Daily Briefs

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Oneconnect Financial Technology (6638 HK), Joy City Property (207 HK).
Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), PointsBet Holdings (PBH AU), Mandom Corp (4917 JP), Humm Group (HUM AU), Fuji Oil Co Ltd (5017 JP).

Generac Holdings’ Capacity Expansion Plan – Smart Move or Risky Bet on Future Demand?

Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the prior year.
The growth was driven by a rise in commercial and industrial (C&I) product sales and residential energy storage system shipments.
Residential product sales increased by 7% due to notable growth in residential energy technology solutions and portable generators.

FedEx Battles $1B Trade Headwinds With Smart Strategy!

FedEx Corporation recently announced its first-quarter results for fiscal 2026, presenting a mixed bag of positives and challenges.
On the revenue side, the company showed a 3% year-over-year increase, primarily driven by strength in the U.S. domestic package services.
Despite this growth in revenue, FedEx faces continuing headwinds from global trade uncertainties and the expiration of a significant contract with the U.S. Postal Service, which together posed a notable financial impact.

Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025

By Daniel Hellberg

Concerted rate increase on Sept 1 failed, deep sea rates are still falling
Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
We retain our -ive view on container shipping, seek opportunities to Short

Stanley Black & Decker: An Insight Into Its Supply Chain Transformation

Stanley Black & Decker’s financial results for the second quarter of 2025 highlight a mixed performance amidst a challenging economic environment.
The company reported revenues of $3.9 billion, a 2% decrease compared to the previous year, with organic revenues down by 3%.
This decline was primarily impacted by a slow start to the outdoor buying season and disruptions in shipments due to customers’ reactions to tariffs.

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Sep 22

Daily Brief Energy/Materials: Zijin Gold, Commercial Metals Co, Southern Copper and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang
Why Commercial Metals’ $675 Million Bet On Concrete Pipe Could Reshape The Construction Landscape!
Southern Copper: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

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, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.

Why Commercial Metals’ $675 Million Bet On Concrete Pipe Could Reshape The Construction Landscape!

In a bold move signaling its intent to deepen its footprint in early-stage construction solutions, Commercial Metals Company has announced its plan to acquire Concrete Pipe & Precast (CP&P) for $675 million in cash.
This acquisition comes at a pivotal time for CMC, which has been actively executing a strategy focused on higher-margin, lower-volatility segments, and expanding its exposure to infrastructure-heavy regions such as the U.S. South and Mid-Atlantic.
CP&P, a supplier of precast concrete products, offers CMC the opportunity to integrate earlier into the construction value chain—a key element of its long-term growth strategy.

Southern Copper: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Expansive Exploration Ventures in Northern Chile Southern Copper is currently engrossed in a meticulous ground study of its Especularita copper-gold project, located within the metallic-rich coastal belt of northern Chile.
Spread across 19,076 hectares, the Especularita project encompasses both exploration and mining ventures, either granted or in the process of being so.
The firm further boasts rights to potentially secure full ownership of the project.

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Sep 22

Daily Brief Health Care: Laboratory Corporation of America Holdings, SanBio Co Ltd, Shenzhen Hipine Precision Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

LH US – Labcorp: Is The Innovative Testing & Specialty Growth Here To Stay?
SanBio Co Ltd (4592 JP): Akuugo Approval Awaited; Plans Negotiation for Ischemic Stroke Trials
Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) – Some Points Worth the Attention

LH US – Labcorp: Is The Innovative Testing & Specialty Growth Here To Stay?

Laboratory Corporation of America Holdings (Labcorp) reported strong financial results for the second quarter of 2025.
The company delivered double-digit top-line growth, with total revenue reaching $3.5 billion, representing a 10% increase compared to the previous year.
This growth was driven by both its Diagnostic Laboratories and Biopharma Laboratory Services (BLS) segments.

SanBio Co Ltd (4592 JP): Akuugo Approval Awaited; Plans Negotiation for Ischemic Stroke Trials

By Tina Banerjee

SanBio Co Ltd (4592 JP) incurred ¥1.3B R&D expenses (+31% YoY) in H1FY26 related to receiving approval of partial changes to the items approved for manufacture and marketing for Akuugo.
Operating loss went up to ¥1.9B in H1FY26 from ¥1.6B in H1FY25. SanBio revised FY26 guidance of operating loss to ¥3.9B (vs ¥3.5B) and net loss to ¥4.0B (vs ¥3.6B).
Partial change application already filed and the approval is expected in H2FY26. Plans to negotiate with regulatory authorities in Japan and US toward new clinical trials for chronic ischemic stroke.

