Smartkarma Daily Briefs

Today after the close, Global Food Creators (7559 JP) announced that the CEO would sell his 1.23% of the company into an MBO by a company he set up.
The family company which owns 27%, and he would fund the takeover of the other 73% with 1% equity taken from his share sale, and 99% bank loans.
The TOB is at 0.65x book for a cash-rich company. Liquidate the cash and the rest is being taken over at 0.33x book. Aaaaargh.

Takeda Pharma (4502) – Strong Results

By Nippon Investment Bespoke Research UK

Today Takeda Pharmaceutical (4502 JP) announced earnings which will mean last year was the trough, not this year. The pipeline looks OK too.
The company also announced a ¥100bn buyback and a change of CEO. The buyback has a big number, but it isn’t particularly exciting.
All in all, there’s positive news here, but it is all much of a muchness, but as it is a nine-figure buyback in 3mos, we take a look.

Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-January 2025.

Takeda Pharmaceutical (4502 JP): Strong Q3 Result Triggers Guidance Raise; ¥100B Buyback Announced

By Tina Banerjee

Takeda Pharmaceutical (4502 JP) reported better-than-expected performance in Q3FY25, with 3% revenue growth to ¥1,144B, driven by continued strong momentum from Growth and Launch Products. All key parameters beat estimates.
Takeda has upgraded its full year outlook for growth, reflecting strong year-to-date product performance and OPEX efficiencies, as well as revised foreign exchange assumptions. Takeda has also announced ¥100B buyback.
Continued strong performance of its Growth and Launch product portfolio, ripe late-stage pipeline, and expected margin improvement from FY26 envisage long-term growth prospect of the company.

Hagihara Industries Inc. (7856 JP) Research update

Hagihara Industries reported FY24 (Oct year-end) earnings results on 10 December with FY24 operating profit [OP] of ¥2,097mil (+6.0% YoY) on sales of ¥33,118mil (+6.0% YoY) versus an OP target of ¥2,200mil (+11.2% YoY) on sales of ¥32,000mil (+2.4% YoY).
While sales overshot the firm’s guidance, OP fell short due to costs associated with a core system renewal and real estate acquisition tax incurred on the Kasaoka Factory.
Management is guiding for FY25 1H OP of ¥1,160mil (-8.8% YoY) on sales of ¥16,780mil (+2.5% YoY), and FY25 OP of ¥2,400mil (+14.4% YoY) on sales of ¥34,000mil (+2.7% YoY).

Anritsu Corp (6754 JP): Q3 FY03/25 flash update

Orders reached JPY81.9bn (+2.3% YoY), revenue JPY80.8bn (+3.9% YoY), with operating profit at JPY6.4bn (+24.4% YoY).
Strong demand in the food industry increased segment operating profit by 126.3% YoY, with OPM rising 4.0pp YoY.
Full-year FY03/25 forecast remains unchanged; progress stands at 70.3% for revenue and 58.4% for operating profit.

Is the Decline in Number of Listed Companies the Beginning of a Shift to Value-Creating Management?

By Aki Matsumoto

While the number of listed companies worldwide has been on a declining trend, the TSE has experienced growth in market capitalization, but growth in market capitalization has been slow.
TSE requested companies to raise their P/B, but admits that many companies have yet to reach this goal and that it’ll take considerable time to change to such management style.
Shareholder proposals are increasing. This could hasten the shift to value-creating management, or companies that find it burdensome as a cost of listing may choose to go private.

Financial Products Group Co (7148 JP): Q1 FY09/25 flash update

In Q1 FY09/25, revenues increased by 14.6% YoY, while operating and recurring profits decreased by 7.7% and 7.4% respectively.
The Leasing Fund Business reported a 26.5% YoY revenue decline, with a segment profit margin of 87.7%, down 1.2pp YoY.
The International Real Estate Fund Business achieved a 356.6% YoY revenue increase, with a gross profit margin of 90.6%, up 8.5pp YoY.

M&A Capital Partners (6080 JP): Q1 FY09/25 flash update

Revenue in Q1 FY09/25 reached JPY7.3bn, a 131.8% YoY increase, driven by higher average fees per deal.
Operating profit and recurring profit both increased by 465.1% YoY to JPY3.3bn, with net income rising 465.7% YoY.
The company revised its dividend policy, increasing the payout ratio target to 30%, raising FY09/25 dividends to JPY51.84.

