Category

Daily Briefs

Oct 14
0

Daily Brief Industrials: RPMGlobal Holdings Limited, Singamas Container Holdings, Honeywell International, Regal Rexnord , Carr’s Group PLC, ICTSI and more

By | Daily Briefs, Industrials

In today’s briefing:

  • RPMGlobal (RUL AU): Caterpillar’s Binding Proposal at A$5.00
  • Primer: Singamas Container Holdings (716 HK) – Oct 2025
  • Weekly Update (HON, SOLS, ABB)
  • Regal Rexnord Corp (RRX) – Monday, Jul 14, 2025
  • Fevara — Targeting profitable growth
  • Lucror Analytics – Morning Views Asia

RPMGlobal (RUL AU): Caterpillar’s Binding Proposal at A$5.00

By Arun George

  • RPMGlobal Holdings Limited (RUL AU) entered a scheme implementation deed with Caterpillar Inc (CAT US) at A$5.00 per share, a 32.6% premium to the undisturbed price.
  • The key scheme conditions are RPM shareholder, FIRB and ACCC approval. RPM’s benign shareholder structure facilitates completion.
  • The offer is attractive. At the last close and for an 18 February 2026 payment, the gross/annualised spread is 2.7%/7.8%.  

Primer: Singamas Container Holdings (716 HK) – Oct 2025

By αSK

  • Singamas is a major global container manufacturer facing a cyclical industry downturn, characterized by overcapacity and pressure on container prices.
  • Despite challenging market conditions, the company maintains a strong balance sheet, an asset-light model, and is diversifying into higher-margin specialized containers, such as Energy Storage Systems (ESS), and growing its leasing business to provide more stable revenue streams.
  • The company offers a compelling dividend yield, supported by a stated policy of returning value to shareholders, but faces significant risks from global trade tensions, economic slowdowns, and intense competition.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Weekly Update (HON, SOLS, ABB)

By Richard Howe

  • Recently, Blackstone published a report titled “Investing in the Picks and Shovels of AI.” You can read the report here.
  • One image from the report that caught my eye was the growth in data that will be consumed and stored.
  • One natural beneficiary of this massive increase in data is Western Digital (WDC) and its hard drive business.

Regal Rexnord Corp (RRX) – Monday, Jul 14, 2025

By Value Investors Club (VIC)

Key points (machine generated)

  • Regal Rexnord Corporation, founded in 1955, is a major player in the motion and power sector with a market cap of $8.9 billion and revenues of $6 billion.
  • The company has shifted from traditional electric motor manufacturing to sustainable motion and power solutions, highlighted by key acquisitions and mergers over the past decade.
  • RRX operates through three main segments: Industrial Powertrain Solutions, Automation & Motion Control, and has streamlined its portfolio by divesting its industrial motors and generators business.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Fevara — Targeting profitable growth

By Edison Investment Research

Fevara is the new name of Carr’s Group, reflecting the refocusing of the business as a global leader in sustainable livestock supplements. Such supplements aim to improve digestion to enhance growth rates, which assists farming economics while also supporting animal welfare. Management’s strategy involves improving returns, accelerating growth in traditional markets and expanding into faster-growing emerging markets. This should provide investors with a strong recovery in profits from the operational improvements combined with medium-term growth.

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: International Container, Jababeka
  • UST yields tumbled 9-11 bps across the curve on Friday, supported by haven demand following US President Donald Trump’s threat of new 100% tariffs and export controls on China.
  • The yield on the 2Y UST declined 9 bps to 3.50%, while that on the 10Y UST was down 11 bps at 4.03%. Equities and risky assets (e.g. cryptocurrency) fell on fresh geopolitical worries, while gold and silver rose. The S&P 500 declined 2.7% (the worst one-day performance since April) to 6,553, while the Nasdaq slumped 3.6% to 22,204.

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Oct 14
0

Daily Brief Consumer: Genting Malaysia, Samyang Holdings, BYD, TOP TOY International Group, Lennar Corp A, Guangzhou Automobile Group, LG Electronics India, Fuyao Glass Industry Group and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35
  • Value Partners: Supports Samyang Holdings’ Equity Spin-Off Plan But Must Cancel Treasury Shares
  • BYD (1211 HK): Sep Sales Down 1st Time, Margin to Be Up in 2026 – Stock Overvalued
  • Genting Malaysia (GENM MK): Genting (GENT MK)’s Curious Offer
  • Top Toy IPO Preview
  • Lennar’s MRP Split-Off: Key Considerations, Risks, and Strategies for Odd-Lot and Hedged Positions
  • A/H Premium Tracker (2 Wks to 10 Oct 2025):  Beautiful Skew But Trade Tantrums Again
  • LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s
  • BYD (1211 HK) Tactical Outlook: Bottoming, But Wait to Buy The Dips…
  • HK Connect SOUTHBOUND Flows (2wks To 10 Oct 2025); Big Pre/Post Holiday Flows. NB 2x as Big.

Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

By Arun George

  • Genting Malaysia (GENM MK) disclosed a conditional voluntary offer from Genting Bhd (GENT MK) at RM2.35, a 9.8% premium to the last close price of RM2.14. 
  • The 50% minimum acceptance condition is easily met as Genting is the largest shareholder, representing 49.36% of outstanding shares. 
  • Genting’s preferred endgame is to delist GENM, thereby fully benefiting if GENM successfully bids for a downstate New York casino licence. Therefore, there is a good chance of a bump. 

Value Partners: Supports Samyang Holdings’ Equity Spin-Off Plan But Must Cancel Treasury Shares

By Douglas Kim

  • On 13 October, Value Partners has come out in support of Samyang Holdings (000070 KS)’s equity spin-off plan but on the condition that the company must cancel its treasury shares.
  • Value Partners believes Samyang Holdings is currently severely undervalued, trading at a P/B of 0.34x. A shareholders meeting for Samyang Holdings is scheduled for 14 October. 
  • We have a positive view of this equity spin-off. Our NAV valuation of Samyang Holdings suggests an implied price per share of 127,138 won (28.6% higher than current price).

BYD (1211 HK): Sep Sales Down 1st Time, Margin to Be Up in 2026 – Stock Overvalued

By Ming Lu

  • BYD’s monthly sales volume decreased YoY for the first time in September.
  • We expect the revenue growth rate will slow down to 16%, but op margin will rise in 2026.
  • We believe the stock price is overvalued, whether measured by time-series or cross-sectional methods.

Genting Malaysia (GENM MK): Genting (GENT MK)’s Curious Offer

By David Blennerhassett

  • Genting Malaysia (GENM MK), the owner of Resort World Genting, has announced a conditional offer from controlling parent Genting Bhd (GENT MK).
  • GENT is offering RM2.35/share, an uninspiring 9.81% premium to last close, for the 50.64% of shares out not held. The Offer has a 50% acceptance threshold.
  • GENT already consolidates GENM (AFAIK). At this price, compulsory acquisition won’t be afforded (you’d think). GENT should have launched the Offer back in April when the share price was floundering.

Top Toy IPO Preview

By Douglas Kim

  • Top Toy International is getting ready to complete its IPO in Hong Kong in the next several months. 
  • Top Toy was last valued at US$1.3 billion in July 2025 when it received a US$59.4 million Series A financing (of which Temasek contributed US$40 million for a 3.2% stake).
  • Top Toy is trading at P/E of 32x (2024 net profit) (valuation of US$1.3 billion) versus Pop Mart (P/E of 103x based on its 2024 net profit). 

Lennar’s MRP Split-Off: Key Considerations, Risks, and Strategies for Odd-Lot and Hedged Positions

By Special Situation Investments

  • LEN shareholders can exchange stock for MRP at a 6.38% premium, with an upper limit of 4.1367 MRP shares per LEN share.
  • Odd-lot holders (99 shares or less) are prioritized and exempt from proration; oversubscription is expected, applicable to odd-lot positions only.
  • The final exchange ratio is determined by VWAP from November 3-5; borrow risk for MRP exists, potentially impacting hedged positions.

A/H Premium Tracker (2 Wks to 10 Oct 2025):  Beautiful Skew But Trade Tantrums Again

By Travis Lundy

  • “Beautiful Skew” showed up again across the long holiday. Hs on average outperformed As by 1.57% over the 29-30 Sep and 9-10 Oct period.
  • Last week’s short reco on China Merchants Bank H (3968 HK) saw the H-share OUTperform its A by 2.52% and it outright rose just over 1%. Meh.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s

By Devi Subhakesan

  • LG Electronics India (123D IN) debuts today and is poised for a strong listing pop, supported by record institutional oversubscription and robust grey market premiums.
  • Retail investor shares saw a modest 3.5x subscription, underscoring the challenge of a billion-dollar IPO with a 35% retail allocation, which necessitated a steep pricing discount.
  • Post-Debut, LGEIL’s likely market Cap at around USD11.5 bn could surpass its parent, despite 85% parent stake and USD1.3 bn raised from offer for sale of shares in IPO .

BYD (1211 HK) Tactical Outlook: Bottoming, But Wait to Buy The Dips…

By Nico Rosti

  • As discussed in our previous BYD insight on October 3, the stock is oversold and could start a rally soon.
  • BYD (1211 HK) was heavily overbought at its peak in mid-2025, then declined >30% in a few months. It’s oversold.
  • However at the moment our model has identified the current short-term trend pattern as bearish: a 1-2 weeks rally can happen, but then the stock will pullback again. Caution advised.

