Smartkarma Daily Briefs

SBI Shinsei Bank (8303 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 17 December.
At the indicated IPO price of ¥1,440/share, the IPO will raise up to ¥367.6bn (US$2.38bn) and value SBI Shinsei Bank (8303 JP) up to ¥1,290bn (US$8.34bn).
The stock should be added to the TOPIX INDEX at the close on 29 January while inclusion in global indices should take place in May and June.

CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade

There could be 23 changes for the CSI A500 Index at the December rebalance. Turnover is estimated at 2.9% and the round-trip trade is around US$1.6bn.
There is a fair amount of balance between sectors with Consumer Discretionary and Health Care expected to lose index spots to Industrials, Information Technology and Materials.
The forecast adds outperformed the forecast deletes from June-September but have given up gains since then. Position in stocks that will have same-way flows from passive trackers of other indices.

Relative Value in Australian Banks: ANZ/Westpac Overbought; Macquarie/Bendigo to Catch Up

By Gaudenz Schneider

Australian banks’ November earnings triggered sharp and divergent share-price reactions, widening performance dispersion across the sector.
Based on the most recent moves, ANZ (ANZ AU) and Westpac (WBC AU) appear overvalued versus peers and potentially overbought, while two other banks screen as comparatively oversold.
Statistical analysis identifies sixteen actionable opportunities for quantitative traders targeting mean reversion plays within the sector.

Asian Stocks Tactical Outlook (Week Nov 17 – Nov 21)

By Nico Rosti

A tactical snapshot of the Asian indices and stocks we cover.
Multiple Asian stocks we track are flashing oversold signals—creating tactical long setups worth considerin.
We find no overbought stocks or indices in Asia at present. US equities show the same pattern, indicating a synchronized global market pullback

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

By Research as a Service (RaaS)

Hs outperformed As on average, slightly, within the AH pair universe. Last week’s reco gained vs the A on the week, but not Monday close to Friday. Stay long.
There are nine new recos this week after a bunch of trades were closed last week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

Primer: Shinhan Financial (055550 KS) – Nov 2025

By αSK

Shinhan Financial Group is one of South Korea’s largest and most diversified financial institutions, with a strong market position in banking, credit cards, securities, and insurance. Its scale and diversified business model provide a stable earnings base.
The company is actively pursuing digital transformation and global expansion to drive future growth. Strategic initiatives like the ‘Super SOL’ application and investments in fintech aim to enhance competitiveness against traditional peers and emerging digital players.
While the company exhibits attractive valuation multiples (low P/E and P/B ratios), it faces key risks from the domestic economic slowdown, potential deterioration in asset quality, particularly from real estate project financing (PF), and intense competition within the South Korean financial sector.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Monex Group Inc (8698 JP) – Nov 2025

By αSK

Monex Group is strategically positioned at the intersection of traditional online brokerage and the high-growth crypto-asset market through its key subsidiary, Coincheck. This dual focus offers a diversified revenue stream but also exposes the company to significant market volatility.
The company’s financial performance is highly sensitive to cryptocurrency market fluctuations, as evidenced by volatile earnings and a recent net loss attributed to one-time costs for Coincheck’s Nasdaq listing. However, core operations in Japan and the U.S. remain profitable, supported by strategic partnerships and growing assets under management.
Facing intense competition and a zero-commission trend in the Japanese online brokerage industry, Monex is focused on expanding its crypto-asset business globally and growing its asset management segment to drive future growth and enhance shareholder value, underscored by a strong dividend payout.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Public Bank (PBK MK) – Nov 2025

By αSK

Public Bank is a premier Malaysian financial institution renowned for its consistent profitability, prudent management, and strong asset quality. Its core strength lies in the retail and SME banking sectors, where it holds significant market share in residential property, commercial property, and passenger vehicle financing.
The bank has a long-standing reputation for operational efficiency, consistently maintaining one of the lowest cost-to-income ratios and highest return on equity in the Malaysian banking industry. This is attributed to a deeply ingrained cost-conscious culture and a focus on prudent risk management.
While fundamentals remain robust, the bank faces headwinds from potential net interest margin (NIM) compression due to the competitive environment. Additionally, recent challenges include a decline in its ESG score and isolated incidents of customer data breaches, which require management focus.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: CIMB Group Holdings (CIMB MK) – Nov 2025