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
Due to the concerns on the future growth potential and profitability, we’e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.

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Sep 22

Daily Brief Financials: Sony Financial Group, Kotak Mahindra Bank, National Australia Bank, Mediobanca SpA, Dr Horton Inc, Arthur J Gallagher & Co, First Citizens Bcshs Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Sep)
NAB (NAB AU) Dislocation Vs. Peers Highlights Mean-Reversion Setup
BMPS–Mediobanca: Super-Majority Secured; Final Day Setup
BUY D.R. Horton – The Fed’s First Cut Unlocks a New Cycle for Homebuilders
Arthur J. Gallagher & Co. Accelerates Integration Playbook for Big-Ticket Acquisitions!
First Citizens National Corporation Reveals Bold Loan & Deposit Growth Strategy – Can It Outpace Rivals?

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

By Brian Freitas

The ex-date for Sony Financial Group (8729 JP)‘s spinoff from Sony Corp (6758 JP) is 29 September. There will be passive flows at the close on the day.
There will be no selling from the TOPIX Index and Fglobal trackers. There will be selling from Nikkei 225 (NKY INDEX) trackers and potentially from Mglobal trackers.
Sony Financial Group (8729 JP) has announced a buyback of up to 1bn shares (13.99% of shares out) over the next year and that will support the stock.

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (22 Sep)

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 eight pair trade opportunities across four markets and four 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.

NAB (NAB AU) Dislocation Vs. Peers Highlights Mean-Reversion Setup

By Gaudenz Schneider

Context: The National Australia Bank (NAB AU) vs. VanEck Australian Banks ETF (MVB AU) price-ratio has deviated more than two standard deviations from its one-year average.
Highlights: The dislocation highlights the recent outperformance of NAB vs. some of its peers, pointing to a potential underweight in a portfolio context.
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.

BMPS–Mediobanca: Super-Majority Secured; Final Day Setup

By Jesus Rodriguez Aguilar

BMPS has 70.5% of Mediobanca after re-open progress (Reuters, 19 Sep). Window closes 22 Sep; settlement 29 Sep. Gross spread ~1.03% on 19 Sep close; convergence momentum and governance transition.
Super-Majority enables extraordinary resolutions; merger remains subject to ECB/SSM, Bank of Italy, and corporate approvals. Expect modest final-day tenders; MB to hug offer formula, with delta ≈2.533 to BMPS.
Trade: convergence hold into final results/29 Sep settlement; maintain tight 2.533 hedge and pre-set rebalance triggers. Directional BMPS bias constructive on lighter dilution/cash; monitor messaging, basis, and any on-market adds.

BUY D.R. Horton – The Fed’s First Cut Unlocks a New Cycle for Homebuilders

By Jacob Cheng

The latest Fed’s rate cut will directly impact the US residential market. With 2 more rate cuts expected in 2025, it will unlock a new cycle for homebuilders
D.R. Horton is the strongest and most resilient player among the US homebuilders. We think it is well positioned to capture the tailwind from the interest rate cut cycle
D.R. Horton also demonstrates strong capital management, increasing its dividend and established a share repurchase program over the years

Arthur J. Gallagher & Co. Accelerates Integration Playbook for Big-Ticket Acquisitions!

Arthur J.
Gallagher & Company reported strong performance for the second quarter of 2025, showcasing notable achievements in revenue growth, margin expansion, and continuous double-digit growth in adjusted EBITDAC, continuing a streak into the 21st consecutive quarter.
The company observed a 16% growth in combined revenue from its Brokerage and Risk Management segments, accompanied by a 5.4% organic revenue growth.

First Citizens National Corporation Reveals Bold Loan & Deposit Growth Strategy – Can It Outpace Rivals?

First Citizens BancShares reported solid financial results for the second quarter of 2025, showcasing several positive metrics tempered by industry challenges.
Key highlights include robust net interest income growth, maintaining low net charge-offs, and disciplined cost management.
Adjusted earnings per share reached $44.78, contributing to an annualized return on equity (ROE) of 11.00% and a return on assets (ROA) of 1.07%.

