Daily Briefs

Lyft’s second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.
The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.
Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

What’s News in Amsterdam – 26 August (BAM Group | Retail sales | Dutch politics)

By The IDEA!

In this edition: • BAM Group | awarded EUR 600m contract from Enexis and WML • Dutch retail sales | up 3.3% YoY in value terms in 2Q25; up 1.1% in volume terms • Dutch politics | former high-level civil servant recommends an interim cabinet • Dutch politics | latest poll after last Friday’s events

Parsons Corporation: Will The Acquisition of CTI for Expansion of Defense Capabilities Be A Game Changer?

Parsons Corporation’s second quarter 2025 results reflect a mixed but promising outlook for the company.
During this period, the company delivered revenue and adjusted EBITDA that aligned with expectations and guidance assumptions.
A notable highlight was the impressive cash flow, which exceeded forecasts.

Rocket Lab USA: Neutron Rocket Development to Amplify Revenue Opportunities & Market Competitiveness!

Rocket Lab Corporation’s recent quarterly financial disclosures portray a period of positive revenue growth, coming in at $144.5 million, a 36% increase compared to the same period last year.
This figure is notably above the high end of Rocket Lab’s prior guidance, signifying robust demand and operational execution, with growth driven by both the Space Systems and Launch Services segments.
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.

ESAB’s New Revolutionary React Welding Tech & 5 Major Challenges In Its Path!

The second quarter results for ESAB display both strengths and challenges, offering a balanced outlook on the company’s current position and future trajectory.
ESAB reported a total sales growth of 2% and achieved a record adjusted EBITDA margin of 20.4%, highlighting strong operational performance.
This robust margin performance is attributed to the company’s disciplined execution of its strategies and the ability to navigate a challenging market environment.

Siemens AG: Growth in Automation & Digital Industries Powering Our Optimism!

Siemens AG’s third-quarter performance in 2025 reflects both strengths and challenges in a complex global environment.
The company maintains a robust position, driven by strategic investments and an integrated approach while facing geopolitical and economic uncertainties.
In the third quarter, Siemens reported impressive order growth, highlighted by a significant 28% increase in group orders to €24.7 billion.

Middleby Inside the M&A Pipeline: What Frigomeccanica Brings to the Table!

The Middleby Corporation’s latest quarterly earnings call highlights the complex environment the company is navigating.
While facing economic challenges impacting key markets, the call outlines a series of strategic investments aimed at fortifying the company’s position and driving long-term growth.
Positively, the company has made significant strides across its business segments through strategic investments over the past three years.

Parker-Hannifin: A Closer Look At Its Infrastructure, Construction Recovery & Key Growth Catalysts!

Parker Hannifin Corporation recently reported its fiscal year 2025 fourth quarter and full-year financial results, showcasing strong performance metrics that set several records.
The company posted full-year sales of $19.9 billion, a record adjusted segment operating margin of 26.1%, and a record adjusted EBITDA margin of 26.4%.
Cash flow from operations also reached an unprecedented $3.8 billion, with adjusted earnings per share (EPS) up by 7%.

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Aug 27

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Equities Advance Despite Trump’s Move Against Fed Governor and more

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

In today’s briefing:

Ohayo Japan | Equities Advance Despite Trump’s Move Against Fed Governor
Japan Morning Connection: Tech up Ahead of NVDA Numbers with Sentiment Solid Despite China Concerns
Thematic Report on Indian Hospitals – Boring but Beautiful?
Singapore Market Roundup (26-Aug-2025): RHB’s Yeo raises Venture Corp target price to $15.
Exencial Industry Tidings 26/08/2025
HK Banks – Dah Sing’s Credit Costs in Macau and China Rose 4x YoY in 1H25

Ohayo Japan | Equities Advance Despite Trump’s Move Against Fed Governor

By Mark Chadwick

US equities rose as investors looked past President Trump’s unprecedented attempt to remove Federal Reserve Governor Lisa Cook, with the S&P 500 up 0.4%
Long-Term Treasury yields climbed while short-term yields fell, steepening the curve on expectations of near-term cuts but longer-term inflation risks
Nvidia shares advanced about 1% ahead of results that will test high expectations for megacap tech

Japan Morning Connection: Tech up Ahead of NVDA Numbers with Sentiment Solid Despite China Concerns

By Andrew Jackson

Lutnick floating the idea that US defense companies may be targets for the US Govt to take stakes in.
Good results for Eli Lily’s obesity drug will be a positive for Chugai Pharma.
EssilorLuxottica looking to raise its stake in Nikon to 20% from the current 9%. Expect a big squeeze

Thematic Report on Indian Hospitals – Boring but Beautiful?

