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Smartkarma Daily Briefs

Daily Brief Financials: Hokkoku Financial Holdings, Great Eastern Holdings, Korea Stock Exchange KOSPI 200, USD, NSDL, Industrivarden , Kaia, Tosei Corp, Chesnara PLC and more

By | Daily Briefs, Financials

In today’s briefing:

  • [Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1
  • Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer
  • Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory
  • KOSPI 200: Event-Driven Strategies into the July 10 BoK Decision
  • Global FX: Deep-dive into global FX hedge ratios
  • NSDL IPO: The Bull Case
  • Industrivärden’s H1 2025: NAV Evolution, Discount, Target NAV, Replication
  • KAIA Part 1: The New Frontier for Web3 Mass Onboarding
  • Tosei Corp (8923 JP): 1H FY11/25 flash update
  • Chesnara plc (CSN): Landing the big one


[Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1

By Travis Lundy

  • Japanese banks have been in a relative sweetspot for a couple of years. Higher rates, higher inflation, more FX volatility, better earnings, stronger buybacks. Cross-holding sales up but not spectacular.
  • The BOJ may raise rates but Trump Tariff retaliation/mitigation is a question. Elections the next two weeks and earnings the 2-3 weeks after that may keep things a question. 
  • But buybacks should pick up. Lots announced in spring end at or before Q1 earnings. And I expect substantial new buybacks to be announced throughout the from Q1 results on.

Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer

By David Blennerhassett

  • After OCBC bumped terms for Great Eastern Holdings (GE SP) to $30.15/share via an Exit Offer, I wasn’t confident a 17.8% bump would dislodge Palliser. That appears the case.
  • At today’s EGM, 63.49% of minority shareholders  – OCBC abstained – were in favour on the Offer, falling short of the 75% condition. There was no blocking % condition. 
  • Shareholders voted for the resumption of shares via the issuance of shares (one-for-one bonus), satisfying the SGX free float requirement.  The SGX, and dissenters, will be happy with the outcome. 

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

By Arun George

  • The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
  • The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. 
  • Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.

KOSPI 200: Event-Driven Strategies into the July 10 BoK Decision

By Gaudenz Schneider

  • Context: The Bank of Korea will announce its rate decision on July 10, 2025. This Insight compares market and option-implied expectations with historical KOSPI 200 reactions.
  • Highlights: While average market reactions to BoK moves are historically muted, options are pricing in elevated volatility. Two event-driven strategies are discussed.
  • Why Read: This Insight offers actionable, volatility-focused options strategies grounded in empirical data and current pricing—timely for traders seeking to monetize elevated volatility ahead of central bank and geopolitical events.

Global FX: Deep-dive into global FX hedge ratios

By At Any Rate

  • Market participants should look at a bigger picture view of positioning in US equities, rather than narrow metrics like IMM or market participants only
  • European countries, as well as Canada and Australia, are large holders of US equities, with pension funds being major players
  • Australian pension funds have over 800 billion in US equities, with a flow rate of 1.2% of GDP going into foreign equities, and have low FX hedge ratios which could be raised in the future

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


NSDL IPO: The Bull Case

By Arun George

  • National Securities Depository Limited/NSDL (NSDL IN) is the largest depository in India. It is seeking to raise US$400 million.     
  • The depository market in India is a duopoly with high barriers to entry as each of the current depositories is promoted by large institutions.
  • The bull case rests on outperforming its key peer on several metrics, the core business’s solid performance, signs of margin recovery, cash generation, and no debt.  

Industrivärden’s H1 2025: NAV Evolution, Discount, Target NAV, Replication

By Jesus Rodriguez Aguilar

  • Industrivärden’s NAV reached SEK 165.6 billion in H1 2025, up 4%, while C shares delivered a flat return and now trade at a 9.7% discount to NAV—below historical levels.
  • The portfolio is highly concentrated, with 91% of NAV in five stocks: Volvo, Sandvik, Handelsbanken, Essity, and SCA—making it easily replicable but sensitive to industrial sector cycles.
  • Management costs remain ultra-low at 0.08% of AUM, while net debt is just 2% of the portfolio. Credit quality is strong (A+/Stable), and dividends from holdings totaled SEK 9.4 billion.

