Category

Daily Briefs

Aug 19
0

Daily Brief Consumer: Smart Share Global, Pop Mart, Guzman Y Gomez, Geely Auto, Mercari , Bluestone Jewellery and Lifestyle Ltd (BJL), Aurora World, MFE-Media for Europe NV and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Smart Share Global (EM US): Hillhouse Crashes The Party. And Rightfully So
  • Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Sep25
  • Quiddity Leaderboard HSCEI Sep25: One Index Change Possible; ~US$180mn One-Way; Announcement Soon
  • Guzman IPO Lockup – Last of the Lockups for a US$750m+ Release
  • Quiddity Leaderboard HSTECH Sep25: GEELY up 15% Vs Peers; ~US$2.2bn One-Way; Announcement Soon
  • Mercari (4385 JP): Japan’s Leading C2C Trading App at 14x P/E with Margin Uplift Potential
  • Bluestone Jewellery IPO Trading – Tepid Demand
  • Aurora World – Palm Pals and YooHoo or Chairman’s Love of Golf?
  • Liquid Universe of European Ordinary and Preferred Shares: August ’25 Report
  • Pop Mart (9992 HK) – Core Reasons for High Growth and Performance Forecast

Smart Share Global (EM US): Hillhouse Crashes The Party. And Rightfully So

By David Blennerhassett

  • Nearly seven months after receiving a preliminary non-binding proposal, Smart Share Global (EM US) announced on the 1st August a firm Offer had been entered into.
  • The Offeror consortium, led by Mars Guangyuan Cai, Chairman and CEO,  made an Offer of US$1.25/ADS, a 74.8% premium to last close; but ~20% below net cash + short-term investments.
  • Now Hillhouse has thrown its hat into the ring with a US$1.77/ADS NBIO. Smart Share’s special committee of independent directors should engage. 

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Sep25

By Brian Freitas

  • Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 5 September.
  • We highlight 6 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.
  • CATL completes 3 months of listing just prior to the review meeting date and is a dark horse candidate, though the committee could let the stock season for another quarter.

Quiddity Leaderboard HSCEI Sep25: One Index Change Possible; ~US$180mn One-Way; Announcement Soon

By Janaghan Jeyakumar, CFA

  • The HSCEI serves as a benchmark to reflect the overall performance of the top 50 “Mainland China” securities listed in Hong Kong.
  • The official index changes and indicative weights for the September 2025 index rebal event will be publicly announced after the close on Friday 22nd August 2025.
  • We continue to expect Pop Mart (9992 HK) to be an ADD and J&T Global Express (1519 HK) to be a DEL in HSCEI in September 2025.

Guzman IPO Lockup – Last of the Lockups for a US$750m+ Release

By Sumeet Singh

  • Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon.
  • GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
  • In this note, we will talk about the lockup dynamics and possible placement.

Quiddity Leaderboard HSTECH Sep25: GEELY up 15% Vs Peers; ~US$2.2bn One-Way; Announcement Soon

By Janaghan Jeyakumar, CFA

  • The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
  • The official index changes and indicative weights for the September 2025 index rebal event will be announced after the close on Friday 22nd August 2025.
  • We continue to expect one low-conviction index change for September 2025 and we estimate there to be capping flows of ~US$2.2bn one-way.

Mercari (4385 JP): Japan’s Leading C2C Trading App at 14x P/E with Margin Uplift Potential

By Michael Fritzell

  • I’m fascinated by the market for second-hand goods.

  • eBay has existed for many decades, but it was only with the smartphone that the market took off.

  • With a smartphone, you could snap a photo of your item and post it online within minutes. 

Bluestone Jewellery IPO Trading – Tepid Demand

By Sumeet Singh

  • Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
  • BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
  • We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

Aurora World – Palm Pals and YooHoo or Chairman’s Love of Golf?