By Nimish Maheshwari

The Indian hospital sector is entering an aggressive expansion phase with top hospitals adding 32% to their bed base by FY27E, supported by brownfield and stronger return ratios.
With medical tourism offering 67–91% cost arbitrage versus global peers and insurance penetration gradually deepening, hospitals are positioned to capture both domestic and international demand profitably.
From being seen as defensive and “boring,” hospitals are transforming into high-growth, cash-generating businesses. Robust balance sheets and rising ARPOBs suggest that hospital chains are entering a golden growth cycle.

Singapore Market Roundup (26-Aug-2025): RHB’s Yeo raises Venture Corp target price to $15.

By Singapore Market Roundup

RHB’s Yeo lifts Venture Corp target price to $15 after lower Malaysia tariffs.
UOBKH remains ‘overweight’ on S-REITs, favoring CLAR, CLAS, and LREIT as top picks.
OCBC’s Lim starts coverage of Hong Leong Asia with ‘buy’ and $3.40 target.

Exencial Industry Tidings 26/08/2025

By Viral Kishorchandra Shah

Food & agro-based products industry’s sales grow by 18.7% in June 2025 quarter
India’s cotton output for 2025-26 likely to be around 31.4 mln bales: USDA
Pulses on 400,000 hectares affected in Karnataka due to rain

HK Banks – Dah Sing’s Credit Costs in Macau and China Rose 4x YoY in 1H25

By Daniel Tabbush

Dah Sing saw its Macau and China credit costs rise by 4x in 1H25 YoY
Headline total provision rise of 34% YoY gives a flattering view of credit metrics
Loan migration from benign to worse overdue loan buckets is dramatic, not visible in headlines

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Aug 27

Daily Brief Energy/Materials: HD Hyundai , Reliance Industries, Natural Gas, Deep Industries, Base Oil, Glencore , Cheniere Energy, Canadian Natural Resources , Crescent Energy and more

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

In today’s briefing:

HD Hyundai Robotics Raises 200 Billion Won and NAV Analysis of HD Hyundai
India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance
U.S. LNG Surge: Growth on Track, but Golden Pass Stumbles
Deep Industries: An Oil & Gas Powerhouse Proxy of India
Asia base oils supply outlook: Week of 25 August
JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out
Cheniere Energy Secures JERA Deal: Can Such Long-Term Partnerships Improve Its Market Position?
Canadian Natural Resources Unlocks 1
Global base oils margins outlook: Week of 25 August
Crescent Energy Eyes Vital Energy: The $600 Million Shale Move That Could Redraw Permian Power Maps!

HD Hyundai Robotics Raises 200 Billion Won and NAV Analysis of HD Hyundai

HD Hyundai Robotics will raise 200 billion won ($144 million) valuing the company at 1.8 trillion won.
Korea Development Bank and KY PE will be investing 200 billion won in HD Hyundai Robotics through a redeemable convertible preference shares in September.
Our NAV valuation analysis of HD Hyundai suggests target price of 168,561 won per share, which represents a 27% upside from current levels.

India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance

By Viral Kishorchandra Shah

Jio dominates telecom with 42% market share and 480M+ subscribers, driving India’s 5G revolution.
Spans oil-chemicals, retail, digital services, renewable energy with vertical integration advantages across sectors.
Targeting Net Carbon Zero by 2035 with 100 GW renewable capacity and world’s largest green energy ecosystem.

