Category

Daily Briefs

Aug 14
0

Daily Brief Thailand: I-TAIL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

By Janaghan Jeyakumar, CFA

  • The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
  • In this insight, we have presented our latest capping flow expectations for the September 2025 index rebal event.
  • Separately, we expect at least one index change during the next index review in December 2025.

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Aug 14
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

  • The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.
  • The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.
  • Equities rallied to new record highs, with the S&P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T

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Aug 14
0

Daily Brief Singapore: Sea Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

By Devi Subhakesan

  • Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
  • During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
  • Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.

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Aug 14
0

Daily Brief Equity Bottom-Up: Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge? and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?
  • Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits
  • Super Dovish Comments From Bessent Fuels Home Builder Strength
  • 10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming
  • Container Port Terminal Screener August 2025: Strong Q2 Results Season
  • Metaplanet (3350 JP): 1H FY12/25 flash update
  • Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?
  • Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook
  • JYP Entertainment: Explosive Earnings Growth in 2Q 2025
  • Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

By Devi Subhakesan

  • Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
  • During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
  • Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.

Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits

By Ming Lu

  • In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.
  • The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.
  • The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.

Super Dovish Comments From Bessent Fuels Home Builder Strength

By Andrew Jackson

  • Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing. 
  • Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong 
  • Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025

10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming

By Baptista Research

  • 10x Genomics has been in the spotlight recently after signaling strong interest in acquiring Scale Biosciences—an emerging leader in split-pool combinatorial barcoding for ultra-high-plex single-cell assays.
  • Just days after posting mixed Q1 results impacted by U.S. academic funding headwinds, CEO Serge Saxonov affirmed a strategy centered on innovation and partnership to sustain momentum in single-cell and spatial genomics.
  • Scale’s technology promises instrument-free barcoding kits, sample-pooling workflows, and its first commercial single-cell methylation solution—all of which could integrate seamlessly into 10x’s Chromium and Xenium platforms.

Container Port Terminal Screener August 2025: Strong Q2 Results Season

By Sameer Taneja

Metaplanet (3350 JP): 1H FY12/25 flash update

By Shared Research

  • Revenue reached JPY2.1bn, with Bitcoin Treasury Operations at JPY1.9bn and Hotel business at JPY212mn (+25.8% YoY).
  • Operating profit was JPY1.4bn, with Bitcoin Treasury at JPY1.6bn and Hotel business contributing JPY82mn.
  • Bitcoin holdings increased to 13,350 BTC, with BTC yield at 129.4% in Q2, exceeding the 35% target.

Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?

By Baptista Research

  • Avantor, the $7.8 billion life sciences supplier headquartered in Radnor, Pennsylvania, has recently drawn the attention of activist investor Engine Capital, which has taken a roughly 3% stake in the company.
  • The move comes after a tumultuous year in which Avantor’s shares fell nearly 50%, pressured by weakened demand—especially in government and education sectors due to research funding cuts—and the April announcement of its longtime CEO’s departure.
  • Now, with a new chief executive, Emmanuel Ligner, set to take the helm in mid-August, Engine Capital is urging Avantor to either sell itself outright or embark on a strategic overhaul that could include a board refresh, cost reductions, stock buybacks, and divestitures of noncore assets.

Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

By Tina Banerjee

  • Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company’s history and contributed to a record first-half performance.
  • Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company’s total sales, boosted by robust growth in the U.S., China, and Europe.
  • Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.

JYP Entertainment: Explosive Earnings Growth in 2Q 2025

By Douglas Kim

  • JYP Entertainment reported an explosive growth in sales and profits in 2Q 2025. It achieved sales of 215.8 billion won (up 125.5% YoY and 6.4% higher than consensus).
  • JYP also had an operating profit of 52.9 billion won (up 466.5% YoY and 23.3% higher than consensus in 2Q 2025.
  • JYP’s much better than expected results in 2Q 2025 confirms its ability to monetize the growing popularity of K-Pop globally. 

Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!

By Baptista Research

  • Western Union is making strategic headlines with its agreement to acquire International Money Express for $16 per share in cash, valuing the deal at roughly $500 million.
  • The acquisition price reflects a 50% premium to Intermex’s 90-day volume-weighted average price and signals Western Union’s intent to strengthen its U.S. retail footprint while expanding into high-potential geographies.
  • The move comes amid a challenging macro backdrop for Western Union, which recently reported Q2 2025 revenues of $1.026 billion, down 1% year-over-year (excluding Iraq), with ongoing headwinds in U.S. outbound corridors due to heightened immigration enforcement.