By Douglas Kim

  • Aurora World reported excellent results in 2Q 2025. It had sales of 77.1 billion won (up 26.5% YoY) and operating profit of 8.8 billion won (up 86.7% YoY).
  • The company’s excellent results in 2Q 2025 was driven by the continued strong demand for its character toys (Palm Pals, YooHoo & Friends, and Rolly Pets) in key overseas markets.
  • If we attach a 10x P/E on estimated net profit of 30.1 billion won, it would suggest a market cap of 301 billion won (2026E) (37% upside from current levels). 

Liquid Universe of European Ordinary and Preferred Shares: August ’25 Report

By Jesus Rodriguez Aguilar

  • MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.
  • Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.
  • Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.

Pop Mart (9992 HK) – Core Reasons for High Growth and Performance Forecast

By Xinyao (Criss) Wang

  • In bleak consumption environment, Pop Mart is definitely an “outsider”.Explanations such as “lipstick effect” are more like a self-consistent logic, which may have some sense, but doesn’t constitute core contradiction.
  • To truly understand the investment value of Pop Mart, it’s necessary to assess future growth potential.We think overseas revenue could reach RMB16-17 billion in 2025 and RMB42 billion in 2026.
  • Net profit CAGR in 2024-2026 could be about 79.5%. Pop Mart would still maintain high growth in short-term. But after 2026, there are uncertainties of channel policies and IP-driven factors.

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Aug 19
0

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

By | Credit, Daily Briefs

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

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: Yanlord Land, Longfor Group, China Hongqiao, Biocon Biologics
  • UST yields climbed on Friday, with the curve bear steepening, amid a wider sell-off in long-dated European sovereign bonds. The yield on the 2Y UST rose 2 bps to 3.75%, while that on the 10Y UST climbed 3 bps to 4.32%.
  • Equities retreated from all-time highs. This followed mixed macro updates that showed a broad-based advance in July retail sales, while consumer sentiment weakened on rising inflation expectations. The S&P 500 and Nasdaq declined 0.3% and 0.4%, to 6,450 and 21,623, respectively.

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Aug 19
0

Daily Brief Macro: UK Excess Inflation Expectations and more

By | Daily Briefs, Macro

In today’s briefing:

  • UK Excess Inflation Expectations
  • Global Rates, FX & Economics: Scandinavian macro, FX, and rates update
  • Global FX: Can USD weakness continue, Russia/Ukraine Scenarios and what’s next for GBP
  • New Fed Leadership Contest Becomes Broader While Corporate Profits Performance Defies Tariff Angst
  • Antofagasta (ANTO LN) H1 2025: Outperforming The Pack
  • Asia base oils demand outlook: Week of 18 August

UK Excess Inflation Expectations

By Phil Rush

  • The upwards trend in consensus inflation forecasts reflects persistent excess effective expectations supporting wages amid policymakers’ failure to re-anchor at the target.
  • Easing on the assumption of success predictably negated the required conditions, so we forecasted the problem. Nonetheless, expectations were also stickier than we assumed.
  • Without renewed progress, wage growth should keep trending above the BoE’s forecast, discouraging further rate cuts. Hikes may even be needed in 2026 to break excesses.

Global Rates, FX & Economics: Scandinavian macro, FX, and rates update

By At Any Rate

  • revised Fed call expects easing in September with four consecutive cuts
  • ECB in data watching mode, final cut expected in October
  • Sweden may see lower growth due to trade war impact, inflation to decrease in the autumn, risk of falling below 2% next year. Norway has solid growth outlook, inflation above two and a half percent, minimal exposure to trade war.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Can USD weakness continue, Russia/Ukraine Scenarios and what’s next for GBP

By At Any Rate

  • Dollar index has been consolidating for the last two months, leading to uncertainty
  • Conditions for dollar bearishness still intact, with US real yields heading lower and growth slowing down
  • Potential catalysts for dollar weakness include Fed capitulation to dovish side or Russia Ukraine resolution impacting energy prices and trade relations.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

New Fed Leadership Contest Becomes Broader While Corporate Profits Performance Defies Tariff Angst

By Said Desaque

  • President Trump has broken with tradition by searching for new Fed leadership well ahead of Chairman Powell’s term expiration next May. Two new possible contenders have emerged as potential successors. 
  • US growth seems respectable in Q3. Chairman Powell’s assessment of the labour market is being questioned.  A 25 basis point reduction in the Fed’s policy rate is expected in September. 
  • US corporate profit growth has been respectable during 2025 H1, but tougher year-ago comparisons suggest more moderate growth in H2.  European profit growth is expected to be good in 2026. 

