Daily Briefs

Smart Share Global (EM US) has disclosed a competing non-binding offer from Hillhouse at US$1.77 per ADS, a 41.6% premium to the Trustar offer.
The Hillhouse proposal meets the criteria for a superior proposal. The support agreement enables management rollover shareholders to switch allegiance from Trustar to Hillhouse.
Unlike the Trustar offer, the Hillhouse offer is above the last reported net cash (US$1.62 per ADS). The high premium suggests a low probability that Trustar bumps.

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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, a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.
On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.

Kangji Medical (9997 HK) Privatization – The Cancellation Price Is Not Attractive

By Xinyao (Criss) Wang

Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji’s fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
The current Cancellation Price of HK$9.25 is too low to normally reflect the Company’s true fundamentals and prospects. Therefore, we’re worried that there would be some investors opposing this privatization.

Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu

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: Tata Capital Limited (TATACAP IN) is seeking to raise US$2.0 billion.
Event-Driven developments: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), HKBN Ltd (1310 HK), Carenet Inc (2150 JP), Shibaura Electronics (6957 JP), Rezil (176A JP), Yomeishu Seizo (2540 JP).

SITC International (1308 HK): A Charming 1H25

By Osbert Tang, CFA

The 1H25 net profit of US$630m (+79.7% YoY) for SITC International (1308 HK) is impressive. It maintains a generous 70% payout ratio, yielding 4.8% for the interim.
Its outlook for 2H25 stays positive despite the recent pull-back in spot rates. Overall demand-supply dynamics continue to be favourable in the short and medium term.
With interim earnings already accounting for 58% of full-year consensus, there is room for an upgrade. At 3.3x P/B, it is not expensive given 30-40% ROEs.

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Aug 18

Daily Brief Japan: Sanrio, Ibiden Co Ltd, JX Advanced Metals, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning
Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation
JX Advanced Metals – Q1 FY2025: Strong Beat, Guidance Raised, Valuations Supportive
How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning

By Brian Freitas

The changes to the Nikkei 225 (NKY INDEX) as part of the September rebalance should be announced in just over 2 weeks. We expect 2 changes at the review.
BayCurrent Consulting‘s PAF will double, Fast Retailing‘s CPAF will stay the same, and Sony Financial Group will be deleted from the index following its spinoff from Sony Corp (6758 JP).
Sanrio (8136 JP)‘s improved liquidity increases the probability of index inclusion, and the stock could be added to the index at the next rebalance if it misses in September.

Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation

Results: Q1 FY25 sales grew +10.5% YoY with OP surging +56%, led by AI/data-center substrate demand and margin gains.
Earnings Upgrade & Outlook: FY25–27 EPS/EBITDA raised 9–12% on stronger substrates and resilient ceramics, implying ~18–19% CAGR ahead.
Valuations: Trading at 21× FY25E P/E and 5.9× EV/EBITDA, Ibiden offers structural growth at compressed multiples versus AI peers.

JX Advanced Metals – Q1 FY2025: Strong Beat, Guidance Raised, Valuations Supportive

Results: Q1 FY25 revenue rose 12% YoY to ¥191.3bn with operating profit up 22% and net profit up 33%, driven by robust semiconductor and ICT materials growth.
Guidance & Revisions: FY25 guidance lifted to ¥760bn revenue/¥110bn OP; dividend ¥18. Our forecasts rise to PAT ¥70bn (+35%) in FY25, with 30–40% upgrades through FY26–28.
Valuations: At ~13x P/E and ~12x EV/EBITDA, JX trades above domestic miners but below semiconductor materials peers, leaving room for rerating if the advanced materials mix deepens.

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

By Aki Matsumoto

Companies with market capitalization of under 10 billion yen will be given long grace period. Considering inflation and long grace period, this seems not such a difficult hurdle to overcome.
If it becomes easy to meet the new standards, the growth market may not change much from the current situation, where many companies with limited growth potential remain.
Even though there’re measures to enable companies to move to standard market if things don’t work out, it’s questionable how many companies will seriously pursue measures to increase market capitalization.