By αSK

CIMB is a leading universal bank in the ASEAN region, with Malaysia, Indonesia, Singapore, and Thailand as its core markets. Its diversified business model includes consumer banking, wholesale banking, and a strong Islamic banking franchise.
The bank faces a challenging macroeconomic environment characterized by net interest margin (NIM) compression due to potential policy rate cuts and intense deposit competition. However, this is partially offset by expectations of stable asset quality and potentially lower-than-expected credit costs.
Strategic execution of its Forward23+ plan, focusing on digital transformation, customer-centricity, and sustainable finance, will be critical for navigating near-term headwinds and driving long-term, profitable growth across its key markets.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

(13 Nov 2025) Randix <2981> — Fisco Company Research

By FISCO

Key points (machine generated)

Landix Co., Ltd. revised its full-year forecast upward due to strong sales in residential real estate and improved competitiveness.
The company increased dividends from 42 yen to 47 yen and introduced a commemorative shareholder benefit for its 25th anniversary.
Landix outlined its medium-term management plan, focusing on breaking away from previous performance metrics.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

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Nov 17

Daily Brief Australia: Macquarie Group, Intermin Resources and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Relative Value in Australian Banks: ANZ/Westpac Overbought; Macquarie/Bendigo to Catch Up
Horizon Minerals Ltd – Value Creation Through Divestment

Relative Value in Australian Banks: ANZ/Westpac Overbought; Macquarie/Bendigo to Catch Up

By Gaudenz Schneider

Australian banks’ November earnings triggered sharp and divergent share-price reactions, widening performance dispersion across the sector.
Based on the most recent moves, ANZ (ANZ AU) and Westpac (WBC AU) appear overvalued versus peers and potentially overbought, while two other banks screen as comparatively oversold.
Statistical analysis identifies sixteen actionable opportunities for quantitative traders targeting mean reversion plays within the sector.

Horizon Minerals Ltd – Value Creation Through Divestment

Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
HRZ has announced a deal to sell the Lake Johnston Project for a total consideration of $35m to Forrestania Resources Ltd (ASX:FRS) which is expected to complete in January 2026.
The deal is accretive to HRZ given we had nil value ascribed to the project whilst the consideration is greater than what HRZ paid (~$30m) to acquire Poseidon Nickel (ASX:POS), predominately for Black Swan.

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Nov 17

Daily Brief South Korea: SK Inc, Shinhan Financial, KODEX Korea China Semiconductor ETF and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

Buyback‑Burn Narrative in Play This Week as Korean Assembly Moves
Primer: Shinhan Financial (055550 KS) – Nov 2025
Primer: KODEX Korea China Semiconductor ETF (450190 KS) – Nov 2025

Buyback‑Burn Narrative in Play This Week as Korean Assembly Moves

By Sanghyun Park

This week buyback‑burn names in focus; committees start debates, traders eye five bills’ overlap: retroactive cancellation of both new and legacy treasury stock.
Grace period ranges from immediate to five years, but four of five bills cluster at one year; market treating one‑year retroactive cancellation as base case.
Usual suspects in play: holdcos, financials, and >30% treasury stock names. Hard‑line Assembly stance means loopholes unlikely; grace‑period noise not driving near‑term price action.

Primer: Shinhan Financial (055550 KS) – Nov 2025

By αSK

Shinhan Financial Group is one of South Korea’s largest and most diversified financial institutions, with a strong market position in banking, credit cards, securities, and insurance. Its scale and diversified business model provide a stable earnings base.
The company is actively pursuing digital transformation and global expansion to drive future growth. Strategic initiatives like the ‘Super SOL’ application and investments in fintech aim to enhance competitiveness against traditional peers and emerging digital players.
While the company exhibits attractive valuation multiples (low P/E and P/B ratios), it faces key risks from the domestic economic slowdown, potential deterioration in asset quality, particularly from real estate project financing (PF), and intense competition within the South Korean financial sector.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: KODEX Korea China Semiconductor ETF (450190 KS) – Nov 2025

By αSK

The KODEX Korea China Semiconductor ETF (450190 KS) offers synthetic exposure to the semiconductor industries of South Korea and China by tracking the KRX CSI Korea China Semiconductor Index.
The underlying index is composed of 15 leading semiconductor companies from South Korea and 15 from China, providing investors with a targeted investment vehicle into the semiconductor value chains of these two major global players.
Given its synthetic nature and concentration in a geopolitically sensitive sector, the ETF carries a high uncertainty rating. Its performance is intrinsically linked to the complex relationship between the Korean and Chinese semiconductor industries, which involves both collaboration and competition.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Nov 17