Antofagasta (ANTO LN) H1 2025: Outperforming The Pack

By Sameer Taneja

  • The company has been able to lower costs significantly by 12% YoY, improve on its byproduct credits by 37%YoY due to gold prices increasing, while copper prices rose 3.5% YoY.
  • Production for H1FY25 rose 10% YoY, led by a ramp-up in Centinala, resulting in EBITDA/profit improving by 60% YoY. 
  • While the stock trades at 25x FY25e P/E, we believe that the runway for earnings improvement is enormous as the company ramps up its volumes and manages costs.

Asia base oils demand outlook: Week of 18 August

By Iain Pocock

  • Asia’s base oils demand could get support from pick-up in requirements for replenishment volumes to meet seasonal rise in consumption during final weeks of Q3.
  • Simultaneous rise in requirements throughout Asia-Pacific region could magnify pick-up in demand and competition for supplies.
  • Blenders’ relatively lower stocks would add to need for additional supplies.

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Aug 19
0

Daily Brief Equity Bottom-Up: The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra
  • Buybacks, Dividends Define Telstra’s Future
  • Mercari (4385 JP): Japan’s Leading C2C Trading App at 14x P/E with Margin Uplift Potential
  • Aurora World – Palm Pals and YooHoo or Chairman’s Love of Golf?
  • Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?
  • Kyndryl’s $1.8 Billion Partnership Pipeline & Consulting Growth—Is There A Good Upside?
  • Allison Transmission: Accelerating Global Market Presence With A $2.7 Billion Game-Changing Acquisition!
  • BWX Technologies Expands in Nuclear Innovation—Is This the Next Big Growth Catalyst?
  • Sterling Infrastructure: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
  • Aecom – AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?

The Beat Ideas: Enviro Infra Engineers Ltd – High-Margin Growth Story in Water Infra

By Sudarshan Bhandari

  • EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
  • This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
  • By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.

Buybacks, Dividends Define Telstra’s Future

By FNArena

  • Telstra is guiding to subdued mobile growth in FY26 as the cost of living bites.
  • Earnings growth relies on cost cutting and satellite development.
  • -Telstra’s FY25 in line, FY26 prognosis subdued -Cost of living driving customers to cheaper options -Major staff reductions to drive cost-outs -Satellite service critical to maintaining dominance

Mercari (4385 JP): Japan’s Leading C2C Trading App at 14x P/E with Margin Uplift Potential

By Michael Fritzell

  • I’m fascinated by the market for second-hand goods.

  • eBay has existed for many decades, but it was only with the smartphone that the market took off.

  • With a smartphone, you could snap a photo of your item and post it online within minutes. 

Aurora World – Palm Pals and YooHoo or Chairman’s Love of Golf?

By Douglas Kim

  • Aurora World reported excellent results in 2Q 2025. It had sales of 77.1 billion won (up 26.5% YoY) and operating profit of 8.8 billion won (up 86.7% YoY).
  • The company’s excellent results in 2Q 2025 was driven by the continued strong demand for its character toys (Palm Pals, YooHoo & Friends, and Rolly Pets) in key overseas markets.
  • If we attach a 10x P/E on estimated net profit of 30.1 billion won, it would suggest a market cap of 301 billion won (2026E) (37% upside from current levels). 

Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?

By Mark Chadwick

  • Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
  • Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
  • September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.

Kyndryl’s $1.8 Billion Partnership Pipeline & Consulting Growth—Is There A Good Upside?

By Baptista Research

  • Kyndryl, a prominent player in mission-critical enterprise technology services, presented its earnings results for the first fiscal quarter ending June 30, 2025.
  • The company’s financial performance showcased notable progress alongside certain challenges, reflecting the ongoing transformation and strategic initiatives implemented since the spin-off from IBM.
  • The company reported revenue of $3.7 billion for the quarter, an increase on a reported basis but a decline of 2.6% in constant currency.

