Daily Briefs

WESCO International, Inc. delivered a mixed financial performance for the second quarter of 2025, indicating both challenges and significant growth opportunities.
Positives were apparent in the company’s organic sales growth, which was reported at 7% year-over-year, highlighted by a 17% increase in Communications & Security Solutions (CSS) and a 6% increase in Electrical & Electronic Solutions (EES).
The company also reached a milestone as its data center sales surpassed $1 billion, reflecting a 65% growth compared to the previous year.

AGCO Corporation: Precision Agriculture, Technological Advancements & Other Major Drivers!

AGCO Corporation reported its second quarter 2025 financial results under challenging conditions in the agricultural sector.
The company’s net sales fell to $2.6 billion, representing a 19% decline from the previous year or 11% when adjusted for the divestiture of its Grain & Protein business.
This reduction reflects persisting softness in key regions, including North America and Western Europe, compounded by reduced dealer inventory levels.

W.W. Grainger’s Zoro Growth Engine – Can It Defy Market Challenges?

W.W. Grainger’s second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market uncertainties.
The company reported sales of nearly $4.6 billion, up 5.6% year-over-year, or 5.1% on a constant currency basis, which suggests a steady demand in its broad industrial customer base despite macroeconomic uncertainties.
Operating margins were recorded at 14.9%, with diluted EPS increasing by $0.21 to $9.97.

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Aug 15

Daily Brief ESG: Catalyst for Value-Creating Management Isn’t the Revision of Corporate Governance Code and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Catalyst for Value-Creating Management Isn’t the Revision of Corporate Governance Code, but Rather..

Catalyst for Value-Creating Management Isn’t the Revision of Corporate Governance Code, but Rather..

By Aki Matsumoto

Financial Services Agency is planning to revise the Corporate Governance Code because corporate governance reforms aimed at achieving sustainable growth and medium- to long-term corporate value have not been achieved.
The essence of the problem is that many managers have little interest in the goal of expanding shareholder profits, which is the purpose of a listed company.
When shareholders hold management accountable for continuing measures that do not raise stock prices or increase corporate value, it becomes catalyst for a return to shareholder-oriented management.

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Aug 15

Most Read: Zhongji Innolight , DroneShield Ltd, Huadian New Energy Group, Shibaura Electronics, Hangzhou Kangji Medical Instrument Co., Ltd., HMM Co., Ltd., Jiangsu Lihua Animal Husbandry, Rezil and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

China A50 ETFs Rebalance Preview: Three Changes in September
S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated
BoE: Policy Mistake Diagnosis
Quiddity Leaderboard CSI 300/500 Dec25: Trade Moving in the Right Direction; Large Flows Expected
[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout
Kangji Medical (9997 HK): Q&A With The FA
UK: Slowdown Softened In Q2
HMM KRW 2T Tender: Full Pro-Rata Risk Assessment
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$900mn Combined Flows One-Way; New Pair Trades
[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?

China A50 ETFs Rebalance Preview: Three Changes in September

By Brian Freitas

Nearing the end of the review period for the September rebalance, there could be three changes for the iShares A50 China (2823 HK)/ CSOP China A50 (HKD) (2822 HK).
WuXi AppTec, Zhongji Innolight and BeiGene could replace China United Network, NARI Technology and China National Nuclear Power in the ETF at the close on 19 September.
Passives will need to trade 0.1-0.7x ADV in the forecast changes. The forecast adds have massively outperformed the forecast deletes over the last 4 months.

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

By Brian Freitas

S&P DJI have proposed methodology changes to the S&P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.
The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.
The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular for the S&P/ASX 200 (AS51 INDEX) and S&P/ASX 300 Index changes.

BoE: Policy Mistake Diagnosis

By Phil Rush

Inflation expectations have been persistently too high, while productivity trends poorly, driving wage and price inflation forecasts to grind higher in recent years.
The BoE’s cutting cycle contributed to reversing the trend decline in expectations, and in turning a slight overshoot into a massive one, with a 3.2pp revision since Feb-23.
We forecasted this excess for these reasons, so it was predictable and therefore a policy mistake to cut so soon. Further surprise should prevent the MPC from cutting again.