Okinawa Cellular Telephone: Q3 FY03/25 flash update, revision of full-year earnings forecasts

For Q3 FY03/24, operating revenue was JPY62.4bn (+6.8% YoY), with net income JPY9.5bn (-1.0% YoY).
Capex for Q3 FY03/25 was JPY4.2bn, a 34.4% YoY decrease, with 66.3% progress against the full-year plan.
FY03/25 forecast revised: revenue JPY83.0bn (+6.4% YoY), operating expenses JPY65.5bn (+7.4% YoY), dividend JPY120/share.

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Jan 31

Daily Brief China: Zephyrm Bioscience and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High

Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High

By Xinyao (Criss) Wang

There’s great potential for PSCs, which provides new treatment options for complex diseases where traditional therapies are ineffective.The more solid the platform technology, the greater the dividends in later stage.
Zephyrm’s pipeline candidates are promising. However, considering the R&D risks, the uncertainty of future commercialization and product safety profile, we think the investment risk of this Company is relatively high.
Valuation of overseas peers is not high. In our view, valuation performance of Zephyrm would be largely depend on its clinical results of pipeline, which is a gamble for investors.

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Jan 31

Daily Brief ESG: Is the Decline in Number of Listed Companies the Beginning of a Shift to Value-Creating Management? and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Is the Decline in Number of Listed Companies the Beginning of a Shift to Value-Creating Management?

Is the Decline in Number of Listed Companies the Beginning of a Shift to Value-Creating Management?

By Aki Matsumoto

While the number of listed companies worldwide has been on a declining trend, the TSE has experienced growth in market capitalization, but growth in market capitalization has been slow.
TSE requested companies to raise their P/B, but admits that many companies have yet to reach this goal and that it’ll take considerable time to change to such management style.
Shareholder proposals are increasing. This could hasten the shift to value-creating management, or companies that find it burdensome as a cost of listing may choose to go private.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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Jan 31

Daily Brief ECM: Lumino Industries Ltd Pre-IPO Tearsheet and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Lumino Industries Ltd Pre-IPO Tearsheet
Veritas Finance Pre-IPO Tearsheet
TXR Robotics IPO Valuation Analysis
Aurion Biotech (AURN): Regenerative Eye Disease Biotech Filed for IPO Despite Investor Litigation
Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day
Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High

Lumino Industries Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Lumino Industries Ltd (0349204D IN) is looking to raise about US$116m in its upcoming India IPO. The bookrunners for the deal are Motilal, JM Fin, Monarch.
Lumino Industries Ltd (LIL) was established in 2005. The company is a product-driven integrated engineering, procurement, and construction (EPC) player in India.
As per CRISIL Report, Lumino Industries is recognized as the fastest-growing player in the conductors, power cables, and power EPC industry, in terms of revenue CAGR between FY22 to FY24.

Veritas Finance Pre-IPO Tearsheet

By Akshat Shah

Veritas Finance Ltd (1392490D IN) is looking to raise around US$323m in its upcoming India IPO. The bookrunners on the deal are ICICI, HDFC, Jefferies, Kotak and Nuvama.
Veritas Finance Limited (VFL) is a retail focused non-banking finance company (NBFC) in India primarily providing loans to micro small and medium enterprises (MSMEs) and self-employed individuals.
As per the CRISIL report, the firm was the fastest-growing NBFC in terms of AUM growth during FY22-24, growing at a CAGR of 61.76%.

TXR Robotics IPO Valuation Analysis

By Douglas Kim

According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).
Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.
To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps’ valuation multiple.

Aurion Biotech (AURN): Regenerative Eye Disease Biotech Filed for IPO Despite Investor Litigation

By IPO Boutique

AURN001, is an improved formulation designed to be mechanistically identical to Vyznova and to provide enhanced benefits, including manufacturing scalability and extended shelf life.
There is pending litigation between Aurion Biotech and the company’s largest shareholder, Alcon Research.
This company is on a trajectory to set terms and debut in the first half of February.

Beta Bionic Inc (BBNX): IPO Pops, Trades Strong on Opening Day

By IPO Boutique

The stock opened 29.4% above its issue price at $22.00 and closed its debut session at $23.63, delivering a first-day gain of 39.0%.
This was a major victory for the IPO market, marking the highest first-day percentage gain of the year.
Looking ahead, the IPO market’s next test will be from the biotech sector.

