Smartkarma Daily Briefs

We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 17th.We estimate that they had an aggregated short interest worth USD2.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Delta Electronics, Intouch, SCC, Central Pattana, TMBThanachart Bank.

TWSE Short Interest Weekly (Jan 17th): Hon Hai Precision Industry, Quanta Computer, Wistron

We analyzed the changes in short interest of TWSE Stocks as of Jan 17th which has an aggregated short interest worth USD21.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Hon Hai Precision Industry, Quanta Computer, Wistron, Evergreen Marine, Wiwynn, Alchip Technologies, Bora Pharmaceuticals, Largan Precision.

KRX Foreign Holding Weekly (Jan 17th): SK Hynix, Samsung Electronics

We analyzed the changes in foreign holdings of KRX stocks as of Jan 17th which has an aggregated holding worth USD480.8bn.
We estimate that foreign flows to be inflows of USD50mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics.

TWSE Foreign Holding Weekly (Jan 17th): Hon Hai Precision Industry, Quanta Computer, Mediatek

We analyzed the changes in foreign holdings of TWSE Stocks as of Jan 17th which has an aggregated holding worth USD1,034.8bn.
We estimate that foreign flows to be outflows of USD1,557mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hon Hai Precision Industry, Quanta Computer, Mediatek.

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Jan 20

Daily Brief ESG: Going Private Is Not an “exit” from the Market and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Going Private Is Not an “exit” from the Market, but the Beginning of the Next Step

Going Private Is Not an “exit” from the Market, but the Beginning of the Next Step

By Aki Matsumoto

The previous share price of FUJISOFT did not reach the value it should have, and therefore, the company did not achieve its management goal of maximizing shareholder profit.
The decision for shareholder return or investment in growth rests with management. Cash returned to shareholders is simply invested by investors to find investments where they can earn better investment.
Rather than “shareholder pressure,” we should think this is the beginning of an effort to return to the basics of shareholder-oriented management, which is to expand shareholder interests.

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Jan 20

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Memecoin Madness and more

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

In today’s briefing:

Ohayo Japan | Memecoin Madness
Japan Activist Briefs | Hogy Medical, Sharing Tech
Japan Morning Connection: Tech and SPE Set for Strong Start After Fri Rebound
[Blue Lotus China Growth Equity Weekly (3/52)] Recovery Persist, Focus on Profitablity New
Monthly Sales Overview of Listed Indian Commercial Vehicle Companies
Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

Ohayo Japan | Memecoin Madness

By Mark Chadwick

US stocks rallied Friday, capping off a strong week as tech shares rebounded and investors weighed economic data ahead of Trump’s second term
Trump’s new memecoin reached a $13 billion market cap, placing it among the top 20 cryptocurrencies
DISCO Corp. reported a record-high operating profit of ¥110bn for the April-December 2024 period, up 50% year-on-year

Japan Activist Briefs | Hogy Medical, Sharing Tech

By Mark Chadwick

It’s been a quieter week for activist investors. Effissimo has reduced its stake in Torii Pharma to below 5%.
Nippon Active Value continues to raise its stake in Hogy Medical, even after the impressive 46% rise in the share price over the past year
For AVI, Sharing Tech ticks all the right boxes: a high-quality business with strong growth, a robust balance sheet, and impressive cash generation

Japan Morning Connection: Tech and SPE Set for Strong Start After Fri Rebound

By Andrew Jackson

Semi-Cap continued moving higher on broker hikes after TSMC capex plans.
Rohm announced new President which could signal a change in direction away from SiC.
Activist play Sapporo Holdings is starting to look oversold after recent alcohol labeling related weakness.

[Blue Lotus China Growth Equity Weekly (3/52)] Recovery Persist, Focus on Profitablity New

By Eric Wen

Despite wide market skepticism, macro data pointed to shaky but persist recovery. If Trump Tariff 2.0 is delayed, a macro policy overdose is possible;
What does China’s EV sector look like in 2025? Our take is robust growth coupled with continuous exits and consolidations;
Is reckless price war the inevitable China story line? Luckin, BYD and Xiaomi showed they want something different this week.

