Smartkarma Daily Briefs, Author at Smartkarma

Dec 26

Daily Brief Industrials: Samsung Engineering, Zuiko Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Korea: Potential Relegations from K League 1
Zuiko Corp (6279 JP): Q3 FY02/25 flash update

Korea: Potential Relegations from K League 1

By Brian Freitas

There are quite a few stocks in Korea that have underperformed their peers and could be deleted from global passive portfolios in February.
There are still 3 weeks left for the stocks to redeem themselves and avoid relegation from the K League, so watch out for big price moves.
Based on our estimate of passive assets, trackers will need to trade between US$45m to US$114m of the stocks. Impact will vary between 2.6x-30x of ADV to trade.

Zuiko Corp (6279 JP): Q3 FY02/25 flash update

By Shared Research

Revenue decreased to JPY13.9bn, a 17.6% YoY decline, with significant drops in Japan and China sales.
Operating loss of JPY303mn and recurring loss of JPY176mn were reported, with a net loss of JPY734mn.
FY02/25 revenue forecast revised to JPY20.0bn, with expected operating profit and recurring profit declines.

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Dec 25

Daily Brief ESG: Change in Regulation of Treasury Shares Allocation Post Spinoffs Starting January 2025 and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Change in Regulation of Treasury Shares Allocation Post Spinoffs Starting January 2025

Change in Regulation of Treasury Shares Allocation Post Spinoffs Starting January 2025

By Douglas Kim

Starting January 2025, there will be a major change in the regulation regarding the use of treasury shares during a company spinoff process.
The main change involves the practice of allocating newly issued shares to existing treasury shares held by companies during corporate spinoffs.
This practice will now be banned which should help to reduce the wrongful use of treasury shares and improve minority shareholders’ rights.

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Dec 25

Daily Brief Thematic (Sector/Industry): Singapore Market Roundup (24-Dec-2024): DBS keeps ‘buy’ rating on Seatrium and more

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

In today’s briefing:

Singapore Market Roundup (24-Dec-2024): DBS keeps ‘buy’ rating on Seatrium, awaits probe results.
Thematic Report: India- World’s Next Hotspot for Premium Brands
# 74 India Insight: Tata Capital IPO, BPCL 6100 Cr Refinery Project, Greaves Cotton’s EV Momentum

Singapore Market Roundup (24-Dec-2024): DBS keeps ‘buy’ rating on Seatrium, awaits probe results.

By Singapore Market Roundup

DBS reaffirms ‘buy’ rating on Seatrium following FPU contract win, but awaits probe results before making final assessment.
Maybank Securities optimistic about SingPost’s future after dismissal of three executives, sees potential for positive changes.
OCBC lowers SingPost’s value after CEO and CFO exit, while DBS approves of CDLHT’s strategy to expand lodging accommodations and views OUE REIT’s Shanghai property sale favorably.

Thematic Report: India- World’s Next Hotspot for Premium Brands

By Nimish Maheshwari

Premiumization is reshaping India’s consumer market, with rising demand for high-quality products across FMCG, automobiles, electronics, and luxury goods driven by growing affluence and aspirations.
India’s per capita GDP surpassing $2,500 and increasing digitalization have unlocked significant growth in premium categories, positioning India as a global hotspot for aspirational consumption.
The shift from affordability to quality signals immense opportunities in premium segments, making it essential for businesses to innovate while balancing premium and budget-friendly offerings.

# 74 India Insight: Tata Capital IPO, BPCL 6100 Cr Refinery Project, Greaves Cotton’s EV Momentum

By Sudarshan Bhandari

The influx of prominent companies like Tata Capital and Greaves Electric Mobility entering the public market signals robust investor confidence and a burgeoning appetite for growth-oriented businesses.
Bharat Petroleum Corp (BPCL IN) commitment to a new refinery project signifies a strategic push towards bolstering production capacity and capitalizing on India’s increasing demand for petrochemical products.
Gulf Oil Lubricants India (GOLI IN) broadens its reach by collaborating with Nayara Energy to distribute automotive products across 6,500 fuel outlets.

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Dec 25

Daily Brief ECM: Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+ and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

Minieye Technology IPO: Valuation Multiples Appear Justified Given Top-Line Growth of 30%+

By Andrei Zakharov

Minieye Technology, a fast-growing provider of intelligent driving and cabin solutions in China, will price its IPO this week.
The company was backed by CICC Capital, Beijing Siwei, Shenzhen Zeyi, and Mr. Wu Yongming, the current CEO of Alibaba, among others.
IPO valuation multiples appear justified given the company’s top-line growth of 30%+ and full-stack in-house R&D capabilities.