U.S. LNG Surge: Growth on Track, but Golden Pass Stumbles

By Suhas Reddy

U.S. LNG capacity is set to nearly double by 2028, reinforcing America’s dominance in global energy markets.
Golden Pass LNG faces major delays due to contractor bankruptcy, highlighting execution risks in megaprojects.
Most other projects, including Plaquemines, Rio Grande, and Port Arthur LNG, remain on or near schedule.

Deep Industries: An Oil & Gas Powerhouse Proxy of India

By Sudarshan Bhandari

Deep Industries has posted stellar Q1 FY26 results, fueled by aggressive revenue growth and a strengthened, diversified order book.
The company’s strategic focus on high-value, long-tenure contracts and new business verticals positions it for sustained, high double digit growth in a supportive market.
Company re-emphasized 30% revenue growth for the next year, along with potential recovery from bad assets.

Asia base oils supply outlook: Week of 25 August

By Iain Pocock

Asia’s base oils price-premium to Singapore gasoil holds firm at levels that incentivize refiners to maintain or raise output.
Firm margins point to still-tight supply-demand fundamentals.
Margins hold firm even with prospect of rise in surplus base oils supply in Asia in Q3 2025 in response to pick-up in output and slowdown in demand.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

By Charlotte van Tiddens, CFA

Last night, the price snapshot was taken for the JSE September 2025 rebalance.
GLN is expected to enter the Top 40 index, with APN falling out.
No changes are expected for the FINDI, FINI, INDI or RESI indices.

Cheniere Energy Secures JERA Deal: Can Such Long-Term Partnerships Improve Its Market Position?

Cheniere Energy, Inc. reported its second-quarter results for 2025, highlighting a mix of operational achievements and strategic initiatives aimed at bolstering its position in the global LNG market.
The company reported consolidated adjusted EBITDA of approximately $1.4 billion, with distributable cash flow reaching around $920 million, and a net income of about $1.6 billion.
These financial results reflect a robust operational performance, driven primarily by strategic initiatives and market conditions favorable to LNG trading activities.

Canadian Natural Resources Unlocks 1

Canadian Natural Resources Limited’s (CNRL) second-quarter 2025 performance is characterized by strong operational outcomes and strategic acquisitions that contribute to the company’s long-term growth prospects.
A key highlight is the company’s robust production capabilities, which saw 1.420 million barrels of oil equivalent per day (BOE/d) even with a five-day-early completion of a planned turnaround at Albian Sands, Alberta Oil Sands Project (AOSP), enhancing operational efficiencies.
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.

Global base oils margins outlook: Week of 25 August

By Iain Pocock

Global base oils prices hold at levels versus feedstock and competing fuel prices that sustain incentive for refiners to maintain or raise output.
Margins hold firm even at time of year when surplus supply typically starts to build amid seasonal slowdown in demand.
Firm margins could point to supply-demand fundamentals that are tighter than usual for time of year.

Crescent Energy Eyes Vital Energy: The $600 Million Shale Move That Could Redraw Permian Power Maps!

Crescent Energy (NYSE:CRGY) is reportedly in advanced talks to acquire Vital Energy (NASDAQ:VTLE), a deal that could significantly bolster its footprint in the Permian Basin—America’s most prolific oil-producing region.
While the transaction is still under negotiation and not guaranteed, industry sources indicate a deal could be announced as soon as next week.
Vital Energy, with a market cap of approximately $600 million and carrying $2.3 billion in long-term debt, has seen its stock jump over 7% on acquisition speculation, while Crescent dipped slightly.

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Aug 27

Daily Brief Utilities: Constellation Energy , Ugi Corp, Vistra and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Constellation Energy: Strategic Acquisitions & Growth in Data Center Energy Consumption To Build A Long-Term Growth Trajectory!
UGI Corporation Taps Into Pennsylvania’s Energy Boom for Midstream & Utility Expansion!
Vistra Corp.: What’s Behind Its $36 Billion Growth Blueprint in Energy Generation!

Constellation Energy: Strategic Acquisitions & Growth in Data Center Energy Consumption To Build A Long-Term Growth Trajectory!