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Aug 18

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

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

HK Short Interest Weekly: BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene
TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron
A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma
KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean
Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem
TWSE Short Interest Weekly (Aug 15th): Taishin Financial, Lite-On Technology, Taiwan Glass Ind
Bursa Short Interest Weekly (Aug 15th): Petronas Chemicals, Mr D I Y Group M Bhd, KPJ Healthcare
HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

HK Short Interest Weekly: BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Aug 8th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, Tencent, Wuxi Apptec, China Shenhua Energy, Beigene.

TWSE Foreign Holding Weekly (Aug 15th): Hon Hai Precision, Quanta Computer, TSMC, Wistron

We analyzed the changes in foreign holdings of TWSE Stocks as of Aug 15th. The aggregated holding was USD1,197.2bn.
We estimate that foreign flows to be inflows of USD373mln. 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, Quanta Computer, TSMC, Wistron, Zhen Ding Technology, Hon Hai Precision, Zhen Ding Technology, Quanta Computer, TSMC, Wistron.

A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.
The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.
We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.
We estimate that foreign flows to be inflows of USD772mln. 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 SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.

Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. We estimate that they had an aggregated short interest worth USD2.3bn.
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, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.

TWSE Short Interest Weekly (Aug 15th): Taishin Financial, Lite-On Technology, Taiwan Glass Ind

We analyzed the changes in short interest of TWSE Stocks as of Aug 15th. The aggregated short interest was USD26.0bn.
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 Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology, Mega Financial, Taishin Financial, Lite-On Technology, Taiwan Glass Ind, Zhen Ding Technology.

Bursa Short Interest Weekly (Aug 15th): Petronas Chemicals, Mr D I Y Group M Bhd, KPJ Healthcare

We analyzed the changes in short interest of Bursa stocks as of Aug 15th. The aggregated short interest is USD421m.
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 Petronas Chemicals, Mr D I Y Group M Bhd, KPJ Healthcare, Tenaga Nasional, Hartalega.

HK Connect Flows Weekly (Aug 15th): Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Kuaishou, Wuxi Biologics, Alibaba, BYD Electronic, Anta, China Mobile, China Life, Zai Lab.

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Aug 18

Daily Brief Industrials: SITC International, Asian Terminals and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SITC International (1308 HK): A Charming 1H25
Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY

SITC International (1308 HK): A Charming 1H25

By Osbert Tang, CFA

The 1H25 net profit of US$630m (+79.7% YoY) for SITC International (1308 HK) is impressive. It maintains a generous 70% payout ratio, yielding 4.8% for the interim.
Its outlook for 2H25 stays positive despite the recent pull-back in spot rates. Overall demand-supply dynamics continue to be favourable in the short and medium term.
With interim earnings already accounting for 58% of full-year consensus, there is room for an upgrade. At 3.3x P/B, it is not expensive given 30-40% ROEs.

Asian Terminals (ATI PM) Q2 2025: Solid Revenue/Profit Growth 22.1%/48.9% YoY

By Sameer Taneja

Asian Terminals (ATI PM) reported a strong increase in revenues/profits of 22.1%/48.9% YoY for Q2 2025, led by the base effect of a 10% YoY price increase in Manila South Harbor.
Q3 2025 should be another decent quarter, given the effect of a price hike for the Batangas Container Terminal (Passenger terminal fees are on hold at the Batangas).
The stock trades at 9.3x FY25e, with a 7% dividend yield (65% payout ratio) and is net cash with an ROCE>20%.