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Sep 22

Daily Brief Consumer: Chery Automobile, Genic Co Ltd, Hamee Corp, General Mills, Global-e Online , Bausch + Lomb, Kellogg Co, Boyd Gaming, Continental and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing
Korea Small Cap Gem #45: Genic
Hamee: “Demerger Arbitrage” Setup Remains On Track
General Mills’ Pet Food Push: Could BLUE & Tiki Cat Spark a Growth Explosion?
Global-e & Shopify Forge Deeper Alliance to Dominate Global Markets!
Bausch & Lomb: How Their Xiidra + Miebo Combo Could Redefine Dry Eye Treatment!
Kellanova’s Bold Snacking Pivot: Can Pringles & Cheez-It Dominate the Global Market?
Boyd Gaming: An Insight Into Its FanDuel Stake Monetization
Weekly Update (3134, Versant, Aumovio)

Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Chery Automobile (9973 HK), Zijin Gold (2259 HK) and Centurion Accomodation REIT (CAREIT SP) IPOs.
Event-Driven developments: Soft99 Corp (4464 JP), Mandom Corp (4917 JP), ANE Cayman Inc (9956 HK), Jinke Smart Services (9666 HK), Shengjing Bank Co Ltd H (2066 HK).

Korea Small Cap Gem #45: Genic

By Douglas Kim

Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea.
Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States.
Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials.

Hamee: “Demerger Arbitrage” Setup Remains On Track

Hamee reported earnings on September 12, and the stock traded down ~6%.
The headline earnings looked awful but they included many one time and/or non cash expenses.
To me, the underlying business looks strong. The spin-off is on track for early November, and I expect it to serve as a hard catalyst to drive shares higher.

General Mills’ Pet Food Push: Could BLUE & Tiki Cat Spark a Growth Explosion?

General Mills’ first quarter fiscal 2026 results present a mixed bag of strategic maneuvers and financial performance.
The company is navigating a dynamic environment marked by significant changes, including the divestiture of its Yoplait business and the acquisition of Whitebridge.
CEO Jeff Harmening emphasizes the company’s commitment to returning to profitable organic growth, aiming to enhance shareholder value despite these transitions.

Global-e & Shopify Forge Deeper Alliance to Dominate Global Markets!

Global-E Online Ltd. exhibited a strong set of financial results for the second quarter of 2025, highlighted by notable year-over-year growth and a milestone achievement in profitability.
The company’s Gross Merchandise Volume (GMV) grew by 34% from the same period last year, reaching $1.45 billion, while total revenue increased by 28% to approximately $215 million.
Adjusted EBITDA for the quarter was $38.5 million, marking a 23% increase, although the EBITDA margin slightly contracted to 17.9% due to a lower gross margin.

Bausch & Lomb: How Their Xiidra + Miebo Combo Could Redefine Dry Eye Treatment!

Bausch + Lomb’s second quarter 2025 results reflect a mix of solid performance and ongoing strategic challenges.
The company’s revenue grew by 3% year-over-year, reaching $1.278 billion, spurred by robust growth in their contact lenses and consumer segments, despite facing headwinds such as the enVista intraocular lens recall and challenges in their U.S. generics business.
Positives in this performance include constant currency revenue growth of 3%, which would have been significantly higher at 6% if the enVista recall had been excluded.

Kellanova’s Bold Snacking Pivot: Can Pringles & Cheez-It Dominate the Global Market?

Kellanova reported results that demonstrated continued execution on its strategy of driving growth through innovation, volume recovery, and margin expansion while navigating a complex operating environment.
The company delivered organic net sales growth of 4 percent in the second quarter, in line with its long-term target range, supported by a combination of price mix and sequential improvement in volume across most regions outside of Nigeria.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Boyd Gaming: An Insight Into Its FanDuel Stake Monetization

Boyd Gaming reported a quarter characterized by strong operational results, significant capital deployment, and a transformative monetization of its digital gaming stake.
The company announced the sale of its 5% equity interest in FanDuel to Flutter Entertainment for $1.755 billion in cash, with after-tax proceeds of approximately $1.4 billion.
Proceeds will be used to repay outstanding credit facility debt, lowering leverage from 2.8x to below 2x and resulting in estimated annual interest savings of $85 million.

Weekly Update (3134, Versant, Aumovio)

Before I get into my regular update, I want to share one fantastic chart that caught my eye.
It shows current earnings multiple of the S&P 500, 400 and 600, respectively.
One takeaway is that large caps (S&P 500) are at the high end of their historical trading range.