Daily Brief Singapore: Mandarin Oriental International and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Mandarin Oriental (MAND SP): Vote on Jardine Matheson’s Scheme Offer on 8 December
Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson’s Offer

Mandarin Oriental (MAND SP): Vote on Jardine Matheson’s Scheme Offer on 8 December

The vote on Mandarin Oriental International (MAND SP)’s privatisation offer from Jardine Matheson Holdings (JM SP) (US$2.75 cash + US$0.60 special dividend) is on 8 December.
While the OCB sale completion (a scheme condition) carries timing risk, the Board continues to expect to complete the OCB sale by 31 December.
The offer is conceivably light as Jardine’s dividends from the OCB sale comfortably cover the scheme cost. However, the offer remains reasonable on several fronts, and the vote is low-risk.

Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson’s Offer

By David Blennerhassett

Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) is seeking to privatise Mandarin Oriental (MAND SP) at US$3.35/share by way of a Scheme.
The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms.
The Scheme Doc is now out for MAND. The Court Meeting is the 8th December. As with Jardine Strategic Holdings (JS SP)‘s 2021 takeover, there is no independent assessment report.

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Nov 17

Daily Brief China: Guotai Junan Securities , Verisilicon Microelectronics S, Hang Seng Index, BeiGene , Agricultural Bank Of China, Alibaba, CNGR Advanced Material, Zijin Gold and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade
STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December
Asian Stocks Tactical Outlook (Week Nov 17 – Nov 21)
BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?
A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better
ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility
CNGR Advanced Material (2579 HK): Opportunity Is Out There
Zijin Gold (2259 HK) Vs Laopu Gold (6181 HK) Vs Gold Commodity- The Investment Logic and the Outlook
Primer: CNGR Advanced Material (2579 HK) – Nov 2025
CNGR IPO Trading: Reasonable Valuation but Weak Insti Subs

CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade

There could be 23 changes for the CSI A500 Index at the December rebalance. Turnover is estimated at 2.9% and the round-trip trade is around US$1.6bn.
There is a fair amount of balance between sectors with Consumer Discretionary and Health Care expected to lose index spots to Industrials, Information Technology and Materials.
The forecast adds outperformed the forecast deletes from June-September but have given up gains since then. Position in stocks that will have same-way flows from passive trackers of other indices.

STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

There could be up to 4 constituent changes for the STAR&CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.
There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.
The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.

Asian Stocks Tactical Outlook (Week Nov 17 – Nov 21)

By Nico Rosti

A tactical snapshot of the Asian indices and stocks we cover.
Multiple Asian stocks we track are flashing oversold signals—creating tactical long setups worth considerin.
We find no overbought stocks or indices in Asia at present. US equities show the same pattern, indicating a synchronized global market pullback

BeOne (6160 HK): Shares Are Breaking Into New Highs. Should You Buy?

By Tina Banerjee

BeiGene (6160 HK) reported 3Q25 revenues of $1.4B, up 40% YoY (9M25 Revenue: $3.8B, up 43%), driven primarily by growth in Brukinsa sales in the U.S. and Europe.
In 3Q25, US sale of Brukinsa was $738.7M, up 46% YoY. For four consequtive quarters now, Brukinsa outpaced its closest competitor Calquence which reported US revenue of $612M in 3Q25.
BeOne now expects 2025 revenue to be in the range of $5.1–5.3B (up 34–39% YoY) compared to the previous revenue guidance of $5.0–5.3B.

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

Hs outperformed As on average, slightly, within the AH pair universe. Last week’s reco gained vs the A on the week, but not Monday close to Friday. Stay long.
There are nine new recos this week after a bunch of trades were closed last week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all markets were in full throttle mode going into the year end.
On the placements front, there were a number of deals across the region.