Pre-IPO Zephyrm Bioscience – Despite Promising Pipeline, Investment Risk Is High

By Xinyao (Criss) Wang

There’s great potential for PSCs, which provides new treatment options for complex diseases where traditional therapies are ineffective.The more solid the platform technology, the greater the dividends in later stage.
Zephyrm’s pipeline candidates are promising. However, considering the R&D risks, the uncertainty of future commercialization and product safety profile, we think the investment risk of this Company is relatively high.
Valuation of overseas peers is not high. In our view, valuation performance of Zephyrm would be largely depend on its clinical results of pipeline, which is a gamble for investors.

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Jan 31

Daily Brief Credit: Initiating Coverage on SUZANO: Headline Risk Limits Upside Potential and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Initiating Coverage on SUZANO: Headline Risk Limits Upside Potential

Initiating Coverage on SUZANO: Headline Risk Limits Upside Potential

By Leandro Gubler

Within Suzano’s capital structure, we prefer the 3.750% 2031 and 3.125% 2032 bonds, as they compare favorably to select peers, the broader EM BBB Index, and the US BBB Index.
Uncertainty over Brazil’s economic outlook, including currency weakness and fiscal challenges, along with potential trade policy risks under the new US administration, increases headline risk and limits upside potential.
Suzano is the world’s largest producer of eucalyptus pulp and a leading integrated pulp and paper company.

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Jan 31

Daily Brief Thematic (Sector/Industry): Thematic Report: Beyond the Headlines: India’s Sectoral Trends and more

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

In today’s briefing:

Thematic Report: Beyond the Headlines: India’s Sectoral Trends
Ohayo Japan | SoftBank Eyes Major OpenAI Investment
Which miners are making bank this quarter?
Japan Morning Connection: Semi Rebound with Good Earnings from Semi-Cap Majors
#94 India Insight: Vedanta’s Rs 1T Refinery, Hindustan Zinc Delays Demerger, Zepto Moves HQ

Thematic Report: Beyond the Headlines: India’s Sectoral Trends

By Nimish Maheshwari

India’s economy is experiencing mixed signals across sectors. While festive spending boosted auto and FMCG sales, long-term trends in inflation, credit slowdown, and sluggish industrial activity raise concerns about growth.
Core sector slowdown, weak rural wage growth, and high inflation could dent demand, while strong GST collections and transportation indicators suggest resilience.
Close monitoring of inflation, industrial performance, and rural demand trends will be key to gauging India’s economic trajectory in the coming months.

Ohayo Japan | SoftBank Eyes Major OpenAI Investment

By Mark Chadwick

US Stocks rose as investors assessed tech earnings, with Tesla and Meta gaining while Microsoft fell 6% on weak cloud revenue. Apple beat expectations, but iPhone disappointed.
Japan is set to revise its Companies Act to strengthen shareholder identity disclosure, allowing companies to more easily identify actual shareholders.
SoftBank considers a $15–$25bn investment in OpenAI, potentially valuing it at $340bn. Toyota remained the world’s top car seller, while Canon announced a ¥100bn share buyback

Which miners are making bank this quarter?

By Money of Mine

Mark Zeppner provided quick and helpful tips for the quarterly call
Boss Energy exceeded expectations on quarterly results, with lower costs and potential for future cost reduction
Short sellers may need to reconsider their positions due to positive outlook for Boss Energy

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

Japan Morning Connection: Semi Rebound with Good Earnings from Semi-Cap Majors

By Andrew Jackson

Lam Research and KLA carrying on from ASML beat earlier in the week: positive for JP SPE.
Intel trading better after hours with earnings not a horrible as feared may help JP suppliers.
IBM beat on its transition to services and AI offerings should help JP IT such as Fujitsu, as well as NEC and NRI who also reported yesterday.

#94 India Insight: Vedanta’s Rs 1T Refinery, Hindustan Zinc Delays Demerger, Zepto Moves HQ

By Sudarshan Bhandari

Vedanta Ltd (VEDL IN) Rs 1 trillion aluminium refinery and smelter project will be set up in Odisha’s Raygada district.Company also aims to establish a university in the state.
Hindustan Zinc (HZ IN) has delayed its demerger plans amid government opposition and the ongoing Vedanta split. Company will prioritize new verticals, focusing on metals like gold, copper, critical minerals.
Zepto, the quick-commerce startup, has moved its headquarters from Singapore to India ahead of its IPO.