Allison Transmission: Accelerating Global Market Presence With A $2.7 Billion Game-Changing Acquisition!

By Baptista Research

  • Allison Transmission’s recent earnings call highlighted a mix of strategic initiatives, industry achievements, and both financial performance and adjustments that are significant to potential investors.
  • The acquisition of Dana Incorporated’s Off-Highway business reflects a key strategic move to broaden the company’s global reach, diversify its markets, and optimize its operational efficiencies.
  • This transaction, which carries a purchase price of approximately $2.7 billion, is expected to extend Allison Transmission’s capabilities into additional markets, such as agriculture and construction, while promising significant synergy benefits of up to $120 million annually.

BWX Technologies Expands in Nuclear Innovation—Is This the Next Big Growth Catalyst?

By Baptista Research

  • BWX Technologies, Inc., presented robust financial results for the second quarter of 2025, showcasing a strong operational performance that exceeded expectations.
  • The key highlights of the quarter include double-digit growth in adjusted EBITDA and earnings per share, alongside substantial free cash flow.
  • A significant contributor to the company’s promising outlook is the recently closed acquisition of Kinectrics, expanding BWXT’s capabilities in the nuclear power and energy infrastructure markets.

Sterling Infrastructure: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • Sterling Infrastructure delivered an impressive performance in the second quarter of 2025, showing significant growth in revenue, earnings, and margins, while also enhancing its financial outlook for the remainder of the year.
  • The company reported a 21% increase in overall revenue, driven largely by its E-Infrastructure and Transportation Solutions segments, which grew by 29% and 24% respectively.
  • Sterling’s strategic emphasis on scaling high-margin businesses, particularly in the data center market, stands out as a catalyst for its robust financial results.

Aecom – AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?

By Baptista Research

  • AECOM’s third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in evaluating the company’s investment profile.
  • As disclosed in their earnings call, AECOM achieved record results across multiple financial metrics, including a 6% year-over-year increase in organic net service revenue (NSR) with an 8% increase in the Americas segment alone, indicating robust fundamentals in its core markets.
  • 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.

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Aug 19
0

Daily Brief Event-Driven: FEFTA Classification Changes Summer 2025 and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • FEFTA Classification Changes Summer 2025
  • Smart Share Global (EM US): Hillhouse Crashes The Party. And Rightfully So
  • Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup
  • Mayne Pharma (MYX AU): Got to Know when to Hold ‘em, when to Fold ’em
  • Hanon Systems Announces a Major Potential Rights Offering
  • Real-Time Read on Korea’s Top Market Narrative — Tax Reform Play
  • Apiam Animal Health (AHX AU): Adamantem’s NBIO
  • BBVA-Sabadell: Spread Too Thin, Sabadell Terms Weaken Again
  • Liquid Universe of European Ordinary and Preferred Shares: August ’25 Report

FEFTA Classification Changes Summer 2025

By Travis Lundy

  • The Ministry of Finance has published an updated “FEFTA List” of classifications of listed companies as of July 15, 2025. 
  • 50 names lowered their ranks from the most “core” Type 3 to Type 2(20), or Type 1(30). 104 names raised from Type 1(51) or Type 2(53) to Type 3.
  • Smartkarma readers may want to peruse the lists and details to see if they think companies are trying to protect themselves (from threats as yet not known by the public).

Smart Share Global (EM US): Hillhouse Crashes The Party. And Rightfully So

By David Blennerhassett

  • Nearly seven months after receiving a preliminary non-binding proposal, Smart Share Global (EM US) announced on the 1st August a firm Offer had been entered into.
  • The Offeror consortium, led by Mars Guangyuan Cai, Chairman and CEO,  made an Offer of US$1.25/ADS, a 74.8% premium to last close; but ~20% below net cash + short-term investments.
  • Now Hillhouse has thrown its hat into the ring with a US$1.77/ADS NBIO. Smart Share’s special committee of independent directors should engage. 