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Aug 14
0

Daily Brief Event-Driven: Sun Corp (6736) – CLBT Has Round-Tripped and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
  • Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways
  • Tyro Payment (TYR AU) Fielding Offers. Again.
  • [Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.
  • CareNet (2150 JP): EQT’s Tender Offer at JPY1,130
  • Ercros – Takeover Update and Scenario Analysis

Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

By Travis Lundy

  • 12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
  • The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
  • Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm…

Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

By Sanghyun Park

  • One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
  • Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&T.
  • From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&T likely takes the hit, offering alpha potential both ways.

Tyro Payment (TYR AU) Fielding Offers. Again.

By David Blennerhassett

  • Back in January 2023, point-of-sale payments play Tyro (TYR AU) provided Potentia with due diligence to “enable Potentia to develop a significantly improved proposal“. Potentia walked away from talks in May.
  • Then crickets. Yesterday (12th August), Tyro’s shares gained 10.6%.  After announcing this morning it has received unsolicited NBIOs, shares gained a further 8.6% (as I type), touching a 17-month high. 
  • At A$1.17/share, Tyro is ~27% adrift of Potentia’s last confirmed indicative Offer.

[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.

By Travis Lundy

  • Todfay after the close, EQT and Carenet Inc (2150 JP) announced an EQT SPC would launch a TOB to buy out the medical platform business. 
  • A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That’s 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.
  • This looks like it gets done, but it isn’t at the highs of 4+ years ago. Some retail may be upset. 

CareNet (2150 JP): EQT’s Tender Offer at JPY1,130

By Arun George

  • Carenet Inc (2150 JP) has recommended a tender offer from EQT (EQT SS) at JPY1,130, a 47.3% premium to the last close.
  • Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to historical ranges. 
  • Irrevocables to accept represent a 17.03% ownership ratio. This is likely a done deal with payment from 7 October.

Ercros – Takeover Update and Scenario Analysis

By Jesus Rodriguez Aguilar

  • With Esseco gone, Bondalti’s €3.505/share bid is the last one standing — but CNMC Phase II remedies and 27% minority opposition keep the deal far from a done reaction.
  • Our €4.40/share control value could tip the Board toward acceptance, closing the 75% threshold gap and delivering IRRs that make the deal chemistry far more attractive to arb capital.
  • Regulatory timing points to a late-Oct to early-Dec settlement window; remedy talks could delay. IRR skew remains compelling if Bondalti sweetens, but downside risk sits at the €2.56 break.

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Aug 14
0

Daily Brief South Korea: Samsung Biologics , Hugel Inc, Jyp Entertainment and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways
  • Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook
  • JYP Entertainment: Explosive Earnings Growth in 2Q 2025

Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

By Sanghyun Park

  • One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
  • Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&T.
  • From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&T likely takes the hit, offering alpha potential both ways.

Hugel Inc (145020 KS): Strong Overseas Sales Drive 2Q Performance; Positive Outlook

By Tina Banerjee

  • Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company’s history and contributed to a record first-half performance.
  • Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company’s total sales, boosted by robust growth in the U.S., China, and Europe.
  • Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.

JYP Entertainment: Explosive Earnings Growth in 2Q 2025

By Douglas Kim

  • JYP Entertainment reported an explosive growth in sales and profits in 2Q 2025. It achieved sales of 215.8 billion won (up 125.5% YoY and 6.4% higher than consensus).
  • JYP also had an operating profit of 52.9 billion won (up 466.5% YoY and 23.3% higher than consensus in 2Q 2025.
  • JYP’s much better than expected results in 2Q 2025 confirms its ability to monetize the growing popularity of K-Pop globally. 

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Aug 14
0

Most Read: HDFC Bank, Consun Pharmaceutical, Amman Mineral Internasional, SK Telecom, Zhongji Innolight , Ola Electric, Sun Corp, DroneShield Ltd, Samsung Biologics , Tyro Payments and more

By | Daily Briefs, Most Read

In today’s briefing:

  • NIFTY Bank Index: Big Flows & The Upcoming Methodology Change
  • Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions
  • Gold Miners ETF (GDX US): Big Outperformance Driven by Benchmark Change; Valuation Gap Opens Up
  • SK Telecom (017670 KS): Increasing Foreign Room & Passive Buying
  • China A50 ETFs Rebalance Preview: Three Changes in September
  • NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September
  • Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better
  • S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated
  • Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways
  • Tyro Payment (TYR AU) Fielding Offers. Again.