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Jan 31

Daily Brief Event-Driven: Global Foods Creators (7559) – Another Stupidly Cheap MBO With Rigged DCF and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Global Foods Creators (7559) – Another Stupidly Cheap MBO With Rigged DCF
Takeda Pharma (4502) – Strong Results
SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice
Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks
Dropsuite (DSE AU): NinjaOne’s A$5.90/Share Scheme
Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?
BMPS’s Hostile Takeover Bid for Mediobanca: Strategic and Financial Implications
EQD | Nifty 50 Option Strategy – Implied Volatility Is Not as Rich as It Seems
Abrdn European Logistics Income Trust Liquidation: 23% Upside Potential Amid Asset Sales

Global Foods Creators (7559) – Another Stupidly Cheap MBO With Rigged DCF

Today after the close, Global Food Creators (7559 JP) announced that the CEO would sell his 1.23% of the company into an MBO by a company he set up.
The family company which owns 27%, and he would fund the takeover of the other 73% with 1% equity taken from his share sale, and 99% bank loans.
The TOB is at 0.65x book for a cash-rich company. Liquidate the cash and the rest is being taken over at 0.33x book. Aaaaargh.

Takeda Pharma (4502) – Strong Results

Today Takeda Pharmaceutical (4502 JP) announced earnings which will mean last year was the trough, not this year. The pipeline looks OK too.
The company also announced a ¥100bn buyback and a change of CEO. The buyback has a big number, but it isn’t particularly exciting.
All in all, there’s positive news here, but it is all much of a muchness, but as it is a nine-figure buyback in 3mos, we take a look.

SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice

By Sanghyun Park

This 20% reversion and 30% cap setup creates solid flow trades. With just 13 holdings, SOL ETF’s weight swings hard—Hanwha Ocean’s already pushing 27% post-rebal.
Constituent changes drive the biggest dislocations—still the main setup. “The other 10” names are FICS-screened by market cap (May/Nov cut), making rotations fairly predictable.
With AUM only ramping recently, this ETF is still in price discovery mode. Pre-positioning ahead of flows has juice, making it a prime target for aggressive flow trading.

Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-January 2025.

Dropsuite (DSE AU): NinjaOne’s A$5.90/Share Scheme

By David Blennerhassett

Dropsuite (DSE AU), a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite’s shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards.
The Offer also has the backing of Dropsuite’s largest shareholder, Topline Capital (31%). Board & management hold a further 9%. Implementation is expected late May 2025. This is done.

Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?

By Nimish Maheshwari

Whirlpool Corp (WHR US) plans to sell a 31% stake in Whirlpool of India (WHIRL IN) reducing ownership to 20% by 2025, triggering a 20% decline due to valuation concerns.
The implied sale valuation is lower than market expectations, raising concerns about growth, profitability, and stock overvaluation, while the parent company capitalizes on an asset arbitrage opportunity.
Short-Term stock pressure due to stake sale overhang, declining profitability, and reduced parent control, but potential long-term re-rating if operational performance improves.

BMPS’s Hostile Takeover Bid for Mediobanca: Strategic and Financial Implications

By Jesus Rodriguez Aguilar

Hostile Takeover Attempt: BMPS launched a €13.3B all-share bid for Mediobanca, offering a 5% premium, but Mediobanca rejected it, citing governance conflicts and strategic misalignment.
Shareholder and Dilution Risks: BMPS shareholders face 39.3% dilution, while Delfin and Caltagirone’s post-merger 24% stake raises governance concerns, potentially sidelining smaller investors.
The deal faces integration risks, and Mediobanca’s shareholder resistance, with BMPS’s falling stock price erasing the initial premium, making success increasingly uncertain.

EQD | Nifty 50 Option Strategy – Implied Volatility Is Not as Rich as It Seems

By Gaudenz Schneider

NIFTY Index implied volatility could be seen as rich when compared to its own history and in comparison to realized volatility.
Putting implied volatility into context with NIFTY Index market levels and trends will lead to a different conclusion. Implied volatility is not nearly as rich as conventional measures suggest.
This Insight provides a quantitative indication at which price implied volatility can be assessed as rich, given current relative index levels.

