Category

Daily Briefs

Sep 28
0

Daily Brief Energy/Materials: Zijin Gold, CRB Commodity Index and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99
  • Overview #36 – AI Hype, Mineral Might, and the Nuclear Revival

Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99

By Arun George

Overview #36 – AI Hype, Mineral Might, and the Nuclear Revival

By Rikki Malik

  • A review of recent events/data impacting our investment themes and outlook
  • More government  deals in the critical minerals sector support our outlook
  • Grasberg mine accident and closure highlights tightness in the copper market

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Sep 28
0

Daily Brief China: Zijin Gold, Sunwoda Electronic Co Ltd A, Duality Biotherapeutics and more

By | China, Daily Briefs

In today’s briefing:

  • Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99
  • Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact
  • China Healthcare Weekly (Sep.28) – Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Weekly Deals Digest (28 Sep) – Zijin Gold, Tekscend, Mandom, Pacific Ind, Paramount Bed, Soft99

By Arun George

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
  • Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
  • Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500

China Healthcare Weekly (Sep.28) – Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

By Xinyao (Criss) Wang

  • Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
  • Some companies continue to repurchase/increase their holdings despite the industry’s significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
  • The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.

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Sep 28
0

Most Read: Chery Automobile, Sony Financial Group, Zijin Gold, Hang Seng Index, CRH , TSE Tokyo Price Index TOPIX, Dongbu Insurance, KT&G Corporation and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows
  • Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting
  • [Japan Event] Sony Financial Spin-Off Trades Monday – Fina(Ncia)L Thoughts
  • Trading Strategy of Zijin Gold on the First Day of IPO
  • Hang Seng Index (HSI) Tactical Outlook: Small Pulback or Large Pullback?
  • [Quiddity Index] SP500/600 Dec25 Rebal: One Name (Always Bridesmaid Never the Bride) Stands Out
  • VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum
  • The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A
  • Spotted a Quietly Emerging Passive Flow Trade: Long DB Ins, Short Samsung Life in December
  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (26 September to 10 October 2025)

Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows

By Brian Freitas

Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting

By Brian Freitas

  • Chery Automobile Co. Ltd. (9973 HK)‘s IPO range is HK$27.75-HK$30.75/share and will raise up to HK$10bn (US$1.3m) if the oversubscription option is exercised, valuing the company at HK$169bn (US$21.7bn).
  • The stock should be added to the HSCI Index in December and that will make the stock eligible for inclusion in Southbound Stock Connect.
  • There will be no inclusion in global indexes for the next year, but there is a possibility of inclusion in the Hang Seng TECH Index (HSTECH INDEX) in December.

[Japan Event] Sony Financial Spin-Off Trades Monday – Fina(Ncia)L Thoughts

By Travis Lundy

  • Today is the last day of trading for Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights. SFGI starts trading separately on Monday 29 Sep.
  • The reference price is ¥150/share. It will likely stay in all major indices except Nikkei 225, and it likely needs low ¥160s to stay in M _ _ _. 
  • The estimated Div Yield is higher on SFGI than peers by a fair ways, and looks to grow, and there is a big buyback to come. I like it.

Trading Strategy of Zijin Gold on the First Day of IPO

By Douglas Kim

  • Zijin Gold IPO will start trading on 30 September. Zijin Gold is aiming to raise US$3.2 billion (HK$24.98 billion) from its IPO, offering 349 million shares at HK$71.59 each.
  • Our base case valuation of Zijin Gold is HK$124.7 per share (74.2% higher than the IPO price). We expect a sharply higher pop on the first day of trading.
  • If its share price appreciates more than 30-50% or more, we think it is prudent to take some profits off the table (at least 25%-30% of total investment). 

Hang Seng Index (HSI) Tactical Outlook: Small Pulback or Large Pullback?

By Nico Rosti

  • As suggested in our previous insight, the Hang Seng Index (HSI INDEX) rally was at risk of pulling back: a small correction began last week.
  • The big question now: is this just a minor 1-week pullback (a buy-the-dip opportunity)? or a larger pullback, possibly directed towards 23k?
  • This insight discusses the various tactical scenarios, including profit targets for a continuation of the rally from here.

[Quiddity Index] SP500/600 Dec25 Rebal: One Name (Always Bridesmaid Never the Bride) Stands Out

By Travis Lundy

  • The SP 500 Index (you can guess) tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
  • In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
  • We expect two regular changes in December 2025. There are also multiple live M&A events which are likely to trigger intra-review index changes.

VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum

By Rahul Jain

  • Fleet renewal tailwind: With an aging VLCC fleet (12.8 years average) and a lean orderbook (~9% of fleet), shipowners are incentivized to contract new tonnage.
  • Regional differentiation: Korean yards dominate (~50% share, with listed exposure via Hanwha Aerospace, HD Hyundai, Samsung HI), China anchors volumes through CSSC, while Japan remains niche and unlisted.
  • Cyclical caveat: Today’s high TCEs ($90k/day peaks) may not last; over-ordering could set up a 2028 glut, making VLCCs a cyclical rather than structural growth story.

The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A

By Aki Matsumoto

  • The reason why IPOs tend to become the goal is that many IPOs are conducted for purposes other than company growth after IPOs.
  • In order to correct the notion that “IPO is the goal,” there are expectations for the revitalization of the market for trading unlisted shares and M&A of unlisted companies.
  • With the entry of unlisted stock funds, trading in privately-held stocks will become active, and if M&A for growth and management changes take place, the quality of IPOs will improve.

Spotted a Quietly Emerging Passive Flow Trade: Long DB Ins, Short Samsung Life in December

By Sanghyun Park

  • Samsung Life replaced DB Insurance at 5% vs 4.3% weight on June 13, triggering 0.2x DTV inflow/0.5x outflow; Samsung +1.79%, DB -4.97%, long-short net ~7%.
  • For December, DB Insurance likely reclaims Samsung Life’s slot; with higher ETF AUM, expect ~+1.0x DTV inflow for DB, ~-0.6/-0.7x DTV outflow for Samsung.
  • Still under the radar locally; expect big ETF rebal day moves. With June’s precedent, consider starting positions a day or two early before desk trades.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (26 September to 10 October 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (26 September to 10 October 2025).
  • Top 10 picks in this bi-weekly include S&T Dynamics, Samsung Electronics, KT&G, Samsung Life Insurance, Hana Financial, Hyundai Elevator, SK Inc, Lotte Tour Development, Naver, and Douzone Bizon. 
  • There have been some signs of shipbuilding and shipping services related stocks (such as HMM, SK Oceanplant, and HJ Shipbuilding) experiencing some weakness in the past couple of weeks. 

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Sep 28
0

Daily Brief India: Kolte Patil Developers and more

By | Daily Briefs, India

In today’s briefing:

  • Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

By Ankit Agrawal, CFA

  • Q1FY26 pre-sales came in weak led by delayed launches; however, KPDL’s management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.
  • During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital. 
  • Due to ongoing transition phase with Blackstone (BX US) being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.

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  • ✓ Events & Webinars
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Sep 28
0

Daily Brief United States: Federal Signal, Micron Technology, CRB Commodity Index, Carter’s Inc, Costco Wholesale, Jabil Circuit, Kb Home, O’Reilly Automotive, Autozone Inc, Synnex Corp and more

By | Daily Briefs, United States

In today’s briefing:

  • Federal Signal’s $396M Bet On Refuse Trucks: Could This Trash Truck Deal Get Dirty?
  • Micron Unveils Game-Changing 1-Gamma Node Expansion to Slash Costs & Boost Output; What Lies Ahead?
  • Overview #36 – AI Hype, Mineral Might, and the Nuclear Revival
  • Carter’s Inc – Carter’s Poison Pill: How RWWM’s 17% Stake Triggered A Major Defense Strategy!
  • Costco Wholesale Corp.: Warehouse Expansion & International Growth to Maintain A Robust Physical Presence In Key Markets Across The Globe!
  • Jabil’s Global Diversification – Will Balanced Capacity & Automation Shield It from Market Volatility?
  • KB Home: An Insight Into its Optimized Asset Mix, Pricing Strategy & Other Major Drivers!
  • O’Reilly Automotive Leaves Autozone In The Dust—The Valuation Gap Explained!
  • AutoZone Inc.: Store Network Expansion Strategy to Strengthen Distribution & Capitalizing On Market Opportunities!
  • TD SYNNEX Is Betting Big on Cybersecurity – Will It Become the Go-To Partner for Digital Defense?

Federal Signal’s $396M Bet On Refuse Trucks: Could This Trash Truck Deal Get Dirty?

By Baptista Research

  • Federal Signal Corporation has made a strategic move with its definitive agreement to acquire Scranton Manufacturing Company, doing business as New Way Trucks, for an initial consideration of $396 million.
  • This deal, announced on September 25, 2025, includes an additional $30 million earmarked for real estate tied to New Way’s manufacturing facilities in Iowa and Mississippi.
  • Further, a performance-based earnout of up to $54 million could be paid over the next two years.