CNGR Advanced Material (2579 HK): Opportunity Is Out There

By Osbert Tang, CFA

CNGR Advanced Material (2579 HK)‘s IPO price was fixed at the low end at HK$34.00. However, valuation is inexpensive, and initial price weakness is a long-term opportunity.
Three groups of close peers, including nickel-related companies, mining companies, and lithium/battery companies, trade on average FY26F PER of 21x, vs. CNGR’s 12.5x.
By parking it with the steepest HA discount of its peers (26.2%), CNGR will be valued at HK$40.07, as its IPO price implies a massive 37.4% discount.

Zijin Gold (2259 HK) Vs Laopu Gold (6181 HK) Vs Gold Commodity- The Investment Logic and the Outlook

By Xinyao (Criss) Wang

Stock price of Zijin Gold fluctuated up and down and not closely followed gold prices, which may disappoint investors who buy gold companies to take advantage of rising gold prices.
We’ll reduce holdings of gold/silver and hold cash to deal with liquidity crises. Given the hyperinflation brought about by dollar depreciation, we’ll focus on inflation trading after liquidity crisis occurs.
The main investment targets we will select include: commodities (e.g. gold, silver, copper). Upstream gold mining companies (e.g. Zijin Mining, Zijin Gold) will have priority over downstream company like Laopu.

Primer: CNGR Advanced Material (2579 HK) – Nov 2025

By αSK

CNGR Advanced Material is a global market leader in the production of precursor cathode active materials (pCAM), a critical component for lithium-ion batteries used in electric vehicles (EVs), energy storage, and consumer electronics.
The company has demonstrated a strong long-term revenue growth trajectory, driven by the expanding new energy market. However, recent financial performance shows signs of pressure, with a year-over-year decline in net income for the first nine months of 2025, primarily due to falling nickel and cobalt prices.
The recent H-share listing on the Hong Kong Stock Exchange is poised to provide significant capital for global expansion but comes at a notable discount to its A-shares, presenting a potential valuation opportunity for institutional investors, as noted by Smartkarma analysts.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

CNGR IPO Trading: Reasonable Valuation but Weak Insti Subs

By Nicholas Tan

CNGR Advanced Material (2579 HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
CNGR is a Chinese battery-component producer and a new energy materials company.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

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Nov 17

Daily Brief Japan: SBI Shinsei Bank, Mandom Corp, Pacific Industrial, Honda Motor, Toho Co Ltd, TSE Tokyo Price Index TOPIX, Fukushima Galilei, ROHM Co Ltd, Monex Group Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

SBI Shinsei Bank (8303 JP) IPO: TPX Add in Jan; Global Index: One in May; One in June
Merger Arb Mondays (17 Nov) – Mandom, Paramount Bed, Maruwn, Paris Miki, Mayne, AUB, Genting
Weekly Deals Digest (16 Nov) – Pacific Ind, Forum, Fujitec, Itochu Shokuhin, Maruwn, Star Micronics
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (17 Nov)
Primer: Toho Co Ltd (8142 JP) – Nov 2025
Primer: Toho Co Ltd (9602 JP) – Nov 2025
Share Buyback Likely to Grow over Growth Investment Hoped for by Corporate Governance Code Revision
Primer: Fukushima Galilei (6420 JP) – Nov 2025
Primer: ROHM Co Ltd (6963 JP) – Nov 2025
Primer: Monex Group Inc (8698 JP) – Nov 2025

SBI Shinsei Bank (8303 JP) IPO: TPX Add in Jan; Global Index: One in May; One in June

SBI Shinsei Bank (8303 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 17 December.
At the indicated IPO price of ¥1,440/share, the IPO will raise up to ¥367.6bn (US$2.38bn) and value SBI Shinsei Bank (8303 JP) up to ¥1,290bn (US$8.34bn).
The stock should be added to the TOPIX INDEX at the close on 29 January while inclusion in global indices should take place in May and June.

Merger Arb Mondays (17 Nov) – Mandom, Paramount Bed, Maruwn, Paris Miki, Mayne, AUB, Genting

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), AUB Group Limited (AUB AU), Dongfeng Motor (489 HK), ENN Energy (2688 HK), Digital Holdings Inc (2389 JP).
Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Seven West Media (SWM AU), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Jinke Smart Services (9666 HK).

Weekly Deals Digest (16 Nov) – Pacific Ind, Forum, Fujitec, Itochu Shokuhin, Maruwn, Star Micronics

By Quantum Commodity Intelligence

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: CNGR Advanced Material (2579 HK) prices at the low end of the range, Klook (KLK US) seeks to raise US$400 million.
Event-Driven developments: Pacific Industrial (7250 JP), Forum Engineering Inc (7088 JP), Fujitec Co Ltd (6406 JP), Itochu Shokuhin (2692 JP), Maruwn Corp (9067 JP), Star Micronics (7718 JP).