HK Connect SOUTHBOUND Flows (2wks To 10 Oct 2025); Big Pre/Post Holiday Flows. NB 2x as Big.

By Travis Lundy

  • Gross SOUTHBOUND volumes just over US$21bn a day in the four days spanning the long holiday break. Big. Quite decent net buying flows too though the market fell.
  • The recommended name was short Great Wall Motor (2333 HK). The stock was +1% over two weeks, but underperformed its H by 0.52%. Great Wall is down 4+% today.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there for all SK readers.

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Oct 13
0

Most Read: Contemporary Amperex Technology (CATL), Alibaba, SIMMTECH Co Ltd, Dongfeng Motor, Hanon Systems, Lynas Corp Ltd, Taiwan Semiconductor (TSMC) – ADR, BYD Electronics, Zijin Gold, AAC Technologies Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • CATL (3750 HK): Cornerstone Lock-Up Expiry, Passive Flows, H/A Premium
  • Alibaba Drops 8%: What Friday’s U.S. Sell-Off Means for Hong Kong Stocks
  • Hunting Trades in Korea Semis Materials & Equip ETF Ahead of the Dec Rebalance
  • Merger Arb Mondays (13 Oct) – Dongfeng, Hang Seng, Soft99, Toyota Industries, Pacific Ind, Mandom
  • Hanon Systems Rights Deal Suddenly Heating Up for CJ CGV–Style Arb as Hahn & Co Confirms Sitting Out
  • Lynas Rare Earths (LYC AU): Global Index Inclusion & Passive Flows as Rare Earths Get Rarer
  • TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.
  • Quiddity Leaderboard HSIII Dec25/Mar26: Expected ADDs Strongly Outperforming Expected DELs
  • Zijin Gold (2259 HK): Global Index Inclusion Post-IPO Price Surge & Lock-Up Expiry
  • Quiddity Leaderboard HSTECH Dec25: Final Ranks; US$1.7bn One-Way

CATL (3750 HK): Cornerstone Lock-Up Expiry, Passive Flows, H/A Premium

By Brian Freitas

  • CATL (3750 HK) listed in May by selling 135.579m shares (including the Offer Size Adjustment Option) at HK$263/share. The overallotment option of 20.337m shares was also exercised in full.
  • Nearly 50% of the IPO shares were allotted to cornerstone investors. The lock-up on those investors ends on 19 November. That increases float and will bring in passive flows.
  • CATL (3750 HK) is trading at a big premium to CATL (300750 CH) and that could start to move lower as the number of free float shares increases.

Alibaba Drops 8%: What Friday’s U.S. Sell-Off Means for Hong Kong Stocks

By Gaudenz Schneider

  • Context: Friday’s sell-off occurred after the Hong Kong market closed, but several Hong Kong–listed companies were caught up in the rout through their U.S.-listed ADRs.
  • This Insight details the impact on 15 prominent Hang Seng Index constituents — including Alibaba, Tencent, and HSBC. Implied volatility in U.S.-traded options on these ADRs moved sharply in response.
  • Why Read: Understand what to expect when the Hong Kong market reopens after the weekend — both in terms of price performance and implied volatility.

Hunting Trades in Korea Semis Materials & Equip ETF Ahead of the Dec Rebalance

By Sanghyun Park

  • Next rebalance is Dec 12; Simmtech (222800 KS) looks set to replace Philoptics, with a KRW 0.8T market cap gap making it a high-conviction front-runner.
  • Dongjin Semicam and Daeduck clear market cap but face keyword-score risk; PSK Holdings vs S&S Tech is tight — final screening will decide, so front-running carries caution.
  • December rebalance AUM doubled; Simmtech and Philoptics could see ~1x DTV passive flows, likely triggering an even stronger passive price impact than last cycle.

Merger Arb Mondays (13 Oct) – Dongfeng, Hang Seng, Soft99, Toyota Industries, Pacific Ind, Mandom

By Arun George

Hanon Systems Rights Deal Suddenly Heating Up for CJ CGV–Style Arb as Hahn & Co Confirms Sitting Out

By Sanghyun Park

  • Hahn & Co, holding 21.63% of Hanon, won’t join the rights issue, raising the odds of a CJ CGV–style stock rights dump hitting the market.
  • Hanon’s rights float mirrors CJ CGV (~17% post-ESOP), with Hahn & Co likely to sell, limited local demand, and potential follow-on selling pressure.
  • Hanon’s 50% rights at 15% discount offer smaller float than CJ CGV, but larger deal size and weak EV sentiment create a potential CJ CGV–style arb, with SSF tradability.