Micron Unveils Game-Changing 1-Gamma Node Expansion to Slash Costs & Boost Output; What Lies Ahead?

By Baptista Research

  • Micron Technology’s recent earnings provided insights into its performance and strategic outlook.
  • The company appears to be navigating industry dynamics effectively, particularly within the NAND and DRAM markets.
  • The call highlighted several critical areas of development and potential challenges facing Micron.

Overview #36 – AI Hype, Mineral Might, and the Nuclear Revival

By Rikki Malik

  • A review of recent events/data impacting our investment themes and outlook
  • More government  deals in the critical minerals sector support our outlook
  • Grasberg mine accident and closure highlights tightness in the copper market

Carter’s Inc – Carter’s Poison Pill: How RWWM’s 17% Stake Triggered A Major Defense Strategy!

By Baptista Research

  • Carter’s Inc. has taken an aggressive step to safeguard its future against an unapproved takeover after hedge fund Roseman Wagner Wealth Management (RWWM) accumulated a 16.86% stake in the company.
  • This strategic move comes in the form of a “poison pill” or shareholder rights plan, a mechanism commonly used to defend against hostile takeovers.
  • The decision to adopt this poison pill follows RWWM’s rapid stock accumulation, which potentially signals a corporate raid or takeover attempt.

Costco Wholesale Corp.: Warehouse Expansion & International Growth to Maintain A Robust Physical Presence In Key Markets Across The Globe!

By Baptista Research

  • Costco Wholesale Corporation delivered a mixed fourth quarter for fiscal year 2025, showcasing both strengths and areas of challenge.
  • The company reported an increase in net sales and income, driven by strong ecommerce growth and expansion in warehouse locations.
  • However, higher employee wages and lower member renewal rates presented challenges.

Jabil’s Global Diversification – Will Balanced Capacity & Automation Shield It from Market Volatility?

By Baptista Research

  • Jabil Inc. has reported its fiscal year 2025 results, showcasing solid financial performance against a backdrop of varied market dynamics.
  • The company reported approximately $8.3 billion in revenue for the fourth quarter, exceeding earlier forecasts by $800 million.
  • This revenue increase was broad-based across its three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living & Digital Commerce.

KB Home: An Insight Into its Optimized Asset Mix, Pricing Strategy & Other Major Drivers!

By Baptista Research

  • KB Home’s third quarter financial results for fiscal year 2025 reflect a nuanced picture of its current market position, with both strengths and challenges evident.
  • From a financial standpoint, the company managed to deliver over $1.6 billion in total revenues, a figure that met or exceeded its own guidance across key operational metrics.
  • This solid performance translates into a diluted earnings per share of $1.61 and an impressive gross margin of 18.9%, excluding inventory-related charges — both of which underscore the company’s ability to effectively manage costs and drive profitability amidst changing market conditions.

O’Reilly Automotive Leaves Autozone In The Dust—The Valuation Gap Explained!

By Baptista Research

  • O’Reilly Automotive has been one of the top-performing retail stocks in 2025, rising over 30% yearto-date and recently trading at $103.47.
  • While this rally might make the stock appear expensive relative to peers such as AutoZone, Advance Auto Parts, and Genuine Parts, a closer look at the company’s fundamentals justifies its elevated valuation.
  • Sales are projected to grow more than 6% annually over the next two years—significantly ahead of peers struggling with stagnation or outright declines.

AutoZone Inc.: Store Network Expansion Strategy to Strengthen Distribution & Capitalizing On Market Opportunities!

By Baptista Research

  • AutoZone reported its fourth-quarter and full-year 2025 results, showcasing a mixed performance amidst challenging economic conditions and competitive pressures.
  • Total sales for the quarter reached $6.2 billion, reflecting a modest 0.6% growth compared to the previous 17-week quarter.
  • On a 16-week basis, however, sales grew 6.9%, indicating a robust underlying performance once the extra week from last year is adjusted for.

TD SYNNEX Is Betting Big on Cybersecurity – Will It Become the Go-To Partner for Digital Defense?

By Baptista Research

  • TD SYNNEX delivered strong results in the third quarter of its fiscal 2025, showcasing significant growth in several key financial metrics and segments of its business.
  • The company’s consolidated gross billings reached $22.7 billion, marking a 12% year-over-year increase, or 10% on a constant currency basis.
  • This performance was reinforced by the higher-than-expected non-GAAP diluted earnings per share of $3.58, representing a notable 25% rise from the previous year.