KAIA Part 1: The New Frontier for Web3 Mass Onboarding

By Animoca Brands Research

  • In August 2024, Klaytn (backed by South Korea’s Kakao) and Finschia (developed by Japan’s LINE Tech Plus) merged to form the Kaia chain, a Layer 1 blockchain aimed at becoming Asia’s leading Web3 ecosystem.
  • LINE, the leading messaging app in Japan, Thailand, and Taiwan, boasts approximately 200 million high-value monthly active users, with over 80% penetration in key markets, and is partnering with Kaia to deliver a rich Web3 experience on its platform.
  • The key initiative of the Kaia-LINE NEXT partnership to onboard users from Web2 to Web3 is the Mini Dapp ecosystem, which mirrors the Telegram-TON partnership’s Game-Token-DeFi strategy, with the Kaia foundation driving developer engagement.

Tosei Corp (8923 JP): 1H FY11/25 flash update

By Shared Research

  • Revenue increased by 14.6% YoY to JPY66.1bn, with operating profit rising 18.1% YoY to JPY17.6bn.
  • The company revised its full-year forecast, lowering revenue by 3.9% but raising operating profit by 4.7%.
  • Assets under management reached JPY2.67tn, exceeding fiscal year-end targets, driven by new asset management contracts.

Chesnara plc (CSN): Landing the big one

By Hardman & Co

  • After a longer wait than planned, Chesnara has announced a large acquisition, HSBC Life (UK).
  • At a cost of £260m, it is over 70% of Chesnara’s pre-announcement market capitalisation and will be funded by a mixture of equity, existing cash resources (primarily from the earlier Tier 2 bond issue) and drawing down from a newly increased revolving credit facility.
  • The rights issue should complete by 23 July 2025, with deal completion in early 2026.

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Most Read: Horizon Robotics, NTT DC REIT, Hokkoku Financial Holdings, Renesas Electronics, Great Eastern Holdings, Samsung Electronics, Ikuyo Co Ltd and more

By | Daily Briefs, Most Read

In today’s briefing:

  • HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change
  • NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker
  • [Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1
  • Great Eastern (GE SP): OCBC Bumps Terms – $30.15/Share Exit Offer
  • [Quiddity Index] TOPIX July 2025 FFW Rebalance – $3bn+ a Side to Trade
  • Inconsistently Dovish Pricing
  • Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer
  • Samsung Electronics: Share Buyback of 3.9 Trillion Won
  • Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory
  • [Japan LolWut?] Ikuyo (7273) Says “Iku Yo!” – Bitcoin, M&A, Weirdness, More


HSTECH Index Rebalance Preview: Universe Expansion Could Lead to One Change

By Brian Freitas

  • The review period for the September rebalance of the Hang Seng TECH Index ended on 30 June, the changes will be announced on 22 August and implemented on 5 September.
  • No constituent changes will result in a one-way turnover of 4.1% and that will mean a round-trip trade of HK$15.2bn (US$1.94bn).
  • An expansion of the index universe could lead to one constituent change and that increases the one-way turnover to 6.2% and the round-trip trade to HK$23.1bn (US$2.94bn).

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

By Brian Freitas

  • NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
  • Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.
  • NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.

[Japan Buybacks] – Japan Bank Metrics, Cross-Holdings and Banks Part 1

By Travis Lundy

  • Japanese banks have been in a relative sweetspot for a couple of years. Higher rates, higher inflation, more FX volatility, better earnings, stronger buybacks. Cross-holding sales up but not spectacular.
  • The BOJ may raise rates but Trump Tariff retaliation/mitigation is a question. Elections the next two weeks and earnings the 2-3 weeks after that may keep things a question. 
  • But buybacks should pick up. Lots announced in spring end at or before Q1 earnings. And I expect substantial new buybacks to be announced throughout the from Q1 results on.