Lynas Rare Earths (LYC AU): Global Index Inclusion & Passive Flows as Rare Earths Get Rarer

By Brian Freitas

  • Lynas Corp Ltd (LYC AU)‘s stock price has more than doubled in the last few months as equity markets rally, the rare earth boom continues, and export restrictions are imposed.
  • The significant increase in market cap and free float market cap should result in the stock being added to a global index in November.
  • There will be positioning for the inclusion (and that partly explains the recent run-up in the stock). But with export controls continuing, there could be further upside.

TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.

By Patrick Liao

  • U.S. President Donald Trump announced a 100% tariff on China.
  • Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  
  • Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  

Quiddity Leaderboard HSIII Dec25/Mar26: Expected ADDs Strongly Outperforming Expected DELs

By Janaghan Jeyakumar, CFA

  • The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
  • In this insight, we take a look at the December 2025 index capping flows.
  • We have also presented our index change expectations for the next semiannual index review which will take place in March 2026.

Zijin Gold (2259 HK): Global Index Inclusion Post-IPO Price Surge & Lock-Up Expiry

By Dimitris Ioannidis

  • Zijin Gold (2259 HK) debuted on the HKEX on 30 September and soared more than 80% from its IPO offer price reaching a market cap of ~$44bn.
  • Inclusion in Global All-World is expected in March 2026, with an upweight in June 2026 following the lock-up expiry.
  • Inclusion in Global Standard is expected in May 2026 following the lock-up expiry. Inclusion in February 2026 is not unlikely despite the low float due to price surge.

Quiddity Leaderboard HSTECH Dec25: Final Ranks; US$1.7bn One-Way

By Janaghan Jeyakumar, CFA

  • The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
  • In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
  • We expect one index change and roughly US$1.7bn in one-way index flows in December 2025.

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Oct 13
0

Daily Brief Quantitative Analysis: HK Short Interest Weekly: Meituan and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology
  • Bursa Short Interest Weekly (Oct 10th): Frontken, IHH Healthcare, Bumi Armada, CIMB, SP Setia
  • A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC
  • Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand
  • TWSE Foreign Holding Weekly (Oct 10th): TSMC, Delta Electronics, China Development Financial
  • TWSE Short Interest Weekly (Oct 10th): Accton Technology, Yageo, Lite-On Technology
  • KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd.
  • Top short increases and decreases were tabulated for one week and four week period.
  • We highlight short changes in Meituan, Tencent, HSBC, CCB, Gcl Technology, TraHK HSI ETF.

Bursa Short Interest Weekly (Oct 10th): Frontken, IHH Healthcare, Bumi Armada, CIMB, SP Setia

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Bursa stocks as of Oct 10th. The aggregated short interest is USD411m.
  • We tabulate league tables 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 Frontken, IHH Healthcare, Bumi Armada, CIMB, SP Setia.

A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Oct 10th.
  • The average A-H premium changed by 1.9ppt week-on-week, led by real estate, financials, consumer discretionary and offset by utilities, information technology, communication services.
  • We highlight weekly changes in A-H premium for Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC, CIMC, Gf Securities.

Thailand Short Interest Weekly (Oct 10th): Intouch, PTT GlobalChem, Airports of Thailand

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 10th. We estimate that they had an aggregated short interest worth USD2.4bn.
  • We tabulate league tables 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 Intouch, PTT GlobalChem, Airports of Thailand, TMBThanachart Bank, Bangkok Bank, Airports Of Thailand, Bangkok Bank, Ptt Globalchem.

TWSE Foreign Holding Weekly (Oct 10th): TSMC, Delta Electronics, China Development Financial

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 10th. The aggregated holding was USD1,381.0bn.
  • We estimate that foreign flows to be outflows of USD139mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
  • We highlight changes of foreign holdings in TSMC, Delta Electronics, China Development Financial, Quanta Computer, Hon Hai Precision, China Development Financial, Quanta Computer, TSMC, Delta Electronics, Hon Hai Precision.

TWSE Short Interest Weekly (Oct 10th): Accton Technology, Yageo, Lite-On Technology

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Oct 10th. The aggregated short interest was USD27.2bn.
  • We tabulate league tables 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 Accton Technology, Yageo, Lite-On Technology, Winbond Electronics, King Slide Works, Accton Technology, Yageo, Lite-On Technology, Winbond Electronics, King Slide Works.

KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Oct 10th. The aggregated holding was USD759.2bn.
  • We estimate that foreign flows to be inflows of USD2,535mln. 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 Samsung Electronics, SK Hynix, Samsung Elec (PREF), Hyundai Motor, KIA.