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Sep 22

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

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso
A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port
HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance
TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology
KRX Foreign Holding Weekly (Sep 19th): Samsung Electronics, SK Hynix, Samsung Elec (PREF), HYBE
Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development
TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC
Bursa Short Interest Weekly (Sep 19th): CIMB, Gamuda, Sime Darby, VS Industry, Telekom Malaysia

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.

A-H Premium Weekly (Sep 19th): Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port

We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.0% as of Sep 19th.
The average A-H premium changed by -0.8ppt week-on-week, led by industrials, energy, health care and offset by real estate, consumer staples, utilities.
We highlight weekly changes in A-H premium for Zmj, Yankuang Energy, Liaoning Port, Haier Smart Home, Qingdao Port, China Minsheng Banking.

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.

TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology

We analyzed the changes in short interest of TWSE Stocks as of Sep 19th. The aggregated short interest was USD27.4bn.
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 Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer, Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer.

KRX Foreign Holding Weekly (Sep 19th): Samsung Electronics, SK Hynix, Samsung Elec (PREF), HYBE

We analyzed the changes in foreign holdings of KRX stocks as of Sep 19th. The aggregated holding was USD718.2bn.
We estimate that foreign flows to be inflows of USD2,529mln. 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), HYBE, Kakao.

Thailand Short Interest Weekly (Sep 19th): Intouch, Thai Oil, Gulf Energy Development

We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 19th. We estimate that they had an aggregated short interest worth USD2.5bn.
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, Thai Oil, Gulf Energy Development, Advanced Info Service, TISCO Financial, Thai Oil, Advanced Info Service, Tisco Financial, Gulf Energy Development.

TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC

We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 19th. The aggregated holding was USD1,278.2bn.
We estimate that foreign flows to be inflows of USD1,280mln. 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 Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology, Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology.

Bursa Short Interest Weekly (Sep 19th): CIMB, Gamuda, Sime Darby, VS Industry, Telekom Malaysia

We analyzed the changes in short interest of Bursa stocks as of Sep 19th. The aggregated short interest is USD377m.
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 CIMB, Gamuda, Sime Darby, VS Industry, Telekom Malaysia.

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Sep 22

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Stocks Post Weekly Gains After Quarter-Point Cut and more

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

In today’s briefing:

Ohayo Japan | Stocks Post Weekly Gains After Quarter-Point Cut
Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums
UK Sovereign AI Proudly Paid For & Made In The USA
Japan Morning Connection: Ibiden Boosting IC Substrate Production to Meet Surging Demand
US Banks – Lower Rates: Higher Loan Volume, Low LDR Can Mean +NIM

Ohayo Japan | Stocks Post Weekly Gains After Quarter-Point Cut

By Mark Chadwick

U.S. stocks closed higher Friday, capping a strong week following the Federal Reserve’s quarter-point rate cut
The August PCE inflation report, due Friday, will be the first price data since Fed Chair Powell warned of challenging economic conditions with no clear policy path forward.
OMRON announced plans to spin off its electronic components business by April 2026, marking its first business spin-off in 15 years.

Asia Commodities — September 2025: Gold Strength, Copper Tightness, Aluminium Premiums

By Rahul Jain

Cycle Leaders: Gold, silver, copper, and aluminium outperform on safe-haven demand, supply tightness, and firm regional premiums, while ferrous, nickel, and coal lag on China weakness.
Equity Positioning: Focus on Zijin, Shandong, Chifeng, BRMS (gold); Hindustan Zinc, Vedanta, Dowa, Korea Zinc (silver/zinc); Sumitomo, JX Advanced, Mitsubishi Materials, Hongqiao, Vedanta (copper/aluminium).
Corporate Actions: Zijin Gold IPO, Anglo–Teck merger, and BHP’s copper sale highlight accelerating sector consolidation, driving investor rotation toward gold and copper scale.

UK Sovereign AI Proudly Paid For & Made In The USA

By William Keating

Microsoft CEO Satya Nadella announced his intention to spend $30 billion on AI infrastructure in the UK. NVIDIA, Coreweave, Alphabet and OpenAI are also ponying up further billions
Jensen Huang declared the UK and AI powerhouse, third in line globally behind the US and China
Is it really UK sovereign AI when it’s mostly paid for and made in the USA?

Japan Morning Connection: Ibiden Boosting IC Substrate Production to Meet Surging Demand

By Andrew Jackson

NAND supplier Sandisk taking its gains to 100% MTD as eSSD memory demand for AI applications grows exponentially.
Apple breakout as weekend sales for the iPhone17 Pro likely to come ahead of estimates.
Quantum computing names taking a big leg higher with the Trump Administration aiming to expand their quantum strategy.

US Banks – Lower Rates: Higher Loan Volume, Low LDR Can Mean +NIM

By Daniel Tabbush

Overnight CP market in the US reflects the Fed rate cut immediately. Rates on overnight non-financial CP for A2/P2 companies now 4.20% (18 Sept) from 4.45% (17 Sept)
Weekly B/S for US banks has been showing for some time accelerating loan volume, with debt 5-7% less expensive overnight, loan volume should continue to accelerate
Where loans at US banks are only 67% of deposits, a 25bps reduction on both pools (loans, deposits) can be NIM expansionary. There are many moving parts, though.

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Sep 22

Daily Brief ECM: Weekly Deals Digest (21 Sep) – Chery Auto and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing
ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang
Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) – Some Points Worth the Attention

Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Chery Automobile (9973 HK), Zijin Gold (2259 HK) and Centurion Accomodation REIT (CAREIT SP) IPOs.
Event-Driven developments: Soft99 Corp (4464 JP), Mandom Corp (4917 JP), ANE Cayman Inc (9956 HK), Jinke Smart Services (9666 HK), Shengjing Bank Co Ltd H (2066 HK).

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

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, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
Due to the concerns on the future growth potential and profitability, we’e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.

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Sep 22

Daily Brief Event-Driven: Merger Arb Mondays (22 Sep) – Technopro and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Merger Arb Mondays (22 Sep) – Technopro, Soft99, Mandom, Pacific Ind, Dongfeng, Shengjing, Smartpay
BOK’s Oct Rate Cut Playing Out as a Small/Mid-Cap Re-Rating Narrative in Korea
Hamee: “Demerger Arbitrage” Setup Remains On Track
BMPS–Mediobanca: Super-Majority Secured; Final Day Setup
Weekly Update (3134, Versant, Aumovio)

Merger Arb Mondays (22 Sep) – Technopro, Soft99, Mandom, Pacific Ind, Dongfeng, Shengjing, Smartpay

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Oneconnect Financial Technology (6638 HK), Joy City Property (207 HK).
Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), PointsBet Holdings (PBH AU), Mandom Corp (4917 JP), Humm Group (HUM AU), Fuji Oil Co Ltd (5017 JP).

BOK’s Oct Rate Cut Playing Out as a Small/Mid-Cap Re-Rating Narrative in Korea

By Sanghyun Park

Korea’s structural value gap favors low-PBR, improving-ROE small/mid-caps; traders front-run early movers into the Oct 23 MPC, then rotate into these smaller names as the rate cut nears.
BOK’s key MPC meetings are Oct 23 and Nov 27, with markets pricing in a 25bps cut on Oct 23 to close the policy rate gap with the Fed.
Locals are screening for low-PBR (<0.8), ROE >8%, mid-small caps (KRW 300B–1T); 28 names fit, primed to ride the early rate-cut rally pre-MPC.

Hamee: “Demerger Arbitrage” Setup Remains On Track

Hamee reported earnings on September 12, and the stock traded down ~6%.
The headline earnings looked awful but they included many one time and/or non cash expenses.
To me, the underlying business looks strong. The spin-off is on track for early November, and I expect it to serve as a hard catalyst to drive shares higher.

BMPS–Mediobanca: Super-Majority Secured; Final Day Setup

By Jesus Rodriguez Aguilar

BMPS has 70.5% of Mediobanca after re-open progress (Reuters, 19 Sep). Window closes 22 Sep; settlement 29 Sep. Gross spread ~1.03% on 19 Sep close; convergence momentum and governance transition.
Super-Majority enables extraordinary resolutions; merger remains subject to ECB/SSM, Bank of Italy, and corporate approvals. Expect modest final-day tenders; MB to hug offer formula, with delta ≈2.533 to BMPS.
Trade: convergence hold into final results/29 Sep settlement; maintain tight 2.533 hedge and pre-set rebalance triggers. Directional BMPS bias constructive on lighter dilution/cash; monitor messaging, basis, and any on-market adds.