Great Eastern (GE SP): OCBC Bumps Terms – $30.15/Share Exit Offer

By David Blennerhassett

  • The prior Offer for Great Eastern Holdings (GE SP) closed on the 12th July 2024, with OCBC holding 93.62%. Shares have been suspended ever since. Compulsory acquisition was not afforded.
  • To break the deadlock, I mused in This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension, that OCBC needed to come out with a improved Offer of ~S$30/share.
  • That has now unfolded. Minorities have the option of a S$30.15/share Exit Offer; or voting for the resumption of trading, which will be possible via the issuance of bonus shares.

[Quiddity Index] TOPIX July 2025 FFW Rebalance – $3bn+ a Side to Trade

By Travis Lundy

  • Four times a year, the TSE reassesses free float weights for listed stocks. Indices run by the TSE adjust their index shares (shares out x FFW x coefficient) in Jan/Apr/Jul/October.
  • Yesterday, the TSE announced its changes for this quarter. Combined with other adjustments on 30 July at the close, we expect 190+ events.
  • For now, we expect the trade is about US$3.3bn a side. At the top of the buy side, 16 names with more than $30mm to buy, averaging 5x ADV.

Inconsistently Dovish Pricing

By Phil Rush

  • Dovish market fears from April have unwound for the Fed, yet deepened for the BoE, despite broadly resilient data and cautious guidance from policymakers reluctant to cut.
  • Equity prices have relied on this resilience to recover, yet expectations for extended rate-cutting cycles imply it breaks. Payrolls only forced half of the gap to close.
  • We expect ongoing resilience to keep rolling market pricing for rate cuts later, with the unnecessary easing ultimately never being delivered by the BoE, Fed, or ECB.

Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer

By David Blennerhassett

  • After OCBC bumped terms for Great Eastern Holdings (GE SP) to $30.15/share via an Exit Offer, I wasn’t confident a 17.8% bump would dislodge Palliser. That appears the case.
  • At today’s EGM, 63.49% of minority shareholders  – OCBC abstained – were in favour on the Offer, falling short of the 75% condition. There was no blocking % condition. 
  • Shareholders voted for the resumption of shares via the issuance of shares (one-for-one bonus), satisfying the SGX free float requirement.  The SGX, and dissenters, will be happy with the outcome. 

Samsung Electronics: Share Buyback of 3.9 Trillion Won

By Douglas Kim

  • Samsung Electronics announced today that it plans to conduct a large scale buyback worth 3.9 trillion won, of which 2.8 trillion won will be cancelled. 
  • Samsung Electronics reported  consolidated sales of 74 trillion won and operating profit of 4.6 trillion won in 2Q 2025, down 0.1% and 55.9% YoY, respectively. 
  • The average daily trading volume (ADTV) of Samsung Electronics (005930 KS) (common shares) is 15.43 million. Therefore, the share buyback of 56.89 million (common shares) represents 3.7x of ADTV. 

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

By Arun George

  • The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
  • The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. 
  • Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.

[Japan LolWut?] Ikuyo (7273) Says “Iku Yo!” – Bitcoin, M&A, Weirdness, More

By Travis Lundy

  • Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as Microstrategy Inc Cl A (MSTR US) shares went up and bitcoin did too. 
  • Yesterday, resin coating/injection molding product maker Ikuyo Co Ltd (7273 JP) announced an M&A Policy, and a Shareholder Benefits Program where shareholders will “win” amounts of bitcoin by lottery.  
  • Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it’s interesting.