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Sep 28
0

Daily Brief Consumer: TSE Tokyo Price Index TOPIX, KT&G Corporation, Mandom Corp, Costco Wholesale, Autozone Inc, O’Reilly Automotive, Kb Home, Carmax Inc, Carter’s Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A
  • Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (26 September to 10 October 2025)
  • (Mostly) Asia-Pac M&A: Kangji Medical, Jinke Smart Services, Soft99, Mandom, Paramount Bed
  • Costco Wholesale Corp.: Warehouse Expansion & International Growth to Maintain A Robust Physical Presence In Key Markets Across The Globe!
  • AutoZone Inc.: Store Network Expansion Strategy to Strengthen Distribution & Capitalizing On Market Opportunities!
  • O’Reilly Automotive Leaves Autozone In The Dust—The Valuation Gap Explained!
  • KB Home: An Insight Into its Optimized Asset Mix, Pricing Strategy & Other Major Drivers!
  • CarMax’s Digital Overhaul – Can Website Visits Finally Turn Into Big Sales?
  • Carter’s Inc – Carter’s Poison Pill: How RWWM’s 17% Stake Triggered A Major Defense Strategy!

The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A

By Aki Matsumoto

  • The reason why IPOs tend to become the goal is that many IPOs are conducted for purposes other than company growth after IPOs.
  • In order to correct the notion that “IPO is the goal,” there are expectations for the revitalization of the market for trading unlisted shares and M&A of unlisted companies.
  • With the entry of unlisted stock funds, trading in privately-held stocks will become active, and if M&A for growth and management changes take place, the quality of IPOs will improve.

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (26 September to 10 October 2025)

By Douglas Kim

  • In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the next two weeks (26 September to 10 October 2025).
  • Top 10 picks in this bi-weekly include S&T Dynamics, Samsung Electronics, KT&G, Samsung Life Insurance, Hana Financial, Hyundai Elevator, SK Inc, Lotte Tour Development, Naver, and Douzone Bizon. 
  • There have been some signs of shipbuilding and shipping services related stocks (such as HMM, SK Oceanplant, and HJ Shipbuilding) experiencing some weakness in the past couple of weeks. 

(Mostly) Asia-Pac M&A: Kangji Medical, Jinke Smart Services, Soft99, Mandom, Paramount Bed

By David Blennerhassett

Costco Wholesale Corp.: Warehouse Expansion & International Growth to Maintain A Robust Physical Presence In Key Markets Across The Globe!

By Baptista Research

  • Costco Wholesale Corporation delivered a mixed fourth quarter for fiscal year 2025, showcasing both strengths and areas of challenge.
  • The company reported an increase in net sales and income, driven by strong ecommerce growth and expansion in warehouse locations.
  • However, higher employee wages and lower member renewal rates presented challenges.

AutoZone Inc.: Store Network Expansion Strategy to Strengthen Distribution & Capitalizing On Market Opportunities!

By Baptista Research

  • AutoZone reported its fourth-quarter and full-year 2025 results, showcasing a mixed performance amidst challenging economic conditions and competitive pressures.
  • Total sales for the quarter reached $6.2 billion, reflecting a modest 0.6% growth compared to the previous 17-week quarter.
  • On a 16-week basis, however, sales grew 6.9%, indicating a robust underlying performance once the extra week from last year is adjusted for.

O’Reilly Automotive Leaves Autozone In The Dust—The Valuation Gap Explained!

By Baptista Research

  • O’Reilly Automotive has been one of the top-performing retail stocks in 2025, rising over 30% yearto-date and recently trading at $103.47.
  • While this rally might make the stock appear expensive relative to peers such as AutoZone, Advance Auto Parts, and Genuine Parts, a closer look at the company’s fundamentals justifies its elevated valuation.
  • Sales are projected to grow more than 6% annually over the next two years—significantly ahead of peers struggling with stagnation or outright declines.

KB Home: An Insight Into its Optimized Asset Mix, Pricing Strategy & Other Major Drivers!

By Baptista Research

  • KB Home’s third quarter financial results for fiscal year 2025 reflect a nuanced picture of its current market position, with both strengths and challenges evident.
  • From a financial standpoint, the company managed to deliver over $1.6 billion in total revenues, a figure that met or exceeded its own guidance across key operational metrics.
  • This solid performance translates into a diluted earnings per share of $1.61 and an impressive gross margin of 18.9%, excluding inventory-related charges — both of which underscore the company’s ability to effectively manage costs and drive profitability amidst changing market conditions.

CarMax’s Digital Overhaul – Can Website Visits Finally Turn Into Big Sales?

By Baptista Research

  • CarMax’s second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market.
  • The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume.
  • Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%.

Carter’s Inc – Carter’s Poison Pill: How RWWM’s 17% Stake Triggered A Major Defense Strategy!

By Baptista Research

  • Carter’s Inc. has taken an aggressive step to safeguard its future against an unapproved takeover after hedge fund Roseman Wagner Wealth Management (RWWM) accumulated a 16.86% stake in the company.
  • This strategic move comes in the form of a “poison pill” or shareholder rights plan, a mechanism commonly used to defend against hostile takeovers.
  • The decision to adopt this poison pill follows RWWM’s rapid stock accumulation, which potentially signals a corporate raid or takeover attempt.

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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
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Sep 28
0

Daily Brief Health Care: Duality Biotherapeutics and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • China Healthcare Weekly (Sep.28) – Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

China Healthcare Weekly (Sep.28) – Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

By Xinyao (Criss) Wang

  • Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
  • Some companies continue to repurchase/increase their holdings despite the industry’s significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
  • The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.

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

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  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Sep 28
0

Daily Brief Macro: Overview #36 – AI Hype and more

By | Daily Briefs, Macro

In today’s briefing:

  • Overview #36 – AI Hype, Mineral Might, and the Nuclear Revival

Overview #36 – AI Hype, Mineral Might, and the Nuclear Revival

By Rikki Malik

  • A review of recent events/data impacting our investment themes and outlook
  • More government  deals in the critical minerals sector support our outlook
  • Grasberg mine accident and closure highlights tightness in the copper market

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

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

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Sep 28
0

Daily Brief Financials: Dongbu Insurance, Sony Financial Group, Kolte Patil Developers and more

By | Daily Briefs, Financials

In today’s briefing:

  • Spotted a Quietly Emerging Passive Flow Trade: Long DB Ins, Short Samsung Life in December
  • Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc
  • Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

Spotted a Quietly Emerging Passive Flow Trade: Long DB Ins, Short Samsung Life in December

By Sanghyun Park

  • Samsung Life replaced DB Insurance at 5% vs 4.3% weight on June 13, triggering 0.2x DTV inflow/0.5x outflow; Samsung +1.79%, DB -4.97%, long-short net ~7%.
  • For December, DB Insurance likely reclaims Samsung Life’s slot; with higher ETF AUM, expect ~+1.0x DTV inflow for DB, ~-0.6/-0.7x DTV outflow for Samsung.
  • Still under the radar locally; expect big ETF rebal day moves. With June’s precedent, consider starting positions a day or two early before desk trades.

Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

By David Blennerhassett

Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

By Ankit Agrawal, CFA

  • Q1FY26 pre-sales came in weak led by delayed launches; however, KPDL’s management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.
  • During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital. 
  • Due to ongoing transition phase with Blackstone (BX US) being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.

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

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
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  • ✓ Events & Webinars
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Sep 28
0

Daily Brief Japan: TSE Tokyo Price Index TOPIX, Sony Financial Group, Mandom Corp, Mitsubishi Heavy Industries and more

By | Daily Briefs, Japan

In today’s briefing:

  • The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A
  • Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc
  • (Mostly) Asia-Pac M&A: Kangji Medical, Jinke Smart Services, Soft99, Mandom, Paramount Bed
  • MHI (7011 JP): Laser Power Transmission Positive, Political Support Unclear

The Key to Revitalizing Existing TSE Growth Companies Is Whether They Can Expect Growth Through M&A

By Aki Matsumoto

  • The reason why IPOs tend to become the goal is that many IPOs are conducted for purposes other than company growth after IPOs.
  • In order to correct the notion that “IPO is the goal,” there are expectations for the revitalization of the market for trading unlisted shares and M&A of unlisted companies.
  • With the entry of unlisted stock funds, trading in privately-held stocks will become active, and if M&A for growth and management changes take place, the quality of IPOs will improve.

Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

By David Blennerhassett

(Mostly) Asia-Pac M&A: Kangji Medical, Jinke Smart Services, Soft99, Mandom, Paramount Bed

By David Blennerhassett

MHI (7011 JP): Laser Power Transmission Positive, Political Support Unclear

By Scott Foster

  • Laser wireless power transmission technology opens new defense, dual-use and civilian market opportunities. 
  • Japanese politicians inclined to spend more on defense, but worried about the national budget. Likely to split the difference between 2% of GDP and Trump’s demands. 
  • Aircraft, Defense & Space to drive sales and profit growth through 2030. Buy on dips for the long term.

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