Weekly Update (3134, Versant, Aumovio)

Before I get into my regular update, I want to share one fantastic chart that caught my eye.
It shows current earnings multiple of the S&P 500, 400 and 600, respectively.
One takeaway is that large caps (S&P 500) are at the high end of their historical trading range.

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Sep 22

Most Read: Zijin Gold, Sony Financial Group, Zijin Mining Group Co Ltd H, BayCurrent Consulting , Jinke Smart Services, Sejin Heavy Industries Co Ltd, Technopro Holdings, Pateo Connect Technology and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows
Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn
The 2025 Japan September-End Rebal and Dividend Trade
Zijin Gold IPO (2259 HK): Valuation Insights
Jinke Smart (9666 HK): Boyu’s Offer Now Unconditional
Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal
Merger Arb Mondays (22 Sep) – Technopro, Soft99, Mandom, Pacific Ind, Dongfeng, Shengjing, Smartpay
Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card
Pateo Connect Pre-IPO: PHIP Update: Growth Has Not Translated to Profits

Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026

By Brian Freitas

Zijin Gold (2259 HK) is looking to raise up to HK$28.7bn (US$3.7bn) in its IPO, valuing the company at HK$191.6bn (US$24.6bn).
Zijin Mining (2899 HK) will hold between 85-86.7% of Zijin Gold and that will limit the free float of the stock. Half the IPO has been allotted to cornerstones.
Zijin Gold could be added to the HSCI via Fast Entry and to Stock Connect in October. Global index inclusion should take place in the first half of 2026.

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

By Brian Freitas

The ex-date for Sony Financial Group (8729 JP)‘s spinoff from Sony Corp (6758 JP) is 29 September. There will be passive flows at the close on the day.
There will be no selling from the TOPIX Index and Fglobal trackers. There will be selling from Nikkei 225 (NKY INDEX) trackers and potentially from Mglobal trackers.
Sony Financial Group (8729 JP) has announced a buyback of up to 1bn shares (13.99% of shares out) over the next year and that will support the stock.

Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn

By David Blennerhassett

The global offering doc for Zijin Gold (2259 HK) is out.
At the IPO Price of HK$71.59/share, Zijin Gold’s implied market cap is HK$187.9bn or US$24bn. Commencement of trading is the 29th September.
Zijin Mining (2899 HK) will hold 86.7% in Zijin Gold post-IPO (before over-allotment). Even if Zijin Gold trades north of HK$100/share, Zijin Mining is fully valued.

The 2025 Japan September-End Rebal and Dividend Trade

By Travis Lundy

Every year it’s the same trade. But sometimes it is not. This year it is Friday and Monday. Or not. Historically, the day before ex-date and ex-date see outright performance.
The month-end and quarter-end bring big flows, or not, depending on how things have gone. This year they have gone well for equities, so odds are flows are smaller.
Over the past 10 years or so, the two-day return on the March trade is pretty good. The September trade appears to be more mixed.

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold (2259 HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It has launched an HKEx IPO to raise US$3.2bn.
I previously discussed the IPO in Zijin Gold IPO: The Investment Case and Zijin Gold IPO: PHIP Updates Support the Investment Thesis.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.

Jinke Smart (9666 HK): Boyu’s Offer Now Unconditional

By David Blennerhassett

Back on the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share.
The Boyu-backed Offeror and Concert Parties holding 37.86% (at the time), bought Jinke Property (000656 CH)‘s 18.05% stake at auction on the 30th March, triggering an unconditional MGO (once completed).
The “Auction Transfer” was subject to CSDC oversight, which has now been satisfied/completed. The Composite Doc is expected to be dispatched on or before the 26th September.

Another Passive Flow Trading Target Identified: Sejin Heavy in the Dec Shipbuilding ETF Rebal

By Sanghyun Park

HHI–Mipo merger overlaps Dec review: Mipo dropped Nov 26, desk holds cash, rebal Dec 12, new HHI shares list Dec 15 but capped at 10%.
No ad-hoc replacement for Mipo Nov 26; Dec review will add a new name, likely Sejin Heavy (075580 KS), with no other significant flows flagged.
Sejin Heavy’s recent post-rally volume cools; passive inflow ~1.5x DTV may trigger visible price action, with potential front-running 1–2 days ahead of Dec 12 ETF rebal.

Merger Arb Mondays (22 Sep) – Technopro, Soft99, Mandom, Pacific Ind, Dongfeng, Shengjing, Smartpay