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Daily Brief Australia: Aristocrat Leisure, South32 Ltd, Actinogen Medical and more

By | Australia, Daily Briefs

In today’s briefing:

  • Australian Broker Call *Extra* Edition – Jul 07, 2025
  • South32 Ltd – The Overnight Report: Tariff Truce’s Soft Extension
  • Actinogen Medical — XanaMIA study enrols 100th patient


Australian Broker Call *Extra* Edition – Jul 07, 2025

By FNArena

  • Extra Edition of the Broker Call Report


Actinogen Medical — XanaMIA study enrols 100th patient

By Edison Investment Research

Actinogen Medical announced on 30 June that it has recruited the 100th patient for its ongoing XanaMIA Phase IIb/III study assessing lead candidate Xanamem (emestedastat) in patients with biomarker-positive Alzheimer’s disease (AD). The company is on track to report a pre-planned interim efficacy (futility) analysis on 24-week data in early Q126, which, if successful, should strengthen confidence in the AD programme. After rolling forward our estimates, we obtain a total equity valuation of A$724.6m (versus A$673.8m previously).


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Daily Brief Quantitative Analysis: 🧠🎙️ The New Barbarians: AI Agent Edition and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • 🧠🎙️ The New Barbarians: AI Agent Edition


🧠🎙️ The New Barbarians: AI Agent Edition

By William Mann

  • Systematic beats discretionary: Data-driven, rule-based macro strategies are outperforming traditional “gut feeling” approaches by using econometric models (ARIMA, GARCH, VAR) to identify regime-dependent opportunities and reduce behavioral biases in decision-making.
  • Current opportunity: The Q2 2025 environment (twist steepening yield curve + easing US-China trade tensions) systematically favors cyclicals (energy, materials, industrials) over rate-sensitive (utilities, REITs), creating cross-asset relative value trades.
  • AI-Enhanced evolution: Integrating machine learning with traditional models, alternative data sources (satellite imagery, credit card data) and deep reinforcement learning to capture more complex patterns that human discretionary traders miss.

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Daily Brief South Korea: Tongyang Life Insurance, LS Corp, Alteogen Inc, Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, South Korea

In today’s briefing:

  • A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?
  • KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs
  • Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI
  • Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum


A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?

By Douglas Kim

  • It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.
  • We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders. 
  • Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.

KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs

By Sanghyun Park

  • KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
  • Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
  • SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.

Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

By Douglas Kim

  • On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
  • Mr. Hyung has requested to Alteogen to switch the company’s listing from KOSDAQ to KOSPI to improve the company’s image and attract greater capital inflow from passive funds. 
  • Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company’s significant sales and profit growth in the next three years. 

Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

By Gaudenz Schneider

  • Context: The 90-day pause on US reciprocal tariffs expires on July 9, 2025. Japan, South Korea, Taiwan, and India, now face a return to steep US tariffs.
  • Highlights: Markets reacted sharply to the original tariff announcement in April, with volatility peaking. While implied volatility eased in May, it has since climbed again, suggesting rising investor concern.
  • Why Read: As markets face renewed risk of stress, this Insight helps investors understand which markets and sectors are most exposed, how volatility is evolving, and how best to position.

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Daily Brief Singapore: NTT DC REIT, Haw Par Corp, Far East Hospitality Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker
  • StubWorld: Haw Par Looking Stretched
  • REIT Watch – 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts


NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

By Brian Freitas

  • NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
  • Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.
  • NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.

StubWorld: Haw Par Looking Stretched

By David Blennerhassett

  • Haw Par Corp (HPAR SP)‘s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid. 
  • Preceding my comments on Haw Par – and Singapore Land Group (SPLG SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

REIT Watch – 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

By Geoff Howie

  • The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.
  • The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.
  • Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

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Daily Brief United States: Figma, Carlsmed, Crude Oil, Base Oil, NIQ Global Intelligence, Accelerant Holdings and more

By | Daily Briefs, United States

In today’s briefing:

  • Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market
  • Carlsmed, Inc. (CARL): Peeking at the Prospectus of the Next Medical Tech IPO
  • Rising OPEC+ Supply & Weak Demand To Drag Crude Price Lower
  • Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story
  • Asia base oils supply outlook: Week of 7 July
  • How Trump’s Big Beautiful Bill Will Affect Commodity Markets
  • NIQ Global Intelligence Plc (NIQ): Peeking at the Prospectus of a Consumer Intelligence Company
  • Accelerant Holdings (ARX): Peeking at the Prospectus of the Next Specialty Insurance Related IPO
  • Asia base oils demand outlook: Week of 7 July
  • Global base oils margins outlook: Week of 7 July