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Dec 25

Daily Brief Event-Driven: Korea FSC Official: New Rule to Block “Treasury Stock Magic” Takes Effect on 31st and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Korea FSC Official: New Rule to Block “Treasury Stock Magic” Takes Effect on 31st
Suntec REIT (SUN SP): Tang’s Offer Now Open

Korea FSC Official: New Rule to Block “Treasury Stock Magic” Takes Effect on 31st

By Sanghyun Park

Korea FSC announced on the 24th that the updated Capital Markets Act rules, approved by the Cabinet, will take effect on the 31st.
Banning new shares to treasury stocks during spin-offs could shift board focus in Korea, reducing big shareholder influence and prioritizing the broader shareholder base.
The capital markets law change could shift shareholder returns from buybacks to dividends, marking a key inflection point for traders, especially in Korea’s preferred stock market.

Suntec REIT (SUN SP): Tang’s Offer Now Open

By David Blennerhassett

On the 5th December, Gordan Tang (& his wife Celine) acquired 2.14% in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
This is appears to be a technical Offer. The Offer price is S$1.16/share against a S$1.17/share undisturbed price. Timing, however, IS curious after ESR Group (1821 HK)‘s recent Offer.
The Offer Doc is now out and shareholders can tender. At S$1.18/share as I type, zero tendering should occur. The Offer closes on the 20 January, unless extended.

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Dec 25

Daily Brief Equity Bottom-Up: Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan. and more

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

In today’s briefing:

Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.
Matsuya Targets ¥20 Billion Online
Insolation Energy Ltd- Forensic Analysis
Tech Supply Chain Tracker (25-Dec-2024): Japanese IDMs’ global investment plans.
FedEx’s $30 Billion Spin-Off: A Game-Changer for Freight and Shareholders? – Major Drivers
Pro Medicus Ltd (PME AU): Strong FY24 Result; Starts FY25 With Record Breaking Contract Win
Jabil Inc.: Can Its AI and Data Cloud Expansion Give Them A Competitive Edge? – Major Drivers
Kolte Patil: On Track as Per FY25 Guidance
Lamb Weston Holdings Inc.: Expanded Customer Base & Volume Growth Driving Our Bullishness! – Major Drivers
Micron Bets Big on AI Chips Amid Sluggish Smartphone and PC Sales But Will It Work? – Major Drivers

Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.

By Patrick Liao

NVIDIA Corp (NVDA US) CEO Mr. Jensen Huang announced plans to establish an offshore headquarters in Taipei during his visit this June.
From a geopolitical perspective, Taiwan is one of the focal points where the U.S. and China could potentially be in conflict.
Focusing on AI, NVIDIA Corp (NVDA US) is currently attracting significant attention, but the decision to establish an offshore headquarters in Taipei is raising curiosity.

Matsuya Targets ¥20 Billion Online

By Michael Causton

Department store sales to locals plummeted in October, resulting in the first decline in 32 months.
While sluggish clothing sales was one factor, another was crowded luxury concessions putting off locals from visiting.
Matsuya thinks it has the answer: keeping locals and tourists separate using a new online store.

Insolation Energy Ltd- Forensic Analysis

By Nitin Mangal

Insolation Energy (INA IN), originated from Jaipur, Rajasthan has been a beneficiary of the heavy solar tailwinds in the last two years and has been involved in major capex phase.
The company has received big contracts such as the MoU with government to the tune of INR 100 bn in spite of having net worth of only INR 1.1 bn.
As far as forensics is concerned, we notice several irregularities such as low capitalisations, misclassification of OCF, EPS, naïve accounting of investments, forex movements, strange movements in margins, etc.

Tech Supply Chain Tracker (25-Dec-2024): Japanese IDMs’ global investment plans.

By Tech Supply Chain Tracker

Japanese IDMs are increasing global investments, while the US keeps a close eye on China’s chip industry to adjust supply chains.
Compal Electronics introduces a new liquid cooling solution for effective cooling of electronic devices.
Google enhances AI visual generation with Veo 2, Imagen 3, and Whisk, while Innolux focuses on FOPLP and Lam boosts fab efficiency with collaborative robots.

FedEx’s $30 Billion Spin-Off: A Game-Changer for Freight and Shareholders? – Major Drivers

By Baptista Research

FedEx Corporation is embarking on a transformative journey with its announcement to spin off FedEx Freight into a standalone publicly traded company within the next 18 months.
The move, estimated to unlock over $30 billion in value, aims to streamline FedEx’s core operations and capitalize on the rising valuations of standalone trucking companies.
The spinoff is seen as a strategic step to enhance focus, competitiveness, and shareholder value.