NIFTY Bank Index: Big Flows & The Upcoming Methodology Change

By Brian Freitas

  • In May, SEBI recommended changes to the minimum number of constituents for non-benchmark indices and the capping for those indices. The recommendations have to be implemented by 3 November.
  • There is a high probability that NSE Indices implements the changes for the NSE Nifty Bank Index (NSEBANK INDEX) at the September rebalance. Nothing has been announced yet though.
  • If implemented in September, Yes Bank and Union Bank Of India could be added to the index. Estimated one-way turnover is 22.35% and the round-trip trade is INR 149bn (US$1.7bn). 

Hang Seng Biotech Index Rebalance Preview: Methodology Change Leads to 20 Deletions

By Brian Freitas

  • A methodology change for the Hang Seng Biotech Index (HSHKBIO Index) will result in 20 deletions at the close of trading on 5 September.
  • Estimated one-way turnover at the rebalance is 9.5% resulting in a round-trip trade of HK$1.3bn (US$162m). Passive trackers need to sell between 0.05-1x ADV in the deletes.
  • The forecast deletes have underperformed the other index constituents since the start of the year but there has been little movement since the announcement of the methodology change.

Gold Miners ETF (GDX US): Big Outperformance Driven by Benchmark Change; Valuation Gap Opens Up

By Brian Freitas

  • The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
  • We forecast 8 adds and 25 deletes for the ETF. Estimated one-way turnover is 15.77% resulting in a round-trip trade of US$6.18bn.
  • The forecast adds have outperformed the forecast deletes since the announcement of the benchmark switch and over shorter time frames too. The valuation gap has opened up.

SK Telecom (017670 KS): Increasing Foreign Room & Passive Buying

By Brian Freitas

  • Foreign room in SK Telecom (017670 KS) is over 21% now and increasing as foreign investors sell stock.
  • Further foreign selling could take foreign room past 25% and that will result in passive inflows for the stock. Timing is dependent on when the 25% threshold is crossed.
  • SK Telecom has underperformed its peers over the last 3 months and that has shrunk its valuation premium. Watch for a further increase in foreign room for an entry point.

China A50 ETFs Rebalance Preview: Three Changes in September

By Brian Freitas

NIFTY MIDCAP150 Index Rebalance Preview: 11 Potential Changes in September

By Brian Freitas

  • With the review period now complete, there could be 11 changes for the NIFTY Midcap 150 Index at the September rebalance.
  • Estimated one-way turnover is 7.7% resulting in a round-trip trade of INR 17.6bn (US$201m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
  • The outright forecast adds have outperformed the forecast deletes over the last 4 months and there has been a jump in the last week.

Sun Corp (6736) – CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

By Travis Lundy

  • 12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
  • The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
  • Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm…

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.

Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

By Sanghyun Park

  • One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
  • Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&T.
  • From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&T likely takes the hit, offering alpha potential both ways.

Tyro Payment (TYR AU) Fielding Offers. Again.

By David Blennerhassett

  • Back in January 2023, point-of-sale payments play Tyro (TYR AU) provided Potentia with due diligence to “enable Potentia to develop a significantly improved proposal“. Potentia walked away from talks in May.
  • Then crickets. Yesterday (12th August), Tyro’s shares gained 10.6%.  After announcing this morning it has received unsolicited NBIOs, shares gained a further 8.6% (as I type), touching a 17-month high. 
  • At A$1.17/share, Tyro is ~27% adrift of Potentia’s last confirmed indicative Offer.

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Aug 14
0

Daily Brief United States: Bullish US, Sionna Therapeutics, 10X Genomics, Avantor , Western Union Co, Graham Holdings Co Class B, General Motors, Base Oil and more

By | Daily Briefs, United States

In today’s briefing:

  • Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops
  • Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound
  • 10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming
  • Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?
  • Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!
  • Graham Holdings’ Multi-Industry Playbook Is the Market’s Best Kept Secret!
  • General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing
  • Americas/EMEA base oils supply outlook: Week of 11 August
  • Asia base oils supply outlook: Week of 11 August
  • Global base oils margins outlook: Week of 11 August

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

By IPO Boutique

  • Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
  • The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
  • The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.