Figma IPO Preview: Fast-Growing Disruptor In The Design Software Market

By Andrei Zakharov

  • Figma Inc., a VC-backed collaborative design software maker, filed for long-awaited IPO. Morgan Stanley and Goldman Sachs are the lead bankers on the offering.
  • The San Francisco-based company was valued at $12.5B in a 2024 tender offer. Figma is well-positioned with a strong brand among designers and a growing footprint in enterprise segment.
  • With strong financial profile and network effects, driven by large scale and efficient GTM strategy, the company remains the leader in collaborative design software market.

Carlsmed, Inc. (CARL): Peeking at the Prospectus of the Next Medical Tech IPO

By IPO Boutique

  • The company describes itself as a commercial-stage medical technology company pioneering AI-enabled personalized spine surgery solutions.
  • For the years ended December 31, 2024 and 2023, they recognized revenue of $27.2 million and $13.8 million, respectively, representing year-over-year growth of 97.2%.
  • The area in which this company operates in is one that is traditionally well-received by IPO investors.

Rising OPEC+ Supply & Weak Demand To Drag Crude Price Lower

By Srinidhi Raghavendra

  • Crude oil soared on conflict and sank just as fast on ceasefire. Prices surged to a 5-month high following the U.S. strikes on three Iranian nuclear facilities.
  • June’s price action was driven by geopolitical shocks, not sustained fundamentals. Oversupply concerns remain dominant.
  • On 05/Jul, eight key members of OPEC+ alliance agreed to raise oil output in August. Instead of the anticipated 411kbpd increase, the group opted for a steeper hike of 548kbpd.

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

By Andrei Zakharov

  • Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it’s likely to exceed $1B.
  • I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
  • I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.

Asia base oils supply outlook: Week of 7 July

By Iain Pocock

  • Asia’s base oils price-premium to Singapore gasoil price stays at elevated levels for heavy grades, lower-than-usual levels for light grades.
  • Base oils margins incentivize refiners to maintain higher production levels for heavy grades, and to consider adjusting production levels for light grades.
  • Any such moves to maintain or adjust output would coincide with rise in regional production capacity following completion of most plant-maintenance work.

How Trump’s Big Beautiful Bill Will Affect Commodity Markets

By The Commodity Report

  • During the week, Trump muscled his Big Beautiful Bill through a divided congress. With that, the bill got passed even right before 4th of July.
  • The nearly-900 page bill includes a tax-cut and spending package that is projected to increase the national debt by $3.3 trillion over a decade.
  • Cost-saving to reduce the government debt seems to be completely from the table. The DODGE department seems compared to this bill like a joke.

NIQ Global Intelligence Plc (NIQ): Peeking at the Prospectus of a Consumer Intelligence Company

By IPO Boutique

  • The company, better known as NielsenIQ, describes itself as a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers.
  • The company is private equity backed with a majority stake owned by Advent International.
  • With revenues over the last three months relatively flat versus the year prior, it will be “interesting” to see how (or if) the market “embraces” this company. 

Accelerant Holdings (ARX): Peeking at the Prospectus of the Next Specialty Insurance Related IPO

By IPO Boutique

  • They have grown their revenues by 57% to $344 million in 2023 and by 75% to $603 million for the year ended December 31, 2024.
  • The company that describes itself as operating a data-driven risk exchange that connects selected specialty insurance underwriters with risk capital partners.
  • The insurance sector in which this company operates in is one that is traditionally well-received by IPO investors and has been so far in 2025.

Asia base oils demand outlook: Week of 7 July

By Iain Pocock

  • Asia’s base oils demand could weaken in coming weeks amid seasonal slowdown in consumption.
  • Signs of more prolonged and widespread drop in regional lube consumption from year-earlier levels would magnify impact of seasonal slowdown.
  • Weaker demand in recent months cushions impact of tighter regional supply during that period.