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

By Sreemant Dudhoria

The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.
In December2024, sales showed varied performance across major players. Tata Motors Ltd (TTMT IN) saw slight YoY decline,while Ashok Leyland (AL IN) &Eicher Motors (EIM IN) experienced growth in exports.
A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

By Sreemant Dudhoria

The Passenger vehicle (PV) segment (cars, utility vehicles, vans) recorded strong wholesale volume in December 2024.
Growth was driven by low dealer inventory post the Diwali festive season , low base last year and year end discounts by manufacturers.
Maruti Suzuki India (MSIL IN) led with 30% YoY growth. Mahindra & Mahindra (MM IN) reported 18% YoY growth.Tata Motors Ltd (TTMT IN) showed modest performance with 1.4% YoY growth.

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Jan 20

Daily Brief ECM: ECM Weekly (20th Jan 2025) – Guming and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata
Pre-IPO Guming Holdings (PHIP Updates) – Some Points Worth the Attention
Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement’s US Unit

ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata

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, Guming Holdings appears to be gearing up for a launch soon.
On the placements front, while Wuxi XDC failed to perform, Murata Manufacturing (6981 JP) has been holding up so far.

Pre-IPO Guming Holdings (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Due to intense competition, freshly-made beverage market has shown signs of saturation after rapid growth in previous years. Guming is currently in a bottleneck period. Future performance growth will decline.
Due to a decrease in consumption, we have seen the price war in this industry. We think Guming’s profit margin performance will decline in the future if it reduces prices.
Guming’s valuation should be higher than Nayuki Holdings (2150 HK) and Sichuan Baicha Baidao Industrial (2555 HK) due to larger revenue scale/higher net profit margin, but lower than MIXUE.

Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement’s US Unit

By IPO Boutique

Company is a manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States
They have experienced 50% revenue growth, 150% net income growth and 65% Adjusted EBITDA growth from fiscal 2019 to fiscal 2023.
New York Stock Exchange to list the US unit of Brussels-based Titan Cement International SA

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Jan 20

Daily Brief Event-Driven: ZTO Express (2057 HK): On Track for Double (Maybe Triple) Index Inclusion and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

ZTO Express (2057 HK): On Track for Double (Maybe Triple) Index Inclusion
J&T Global Express (1519 HK): Global Index Inclusion Coming Up
FSS’s Short Selling Guidelines: Breaking Down the Key Violation Cases and What They Mean
CVC Bumps the Macromill (3978) Price, Declares Final, and That’s That… Or Is It?
Millennium & Copthorne Hotels (MCK NZ): City Dev’s Privatisation Offer
Weekly Deals Digest (19 Jan) – Henlius, GA Pack, Lifestyle China, Jamco, Macromill, Insignia, AVJ
Kalyan Jewellers: Rumour-Driven Stock Slide, F&O Ban—Is There Room for Further Correction?
NIFTY NEXT50 Index Rebalance Preview: 7 Potential Changes in March
Merger Arb Mondays (20 Jan) – Canvest, Henlius, Lifestyle China, Vesync, JAMCO, Insignia, AVJennings
Weekly Update (SNRE, HHH, ANGI, MRP)

ZTO Express (2057 HK): On Track for Double (Maybe Triple) Index Inclusion

By Brian Freitas

With improved liquidity, ZTO Express Cayman (2057 HK) could be added to the HSCEI INDEX early March and then to a global index a couple of weeks later.
ZTO Express Cayman (2057 HK) is a lower probability inclusion to the Hang Seng Index (HSI INDEX) given the index committee discretion. Inclusion would further increase the impact.
The stock has had a big drawdown recently and the potential index inclusion and passive demand provide a low-risk entry point into the stock, especially hedged with its peers.

J&T Global Express (1519 HK): Global Index Inclusion Coming Up

By Brian Freitas

J&T Global Express (1519 HK) listed in October 2023 and was added to one global index in June 2024 and to the HSCEI INDEX in September 2024.
J&T Global Express (1519 HK) could be added to a global index in February and there will be a big passive buying impact. The company is also buying back stock.
J&T Global Express (1519 HK) has underperformed its peers over the past year and the index inclusion could help in closing some of that gap.