Abrdn European Logistics Income Trust Liquidation: 23% Upside Potential Amid Asset Sales

By Dalius Tauraitis

ASLI is undergoing a managed wind-down with a 23% upside to NAV estimates, selling properties above NAV.
Recent sales include three assets for €45m, with further large assets in due diligence, supporting NAV estimates.
Risks include potential higher disposal costs and management incentives, but a margin of safety exists with current pricing.

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Jan 31

Daily Brief Equity Bottom-Up: Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium and more

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

In today’s briefing:

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium
Meta 4Q’24 Update
ASML. Strong Finish For 24, Robust Outlook For 25 With AI As Key Growth Driver
APi Group: Safety Services at Scale – [Business Breakdowns, EP.204]
Takeda Pharmaceutical (4502 JP): Strong Q3 Result Triggers Guidance Raise; ¥100B Buyback Announced
AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? – Major Drivers
PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell
Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector
Can Krishca Strapping Solutions Maintain Momentum Amidst Steel Price Volatility?
Nucor Corporation: Resilience & Growth in Plate Production Powering Our Optimism! – Major Drivers

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

By Vincent Fernando, CFA

PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell
Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron’s HBM DRAM Growth?
TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US.

Meta 4Q’24 Update

By MBI Deep Dives

In recent weeks, Meta stock has mostly been one-way street: up! That continued to be the case after-hours post 4Q’24 earnings.
Here are my highlights from today’s call. Daily Active People (DAP) across its Family of Apps (FOA) accelerated to 60 mn QoQ in 4Q’24.
It’s kind of mind boggling that Meta added 1 Billion DAP since 1Q’20.

ASML. Strong Finish For 24, Robust Outlook For 25 With AI As Key Growth Driver

By William Keating

ASML reported Q424 revenues of €9.3 billion, marginally above the high end of the guided range, up 24% QoQ and up 28.5% YoY.
Full year 2024 revenue amounted to €28.3 billion, up 2.7% YoY and a modest improvement on the previously forecasted zero growth
Guided full year 2025 revenues to be in the $30-$35 billion range, representing a 15% YoY increase at the midpoint.

APi Group: Safety Services at Scale – [Business Breakdowns, EP.204]

By Business Breakdowns

API Group, a provider of life, safety, and specialty services to buildings, has seen significant growth under CEO Ross Becker and with involvement from investor Sir Martin Franklin.
Started as a small plumbing company in the 1960s, now a global leader in fire protection, security, and building services
Shifted from one-off construction projects to recurring revenue model, with over 55% of revenue now recurring

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

Takeda Pharmaceutical (4502 JP): Strong Q3 Result Triggers Guidance Raise; ¥100B Buyback Announced

By Tina Banerjee

Takeda Pharmaceutical (4502 JP) reported better-than-expected performance in Q3FY25, with 3% revenue growth to ¥1,144B, driven by continued strong momentum from Growth and Launch Products. All key parameters beat estimates.
Takeda has upgraded its full year outlook for growth, reflecting strong year-to-date product performance and OPEX efficiencies, as well as revised foreign exchange assumptions. Takeda has also announced ¥100B buyback.
Continued strong performance of its Growth and Launch product portfolio, ripe late-stage pipeline, and expected margin improvement from FY26 envisage long-term growth prospect of the company.

AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? – Major Drivers

AT&T’s latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its investment profile.
Positively, the company has demonstrated solid growth in its core operations, particularly in the Mobility and Consumer Wireline segments.
Postpaid phone net additions totaled approximately 1.7 million with a service revenue growth of 3.5% for Mobility, contributing to AT&T likely leading the industry in postpaid phone churn for most of the past sixteen quarters.

PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell

By Vincent Fernando, CFA

Recent U.S. Market Weakness Appears to Have Been More Focused on Falling Sentiment for Server Businesses, Not PCs
CES 2025 Showed Qualcomm Chips Gaining Momentum in PCs, While AMD Continued Aggressive Competition — Intel Under Pressure
PC Maker Universe to Experience Decent Revenue Growth in 2025E — Structural Long Asustek & Dell

Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector

By Douglas Kim

Naver’s CHZZK has been increasing its market share in the Korean live game streaming sector. This improving momentum is likely to continue to positively impact Naver’s share price.
CHZZK was the top ranking live streaming platform in Korea in December 2024 with about 2.5 million MAU.
Naver is currently trading at EV/EBITDA of 11.4x and P/E of 18.3x, which are 50% and 51% lower respectively than its historical average valuation multiples from 2020 to 2023.