Global base oils margins outlook: Week of 7 July

By Iain Pocock

  • Global base oils values mostly hold firm versus feedstock/competing fuel prices, even as they remain down from recent highs in Q2 2025.
  • Firm base oils margins coincide with strong diesel premium to crude oil that incentivizes refiners to boost output of the motor fuel.
  • Any such move would likely impact light-grade base oils more than heavy grades, whose firm margins incentivize refiners to maintain high output of the product.

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Daily Brief Thematic (Sector/Industry): Ohayo Japan | Japan Targeted with 25% Tariff Rate and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Japan Targeted with 25% Tariff Rate
  • Japan Morning Connection: Trumps Latest 25% Tariff Salvo on JP Unlikely to Be Final
  • Furniture/Furnishings Weekly – July 7, 2025
  • What’s New(s) in Amsterdam – 7 July (dsm-firmenich | Philips | TomTom)


Ohayo Japan | Japan Targeted with 25% Tariff Rate

By Mark Chadwick

  • US stocks fell Monday as renewed tariff threats from President Trump rattled markets. The Dow dropped over 400 points, or nearly 1%
  • Trump’s announcement of 25% tariffs on imports from Japan and South Korea starting August 1, part of a broader escalation
  • Nissan announced it will raise 150 billion yen through a Euroyen-denominated convertible bond issue, targeting overseas markets

Japan Morning Connection: Trumps Latest 25% Tariff Salvo on JP Unlikely to Be Final

By Andrew Jackson

  • Trump extending the implementation deadline leaves plenty of wiggle room for further negotiation.
  • Renesas should be helped by the Wolf’s new restructuring hire and TPX FFW buying this month.
  • Samsung numbers weak with failed NVDA accreditation weighing on outlook.

Furniture/Furnishings Weekly – July 7, 2025

By Water Tower Research

  • Progress on at least some trade deals (Vietnam) was seen as a positive in a holiday-shortened week of trading.
  • The WTR Commercial/Contract Furniture Index gained 6.1%, the Residential Manufacturers & Suppliers Index was up 2.1%, and the Home Goods Retailers Index gained 7.0% as the broader market indices were up 1.7% and the R2K was up 3.6%.
  • New home construction, on a per capita basis, in the US (and other anglophone countries) has effectively flatlined since the 1990s, leaving us with just as many dwelling units on a per capita basis as we had in the early 1990s, despite the fact that the total US population has increased by roughly 80 million (1).

What’s New(s) in Amsterdam – 7 July (dsm-firmenich | Philips | TomTom)

By The IDEA!

  • Three candidates remain for the purchase of dsm-firmenich’s Animal Health & Nutrition (AHN) division: private equity firms CVC and Apollo, and Dutch feed producer Nutreco.
  • This is reported by Dutch financial daily FD, citing anonymous sources. This deal, which has an estimated value of approx.
  • EUR 2.8bn, is among the largest Dutch transactions of the year, though the acquisition environment remains subdued.

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Daily Brief India: Travel Food Services Ltd, Wns Holdings Ltd Adr, Protean, Aditya Birla Lifestyle Brands, Borosil Renewables and more

By | Daily Briefs, India

In today’s briefing:

  • Travel Food Services: $250M OFS, Niche Travel QSR but Valuations Seem Full Amidst near Term Weakness
  • Capgemini–WNS: A Strategic AI Play with Risk-Arb Clarity and Optionality
  • Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future
  • Travel Food Services IPO – RHP Updates & Thoughts on Valuation
  • Aditya Birla Lifestyle Brands (ABLBL IN) | A Sportswear Wildcard
  • Why Borosil Renewables’ Exit from GMB Is a Clear Win for the Company?