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Oct 13
0

Daily Brief ESG: Disclosure in English Is a Way to Help Overseas Investors Better Understand Management Strategy and more

By | Daily Briefs, ESG

In today’s briefing:

  • Disclosure in English Is a Way to Help Overseas Investors Better Understand Management Strategy

Disclosure in English Is a Way to Help Overseas Investors Better Understand Management Strategy

By Aki Matsumoto

  • Financial statements and accompanying explanations alone provide insufficient information about the background of earnings results and guidance, so overseas investors seek qualitative and information about long-term strategies regarding earnings information.
  • Currently, only half of Prime Market-listed companies disclose full earnings releases in English. It’s only natural that investors would want IR briefing materials to be disclosed in English as well.
  • Companies whose top management cannot communicate directly in English with overseas investors should provide simultaneous interpretation or written English translations for their investor relations presentations.

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Oct 13
0

Daily Brief ECM: FineToday Holdings (420A JP) IPO: Valuation Insights and more

By | Daily Briefs, ECM

In today’s briefing:

  • FineToday Holdings (420A JP) IPO: Valuation Insights
  • ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai
  • Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth
  • Pre-IPO Puxiang Healthcare Holding – Weak Profitability Is the Major Concern
  • Sterlite Electric Ltd Pre-IPO Tearsheet
  • Tata Capital IPO Trading – No Tata Premium This Time

FineToday Holdings (420A JP) IPO: Valuation Insights

By Arun George

ECM Weekly (13 October 2025)- LG India, Tata Capital, Rubicon, Canara, FineToday, Maynilad, Kokusai

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, the year end looks set to see a flurry of listings, with the pace already starting to pick up again.
  • On the placements front, markets were back where they left of prior to the October holidays.

Fujian Haixi Pharmaceuticals IPO: Expanding Portfolio Augurs Well for Sustainable Growth

By Tina Banerjee

  • Fujian Haixi Pharmaceuticals has filed for HK IPO to raise up to HK$994M. The company plans to sell 11.5M H shares at HK$ 86.40 per share.
  • The company intends to use IPO proceeds for R&D to advance the clinical pipeline, mainly innovative drug candidates, and enhancing commercialization capabilities and expanding market presence.
  • Haixi Pharma has 15 NMPA-approved generic drugs, out of which 13 products have been commercialized.  Five generic drug candidates are expected to be approved for marketing by 2025 or 2026.

Pre-IPO Puxiang Healthcare Holding – Weak Profitability Is the Major Concern

By Xinyao (Criss) Wang

  • Hospital operation is an asset-heavy industry with large balance of fixed assets and intangible assets. So, there is a situation of expense “front-loading” and profit “back-loading” in Puxiang.
  • Puxiang’s single-digit net profit margin is unsatisfactory. Net profit CAGR is much lower than revenue CAGR. Considering VBP and DRGs/DIP, Puxiang’s future net profit performance is unsettling.
  • Due to concerns on profitability and future growth outlook, we think valuation of Puxiang should be lower than Topchoice, Aier, Hygeia, Jinxin, but could be higher than China Resources Medical

Sterlite Electric Ltd Pre-IPO Tearsheet

By Hong Jie Seow

  • Sterlite Electric (1408581D IN) is looking to raise about US$169m in its upcoming India IPO. The deal will be run by Axis Capital, Motilal Oswal, Nuvama.
  • Sterlite Electric Limited, formerly known as Sterlite Power Transmission Limited, is a manufacturer  and provider of system integration solutions, primarily focused on the power transmission and distribution (T&D) industry.
  • Its product portfolio spans high-performance conductors, composite core conductors, and extra high-voltage cables, catering to both domestic and global markets.

Tata Capital IPO Trading – No Tata Premium This Time

By Sumeet Singh

  • Tata Capital Limited raised around US$1.7bn in its India IPO, which will begin to trade today.
  • Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
  • We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

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Oct 13
0

Daily Brief Thematic (Sector/Industry): HK Strategy: Who Will Suffer the Most? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • HK Strategy: Who Will Suffer the Most?
  • Ohayo Japan | Markets Rediscover that Politics Matters
  • Semiconductor WFE. China Retains #1 Spending Slot In Q225, US Mulls Yet Further Sweeping Sanctions

HK Strategy: Who Will Suffer the Most?

By Osbert Tang, CFA

Ohayo Japan | Markets Rediscover that Politics Matters

By Mark Chadwick

  • US-China tensions escalate: Trump threatens new tariffs; Beijing tightens rare earth export rules. 
  • Equities slump: Dow -2.2%, S&P 500 -2.7%, Nasdaq -3.6%. AI & politics weigh on Japan.
  • NKY Futures -6% discount to cash. Luckily Japan on holiday on Monday. 