Quiddity Leaderboard CSI 300/500 Dec25: Trade Moving in the Right Direction; Large Flows Expected

By Janaghan Jeyakumar, CFA

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
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.
Currently, we see 10 ADDs/DELs for the CSI 300 index and 49 ADDs/DELs for the CSI 500 index.

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

After three months of NOT matching YAGEO’s bid for Shibaura Electronics (6957 JP) at ¥6,w00 as YAGEO’s proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.
Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else.
But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.

Kangji Medical (9997 HK): Q&A With The FA

On the 12th August, Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
The 9.9% premium to last close was less than ideal. A change of control premium (30%+) is arguably more commonplace in Asia-Pac. However, the Offer Price is a four-year high.
I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today.

UK: Slowdown Softened In Q2

By Phil Rush

June’s remarkable rebound compounded the resilience revealed by April’s upwards revision, which also broke flimsy fundamental stories blaming tariffs for a slowdown.
IP no longer declined in April, but the broader growth profile still matches the residual seasonality that spuriously drives GDP dynamics in our forecast. H2 will be weaker.
The BoE discounts headline GDP volatility without blaming seasonality, so another surprisingly strong quarter will be hard for hawks to ignore, reducing the rate cut risk.

HMM KRW 2T Tender: Full Pro-Rata Risk Assessment

By Sanghyun Park

Watch next Monday’s premium and the share slice we can grab—these will drive hedge sizing with futures or other plays.
Premium sits in the late 10% range, above expectations; HMM’s float is tight, with 80%+ effectively locked by KDB, KOBC, NPS, and passive holders.
The tender pool is capped at ~15% of shares; with KDB taking 3–3.5%, about 4.5–5% remains available for the market.

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$900mn Combined Flows One-Way; New Pair Trades

By Janaghan Jeyakumar, CFA

The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
We see 5 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.

[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?

To my knowledge, this may be the first Tender Offer takeout proposal on a “new ticker.” Rezil (176A JP) was listed just 16mos ago.
This takeout is done on a highish-growth stock at 11.7x 1yr forward EV/EBITDA. It’s not expensive, but they have ~60%. BUT… there’s another Potential Player who may have Big Thoughts.
Slightly long-dated, small-cap, likely to be illiquid. Watch how it trades early for hints.

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Aug 15

Daily Brief Event-Driven: [Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6 and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout
Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails
Kangji Medical (9997 HK): Q&A With The FA
[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?
HMM KRW 2T Tender: Full Pro-Rata Risk Assessment
StubWorld: Stay Long Sun Corp (6736 JP)
HMM: Tender Offer of 8% of Outstanding Shares and Cancellation
Shibaura Electronics (6957 JP): Minebea Changes Tack and Matches Yageo’s JPY6,200 Offer
Rezil (176A JP): Bain’s Tender Offer Is a Done Deal

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

After three months of NOT matching YAGEO’s bid for Shibaura Electronics (6957 JP) at ¥6,w00 as YAGEO’s proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.
Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else.
But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.

Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

By Devi Subhakesan

A wave of corporate actions by SGX-listed companies has unlocked substantial shareholder value and re-rated select stocks in recent months. In this note, we spotlight five standout cases.
Our top picks with the strongest catalysts for further upside after delivering significant shareholder returns over the past year are – Keppel Corp (KEP SP) and Yangzijiang Financial (YZJFH SP).
The outsized value creation delivered by these companies should serve as a wake-up call for other managements to follow suit and initiate actions to boost returns and unlock shareholder value.

Kangji Medical (9997 HK): Q&A With The FA

On the 12th August, Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
The 9.9% premium to last close was less than ideal. A change of control premium (30%+) is arguably more commonplace in Asia-Pac. However, the Offer Price is a four-year high.
I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today.

[Japan M&A] Founder, KEPCO, Try ¥2,750 Bain-Led MBO on Rezil (176A). Light Given Growth – Bumpity?