FSS’s Short Selling Guidelines: Breaking Down the Key Violation Cases and What They Mean

By Sanghyun Park

The issue with borrowing agreements is that contracts with conditions set later or changeable terms don’t count, creating uncertainty on how this will play out in practice.
Many borrowing agreements depend on recall timing for ownership recognition, even within the same day, creating confusion in practice.
Repayment period limits don’t apply to internal desk-to-desk trades within the same firm. Other than those, no new updates today on reporting requirements, T+2 reporting window, or lending limits.

CVC Bumps the Macromill (3978) Price, Declares Final, and That’s That… Or Is It?

By Travis Lundy

On Friday 17 January, the closing date of the CVC Tender Offer for Macromill, Inc (3978 JP) at ¥1,150/share, the bidder announced an extension of the Tender Offer.
They also announced a bump to ¥1,250/share, and that included a comment saying they resolved not to raise the price further.
This happened during market hours, and the price jumped to just below ¥1,250/share. But one should not consider this a done deal. For reasons…

Millennium & Copthorne Hotels (MCK NZ): City Dev’s Privatisation Offer

By David Blennerhassett

Millennium & Copthorne Hotels (MCK NZ) (MCK), a Kiwi hotel chain, has announced that City Developments (CIT SP), its major shareholder, has made an Offer for shares not held.
City Dev is offering NZ$2.25/share, a 25% premium to last close. City holds 75.86% and the offer is conditional on a 90% holding, including shares currently held.
Reg approvals include OIA, which should be rubber-stamped. Very illiquid company.

Weekly Deals Digest (19 Jan) – Henlius, GA Pack, Lifestyle China, Jamco, Macromill, Insignia, AVJ

By Arun George

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: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million through a primary/secondary offering.
Event-Driven developments: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Jamco Corp (7408 JP), Macromill, Inc (3978 JP), Insignia Financial (IFL AU), Avjennings Ltd (AVJ AU).

Kalyan Jewellers: Rumour-Driven Stock Slide, F&O Ban—Is There Room for Further Correction?

By Devi Subhakesan

Kalyan Jewellers (KALYANKJ IN) stock has dropped 36% year-to-date and is now under an F&O ban after open interest hit threshold limits.
The rumours driving the stock decline lack financial or strategic relevance with no substantial reason for long-term investors to panic.
The stock correction has realigned Kalyan’s P/E discount to Titan, with current levels likely to stabilise and thus provide a near term support for Kalyan Jeweller’s stock price.

NIFTY NEXT50 Index Rebalance Preview: 7 Potential Changes in March

By Brian Freitas

With 10 trading days left in the review period, there could be 7 changes (including 2 migrations) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in March.
Estimated one-way turnover is 15.9% resulting in a one-way trade of INR 52bn (US$600m). All forecast changes, bar one, have over 1.5x ADV to trade from passive trackers.
All the forecast deletes are F&O members while two adds are not. NSE Indices could revisit the index membership criteria especially given the launch of futures on the index.

Merger Arb Mondays (20 Jan) – Canvest, Henlius, Lifestyle China, Vesync, JAMCO, Insignia, AVJennings

By Arun George

We 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: Shanghai Henlius Biotech (2696 HK), Smart Share Global (EM US), Lifestyle China (2136 HK), Seven & I Holdings (3382 JP), Get Nice Financial Group Ltd (1469 HK).
Lowest spreads: Makino Milling Machine Co (6135 JP), Fuji Soft Inc (9749 JP), Avjennings Ltd (AVJ AU), Latin Resources (LRS AU), Pressance Corp (3254 JP).

Weekly Update (SNRE, HHH, ANGI, MRP)

By Richard Howe

This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.
Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31.