Semiconductor WFE. China Retains #1 Spending Slot In Q225, US Mulls Yet Further Sweeping Sanctions

By William Keating

  • Q225 WFE billing amounted to $33 billion, up 24% YoY and up 3% QoQ. China was the biggest spender with billings of $11.36 billion, +11% QoQ, albeit down 7% YoY
  • A US select committee on China WFE spending, published on October 7 last, highlights multiple gaps with existing US restrictions on China WFE and proposes nine separate remedies
  • Remedies include sweeping China country-wide bans, bans on related components, consumables & deploying “incentives & leverage” with allies so they follow suit. Still wondering about China’s surprise rare earth move?

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Oct 13
0

Daily Brief Event-Driven: Merger Arb Mondays (13 Oct) – Dongfeng and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Merger Arb Mondays (13 Oct) – Dongfeng, Hang Seng, Soft99, Toyota Industries, Pacific Ind, Mandom
  • Kangji Medical (9997 HK): 10th Nov Shareholder Vote on Founders/TPG/QIA’s Offer
  • Advent × U-Blox — 64.64% Vs 66⅔%; Watch Oct 15
  • Eramet (ERA FP) SLB: Trade the Metals Event-Carry Window
  • RPMGlobal (RUL AU): Caterpillar Firms A$5/Share Offer

Merger Arb Mondays (13 Oct) – Dongfeng, Hang Seng, Soft99, Toyota Industries, Pacific Ind, Mandom

By Arun George

Kangji Medical (9997 HK): 10th Nov Shareholder Vote on Founders/TPG/QIA’s Offer

By David Blennerhassett

  • On the 12th August, Hangzhou Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
  • The HK$9.25/share consideration price (declared final), was an lacklustre 9.9% premium to last close. But pitched around a four-year high. 
  • The Scheme Document is now out, with a Court Meeting on the 10th November and expected payment around the 16th December – in line with my expectations.

Advent × U-Blox — 64.64% Vs 66⅔%; Watch Oct 15

By Jesus Rodriguez Aguilar

  • Provisional acceptance 64.64%, below 66⅔% minimum; ~155,900 shares short. Definitive interim due 15 Oct; Advent may secure additional tenders or buy stock under Swiss rules.
  • If threshold met, residual carry modest at CHF 133.8 close; if not, offer lapses and shares likely revert toward standalone value pending any revised Advent approach.
  • Positioning: stay light and tactical until 15 Oct print; monitor block trades/irrevocables; interloper risk low, re-bid or bump more plausible path than competing strategic bid.

Eramet (ERA FP) SLB: Trade the Metals Event-Carry Window

By Evan Campbell, CFA

  • Trade call: Long the 2028 SLB for a likely step-up from at latest May 22, 2026, hedge duration, exit post vendor field updates in May 2026.
  • Probability of rate step-up: Single KPI miss and step-up path most likely, with intensity tight and engagement near threshold, optionality crystallizes into tactical carry, not credit stress.
  • Catalyst path: Step-up mechanics, assurance, and vendor field updates create a defined trading window, see uplifted coupon count and cash cost below.

RPMGlobal (RUL AU): Caterpillar Firms A$5/Share Offer

By David Blennerhassett

  • RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a Scheme with Caterpillar Inc (CAT US).
  • Caterpillar, which currently holds no shares in RPMGlobal, is offering A$5/share (the same as in the NBIO), a 32.8% premium to undisturbed. Terms have not been declared final.
  • FIRB and ACCC approvals are conditions. FIRB won’t be an issue. The key ACCC question is whether the combo has significant direct market overlap that triggers substantial competition concerns.

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Oct 13
0

Daily Brief Equity Bottom-Up: TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure. and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Oct)
  • Taiwan Dual-Listings Monitor: Weak US Friday Session Opens Up Wide Opportunities Across the Board
  • Primer: Mi Technovation Berhad (MI MK) – Oct 2025
  • BHP (BHP AU/US) And Woodside (WDS AU/US) Slide as U.S. Sell-Off Spills Into Australian Stocks
  • Primer: Zengame Technology Holding (2660 HK) – Oct 2025
  • Primer: AT&T (T US) – Oct 2025
  • Primer: Wingtech Technology (600745 CH) – Oct 2025
  • Primer: Cleanspace Holdings Ltd (CSX AU) – Oct 2025
  • Long Macquarie (MQG AU) Vs. Short ANZ (ANZ AU): Statistical Spread Hits Trigger Zone in Aussie Banks

TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.

By Patrick Liao

  • U.S. President Donald Trump announced a 100% tariff on China.
  • Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  
  • Facing the escalation of the U.S.–China tariff war, U.S. stocks plunged on October 10 under heavy selling pressure.  