Constellation Energy Corporation (CEG) reported strong operational and financial results in its second quarter, reflecting the effectiveness of its strategic initiatives and robust market demand for its offerings.
The company posted GAAP earnings of $2.67 per share and adjusted operating earnings of $1.91 per share, both of which surpassed the same period last year.
The improvement was underpinned by the energy producer’s solid operational performance, strategic customer agreements, and effective cost management.

UGI Corporation Taps Into Pennsylvania’s Energy Boom for Midstream & Utility Expansion!

UGI Corporation, through its recent fiscal performance and strategic maneuvers, presents a mixed investment case characterized by both robust growth in certain areas and ongoing challenges in others.
The company reported a record year-to-date adjusted diluted earnings per share (EPS) of $3.55, reflecting a $0.33 increase over the previous year.
This milestone demonstrates UGI’s capacity to leverage its diverse asset base effectively and emphasizes its dedication to operational excellence and strategic investments, particularly in natural gas infrastructure.

Vistra Corp.: What’s Behind Its $36 Billion Growth Blueprint in Energy Generation!

Vistra Corporation reported its second quarter 2025 financial results, revealing a robust performance aligned with its strategic goals and market conditions.
The company’s adjusted EBITDA for the quarter stood at $1.349 billion, bolstered by strong execution across its generation, commercial, and retail arms.
Despite challenges from unplanned outages, Vistra’s diverse portfolio and comprehensive hedging strategies played a significant role in mitigating risks and capitalizing on favorable realized wholesale prices and increased capacity revenues.

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Aug 27

Daily Brief Event-Driven: LHN’s Co-Living Spin-Off And HK Delisting and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

LHN’s Co-Living Spin-Off And HK Delisting
Shengjing Bank (2066 HK): A Light Conditional VGO and Delisting Proposal
SKT Foreign Room Play Heating up — Entry Could Come Sooner than Expected with Today’s Fine Out
PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work
HD Hyundai Robotics Raises 200 Billion Won and NAV Analysis of HD Hyundai
Shengjing Bank (2066 HK): Dire Status, Dire Offer Price
Austindo (ANJT IJ): First Resources (FR SP)’s MTO
PLYM Faces Potential Takeover by Sixth Street Capital Amid Management Incentives and Shareholder Pressure

LHN’s Co-Living Spin-Off And HK Delisting

LHN Ltd (LHN SP) is delisting its secondary listing in Hong Kong and concurrently spinning off its co-living business.
The Hong Kong-listing, which was illiquid from the onset, has received approval from the HK Listing Committee to delist. Shareholders will vote on the spin-off on the 9th September.
LHN is up 95% since the spin-off announcement. The accretion from the new listing is well baked in. And then some.

Shengjing Bank (2066 HK): A Light Conditional VGO and Delisting Proposal

By Arun George

Shengjing Bank Co Ltd H (2066 HK) disclosed a voluntary conditional offer and delisting proposal by Shenyang SASAC at HK$1.32 per H Share, a 15.8% premium to the undisturbed price.
The key conditions are H Shareholder approval of the delisting and a minimum acceptance condition (50% of outstanding and 90% of H Shares). The offer has NOT been declared final.
The offer is unattractive compared to precedent transactions, peer multiples and historical trading ranges. The satisfaction of the minimum acceptance condition is the key risk.

SKT Foreign Room Play Heating up — Entry Could Come Sooner than Expected with Today’s Fine Out

By Sanghyun Park

SKT foreign room rising ahead of PIPC sanction decision today; fine confirmation could trigger ESG fund exits.
Large ESG money still in SKT; post-sanction exits could push foreign room past 25% sooner than expected — a key factor for trading setup.
Nov review momentum could hit early; post-fine, a foreign room surge toward 25% signals our entry, with the pullback setting up the SKT Nov inclusion trade.

PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work

By Arun George

BETR Entertainment (BBT AU) has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios – 4.735 (in bold) and 4.375.
To match the stated PointsBet Holdings (PBH AU) offer value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances.
The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.