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Jan 20

Daily Brief Equity Bottom-Up: TSMC. The Juggernaut Accelerates! and more

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

In today’s briefing:

TSMC. The Juggernaut Accelerates!
Taiwan Tech Weekly: UMC Results Ahead; Nvidia & TSMC Partner for Silicon Photonics Technology
Lonking (3339 HK): A (Massive) Positive Profit Alert
Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects
China Healthcare Weekly (Jan.19)- WuXi AppTec Sells Shares in WuXi XDC, National Biological Drug VBP
JD.com (JD US): Trusted Online Retailer Trading at a 9x P/E with a Coming Margin Inflection
Mongolia Mining (975 HK): Q4 2024 Operational Updates and Commencement of Buybacks
Bell Financial Group Ltd – Reported FY24 NPAT +26% in line
Plug Power’s $1.66 Billion Loan: Will It Thrive & Flourish In Trump’s Era?

TSMC. The Juggernaut Accelerates!

By William Keating

AI related demand accounted for ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025
5 year growth CAGR of 20%, at the top end of the previously guided 15-20% range
On track for $100 billion revenue in 2025, and most likely, $200 billion by 2030

Taiwan Tech Weekly: UMC Results Ahead; Nvidia & TSMC Partner for Silicon Photonics Technology

By Vincent Fernando, CFA

UMC Results This Week; Insight Into Supply/Demand Environment for More Mature Semiconductor Segments
Nvidia and TSMC Announce Partnership in Silicon Photonics Technology — Will Enable More Energy-Efficient AI
TSMC 4Q24 Results Signal Multi-Year Market Share Gains; Margin Strength; Sustainable Industry Growth

Lonking (3339 HK): A (Massive) Positive Profit Alert

By Osbert Tang, CFA

Lonking Holdings (3339 HK)‘s positive profit alert suggested that FY24 earnings will beat the market consensus by a significant 25.8-34.6%.
Better profitability indicates that it will further accumulate net cash. At an unchanged 50% payout ratio, it yields 7.8%, but at a higher payout of 70%, it will be 10.9%.
Trading on 0.59x P/B, it is at the historical average valuation. If 1SD above average, there will be a 20% upside. It will go to HK$2.20 if 2SD above.

Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects

The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments signal a potential turning point for the chip maker.
On January 17, 2025, it was revealed that Starboard Value, one of Wall Street’s most aggressive activist investors, has acquired a 7.7% stake in Qorvo, equating to a $500 million investment.
This announcement comes after a challenging year for Qorvo, during which its stock fell by 29%, weighed down by declining revenues in its mobile segment and an unfavorable product mix in the Android ecosystem.

China Healthcare Weekly (Jan.19)- WuXi AppTec Sells Shares in WuXi XDC, National Biological Drug VBP

By Xinyao (Criss) Wang

Anhui Province will lead the first National biological drugs VBP in 2025. However, we are optimistic because we think the whole industry will start to bottom out from here.
EVER001 has the potential to become “a game changer” for membranous nephropathy treatment. We are waiting for Everest Medicines to reach licensing cooperation based on EVER001 in the future.
The real motivation for the Disposals of WuXi XDC shares could be to boost WuXi AppTec’s stock price first so that the management can again reduce positions at high level.

JD.com (JD US): Trusted Online Retailer Trading at a 9x P/E with a Coming Margin Inflection

By Michael Fritzell

China-focused Twitter user “pandawatch” posted a tweet comparing the total shareholder return of Chinese tech companies.
At the top of the list was online retailer JD.com (JD US — US$57 billion) with a total dividend yield and buyback yield of 10% — even after deducting share-based compensation. That’s impressively high.
JD is one of China’s largest e-commerce companies. It dominates the niche of selling authentic, branded goods online with fast and reliable delivery.

Mongolia Mining (975 HK): Q4 2024 Operational Updates and Commencement of Buybacks

By Research as a Service (RaaS)

Mongolian Mining (975 HK) reported its production update, which is in line with our estimates for 7.9 million tons of washed coal sold for FY24.
The company commenced buybacks, purchasing 0.26% of its outstanding shares at 6.65 HKD/share. We believe the company will also announce a dividend in its upcoming results.
After the massive correction in share price owing to a weaker coking coal price, the stock trades at 4.2x PE, 1.9x EV-EBITDA, and a 7-10% dividend yield (30-50% payout ratio).