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (13 Oct)

By Gaudenz Schneider

  • Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
  • Highlights: Currently 14 pair trade opportunities across four markets and six sectors persist.
  • Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Taiwan Dual-Listings Monitor: Weak US Friday Session Opens Up Wide Opportunities Across the Board

By Vincent Fernando, CFA

  • TSMC: +19% Premium; Good Level to Close Out for Those Short the ADR Spread
  • UMC: -3.9% Discount; Rare Deep Discount Good Level to Long the ADR Spread
  • ASE: -5.5% Discount; Any Spread Below Parity a Good Level to Long the ADR Spread

Primer: Mi Technovation Berhad (MI MK) – Oct 2025

By αSK

  • Mi Technovation is strategically diversifying its business to mitigate the cyclicality of the semiconductor industry, expanding from its core equipment business into semiconductor materials and solutions.
  • The company is well-positioned to capitalize on long-term semiconductor industry growth, driven by secular trends such as AI, 5G, and electric vehicles, through its expanding product portfolio and global footprint.
  • Financial performance shows strong top-line growth, but margin volatility and cash flow inconsistencies highlight operational risks and the capital-intensive nature of its expansion strategy.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

BHP (BHP AU/US) And Woodside (WDS AU/US) Slide as U.S. Sell-Off Spills Into Australian Stocks

By Gaudenz Schneider

  • Context: Friday’s sell-off occurred after the Australian market closed, but several ASX-listed companies were swept up in the decline through dual listings or U.S.-traded ADRs.
  • This Insight looks at the impact on prominent S&P/ASX 200 constituents — including BHP, CSL, and major banks. While some companies showed limited movement, others, such as BHP, experienced sharper declines.
  • Why Read: Understand where the Australian market might be headed when trading resumes after the weekend.

Primer: Zengame Technology Holding (2660 HK) – Oct 2025

By αSK

  • Zengame Technology is a niche developer of online card and board games in China, demonstrating strong historical profitability and a commitment to shareholder returns through high dividend payouts.
  • Recent financial performance indicates a significant slowdown, with declining revenue and contracting margins, reflecting intense competition and potential saturation in its core markets. The 3-year CAGR for net income is negative, contrasting sharply with its 5-year growth.
  • The stock trades at a low valuation compared to peers, suggesting it could be a value opportunity if it can stabilize its user base and revenue. However, it also faces substantial risks from regulatory oversight in China and competition from dominant industry players.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: AT&T (T US) – Oct 2025

By αSK

  • AT&T is undergoing a strategic refocus on its core telecommunications business, prioritizing 5G and fiber network expansion to drive future growth.
  • The company exhibits stable financial performance with recent growth in service revenues and strong free cash flow, supporting network investments and shareholder returns.
  • Significant challenges remain, including a substantial debt burden and intense competition in the mature U.S. telecom market, which could pressure margins and growth targets.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Wingtech Technology (600745 CH) – Oct 2025

By αSK

  • Wingtech Technology is undergoing a significant strategic transformation, divesting its lower-margin Original Design Manufacturer (ODM) business to focus on its high-margin semiconductor operations through its subsidiary, Nexperia.
  • The company is a global leader in the smartphone ODM market, but this segment has faced profitability challenges, contributing significantly to recent net losses despite accounting for the majority of revenue.
  • Future growth and valuation re-rating hinge on the successful expansion of its semiconductor business, particularly in high-growth sectors like automotive, industrial, and AI, leveraging Nexperia’s strong market position in discrete semiconductors, logic, and MOSFETs.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Cleanspace Holdings Ltd (CSX AU) – Oct 2025

By αSK

  • Innovative Niche Player: CleanSpace is a designer and manufacturer of advanced Powered Air Purifying Respirators (PAPRs), distinguished by its patented, compact, and ergonomic all-in-one design that eliminates the need for cumbersome belt-and-hose units common among competitors.
  • Financial Turnaround in Progress: The company is demonstrating a significant operational recovery, with strong revenue growth of 26% in FY25, expanding gross margins to nearly 75%, and achieving positive EBITDA and operating cash flow in the second half of FY25. It is on a trajectory to reach sustained breakeven.
  • Strategic Growth Focus: Having pivoted from a pandemic-driven healthcare focus back to its core industrial market, CleanSpace is pursuing growth through geographic expansion in the US, Europe, and Asia, alongside new product launches and growing its recurring revenue from consumables, which now account for 47% of sales.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Long Macquarie (MQG AU) Vs. Short ANZ (ANZ AU): Statistical Spread Hits Trigger Zone in Aussie Banks

By Gaudenz Schneider

  • Context: The ANZ (ANZ AU) vs. Macquarie (MQG AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity. 
  • Highlights: Long Macquarie, short ANZ targets a 6% return. Friday’s U.S. sell-off and today’s ANZ’s strategy update could drive early trading volatility in the pair.
  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