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (17 Nov)

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlights: Currently ten pair trade opportunities across four markets and four sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Primer: Toho Co Ltd (8142 JP) – Nov 2025

By αSK

Leading Market Position in a Resilient Sector: Toho is a dominant player in Japan’s food service distribution industry, a sector characterized by stable, albeit low-margin, demand. Its comprehensive business model, encompassing distribution, cash & carry, and food solutions, provides a significant competitive advantage.
Strategic Growth Initiatives Driving Profitability: The company’s mid-term management plan, ‘SHIFT-UP 2027,’ focuses on key growth areas including expansion in the Greater Tokyo Area, increasing the share of higher-margin private brand (PB) products, and pursuing strategic M&A, which are expected to enhance profitability.
Attractive Shareholder Returns and Valuation: Toho demonstrates a strong commitment to shareholder returns, targeting a 40% dividend payout ratio. The stock trades at a compelling valuation relative to its peers, supported by robust growth in earnings and dividends over the past three years.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Toho Co Ltd (9602 JP) – Nov 2025

By αSK

Dominant integrated entertainment enterprise in Japan, underpinned by a powerful intellectual property (IP) portfolio, most notably the globally recognized ‘Godzilla’ franchise.
Clearly defined growth strategy, “TOHO VISION 2032,”focuses on strengthening its four core pillars (Film, Theatre, Real Estate, and Anime), with a significant emphasis on international expansion and digital innovation.
Stable financial performance is augmented by the lucrative and less volatile Real Estate division, providing a solid foundation for investments in the inherently cyclical content creation business.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Share Buyback Likely to Grow over Growth Investment Hoped for by Corporate Governance Code Revision

By Aki Matsumoto

Since TSE’s request, many companies have introduced share buybacks as a measure, and as a result of investors demanding accountability for how these shares are used, share cancellations have increased.
Companies that frequently cancel treasury stock demonstrate superior capital profitability. Companies with high capital profitability also exhibit strong scores in growth strategy, cash holdings, dividend policy, and treasury stock cancellation.
More companies are expected to consider cash allocation within overall goal of enhancing corporate value, encompassing growth strategy, cash holding policy, and dividend policy, in order to improve capital profitability.

Primer: Fukushima Galilei (6420 JP) – Nov 2025

By αSK

Industry Leader with Diversified Operations: Fukushima Galilei is a leading Japanese manufacturer of commercial and industrial refrigeration systems, with a strong market presence in the food service, retail, and medical sectors. The company is diversifying its business by expanding into non-food areas like pharmaceuticals and semiconductors, leveraging its core temperature control technology.
Solid Financial Performance and Growth: The company has demonstrated a consistent track record of revenue and net income growth, supported by strong demand in its core markets. Recent financial results show continued positive momentum, with double-digit growth in sales and operating profit, leading to a positive revision of the fiscal year forecast.
Commitment to Sustainability and Innovation: Fukushima Galilei is proactively investing in environmentally friendly technologies, such as CO2-based refrigeration systems and energy-efficient products. The company’s focus on R&D and innovation, highlighted by its ‘MILAB’ open innovation base, positions it to capitalize on future industry trends toward sustainability and automation.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: ROHM Co Ltd (6963 JP) – Nov 2025

By αSK

ROHM is demonstrating a significant turnaround, returning to profitability in Q1FY25 after a challenging FY2024, driven by structural reforms, improved demand, and cost controls.
The company is a key player in the high-growth Silicon Carbide (SiC) power semiconductor market, which is critical for electric vehicles (EVs) and energy-efficient applications, representing a major growth catalyst.
Despite the positive outlook, the stock trades at an attractive valuation of approximately 0.8x Price-to-Book, though it faces significant risks from macroeconomic headwinds, weak demand in China, and geopolitical tensions.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Monex Group Inc (8698 JP) – Nov 2025