Bell Financial Group Ltd – Reported FY24 NPAT +26% in line

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of FY24 unaudited revenue and reported NPAT, with group revenue +12% to $276m (RaaS $279m), implying H2 FY24 growth of 8.0%, and group NPAT +26% to $30.7m (RaaS $31m), implying H2 FY24 growth of 7.0%.
Divisionally Retail & Wholesale NPAT increased 115% to $9.2m, with H1 growth >900% and a H2 decline of ~20% on forecast lower ECM activity off a high base and in line with ASX market data.
Technology & Platforms and Products & Services NPAT increased 16% over the year, with H1 +~5% and H2 +~25% (including normalisation assumptions), likely to be aided by growth in Funds Under Administration (FUA) and higher transaction volumes.These businesses now represent 70% of group NPAT with a NPAT margin of 25% compared to 5.2% for Retail & Wholesale.

Plug Power’s $1.66 Billion Loan: Will It Thrive & Flourish In Trump’s Era?

Plug Power, a leading name in the hydrogen economy, recently secured a $1.66 billion loan guarantee from the U.S. Department of Energy (DOE).
This funding is set to propel the company’s plans to build several facilities for clean hydrogen production, with the first plant slated for Texas.
The announcement comes amid political uncertainty, as President Donald Trump is set to take office with a potentially contrasting stance on clean energy policies.

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Jan 20

Daily Brief Macro: Top 10 Korean Stock Picks Bi-Weekly (Starting 20 January 2025) and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Top 10 Korean Stock Picks Bi-Weekly (Starting 20 January 2025)
Trump 2025 Market = Reagan 1981?
What A Changing of the Guard Means for Stocks
Copper Tracker 20th Jan 2025: Encouraging China TSF Numbers To Boost Future Demand?
Iron Ore Tracker (20-Jan-2025): Temporary Closure of Hedland and Dampier to Boost Prices

Top 10 Korean Stock Picks Bi-Weekly (Starting 20 January 2025)

By Douglas Kim

We are starting a new series of insights called “Top 10 Korean Stock Picks Bi-Weekly.”
The main purpose of these insights is to pick top 10 stocks in Korea that could outperform KOSPI in the following two week period.
The top 10 stock picks include Kia Corp, Kangwon Land, OCI Holdings, HD Hyundai, Doosan Bobcat, BNK Financial, Hyundai Mobis, HMM, Hyundai Glovis, and Korean Reinsurance.

Trump 2025 Market = Reagan 1981?

By Cam Hui

History doesn’t repeat itself but rhymes. The current market pattern is eerily similar to the 1980–1981 period when Ronald Reagan first won when the market made an intermediate-term top.
Reagan entered the White House amidst a wave of partisan enthusiasm but the stock market ran into technical and economic headwinds.
In 1980, the market faced the challenge of a highly hawkish Federal Reserve. In 2025, the market faces the challenge of elevated valuation and expectations.

What A Changing of the Guard Means for Stocks

By Cam Hui

Much of the gains from the relief rally that we called for are likely in the rear-view mirror.
The lack of extreme fear during this latest oversold episode makes us question the longevity of the rally.
In light of the uncertainties posed by the changing of the political guard in the U.S., the prudent course of action is to step aside and wait for greater clarity.

Copper Tracker 20th Jan 2025: Encouraging China TSF Numbers To Boost Future Demand?

Copper prices finished up over 9000 USD/ton again this week after hovering around 3-5% of that level for close to a month.
The COMEX spread has reached a 10-week high, while the Yangshan premium shows signs of investor bullishness as it closes in on the 80 USD/ton.
With better TSF numbers from China and a slightly more optimistic picture of demand, we head into 2025 feeling better about copper pricing.

Iron Ore Tracker (20-Jan-2025): Temporary Closure of Hedland and Dampier to Boost Prices

By Research as a Service (RaaS)

Iron ore bounced back 7.7% last week to finish at 104 USD/ton. The short-term bullishness was due to temporary port closures for Hedland and Dampier due to cyclone warnings.
China TSF exceeded expectations for December, coming in at 2.85 trillion RMB, up 47% year over year (compared to street expectations of 2.15 trillion RMB).
We like the small-cap Fenix Resources (FEX AU). Read our research Fenix Resources (FEX AU): Deep Value, >35% of Mkt Cap in Cash, 2.5x PE/0.3 EV-EBITDA on Ramp Up.