HD Hyundai Robotics Raises 200 Billion Won and NAV Analysis of HD Hyundai

HD Hyundai Robotics will raise 200 billion won ($144 million) valuing the company at 1.8 trillion won.
Korea Development Bank and KY PE will be investing 200 billion won in HD Hyundai Robotics through a redeemable convertible preference shares in September.
Our NAV valuation analysis of HD Hyundai suggests target price of 168,561 won per share, which represents a 27% upside from current levels.

Shengjing Bank (2066 HK): Dire Status, Dire Offer Price

HK$1.32/Share, a 15.79% premium to undisturbed, and a massive 86.49% discount to NAV. For a rural commercial bank privatisation, there is nothing pretty in those numbers.
Even the Offers for Bank Of Jinzhou (416 HK) and Jilin Jiutai Rural Comm Bank (6122 HK) were pitched (slightly) higher, from a P/NAV standpoint. And both were perennially suspended.
This is privatisation via a voluntary offer, NOT a privatisation via a Merger by Absorption. As such there is scheme-like vote AND a 90% tendering condition.

Austindo (ANJT IJ): First Resources (FR SP)’s MTO

By Special Situation Investments

Back on the 10th March 2025, First Resources (FR SP) entered into a SPA to acquire a 91.17% stake in oil plantation producer Austindo Nusantara Jaya (ANJT IJ).
The completion of the transaction would trigger an mandatory tender offer (MTO). The sale was completed on the 6th May.
The MTO kicks off today. The Offer Price is IDR 1,813/share. Payment is the 3rd October.

PLYM Faces Potential Takeover by Sixth Street Capital Amid Management Incentives and Shareholder Pressure

PLYM received a $24.10/share takeover bid from Sixth Street Capital, with a 14-15% spread to the bid price.
Sixth Street has a prior relationship with PLYM, having invested $250m for a 65% stake in PLYM’s Chicago portfolio JV.
PLYM’s governance structure lacks staggered boards and dual-class shares, making management vulnerable to activist investors.

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Aug 27

Daily Brief ECM: Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once
Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year
Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain
MIXUE IPO Lockup – US$480m Cornerstone Lockup Release
FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform
Nota IPO Valuation Analysis

Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

Interglobe Aviation (Indigo) Placement – Second US$800m+ Deal by Co-Founder This Year

By Akshat Shah

InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain

By IPO Boutique

The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.

MIXUE IPO Lockup – US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.

FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform

By IPO Boutique

The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.
For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.
They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.

Nota IPO Valuation Analysis

Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
Nota’s technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026.

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Aug 27

Daily Brief Equity Bottom-Up: PC Partner: 1H25 Results Show Progress and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25
Tencent/Netease: Netease and Bilibili Got One Each in August
Palantir Technologies Inc: Rotation Signals Momentum Shift
Nongfu (9633 HK): 1H25, Recovering from Defamation, Record High Margin
Amazon.com Inc – Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?
Nvidia’s $Billion China Gamble: Downgraded Chips, Government Cuts, & Geopolitics!
India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance
Take-Two Interactive Software: Innovative Content & Technology Integration As A Pivotal Growth Lever!
Lyft Inc: Can AV Partnerships & Its New European Strategy Fuel Long-Term Growth?
Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

By Nicolas Van Broekhoven

PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.

Tencent/Netease: Netease and Bilibili Got One Each in August

By Ke Yan, CFA, FRM

China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
The number of game approval in August marked the record high level since the resumption post tightening.
Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.

Palantir Technologies Inc: Rotation Signals Momentum Shift

By Steven Holden

Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.

Nongfu (9633 HK): 1H25, Recovering from Defamation, Record High Margin

By Ming Lu

Nongfu Spring’s revenue increased by 16% YoY in 1H25, compared to a decrease of 7% YoY in 2H24.
The operating margin reached its historical high, 37%, since the company’s IPO.
Wahaha, the competitor that defamed Nongfu, is in a scandal itself.

Amazon.com Inc – Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?

Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

Nvidia’s $Billion China Gamble: Downgraded Chips, Government Cuts, & Geopolitics!

As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.