By αSK

Monex Group is strategically positioned at the intersection of traditional online brokerage and the high-growth crypto-asset market through its key subsidiary, Coincheck. This dual focus offers a diversified revenue stream but also exposes the company to significant market volatility.
The company’s financial performance is highly sensitive to cryptocurrency market fluctuations, as evidenced by volatile earnings and a recent net loss attributed to one-time costs for Coincheck’s Nasdaq listing. However, core operations in Japan and the U.S. remain profitable, supported by strategic partnerships and growing assets under management.
Facing intense competition and a zero-commission trend in the Japanese online brokerage industry, Monex is focused on expanding its crypto-asset business globally and growing its asset management segment to drive future growth and enhance shareholder value, underscored by a strong dividend payout.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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Nov 17

Daily Brief United States: NVIDIA Corp, Novelis Corporation, Paramount Skydance, Brady Corporation Cl A, Southern Copper, Children’S Place, Starz, Crude Oil and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

NVIDIA’s $500B Order Book: Implications for Valuation, Option Strategies
Primer: Novelis Corporation (0620365D US) – Nov 2025
Primer: Paramount Skydance (PSKY US) – Nov 2025
Primer: Brady Corporation Cl A (BRC US) – Nov 2025
Southern Copper (SCCO US): Summary of The Copper To 12,000 USD/Ton and Beyond Thesis In Two Slides
Primer: Children’S Place (PLCE US) – Nov 2025
Weekly Update (MICC, MEDXF, STRZ)
Oil futures: Crude higher after drone strike on Black Sea oil hub

NVIDIA’s $500B Order Book: Implications for Valuation, Option Strategies

By Jay Cameron

NVIDIA has secured unprecedented demand visibility with a reported USD 500 Billion order book for its next-gen AI chips, solidifying its position as the keystone of the AI industrial revolution.
The company’s financial health highlighted by a USD 48.3 Billion net cash balance and strategic capital return, affirming confidence that structural growth will outweigh geopolitical risks.
Following a period of short-term volatility and profit-taking, the confluence of long-term structural catalysts suggests the stock is poised to resume a higher trajectory and trading range.

Primer: Novelis Corporation (0620365D US) – Nov 2025

By αSK

Novelis is the world’s largest producer of flat-rolled aluminum (FRP) products and the global leader in aluminum recycling, uniquely positioning it to benefit from the secular trend towards lightweighting and sustainability in the automotive and beverage packaging industries.
The company’s business model is centered on a closed-loop recycling system, which provides a significant cost and sustainability advantage over primary aluminum producers, as recycling aluminum requires only 5% of the energy needed for primary production.
Significant capital investments in expanding rolling and recycling capacity are underway to meet growing demand, particularly in the high-value automotive and beverage can segments. However, operational disruptions and cost inflation present near-term headwinds to profitability.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Paramount Skydance (PSKY US) – Nov 2025

By αSK

New Leadership, New Strategy: The August 2025 merger of Paramount Global and Skydance Media, creating Paramount Skydance (PSKY), marks a pivotal moment. Led by CEO David Ellison, the new entity aims to blend Paramount’s iconic content library and distribution network with Skydance’s modern production prowess and tech-focused approach. The strategy centers on revitalizing key franchises, achieving profitability in the Direct-to-Consumer (DTC) segment, and realizing significant cost synergies, now targeted at $3 billion.
Navigating a Shifting Media Landscape: PSKY operates in a highly competitive and rapidly evolving industry characterized by the secular decline of linear television and the intense ‘streaming wars’. The company’s success hinges on its ability to grow its Paramount+ streaming service profitably while managing the decline of its traditional cable and broadcast assets. Management has signaled a focus on technology improvements to enhance user experience and reduce churn on its streaming platforms.
M&A Remains a Key Theme: The formation of Paramount Skydance is a major act of consolidation, but the company remains a subject of further M&A speculation. As noted by Smartkarma analyst Baptista Research, the company is already contemplating an ambitious bid for Warner Bros. Discovery. This highlights the industry-wide pressure to scale up to compete effectively with larger, well-capitalized rivals, including tech giants like Apple and Amazon.