Today’s HMM Tender Follow-Up Disclosure and Hedge Ratio Setup

By Sanghyun Park

  • KOBC’s core mission hinges on HMM; without it, no real mandate. Structural incentive to hold remains, so its active tender participation is still questionable.
  • Still, max proration risk seems base case, with weak Q2, soft Q3 freight outlook, and post-tender skew pointing bearish for HMM.
  • Spread >10% makes this too good to pass, but should also watch policy risk — better to lock futures hedge early as flows show players scrambling for cover.

Mayne Pharma (MYX AU): Got to Know when to Hold ‘em, when to Fold ’em

By Arun George

  • On 17 May, Cosette asserted that a material adverse change had occurred. Mayne Pharma (MYX AU) disputes the claim with court proceedings set to start on 22 September. 
  • Mayne’s FY25 results on 29 August should provide incremental clarity, but not a definite answer, on the MAC breach relating to maintainable EBITDA (decline by at least A$10.76 million).
  • The outcome of the trial remains uncertain as both Mayne and Cosette have valid arguments. Risk/reward is attractive – upside (43.1% to offer) vs the downside (22.3% to deal-break price).  

Hanon Systems Announces a Major Potential Rights Offering

By Douglas Kim

  • On 14 August, Hanon Systems (018880 KS) announced a potential rights offering capital raise. The exact amount will be finalized at the EGM next month. 
  • The significant size of the rights offering is expected to burden its largest shareholder Hankook Tire & Technology (161390 KS) which owns a 54.8% stake in Hanon Systems. 
  • We believe the potential rights offering is likely to continue to negatively impact Hanon Systems by diluting its existing shareholders. 

Real-Time Read on Korea’s Top Market Narrative — Tax Reform Play

By Sanghyun Park

  • Even the revised draft is facing possible first-ever presidential non-approval, which acts like a de facto veto between Cabinet approval and National Assembly submission.
  • The admin aims to make stocks outperform real estate, with a dividend tax cut under separate taxation as the key lever, fully recognized by the Presidential Office.
  • Local markets are pulling back on Presidential Office delays, but signals point to a clear reform direction — time to build mid-term positions in banks and holdcos.

Apiam Animal Health (AHX AU): Adamantem’s NBIO

By David Blennerhassett

  • Apiam Animal Health (AHX AU), Australia’s largest rural and regional veterinary group, has announced a non-binding indicative Offer from PE outfit Adamantem Capital.  
  • Adamantem is offering A$0.88/share, a 64.5% premium to last close. If terms are firmed, shareholders will also be afforded a partial scrip option into an unlisted bidco. 
  • Adamantem has also entered into a call option for 19.9% of shares out at A$0.88/share. An independent board committee are assessing the approach. Due diligence not yet granted.

BBVA-Sabadell: Spread Too Thin, Sabadell Terms Weaken Again

By Jesus Rodriguez Aguilar

  • BBVA’s bid for Sabadell remains underwater, with a –6.8% spread despite a 29% BBVA’s rally. The latest exchange ratio worsens optics; a cash bump may be needed to secure acceptance.
  • Legal and regulatory overhang persists, with BBVA appealing Spain’s three-year integration block. The outcome may reshape synergy capture but remains slow-moving, leaving short-term deal value limited and execution uncertain.
  • Tactical opportunity remains in long SAB / short BBVA, with September’s acceptance window approaching. Unless terms improve, rejection risk is high; fundamentals and shareholder sentiment increasingly favour Sabadell’s standalone path.

Liquid Universe of European Ordinary and Preferred Shares: August ’25 Report

By Jesus Rodriguez Aguilar

  • MFE: A versus B discount widened to 32.2%. ProSiebenSat.1 tender issues new A shares, lifting A voting share from 12.64% toward ~19% at full take-up, supporting medium-term convergence.
  • Handelsbanken: B shares trade at a 62% premium despite far lower votes (ratio 55.17) and liquidity; history suggests mean reversion—bias long A / short B.
  • Telecom Italia: savings premium 11.4%. Three years of unpaid €0.0275 dividends (€0.0825 arrears). Payouts guided from 2026; Poste Italiane now largest shareholder, reinforcing governance stability.