To my knowledge, this may be the first Tender Offer takeout proposal on a “new ticker.” Rezil (176A JP) was listed just 16mos ago.
This takeout is done on a highish-growth stock at 11.7x 1yr forward EV/EBITDA. It’s not expensive, but they have ~60%. BUT… there’s another Potential Player who may have Big Thoughts.
Slightly long-dated, small-cap, likely to be illiquid. Watch how it trades early for hints.

HMM KRW 2T Tender: Full Pro-Rata Risk Assessment

By Sanghyun Park

Watch next Monday’s premium and the share slice we can grab—these will drive hedge sizing with futures or other plays.
Premium sits in the late 10% range, above expectations; HMM’s float is tight, with 80%+ effectively locked by KDB, KOBC, NPS, and passive holders.
The tender pool is capped at ~15% of shares; with KDB taking 3–3.5%, about 4.5–5% remains available for the market.

StubWorld: Stay Long Sun Corp (6736 JP)

Sun Corp (6736 JP) is a clear value play. But not as cheap to 44.3%-held Cellebrite DI (CLBT US) as it was recently. Opt for a net long trade here.
Preceding my comments on Sun Corp – and JG Summit Holdings (JGS PM) / Universal Robina (URC PM) – are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

HMM: Tender Offer of 8% of Outstanding Shares and Cancellation

By Douglas Kim

After the market close on 14 August, HMM Co., Ltd. (011200 KS) announced a tender offer of 81.8 million treasury shares (8% of outstanding shares).
An even bigger factor on HMM’s share price than this tender offer could be the continued decline in the global shipping rates which is negative on the company.
Overall, we would be cautious on HMM over the next one year. HMM also reported worse than expected operating profit in 2Q 2025 due to weaker global shipping rates.

Shibaura Electronics (6957 JP): Minebea Changes Tack and Matches Yageo’s JPY6,200 Offer

By Arun George

Despite its previous protestations, Minebea Mitsumi (6479 JP) has unexpectedly matched Yageo Corporation (2327 TT)’s JPY6,200 offer for Shibaura Electronics (6957 JP).
Minebea’s actions suggest that Yageo has a good chance of securing regulatory approval. Otherwise, Minebea could have kept its offer unchanged and patiently waited for the Yageo offer to fail.
Given the significant sunk costs, Yageo is likely to bump. Without increasing its offer, shareholders will have a greater inclination to tender and help Minebea meet its minimum tendering condition.

Rezil (176A JP): Bain’s Tender Offer Is a Done Deal

By Arun George

Rezil (176A JP) has recommended a tender offer from Bain Capital at JPY2,750, a 57.1% premium to the undisturbed price of JPY1,750.
The offer is attractive as it aligns with the midpoint of the target IFA DCF valuation range, represents an all-time high and is 129.2% above the IPO price of JPY1,200.
This is a done deal as Hikari Tsushin, a cross-holder, tendering is sufficient to meet the minimum tendering condition. At the last close, the gross spread was 6.8%.

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Aug 15

Daily Brief ECM: Innogen (银诺医药) IPO Trading Update and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Innogen (银诺医药) IPO Trading Update
JSW Cement IPO Trading – Overall Demand Lags Recent Listings
SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach
Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator

Innogen (银诺医药) IPO Trading Update

By Ke Yan, CFA, FRM

Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.

JSW Cement IPO Trading – Overall Demand Lags Recent Listings

By Akshat Shah

JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

SailPoint, Inc. (SAIL) Six Month Summary: A Textbook Case of an IPO Overreach

By IPO Boutique

The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.

Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator

By IPO Boutique

Miami International Holdings (MIAX US) priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.

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Aug 15

Daily Brief Equity Bottom-Up: Appier (4180) | Sustained High-Growth Momentum with Expanding Margins and more

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

In today’s briefing:

Appier (4180) | Sustained High-Growth Momentum with Expanding Margins
Digi Plus Interactive (PLUS PM): Strong Q2 FY25, But Regulatory Cloud A Massive Overhang
Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive
Webtoon Entertainment: Secures a Big Contract With Disney
Allegro MicroSystems: Fueling EV & ADAS Growth with Strategic Design Wins!
SoftBank Group (9984 JP): Our Last Review of Quarterly Data
Hikari Tsushin (9435 JP): Q1 FY03/26 flash update
Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?
Qb Net Holdings (6571 JP): Full-year FY06/25 flash update
Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty

Appier (4180) | Sustained High-Growth Momentum with Expanding Margins

By Mark Chadwick

Revenue: JPY 10.3 billion compared to JPY 8.2 billion a year ago, +27% YoY; FX-neutral revenue of JPY 11.0 billion, +35% YoY – fastest growth in eight quarters.
Gross Margin: 56.1%, up 4.8 percentage points YoY, driven by high-margin products, organic margin improvements, and GenAI-enabled efficiencies.
Stock continues to offer compelling value at 3.2x revenue – a discount to US peer Braze

Digi Plus Interactive (PLUS PM): Strong Q2 FY25, But Regulatory Cloud A Massive Overhang

By Sameer Taneja

DigiPlus Interactive (PLUS PM) reported robust Q2 FY25 results with revenue/net profits up 30.6%/30.1% YoY, driven by an increase in MAUs to 8.5 million from 7.5 million in Q1FY25.
Net margins remained flat YoY at 17%, as a decline in franchisee fees and taxes was offset by an increase in A&P spend as marketshare declined to 39% (vs 45%).
The stock trades at 6.9x FY25e, with multiple expansion catalysts. On the flipside, the regulatory concerns (on restrictions on online gaming) still cloud the sector.

Business Breakdown: CFF Fluid Control – In the Middle of India’s Naval Indigenization Drive

By Nimish Maheshwari

CFF Fluid Control enters FY25 with a INR 500+ crore order book and expanded manufacturing capacity at Khopoli and upcoming Chakan facility.
Strategic partnerships, high entry barriers, and preferred supplier status strengthen revenue visibility amid India’s naval indigenization push.
Robust growth prospects and contract pipeline outweigh concentration risks, reinforcing a positive long-term outlook.

Webtoon Entertainment: Secures a Big Contract With Disney

By Douglas Kim

Webtoon Entertainment (WBTN US) has secured a big contract with The Walt Disney Co (DIS US) including Avengers and Spider Man to become available in webtoon format.
We believe Webtoon Entertainment could grab about 20% of the global market for webtoons in 2030 which would be about $4 billion in revenues.
Assuming a net margin of 10% and a P/E multiple of 20x, it suggests market cap of $8 billion for Webtoon Entertainment by 2030 (264% upside from current levels).

Allegro MicroSystems: Fueling EV & ADAS Growth with Strategic Design Wins!

When we look at the broader performance of Allegro MicroSystems, the results indicate both positive and challenging aspects of the company’s current situation.
From a financial perspective, Allegro delivered a solid performance in its first quarter of fiscal year 2026.
The company reported sales of $203 million and a non-GAAP earnings per share of $0.09, which was above the midpoint of their guidance range.

SoftBank Group (9984 JP): Our Last Review of Quarterly Data

By Victor Galliano

With this report, we terminate coverage of SoftBank group (SBG) shares; going forward, our coverage will be concentrated on financial and fintech stocks, with a bias towards Emerging Markets
SBG shares have rallied hard recently, driven by IPOs of portfolio companies, good IPO prospects for other private companies including PayPay and positive market sentiment towards AI investments
The group NAV’s discount has narrowed sharply to under 30%; we conclude our coverage with a neutral rating, but we stress that high expectations are baked into this narrow discount

Hikari Tsushin (9435 JP): Q1 FY03/26 flash update

By Shared Research

The company reported Q1 FY03/26 revenue of JPY167.2bn (+14.4% YoY) and recurring income of JPY43.5bn (+12% YoY).
New segmentation in Q1 FY03/25 includes seven reportable segments; revenue and profit figures adjusted retroactively.
Dividend for Q1 FY03/26 set at JPY181 per share, with total payout of JPY7.9bn, effective September 12, 2025.

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

Roku’s second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.
On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.
This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.

Qb Net Holdings (6571 JP): Full-year FY06/25 flash update

By Shared Research

Revenue rose JPY786mn YoY, driven by growth in Domestic and Overseas Operations, with a +3.2% full-year increase.
Operating profit declined JPY430mn YoY due to unplanned costs in Domestic Operations and increased talent development investment.
The company opened 43 new salons, increasing the total salon count by 33 YoY to 724.

Goldiam International: Riding on Lab-Grown Exports Despite Tariff Uncertainty

By Sudarshan Bhandari

Goldiam International reported its highest-ever Q1 results, with sales increasing by 39% year-on-year (YoY) and 17% quarter-on-quarter (QoQ).
The most standout update from the company is that it has able to pass on additional tariffs to US consumers despite a muted demand environment
Company is now raising growth capital of close to INR 250 crores via QIP and also expanding its backward integration, which will improve its performance further

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Aug 15

Daily Brief Financials: Commonwealth Bank of Australia, Binance Coin, Miami International Holdings, Spectral AI, China South City and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

CBA (CBA AU): FY 2025 Results Drive Sharp Intraday Moves – Insights for Options Traders
2025 1H Listing Report
Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator
MDAI: Second Quarter Results
Lucror Analytics – Morning Views Asia

CBA (CBA AU): FY 2025 Results Drive Sharp Intraday Moves – Insights for Options Traders

By Gaudenz Schneider

Context: Commonwealth Bank of Australia (CBA AU)’s FY 2025 results delivered record profits but missed analyst expectations, prompting a sharp share price adjustment.
Insights: Detailed review of intraday price action and implied volatility behavior following the announcement shows how the market digested the results and how implied volatility established a new equilibrium.
Why Read: Offers a concise, data-driven view of how Australia’s largest bank’s results influenced market dynamics. Gain practical perspective on intraday trading patterns and where implied volatility might be heading

2025 1H Listing Report

By Animoca Brands Research

The introduction of Binance Alpha has been the most significant development in the exchange listing landscape in 1H 2025. Within 7 months, it evolved from trading in Binance wallet only to a 2.0 version that funnels Binance exchange liquidity directly to DEX trading, which was then followed by the introduction of a trading incentive program Alpha points.
Binance Alpha listings placed a greater emphasis on tokens with an FDV under $100 million, a segment traditionally overlooked by Binance. With the launch of 2.0 and Alpha points, tokens listed through this program have been outperforming listing events on other exchanges, including Binance’s own, in both price and trading volumes.
The growth of Alpha created competition for other exchanges. Mid-size exchanges have seen fewer listing events, and Alpha listings might be filling this void. Binance’s own listings have also been affected: the first 30-day trading volume for large FDV tokens shrunk by 20% on Binance, while this metric grew on Upbit, OKX, and Bybit. Additionally, Binance-listed tokens showed a below-average price performance compared to other exchanges.

Miami International Holdings, Inc. (MIAX): Steady Debut for Options Exchange Operator

By IPO Boutique

Miami International Holdings (MIAX US) priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.

MDAI: Second Quarter Results

By Zacks Small Cap Research

Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

UST yields declined by 5-6 bps across the curve yesterday, as the market further firmed up expectations of a 25 bp Fed rate cut in September.
As of yesterday, Fed-dated OIS were pricing in a 26 bp rate cut next month and 64 bps of rate cuts for the remainder of 2025.
The yields on the 2Y UST and 10Y UST both declined 6 bps to 3.68% and 4.23%, respectively.

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Aug 15

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

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

UST yields declined by 5-6 bps across the curve yesterday, as the market further firmed up expectations of a 25 bp Fed rate cut in September.
As of yesterday, Fed-dated OIS were pricing in a 26 bp rate cut next month and 64 bps of rate cuts for the remainder of 2025.
The yields on the 2Y UST and 10Y UST both declined 6 bps to 3.68% and 4.23%, respectively.