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Primer: Brady Corporation Cl A (BRC US) – Nov 2025

By αSK

Brady Corporation is a global leader in identification and workplace safety solutions, demonstrating consistent growth through a combination of organic initiatives and strategic acquisitions. The company’s focus on innovation, particularly in high-performance materials and digital integration, positions it well to capitalize on secular tailwinds such as increasing workplace safety regulations and the rise of industrial automation.
Financial performance is robust, characterized by steady revenue growth, strong and expanding margins, and significant cash flow generation. Brady has a long-standing commitment to shareholder returns, evidenced by a multi-decade history of consecutive annual dividend increases and disciplined capital allocation.
While exposed to global economic cycles and competitive pressures, Brady’s diversified end-market exposure, strong brand recognition, and niche market leadership provide a resilient foundation. Future growth is expected to be driven by continued R&D investment, expansion in high-growth regions, and accretive M&A activity.

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Southern Copper (SCCO US): Summary of The Copper To 12,000 USD/Ton and Beyond Thesis In Two Slides

By Sameer Taneja

Southern Copper (SCCO US) reported stellar earnings and execution in Q3 2025, with revenues/operating income up 15% and 21% YoY, respectively, beating street estimates by ~4-5%.
The company included slides in its presentation deck highlighting that the copper deficit could rise to 3 million tons by 2030e and 12.1 million tons by 2040e.
This would be led by a transition to EVs (electric vehicles), greater use of renewable energy with higher capex intensity, and other nascent areas of demand, such as AI infrastructure.

Primer: Children’S Place (PLCE US) – Nov 2025

By αSK

The Children’s Place is navigating a significant downturn, characterized by persistent revenue declines, net losses, and negative cash flows, driven by intense competition and macroeconomic pressures on its core consumer.
A new management team has been installed in 2024 and is implementing a turnaround strategy focused on reducing promotions to improve gross margins, cutting SG&A expenses, and optimizing its omnichannel strategy. The success of this execution is paramount but carries a high degree of uncertainty.
The company faces severe financial risks, including a high debt load, negative shareholder equity, and liquidity concerns. While the stock appears inexpensive on some metrics, the potential for further sales declines and margin pressure makes it a high-risk, speculative investment.

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Weekly Update (MICC, MEDXF, STRZ)

By Richard Howe

The Wall Street Journal recently published a good article highlighting that streaming costs are soaring but consumers continue to be willing to pay.
This is good news for Starz (STRZ), a pure play streaming service that is relatively cheap vs. its larger competitors.
I continue to think Starz looks attractive. It is showing sequential revenue growth and OTT subscriber growth yet trades at 3.7x EBITDA and 2x FCF.

Oil futures: Crude higher after drone strike on Black Sea oil hub

Crude oil futures on Friday continued to recover from three-week lows as Russian supply disruptions and broader geopolitical concerns got the better of oversupply fears at least for the day Front-month Jan25 ICE Brent futures were trading at $64.35/b (2015 GMT) versus Thursday’s settle of $63.01/b, while Dec25 NYMEX WTI was at $60.04/b against a previous close of $59.70/b.
The latest drone strike from Ukraine targeted the Black Sea export hub of Novorossiysk overnight Thursday.
Multiple reports, including from Russian and Ukraine media, reported a major blaze at the terminal, suggesting significant disruption in loading crude from the Black Sea hub.

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Nov 17

Daily Brief India: SG Mart , Dharmaj Crop Guard and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Primer: SG Mart (SGMART IN) – Nov 2025
The Beat Ideas: Dharmaj Crop Guard – From Capex Drag to Operating Leverage Propellant

Primer: SG Mart (SGMART IN) – Nov 2025

By αSK

SG Mart is rapidly expanding its B2B marketplace for building materials, primarily focusing on steel, with an aggressive growth strategy aiming to capture a significant share of the large and fragmented Indian market.
The company benefits from the strong backing of the APL Apollo Group, providing it with industry relationships, funding, and brand leverage for its B2C distribution.
Key risks include the highly competitive nature of the steel trading industry, which operates on thin margins, and the volatility of steel prices, which can impact profitability.

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The Beat Ideas: Dharmaj Crop Guard – From Capex Drag to Operating Leverage Propellant

By Nimish Maheshwari

Dharmaj Crop Guard had commissioned its INR 275 crore Active Ingredients (AI) plant, cementing its transformation from a formulations-only company to a fully integrated AgroChem player.
This strategic backward integration provides a massive new growth lever. However, it came at a short-term cost, as “front-loaded expenses” resulting in EBITDA losses from new plant last year.
With the new plant’s losses absorbed, Dharmaj is positioned to leverage its integrated model, a pan-India distribution network, to pursue its ambition of becoming a 2,000 crore company by 2030.