Pro Medicus Ltd (PME AU): Strong FY24 Result; Starts FY25 With Record Breaking Contract Win

By Tina Banerjee

Pro Medicus Ltd (PME AU) reported strong performance in FY24, with revenue increasing 29% YoY to A$162M. Net profit grew at a faster pace of 37% YoY to A$83M.
At the end of FY24, full contracted revenue increased to A$624M over the next five years from A$468M in FY23, laying the foundation for continued growth in FY25 and beyond.
In November, PME signed a A$330M, 10-year contract with Trinity Health. The contract is the largest ever for Pro Medicus and Trinity is the first customer with a national footprint.

Jabil Inc.: Can Its AI and Data Cloud Expansion Give Them A Competitive Edge? – Major Drivers

By Baptista Research

Jabil Inc. entered the first quarter of its fiscal year 2025 with a relatively solid performance, as evidenced by its reported revenues and continued efforts in restructuring its business model.
The company reported $7 billion in revenue for the quarter, representing a 1% increase when excluding the impact of a prior-year divestiture in the Mobility segment.
Core operating income was $347 million, with a margin holding steady at 5%, despite a modest impact from recent hurricanes.

Kolte Patil: On Track as Per FY25 Guidance

By Ankit Agrawal, CFA

Kolte Patil reported a decent Q2FY25 with highest ever quarterly pre-sales of INR 770cr, a growth of 22% YoY. Pre-sales volume corresponding to this was 1.03 MSF (Million Square Feet).
Notably, demand for premium projects has been strong. For H1FY25, 30% of pre-sales has come from 24K luxury segment. This compares to 12% in FY22.
Year-To-Date, new launch activity has been decent with the launch of 2.2 MSF of saleable area. This includes Kolte Patil’s entry in Navi Mumbai with a project launch in Vashi.

Lamb Weston Holdings Inc.: Expanded Customer Base & Volume Growth Driving Our Bullishness! – Major Drivers

By Baptista Research

Lamb Weston reported financial results for the second quarter of fiscal year 2025, which fell short of expectations amidst challenging operating conditions.
The company experienced an 8% decline in net sales compared to the same period last year, driven primarily by a 6% reduction in volume due to declining restaurant traffic both domestically and internationally.
In the backdrop of a competitive environment, Lamb Weston faced incremental customer share losses and exit from lower-margin business in EMEA, further impacting sales and volume negatively.

Micron Bets Big on AI Chips Amid Sluggish Smartphone and PC Sales But Will It Work? – Major Drivers

By Baptista Research

Micron Technology Inc., a key player in the computer-memory chip industry, has faced significant headwinds, as evidenced by its recent revenue forecast, which missed analyst expectations.
The company projected fiscal second-quarter revenue of $7.9 billion, far below the average estimate of $8.99 billion, while profit forecasts also lagged significantly.
These results reflect sluggish demand in its largest markets—smartphones and personal computers—despite a notable surge in data center-related revenue and strong orders for artificial intelligence (AI) components.

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Dec 25

Daily Brief Macro: NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025 and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025
San Francisco Fed President Mary Daly Explains the ‘Hawkish Cut’
[US Crude Oil Options Weekly 2024/51] WTI Futures Fall on Weak China Data and Fed Hawkishness
CX Daily: Baidu-Geely Joint EV Failure Reflects Treacherousness of Chinese Market
Vietnam Rubber Group (VRG) Showcases Its EUDR Preparedness At Annual Rubber Conference
[US Nat Gas Options Weekly 2024/51] Henry Hub Surged for the Second Week on Robust Demand Outlook

NPS: Portfolio Rebalance Could Lead to Buying At Least 25 Trillion Won in Korean Stocks in 2025

By Douglas Kim

In 2025, the NPS could purchase significant amounts of Korean stocks (at least 25 trillion won) which could act as support in the domestic stock market.
At the end of September 2024, NPS’s domestic stock portfolio was 12.7% of its total assets, a 2.2% lower than NPS’s domestic stocks target at the end of 2025 (14.9%).
The top five net purchases by the NPS and local pension funds of Korean stocks in the past one month include Samsung Electronics, Kakao, SK Innovation, Hyundai Motor, and SEMCO.

San Francisco Fed President Mary Daly Explains the ‘Hawkish Cut’

By Odd Lots

The Federal Reserve recently cut interest rates by 25 basis points, unveiling new year expectations for inflation and economic growth.
San Francisco Fed President Mary Daly discusses the current state of the labor market, the impact of AI on productivity, and the importance of data and evidence in making policy decisions.