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Aug 18

Daily Brief TMT/Internet: Singtel, Ibiden Co Ltd, Isupetasys, Telstra Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance
Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation
KOSPI Size Indices: Passive Flows for Many Active Changes
Buybacks, Dividends Define Telstra’s Future

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

Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation

Results: Q1 FY25 sales grew +10.5% YoY with OP surging +56%, led by AI/data-center substrate demand and margin gains.
Earnings Upgrade & Outlook: FY25–27 EPS/EBITDA raised 9–12% on stronger substrates and resilient ceramics, implying ~18–19% CAGR ahead.
Valuations: Trading at 21× FY25E P/E and 5.9× EV/EBITDA, Ibiden offers structural growth at compressed multiples versus AI peers.

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.

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

Daily Brief ESG: How Effective Will the Changes in Listing Criteria Be and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

By Aki Matsumoto

Companies with market capitalization of under 10 billion yen will be given long grace period. Considering inflation and long grace period, this seems not such a difficult hurdle to overcome.
If it becomes easy to meet the new standards, the growth market may not change much from the current situation, where many companies with limited growth potential remain.
Even though there’re measures to enable companies to move to standard market if things don’t work out, it’s questionable how many companies will seriously pursue measures to increase market capitalization.

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Aug 18

Daily Brief Energy/Materials: Santos Ltd, JX Advanced Metals, Iron Ore, DuPont, Siemens Energy AG and more

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

In today’s briefing:

Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share
JX Advanced Metals – Q1 FY2025: Strong Beat, Guidance Raised, Valuations Supportive
Fenix Resources Tripling of Production Achieved, 1.2x Price/OCF
Weekly Update (Qnity, MEDXF, STRZ, UNTC)
EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

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

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: Smart Share Global (EM US), Mayne Pharma (MYX AU), ENN Energy (2688 HK), Santos Ltd (STO AU), Joy City Property (207 HK), Oneconnect Financial Technology (6638 HK).
Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Shibaura Electronics (6957 JP), Ci Medical (3540 JP), Soft99 Corp (4464 JP), Ainsworth Game Technology (AGI AU).

JX Advanced Metals – Q1 FY2025: Strong Beat, Guidance Raised, Valuations Supportive

Results: Q1 FY25 revenue rose 12% YoY to ¥191.3bn with operating profit up 22% and net profit up 33%, driven by robust semiconductor and ICT materials growth.
Guidance & Revisions: FY25 guidance lifted to ¥760bn revenue/¥110bn OP; dividend ¥18. Our forecasts rise to PAT ¥70bn (+35%) in FY25, with 30–40% upgrades through FY26–28.
Valuations: At ~13x P/E and ~12x EV/EBITDA, JX trades above domestic miners but below semiconductor materials peers, leaving room for rerating if the advanced materials mix deepens.

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.

Weekly Update (Qnity, MEDXF, STRZ, UNTC)

By Richard Howe

Dupont (DD) management gave guidance on its last earnings call that it remains on track to separate its electronics business on November 1, 2025.
Given that it is a Saturday, I expect regular way trading to begin on November 3.
The spin-off of the electronics business will be step one of Dupont’s 3-part breakup which was announced in May 2024.

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

By Dimitris Ioannidis

The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.
Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP).

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Aug 18

Daily Brief Health Care: Shenzhen YHLO Biotech, Hangzhou Kangji Medical Instrument Co., Ltd., Bangkok Dusit Medical Services and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Quiddity Leaderboard CSI Medical Dec25: US$300mn+ One-Way; Some Changes to Expectations
Kangji Medical (9997 HK) Privatization – The Cancellation Price Is Not Attractive
Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu
Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

Quiddity Leaderboard CSI Medical Dec25: US$300mn+ One-Way; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
We expect up to five ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.

Kangji Medical (9997 HK) Privatization – The Cancellation Price Is Not Attractive

By Xinyao (Criss) Wang

Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji’s fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
The current Cancellation Price of HK$9.25 is too low to normally reflect the Company’s true fundamentals and prospects. Therefore, we’re worried that there would be some investors opposing this privatization.

Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu