All Posts By

Smartkarma Daily Briefs

Oct 13
0

Daily Brief Macro: Ministry of Finance Press Conference – First Take and more

By | Daily Briefs, Macro

In today’s briefing:

  • Ministry of Finance Press Conference – First Take

Ministry of Finance Press Conference – First Take

By Rikki Malik

  • Heavyweights attended as per previous conferences. Finance Minister (FM) Lan Foan and his three deputies
  • Economists’ and market expectations damped down to RMB 1.5 – 2 Trillion in stimulus.
  • Some major positive points we believe, but will be a disappointment to some

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief South Korea: Korea Zinc and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Korea Zinc: Latest Stockholder Record for Proration Risk

Korea Zinc: Latest Stockholder Record for Proration Risk

By Sanghyun Park

  • If NPS and passive funds each tender half, it could hit 24%, pushing investors to consider both sides. The market’s eyeing a ratio of about MBK 3 to Choi 7.
  • This tight vote could drag out the event longer than expected, and MBK might scoop up more shares if they miss their minimum target.
  • MBK will likely go for open market buys against Korea Zinc’s buyback. Consider tendering to MBK Monday and spread trading futures, or push Korea Zinc to raise their buyback offer.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief Singapore: SDAX and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

By e27

  • Singapore-headquartered digital asset exchange SDAX has closed its US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company.
  • This follows a US$18 million Series B round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.
  • The new funds will be used for client acquisition and adding new business lines, such as wealth and fund management.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief India: Shriram Pistons & Rings Ltd and more

By | Daily Briefs, India

In today’s briefing:

  • Shriram Pistons and Rings Ltd- Forensic Analysis

Shriram Pistons and Rings Ltd- Forensic Analysis

By Nitin Mangal

  • Shriram Pistons & Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
  • On an overall scheme of things, balance sheet and forensics look good and healthy. 
  • However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief China: Genor Biopharma Holdings , Haitong Securities Co Ltd (H), QuantumPharm and more

By | China, Daily Briefs

In today’s briefing:

  • China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble
  • Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way
  • Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble

By Xinyao (Criss) Wang

  • Leading Chinese biotech firms are among the few sub-sectors sustaining rapid growth. However, RemeGen stands as a negative example, with its business model and investment rationale proving flawed.
  • “Increasing revenue without increasing profits” is actually a “denial” of a company’s business model. Even though the losses decreased in 24H1, this doesn’t change our negative expectations for Zai Lab.
  • Genor Biopharma and Edding Group are merging through a reverse takeover, benefiting both companies by boosting Genor’s valuation and allowing Edding to achieve its goal of going public.

Last Week in Event SPACE: Guotai/Haitong, Shin Kong, China Conch Ventures, First Pac, Zhejiang E’way

By David Blennerhassett

Quiddity Leaderboard Hang Seng Biotech Dec 24: Two Changes Expected + Capping Flows

By Janaghan Jeyakumar, CFA

  • The HS HK-Listed Biotech Index (“Hang Seng Biotech Index”) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
  • In this insight, we take a look at the final rankings of potential ADDs/DELs and our capping flow expectations for the December 2024 index rebal event.
  • We expect two changes for the HSHKBIO index in December 2024. 

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief Japan: Seven & I Holdings and more

By | Daily Briefs, Japan

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc

(Mostly) Asia-Pac M&A: Rio/Arcadium, Seven & I, Pacific Smiles, China TCM, Korea Zinc

By David Blennerhassett

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Most Read: Midea Group, Alibaba Group Holding , Hyosung Heavy Industries Corp, Hyundai Motor India , Arcadium Lithium , Fadu , Hang Seng Index, Korea Zinc, Genor Biopharma Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • HSCI Index Rebalance Preview: Midea Group (300 HK) To Be Added in December; Stock Connect Next Week
  • HSTECH Index Rebalance Preview: $800m Round-Trip Trade
  • KOSPI200 Index Rebalance Preview: 4 Adds, 5 Deletes Likely in December
  • Hyundai Motor India: Index Entry Timing for India’s Biggest IPO
  • Rio Tinto Goes All-In for Arcadium Lithium
  • KOSDAQ150 Index Rebalance Preview: 10 Changes in December
  • EQD | The HSI Rally: Go LONG Now or Wait?
  • Ministry of Finance Press Conference – First Take
  • Korea Zinc: Latest Stockholder Record for Proration Risk
  • China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble

HSCI Index Rebalance Preview: Midea Group (300 HK) To Be Added in December; Stock Connect Next Week

By Brian Freitas

  • There were only 13 new listings on the Main Board of the HKEX (388 HK) in the third quarter of the year.
  • Of those stocks, we only see Midea Group (300 HK) having a chance of being added to the HSCI in December.
  • Midea Group (300 HK) should be added to Southbound Stock Connect next week after the price stabilisation period has ended.

HSTECH Index Rebalance Preview: $800m Round-Trip Trade

By Brian Freitas

  • The review period for the December rebalance of the Hang Seng TECH Index (HSTECH INDEX) ended on 30 September.
  • We do not forecast any constituent changes for the index. Capping changes will lead to a one-way turnover of 2.15% and a round-trip trade of HK$6.1bn (US$785m).
  • If any stocks have outsized moves on expectations of being added to or deleted from the index, there could be opportunities to enter trades.

KOSPI200 Index Rebalance Preview: 4 Adds, 5 Deletes Likely in December

By Brian Freitas

  • 85% of the way through the review period, there could be 4 adds and 5 deletes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in December.
  • The impact on the potential inclusions ranges from 1.4-17 days of ADV while the impact on the potential deletions varies from 4-8 days of ADV.
  • The potential adds outperformed the potential deletes early in the review period before giving up all the gains over the following months.

Hyundai Motor India: Index Entry Timing for India’s Biggest IPO

By Brian Freitas

  • Hyundai Motor India (1342Z IN) is looking to list on the exchanges by selling up to INR 279bn (US$3.3bn) of stock at a valuation of up to INR 1,593bn (US$19bn).
  • The anchor allocations will be completed early next week, and the stock is expected to start trading on 22 October.
  • The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in February and June next year.

Rio Tinto Goes All-In for Arcadium Lithium

By Brian Freitas

KOSDAQ150 Index Rebalance Preview: 10 Changes in December

By Brian Freitas

  • With over 85% of the review period complete, there could be 10 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the December rebalance.
  • Even with 10 potential changes, there is sector balance with half the changes in the Information Technology sector. Passive trading impact varies from 0.2-7.7x ADV.
  • The potential adds have outperformed the potential deletes and the KOSDAQ150 Index since the start of the review period, though there has been a gentle drift lower since July.

EQD | The HSI Rally: Go LONG Now or Wait?

By Nico Rosti

  • In our previous insight about the Hang Seng Index‘s we theorized a probable continuation of the rally in October, after some resistance, but the index just shoot up straight.
  • Resistance appeared last week, from an area considered a tail by our SHORT model, so it was not possible to make a forecast from there.
  • The question now is: can the index re-start to rally from here? Or will it pull back more this coming week?

Ministry of Finance Press Conference – First Take

By Rikki Malik

  • Heavyweights attended as per previous conferences. Finance Minister (FM) Lan Foan and his three deputies
  • Economists’ and market expectations damped down to RMB 1.5 – 2 Trillion in stimulus.
  • Some major positive points we believe, but will be a disappointment to some

Korea Zinc: Latest Stockholder Record for Proration Risk

By Sanghyun Park

  • If NPS and passive funds each tender half, it could hit 24%, pushing investors to consider both sides. The market’s eyeing a ratio of about MBK 3 to Choi 7.
  • This tight vote could drag out the event longer than expected, and MBK might scoop up more shares if they miss their minimum target.
  • MBK will likely go for open market buys against Korea Zinc’s buyback. Consider tendering to MBK Monday and spread trading futures, or push Korea Zinc to raise their buyback offer.

China Healthcare Weekly (Oct.13)-Genor to Acquire Edding, RemeGen’s Bleak Outlook, Zai Lab’s Trouble

By Xinyao (Criss) Wang

  • Leading Chinese biotech firms are among the few sub-sectors sustaining rapid growth. However, RemeGen stands as a negative example, with its business model and investment rationale proving flawed.
  • “Increasing revenue without increasing profits” is actually a “denial” of a company’s business model. Even though the losses decreased in 24H1, this doesn’t change our negative expectations for Zai Lab.
  • Genor Biopharma and Edding Group are merging through a reverse takeover, benefiting both companies by boosting Genor’s valuation and allowing Edding to achieve its goal of going public.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Analytics and News
  • ✓ Events & Webinars
Sign Up for Free



Oct 13
0

Daily Brief Industrials: Shriram Pistons & Rings Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Shriram Pistons and Rings Ltd- Forensic Analysis

Shriram Pistons and Rings Ltd- Forensic Analysis

By Nitin Mangal

  • Shriram Pistons & Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
  • On an overall scheme of things, balance sheet and forensics look good and healthy. 
  • However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief Industrials: Shriram Pistons & Rings Ltd and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Shriram Pistons and Rings Ltd- Forensic Analysis

Shriram Pistons and Rings Ltd- Forensic Analysis

By Nitin Mangal

  • Shriram Pistons & Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
  • On an overall scheme of things, balance sheet and forensics look good and healthy. 
  • However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free


Oct 13
0

Daily Brief Energy/Materials: Korea Zinc and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Korea Zinc: Latest Stockholder Record for Proration Risk

Korea Zinc: Latest Stockholder Record for Proration Risk

By Sanghyun Park

  • If NPS and passive funds each tender half, it could hit 24%, pushing investors to consider both sides. The market’s eyeing a ratio of about MBK 3 to Choi 7.
  • This tight vote could drag out the event longer than expected, and MBK might scoop up more shares if they miss their minimum target.
  • MBK will likely go for open market buys against Korea Zinc’s buyback. Consider tendering to MBK Monday and spread trading futures, or push Korea Zinc to raise their buyback offer.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
Sign Up for Free