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Aug 19
0

Daily Brief Crypto: Ether ETFs Finally Wake Up and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Ether ETFs Finally Wake Up

Ether ETFs Finally Wake Up

By Trillions

  • 4imprint’s order is backed by a 360-degree guarantee, arrives as expected and on time, with free samples, expert support, and total confidence
  • Ether, unlike Bitcoin, is seen as a 90s tech stock that could potentially change the tech and internet industry
  • Ether ETFs have doubled in assets in one month, reaching about 20 billion total, but still only make up 13% of Bitcoin ETF assets

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Aug 18
0

Daily Brief Singapore: Singtel and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance

Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance

By Pranav Rao

  • Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
  • In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
  • Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

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Aug 18
0

Daily Brief Australia: Santos Ltd, Commonwealth Bank of Australia, Macquarie Group, Iron Ore, Telstra Corp and more

By | Australia, Daily Briefs

In today’s briefing:

  • Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share
  • Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (18 Aug)
  • Macquarie (MQG AU) Vs. ANZ (ANZ AU): Statistical Arbitrage in Aussie Bank Pair
  • CBA (CBA AU) Vs. Bank of Queensland (BOQ AU): Quant Signal Flags Trading Opportunity
  • Fenix Resources Tripling of Production Achieved, 1.2x Price/OCF
  • Buybacks, Dividends Define Telstra’s Future

Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share

By Arun George

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (18 Aug)

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.
  • Highlight: Currently seven pair trade opportunities across two markets and two 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.

Macquarie (MQG AU) Vs. ANZ (ANZ AU): Statistical Arbitrage in Aussie Bank Pair

By Gaudenz Schneider

  • Context: The Macquarie (MQG AU) vs. ANZ (ANZ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: Going long Macquarie (MQG AU) and short ANZ (ANZ AU) targets a 5% return to the statistical mean reversion level.
  • 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.

CBA (CBA AU) Vs. Bank of Queensland (BOQ AU): Quant Signal Flags Trading Opportunity

By Gaudenz Schneider

  • Context: The Commonwealth Bank (CBA AU) vs. Bank of Queensland (BOQ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
  • Highlights: After Commonwealth Bank’s sharp post-earnings drop last week, a mean-reversion model suggests long Commonwealth Bank of Australia (CBA AU) and short Bank Of Queensland (BOQ AU).
  • 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.

Fenix Resources Tripling of Production Achieved, 1.2x Price/OCF

By Sameer Taneja

  • Fenix Resources (FEX AU) commenced operations of its third mine, the Beebyn-W11, with the shipment of 60k tons from the port of Geraldton.
  • Beebyn-W11, Fenix’s third operating mine in the Midwest, is now operating at the planned FY26 production rate of 1.5 million tonnes per annum (Mtpa).
  • As a result, Fenix is now mining, hauling, loading and shipping at a combined run rate of more than 4Mtpa from the Company’s three mines. 

Buybacks, Dividends Define Telstra’s Future

By FNArena

  • Telstra is guiding to subdued mobile growth in FY26 as the cost of living bites.
  • Earnings growth relies on cost cutting and satellite development.
  • -Telstra’s FY25 in line, FY26 prognosis subdued -Cost of living driving customers to cheaper options -Major staff reductions to drive cost-outs -Satellite service critical to maintaining dominance

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Aug 18
0

Daily Brief Thailand: Krungthai Card, Bangkok Dusit Medical Services and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline
  • Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline

By David Blennerhassett

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

By Tina Banerjee

  • Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
  • EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
  • BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.

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Aug 18
0

Daily Brief South Korea: Isupetasys and more

By | Daily Briefs, South Korea

In today’s briefing:

  • KOSPI Size Indices: Passive Flows for Many Active Changes

KOSPI Size Indices: Passive Flows for Many Active Changes

By Brian Freitas

  • The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
  • Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
  • There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the KOSPI2 in December.

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