Japan Elevator Service Holdings (6544 JP) – Sustainable Margin Expansion
MIXI Inc. (2121 JP) – Sustaining Higher Returns Looks Realistic
MARUKA FURUSATO (7128 JP): Full-year FY12/24 flash update

JX Advanced Metals (5016 JP) IPO: The Bull Case

By Arun George

JX Advanced Metals (5016 JP) is a global leader in the semiconductor and ICT materials sector. It is seeking to raise up to US$2.6 billion.
JXAM is a wholly owned subsidiary of ENEOS Holdings (5020 JP). After the listing, it is expected to become an equity-method affiliate of ENEOS.
The bull case rests on its leading market position, focus businesses’ improving performance, improving profitability, shift to cash generation, and low leverage.

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.

JX Advance Metals Pre-IPO – The Negatives – Isn’t There Yet