Travel Food Services: $250M OFS, Niche Travel QSR but Valuations Seem Full Amidst near Term Weakness

By Himanshu Dugar

  • TFS operates QSRs and lounge in airports. They are present in the top 14 airports in India accounting for 26% of Indian-airport QSR and ~45% of the Indian-airport Lounge revenues
  • FY26 performance is expected to be flattish as 1H results will lap impact of Adani operated airports being moved from TFS books to Joint venture with 25% stake.
  • FY27 onwards growth is estimated at 15+% with EBITDA margins of 34-37%. We estimate FY27 revenues of ~2,000cr with PAT of 450-500cr implying the deal is being priced at 30-33x

Capgemini–WNS: A Strategic AI Play with Risk-Arb Clarity and Optionality

By Jesus Rodriguez Aguilar

  • Capgemini to acquire WNS for $76.50 per share in cash; deal implies a 28% premium to VWAP and aims to create a global leader in AI-powered intelligent operations.
  • WNS traded at a discount to peers pre-offer; Capgemini expects meaningful synergies (~$8.63/share NPV), justifying the 16x P/E takeout. No termination fee is disclosed publicly.
  • Interloper risk is modest; deal certainty is high. With a 3.83% gross spread (pre-market) and 8.15% annualized return, the arbitrage setup is attractive barring regulatory or shareholder surprises.

Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future

By Sudarshan Bhandari

  • Protean’s exclusion from the PAN 2.0 project raises concerns about potential long-term revenue loss, especially as tax services contribute significantly to its current business.
  • Protean’s strategic diversification into pension services, digital identity solutions, and international markets positions it well for long-term growth, reducing reliance on tax services.
  • With INR800 crore in cash reserves and zero debt, Protean is financially resilient, allowing it to invest in new growth areas, making it attractive for long-term investors despite short-term volatility.

Travel Food Services IPO – RHP Updates & Thoughts on Valuation

By Akshat Shah

  • Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
  • Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
  • We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.

Aditya Birla Lifestyle Brands (ABLBL IN) | A Sportswear Wildcard

By Pranav Bhavsar

  • The ABLBL demerger creates a focused entity with market-leading premium brands, providing a stable foundation by separating the high-margin apparel business from ABFRL’s weaker assets.
  • ABLBL core lifestyle portfolio, including Louis Philippe and Peter England, boasts dominant market share in key segments and enjoys exceptionally strong brand recall among consumers.
  • Future growth hinges on wildcards American Eagle and Reebok. The Reebok turnaround offers significant upside by tapping into the high-growth, lucrative Indian sportswear and athleisure market.

Why Borosil Renewables’ Exit from GMB Is a Clear Win for the Company?

By Sudarshan Bhandari

  • Borosil Renewables (BRSL IN)‘ German subsidiary, GMB, filed for insolvency on July 4, 2025, due to European market challenges and losses.
  • This halts ~INR 9 crore monthly losses, freeing capital and management to focus on India’s booming solar glass sector.
  • Strengthens positive outlook; Borosil is now leaner and better positioned for India’s high-growth, policy-supported renewable market.

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Daily Brief China: Dah Sing Financial, Tencent, Xuanzhu Biopharmaceutical, Shanghai Conant Optical, MegaRobo Technologies, Hang Seng Index, Health And Happiness (H&H), Genor Biopharma Holdings and more

By | China, Daily Briefs

In today’s briefing:

  • Dah Sing Financial (2356 HK): Discounts On Discounts
  • Asian Equities: Southbound Monthly – June Acceleration; Old Getting Sold, Dividends the New Darling
  • Xuanzhu Biopharm  (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks
  • Shanghai Conant Optical (2276 HKG): Lens of Strong Fundamentals Makes the Growth Optics Visible
  • MegaRobo Pre-IPO Tearsheet
  • Global Markets WEEKLY Tactical Outlook: July 7 to July 11
  • Lucror Analytics – Morning Views Asia
  • Genor Biopharma (6998 HK) – The Reverse Merger Will Unleash the Upside Potential of Valuation


Dah Sing Financial (2356 HK): Discounts On Discounts

By David Blennerhassett


Asian Equities: Southbound Monthly – June Acceleration; Old Getting Sold, Dividends the New Darling