Can Krishca Strapping Solutions Maintain Momentum Amidst Steel Price Volatility?

By Sudarshan Bhandari

Krishca Strapping Solutions (KRISHCA IN) is India’s first “Lead-Free” and eco-friendly production line for the heat treatment of steel strapping.
The company is aggressively pursuing growth, aiming for a 25% revenue increase in the current financial year and EBITDA margin is anticipated to stay between 15% and 20%
The company is investing in a new special steel production plant in Chennai and launching subsidiaries in the UAE and Singapore to tap into new markets

Nucor Corporation: Resilience & Growth in Plate Production Powering Our Optimism! – Major Drivers

Nucor Corporation has delivered a mixed performance during its fourth quarter of 2024, marked by safety achievements and strategic growth investments alongside certain operational challenges.
On the positive front, Nucor reported its safest year in history with a notable reduction in workplace injuries, reflecting a strong corporate culture focusing on safety.
Financially, the company achieved earnings of $1.22 per share for the fourth quarter, contributing to an annual total of $8.46 per share.

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Jan 31

Daily Brief Macro: Mexico faces a deficit – and Donald Trump and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Mexico faces a deficit – and Donald Trump
Our Business Cycle Framework To Investing
ECB: Nearing Neutral Updates
Preview: Due January 31 – U.S. December Personal Income and Spending
Actinver Research – CEMEX: Concludes Dominican Republic Assets Sale (Quick View)
US: Policy Rate Held At 4.5% (Consensus 4.5%) in Jan-25
Generative AI, LLMs, & the Evolution of Product Teams w/ Dr. Thársis Souza | The New Barbarians #005
Mexico Equity Research: ANTAD December SSS Reach 1.2%; Total Sales 4.0%

Mexico faces a deficit – and Donald Trump

By Behind the Money

President Claudia Sheinbaum took office in October, inheriting a delicate economic situation from her popular predecessor Andres Manuel Lopez Obrador.
Many lower income people in Mexico are benefiting from higher wages and government social programs, but others, particularly middle and higher income earners, feel stagnant economic growth and uncertainty due to US tariff threats.
The relationship between Mexico and the US, along with Sheinbaum’s plans and the ability to attract outside investment, will be key factors in Mexico’s economic growth under her leadership.

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

Our Business Cycle Framework To Investing

By Sharmila Whelan

Our differentiated business cycle analysis approach to investment strategy and asset allocation is grounded in the real world and covers 11 economies.
Understanding where a country is in the business cycle is key to investing to generate alpha while avoiding the pitfalls.
Investing through the business cycle works. 69.8% of the 43 global investment calls made last year made money.

ECB: Nearing Neutral Updates

By Phil Rush

The ECB cut its deposit rate by 25bp for the fifth time as growth remains weak, with GDP stagnating and inflation still expected to ease towards target-consistent levels.
It believes monetary policy is tight despite 125bp of easing, leaving room for another cut in March. Updated staff estimates of the neutral rate on 7 February are critical.
However, President Lagarde incredulously rejected calls for stimulative policy. Low unemployment suggests output isn’t below potential, making stimulus inappropriate.

Preview: Due January 31 – U.S. December Personal Income and Spending

By Alex Ng

December’s personal income and spending report will be largely old news, with Q4 totals seen with the GDP report on January 30.
Our pre-GDP forecasts for a 0.2% rise in core PCE prices and a 0.4% rise in personal income still look valid.
December personal income is unlikely to rise so sharply, which suggests upward revisions in October and November.

Actinver Research – CEMEX: Concludes Dominican Republic Assets Sale (Quick View)

By Actinver

CEMEX (Outperform): today the company concludes the sale of its Dominican Republic assets announced previously on August 2024.
The net proceeds are close to US$950 M, which is aligned with the company’s strategy to improve its asset portfolio.
Please note that the Dominican Republic asset sales is part of a ~US$2.2 Bn divestments program identified by CEMEX (CX).

