Smartkarma Daily Briefs

• 2025 could be thorny for Asian equities. The main themes – “Trump turmoil”, a slower Fed and a “stronger for longer” Dollar and continued AI boom – have mixed implications.
• China’s policy articulation to support consumption departing from earlier supply-side measures, would be an important investment driver. India, though expensive, has a few “unloved” sectors that investors should focus on.
• Based on our five investment themes, we identify five high quality liquid top picks in Asia – two listed in Hong Kong and one each in Taiwan, India and Korea. 

• Realize Volatility is a cause, not an effect, and can lead to inaction
• Options on iBit, the Bitcoin ETF, are becoming a critical industry risk management tool
• IBIT options have seen stunning volumes and substantial open interest, leading to price discovery and a growing liquidity ecosystem

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• DAM Capital (930970Z IN) is the fastest growing merchant banker in last 3 years between 2022-24. 
• DAM Capital is pure-play merchant banker and institutional equity business, delivering high growth and margins compared to its peers. 
• Since 2019, DAM completed  27 IPOs, 16 QIPs, 6 OFS, 6 Preferential issues, 4 rights issues, 8 buybacks, 4 open offers, and 1 REIT IPO.

• The automotive world is abuzz with speculation following reports that Honda Motor Co. and Nissan Motor Co. are exploring a potential merger.
• This development comes amid mounting industry pressures, including surging competition from Chinese electric vehicle (EV) makers and the relentless expansion of Tesla.
• The possibility of a Honda-Nissan tie-up has sparked market reactions, with Nissan’s shares skyrocketing while Honda’s stock faced a decline.

MoneyHero’s Q324 results show revenues up 6% y-o-y (9M24 +18%) and a smaller adjusted EBITDA loss, as expected. The important element of the narrative, though, is the emphasis on driving revenues in higher-margin product areas and increasing operating efficiency within the business. Group CFO Hao Qian has resigned to return to China, with the group FD, Danny Leung, stepping up on an interim basis. The market opportunity remains substantial, and with customer data now on a unified platform, MoneyHero is well placed to deliver improved outcomes for both providers and end consumers. Our forecasts are updated to show more moderate top-line growth through FY26e, generating stronger margins.

• Honeywell International has recently become the center of investor attention following mounting pressure from activist investor Elliott Investment Management.
• With a massive $5 billion stake, Elliott has called for the separation of Honeywell’s aerospace business, pushing the industrial giant toward a portfolio realignment.
• Honeywell’s board announced that it is actively considering a potential aerospace spin-off, signaling a possible strategic transformation.

• Microsoft’s aggressive acquisition of nearly half a million Nvidia AI chips underscore the tech giant’s all-in commitment to artificial intelligence (AI).
• As AI reshapes industries, Microsoft has found itself playing catch-up against Google, Amazon, and Meta, all of whom have already developed custom AI chips.
• By investing heavily in Nvidia’s cutting-edge Hopper GPUs, Microsoft has managed to build out a formidable AI infrastructure but at a significant cost.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Unum Group has reported its third-quarter 2024 financial performance, accentuating a strong overall operational landscape with both prospects and challenges.
• On the positive side, adjusted earnings per share (EPS) were reported at $2.13, contributing to over $1 billion in statutory earnings year-to-date.
• This performance aligns with Unum Group’s objective of achieving EPS growth of 10% to 15% for the full year, surpassing initial estimates.

OPAP enjoys a leading and growing position in the Greek and Cypriot gaming markets. The majority of its revenue, from land-based activities, is supported by exclusive prepaid licences. To complement these activities, OPAP has developed a strong presence in the regulated online markets, where, by definition, there is greater competition. Management’s strategy is to grow its customer interactions in both the online and offline worlds, through a combination of rejuvenating its older games and developing new games that appeal to broader demographics, while maintaining its leading corporate and social responsibility credentials.