India’s Industrial Transformation: A Comprehensive Ind Primer on Reliance Ind Multi-Sector Dominance

By Viral Kishorchandra Shah

Jio dominates telecom with 42% market share and 480M+ subscribers, driving India’s 5G revolution.
Spans oil-chemicals, retail, digital services, renewable energy with vertical integration advantages across sectors.
Targeting Net Carbon Zero by 2035 with 100 GW renewable capacity and world’s largest green energy ecosystem.

Take-Two Interactive Software: Innovative Content & Technology Integration As A Pivotal Growth Lever!

Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.

Lyft Inc: Can AV Partnerships & Its New European Strategy Fuel Long-Term Growth?

Lyft’s second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.
The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.
Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!

Expedia Group’s Q2 2025 results show both strengths and challenges in their performance.
On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.
Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.

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Aug 27

Daily Brief Consumer: PointsBet Holdings , Fast Retailing, Alibaba, Austindo Nusantara Jaya, Nongfu Spring , Black Rock Coffee Bar, Mixue Group, Schibsted ASA, Expedia Group, Inc., Sony Corp and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work
Fast Retailing (9983 JP) Tactical Outlook: Turning OVERSOLD, Potential BUY Ahead of Sep-25 Rebalance
Alibaba (9988 HK): Top Trades Ahead of Earnings
Austindo (ANJT IJ): First Resources (FR SP)’s MTO
Nongfu (9633 HK): 1H25, Recovering from Defamation, Record High Margin
Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain
MIXUE IPO Lockup – US$480m Cornerstone Lockup Release
Schibsted ASA (SCHA NO): EU Index Inclusion Based on Share Class Liquidity
Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!
Sony Group Corporation’s Semiconductor Push—Can Image Sensor Penetration Up Its Tech Game?

PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work

By Arun George

BETR Entertainment (BBT AU) has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios – 4.735 (in bold) and 4.375.
To match the stated PointsBet Holdings (PBH AU) offer value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances.
The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.

Fast Retailing (9983 JP) Tactical Outlook: Turning OVERSOLD, Potential BUY Ahead of Sep-25 Rebalance

By Nico Rosti

In his recent insight, Brian Freitas stated that Fast Retailing (9983 JP)‘s CPAF will stay the same at the September 25 Nikkei 225 Index rebalance.
The stock is turning oversold—not yet extreme, but notable. Historically, this short-term downtrend pattern often reversed after two weeks of declines; we are now in the second consecutive week lower.
Monitor the 47150 support level: the stock is trading at 47810 at the moment of writing, if it goes at or below 47150 it will start to be clearly oversold.

Alibaba (9988 HK): Top Trades Ahead of Earnings

By Gaudenz Schneider

Alibaba (9988 HK) will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time. In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.
Highlights: Recent option trades show a bias towards bullish sentiment. Two strategies using weekly options expiring soon after the earnings announcement are explored.
Why Read: This review offers real-market insight into how sophisticated participants are positioning ahead of Tencent’s earnings.

Austindo (ANJT IJ): First Resources (FR SP)’s MTO

Back on the 10th March 2025, First Resources (FR SP) entered into a SPA to acquire a 91.17% stake in oil plantation producer Austindo Nusantara Jaya (ANJT IJ).
The completion of the transaction would trigger an mandatory tender offer (MTO). The sale was completed on the 6th May.
The MTO kicks off today. The Offer Price is IDR 1,813/share. Payment is the 3rd October.

Nongfu (9633 HK): 1H25, Recovering from Defamation, Record High Margin

By Ming Lu

Nongfu Spring’s revenue increased by 16% YoY in 1H25, compared to a decrease of 7% YoY in 2H24.
The operating margin reached its historical high, 37%, since the company’s IPO.
Wahaha, the competitor that defamed Nongfu, is in a scandal itself.

Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain

By IPO Boutique

The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.

MIXUE IPO Lockup – US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.

Schibsted ASA (SCHA NO): EU Index Inclusion Based on Share Class Liquidity

By Dimitris Ioannidis

Over the past six months, Class B of Schibsted ASA has significantly surpassed Class A in liquidity.
If Class B is recognized in the September 2025 review as the company’s most liquid share class, it has a high probability of being added to Europe Top 600.
Class A has a lower probability of inclusion due to its smaller security float cap which results in lower ranking.

Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!

Expedia Group’s Q2 2025 results show both strengths and challenges in their performance.
On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.
Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.

Sony Group Corporation’s Semiconductor Push—Can Image Sensor Penetration Up Its Tech Game?

Sony Group Corporation’s earnings for the first quarter of fiscal year 2026 showcased a mixture of record highs and challenges.
Sales from continuing operations increased by 2% year-on-year to JPY 2,621.6 billion, and operating income rose significantly by 36% to JPY 340 billion.
Net income saw an increase of 23%, reaching JPY 259 billion, indicating robust financial health.

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Aug 27

Daily Brief Credit: Lucror Analytics – Morning Views Asia and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Lucror Analytics – Morning Views Asia
West China Cement – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

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: Greentown China, SK Hynix, JSW Infrastructure
UST yields rose slightly amid limited new catalysts yesterday, reversing a portion of the steep declines from last Friday.
The yield on the 2Y UST advanced 3 bps to 3.72%, while that on the 10Y UST was up 2 bps at 4.28%. Equities retreated, with the S&P 500 and Nasdaq down 0.4% and 0.2% at 6,439 and 21,449, respectively.

West China Cement – Earnings Flash – H1 FY 2025 Results – Lucror Analytics

By Leonard Law, CFA

West China Cement (WCC) has reported improved H1/25 numbers.
Earnings from Mainland China rebounded y-o-y, after declining in FY 2023 and FY 2024.
This was supported by higher ASP (amid industry-wide supply controls) and lower costs, which offset the impact from weaker sales volumes.

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

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

Aug 27

Daily Brief TMT/Internet: SK Telecom, Horizon Robotics, Montage Technology , PC Partner, NetEase , Palantir Technologies , Amazon, Take Two Interactive Software, Inc, NVIDIA Corp, Nota and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

SKT Foreign Room Play Heating up — Entry Could Come Sooner than Expected with Today’s Fine Out
[Quiddity Index] Sep25 HS Internet & IT Index Review; Capping Methodology Changes, Flows 20% Higher
Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once
PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25
Tencent/Netease: Netease and Bilibili Got One Each in August
Palantir Technologies Inc: Rotation Signals Momentum Shift
Amazon.com Inc – Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?
Take-Two Interactive Software: Innovative Content & Technology Integration As A Pivotal Growth Lever!
Nvidia’s $Billion China Gamble: Downgraded Chips, Government Cuts, & Geopolitics!
Nota IPO Valuation Analysis

SKT Foreign Room Play Heating up — Entry Could Come Sooner than Expected with Today’s Fine Out

By Sanghyun Park

SKT foreign room rising ahead of PIPC sanction decision today; fine confirmation could trigger ESG fund exits.
Large ESG money still in SKT; post-sanction exits could push foreign room past 25% sooner than expected — a key factor for trading setup.
Nov review momentum could hit early; post-fine, a foreign room surge toward 25% signals our entry, with the pullback setting up the SKT Nov inclusion trade.

[Quiddity Index] Sep25 HS Internet & IT Index Review; Capping Methodology Changes, Flows 20% Higher

By Travis Lundy

On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. But Funding and FAF Re-weight/Capping flows are bigger than the ADD/DEL flows.
Then on Monday 25 August, the index provider announced a capping methodology change. Not much changes, but flows increase from US$850mm to US$1bn+. Tables and spreadsheets amended.

Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

By Nicolas Van Broekhoven

PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.

Tencent/Netease: Netease and Bilibili Got One Each in August

By Ke Yan, CFA, FRM

China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
The number of game approval in August marked the record high level since the resumption post tightening.
Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.

Palantir Technologies Inc: Rotation Signals Momentum Shift

By Steven Holden

Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.

Amazon.com Inc – Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?

Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

Take-Two Interactive Software: Innovative Content & Technology Integration As A Pivotal Growth Lever!

Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.

Nvidia’s $Billion China Gamble: Downgraded Chips, Government Cuts, & Geopolitics!

As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.

Nota IPO Valuation Analysis