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✓ Company Data and News
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Nov 17

Most Read: Maruwn Corp, Agnico Eagle Mines , SBI Shinsei Bank, Mandom Corp, Pacific Industrial, Guotai Junan Securities , Verisilicon Microelectronics S and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks
SBI Shinsei Bank (8303 JP): Fast-Entry Comeback
[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date
SBI Shinsei Bank (8303 JP) IPO: TPX Add in Jan; Global Index: One in May; One in June
Merger Arb Mondays (17 Nov) – Mandom, Paramount Bed, Maruwn, Paris Miki, Mayne, AUB, Genting
[Japan M&A/Activism] – Effissimo Keeps Buying Pacific Industrial (7250) Above New Terms
CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade
STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December
Weekly Deals Digest (16 Nov) – Pacific Ind, Forum, Fujitec, Itochu Shokuhin, Maruwn, Star Micronics
Ohayo Japan | Nasdaq Snaps Losing Streak as Tech Bounces

[Japan M&A] Senko Group (9069 JP) Bids for Maruwn (9067 JP) In Deal Which May Trigger Fireworks

Today, logistics company SENKO Group Holdings Co., Ltd. (9069 JP) announced a bid for logistics company Maruwn Corp (9067 JP) with help from 35% holder JX Advanced Metals (5016 JP).
The TOB only needs 11+% to get to 50.1%. There are three holders who Senko clearly regard as not necessarily agreeable to the deal. They hold 28.0% between them.
If someone wanted to thwart this deal, there are a number of ways to do it. This could get interesting.

SBI Shinsei Bank (8303 JP): Fast-Entry Comeback

By Dimitris Ioannidis

TSE has approved the relisting of SBI Shinsei Bank (8303 JP), which is scheduled to go public on 17 December 2025 with an anticipated market cap of $8.4bn.
SBI Shinsei Bank (8303 JP) is forecasted to achieve fast-entry in one Global index in December.
SBI Shinsei Bank (8303 JP) may be included in the other Global index at the next review, subject to float cap risk.

[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.
We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.

SBI Shinsei Bank (8303 JP) IPO: TPX Add in Jan; Global Index: One in May; One in June

SBI Shinsei Bank (8303 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 17 December.
At the indicated IPO price of ¥1,440/share, the IPO will raise up to ¥367.6bn (US$2.38bn) and value SBI Shinsei Bank (8303 JP) up to ¥1,290bn (US$8.34bn).
The stock should be added to the TOPIX INDEX at the close on 29 January while inclusion in global indices should take place in May and June.

Merger Arb Mondays (17 Nov) – Mandom, Paramount Bed, Maruwn, Paris Miki, Mayne, AUB, Genting

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), AUB Group Limited (AUB AU), Dongfeng Motor (489 HK), ENN Energy (2688 HK), Digital Holdings Inc (2389 JP).
Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Seven West Media (SWM AU), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Jinke Smart Services (9666 HK).

[Japan M&A/Activism] – Effissimo Keeps Buying Pacific Industrial (7250) Above New Terms

The Pacific Industrial (7250 JP) “MBO” was egregiously mis-priced. I was surprised the family did it but on 23 October, they increased their bid by 42.4%, from ¥2,050 to ¥2,919/share.
The stock was at ¥2,735 after activist Effissimo had built a 13% stake at ¥2365. The day after the announcement, the stock opened up through terms and continues to climb.
Effissimo responded 4 days later, buying 2% of voting rights as the stock climbed past ¥3,000, another 1% later. Now the stock is 8+% through new terms. They’re not playing.

CSI A500 Index Rebalance Preview: Bunch of Changes to Lead to US$1.6bn Trade

There could be 23 changes for the CSI A500 Index at the December rebalance. Turnover is estimated at 2.9% and the round-trip trade is around US$1.6bn.
There is a fair amount of balance between sectors with Consumer Discretionary and Health Care expected to lose index spots to Industrials, Information Technology and Materials.
The forecast adds outperformed the forecast deletes from June-September but have given up gains since then. Position in stocks that will have same-way flows from passive trackers of other indices.

STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

There could be up to 4 constituent changes for the STAR&CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.
There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.
The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.

Weekly Deals Digest (16 Nov) – Pacific Ind, Forum, Fujitec, Itochu Shokuhin, Maruwn, Star Micronics