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Aug 15

Daily Brief Health Care: Hangzhou Kangji Medical Instrument Co., Ltd., Guangzhou Innogen Pharmaceutical Group, Baxter International, Ensysce Biosciences , Corcept Therapeutics, Bio-Rad Laboratories A, Longeveron , Ocugen , Ono Pharmaceutical, Regeneron Pharmaceuticals and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Kangji Medical (9997 HK): Q&A With The FA
Innogen (银诺医药) IPO Trading Update
Baxter International’s Novum Infusion Pump – Will the Relaunch Ignite a Revenue Surge?
ENSC: Critical Pain Reliever Moves Closer to Commercialization
Corcept Therapeutics: Oncology Expansion Through ROSELLA Trial & Other Major Developments!
Bio-Rad Laboratories: Is The Growth in Digital PCR Business Here To Stay?
LGVN: Exciting Pipeline Moving Forward and Boosting Price Target
Ocugen — Novel cell therapies for retinal diseases
Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition
Regeneron Pharmaceuticals: An Insight Into EYLEA Revenue and Market Dynamics!

Kangji Medical (9997 HK): Q&A With The FA

On the 12th August, Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
The 9.9% premium to last close was less than ideal. A change of control premium (30%+) is arguably more commonplace in Asia-Pac. However, the Offer Price is a four-year high.
I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today.

Innogen (银诺医药) IPO Trading Update

By Ke Yan, CFA, FRM

Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.

Baxter International’s Novum Infusion Pump – Will the Relaunch Ignite a Revenue Surge?

Baxter International’s second quarter 2025 earnings results portray a complex landscape of solid financial performance alongside challenges in specific sectors.
Baxter reported sales from continuing operations of $2.8 billion, reflecting a growth of 4% on a reported basis and 1% on an operational basis from the prior year.
However, this growth remained at the lower end of the company’s expectations, as declines in certain segments, such as the Medical Products & Therapies and Pharmaceuticals, offset the performance of other areas.

ENSC: Critical Pain Reliever Moves Closer to Commercialization

By Zacks Small Cap Research

Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
The company released its 2Q2025 financial results that showed continued progress toward commercialization of an important pain reliever that we believe is critically needed.

Corcept Therapeutics: Oncology Expansion Through ROSELLA Trial & Other Major Developments!

Corcept Therapeutics’ recent earnings call provided a comprehensive overview of its financial performance and strategic developments for the second quarter of 2025.
The company reported revenue of $194.4 million, a significant increase from the $163.8 million in the same period the previous year.
This has prompted Corcept to adjust its full-year revenue guidance to a range of $850 million to $900 million.

Bio-Rad Laboratories: Is The Growth in Digital PCR Business Here To Stay?

Bio-Rad Laboratories Inc.’s (Bio-Rad) second quarter of 2025 results reflect a blend of stability and adverse challenges.
The company reported net sales of approximately $652 million, a 2.1% increase from the previous year on a reported basis, though just a 1% rise when adjusted for currency fluctuations.
This performance was largely buoyed by robust sales in the Life Sciences segment, particularly in process chromatography and food safety products.

LGVN: Exciting Pipeline Moving Forward and Boosting Price Target

By Zacks Small Cap Research

Longeveron is focusing on using its primary treatment, laromestrocel, to fight a rare pediatric heart birth defect that devastates families and continues to receive good FDA news regarding its treatment for Alzheimer’s Disease, while also expanding its pipeline.
The company announced its 2Q 2025 earnings results that showed good cost discipline and improving revenue as ongoing clinical trials pose potential inflection points for LGVN.

Ocugen — Novel cell therapies for retinal diseases

By Edison Investment Research

Ocugen’s modifier gene therapy (MGT) platform is designed to regulate gene expression to restore visual function across both genetically diverse inherited retinal diseases (IRDs) and retinal conditions with wider prevalence such as geographic atrophy (GA) associated with dry age-related macular degeneration (AMD). Lead candidate OCU400 is in Phase III studies for retinitis pigmentosa (RP), with a potential FDA biologics license application (BLA) in 2026 and commercialisation in 2027.

Ono Pharma (4528 JP): Forxiga and Acquisition Drives 1QFY26, Opdivo Takes a Backseat on Competition

By Tina Banerjee

During Q1FY26, Ono Pharmaceutical (4528 JP) reported revenue of ¥127.5B, an increase of 8% YoY. Opdivo witnessed 8% decrease in revenue to ¥29.4B mainly due to increased competition.
Opdivo is facing competition from Keytruda. Ono guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.

Regeneron Pharmaceuticals: An Insight Into EYLEA Revenue and Market Dynamics!