Sionna Therapeutics (SION) Six Month Summary: Hot Start, Cold Reality, and a Strong Spring Rebound

By IPO Boutique

  • . The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
  • The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
  • Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025. 

10x Genomics + Scale Bio: The High-Plex Power Move Wall Street Didn’t See Coming

By Baptista Research

  • 10x Genomics has been in the spotlight recently after signaling strong interest in acquiring Scale Biosciences—an emerging leader in split-pool combinatorial barcoding for ultra-high-plex single-cell assays.
  • Just days after posting mixed Q1 results impacted by U.S. academic funding headwinds, CEO Serge Saxonov affirmed a strategy centered on innovation and partnership to sustain momentum in single-cell and spatial genomics.
  • Scale’s technology promises instrument-free barcoding kits, sample-pooling workflows, and its first commercial single-cell methylation solution—all of which could integrate seamlessly into 10x’s Chromium and Xenium platforms.

Avantor Faces Activist Fire: Why Engine Capital Wants It Sold Now?

By Baptista Research

  • Avantor, the $7.8 billion life sciences supplier headquartered in Radnor, Pennsylvania, has recently drawn the attention of activist investor Engine Capital, which has taken a roughly 3% stake in the company.
  • The move comes after a tumultuous year in which Avantor’s shares fell nearly 50%, pressured by weakened demand—especially in government and education sectors due to research funding cuts—and the April announcement of its longtime CEO’s departure.
  • Now, with a new chief executive, Emmanuel Ligner, set to take the helm in mid-August, Engine Capital is urging Avantor to either sell itself outright or embark on a strategic overhaul that could include a board refresh, cost reductions, stock buybacks, and divestitures of noncore assets.

Western Union’s $500 Million Intermex Deal: The High-Stakes Bet On Corridor Dominance!

By Baptista Research

  • Western Union is making strategic headlines with its agreement to acquire International Money Express for $16 per share in cash, valuing the deal at roughly $500 million.
  • The acquisition price reflects a 50% premium to Intermex’s 90-day volume-weighted average price and signals Western Union’s intent to strengthen its U.S. retail footprint while expanding into high-potential geographies.
  • The move comes amid a challenging macro backdrop for Western Union, which recently reported Q2 2025 revenues of $1.026 billion, down 1% year-over-year (excluding Iraq), with ongoing headwinds in U.S. outbound corridors due to heightened immigration enforcement.

Graham Holdings’ Multi-Industry Playbook Is the Market’s Best Kept Secret!

By Baptista Research

  • Graham Holdings Company has quietly delivered a series of encouraging results highlighting an estimated parts sum‐of‐the‐parts valuation exceeding $1,500 per share versus its market price near $950.
  • Fueled by double‐digit growth at Kaplan’s test prep and online university businesses, 36% year‐over‐year revenue gains in its fast‐growing healthcare services segment, and the potential spin‐off of its TV station group, Graham is drawing fresh attention for its diverse asset base and disciplined capital management.
  • With an overfunded pension plan, a conservative balance sheet holding more than $1.1 billion in cash and marketable securities against $800 million of debt, and family control via supervoting shares that aligns management with long‐term value creation, the Barron’s report cites narrowing losses at early‐stage businesses like Framebridge and increased focus on high-growth healthcare units as catalysts that could unlock shareholder value.

General Motors (GM) Powers Up EV Strategy Through Hyundai Alliance & China Battery Sourcing

By Baptista Research

  • General Motors has been quietly transforming its electric-vehicle strategy over the past few months, and the latest moves suggest the century-old automaker is more serious about EVs than ever.
  • In early August, GM shocked the industry by announcing a temporary import of lithium-iron-phosphate (LFP) batteries from China’s CATL, despite steep Trump-era tariffs, to power its next-generation Chevy Bolt.
  • Simultaneously, GM doubled down on joint ventures: teaming with Hyundai to codevelop five new hybrid and electric models slated for launch by 2028, and expanding its Ultium Cells partnerships with LG to bring domestic LFP and advanced lithium-manganese-rich chemistries on-line by 2027.

Americas/EMEA base oils supply outlook: Week of 11 August

By Iain Pocock

  • US Group II light-grade export-price premium to vacuum gasoil holds close to lows in Q1 2025.
  • Lower base oils margins and drop in outright export prices suggest recent tightness of light-grade supplies is easing.
  • Drop in export prices facilitates removal of any such surplus volumes, keeping fundamentals balanced for longer in domestic market.