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Jan 20

Daily Brief Australia: Bell Financial, Iron Ore and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Bell Financial Group Ltd – Reported FY24 NPAT +26% in line
Iron Ore Tracker (20-Jan-2025): Temporary Closure of Hedland and Dampier to Boost Prices

Bell Financial Group Ltd – Reported FY24 NPAT +26% in line

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of FY24 unaudited revenue and reported NPAT, with group revenue +12% to $276m (RaaS $279m), implying H2 FY24 growth of 8.0%, and group NPAT +26% to $30.7m (RaaS $31m), implying H2 FY24 growth of 7.0%.
Divisionally Retail & Wholesale NPAT increased 115% to $9.2m, with H1 growth >900% and a H2 decline of ~20% on forecast lower ECM activity off a high base and in line with ASX market data.
Technology & Platforms and Products & Services NPAT increased 16% over the year, with H1 +~5% and H2 +~25% (including normalisation assumptions), likely to be aided by growth in Funds Under Administration (FUA) and higher transaction volumes.These businesses now represent 70% of group NPAT with a NPAT margin of 25% compared to 5.2% for Retail & Wholesale.

Iron Ore Tracker (20-Jan-2025): Temporary Closure of Hedland and Dampier to Boost Prices

Iron ore bounced back 7.7% last week to finish at 104 USD/ton. The short-term bullishness was due to temporary port closures for Hedland and Dampier due to cyclone warnings.
China TSF exceeded expectations for December, coming in at 2.85 trillion RMB, up 47% year over year (compared to street expectations of 2.15 trillion RMB).
We like the small-cap Fenix Resources (FEX AU). Read our research Fenix Resources (FEX AU): Deep Value, >35% of Mkt Cap in Cash, 2.5x PE/0.3 EV-EBITDA on Ramp Up.

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Jan 20

Daily Brief South Korea: Korea Stock Exchange KOSPI 200 and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

FSS’s Short Selling Guidelines: Breaking Down the Key Violation Cases and What They Mean

FSS’s Short Selling Guidelines: Breaking Down the Key Violation Cases and What They Mean

By Sanghyun Park

The issue with borrowing agreements is that contracts with conditions set later or changeable terms don’t count, creating uncertainty on how this will play out in practice.
Many borrowing agreements depend on recall timing for ownership recognition, even within the same day, creating confusion in practice.
Repayment period limits don’t apply to internal desk-to-desk trades within the same firm. Other than those, no new updates today on reporting requirements, T+2 reporting window, or lending limits.

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Jan 20

Daily Brief United States: Qorvo Inc, Copper, Plug Power Inc, Titan America and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects
Copper Tracker 20th Jan 2025: Encouraging China TSF Numbers To Boost Future Demand?
Plug Power’s $1.66 Billion Loan: Will It Thrive & Flourish In Trump’s Era?
Titan America (TTAM): Peeking at the Prospectus of Potential February IPO for Titan Cement’s US Unit

Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects

The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments signal a potential turning point for the chip maker.
On January 17, 2025, it was revealed that Starboard Value, one of Wall Street’s most aggressive activist investors, has acquired a 7.7% stake in Qorvo, equating to a $500 million investment.
This announcement comes after a challenging year for Qorvo, during which its stock fell by 29%, weighed down by declining revenues in its mobile segment and an unfavorable product mix in the Android ecosystem.

Copper Tracker 20th Jan 2025: Encouraging China TSF Numbers To Boost Future Demand?

Copper prices finished up over 9000 USD/ton again this week after hovering around 3-5% of that level for close to a month.
The COMEX spread has reached a 10-week high, while the Yangshan premium shows signs of investor bullishness as it closes in on the 80 USD/ton.
With better TSF numbers from China and a slightly more optimistic picture of demand, we head into 2025 feeling better about copper pricing.

Plug Power’s $1.66 Billion Loan: Will It Thrive & Flourish In Trump’s Era?