US: Policy Rate Held At 4.5% (Consensus 4.5%) in Jan-25

By Heteronomics AI

The Federal Reserve held the federal funds rate at 4.25%-4.50%, pausing after prior cuts in response to stable labour market conditions and still-elevated inflation.
Inflation has declined significantly but remains above target, with core PCE at 2.8%, justifying a cautious approach to further easing.
Future rate moves will depend on inflation and labour market trends, with the Fed retaining flexibility. We still expect a final cut in March.

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

Generative AI, LLMs, & the Evolution of Product Teams w/ Dr. Thársis Souza | The New Barbarians #005

By William Mann

Mark has 15 years of experience delivering new technology products in a variety of companies and holds a PhD in Computer Science from UCL University of London
He is the author of the book Taming LLMs and the creator of Podcastify AI
Mark recapped recent events in the markets, discussed taming LLMs and creating robotic podcasts, and highlighted the success of Bitcoin ETFs

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

Mexico Equity Research: ANTAD December SSS Reach 1.2%; Total Sales 4.0%

By Actinver

After the November rebound, December’s ANTAD SSS closed at 1.2%, one of the lowest figures in the year.
Meanwhile, total store sales grew by 4.0% YoY. Both figures were also below YTD performance.
On a 2-year comp basis, performance was also weak, with SSS growing 6.5%, also one of the lowest of the year. For the full year, SSS closed at 4.2%, the lowest post pandemic.

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Jan 31

Daily Brief Industrials: Hanwha Ocean , Namura Shipbuilding, APi Group, Lumino Industries Ltd, Crane , Moog Inc Class A and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice
Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks
APi Group: Safety Services at Scale – [Business Breakdowns, EP.204]
Lumino Industries Ltd Pre-IPO Tearsheet
Crane Company: Aerospace & Electronics Expansion As A Pivotal Growth Lever!
Moog Inc.: The Top 6 Influences on Its Performance for 2025 & the Future! – Major Drivers

SOL Shipbuilding Top 3 ETF Throws off Some Serious Flow Trading Plays with Plenty of Juice

By Sanghyun Park

This 20% reversion and 30% cap setup creates solid flow trades. With just 13 holdings, SOL ETF’s weight swings hard—Hanwha Ocean’s already pushing 27% post-rebal.
Constituent changes drive the biggest dislocations—still the main setup. “The other 10” names are FICS-screened by market cap (May/Nov cut), making rotations fairly predictable.
With AUM only ramping recently, this ETF is still in price discovery mode. Pre-positioning ahead of flows has juice, making it a prime target for aggressive flow trading.

Quiddity JPX-Nikkei 400 Rebal 2025: End-Jan 2025 Ranks

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-January 2025.

APi Group: Safety Services at Scale – [Business Breakdowns, EP.204]

By Business Breakdowns

API Group, a provider of life, safety, and specialty services to buildings, has seen significant growth under CEO Ross Becker and with involvement from investor Sir Martin Franklin.
Started as a small plumbing company in the 1960s, now a global leader in fire protection, security, and building services
Shifted from one-off construction projects to recurring revenue model, with over 55% of revenue now recurring

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

Lumino Industries Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Lumino Industries Ltd (0349204D IN) is looking to raise about US$116m in its upcoming India IPO. The bookrunners for the deal are Motilal, JM Fin, Monarch.
Lumino Industries Ltd (LIL) was established in 2005. The company is a product-driven integrated engineering, procurement, and construction (EPC) player in India.
As per CRISIL Report, Lumino Industries is recognized as the fastest-growing player in the conductors, power cables, and power EPC industry, in terms of revenue CAGR between FY22 to FY24.

Crane Company: Aerospace & Electronics Expansion As A Pivotal Growth Lever!

Crane Company recently released its second quarter 2024 earnings report, highlighting strong financial performance, strategic growth initiatives, and disciplined capital management.
The company’s adjusted EPS of $1.30 exceeded expectations, driven by a solid 9% core sales growth, with significant contributions from its Aerospace & Electronics and Process Flow Technologies segments.
The company’s confident outlook led to an upward revision of its full-year guidance by $0.15, setting a new range of $4.95 to $5.15, representing an 18% growth at the midpoint.

Moog Inc.: The Top 6 Influences on Its Performance for 2025 & the Future! – Major Drivers