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

[US Crude Oil Options Weekly 2024/51] WTI Futures Fall on Weak China Data and Fed Hawkishness

By Suhas Reddy

WTI futures fell 2.6% for the week ending 20/Dec, pressured by weak economic data, a robust dollar, and the Fed’s hawkish outlook on rate cuts in 2025.
WTI options Put/Call volume ratio fell to 0.95 from 1.15 (13/Dec) last week, as call volume dropped by 52.5% WoW while put volume decreased by 60.8%.  
WTI OI PCR rose to 0.87 from 0.85 last week. Call OI fell by 18.5% WoW, while put OI declined by 16.3%.

CX Daily: Baidu-Geely Joint EV Failure Reflects Treacherousness of Chinese Market

By Caixin Global

EVs / Cover Story: Baidu-Geely joint EV failure reflects treacherousness of Chinese market
Central bank /Exclusive: Singapore’s central bank chief on crypto, AI and battling inflation
Outlook /: Four things to know about China’s 2025 economic outlook

Vietnam Rubber Group (VRG) Showcases Its EUDR Preparedness At Annual Rubber Conference

By Vinod Nedumudy

40-45% of production forest areas in Vietnam certified for sustainable management
VRG sold over 800 tons EUDR rubber netting an additional US$250/ton
Member firms abroad readying to sign contracts on EUDR rubber

[US Nat Gas Options Weekly 2024/51] Henry Hub Surged for the Second Week on Robust Demand Outlook

By Suhas Reddy

US natural gas prices surged by 14.3% for the week ending 20/Dec, driven by rising LNG exports, favourable long-term weather forecasts, and stronger-than-expected declines in natural gas stockpiles.
Henry Hub Put/Call volume ratio fell sharply to 0.60 from 1.10 (13/Dec) the previous week as call volumes surged by 228.8% WoW, while put volumes increased by 77.6%.
Henry Hub OI PCR inched up to 0.84 from 0.83 compared to last week. Call OI rose by 5.3% WoW, while put OI increased by 6.0%.

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Dec 25

Daily Brief Crypto: Crypto Crisp: What’s with the U.S. Fed? and more

By Smartkarma Daily Briefs | Crypto, Daily Briefs

In today’s briefing:

Crypto Crisp: What’s with the U.S. Fed?

Crypto Crisp: What’s with the U.S. Fed?

By Mads Eberhardt

The past week was notably eventful, marked by the U.S. Federal Reserve (Fed) cutting interest rates for the U.S. Dollar by 25 basis points.
However, the Fed struck a hawkish tone for the coming year, signaling fewer interest rate cuts than the market had anticipated.
This shift unsettled investors, with the crypto market bearing the brunt of the reaction.

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Dec 25

Daily Brief Australia: Pro Medicus Ltd and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

Pro Medicus Ltd (PME AU): Strong FY24 Result; Starts FY25 With Record Breaking Contract Win

Pro Medicus Ltd (PME AU): Strong FY24 Result; Starts FY25 With Record Breaking Contract Win

By Tina Banerjee

Pro Medicus Ltd (PME AU) reported strong performance in FY24, with revenue increasing 29% YoY to A$162M. Net profit grew at a faster pace of 37% YoY to A$83M.
At the end of FY24, full contracted revenue increased to A$624M over the next five years from A$468M in FY23, laying the foundation for continued growth in FY25 and beyond.
In November, PME signed a A$330M, 10-year contract with Trinity Health. The contract is the largest ever for Pro Medicus and Trinity is the first customer with a national footprint.

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Dec 25

Daily Brief Singapore: Suntec REIT, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Suntec REIT (SUN SP): Tang’s Offer Now Open
Vietnam Rubber Group (VRG) Showcases Its EUDR Preparedness At Annual Rubber Conference

Suntec REIT (SUN SP): Tang’s Offer Now Open

By David Blennerhassett

On the 5th December, Gordan Tang (& his wife Celine) acquired 2.14% in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
This is appears to be a technical Offer. The Offer price is S$1.16/share against a S$1.17/share undisturbed price. Timing, however, IS curious after ESR Group (1821 HK)‘s recent Offer.
The Offer Doc is now out and shareholders can tender. At S$1.18/share as I type, zero tendering should occur. The Offer closes on the 20 January, unless extended.

Vietnam Rubber Group (VRG) Showcases Its EUDR Preparedness At Annual Rubber Conference

By Vinod Nedumudy

40-45% of production forest areas in Vietnam certified for sustainable management
VRG sold over 800 tons EUDR rubber netting an additional US$250/ton
Member firms abroad readying to sign contracts on EUDR rubber

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