By Manishi Raychaudhuri

  • The US$10.23bn net inflow through the Southbound Stock Connect in June marked a near-doubling from the May slump (US$5.85 bn), though it’s still lower than the 15-month average (US$12.1 bn).
  • Investors bought high dividend yield SOEs heavily (e.g. China Construction Bank), and sold Tencent, Xiaomi, Alibaba. Healthcare companies – Innovent Biologics and CSPC Pharma were bought, underscoring investors’ defensive stance.
  • Investors’ dividend yield fascination seems unabated.  Some technology stocks (Tencent) do not seem overbought. Despite large buying, EV and ecommerce heavyweights (Meituan) are declining. Investors’ appetite in them could slump.

Xuanzhu Biopharm  (轩竹生物科技) Pre-IPO: Alarming Signs upon Further Checks

By Ke Yan, CFA, FRM

  • Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
  • In previous insight, we looked at the company’s core products and key products, including XBP-3571, XZP-3287, and XZP-3621, and its management team and investor backing.
  • In this note, we look at the company’s latest filing and its previous attempt to list in the A-share market.

Shanghai Conant Optical (2276 HKG): Lens of Strong Fundamentals Makes the Growth Optics Visible

By Tina Banerjee

  • Shanghai Conant Optical (2276 HK) to utilize proceeds from its January placement for the research, development, design and manufacturing of lenses and vision solutions for smart glasses and XR headsets.
  • The company will construct an automated RX resin lens production line with a focus on high-end customized lenses, at a cost of $4M, to be funded by internal accruals.
  • The company declared that based on the preliminary assessments, it expects its 1H25 net profit to increase by 30% mainly due to strong volume growth and higher ASP.

MegaRobo Pre-IPO Tearsheet

By Nicholas Tan

  • MegaRobo Technologies (MRT HK) is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley, Huatai, Deutsche Bank, CCB International.
  • It is a leading provider of autonomous agents in robotic applications in China, dedicated to improving productivity and driving innovation for businesses across both laboratory and manufacturing settings.
  • It serves a diversified customer base with over 880 customers. Key account customers newly acquired in 2022, had a repurchase rate of 74%, and a revenue retention rate of 115%.

Global Markets WEEKLY Tactical Outlook: July 7 to July 11

By Nico Rosti

  • A quick synoptic look at the tactical models for some key indices, stocks, commodities and bonds we cover, for the week July 7 – July 11.
  • Since our Global Markets WEEKLY Tactical Outlook published last week, US markets became even more overbought by the end of the week, while some Asian  stocks started to pull back. 
  • Stocks are falling on Monday, the Trump administration is threatening imposing 25% tariffs on a number of nations (including Japan and South Korea), global markets may close the week down.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), Tata Steel
  • The US market was closed for Independence Day on Friday. US President Donald Trump passed his signature tax cut and spending Bill into law on Friday, after it was approved by Congress in a 218-214 vote on Thursday.
  • The fiscal package includes tax cuts, lower spending on social programmes (e.g. federal food stamps and college student loans) and the elimination of tax benefits encouraging the use of clean energies. The non-partisan Congressional Budget Office estimated that the new legislation will add more than USD 3 tn to the country’s deficit over the next decade.

Genor Biopharma (6998 HK) – The Reverse Merger Will Unleash the Upside Potential of Valuation

By Xinyao (Criss) Wang

  • The merger is good for both parties. On the one hand, it helps boost Genor’s valuation. On the other hand, it finally makes Edding realize its desire to go public.
  • The outlook of Edding Genor Group depends on the pipeline quality. Core products Vancocin/Ceclor/FPN are facing different challenges. The pipeline strength/R&D capabilities of Genor hasn’t been recognized by the market.
  • Short-Term valuation is expected to reach RMB7.5 billion. Future valuation could be above RMB10 billion if pipeline R&D progress/clinical data and the commercialization performance of marketed products meet the expectation.

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