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Oct 13
0

Daily Brief Australia: Lynas Corp Ltd, BHP Group Ltd, Cleanspace Holdings Ltd, EQ Resources, Macquarie Group, RPMGlobal Holdings Limited and more

By | Australia, Daily Briefs

In today’s briefing:

  • Lynas Rare Earths (LYC AU): Global Index Inclusion & Passive Flows as Rare Earths Get Rarer
  • BHP (BHP AU/US) And Woodside (WDS AU/US) Slide as U.S. Sell-Off Spills Into Australian Stocks
  • Primer: Cleanspace Holdings Ltd (CSX AU) – Oct 2025
  • Primer: EQ Resources (EQR AU) – Oct 2025
  • Long Macquarie (MQG AU) Vs. Short ANZ (ANZ AU): Statistical Spread Hits Trigger Zone in Aussie Banks
  • RPMGlobal (RUL AU): Caterpillar Firms A$5/Share Offer

Lynas Rare Earths (LYC AU): Global Index Inclusion & Passive Flows as Rare Earths Get Rarer

By Brian Freitas

  • Lynas Corp Ltd (LYC AU)‘s stock price has more than doubled in the last few months as equity markets rally, the rare earth boom continues, and export restrictions are imposed.
  • The significant increase in market cap and free float market cap should result in the stock being added to a global index in November.
  • There will be positioning for the inclusion (and that partly explains the recent run-up in the stock). But with export controls continuing, there could be further upside.

BHP (BHP AU/US) And Woodside (WDS AU/US) Slide as U.S. Sell-Off Spills Into Australian Stocks

By Gaudenz Schneider

  • Context: Friday’s sell-off occurred after the Australian market closed, but several ASX-listed companies were swept up in the decline through dual listings or U.S.-traded ADRs.
  • This Insight looks at the impact on prominent S&P/ASX 200 constituents — including BHP, CSL, and major banks. While some companies showed limited movement, others, such as BHP, experienced sharper declines.
  • Why Read: Understand where the Australian market might be headed when trading resumes after the weekend.

Primer: Cleanspace Holdings Ltd (CSX AU) – Oct 2025

By αSK

  • Innovative Niche Player: CleanSpace is a designer and manufacturer of advanced Powered Air Purifying Respirators (PAPRs), distinguished by its patented, compact, and ergonomic all-in-one design that eliminates the need for cumbersome belt-and-hose units common among competitors.
  • Financial Turnaround in Progress: The company is demonstrating a significant operational recovery, with strong revenue growth of 26% in FY25, expanding gross margins to nearly 75%, and achieving positive EBITDA and operating cash flow in the second half of FY25. It is on a trajectory to reach sustained breakeven.
  • Strategic Growth Focus: Having pivoted from a pandemic-driven healthcare focus back to its core industrial market, CleanSpace is pursuing growth through geographic expansion in the US, Europe, and Asia, alongside new product launches and growing its recurring revenue from consumables, which now account for 47% of sales.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: EQ Resources (EQR AU) – Oct 2025

By αSK

  • EQ Resources is repositioning itself as a key Western tungsten producer by restarting and expanding its flagship Mt Carbine mine in Queensland, Australia, aiming to capitalize on a tightening global market.
  • The company is currently in a high-growth, high-spend phase, evidenced by significant revenue increases from a low base, alongside substantial net losses and negative operating cash flows as it invests in ramping up production.
  • Favorable market dynamics, including strong demand from the aerospace, defense, and electronics sectors and China’s dominance and export restrictions on tungsten, provide a strong tailwind for EQR’s strategy to become a reliable ex-China supplier.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Long Macquarie (MQG AU) Vs. Short ANZ (ANZ AU): Statistical Spread Hits Trigger Zone in Aussie Banks

By Gaudenz Schneider

  • Context: The ANZ (ANZ AU) vs. Macquarie (MQG AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity. 
  • Highlights: Long Macquarie, short ANZ targets a 6% return. Friday’s U.S. sell-off and today’s ANZ’s strategy update could drive early trading volatility in the pair.
  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

RPMGlobal (RUL AU): Caterpillar Firms A$5/Share Offer

By David Blennerhassett

  • RPMGlobal Holdings Limited (RUL AU), a mining software technology provider, has entered into a Scheme with Caterpillar Inc (CAT US).
  • Caterpillar, which currently holds no shares in RPMGlobal, is offering A$5/share (the same as in the NBIO), a 32.8% premium to undisturbed. Terms have not been declared final.
  • FIRB and ACCC approvals are conditions. FIRB won’t be an issue. The key ACCC question is whether the combo has significant direct market overlap that triggers substantial competition concerns.

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