Asia base oils supply outlook: Week of 11 August

By Iain Pocock

  • Asia’s heavy-grade base oils price-premium to Singapore gasoil holds firm in narrow range, even if down from highs in Q2 2025.
  • Firm premium sustains incentive for refiners to maintain high output of heavy grades even amid signs of rise in surplus supply.
  • FOB Asia Group II heavy-grade price discount to CFR UAE prices rises to highest in more than a year.

Global base oils margins outlook: Week of 11 August

By Iain Pocock

  • Global base oils margins stay more mixed but mostly hold at levels that sustain incentive for refiners to maintain firm output of the lubricants feedstock.
  • Fob Asia light-grade base oils price-premium to Singapore gasoil extends rise, while heavy-grades stay more rangebound.
  • FOB Asia Group II light-grade price-premium to gasoil rises to highest since H1 June 2025.

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Aug 14
0

Daily Brief India: ARCIL and more

By | Daily Briefs, India

In today’s briefing:

  • ARCIL Pre-IPO Tearsheet

ARCIL Pre-IPO Tearsheet

By Hong Jie Seow

  • ARCIL (588250Z IN) is looking to raise at least US$344m in its upcoming India IPO. The deal will be run by IDBL Capital, IIFL Capital and JM Financial.
  • Asset Reconstruction Company (India) Limited (ARCIL) is one of India’s leading asset reconstruction companies that acquires stressed assets, like non-performing assets, from banks and financial institutions. 
  • The business is spread across three key verticals: Corporate loans, SME and Retail loans. Corporate loans have historically been the largest contributor to ARCIL’s AUM (75.48% in FY25).

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Aug 14
0

Daily Brief China: Tencent, BYD, Jiangxi Institute of Biological Products, CNGR Advanced Material , Will Semiconductor, Wynn Macau Ltd and more

By | China, Daily Briefs

In today’s briefing:

  • Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits
  • BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback
  • Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability
  • CNGR A/H Listing: Supplier for Tesla Looking to Expand Production
  • OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering
  • Lucror Analytics – Morning Views Asia

Tencent (700 HK): 2Q25, Game Revenue Up by 22%, FinTech Back to 2 Digits

By Ming Lu

  • In 2Q25, game revenue increased by 22% YoY and FinTech revenue growth reached two digits.
  • The operating margin improved to 34.5% in 2Q25 compared to 30.6% in 2Q24.
  • The 10-year P/E band suggests an upside of 22.5% and a target price of HK$718 for year end 2025.

BYD (1211 HK)’s Current Relief Rally May Lead to Another Pullback

By Nico Rosti

  • After an explosive rally in the first part of the year BYD (1211 HK) started to sputter in mid-May and has been downtrending since.
  • BYD was starting to be oversold at the end of last week, as shown in our latest Global Markets Tactical Outlook WEEKLY insight, but this week started a relief rally.
  • However, the current trend pattern is NOT BULLISH according to our model, the stock could fall again after a 1-2 weeks bounce. Profit target: 116-123 price zone.

Pre-IPO Jiangxi Institute of Biological Products-Concerns Behind the Strong Growth and Profitability

By Xinyao (Criss) Wang

  • In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
  • This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. 
  • Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.

CNGR A/H Listing: Supplier for Tesla Looking to Expand Production

By Nicholas Tan

  • CNGR Advanced Material (300919 CH) , a Chinese battery-component producer, aims to raise around US$500m in its H-share listing.
  • CNGR is a Chinese battery-component producer, and labels itself as a new energy materials company.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

OmniVision Integrated Circuits Group (Will Semicon) A/H Listing – Earnings Have Been Recovering

By Sumeet Singh

  • Omnivision (Will Semiconductor 603501 CH)  (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.
  • OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • The UST curve twisted steeper yesterday after the July CPI report came in mostly within expectations, which could provide room for a Fed rate cut in September.
  • The yield on the 2Y UST fell 4 bps to 3.73%, while the yield on the 10Y UST was stable at 4.29%.
  • Equities rallied to new record highs, with the S&P 500 and Nasdaq up 1.1% and 1.4%, to 6,446 and 21,682, respectively. In the US, the July CPI inched down to 0.2% m-o-m (0.2% e / 0.3% p), and was stable at 2.7% y-o-y (2.8% e / 2.7% p). T

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